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us-gaap:ConvertibleDebtMember 2017-01-31 0001253986 2016-12-31 abr:property abr:segment iso4217:USD xbrli:shares abr:lawsuit abr:defendant abr:loan abr:item xbrli:pure xbrli:shares iso4217:USD -200000 13800000 25600000 P48M 300000 300000 3393438 1705938 1687500 -15000 -695653 32407554 32407554 32219490 32219490 852174 741865 125355 21230769 21230769 154800000 227742986 245455881 238931168 268700627 238931168 268700627 268700627 <div> <div>   Note 6 — Capitalized Mortgage Servicing Rights   Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived from loans sold in our Agency Business. The discount rates used to determine the present value of our MSRs throughout the periods presented for all MSRs were between 8 - 15% (representing a weighted average discount rate of 13%) based on management’s best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 7.0 years at March 31, 2017.   A summary of our capitalized MSR activity is as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:52.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:43.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2017 </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:52.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </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;"> Acquired </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </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;"> Originated </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </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;"> Total </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:52.32%;background-color: #CCEEFF;padding:0pt;"> Balance at beginning of period </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,800,754 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,942,232 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,742,986 </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:52.32%;padding:0pt;"> Additions </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,469,646 </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,469,646 </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:52.32%;background-color: #CCEEFF;padding:0pt;"> Amortization </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,461,786 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,426,215 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,888,001 </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:52.32%;padding:0pt;"> Write-downs and payoffs </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,393,463 </td> <td valign="bottom" style="width:02.68%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,393,463 </td> <td valign="bottom" style="width:01.06%;"> ) </td> </tr> <tr> <td valign="top" style="width:52.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:52.32%;background-color: #CCEEFF;padding:0pt;"> Balance at end of period </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180,945,505 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,985,663 </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>238,931,168 </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:52.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;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;">   </td> <td valign="bottom" style="width:11.66%;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;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;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;">   </td> <td valign="bottom" style="width:11.66%;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;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;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;">   </td> <td valign="bottom" style="width:11.64%;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;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   During the three months ended March 31, 2017, we recorded $3.4 million of write-offs relating to specific MSRs, primarily due to prepayments of certain loans. Prepayment fees totaling $2.0 million were collected in the three months ended March 31, 2017 and are included as a component of servicing revenue, net on the consolidated statements of income. As of March 31, 2017 and December 31, 2016, we had no valuation allowance recorded on any of our MSRs.   The expected amortization of the capitalized MSRs recorded as of March 31, 2017 is shown in the table below. Actual amortization may vary from these estimates.   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:78.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </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;"> Amortization </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;background-color: #CCEEFF;padding:0pt;"> 2017 (nine months ended 12/31/2017) </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,744,947 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,838,488 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;background-color: #CCEEFF;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,913,512 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,092,569 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;background-color: #CCEEFF;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,396,825 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;padding:0pt;"> 2022 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,860,374 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;background-color: #CCEEFF;padding:0pt;"> Thereafter </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,084,453 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.80%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>238,931,168 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:78.88%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> 1041761233 660315159 381446074 183827574 39047500 142556962 210138900 58000000 9885000 34850000 268571797 31725000 63158500 1005576183 564562329 441013854 196475354 72679000 204736980 138520000 58000000 9825000 61830000 148626349 40725000 74158500 5000000 0 0 2230982 15802674 25000000 27000000 0.0048 0.0048 1.9610 2.7430 2.4934 1.3072 1.3699 1.3072 1.3699 1.3072 1.3699 1.2987 1.3072 1.3699 1.2987 1.3072 1.3699 1.2987 14900000 12900000 1.00 0 P3Y 3 3 3 3 62500000 0.0750 2018118058 50000000 660144122 1307973936 1962379759 50000000 564309110 1348070649 0.0371 0.0394 0.0815 0.0342 0.0393 0.0410 0.0815 0.0353 9522640 30806 9141167 350667 81019386 75967465 -30806 30806 0.225 0.50 36007398 39201999 1592228 86070 13145814 9141167 0 0 1 0 0 14646456 14646456 0.0524 0.0524 0 0.06 0.36 0.42 0.00 0.06 0.83 0.01 0.12 0.30 0.02 0.43 0.34 0.04 0.35 0.44 0.00 1.00 0.04 0.33 0.01 0.03 0.30 0.33 0.00 20400000 22700000 75 76 1010000000 972700000 18100000 7800000 12100000 12067682 12067682 0.49 0.51 187351035 1700000 2450618 34496296 125925677 22778444 186576421 1700000 1754965 34598492 125749020 22773944 187400000 186600000 111600000 120900000 5 6 0.0839 7 13200000 518331 22165688 -961823 19053761 4073750 0.10 21230769 1.2000 1.2000 1.2000 5 1 5 2 5 1 3 4 115000000 28590235 0.0350 19800000 <div> <div>   <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:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:46.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:50.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Key Servicing Metrics for Agency Business: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> UPB of Servicing Portfolio </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Wtd. Avg. Servicing Fee Rate (basis points) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Wtd. Avg. Life of Servicing Portfolio (in years) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,804,141,502 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.9 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,163,123,775 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.8 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>498,033,800 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.7 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,465,299,077 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.9 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <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:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:46.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,181,152,400 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.6 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,953,244,541 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.5 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>420,688,577 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.2 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,555,085,518 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.6 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> 0.75 0.75 0.91 0.73 0.75 0.84 0.95 0.73 0.69 0.74 0.92 0.73 0.75 0.74 0.75 0.90 0.73 1.00 0.95 0.74 0.76 0.72 0.71 0.76 0.62 0.93 25000000 0.64 0.66 0 P1Y 2 59300000 0.000 0.000 675493536 574316489 1151943553 1290886953 21370000 235032400 137935328 896549225 84605514 190408741 0.0050 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0050 <div> <div>   Note 5 — Loans Held-for-Sale, Net   Loans held-for-sale, net consists of the following:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:63.22%;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;background-color: #CCEEFF;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>361,391,972 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,189,475 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.86%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,888,000 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>124,102,000 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;background-color: #CCEEFF;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54,895,350 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,247 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;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;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;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;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>565,175,322 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>662,347,722 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;background-color: #CCEEFF;padding:0pt;"> Fair value of future MSR </td> <td valign="bottom" style="width:02.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,141,167 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,145,814 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;padding:0pt;"> Unearned discount </td> <td valign="bottom" style="width:02.86%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,122,947 </td> <td valign="bottom" style="width:02.88%;"> ) </td> <td colspan="2" valign="bottom" style="width:14.94%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,126,232 </td> <td valign="bottom" style="width:01.16%;"> ) </td> </tr> <tr> <td valign="top" style="width:63.22%;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;background-color: #CCEEFF;padding:0pt;"> Loans held-for-sale, net </td> <td valign="bottom" style="width:02.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>573,193,542 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>673,367,304 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:63.22%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:13.64%;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;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:13.64%;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;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Our loans held-for-sale, net are typically sold within 60 days of loan origination. At March 31, 2017 and December 31, 2016, there were no loans held-for-sale that were 90 days or more past due, and there were no loans held-for-sale that were placed on a non-accrual status. During the three months ended March 31, 2017, we sold $1.36 billion of loans held-for-sale and recorded gain on sales of $18.1 million, which are included in gain on sales, including fee-based services, net in the consolidated statements of income. <div /></div> </div> 2126232 1122947 1867449 1867449 0 47 55 16 18 10 1 17 100 2 26 139000000 2700000 4000000 P3Y 10.00 0.60 P1Y 10000000 P6M P120D P60D 11500000 15800000 300000 343747570 290429019 323350928 957527517 297803944 269936614 269729255 837469813 0.10 0.125 0.12 0.10 1.00 0.03 0.04 0.90 1.00 0.03 0.79 0.01 0.04 0.08 0.08 0.01 1.00 0.03 0.04 0.92 0.01 1.00 0.06 0.80 0.02 0.04 0.01 0.08 344679286 291319123 324569105 960567514 298530926 270778623 270529118 839838667 P16M9D P17M27D P23M24D P16M12D P4M P15M18D P14M12D P25M6D P15M15D P4M 27112443 218245000 145917885 0.0950 0.0620 0.1150 P3Y 55600000 41500000 2 8 7 0 0 2 2 1 1 7500000 5 5 1 0.0174 20030340 20030340 74544509 11193562 63350947 112958074 18263497 94694577 173222706 1217864 38216483 133788359 160162702 2179688 36496160 121486854 1.2972 1.3599 1.2887 0.05 283857810 138951649 4450 4648 0.01 0.20 0.92 1.00 0.14 0.03 0.83 0.46 0.08 0.05 0.09 0.08 0.24 1.00 0.15 0.03 0.82 0.40 0.09 0.05 0.05 0.08 0.10 0.23 0.291 P18M P48M 266664 203438 159375 266664 203438 159375 2000000 -753218 63800000 159039238 191752450 2325 1360000000 105388934 2439585278 P7Y6M 0.0475 1679385 1679385 11200000 11200000 11200000 1200000 11807354 1200000 11807354 97 134 0.66 0.55 65 73 2000000 0.24 0.95 0.90 0.075 0.075 0.50 0.090 0.078 0.33 30400000 5000000 14600000 5100000 47000000 6300000 4600000 14600000 2 2 2 2 0.364 5349053 12691086 0.0140 <div> <div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:69.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" 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;"> Three Months Ended March 31, 2017 </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.76%;background-color: #CCEEFF;padding:0pt;"> Balance at beginning of period </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:23.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,786,175 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.76%;padding:0pt;"> Changes in fair value </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:25.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(125,355 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:69.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" 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;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.76%;background-color: #CCEEFF;padding:0pt;"> Balance at end of period </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:23.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,660,820 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:69.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;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;">   </td> <td valign="bottom" style="width:23.30%;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;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> <div> <div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 55.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:46.34%;padding:0pt;">   </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:47.40%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.34%;padding:0pt;">   </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:47.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:46.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Management Fees: </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:46.34%;padding:0pt;">   </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;padding:0pt;">   </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:46.34%;background-color: #CCEEFF;padding:0pt;"> Base </td> <td valign="bottom" style="width:04.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,000,000 </td> <td valign="bottom" style="width:04.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,700,000 </td> <td valign="bottom" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:46.34%;padding:0pt;"> Incentive </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;padding:0pt;"> — </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:46.34%;padding:0pt;">   </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:04.48%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:21.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:46.34%;background-color: #CCEEFF;padding:0pt;"> Total management fee </td> <td valign="bottom" style="width:04.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,000,000 </td> <td valign="bottom" style="width:04.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.02%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:19.42%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,700,000 </td> <td valign="bottom" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:46.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.02%;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;">   </td> <td valign="bottom" style="width:19.44%;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;">   </td> <td valign="bottom" style="width:04.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.02%;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;">   </td> <td valign="bottom" style="width:19.42%;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;">   </td> <td valign="bottom" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> <div> <div>   <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:35.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" 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;"> Notional/ Principal Amount </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Fair Value of Servicing Rights </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Interest Rate Movement Effect </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Total Fair Value Adjustment </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> Rate lock commitments </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,742,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>381,473 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30,806 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>350,667 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> Forward sale commitments </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>582,917,321 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,806 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,806 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> Loans held-for-sale, net (1) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>565,175,321 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,141,167 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,141,167 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,522,640 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,522,640 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.86%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from mortgage servicing rights.</td></tr></table></div><div /></div> </div> <div> <div>   A summary of our CLO compliance tests as of the most recent determination dates in April 2017 is as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:0pt;"> <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;"> Cash Flow Triggers </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </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;"> CLO IV </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </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;"> CLO V </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </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;"> CLO VI </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Overcollateralization (1) </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Current </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Limit </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135.99 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.72 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128.87 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Pass / Fail </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Interest Coverage (2) </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Current </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274.30 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>196.10 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>249.34 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Limit </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Pass / Fail </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> The overcollateralization ratio divides the total principal balance of all collateral in the 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 CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.</td></tr></table></div><div /></div> </div> <div> <div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:62.48%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:33.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:62.48%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </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 ;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </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 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;background-color: #CCEEFF;padding:0pt;"> Statements of Operations: </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;padding:0pt;"> Total revenues </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,471,004 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,929,432 </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;background-color: #CCEEFF;padding:0pt;"> Total expenses </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,201,999 </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,007,398 </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </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 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </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 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;padding:0pt;"> Net income </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>269,005 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,922,034 </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;padding:0pt;"> Arbor’s share of income </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,070 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.58%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,592,228 </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:62.48%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> <div> <div>   <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:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Three Months Ended March 31, </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> 2017 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Origination Data: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Structured Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> New loan originations </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145,917,885 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218,245,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Loan payoffs / paydowns </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190,408,741 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,605,514 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Agency Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Origination Volumes by Investor: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>896,549,225 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>235,032,400 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137,935,328 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> CMBS/Conduit </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,370,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,290,886,953 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total loan commitment volume </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,151,943,553 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Loan Sales Data: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Agency Business </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,073,346,728 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210,238,257 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,895,088 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> CMBS/Conduit </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,370,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,364,850,073 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Sales margin (fee-based services as a % of loan sales) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.40 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> MSR rate (MSR income as a % of loan commitments) </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.74 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> <div> <div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:39.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Determination (1) </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td 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;"> CLO IV </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td 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;"> CLO V </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> CLO VI </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> April 2017 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> January 2017 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> October 2016 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> July 2016 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> April 2016 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.</td></tr></table></div><div /></div> </div> <div> <div>   <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:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> March 31, 2017 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> December 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Hotel Property </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Office Building </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Total </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Hotel Property </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Office Building </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Total </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Land </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,293,651 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,509,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,802,651 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,293,651 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,509,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,802,651 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;"> Building and intangible assets </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,527,842 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,627,966 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,155,808 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,473,898 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,563,254 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,037,152 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Less: Impairment loss </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,807,354 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,807,354 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,200,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,200,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;"> Less: Accumulated depreciation and amortization </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,814,139 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(584,154 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,398,293 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td colspan="2" valign="bottom" style="width:11.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8,658,737 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(489,261 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,147,998 </td> <td valign="bottom" style="width:01.00%;"> ) </td> </tr> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Real estate owned, net </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,200,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,552,812 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,752,812 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,908,812 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,582,993 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,491,805 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:09.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:09.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.86%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div> <div> <div>   The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of March 31, 2017:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:37.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Type </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:25.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Amount (1) </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:30.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Maximum Exposure to Loss (2) </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.52%;background-color: #CCEEFF;padding:0pt;"> Loans </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:24.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>213,725,211 </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:29.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>213,725,211 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.52%;padding:0pt;"> Agency IOs </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:25.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,660,820 </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:30.72%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,660,820 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.52%;background-color: #CCEEFF;padding:0pt;"> Equity investments </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:25.60%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,070,447 </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:30.72%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,070,447 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:25.60%;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;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:30.72%;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;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.52%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:24.44%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220,456,478 </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:29.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220,456,478 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.52%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:24.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:29.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> Represents the carrying amount of loans and investments before reserves.  At March 31, 2017, $150.3 million of loans to VIEs had corresponding loan loss reserves of $77.6 million.  See Note 4 — Loans and Investments for further details.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> Our maximum exposure to loss as of March 31, 2017 would not exceed the carrying amount of its investment.</td></tr></table></div><div /></div> </div> 906636790 660144122 246492668 906636790 907882886 2532966 106051080 39047500 142556962 210009449 46373641 7956000 21598322 268530211 23276773 38703886 855076736 564309110 290767626 855076736 855841246 564309110 291532136 2320631 116897891 72647750 204736980 138388090 46400000 7812000 41504798 148536290 28800462 47031844 908680198 737000000 856835895 737000000 81000000 3393463 3393463 3000000 1000000 600000 2400000 500000000 400000000 0 0 13555085518 1953244541 420688577 11181152400 14465299077 2163123775 498033800 11804141502 220456478 213725211 2070447 4660820 17 0.48 0.22 0.18 0.53 0.48 0.23 0.17 0.53 P6Y1M6D 3393463 false --12-31 Q1 2017 2017-03-31 10-Q 0001253986 51850250 Yes Accelerated Filer ARBOR REALTY TRUST INC 582917321 565175321 17742000 <div> <div>   <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:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Percent of Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Loan Count </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;"> Wtd. Avg. Pay Rate (1) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;"> Wtd. Avg. Remaining Months to Maturity </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;"> Wtd. Avg. First Dollar LTV Ratio (2) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;"> Wtd. Avg. Last Dollar LTV Ratio (3) </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Bridge loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,588,264,148 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.76 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.5 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Preferred equity investments </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,495,646 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.58 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.2 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Mezzanine loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,044,087 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.03 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Junior participation loans </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,256,582 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.0 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,733,060,463 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.81 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.6 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Allowance for loan losses </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83,015,922 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Unearned revenue </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,275,915 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Loans and investments, net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.38%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,639,768,626 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Bridge loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,602,658,179 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.59 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Preferred equity investments </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68,120,639 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.83 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23.8 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Mezzanine loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,124,566 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.09 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.9 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Junior participation loans </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,256,582 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.50 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.0 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,790,159,966 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.71 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.3 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Allowance for loan losses </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83,711,575 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Unearned revenue </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,716,040 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Loans and investments, net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,695,732,351 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </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 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 22.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) 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.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 22.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> The “First Dollar Loan-to-Value (“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.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 22.00pt; display: inline;"> (3) </td><td style="width:0pt;"></td><td align="left" valign="top"> 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.</td></tr></table></div><div /></div> </div>

6038707

6000000

2260847

2300000

600000

320917

587891

621931995

624585307

353279

2178647

2531925

100000

400000

500000

600000

200000

3100000

300000

2300000

11888001

2970786246

980052248

1058368010

1912418236

2914427834

980695408

979994263

1934433571

5403463

4786175

617288

5307502

4660820

646682

5307502

646682

4660820

558499

587893

58789

-125355

7.29

6.50

3109910

9600000

292500000

275800000

138000000

50000000

188708687

145132766

138645430

35489396

103156034

104843232

38662090

66181142

0.15

0.17

0.18

0.01

500000000

51401295

51850250

51401295

51850250

514013

518502

6519578

4119412

24210682

0.16

0.15

0.14

0.25

0.13

0.15

0.14

0.24

0.13

80660038

86586375

94239527

104197000

4316555

2637904

17972816

38254236

25726360

12527876

4300000

<div> <div>   Note 11 — Debt Obligations   Credit Facilities and Repurchase Agreements   The following table outlines borrowings under our credit facilities and repurchase agreements:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="top" style="width:20.52%;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td valign="bottom" style="width:08.04%;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td valign="bottom" style="width:08.90%;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> <td colspan="7" valign="bottom" style="width:25.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> <td colspan="7" valign="bottom" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:20.52%;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Current  Maturity </td> <td valign="bottom" style="width:00.84%;padding:0pt;">   </td> <td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Extended Maturity </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Note Rate </td> <td valign="bottom" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" 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;"> Debt Carrying Value (1) </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" 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;"> Collateral Carrying Value </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </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;"> Wtd. Avg. Note Rate </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" 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;"> Debt Carrying Value (1) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" 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;"> Collateral Carrying Value </td> <td valign="bottom" style="width:01.06%;padding:0pt;">   </td> <td valign="bottom" style="width:05.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Wtd. Avg. Note Rate </td> <td valign="bottom" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:20.52%;background-color: #CCEEFF;padding:0pt;"> Structured Business </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $150 million repurchase facility </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> Oct. 2018 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 2.25% to 3.50% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,897,891 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:07.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>196,475,354 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.30% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>106,051,080 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>183,827,574 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 3.12% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $100 million credit facility </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> May 2017 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> May 2018 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 2.15% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,504,798 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,830,000 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.18% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,598,322 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,850,000 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 2.96% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $75 million credit facility </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> Dec. 2017 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 2.125% to 2.50% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,031,844 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74,158,500 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.15% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,703,886 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,158,500 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 2.94% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $75 million credit facility </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> May 2017 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 2.00% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,800,462 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,725,000 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.02% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,276,773 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,725,000 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 2.81% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $50 million credit facility </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> Feb. 2018 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> Feb. 2019 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 2.00% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,400,000 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,000,000 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.02% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,373,641 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,000,000 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 2.81% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $50 million credit facility </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> Sept. 2019 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 2.50% to 3.25% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,812,000 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,825,000 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.53% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,956,000 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,885,000 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 4.08% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $3 million master security agreement </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> Oct. 2020 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> 2.96% to 3.42% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,320,631 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;padding:0pt;"> — </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.21% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,532,966 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;padding:0pt;"> — </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 3.21% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;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;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;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;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" 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;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;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;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;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;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;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;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> Total </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>290,767,626 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:07.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>441,013,854 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 3.19% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>246,492,668 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>381,446,074 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 3.02% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" 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;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> Agency Business </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $500 million ASAP agreement </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 1.05% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>204,736,980 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:07.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>204,736,980 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 1.83% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,556,962 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,556,962 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 1.65% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $150 million credit facility (2) </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> Jan. 2018 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 1.40% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,536,290 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,626,349 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 2.18% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>268,530,211 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>268,571,797 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 2.05% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $150 million credit facility (3) </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> July 2017 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 1.40% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138,388,090 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138,520,000 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 2.19% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210,009,449 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210,138,900 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 2.05% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> $100 million credit facility </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;"> June 2017 </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;"> N/A </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;"> L + 1.35% </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72,647,750 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72,679,000 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 2.11% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,047,500 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,047,500 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 1.95% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;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;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;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;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" 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;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;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;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;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;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;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;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> Total </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>564,309,110 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:07.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>564,562,329 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 2.05% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>660,144,122 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>660,315,159 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 1.96% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" 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;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:09.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="middle" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;"> Consolidated total </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>855,076,736 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:07.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,005,576,183 </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;padding:0pt;"> 2.44% </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>906,636,790 </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;padding:0pt;"> $ </td> <td valign="middle" style="width:06.88%;;font-family:Times New Roman,Times,serif;font-size:6.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,041,761,233 </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;padding:0pt;"> 2.25% </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> <tr> <td valign="middle" style="width:20.52%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.38%;padding:0pt;">   </td> <td valign="middle" style="width:00.84%;padding:0pt;">   </td> <td valign="middle" style="width:08.04%;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:08.90%;padding:0pt;">   </td> <td valign="middle" style="width:01.78%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:00.90%;padding:0pt;">   </td> <td valign="middle" style="width:07.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.00%;padding:0pt;">   </td> <td valign="middle" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:01.06%;padding:0pt;">   </td> <td valign="middle" style="width:05.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="middle" style="width:00.18%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 12.00pt; display: inline;"> (1) </td><td style="width:6pt;"></td><td align="left" valign="top"> The debt carrying value for the Structured Business at March 31, 2017 and December 31, 2016 was net of unamortized deferred finance costs of $1.5 million and $1.9 million, respectively. The debt carrying value for the Agency Business at both March 31, 2017 and December 31, 2016 was net of unamortized deferred finance costs of $0.3 million.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 12.00pt; display: inline;"> (2) </td><td style="width:6pt;"></td><td align="left" valign="top"> The committed amount under the facility was temporarily increased to $200.0 million, which expired in April 2017.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 12.00pt; display: inline;"> (3) </td><td style="width:6pt;"></td><td align="left" valign="top"> The committed amount under the facility was temporarily increased to $350.0 million, which expired in February 2017.</td></tr></table></div>   Structured Business. We utilize credit facilities and repurchase agreements with various financial institutions to finance our Structured Business loans and investments as noted in the table above.   At March 31, 2017 and December 31, 2016, the weighted average interest rate for the credit facilities and repurchase agreements of our Structured Business, noted in the above table, was 3.19% and 3.02%, respectively. Including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, the weighted average interest rate was 3.53% and 3.42% at March 31, 2017 and December 31, 2016, respectively. The leverage on our loans and investment portfolio, excluding the $3.0 million master security agreement used to finance leasehold improvements at our corporate office, was 66% and 64% at March 31, 2017 and December 31, 2016, respectively.   In March 2017, we entered into a $10.0 million unsecured working capital line of credit that bears interest at a rate of 250 basis points over LIBOR. This line of credit is scheduled to mature in March 2018 and is renewable annually. As of March 31, 2017, we have not drawn down on this line of credit.   Agency Business. Our Agency Business utilizes credit facilities to finance its loans held-for-sale as noted in the table above.   We have a $500.0 million Multifamily As Soon as Pooled ® Plus (“ASAP”) agreement with Fannie Mae, which, in March 2017, was increased from $400.0 million. The ASAP agreement has no commitment amount or expiration date and bears interest at a rate of 105 basis points over LIBOR (with a LIBOR Floor of 0.35%). ASAP provides us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program.   We have a $30.0 million letter of credit facility pursuant to which letters of credit have been issued to secure obligations under the Fannie Mae DUS program and the Freddie Mac SBL Program. The letter of credit facility bears interest at a fixed rate of 3.00%, matures in October 2018 and is primarily collateralized by our servicing revenue as approved by Fannie Mae and Freddie Mac. The letter of credit facility includes a sublimit of $5.0 million pertaining to letters of credit securing obligations under the Freddie Mac SBL Program. At March 31, 2017, the letters of credit outstanding include a $25.0 million letter of credit for the Fannie Mae DUS program and a $5.0 million letter of credit for the Freddie Mac SBL Program.   Collateralized Loan Obligations (“CLOs”)   The following table outlines borrowings and the corresponding collateral under our CLOs:   <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:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Debt </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:39.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Collateral (2) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:27.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Loans </td> <td valign="bottom" style="width:02.34%;padding:0pt;">   </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;"> Cash </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Face Value </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Value (1) </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Unpaid Principal </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Value </td> <td valign="bottom" style="width:02.34%;padding:0pt;">   </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;"> Restricted Cash (3) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> CLO VI </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,250,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>246,691,376 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270,529,118 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>269,729,255 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,970,882 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> CLO V </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>267,750,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>265,134,714 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>298,530,926 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>297,803,944 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,630,763 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> CLO IV </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219,000,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>217,421,924 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>270,778,623 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>269,936,614 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,221,377 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.50%;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;">   </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;">   </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;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.34%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> Total CLOs </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>737,000,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>729,248,014 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>839,838,667 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>837,469,813 </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>98,823,022 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:13.04%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.22%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.22%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:11.38%;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;">   </td> <td valign="bottom" style="width:02.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.86%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <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:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Debt </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:39.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Collateral (2) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:27.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Loans </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Cash </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Face Value </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Value (1) </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Unpaid Principal </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Restricted Cash (3) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> CLO VI </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>250,250,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>246,442,883 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>324,569,105 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>323,350,928 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>430,895 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> CLO V </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>267,750,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>264,864,114 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>344,679,286 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>343,747,570 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,320,715 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> CLO IV </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>219,000,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>217,134,112 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>291,319,123 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>290,429,019 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,680,878 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.34%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;"> Total CLOs </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.04%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>737,000,000 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>728,441,109 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>960,567,514 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.22%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>957,527,517 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,432,488 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:13.04%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.22%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.22%;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;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:11.22%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> Debt carrying value is net of $7.8 million and $8.6 million of deferred financing fees at March 31, 2017 and December 31, 2016, respectively.</td></tr></table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> As of March 31, 2017 and December 31, 2016, there was no collateral at risk of default or deemed to be a “credit risk” as defined by the CLO indenture.</td></tr></table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (3) </td><td style="width:0pt;"></td><td align="left" valign="top"> 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.</td></tr></table></div>   CLO VI — Issued three investment grade tranches in August 2016 with a replacement period through September 2019 and a stated maturity date in September 2026.  Interest is variable based on one-month LIBOR; the weighted average note rate was 3.51% and 3.30% at March 31, 2017 and December 31, 2016, respectively.   CLO V — Issued three investment grade tranches in August 2015 with a replacement period through September 2018 and a stated maturity date in September 2025.  Interest is variable based on one-month LIBOR; the weighted average note rate was 3.47% and 3.26% at March 31, 2017 and December 31, 2016, respectively.   CLO IV — Issued three investment grade tranches in February 2015 with a replacement period through September 2017 and a stated maturity date in March 2025.  Interest is variable based on one-month LIBOR; the weighted average note rate was 3.27% and 3.06% at March 31, 2017 and December 31, 2016, respectively.   At March 31, 2017 and December 31, 2016, the aggregate weighted average note rate for our CLOs was 3.43% and 3.21%, respectively.  Including certain fees and costs, the weighted average note rate was 3.93% and 3.71% at March 31, 2017 and December 31, 2016, respectively.   We account for our CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements.  The investment grade tranches are treated as secured financings, and are non-recourse to us.   Senior Unsecured Notes   The debt carrying value of our senior unsecured notes at March 31, 2017 and December 31, 2016 were $94.7 million and $94.5 million, respectively, which were net of $3.1 million and $3.3 million, respectively, of deferred financing fees. The notes are due in 2021; however, they can be redeemed by us after May 15, 2017.  Including certain fees and costs, the weighted average note rate was 8.15% at both March 31, 2017 and December 31, 2016.   Convertible Senior Unsecured Notes   In October 2016, we issued $86.3 million aggregate principal amount of 6.50% convertible senior unsecured notes, including the underwriter’s over-allotment option of $11.3 million, and, in January 2017, we issued an additional $13.8 million, which brought the aggregate outstanding principal amount of the notes to $100.0 million. The additional issuance in January 2017 is fully fungible with, and ranks equally in right of payment with, the initial issuance. The notes pay interest semiannually in arrears. We received total proceeds of $95.8 million from the offerings, net of deferred financing fees, which are being amortized through interest expense over the life of the notes. The notes mature on October 1, 2019, unless earlier converted or repurchased by the holders pursuant to their terms, and are not redeemable by us prior to maturity.   The notes are convertible into, at our election, cash, shares of our common stock or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The notes have a conversion rate of 119.1895 shares of common stock per $1,000 principal amount of notes, which represents a conversion price of $8.39 per share of common stock at March 31, 2017.  The conversion rate is subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all or any portion of their notes for cash equal to 100% of the principal amount of the notes, plus accrued and unpaid interest, if we undergo a fundamental change as specified in the agreement.   Accounting guidance requires that convertible debt instruments with cash settlement features, including partial cash settlement, account for the liability component and equity component (conversion feature) of the instrument separately. The initial value of the liability component reflects the present value of the discounted cash flows using the nonconvertible debt borrowing rate of 7.50% at the time of issuance. The debt discount represents the difference between the proceeds received from the issuance and the initial carrying value of the liability component, which is being accreted back to the notes principal amount through interest expense over the term of the notes, which was 2.50 years and 2.75 years at March 31, 2017 and December 31, 2016, respectively.   The principal balance, unamortized discount and net carrying value of the liability and equity components of the notes were as follows:   <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:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:59.00%;padding:0pt;"> Liability </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Equity </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:59.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Component </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Component </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <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;"> Period </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Principle Balance </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Unamortized Debt Discount </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Unamortized Deferred Financing Fees </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Net Carrying Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Net Carrying Value </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,000,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,261,837 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,498,636 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,239,527 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,531,925 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.38%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:14.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,250,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,119,436 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,470,526 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,660,038 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,178,647 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.38%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:14.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.86%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   During the three months ended March 31, 2017, we incurred total interest expense on the notes of $2.1 million, of which $1.6 million, $0.3 million and $0.2 million related to the 6.50% cash coupon, accretion of the deferred financing fees and of the debt discount, respectively. Including the amortization of the deferred financing fees and debt discount, our total cost of the notes is 8.74% per annum.   At both March 31, 2017 and December 31, 2016, the conversion option value of the notes does not exceed their principal amount since the average closing market price of our common stock does not exceed the conversion rate. In addition, we have the intent and ability to settle the notes in cash. Therefore, the notes had no impact on our diluted earnings per share.   Junior Subordinated Notes   In the first quarter of 2017, we purchased, at a discount, $20.9 million of our junior subordinated notes with a carrying value of $19.8 million and recorded a gain on extinguishment of debt of $7.1 million. As a result, we settled our related equity investment and extinguished $21.5 million of notes. The carrying value of borrowings under our junior subordinated notes was $139.1 million and $157.9 million at March 31, 2017 and December 31, 2016, respectively, which is net of a deferred amount of $12.9 million and $14.9 million, respectively, (which is being amortized into interest expense over the life of the notes) and $2.3 million and $3.1 million, respectively, of deferred financing fees.  These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a fixed or floating rate of interest based on three-month LIBOR. The current weighted average note rate was 3.98% and 3.82% at March 31, 2017 and December 31, 2016, respectively.  Including certain fees and costs, the weighted average note rate was 4.10% and 3.94% at March 31, 2017 and December 31, 2016, respectively.   Related Party Financing   In connection with the Acquisition, we entered into a $50.0 million preferred equity interest financing agreement with our Manager to finance a portion of the aggregate purchase price. The debt has a five year term with a preferred return of 7% through December 31, 2016, increasing by 1% per annum thereafter, with a maximum rate of 12%. In addition, after eighteen months, the principal balance due is scheduled to increase over time with $62.5 million due if the debt remained outstanding until the end of the five-year term. Interest expense associated with this financing is recorded using the effective yield method. At both March 31, 2017 and December 31, 2016, the outstanding principal balance was $50.0 million and, during the three months ended March 31, 2017, we recorded interest expense of $1.0 million.   Debt Covenants   Credit Facilities and Repurchase Agreements. The credit facilities and repurchase agreements contain various financial covenants, including, but not limited to, minimum liquidity requirements, minimum net worth requirements, as well as certain other debt service coverage ratios, debt to equity ratios and minimum servicing portfolio tests.  We were in compliance with all financial covenants and restrictions at March 31, 2017.   CLOs. Our 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 any of our CLOs, all cash flows from the applicable CLO would be diverted to repay principal and interest on the outstanding CLO bonds and we would not receive any residual payments until that CLO regained compliance with such tests.  Our CLOs were in compliance with all such covenants as of March 31, 2017, as well as on the most recent determination dates in April 2017.  In the event of a breach of the CLO covenants that could not be cured in the near-term, we would be required to fund our non-CLO expenses, including management fees and employee costs, distributions required to maintain our 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 CLOs.  However, we may not have sufficient liquidity available to do so at such time.   A summary of our CLO compliance tests as of the most recent determination dates in April 2017 is as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:0pt;"> <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;"> Cash Flow Triggers </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </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;"> CLO IV </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </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;"> CLO V </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </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;"> CLO VI </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Overcollateralization (1) </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Current </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Limit </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>135.99 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.72 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>128.87 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Pass / Fail </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Interest Coverage (2) </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Current </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274.30 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>196.10 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>249.34 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Limit </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00 </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120.00 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:33.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:33.26%;background-color: #CCEEFF;padding:0pt;"> Pass / Fail </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;"> Pass </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> The overcollateralization ratio divides the total principal balance of all collateral in the 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 CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.</td></tr></table></div>   A summary of our CLO overcollateralization ratios as of the determination dates subsequent to each quarter is as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:39.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Determination (1) </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td 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;"> CLO IV </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td 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;"> CLO V </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> CLO VI </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> April 2017 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> January 2017 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> October 2016 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129.87 </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> July 2016 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:15.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:39.36%;background-color: #CCEEFF;padding:0pt;"> April 2016 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136.99 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>130.72 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:15.44%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.</td></tr></table></div>   The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the 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.   Subsequent Event. In April 2017, we completed a collateralized securitization vehicle (“CLO VII”), issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $279.0 million. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $296.2 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio.  The financing has a three 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 $63.8 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the closing date of the CLO, which were subsequently utilized resulting in the issuer owning loan obligations with a face value of $360.0 million.  We retained a residual interest in the portfolio with a notional amount of $81.0 million.  The notes had an initial weighted average interest rate of 1.99% plus one-month LIBOR and interest payments on the notes are payable monthly. <div /></div> </div>

0.0135

0.0105

0.0140

0.0200

0.02125

0.0140

0.0200

0.0342

0.0296

0.0350

0.0225

0.0325

0.0250

0.02125

0.0135

0.0105

0.0140

0.0200

0.02125

0.0140

0.0200

0.0342

0.0296

0.0350

0.0225

0.0325

0.0250

0.02125

0.0035

0.0250

8.39

119.1895

one-month LIBOR

LIBOR

one-month LIBOR

three-month LIBOR

LIBOR

one-month LIBOR

86300000

11300000

267750000

219000000

250250000

737000000

86250000

175858000

97860025

100000000

50000000

267750000

219000000

250250000

737000000

100000000

154336000

97860025

50000000

360000000

296200000

0.0874

0.01

0.065

0.07

0.03

0.12

P2Y9M

P2Y6M

P5Y

2119436

2261837

0.0225

0.0196

0.0326

0.0306

0.0330

0.0302

0.0321

0.0382

0.0321

0.0312

0.0195

0.0165

0.0205

0.0281

0.0408

0.0296

0.0205

0.0281

0.0294

0.0244

0.0205

0.0347

0.0327

0.0351

0.0319

0.0343

0.0398

0.0321

0.0330

0.0211

0.0183

0.0219

0.0302

0.0353

0.0318

0.0218

0.0302

0.0315

0.0199

10716040

10275915

300000

1900000

8600000

3470526

3300000

300000

1500000

7800000

3498636

3100000

-100000

1827000

877533

1897249

1400454

496795

550117700

975718529000

819033129000

156685400000

223287572

600659321000

17742000000

5614990

1284802

903329

381473

0.02

0.03

5614990000

100000

2798858000

2816132000

1284802000

903329000

381473000

2299579000

200000

1535150000

764429000

1401074000

1370268000

30806000

210000

1365000

237000

2451422

1401074

522650829

377371749

582917321000

105

334631

1061828

1695348

8738220

1888430

4648

1888430

4648

1464732

1500000

37030187

37000000

36522387

0.02

0.30

0.02

0.30

2000000

13500000

400000

0.05

0.261

5200000

6922034

269005

42929432

39471004

401700000

386000000

<div> <div>   Note 14 — Fair Value   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 principal amounts, carrying values and the estimated fair values of our financial instruments:   <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:21.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:37.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:37.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Principal / Notional Amount </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Carrying Value </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Estimated Fair Value </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Principal / Notional Amount </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Carrying Value </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Estimated Fair Value </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;"> Loans and investments, net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,733,060,463 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,639,768,626 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,687,431,811 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,790,159,966 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,695,732,351 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,749,130,232 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Loans held-for-sale, net </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>574,316,489 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>573,193,542 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>583,480,596 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>675,493,536 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>673,367,304 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>683,833,449 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;"> Capitalized mortgage servicing rights, net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> n/a </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>238,931,168 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>268,700,627 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> n/a </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,742,986 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>245,455,881 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Available-for-sale securities </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,789 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,307,502 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,307,502 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,789 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,403,463 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,403,463 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;"> Securities held-to-maturity </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,067,682 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,905,689 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,266,362 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Derivative financial instuments </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>223,287,572 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,284,802 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,284,802 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>550,117,700 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,614,990 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,614,990 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Financial liabilities: </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;"> Credit and repurchase facilities </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>856,835,895 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>855,076,736 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>855,841,246 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>908,680,198 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>906,636,790 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.86%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>907,882,886 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Collateralized loan obligations </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>737,000,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>729,248,014 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>735,346,250 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>737,000,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>728,441,109 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>728,642,500 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;"> Senior unsecured notes </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,712,335 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,091,234 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,860,025 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,521,566 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99,034,345 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Convertible senior unsecured notes, net </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,000,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,239,527 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,197,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,250,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,660,038 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,586,375 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;"> Junior subordinated notes </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>154,336,000 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,103,147 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,076,583 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175,858,000 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>157,858,555 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105,649,537 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;background-color: #CCEEFF;padding:0pt;"> Related party financing </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,175,554 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000,000 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55,119,744 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.00%;padding:0pt;"> Derivative financial instruments </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>377,371,749 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,401,074 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,401,074 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>522,650,829 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,451,422 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,451,422 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   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 estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity.   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:   Level 1 — Inputs are unadjusted and quoted prices exist in active markets for identical assets or liabilities, such as government, agency and equity securities.   Level 2 — Inputs (other than quoted prices included in Level 1) are observable for the asset or liability through correlation with market data.  Level 2 inputs may include quoted market prices for a similar asset or liability, interest rates and credit risk.  Examples include non-government securities, certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments.   Level 3 — Inputs reflect our best estimate of what market participants would use in pricing the asset or liability and are based on significant unobservable inputs that require a considerable amount of judgment and assumptions. Examples include certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments.   Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter.   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.   Loans and investments, net.  Fair values of loans and investments that are not impaired are estimated using Level 3 inputs based on direct capitalization rate and discounted cash flow methodologies using discount rates, which, in our opinion, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality.  Fair values of impaired loans and investments are estimated using Level 3 inputs that require significant judgments, which include assumptions regarding discount rates, capitalization rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors.   Loans held-for-sale, net.  Consists of originated loans that are generally transferred or sold within 60 days from the date that a mortgage loan is funded, and are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics (Level 2). Fair values of loans held-for-sale include the fair value allocated to the associated future MSRs and is calculated pursuant to the valuation techniques described below for capitalized mortgage servicing rights, net (Level 3).   Capitalized mortgage servicing rights, net.  Fair values are estimated using Level 3 inputs based on discounted future net cash flow methodology.  The fair value of MSRs carried at amortized cost are estimated using a process that involves the use of independent third-party valuation experts, supported by commercially available discounted cash flow models and analysis of current market data.  The key inputs used in estimating fair value include the contractually specified servicing fees, prepayment speed of the underlying loans, discount rate, annual per loan cost to service loans, delinquency rates, late charges and other economic factors.   Available-for-sale securities.  Fair values are estimated 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 estimated using Level 1 inputs. The fair values of available-for-sale debt securities are estimated using the recent purchase price and subsequent sales price of the securities, which are deemed Level 2 inputs. The fair value of our Agency IOs were estimated using Level 3 inputs and are derived from third party proprietary models using discounted cash flows based on the underlying contractual cash flows and require significant judgements, including assumptions on discount rates and constant prepayment rates.   Securities held-to-maturity. Fair values are approximated based on current market quotes received from financial sources that trade such securities and are based on prevailing market data and, in some cases, are derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.   Derivative financial instruments.  The fair values of rate lock and forward sale commitments are estimated using valuation techniques, which include internally-developed models developed based on changes in the U.S. Treasury rate and other observable market data (Level 2). The fair value of rate lock commitments includes the fair value of the expected net cash flows associated with the servicing of the loans, see capitalized mortgage servicing rights, net above for further details on the applicable valuation technique (Level 3).  We also consider the impact of counterparty non-performance risk when measuring the fair value of these derivatives. Given the credit quality of our counterparties, the short duration of interest rate lock commitments and forward sale contracts, and our historical experience, the risk of nonperformance by our counterparties is not significant.   Credit facilities and repurchase agreements:  The fair values of credit facilities and repurchase agreements for the Structured Business are estimated at Level 3 using discounted cash flow methodology, using discount rates, which, in our opinion, best reflect current market interest rates for financing with similar characteristics and credit quality. The majority of our credit facilities for the Agency Business bear interest at rates that are similar to those available in the market currently and the fair values are estimated using Level 2 inputs. For these facilities, the fair values approximate the carrying values reported in the balance sheets.   Collateralized loan obligations.  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.   Senior unsecured notes.  Fair values are estimated at Level 1 based on current market quotes received from active markets.   Convertible senior unsecured notes, net. Fair values are estimated at Level 2 based on current market quotes received from inactive markets.   Junior subordinated notes and related party financing.  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.   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 input levels as of March 31, 2017:   <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:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> Carrying </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:41.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value Measurements Using Fair  Value Hierarchy </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Fair Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 2 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 3 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Available-for-sale securities </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,307,502 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,307,502 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646,682 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,660,820 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Derivative financial instruments </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,284,802 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,284,802 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>903,329 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>381,473 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Financial liabilities: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Derivative financial instruments </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,401,074 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,401,074 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,401,074 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   See Note 8 — Securities for a roll-forward of our available-for-sale securities fair valued using Level 3 inputs.   We measure certain financial and non-financial assets at fair value on a nonrecurring basis.  The fair values of these financial and non-financial assets were determined using the following input levels as of March 31, 2017:   <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:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> Net Carrying </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:41.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value Measurements Using Fair Value Hierarchy </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Fair Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 2 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 3 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Impaired loans, net (1 ) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,560,499 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,560,499 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,560,499 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Non-financial assets: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Long-lived assets (2 ) </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,200,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,200,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,200,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> We had an allowance for loan losses of $83.0 million relating to seven loans with an aggregate carrying value, before loan loss reserves, of $186.6 million at March 31, 2017.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> During the second quarter of 2016, we determined that a real estate owned hotel property exhibited indicators of impairment and an impairment analysis was performed, which resulted in an impairment loss of $11.2 million. During the three months ended March 31, 2017, we received additional market analyses which resulted in a further impairment loss of $1.2 million.</td></tr></table></div>   Loan impairment assessments.  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, 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 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, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors.  The table above and below includes all impaired loans, regardless of the period in which the impairment was recognized.   Long-lived assets:  We review our real estate owned assets when events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the discounted estimated cash flows to be generated by the asset are less than the carrying amount of such asset. Measurement of impairment is based upon the estimated fair value of the asset. In the evaluation of a real estate owned asset for impairment, many factors are considered, including estimated current and expected operating cash flows from the asset during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business.   Quantitative information about Level 3 fair value measurements at March 31, 2017 were as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 97.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;"> Valuation </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  Fair Value </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Techniques </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:33.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Impaired loans (1): </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Discount rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.00 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Office </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.20%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>801,500 </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;"> Discounted cash flows </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="top" style="width:18.50%;padding:0pt;"> Capitalization rate </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.10 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Revenue growth rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.50 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Discount rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.00 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Land </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,860,507 </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;"> Discounted cash flows </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="top" style="width:18.50%;padding:0pt;"> Capitalization rate </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.25 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Revenue growth rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.00 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="top" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Discount rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.00 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Hotel </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,898,492 </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;"> Discounted cash flows </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="top" style="width:18.50%;padding:0pt;"> Capitalization rate </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.00 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Revenue growth rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.30 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Derivative financial instruments: </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Rate lock commitments </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>381,473 </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;"> Discounted cash flows </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> W/A discount rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.97 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Non-financial assets: </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Long-lived assets: </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Discount rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.50 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="top" style="width:18.50%;padding:0pt;"> Capitalization rate </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.50 </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Hotel </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.20%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,200,000 </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;background-color: #CCEEFF;padding:0pt;"> Discounted cash flows </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:18.50%;background-color: #CCEEFF;padding:0pt;"> Revenue growth rate </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.20 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:20.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="top" style="width:18.50%;padding:0pt;"> Hold period </td> <td valign="bottom" style="width:02.56%;padding:0pt;">   </td> <td valign="bottom" style="width:12.34%;padding:0pt;"> 3 years </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> Includes all impaired loans regardless of the period in which a loan loss provision was recorded.</td></tr></table></div>   The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments were as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:67.94%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:28.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value Measurements Using  Significant Unobservable Inputs:  March 31, 2017 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.94%;background-color: #CCEEFF;padding:0pt;"> Derivative assets and liabilities, net </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:28.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.94%;padding:0pt;"> Balance at beginning of period </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:26.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,816,132 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.94%;background-color: #CCEEFF;padding:0pt;"> Settlements </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:28.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,648,867 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:67.94%;padding:0pt;"> Realized gains recorded in earnings </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:28.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,832,735 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.94%;background-color: #CCEEFF;padding:0pt;"> Unrealized gains recorded in earnings </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:28.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>381,473 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.94%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:28.00%;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;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.94%;padding:0pt;"> Balance at end of period </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:26.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>381,473 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.94%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:26.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> </table></div>   The following table presents the components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale.   <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:35.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" 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;"> Notional/ Principal Amount </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Fair Value of Servicing Rights </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Interest Rate Movement Effect </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Total Fair Value Adjustment </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> Rate lock commitments </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,742,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>381,473 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30,806 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>350,667 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> Forward sale commitments </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>582,917,321 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,806 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,806 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;"> Loans held-for-sale, net (1) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>565,175,321 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,141,167 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,141,167 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,522,640 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,522,640 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:35.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.86%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from mortgage servicing rights.</td></tr></table></div>   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, 2017:   <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:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="8" 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;"> Fair Value Measurements Using Fair Value Hierarchy </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 2 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Level 3 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Financial assets: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Loans and investments </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.54%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,639,768,626 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,687,431,811 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,687,431,811 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Loans held-for-sale, net </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>573,193,542 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>583,480,596 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>574,339,429 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,141,167 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Capitalized mortgage servicing rights, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>238,931,168 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>268,700,627 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>268,700,627 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Securities held-to-maturity </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,905,689 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,266,362 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,266,362 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Financial liabilities: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Credit and repurchase facilities </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.54%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>855,076,736 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.22%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>855,841,246 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>564,309,110 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>291,532,136 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Collateralized loan obligations </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>729,248,014 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>735,346,250 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>735,346,250 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Senior unsecured notes </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,712,335 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,091,234 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,091,234 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Convertible senior unsecured notes, net </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,239,527 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,197,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,197,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;padding:0pt;"> Junior subordinated notes </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,103,147 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,076,583 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,076,583 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.50%;background-color: #CCEEFF;padding:0pt;"> Related party financing </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,175,554 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,175,554 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

0.0700

0.0725

0.0810

0.0900

0.1500

0.1100

0.1297

0.0330

0.0300

0.0250

16832735

381473

19648867

2816132

381473

1000000

19170856

22853097

1700000

680653

20472444

23163111

1700000

20472444

990667

22853097

1700000

680653

20472444

23163111

1700000

20472444

990667

49084453

42838488

34744947

18860374

24396825

31092569

37913512

238931168

P7Y

P7Y7M6D

P10Y6M

P19Y2M12D

P6Y7M6D

P7Y10M24D

P10Y9M18D

P19Y8M12D

P6Y10M24D

600000

15491

7116243

7100000

7116243

607553

7905689

8266362

7905689

360673

2800000

5400000

1700000

1800000

8266362

103560499

30898492

71860507

801500

381473

83711575

1700000

2455653

3700000

53883478

21972444

83015922

1700000

1760000

3700000

53883478

21972444

199153386

1700000

7354615

34750000

127770439

27578332

197247338

1700000

2151058

34750000

131085948

27560332

368732

63536

282149

23047

357391

22063

310639

24689

197640645

1700000

2542115

34750000

131085948

27562582

196854030

1700000

1760000

34750000

131085948

27558082

1200000

1897442

300000

1600000

300000

1600000

100000

762777

700000

300000

100000

700000

100000

762777

100000

298889

60887

749696

6101000

2842917

224831

61383

42460721

49909

1038143

97489884

96089432

12748613

19436838

961823

3233993

15241022

2100000

1600000

1000000

13069852

14088178

-961823

1782306

13267695

25818465

33525016

5016299

28508717

100000

200000

300000

100000

600000

200000

300000

900000

100000

200000

300000

200000

300000

800000

100000

700000

11097134

15014105

300000

904400000

880400000

2939465

100000

33948853

28917457

83222

578000

425000

100

1894727

2050347

33948853

33380722

28909827

80721

425000

100

1894727

2070347

33380722

157858555

105649537

157900000

139103147

93076583

139100000

4328342

19841464

16009064

3832400

5000000

25000000

2223748318

51217864

730086535

730768159

1441762295

2154761951

52179688

730811931

633024760

1469557503

2970786246

2914427834

30000000

3000000

150000000

100000000

400000000

350000000

150000000

50000000

100000000

150000000

200000000

75000000

30000000

3000000

10000000

150000000

100000000

500000000

350000000

150000000

50000000

100000000

150000000

200000000

75000000

86761575

86746575

83711575

83015922

77600000

49100000

<div> <div>   Note 4 — Loans and Investments   The following tables set forth the composition of our structured loan and investment portfolio:   <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:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Percent of Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Loan Count </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;"> Wtd. Avg. Pay Rate (1) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;"> Wtd. Avg. Remaining Months to Maturity </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;"> Wtd. Avg. First Dollar LTV Ratio (2) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;"> Wtd. Avg. Last Dollar LTV Ratio (3) </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Bridge loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,588,264,148 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>122 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.76 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.5 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Preferred equity investments </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,495,646 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.58 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.2 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Mezzanine loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,044,087 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.03 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Junior participation loans </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,256,582 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.0 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,733,060,463 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>143 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.81 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.6 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Allowance for loan losses </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83,015,922 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Unearned revenue </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,275,915 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Loans and investments, net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.38%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,639,768,626 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Bridge loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,602,658,179 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.59 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Preferred equity investments </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68,120,639 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.83 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23.8 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>91 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Mezzanine loans </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,124,566 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.09 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.9 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Junior participation loans </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,256,582 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.50 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.0 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,790,159,966 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;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;"> % </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>144 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.71 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.3 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Allowance for loan losses </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83,711,575 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> Unearned revenue </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,716,040 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;"> Loans and investments, net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,695,732,351 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </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 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:07.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 22.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) 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.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 22.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> The “First Dollar Loan-to-Value (“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.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 22.00pt; display: inline;"> (3) </td><td style="width:0pt;"></td><td align="left" valign="top"> 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.</td></tr></table></div>   Concentration of Credit Risk   We are subject to concentration risk in that, at March 31, 2017, the UPB related to 33 loans with five different borrowers represented 15% of total assets.  At December 31, 2016, the UPB related to 35 loans with five different borrowers represented 16% of total assets. During both the three months ended March 31, 2017 and the year ended December 31, 2016, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue.   Effective January 1, 2017, we revised our methodology used to assign a credit risk rating to each loan and investment to be consistent with the method used by our Agency Business. We now assign ratings of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, instead of a one to five rating. Similar to our previous methodology, there are five ratings, each generally consistent with our prior ratings (i.e., pass is equivalent to a one rating, pass/watch is equivalent to a two rating, etc.), with a pass rating being the lowest risk and a doubtful rating being the highest.   The benchmark guidelines and other factors used in our revised methodology are substantially the same as our previous methodology. 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 profile, risk ratings of pass, pass/watch and special mention suggest that 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 substandard indicates we anticipate the loan may require a modification of some kind.  A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal.  Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix.   As a result of the loan review process at March 31, 2017 and December 31, 2016, we identified loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $147.9 million and $150.5 million, respectively, and a weighted average last dollar LTV ratio of 95% for both periods.   A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is presented below. The internal risk ratings as of December 31, 2016 have been revised to reflect the revised methodology described above.   <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:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="10" valign="bottom" style="width:71.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <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;"> Asset Class </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Unpaid Principal Balance </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Percentage of Portfolio </td> <td valign="bottom" style="width:03.50%;padding:0pt;">   </td> <td 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;"> Wtd. Avg. Internal Risk Rating </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;"> Wtd. Avg. First Dollar LTV Ratio </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <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;"> Wtd. Avg. Last Dollar LTV Ratio </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Multifamily </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,379,109,984 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> pass/watch </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>72 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Land </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,078,710 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8 </td> <td valign="bottom" style="width:03.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;padding:0pt;"> substandard </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Office </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,808,436 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Hotel </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,750,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:03.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Commercial </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,830,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> pass/watch </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Other </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,483,333 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <1 </td> <td valign="bottom" style="width:03.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;padding:0pt;"> pass/watch </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:03.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,733,060,463 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;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;">   </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <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:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="10" valign="bottom" style="width:71.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Multifamily </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,421,731,108 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Land </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137,255,369 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8 </td> <td valign="bottom" style="width:03.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;padding:0pt;"> substandard </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Office </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141,710,156 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> pass/watch </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Hotel </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,750,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4 </td> <td valign="bottom" style="width:03.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Commercial </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,205,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <1 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;"> Other </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,508,333 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <1 </td> <td valign="bottom" style="width:03.50%;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:03.50%;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:03.00%;padding:0pt;">   </td> <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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,790,159,966 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> special mention </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:25.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:12.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;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;">   </td> <td valign="bottom" style="width:03.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Geographic Concentration Risk   As of March 31, 2017, 24%, 15%, 14% and 13% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, California, Florida and Texas, respectively.  As of December 31, 2016, 25%, 15%, 14% and 13% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, California, Florida and Texas, respectively.   Impaired Loans and Allowance for Loan Losses   We evaluate each loan in our portfolio quarterly to assess the performance of our loans and whether a reserve for impairment should be recorded.  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 LTV and a last dollar LTV basis, as defined above.  A summary of the changes in the allowance for loan losses is as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:59.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:36.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </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;"> 2017 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </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;"> 2016 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.12%;background-color: #CCEEFF;padding:0pt;"> Allowance at beginning of period </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,711,575 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,761,575 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.12%;padding:0pt;"> Recoveries of reserves </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(695,653 </td> <td valign="bottom" style="width:03.40%;"> ) </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,000 </td> <td valign="bottom" style="width:01.36%;"> ) </td> </tr> <tr> <td valign="top" style="width:59.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.12%;background-color: #CCEEFF;padding:0pt;"> Allowance at end of period </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,015,922 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,746,575 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;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;">   </td> <td valign="bottom" style="width:14.82%;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;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.54%;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;">   </td> <td valign="bottom" style="width:14.82%;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;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   The recoveries of reserves for both periods presented were related to multifamily loans and the ratio of recoveries to the average loans and investments outstanding during both the three months ended March 31, 2017 and 2016 was 0.0%.   At March 31, 2017 and December 31, 2016, we had a total of seven and eight loans, respectively, with an aggregate carrying value, before loan loss reserves, of $186.6 million and $187.4 million, respectively, for which impairment reserves have been recorded.   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, 2017 and 2016.   We have six loans with a carrying value totaling $120.9 million at March 31, 2017, which mature in September 2017, that are collateralized by a land development project.  The loans do not carry a current pay rate of interest, but five of the loans with a carrying value totaling $111.6 million entitle us to a weighted average accrual rate of interest of 8.39%.  In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful.  We have recorded cumulative allowances for loan losses of $49.1 million related to these loans as of March 31, 2017.  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.   A summary of our impaired loans by asset class is as follows:   <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:16.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:47.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2017 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:16.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Asset Class </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Unpaid Principal Balance </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Carrying Value (1) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Allowance for Loan Losses </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Average Recorded Investment (2) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Interest Income Recognized </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;background-color: #CCEEFF;padding:0pt;"> Land </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131,085,948 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125,749,020 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,883,478 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131,085,948 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;padding:0pt;"> Hotel </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,598,492 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,700,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,639 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;background-color: #CCEEFF;padding:0pt;"> Office </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,558,082 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,773,944 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,972,444 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,560,332 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,689 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;padding:0pt;"> Multifamily </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,760,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,754,965 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,760,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,151,058 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,063 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;background-color: #CCEEFF;padding:0pt;"> Commercial </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>196,854,030 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>186,576,421 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,015,922 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>197,247,338 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>357,391 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:16.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:22.96%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="8" valign="bottom" style="width:42.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:28.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2016 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:22.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Asset Class </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </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;"> Unpaid Principal Balance </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Value (1) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </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;"> Allowance for Loan Losses </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Average Recorded Investment (2) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </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;"> Interest Income Recognized </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;background-color: #CCEEFF;padding:0pt;"> Land </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.26%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131,085,948 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.28%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125,925,677 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,883,478 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.28%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127,770,439 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.26%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;padding:0pt;"> Hotel </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,496,296 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.40%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,700,000 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,750,000 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>282,149 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;background-color: #CCEEFF;padding:0pt;"> Office </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,562,582 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,778,444 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.40%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,972,444 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,578,332 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,047 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;padding:0pt;"> Multifamily </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,542,115 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,450,618 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.40%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,455,653 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,354,615 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,536 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;background-color: #CCEEFF;padding:0pt;"> Commercial </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.40%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.42%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </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 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </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 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.44%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </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 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.26%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>197,640,645 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.28%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>187,351,035 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,711,575 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.28%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>199,153,386 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.26%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>368,732 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:22.96%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> Represents the UPB of impaired loans less unearned revenue and other holdbacks and adjustments by asset class.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> Represents an average of the beginning and ending UPB of each asset class.</td></tr></table></div>   At March 31, 2017, three loans with an aggregate net carrying value of $1.0 million, net of related loan loss reserves of $22.2 million, were classified as non-performing. At December 31, 2016, three fully reserved loans with an aggregate carrying value of $22.9 million were classified as non-performing. Income from non-performing loans is generally recognized on a cash basis when it is received.  Full income recognition will resume when the loan becomes contractually current and performance has recommenced.   A summary of our non-performing loans by asset class is as follows:   <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:26.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> March 31, 2017 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> December 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:26.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Asset Class </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Carrying Value </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Less Than 90 Days Past Due </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Greater Than 90 Days Past Due </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Carrying Value </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Less Than 90 Days Past Due </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;"> Greater Than 90 Days Past Due </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;background-color: #CCEEFF;padding:0pt;"> Office </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,472,444 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,472,444 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,472,444 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,472,444 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;padding:0pt;"> Commercial </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,700,000 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;background-color: #CCEEFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>990,667 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>990,667 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;padding:0pt;"> Multifamily </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>680,653 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>680,653 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,163,111 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,163,111 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,853,097 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,853,097 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:09.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.88%;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;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:08.86%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   At March 31, 2017 and December 31, 2016, we did not have any loans contractually past due 90 days or more that were still accruing interest.   A summary of loan modifications, refinancings and/or extensions by asset class that we considered to be troubled debt restructurings were as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:26.74%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:69.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2016 </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:26.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Asset Class </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Loans </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </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;"> Original Unpaid Principal Balance </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td 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;"> Original Wtd. Avg. Rate of Interest </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </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;"> Extended Unpaid Principal Balance </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:11.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Extended Wtd. Avg. Rate of Interest </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.74%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:11.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:11.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:26.74%;background-color: #CCEEFF;padding:0pt;"> Multifamily </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,646,456 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.24 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,646,456 </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.58%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.24 </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:26.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.50%;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;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:10.24%;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;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;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;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:10.24%;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;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.58%;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;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   There were no loan modifications, refinancings and/or extensions during the three months ended March 31, 2017 that we considered troubled debt restructurings.   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, 2017 and 2016 and no additional loans were considered to be impaired due to our troubled debt restructuring analysis for the three months ended March 31, 2017 and 2016. These loans were modified to increase the total recovery of the combined principal and interest from the loan.   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, 2017, we had total interest reserves of $22.7 million on 76 loans with an aggregate UPB of $972.7 million. As of December 31, 2016, we had total interest reserves of $20.4 million on 75 loans with an aggregate UPB of $1.01 billion. <div /></div> </div>

0.0480

0.0790

0.055

0.0450

0.0500

0.0450

0.0525

1790159966

57124566

68120639

1602658179

62256582

1733060463

56044087

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<div> <div>   Note 20 — Segment Information   As a result of the Acquisition, we currently evaluate our results from operations from two major business segments — our Structured Business and our Agency Business.  See Note 1 — Description of Business for a detailed description of each segment.   The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables. Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses, management fees and stock-based compensation. All amounts are before amounts allocated to noncontrolling interest.   <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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:55.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2017 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Structured Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Agency Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Other / Eliminations (1) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Consolidated </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Interest income </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,508,717 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,016,299 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,525,016 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,241,022 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,233,993 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>961,823 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,436,838 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Net interest income </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,267,695 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,782,306 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(961,823 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,088,178 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Other revenue: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Gain on sales, including fee-based services, net </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,170,856 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,170,856 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Mortgage servicing rights </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,030,340 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,030,340 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Servicing revenue </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,681,644 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,681,644 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Amortization of MSRs </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,888,001 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,888,001 </td> <td valign="bottom" style="width:01.00%;"> ) </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Property operating income </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,223,204 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,223,204 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Other income, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110,727 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(997,024 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(886,297 </td> <td valign="bottom" style="width:01.00%;"> ) </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Total other revenue </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,333,931 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,997,815 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,331,746 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Other expenses: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Employee compensation and benefits </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,832,400 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,009,064 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,841,464 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Selling and administrative </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,081,706 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,612,181 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,693,887 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Property operating expenses </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,637,904 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,637,904 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>496,795 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,400,454 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,897,249 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Impairment loss on real estate owned </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,200,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,200,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Provision for loss sharing </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,679,385 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,679,385 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Provision for loan losses (net of recoveries) </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(695,653 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(695,653 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Management fee - related party </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,974,724 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,025,276 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,000,000 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Total other expenses </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,527,876 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,726,360 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,254,236 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Income before gain on extinguishment of debt, income from equity affiliates and provision for income taxes </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,073,750 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,053,761 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(961,823 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,165,688 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Gain on extinguishment of debt </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,116,243 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,116,243 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Income from equity affiliates </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762,777 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762,777 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Provision for income taxes </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,101,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,101,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Net income </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,952,770 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,952,761 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(961,823 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,943,708 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Preferred stock dividends </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,888,430 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,888,430 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Net income attributable to noncontrolling interest </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,441,604 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,441,604 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Net income attributable to common stockholders </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,064,340 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,952,761 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,403,427 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,613,674 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;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;">   </td> <td valign="bottom" style="width:10.88%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"></td><td valign="top" align="left" style="width: 23.00pt; display: inline;"> (1) </td><td style="width:13pt;"></td><td align="left" valign="top"> Includes certain corporte expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holder.</td></tr></table></div>   The comparable summarized statement of income for the three months ended March 31, 2016 was not provided since we operated as a single business segment in that period.   <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:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:59.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Structured Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Agency Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Other / Eliminations </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Consolidated </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,181,142 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,662,090 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,843,232 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Restricted cash </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,408,504 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,854,534 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,263,038 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Loans and investments, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,639,768,626 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,639,768,626 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Loans held-for-sale, net </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>573,193,542 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>573,193,542 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Capitalized mortgage servicing rights, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>238,931,168 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>238,931,168 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Investments in equity affiliates </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,380,722 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,380,722 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Goodwill and other intangible assets </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,089,432 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>96,089,432 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Other assets </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>94,694,577 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,263,497 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,958,074 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,934,433,571 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>979,994,263 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,914,427,834 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Liabilities: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Debt obligations </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,348,070,649 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>564,309,110 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,962,379,759 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Allowance for loss-sharing obligations </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,219,490 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,219,490 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Other liabilities </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>121,486,854 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,496,160 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,179,688 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>160,162,702 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,469,557,503 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>633,024,760 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,179,688 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,154,761,951 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <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:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:59.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Structured Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Agency Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Other / Eliminations </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Consolidated </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,156,034 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,489,396 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138,645,430 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Restricted cash </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,230,051 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,084,878 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,314,929 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Loans and investments, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,695,732,351 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,695,732,351 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Loans held-for-sale, net </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>673,367,304 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>673,367,304 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Capitalized mortgage servicing rights, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,742,986 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>227,742,986 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Investments in equity affiliates </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,948,853 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,948,853 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Goodwill and other intangible assets </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,489,884 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,489,884 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Other assets </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,350,947 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,193,562 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>74,544,509 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,912,418,236 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,058,368,010 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,970,786,246 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Liabilities: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Debt obligations </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,307,973,936 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>660,144,122 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,018,118,058 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Allowance for loss-sharing obligations </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,407,554 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,407,554 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Other liabilities </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133,788,359 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,216,483 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,217,864 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>173,222,706 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,441,762,295 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>730,768,159 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,217,864 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,223,748,318 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <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:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> Three Months Ended March 31, </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> 2017 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Origination Data: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Structured Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> New loan originations </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145,917,885 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>218,245,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Loan payoffs / paydowns </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190,408,741 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,605,514 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Agency Business </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Origination Volumes by Investor: </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>896,549,225 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>235,032,400 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137,935,328 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> CMBS/Conduit </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,370,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,290,886,953 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total loan commitment volume </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,151,943,553 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Loan Sales Data: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Agency Business </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,073,346,728 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210,238,257 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,895,088 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> CMBS/Conduit </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,370,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,364,850,073 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;"> Sales margin (fee-based services as a % of loan sales) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.40 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> % </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;"> MSR rate (MSR income as a % of loan commitments) </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.74 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> % </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:37.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <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:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:46.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:50.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Key Servicing Metrics for Agency Business: </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </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;"> UPB of Servicing Portfolio </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Wtd. Avg. Servicing Fee Rate (basis points) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Wtd. Avg. Life of Servicing Portfolio (in years) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,804,141,502 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.9 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,163,123,775 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.8 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>498,033,800 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.7 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,465,299,077 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.9 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <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:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="6" valign="bottom" style="width:46.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> Fannie Mae </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,181,152,400 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.6 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Freddie Mac </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,953,244,541 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.5 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;"> FHA </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>420,688,577 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19.2 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;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;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,555,085,518 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.6 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

2655476

7693887

4612181

3081706

94521566

99034345

94712335

100091234

3400000

227742986

194800754

32942232

227742986

238931168

180945505

57985663

238931168

26469646

10461786

1426215

11888001

0.13

0.15

0.08

16681644

4793643

1681431

2304522

P4Y

P3Y

P4Y

0.25

0.33

0.25

0.33

448980

P5Y

51401295

24942269

51850250

24942269

587140735

596936316

747037928

320917

621931995

514013

159897193

587140735

89508213

-125134403

759665883

587891

624585307

518502

162729567

596936316

89508213

-118263597

448955

74830

74375

299750

2304522

2300033

4489

2304522

1250000000

220456478

213725211

2070447

4660820

51095128

73730068

51045219

51461156