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Tj ET Q /GS0 gs q 9.54 0 0 9.18 151.74 176.76 cm /I12 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 161.28 178.70 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 164.90 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 84.62 164.90 Td (by ) Tj ET Q q 0 0 0 rg BT 95.27 164.90 Td (check ) Tj ET Q q 0 0 0 rg BT 117.89 164.90 Td (mark ) Tj ET Q q 0 0 0 rg BT 138.03 164.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 168.66 164.90 Td (the ) Tj ET Q q 0 0 0 rg BT 181.29 164.90 Td (registrant ) Tj ET Q q 0 0 0 rg BT 216.92 164.90 Td (is ) Tj ET Q q 0 0 0 rg BT 224.57 164.90 Td (a ) Tj ET Q q 0 0 0 rg BT 230.21 164.90 Td (lar) Tj ET Q q 0 0 0 rg BT 239.54 164.90 Td (ge ) Tj ET Q q 0 0 0 rg BT 249.67 164.90 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 291.78 164.90 Td (filer) Tj ET Q q 0 0 0 rg BT 306.41 164.90 Td (, ) Tj ET Q q 0 0 0 rg BT 310.30 164.90 Td (an ) Tj ET Q q 0 0 0 rg BT 320.44 164.90 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 362.54 164.90 Td (filer) Tj ET Q q 0 0 0 rg BT 377.17 164.90 Td (, ) Tj ET Q q 0 0 0 rg BT 381.06 164.90 Td (a ) Tj ET Q q 0 0 0 rg BT 386.70 164.90 Td (non-accelerated ) Tj ET Q q 0 0 0 rg BT 445.30 164.90 Td (filer) Tj ET Q q 0 0 0 rg BT 459.93 164.90 Td (, ) Tj ET Q q 0 0 0 rg BT 463.82 164.90 Td (or ) Tj ET Q q 0 0 0 rg BT 472.96 164.90 Td (a ) Tj ET Q q 0 0 0 rg BT 478.60 164.90 Td (smaller ) Tj ET Q q 0 0 0 rg BT 506.73 164.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 541.36 164.90 Td (company) Tj ET Q q 0 0 0 rg BT 573.77 164.90 Td (. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 154.10 Td (See ) Tj ET Q q 0 0 0 rg BT 51.24 154.10 Td (definitions ) Tj ET Q q 0 0 0 rg BT 91.99 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.74 154.10 Td (lar) Tj ET Q q 0 0 0 rg BT 115.06 154.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 125.81 154.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 168.52 154.10 Td (filer) Tj ET Q q 0 0 0 rg BT 183.15 154.10 Td (, ) Tj ET Q q 0 0 0 rg BT 191.64 154.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 238.35 154.10 Td (filer ) Tj ET Q q 0 0 0 rg BT 259.58 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.83 154.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 307.56 154.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 342.80 154.10 Td (company ) Tj ET Q q 0 0 0 rg BT 382.03 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.28 154.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 410.53 154.10 Td (12b-2 ) Tj ET Q q 0 0 0 rg BT 433.78 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.53 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.77 154.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 494.01 154.10 Td (Act.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 134.86 Td (Lar) Tj ET Q q 0 0 0 rg BT 76.33 134.86 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 147.02 132.92 cm /I13 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 188.00 134.86 Td (Accelerated filer ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 250.46 132.92 cm /I14 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.00 134.86 Td (Non-accelerated filer ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 368.45 132.92 cm /I15 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 134.86 Td (Smaller reporting company ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 511.72 132.92 cm /I16 Do Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 116.30 Td (Indicate ) Tj ET Q q 0 0 0 rg BT 85.23 116.30 Td (by ) Tj ET Q q 0 0 0 rg BT 96.48 116.30 Td (check ) Tj ET Q q 0 0 0 rg BT 119.72 116.30 Td (mark ) Tj ET Q q 0 0 0 rg BT 140.46 116.30 Td (whether ) Tj ET Q q 0 0 0 rg BT 171.69 116.30 Td (the ) Tj ET Q q 0 0 0 rg BT 184.94 116.30 Td (registrant ) Tj ET Q q 0 0 0 rg BT 221.18 116.30 Td (is ) Tj ET Q q 0 0 0 rg BT 229.43 116.30 Td (a ) Tj ET Q q 0 0 0 rg BT 235.67 116.30 Td (shell ) Tj ET Q q 0 0 0 rg BT 254.92 116.30 Td (company ) Tj ET Q q 0 0 0 rg BT 290.16 116.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 302.91 116.30 Td (defined ) Tj ET Q q 0 0 0 rg BT 332.14 116.30 Td (in ) Tj ET Q q 0 0 0 rg BT 341.39 116.30 Td (Rule ) Tj ET Q q 0 0 0 rg BT 360.64 116.30 Td (12b-2 ) Tj ET Q q 0 0 0 rg BT 383.89 116.30 Td (of ) Tj ET Q q 0 0 0 rg BT 393.64 116.30 Td (the ) Tj ET Q q 0 0 0 rg BT 406.88 116.30 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 444.12 116.30 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 464.27 116.30 Td (Y) Tj ET Q q 0 0 0 rg BT 469.87 116.30 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 479.62 114.36 cm /I17 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.64 116.30 Td ( ) Tj ET Q q 0 0 0 rg BT 489.89 116.30 Td (No ) Tj ET Q /GS0 gs q 9.54 0 0 9.18 503.14 114.36 cm /I18 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 102.50 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.39 102.50 Td (June30, ) Tj ET Q q 0 0 0 rg BT 97.78 102.50 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 115.78 102.50 Td (, ) Tj ET Q q 0 0 0 rg BT 120.42 102.50 Td (the ) Tj ET Q q 0 0 0 rg BT 133.80 102.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 171.17 102.50 Td (market ) Tj ET Q q 0 0 0 rg BT 198.55 102.50 Td (value ) Tj ET Q q 0 0 0 rg BT 220.43 102.50 Td (of ) Tj ET Q q 0 0 0 rg BT 230.32 102.50 Td (the ) Tj ET Q q 0 0 0 rg BT 243.70 102.50 Td (registrant) Tj ET Q q 0 0 0 rg BT 280.19 102.50 Td (s ) Tj ET Q q 0 0 0 rg BT 286.08 102.50 Td (common ) Tj ET Q q 0 0 0 rg BT 319.97 102.50 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.36 102.50 Td (held ) Tj ET Q q 0 0 0 rg BT 359.24 102.50 Td (by ) Tj ET Q q 0 0 0 rg BT 370.63 102.50 Td (non-af) Tj ET Q q 0 0 0 rg BT 393.96 102.50 Td (filiates ) Tj ET Q q 0 0 0 rg BT 420.84 102.50 Td (of ) Tj ET Q q 0 0 0 rg BT 430.73 102.50 Td (the ) Tj ET Q q 0 0 0 rg BT 444.12 102.50 Td (registrant ) Tj ET Q q 0 0 0 rg BT 480.49 102.50 Td (was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.88 102.50 Td ($1,040,561,774) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.13 102.50 Td ( ) Tj ET Q q 0 0 0 rg BT 555.52 102.50 Td (based ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 91.70 Td (on ) Tj ET Q q 0 0 0 rg BT 47.25 91.70 Td (the ) Tj ET Q q 0 0 0 rg BT 60.50 91.70 Td (closing ) Tj ET Q q 0 0 0 rg BT 88.74 91.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 104.99 91.70 Td (price ) Tj ET Q q 0 0 0 rg BT 125.22 91.70 Td (as ) Tj ET Q q 0 0 0 rg BT 134.97 91.70 Td (reported ) Tj ET Q q 0 0 0 rg BT 167.20 91.70 Td (on ) Tj ET Q q 0 0 0 rg BT 178.45 91.70 Td (the ) Tj ET Q q 0 0 0 rg BT 191.70 91.70 Td (New ) Tj ET Q q 0 0 0 rg BT 210.61 91.70 Td (Y) Tj ET Q q 0 0 0 rg BT 216.21 91.70 Td (ork ) Tj ET Q q 0 0 0 rg BT 230.45 91.70 Td (Stock ) Tj ET Q q 0 0 0 rg BT 253.20 91.70 Td (Exchange. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 77.90 Td (The ) Tj ET Q q 0 0 0 rg BT 70.24 77.90 Td (number ) Tj ET Q q 0 0 0 rg BT 99.98 77.90 Td (of ) Tj ET Q q 0 0 0 rg BT 109.73 77.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 134.47 77.90 Td (of ) Tj ET Q q 0 0 0 rg BT 144.22 77.90 Td (the ) Tj ET Q q 0 0 0 rg BT 157.46 77.90 Td (registrant) Tj ET Q q 0 0 0 rg BT 193.95 77.90 Td (s ) Tj ET Q q 0 0 0 rg BT 199.71 77.90 Td (Common ) Tj ET Q q 0 0 0 rg BT 235.46 77.90 Td (Stock ) Tj ET Q q 0 0 0 rg BT 258.21 77.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 302.46 77.90 Td (on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.71 77.90 Td (February20, ) Tj ET Q q 0 0 0 rg BT 361.95 77.90 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.95 77.90 Td ( ) Tj ET Q q 0 0 0 rg BT 382.20 77.90 Td (was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.44 77.90 Td (76,923,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.94 77.90 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.40 62.90 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 319.83 62.90 Td (TED BY) Tj ET Q q 0 0 0 rg BT 356.41 62.90 Td ( REFERENCE ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 49.10 Td (Portions ) Tj ET Q q 0 0 0 rg BT 86.09 49.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.66 49.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.74 49.10 Td (registrant) Tj ET Q q 0 0 0 rg BT 145.22 49.10 Td (s ) Tj ET Q q 0 0 0 rg BT 150.81 49.10 Td (definitive ) Tj ET Q q 0 0 0 rg BT 187.37 49.10 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 210.96 49.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 249.03 49.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.11 49.10 Td (be ) Tj ET Q q 0 0 0 rg BT 268.68 49.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 287.25 49.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.33 49.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.41 49.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 355.98 49.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.05 49.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 408.61 49.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 456.20 49.10 Td (under ) Tj ET Q q 0 0 0 rg BT 478.77 49.10 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 520.35 49.10 Td (14A) Tj ET Q q 0 0 0 rg BT 535.35 49.10 Td ( ) Tj ET Q q 0 0 0 rg BT 537.43 49.10 Td (within ) Tj ET Q q 0 0 0 rg BT 562.51 49.10 Td (120 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 38.30 Td (days ) Tj ET Q q 0 0 0 rg BT 54.75 38.30 Td (after ) Tj ET Q q 0 0 0 rg BT 73.48 38.30 Td (the ) Tj ET Q q 0 0 0 rg BT 86.73 38.30 Td (end ) Tj ET Q q 0 0 0 rg BT 101.97 38.30 Td (of ) Tj ET Q q 0 0 0 rg BT 111.72 38.30 Td (registrant) Tj ET Q q 0 0 0 rg BT 148.21 38.30 Td (s ) Tj ET Q q 0 0 0 rg BT 153.96 38.30 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 175.70 38.30 Td (year ) Tj ET Q q 0 0 0 rg BT 193.43 38.30 Td (covered ) Tj ET Q q 0 0 0 rg BT 224.17 38.30 Td (by ) Tj ET Q q 0 0 0 rg BT 235.42 38.30 Td (this ) Tj ET Q q 0 0 0 rg BT 250.17 38.30 Td (Annual ) Tj ET Q q 0 0 0 rg BT 278.92 38.30 Td (Report ) Tj ET Q q 0 0 0 rg BT 305.66 38.30 Td (are ) Tj ET Q q 0 0 0 rg BT 318.90 38.30 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 366.63 38.30 Td (by ) Tj ET Q q 0 0 0 rg BT 377.88 38.30 Td (reference ) Tj ET Q q 0 0 0 rg BT 413.59 38.30 Td (into ) Tj ET Q q 0 0 0 rg BT 429.84 38.30 Td (Part ) Tj ET Q q 0 0 0 rg BT 446.59 38.30 Td (III. ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 36 25.899999999999977 m 576 25.899999999999977 l s BT /F1 10.00 Tf ET endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.60 42.60 Td (i) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.65 731.25 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 304.86 731.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 337.46 731.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.00 716.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 236.95 716.25 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 279.17 716.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 316.32 716.25 Td (T) Tj ET Q q 0 0 0 rg BT 322.81 716.25 Td ( ON FORM 10-K) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 692.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 692.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 692.25 Td ( CONTENTS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 661.00 Td () Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.86 w 0 i [] 0 d 1 J 1 j 3 M 554.5 659.746337890625 m 572.9921875 659.746337890625 l s q 0 0 0 rg BT 554.50 661.15 Td (Page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 646.42 Td (PART I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 632.32 Td (Item1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 631.42 Td (Business) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 617.32 Td (Item1A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 616.42 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 602.32 Td (Item1B.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 601.42 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 153.53 601.42 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 587.32 Td (Item2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 586.42 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 572.32 Td (Item3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 571.42 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 557.32 Td (Item4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 556.42 Td (Mine Safety Disclosures \(Not ) Tj ET Q q 0 0 0 rg BT 210.09 556.42 Td (Applicable\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.45 526.42 Td (P) Tj ET Q q 0 0 0 rg BT 294.09 526.42 Td (AR) Tj ET Q q 0 0 0 rg BT 307.38 526.42 Td (T) Tj ET Q q 0 0 0 rg BT 313.31 526.42 Td (II) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 512.32 Td (Item5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 511.42 Td (Market for Registrants Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 501.42 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 487.32 Td (Item6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 486.42 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 472.32 Td (Item7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 471.42 Td (Management) Tj ET Q q 0 0 0 rg BT 143.98 471.42 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 213.15 471.42 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 457.32 Td (Item7A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 456.42 Td (Quantitative and Qualitative Disclosures about Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 442.32 Td (Item8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 441.42 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 427.32 Td (Item9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 426.42 Td (Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 234.81 426.42 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 299.24 426.42 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 412.32 Td (Item9A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 411.42 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 397.32 Td (Item9B.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 396.42 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.80 366.42 Td (P) Tj ET Q q 0 0 0 rg BT 292.44 366.42 Td (AR) Tj ET Q q 0 0 0 rg BT 305.73 366.42 Td (T) Tj ET Q q 0 0 0 rg BT 311.66 366.42 Td ( III) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 352.32 Td (Item10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 351.42 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 184.06 351.42 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 337.32 Td (Item11.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 336.42 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 322.32 Td (Item12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 321.42 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 307.32 Td (Item13.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 306.42 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 227.68 306.42 Td (T) Tj ET Q q 0 0 0 rg BT 233.43 306.42 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 292.32 Td (Item14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 291.42 Td (Principal ) Tj ET Q q 0 0 0 rg BT 127.05 291.42 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.60 261.42 Td (P) Tj ET Q q 0 0 0 rg BT 292.24 261.42 Td (AR) Tj ET Q q 0 0 0 rg BT 305.53 261.42 Td (T) Tj ET Q q 0 0 0 rg BT 311.46 261.42 Td (IV) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 247.32 Td (Item15.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 246.42 Td (Exhibits, Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 232.32 Td (Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 631.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.00 616.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 601.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 586.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 571.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 556.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 501.42 Td (41) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 486.42 Td (44) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 471.42 Td (45) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 456.42 Td (95) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 441.42 Td (99) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 426.42 Td (99) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 411.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 396.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 351.42 Td (101) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 336.42 Td (101) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 321.42 Td (103) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 306.42 Td (103) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 291.42 Td (103) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.00 246.42 Td (104) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.60 231.42 Td (F- 1) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 731.25 Td ( I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 714.25 Td (ITEM 1. BUSINESS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 691.25 Td (Intr) Tj ET Q q 0 0 0 rg BT 53.04 691.25 Td (oduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 93.92 673.25 Td (T) Tj ET Q q 0 0 0 rg BT 99.68 673.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 118.90 673.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 138.38 673.25 Td (together ) Tj ET Q q 0 0 0 rg BT 172.86 673.25 Td (with ) Tj ET Q q 0 0 0 rg BT 192.35 673.25 Td (its ) Tj ET Q q 0 0 0 rg BT 203.52 673.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 254.95 673.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 286.66 673.25 Td (on ) Tj ET Q q 0 0 0 rg BT 298.38 673.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 336.76 673.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.25 673.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 389.62 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.78 673.25 Td (other ) Tj ET Q q 0 0 0 rg BT 428.04 673.25 Td (real ) Tj ET Q q 0 0 0 rg BT 444.74 673.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 469.22 673.25 Td (related ) Tj ET Q q 0 0 0 rg BT 498.14 673.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 523.19 673.25 Td (and ) Tj ET Q q 0 0 0 rg BT 539.34 673.25 Td (engaging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 661.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.59 661.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 85.17 661.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 119.20 661.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 159.48 661.25 Td (W) Tj ET Q q 0 0 0 rg BT 168.12 661.25 Td (e ) Tj ET Q q 0 0 0 rg BT 174.37 661.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 193.96 661.25 Td (to ) Tj ET Q q 0 0 0 rg BT 203.55 661.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 229.25 661.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.84 661.25 Td (real ) Tj ET Q q 0 0 0 rg BT 255.64 661.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 310.75 661.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 335.89 661.25 Td (that ) Tj ET Q q 0 0 0 rg BT 352.70 661.25 Td (have ) Tj ET Q q 0 0 0 rg BT 373.39 661.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.42 661.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 424.23 661.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.82 661.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 469.50 661.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 508.51 661.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 528.09 661.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 548.23 661.25 Td (returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 649.25 Td (over ) Tj ET Q q 0 0 0 rg BT 57.31 649.25 Td (time ) Tj ET Q q 0 0 0 rg BT 78.62 649.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.60 649.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.92 649.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 145.32 649.25 Td (income ) Tj ET Q q 0 0 0 rg BT 178.29 649.25 Td (through ) Tj ET Q q 0 0 0 rg BT 212.94 649.25 Td (our ) Tj ET Q q 0 0 0 rg BT 229.81 649.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 271.12 649.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 306.87 649.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 348.76 649.25 Td (W) Tj ET Q q 0 0 0 rg BT 357.39 649.25 Td (e ) Tj ET Q q 0 0 0 rg BT 365.37 649.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 398.34 649.25 Td (our ) Tj ET Q q 0 0 0 rg BT 415.21 649.25 Td (business ) Tj ET Q q 0 0 0 rg BT 452.64 649.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.96 649.25 Td (three ) Tj ET Q q 0 0 0 rg BT 487.48 649.25 Td (segments: ) Tj ET Q q 0 0 0 rg BT 531.02 649.25 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 637.25 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 89.33 637.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 136.82 637.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 178.19 637.25 Td (Banking, ) Tj ET Q q 0 0 0 rg BT 217.08 637.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.02 637.25 Td (Commercial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.11 613.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 106.32 613.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 138.87 613.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.76 613.25 Td (income ) Tj ET Q q 0 0 0 rg BT 181.75 613.25 Td (are ) Tj ET Q q 0 0 0 rg BT 196.52 613.25 Td (net ) Tj ET Q q 0 0 0 rg BT 211.29 613.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 243.29 613.25 Td (income ) Tj ET Q q 0 0 0 rg BT 275.28 613.25 Td (from ) Tj ET Q q 0 0 0 rg BT 297.28 613.25 Td (our ) Tj ET Q q 0 0 0 rg BT 313.17 613.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 359.61 613.25 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 401.05 613.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.05 613.25 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 468.37 613.25 Td (income ) Tj ET Q q 0 0 0 rg BT 500.36 613.25 Td (from ) Tj ET Q q 0 0 0 rg BT 522.36 613.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.25 613.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 601.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 71.57 601.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 113.52 601.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 131.32 601.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 164.11 601.25 Td (income ) Tj ET Q q 0 0 0 rg BT 196.89 601.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 231.92 601.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.60 601.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.17 601.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 291.96 601.25 Td (income ) Tj ET Q q 0 0 0 rg BT 324.75 601.25 Td (we ) Tj ET Q q 0 0 0 rg BT 339.76 601.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 360.33 601.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.68 601.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.81 601.25 Td (less ) Tj ET Q q 0 0 0 rg BT 443.16 601.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.73 601.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 491.52 601.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 527.08 601.25 Td (we ) Tj ET Q q 0 0 0 rg BT 542.10 601.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 566.00 601.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 589.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 77.50 589.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.90 589.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.52 589.25 Td (other ) Tj ET Q q 0 0 0 rg BT 144.25 589.25 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 187.15 589.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 220.32 589.25 Td (from ) Tj ET Q q 0 0 0 rg BT 242.94 589.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 283.88 589.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 319.28 589.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 358.56 589.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 393.41 589.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.92 589.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.32 589.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 445.72 589.25 Td (we ) Tj ET Q q 0 0 0 rg BT 460.56 589.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 481.51 589.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.47 589.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 529.51 589.25 Td (through ) Tj ET Q q 0 0 0 rg BT 563.80 589.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 577.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 82.38 577.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.21 577.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 116.82 577.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.76 577.25 Td (their ) Tj ET Q q 0 0 0 rg BT 154.58 577.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 201.52 577.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 219.57 577.25 Td (or ) Tj ET Q q 0 0 0 rg BT 230.40 577.25 Td (securitization.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 553.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 94.59 553.25 Td (T) Tj ET Q q 0 0 0 rg BT 100.35 553.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 120.28 553.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 137.98 553.25 Td (has ) Tj ET Q q 0 0 0 rg BT 153.75 553.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 184.49 553.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.70 553.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.58 553.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 230.67 553.25 Td (as ) Tj ET Q q 0 0 0 rg BT 241.43 553.25 Td (a ) Tj ET Q q 0 0 0 rg BT 248.30 553.25 Td (real ) Tj ET Q q 0 0 0 rg BT 265.72 553.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 290.92 553.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 337.23 553.25 Td (trust ) Tj ET Q q 0 0 0 rg BT 357.45 553.25 Td (\(REIT\) ) Tj ET Q q 0 0 0 rg BT 397.64 553.25 Td (under ) Tj ET Q q 0 0 0 rg BT 422.84 553.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.49 553.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 471.02 553.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 508.44 553.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 531.98 553.25 Td (of ) Tj ET Q q 0 0 0 rg BT 542.74 553.25 Td (1986, ) Tj ET Q q 0 0 0 rg BT 567.68 553.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 541.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 74.65 541.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 92.74 541.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 130.83 541.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 168.36 541.25 Td (Code\), ) Tj ET Q q 0 0 0 rg BT 202.29 541.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 244.84 541.25 Td (with ) Tj ET Q q 0 0 0 rg BT 265.17 541.25 Td (its ) Tj ET Q q 0 0 0 rg BT 277.17 541.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 308.59 541.25 Td (year ) Tj ET Q q 0 0 0 rg BT 328.35 541.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 354.78 541.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 413.41 541.25 Td (1994. ) Tj ET Q q 0 0 0 rg BT 438.28 541.25 Td (W) Tj ET Q q 0 0 0 rg BT 446.92 541.25 Td (e ) Tj ET Q q 0 0 0 rg BT 453.91 541.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 493.66 541.25 Td (refer) Tj ET Q q 0 0 0 rg BT 512.13 541.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.18 541.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 563.17 541.25 Td (, ) Tj ET Q q 0 0 0 rg BT 568.23 541.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 529.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 77.23 529.25 Td (T) Tj ET Q q 0 0 0 rg BT 82.99 529.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 103.62 529.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 122.02 529.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.59 529.25 Td (those ) Tj ET Q q 0 0 0 rg BT 163.83 529.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.29 529.25 Td (its ) Tj ET Q q 0 0 0 rg BT 187.86 529.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 238.21 529.25 Td (that ) Tj ET Q q 0 0 0 rg BT 256.34 529.25 Td (are ) Tj ET Q q 0 0 0 rg BT 271.67 529.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.58 529.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 319.04 529.25 Td (to ) Tj ET Q q 0 0 0 rg BT 329.94 529.25 Td (subsidiary-level ) Tj ET Q q 0 0 0 rg BT 396.95 529.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 437.83 529.25 Td (income ) Tj ET Q q 0 0 0 rg BT 470.39 529.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.74 529.25 Td (as ) Tj ET Q q 0 0 0 rg BT 497.20 529.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.98 529.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 546.77 529.25 Td (or ) Tj ET Q q 0 0 0 rg BT 558.23 529.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 517.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 57.47 517.25 Td (. ) Tj ET Q q 0 0 0 rg BT 65.90 517.25 Td (W) Tj ET Q q 0 0 0 rg BT 74.54 517.25 Td (e ) Tj ET Q q 0 0 0 rg BT 80.58 517.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 119.38 517.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 139.85 517.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.24 517.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 198.06 517.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.99 517.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 247.81 517.25 Td (T) Tj ET Q q 0 0 0 rg BT 253.56 517.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 272.67 517.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 289.54 517.25 Td (that ) Tj ET Q q 0 0 0 rg BT 306.14 517.25 Td (are ) Tj ET Q q 0 0 0 rg BT 319.95 517.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 349.87 517.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.25 517.25 Td (subsidiary-level ) Tj ET Q q 0 0 0 rg BT 424.73 517.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 464.09 517.25 Td (income ) Tj ET Q q 0 0 0 rg BT 495.12 517.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.94 517.25 Td (as ) Tj ET Q q 0 0 0 rg BT 518.88 517.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.25 517.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 505.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 89.59 505.25 Td (or ) Tj ET Q q 0 0 0 rg BT 99.85 505.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.55 505.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 150.35 505.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 172.39 505.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.32 505.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 227.90 505.25 Td (or ) Tj ET Q q 0 0 0 rg BT 238.17 505.25 Td (TRS. ) Tj ET Q q 0 0 0 rg BT 269.81 505.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 287.30 505.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 326.99 505.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 361.14 505.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 399.17 505.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.54 505.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 465.24 505.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.95 505.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 514.65 505.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 553.23 505.25 Td (rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 493.25 Td (\("MSRs"\) ) Tj ET Q q 0 0 0 rg BT 78.17 493.25 Td (are ) Tj ET Q q 0 0 0 rg BT 92.70 493.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 132.24 493.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 162.32 493.25 Td (out ) Tj ET Q q 0 0 0 rg BT 177.43 493.25 Td (through ) Tj ET Q q 0 0 0 rg BT 210.86 493.25 Td (our ) Tj ET Q q 0 0 0 rg BT 226.52 493.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 257.72 493.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 279.76 493.25 Td ( ) Tj ET Q q 0 0 0 rg BT 282.09 493.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 334.13 493.25 Td (while ) Tj ET Q q 0 0 0 rg BT 358.68 493.25 Td (our ) Tj ET Q q 0 0 0 rg BT 374.34 493.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 411.66 493.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.32 493.25 Td (mortgage- ) Tj ET Q q 0 0 0 rg BT 465.75 493.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.51 493.25 Td (other ) Tj ET Q q 0 0 0 rg BT 505.39 493.25 Td (real ) Tj ET Q q 0 0 0 rg BT 522.70 493.25 Td (estate-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 481.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 85.88 481.25 Td (is ) Tj ET Q q 0 0 0 rg BT 94.66 481.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 133.98 481.25 Td (held ) Tj ET Q q 0 0 0 rg BT 153.31 481.25 Td (at ) Tj ET Q q 0 0 0 rg BT 162.63 481.25 Td (our ) Tj ET Q q 0 0 0 rg BT 178.07 481.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 199.54 481.25 Td (. ) Tj ET Q q 0 0 0 rg BT 204.00 481.25 Td (W) Tj ET Q q 0 0 0 rg BT 212.64 481.25 Td (e ) Tj ET Q q 0 0 0 rg BT 219.18 481.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 258.49 481.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 285.60 481.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.48 481.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 320.36 481.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 348.57 481.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 389.54 481.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.09 481.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 429.85 481.25 Td (at ) Tj ET Q q 0 0 0 rg BT 439.18 481.25 Td (our ) Tj ET Q q 0 0 0 rg BT 454.62 481.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 485.60 481.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 507.64 481.25 Td ( ) Tj ET Q q 0 0 0 rg BT 509.74 481.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 561.57 481.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 469.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 469.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 86.55 469.25 Td (as ) Tj ET Q q 0 0 0 rg BT 97.38 469.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 138.77 469.25 Td (at ) Tj ET Q q 0 0 0 rg BT 148.49 469.25 Td (least ) Tj ET Q q 0 0 0 rg BT 169.31 469.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 190.14 469.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.97 469.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.69 469.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 247.06 469.25 Td (income ) Tj ET Q q 0 0 0 rg BT 278.99 469.25 Td (we ) Tj ET Q q 0 0 0 rg BT 293.15 469.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 329.52 469.25 Td (at ) Tj ET Q q 0 0 0 rg BT 339.23 469.25 Td (our ) Tj ET Q q 0 0 0 rg BT 355.06 469.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 376.54 469.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 94.60 445.25 Td (T) Tj ET Q q 0 0 0 rg BT 100.36 445.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 120.31 445.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 138.03 445.25 Td (was ) Tj ET Q q 0 0 0 rg BT 156.03 445.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 209.01 445.25 Td (in ) Tj ET Q q 0 0 0 rg BT 219.24 445.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.91 445.25 Td (State ) Tj ET Q q 0 0 0 rg BT 256.35 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.13 445.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 308.46 445.25 Td (on ) Tj ET Q q 0 0 0 rg BT 320.37 445.25 Td (April1) Tj ET Q q 0 0 0 rg BT 348.61 445.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 358.56 445.25 Td (1994, ) Tj ET Q q 0 0 0 rg BT 383.51 445.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.40 445.25 Td (commenced ) Tj ET Q q 0 0 0 rg BT 451.16 445.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 495.26 445.25 Td (on ) Tj ET Q q 0 0 0 rg BT 507.17 445.25 Td (August19, ) Tj ET Q q 0 0 0 rg BT 553.51 445.25 Td (1994. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 433.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.44 433.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 95.65 433.25 Td (of) Tj ET Q q 0 0 0 rg BT 103.80 433.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 125.57 433.25 Td (are ) Tj ET Q q 0 0 0 rg BT 140.67 433.25 Td (located ) Tj ET Q q 0 0 0 rg BT 172.43 433.25 Td (at ) Tj ET Q q 0 0 0 rg BT 182.54 433.25 Td (One ) Tj ET Q q 0 0 0 rg BT 202.10 433.25 Td (Belvedere ) Tj ET Q q 0 0 0 rg BT 245.52 433.25 Td (Place, ) Tj ET Q q 0 0 0 rg BT 272.57 433.25 Td (Suite ) Tj ET Q q 0 0 0 rg BT 296.02 433.25 Td (300, ) Tj ET Q q 0 0 0 rg BT 316.41 433.25 Td (Mill ) Tj ET Q q 0 0 0 rg BT 336.32 433.25 Td (V) Tj ET Q q 0 0 0 rg BT 342.44 433.25 Td (alley) Tj ET Q q 0 0 0 rg BT 361.22 433.25 Td (, ) Tj ET Q q 0 0 0 rg BT 366.61 433.25 Td (California ) Tj ET Q q 0 0 0 rg BT 410.05 433.25 Td (94941. ) Tj ET Q q 0 0 0 rg BT 440.44 433.25 Td (References ) Tj ET Q q 0 0 0 rg BT 487.75 433.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 515.63 433.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.30 433.25 Td (Redwood, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 421.25 Td (the ) Tj ET Q q 0 0 0 rg BT 49.88 421.25 Td (company) Tj ET Q q 0 0 0 rg BT 90.32 421.25 Td (, ) Tj ET Q q 0 0 0 rg BT 98.92 421.25 Td (we, ) Tj ET Q q 0 0 0 rg BT 123.62 421.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 145.55 421.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.65 421.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.52 421.25 Td (include ) Tj ET Q q 0 0 0 rg BT 216.62 421.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 256.49 421.25 Td (T) Tj ET Q q 0 0 0 rg BT 262.24 421.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 281.41 421.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 298.34 421.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.44 421.25 Td (its ) Tj ET Q q 0 0 0 rg BT 325.55 421.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 377.75 421.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 429.13 421.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 455.79 421.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.67 421.25 Td (context ) Tj ET Q q 0 0 0 rg BT 500.76 421.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 541.30 421.25 Td (requires. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 93.48 397.25 Td (information ) Tj ET Q q 0 0 0 rg BT 142.96 397.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 189.66 397.25 Td (our ) Tj ET Q q 0 0 0 rg BT 205.26 397.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 243.92 397.25 Td (both ) Tj ET Q q 0 0 0 rg BT 263.97 397.25 Td (on ) Tj ET Q q 0 0 0 rg BT 276.24 397.25 Td (a ) Tj ET Q q 0 0 0 rg BT 282.95 397.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 335.76 397.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 358.03 397.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.74 397.25 Td (with ) Tj ET Q q 0 0 0 rg BT 394.79 397.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 425.38 397.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.43 397.25 Td (each ) Tj ET Q q 0 0 0 rg BT 456.01 397.25 Td (of ) Tj ET Q q 0 0 0 rg BT 466.61 397.25 Td (our ) Tj ET Q q 0 0 0 rg BT 482.21 397.25 Td (segments, ) Tj ET Q q 0 0 0 rg BT 524.20 397.25 Td (is ) Tj ET Q q 0 0 0 rg BT 533.14 397.25 Td (set ) Tj ET Q q 0 0 0 rg BT 546.52 397.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 568.23 397.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 385.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 77.23 385.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 122.90 385.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.24 385.25 Td (Supplementary ) Tj ET Q q 0 0 0 rg BT 202.57 385.25 Td (Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.57 385.25 Td ( ) Tj ET Q q 0 0 0 rg BT 224.92 385.25 Td (as ) Tj ET Q q 0 0 0 rg BT 235.59 385.25 Td (well ) Tj ET Q q 0 0 0 rg BT 255.16 385.25 Td (as ) Tj ET Q q 0 0 0 rg BT 265.83 385.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.95 385.25 Td (Management) Tj ET Q q 0 0 0 rg BT 330.20 385.25 Td (s ) Tj ET Q q 0 0 0 rg BT 336.44 385.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 382.68 385.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.85 385.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 436.08 385.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.21 385.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 487.43 385.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 529.78 385.25 Td (and ) Tj ET Q q 0 0 0 rg BT 547.13 385.25 Td (Results ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 373.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.28 373.25 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.28 373.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.78 373.25 Td (which ) Tj ET Q q 0 0 0 rg BT 120.72 373.25 Td (are ) Tj ET Q q 0 0 0 rg BT 135.42 373.25 Td (included ) Tj ET Q q 0 0 0 rg BT 172.36 373.25 Td (in ) Tj ET Q q 0 0 0 rg BT 182.64 373.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 201.24 373.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 212.90 373.25 Td (Items ) Tj ET Q q 0 0 0 rg BT 237.62 373.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 245.12 373.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.06 373.25 Td (7, ) Tj ET Q q 0 0 0 rg BT 272.06 373.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 319.72 373.25 Td (, ) Tj ET Q q 0 0 0 rg BT 324.72 373.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.55 373.25 Td (this ) Tj ET Q q 0 0 0 rg BT 351.95 373.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 383.89 373.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 413.60 373.25 Td (on ) Tj ET Q q 0 0 0 rg BT 426.10 373.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 450.27 373.25 Td (10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 473.32 373.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 343.25 Td (Our Business Segments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.95 319.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 117.33 319.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 167.05 319.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 201.77 319.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 236.50 319.25 Td (a ) Tj ET Q q 0 0 0 rg BT 242.33 319.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 278.72 319.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.45 319.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 337.61 319.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.79 319.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 389.83 319.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 460.64 319.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 499.80 319.25 Td (\("RMBS"\) ) Tj ET Q q 0 0 0 rg BT 543.81 319.25 Td (retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 307.25 Td (from ) Tj ET Q q 0 0 0 rg BT 58.65 307.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.18 307.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 110.61 307.25 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 174.08 307.25 Td (as ) Tj ET Q q 0 0 0 rg BT 185.61 307.25 Td (well ) Tj ET Q q 0 0 0 rg BT 206.04 307.25 Td (as ) Tj ET Q q 0 0 0 rg BT 217.58 307.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 248.58 307.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 276.79 307.25 Td (by ) Tj ET Q q 0 0 0 rg BT 289.99 307.25 Td (third ) Tj ET Q q 0 0 0 rg BT 312.09 307.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 341.95 307.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.60 307.25 Td (other ) Tj ET Q q 0 0 0 rg BT 383.35 307.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 409.33 307.25 Td (risk-related ) Tj ET Q q 0 0 0 rg BT 458.07 307.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 511.55 307.25 Td (In ) Tj ET Q q 0 0 0 rg BT 523.08 307.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 561.57 307.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 295.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 72.52 295.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 109.03 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 116.66 295.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 160.96 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.48 295.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 213.77 295.25 Td (T) Tj ET Q q 0 0 0 rg BT 219.52 295.25 Td (rust ) Tj ET Q q 0 0 0 rg BT 237.71 295.25 Td (that ) Tj ET Q q 0 0 0 rg BT 255.90 295.25 Td (is ) Tj ET Q q 0 0 0 rg BT 265.76 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 273.39 295.25 Td (member ) Tj ET Q q 0 0 0 rg BT 309.34 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.86 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.27 295.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 369.44 295.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 397.07 295.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 420.81 295.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 445.11 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 456.63 295.25 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 493.14 295.25 Td (\("FHLBC"\) ) Tj ET Q q 0 0 0 rg BT 543.39 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 561.01 295.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 283.25 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 67.67 283.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 107.66 283.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 149.89 283.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 190.44 283.25 Td (from ) Tj ET Q q 0 0 0 rg BT 212.67 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.68 283.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 262.71 283.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.28 283.25 Td (make ) Tj ET Q q 0 0 0 rg BT 297.72 283.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 339.95 283.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 390.52 283.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 423.85 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 434.42 283.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 478.86 283.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 519.42 283.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 545.82 283.25 Td (Finally) Tj ET Q q 0 0 0 rg BT 573.50 283.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 271.25 Td (this ) Tj ET Q q 0 0 0 rg BT 52.46 271.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 87.80 271.25 Td (invests ) Tj ET Q q 0 0 0 rg BT 117.59 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.38 271.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 154.41 271.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 197.52 271.25 Td (with ) Tj ET Q q 0 0 0 rg BT 217.31 271.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 260.97 271.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 284.09 271.25 Td (we ) Tj ET Q q 0 0 0 rg BT 297.77 271.25 Td (have ) Tj ET Q q 0 0 0 rg BT 318.66 271.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 337.34 271.25 Td (or ) Tj ET Q q 0 0 0 rg BT 347.68 271.25 Td (securitized, ) Tj ET Q q 0 0 0 rg BT 395.51 271.25 Td (as ) Tj ET Q q 0 0 0 rg BT 405.85 271.25 Td (well ) Tj ET Q q 0 0 0 rg BT 425.08 271.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.42 271.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 462.45 271.25 Td (that ) Tj ET Q q 0 0 0 rg BT 479.46 271.25 Td (we ) Tj ET Q q 0 0 0 rg BT 493.13 271.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 535.68 271.25 Td (from ) Tj ET Q q 0 0 0 rg BT 557.14 271.25 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 259.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 68.09 259.25 Td (The ) Tj ET Q q 0 0 0 rg BT 86.81 259.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 134.96 259.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 186.45 259.25 Td (segment) Tj ET Q q 0 0 0 rg BT 222.56 259.25 Td (s ) Tj ET Q q 0 0 0 rg BT 229.62 259.25 Td (main ) Tj ET Q q 0 0 0 rg BT 252.78 259.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 285.93 259.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.43 259.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 332.24 259.25 Td (are ) Tj ET Q q 0 0 0 rg BT 347.62 259.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 380.22 259.25 Td (income ) Tj ET Q q 0 0 0 rg BT 412.82 259.25 Td (from ) Tj ET Q q 0 0 0 rg BT 435.42 259.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 482.47 259.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 520.63 259.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 561.56 259.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 247.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 80.26 247.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 103.98 247.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 135.99 247.25 Td (-investment, ) Tj ET Q q 0 0 0 rg BT 188.31 247.25 Td (as ) Tj ET Q q 0 0 0 rg BT 199.25 247.25 Td (well ) Tj ET Q q 0 0 0 rg BT 219.08 247.25 Td (as ) Tj ET Q q 0 0 0 rg BT 230.02 247.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 253.76 247.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 287.73 247.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 337.63 247.25 Td (, ) Tj ET Q q 0 0 0 rg BT 342.74 247.25 Td (this ) Tj ET Q q 0 0 0 rg BT 359.80 247.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 395.73 247.25 Td (may ) Tj ET Q q 0 0 0 rg BT 415.56 247.25 Td (realize ) Tj ET Q q 0 0 0 rg BT 444.81 247.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 468.53 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.58 247.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 512.09 247.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 534.70 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 549.53 247.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 567.69 247.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 235.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 79.12 235.25 Td (Funding ) Tj ET Q q 0 0 0 rg BT 115.32 235.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 156.77 235.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 191.84 235.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 233.30 235.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 258.92 235.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 299.54 235.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 341.00 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.29 235.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.36 235.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 417.89 235.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 461.84 235.25 Td (with ) Tj ET Q q 0 0 0 rg BT 482.47 235.25 Td (these ) Tj ET Q q 0 0 0 rg BT 505.88 235.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 544.83 235.25 Td (are ) Tj ET Q q 0 0 0 rg BT 559.90 235.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 223.25 Td (included ) Tj ET Q q 0 0 0 rg BT 72.93 223.25 Td (in ) Tj ET Q q 0 0 0 rg BT 83.21 223.25 Td (this ) Tj ET Q q 0 0 0 rg BT 100.16 223.25 Td (segment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.05 199.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 119.53 199.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 160.90 199.25 Td (Banking ) Tj ET Q q 0 0 0 rg BT 197.29 199.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 233.11 199.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 272.81 199.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 306.98 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.80 199.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 358.06 199.25 Td (a ) Tj ET Q q 0 0 0 rg BT 365.00 199.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 405.25 199.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 424.97 199.25 Td (conduit ) Tj ET Q q 0 0 0 rg BT 457.46 199.25 Td (that ) Tj ET Q q 0 0 0 rg BT 474.95 199.25 Td (acquires ) Tj ET Q q 0 0 0 rg BT 510.76 199.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 554.90 199.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 187.25 Td (from ) Tj ET Q q 0 0 0 rg BT 57.43 187.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 102.19 187.25 Td (originators ) Tj ET Q q 0 0 0 rg BT 147.51 187.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.16 187.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 207.59 187.25 Td (sale, ) Tj ET Q q 0 0 0 rg BT 227.63 187.25 Td (securitization, ) Tj ET Q q 0 0 0 rg BT 286.00 187.25 Td (or ) Tj ET Q q 0 0 0 rg BT 296.32 187.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 328.85 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.62 187.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.95 187.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 399.82 187.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 439.17 187.25 Td (W) Tj ET Q q 0 0 0 rg BT 447.80 187.25 Td (e ) Tj ET Q q 0 0 0 rg BT 454.24 187.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 491.22 187.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 522.64 187.25 Td (prime, ) Tj ET Q q 0 0 0 rg BT 550.46 187.25 Td (jumbo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 175.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 80.15 175.25 Td (and ) Tj ET Q q 0 0 0 rg BT 97.08 175.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.79 175.25 Td (related ) Tj ET Q q 0 0 0 rg BT 141.49 175.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 181.75 175.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 220.90 175.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 246.17 175.25 Td (on ) Tj ET Q q 0 0 0 rg BT 258.66 175.25 Td (a ) Tj ET Q q 0 0 0 rg BT 265.60 175.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 286.42 175.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 308.91 175.25 Td (from ) Tj ET Q q 0 0 0 rg BT 330.85 175.25 Td (our ) Tj ET Q q 0 0 0 rg BT 346.67 175.25 Td (network ) Tj ET Q q 0 0 0 rg BT 381.93 175.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.76 175.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 412.47 175.25 Td (sellers ) Tj ET Q q 0 0 0 rg BT 440.51 175.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.44 175.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 497.71 175.25 Td (those ) Tj ET Q q 0 0 0 rg BT 521.31 175.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 544.92 175.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 163.25 Td (our ) Tj ET Q q 0 0 0 rg BT 52.32 163.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 87.53 163.25 Td (private-label ) Tj ET Q q 0 0 0 rg BT 141.05 163.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 197.91 163.25 Td (program ) Tj ET Q q 0 0 0 rg BT 234.78 163.25 Td (or ) Tj ET Q q 0 0 0 rg BT 246.11 163.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.88 163.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 304.33 163.25 Td (that ) Tj ET Q q 0 0 0 rg BT 322.31 163.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 354.73 163.25 Td (pools ) Tj ET Q q 0 0 0 rg BT 379.39 163.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.72 163.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 418.15 163.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 444.53 163.25 Td (W) Tj ET Q q 0 0 0 rg BT 453.17 163.25 Td (e ) Tj ET Q q 0 0 0 rg BT 460.60 163.25 Td (occasionally ) Tj ET Q q 0 0 0 rg BT 513.58 163.25 Td (supplement ) Tj ET Q q 0 0 0 rg BT 562.67 163.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 151.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 56.40 151.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 97.89 151.25 Td (with ) Tj ET Q q 0 0 0 rg BT 117.74 151.25 Td (bulk ) Tj ET Q q 0 0 0 rg BT 137.59 151.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 156.87 151.25 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 209.06 151.25 Td (This ) Tj ET Q q 0 0 0 rg BT 228.91 151.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 264.30 151.25 Td (also ) Tj ET Q q 0 0 0 rg BT 282.48 151.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 317.87 151.25 Td (various ) Tj ET Q q 0 0 0 rg BT 349.38 151.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 391.43 151.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.48 151.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 477.21 151.25 Td (that ) Tj ET Q q 0 0 0 rg BT 494.27 151.25 Td (we ) Tj ET Q q 0 0 0 rg BT 508.00 151.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 535.06 151.25 Td (to ) Tj ET Q q 0 0 0 rg BT 544.90 151.25 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 139.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 65.70 139.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 87.09 139.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 130.69 139.25 Td (with ) Tj ET Q q 0 0 0 rg BT 150.97 139.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 195.12 139.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 218.72 139.25 Td (we ) Tj ET Q q 0 0 0 rg BT 232.88 139.25 Td (acquire.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 115.25 Td (During ) Tj ET Q q 0 0 0 rg BT 84.24 115.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 108.65 115.25 Td (we ) Tj ET Q q 0 0 0 rg BT 122.22 115.25 Td (also ) Tj ET Q q 0 0 0 rg BT 140.24 115.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 176.57 115.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 225.13 115.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 248.15 115.25 Td (\(defined ) Tj ET Q q 0 0 0 rg BT 283.38 115.25 Td (as ) Tj ET Q q 0 0 0 rg BT 293.61 115.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 316.63 115.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 348.53 115.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.10 115.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 379.56 115.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.24 115.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 418.37 115.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 438.05 115.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.40 115.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 486.85 115.25 Td (Mac ) Tj ET Q q 0 0 0 rg BT 506.53 115.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 523.99 115.25 Td ("Agencies"\)\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 103.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.05 103.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.89 103.25 Td (related ) Tj ET Q q 0 0 0 rg BT 94.70 103.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 132.97 103.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 157.37 103.25 Td (on ) Tj ET Q q 0 0 0 rg BT 168.98 103.25 Td (a ) Tj ET Q q 0 0 0 rg BT 175.04 103.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 194.98 103.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 216.60 103.25 Td (from ) Tj ET Q q 0 0 0 rg BT 237.65 103.25 Td (our ) Tj ET Q q 0 0 0 rg BT 252.60 103.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 275.87 103.25 Td (network. ) Tj ET Q q 0 0 0 rg BT 312.75 103.25 Td (Conforming ) Tj ET Q q 0 0 0 rg BT 363.25 103.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 385.98 103.25 Td (we ) Tj ET Q q 0 0 0 rg BT 399.25 103.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 435.29 103.25 Td (were ) Tj ET Q q 0 0 0 rg BT 456.33 103.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 495.15 103.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 513.44 103.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.83 103.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.31 103.25 Td (Agencies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 91.25 Td (During ) Tj ET Q q 0 0 0 rg BT 67.20 91.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.29 91.25 Td (first ) Tj ET Q q 0 0 0 rg BT 101.28 91.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 132.46 91.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.67 91.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 169.04 91.25 Td (as ) Tj ET Q q 0 0 0 rg BT 180.25 91.25 Td (part ) Tj ET Q q 0 0 0 rg BT 198.67 91.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.87 91.25 Td (our ) Tj ET Q q 0 0 0 rg BT 226.07 91.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 261.73 91.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 306.25 91.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.45 91.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.54 91.25 Td (ef) Tj ET Q q 0 0 0 rg BT 340.13 91.25 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 375.21 91.25 Td (and ) Tj ET Q q 0 0 0 rg BT 392.52 91.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 443.16 91.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.36 91.25 Td (our ) Tj ET Q q 0 0 0 rg BT 470.57 91.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 518.16 91.25 Td (we ) Tj ET Q q 0 0 0 rg BT 532.70 91.25 Td (announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 79.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 59.80 79.25 Td (to ) Tj ET Q q 0 0 0 rg BT 70.27 79.25 Td (restructure ) Tj ET Q q 0 0 0 rg BT 115.72 79.25 Td (our ) Tj ET Q q 0 0 0 rg BT 131.74 79.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 181.09 79.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 201.00 79.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 245.35 79.25 Td (by ) Tj ET Q q 0 0 0 rg BT 258.04 79.25 Td (discontinuing ) Tj ET Q q 0 0 0 rg BT 315.18 79.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.09 79.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 376.66 79.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 79.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 443.69 79.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.71 79.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 504.06 79.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 527.86 79.25 Td (for ) Tj ET Q q 0 0 0 rg BT 542.21 79.25 Td (resale ) Tj ET Q q 0 0 0 rg BT 568.22 79.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 67.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 67.25 Td (Agencies, ) Tj ET Q q 0 0 0 rg BT 92.37 67.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.31 67.25 Td (instead ) Tj ET Q q 0 0 0 rg BT 140.14 67.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 164.30 67.25 Td (on ) Tj ET Q q 0 0 0 rg BT 176.80 67.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 202.06 67.25 Td (conforming-related ) Tj ET Q q 0 0 0 rg BT 281.75 67.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 332.02 67.25 Td (including ) Tj ET Q q 0 0 0 rg BT 372.29 67.25 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 422.56 67.25 Td (transactions. ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.10 731.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 119.63 731.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 161.06 731.10 Td (Banking ) Tj ET Q q 0 0 0 rg BT 197.49 731.10 Td (segment) Tj ET Q q 0 0 0 rg BT 233.59 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 240.03 731.10 Td (main ) Tj ET Q q 0 0 0 rg BT 262.57 731.10 Td (source ) Tj ET Q q 0 0 0 rg BT 291.22 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.10 731.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 336.29 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 345.50 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 377.48 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 399.47 731.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 439.78 731.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 474.54 731.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 515.69 731.10 Td (which ) Tj ET Q q 0 0 0 rg BT 542.67 731.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 75.23 719.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 113.90 719.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 127.57 719.10 Td (gains\) ) Tj ET Q q 0 0 0 rg BT 154.03 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 166.05 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.29 719.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 197.85 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.20 719.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 264.09 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.44 719.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 300.06 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.52 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 337.98 719.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 367.77 719.10 Td (used ) Tj ET Q q 0 0 0 rg BT 388.12 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.91 719.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 431.03 719.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 451.94 719.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 495.05 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 514.85 719.10 Td (these ) Tj ET Q q 0 0 0 rg BT 537.41 719.10 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 85.90 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.56 707.10 Td (this ) Tj ET Q q 0 0 0 rg BT 107.16 707.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 142.64 707.10 Td (may ) Tj ET Q q 0 0 0 rg BT 162.01 707.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 198.03 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 229.62 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 261.21 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 273.36 707.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 296.62 707.10 Td (held ) Tj ET Q q 0 0 0 rg BT 316.00 707.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 350.37 707.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 406.39 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 416.87 707.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 437.08 707.10 Td (Funding ) Tj ET Q q 0 0 0 rg BT 472.57 707.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 513.32 707.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 538.24 707.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 77.10 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.04 695.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 108.75 695.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 147.35 695.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 190.95 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.22 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 234.27 695.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 272.87 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 287.58 695.10 Td (also ) Tj ET Q q 0 0 0 rg BT 306.19 695.10 Td (included ) Tj ET Q q 0 0 0 rg BT 343.12 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.40 695.10 Td (this ) Tj ET Q q 0 0 0 rg BT 370.35 695.10 Td (segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.05 671.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 123.97 671.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 159.79 671.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 198.38 671.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 232.54 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.37 671.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 293.64 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.91 671.10 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 356.95 671.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 397.21 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.15 671.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 463.84 671.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 535.74 671.10 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 47.03 659.10 Td (well ) Tj ET Q q 0 0 0 rg BT 66.95 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 77.98 659.10 Td (one ) Tj ET Q q 0 0 0 rg BT 95.12 659.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 138.36 659.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 188.26 659.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 208.17 659.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 254.75 659.10 Td (following ) Tj ET Q q 0 0 0 rg BT 296.34 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.26 659.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 329.51 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.54 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.45 659.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 398.69 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.72 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 425.75 659.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 475.64 659.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 521.09 659.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 541.01 659.10 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (during ) Tj ET Q q 0 0 0 rg BT 64.31 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.73 647.10 Td (second ) Tj ET Q q 0 0 0 rg BT 108.70 647.10 Td (half ) Tj ET Q q 0 0 0 rg BT 126.46 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.99 647.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 161.69 647.10 Td (In ) Tj ET Q q 0 0 0 rg BT 172.23 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.65 647.10 Td (first ) Tj ET Q q 0 0 0 rg BT 204.96 647.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 235.48 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.01 647.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 270.71 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.58 647.10 Td (restructured ) Tj ET Q q 0 0 0 rg BT 334.54 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.07 647.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 399.47 647.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 443.33 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.97 647.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 513.28 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.81 647.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.83 635.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 112.11 635.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 153.77 635.10 Td (Historical ) Tj ET Q q 0 0 0 rg BT 196.27 635.10 Td (information ) Tj ET Q q 0 0 0 rg BT 246.54 635.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 287.92 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 302.65 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 320.16 635.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 356.55 635.10 Td (through ) Tj ET Q q 0 0 0 rg BT 390.72 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.00 635.10 Td (first ) Tj ET Q q 0 0 0 rg BT 425.17 635.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 456.55 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.95 635.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 491.01 635.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 527.40 635.10 Td (results ) Tj ET Q q 0 0 0 rg BT 556.57 635.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 85.13 623.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 124.82 623.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 158.97 623.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 199.36 623.10 Td (This ) Tj ET Q q 0 0 0 rg BT 219.07 623.10 Td (segment) Tj ET Q q 0 0 0 rg BT 255.17 623.10 Td (s ) Tj ET Q q 0 0 0 rg BT 260.99 623.10 Td (main ) Tj ET Q q 0 0 0 rg BT 282.92 623.10 Td (source ) Tj ET Q q 0 0 0 rg BT 310.95 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.21 623.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 354.78 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 363.38 623.10 Td (net ) Tj ET Q q 0 0 0 rg BT 377.53 623.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 408.89 623.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 442.76 623.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 480.53 623.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 497.17 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.54 623.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 538.24 623.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 74.60 611.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 118.19 611.10 Td (with ) Tj ET Q q 0 0 0 rg BT 138.47 611.10 Td (these ) Tj ET Q q 0 0 0 rg BT 161.52 611.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 200.12 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.82 611.10 Td (also ) Tj ET Q q 0 0 0 rg BT 233.43 611.10 Td (included ) Tj ET Q q 0 0 0 rg BT 270.37 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.64 611.10 Td (this ) Tj ET Q q 0 0 0 rg BT 297.59 611.10 Td (segment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (Sponsor) Tj ET Q q 0 0 0 rg BT 68.41 581.10 Td (ed, Managed, and Consolidated Entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 103.61 557.10 Td (our ) Tj ET Q q 0 0 0 rg BT 119.33 557.10 Td (history ) Tj ET Q q 0 0 0 rg BT 149.49 557.10 Td (we ) Tj ET Q q 0 0 0 rg BT 163.54 557.10 Td (have ) Tj ET Q q 0 0 0 rg BT 184.81 557.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 227.75 557.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.47 557.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 276.95 557.10 Td (other ) Tj ET Q q 0 0 0 rg BT 299.89 557.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 346.16 557.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 379.76 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 388.39 557.10 Td (e ) Tj ET Q q 0 0 0 rg BT 395.22 557.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 433.70 557.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 481.64 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.24 557.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 521.96 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.79 557.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.08 545.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 75.03 545.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 108.99 545.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 164.61 545.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 195.24 545.10 Td (where ) Tj ET Q q 0 0 0 rg BT 221.42 545.10 Td (we ) Tj ET Q q 0 0 0 rg BT 234.82 545.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 271.56 545.10 Td (an ) Tj ET Q q 0 0 0 rg BT 282.75 545.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 317.27 545.10 Td (involvement. ) Tj ET Q q 0 0 0 rg BT 371.51 545.10 Td (From ) Tj ET Q q 0 0 0 rg BT 394.93 545.10 Td (its ) Tj ET Q q 0 0 0 rg BT 406.13 545.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 440.08 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.60 545.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 471.35 545.10 Td (through ) Tj ET Q q 0 0 0 rg BT 504.21 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.17 545.10 Td (second ) Tj ET Q q 0 0 0 rg BT 547.69 545.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.17 533.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 72.50 533.10 Td (when ) Tj ET Q q 0 0 0 rg BT 97.00 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.05 533.10 Td (third ) Tj ET Q q 0 0 0 rg BT 133.77 533.10 Td (party ) Tj ET Q q 0 0 0 rg BT 157.16 533.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 197.76 533.10 Td (was ) Tj ET Q q 0 0 0 rg BT 216.14 533.10 Td (repaid, ) Tj ET Q q 0 0 0 rg BT 246.46 533.10 Td (we ) Tj ET Q q 0 0 0 rg BT 260.96 533.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 314.34 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.39 533.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 355.56 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.83 533.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 412.88 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.05 533.10 Td (an ) Tj ET Q q 0 0 0 rg BT 436.33 533.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 461.93 533.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 493.65 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.26 533.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 550.97 533.10 Td (with ) Tj ET Q q 0 0 0 rg BT 571.58 533.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 85.05 521.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 140.76 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.39 521.10 Td (which ) Tj ET Q q 0 0 0 rg BT 176.67 521.10 Td (we ) Tj ET Q q 0 0 0 rg BT 190.18 521.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 225.35 521.10 Td (\(Commercial ) Tj ET Q q 0 0 0 rg BT 284.39 521.10 Td (Securitization\). ) Tj ET Q q 0 0 0 rg BT 351.91 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.55 521.10 Td (e ) Tj ET Q q 0 0 0 rg BT 366.84 521.10 Td (also ) Tj ET Q q 0 0 0 rg BT 384.79 521.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 437.18 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.25 521.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 476.43 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.71 521.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 531.78 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 521.10 Td (an ) Tj ET Q q 0 0 0 rg BT 553.24 521.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 66.87 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 76.64 509.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 122.51 509.10 Td (with ) Tj ET Q q 0 0 0 rg BT 142.28 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 148.71 509.10 Td (resecuritization ) Tj ET Q q 0 0 0 rg BT 212.34 509.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 258.21 509.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.86 509.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 307.17 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.94 509.10 Td (\(Residential ) Tj ET Q q 0 0 0 rg BT 371.69 509.10 Td (Resecuritization\) ) Tj ET Q q 0 0 0 rg BT 446.43 509.10 Td (from ) Tj ET Q q 0 0 0 rg BT 467.86 509.10 Td (its ) Tj ET Q q 0 0 0 rg BT 479.31 509.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 513.50 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.27 509.10 Td (201) Tj ET Q q 0 0 0 rg BT 537.90 509.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 544.90 509.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.75 497.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 77.72 497.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 108.56 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.42 497.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 144.45 497.10 Td (when ) Tj ET Q q 0 0 0 rg BT 168.65 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.39 497.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 203.14 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.00 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.75 497.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 254.05 497.10 Td (was ) Tj ET Q q 0 0 0 rg BT 272.14 497.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 299.65 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.62 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.37 497.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 357.23 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.09 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.84 497.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 408.14 497.10 Td (were ) Tj ET Q q 0 0 0 rg BT 430.10 497.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 475.41 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.71 497.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 499.64 497.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 522.15 497.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 60.45 485.10 Td (is ) Tj ET Q q 0 0 0 rg BT 68.79 485.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 119.34 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.34 485.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 169.34 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.46 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.46 485.10 Td (each ) Tj ET Q q 0 0 0 rg BT 215.45 485.10 Td (other ) Tj ET Q q 0 0 0 rg BT 237.67 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.78 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.67 485.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 292.68 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.79 485.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 347.68 485.10 Td (are ) Tj ET Q q 0 0 0 rg BT 361.56 485.10 Td (not ) Tj ET Q q 0 0 0 rg BT 376.01 485.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 404.35 485.10 Td (by ) Tj ET Q q 0 0 0 rg BT 416.02 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 485.10 Td (are ) Tj ET Q q 0 0 0 rg BT 446.01 485.10 Td (not ) Tj ET Q q 0 0 0 rg BT 460.47 485.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 481.57 485.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 527.69 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.70 485.10 Td (Redwood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.76 473.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 61.41 473.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 78.84 473.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 96.54 473.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 134.80 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.73 473.10 Td (these ) Tj ET Q q 0 0 0 rg BT 167.44 473.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 198.47 473.10 Td (is ) Tj ET Q q 0 0 0 rg BT 207.30 473.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 246.67 473.10 Td (through ) Tj ET Q q 0 0 0 rg BT 279.93 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.30 473.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 331.44 473.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 366.92 473.10 Td (we ) Tj ET Q q 0 0 0 rg BT 380.74 473.10 Td (have ) Tj ET Q q 0 0 0 rg BT 401.77 473.10 Td (retained, ) Tj ET Q q 0 0 0 rg BT 438.63 473.10 Td (although ) Tj ET Q q 0 0 0 rg BT 475.78 473.10 Td (we ) Tj ET Q q 0 0 0 rg BT 489.59 473.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.96 473.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 538.88 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.81 473.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.06 461.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 94.03 461.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 137.20 461.10 Td (with ) Tj ET Q q 0 0 0 rg BT 157.05 461.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.46 461.10 Td (role ) Tj ET Q q 0 0 0 rg BT 190.08 461.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.49 461.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.00 461.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 237.72 461.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.29 461.10 Td (manager) Tj ET Q q 0 0 0 rg BT 276.32 461.10 Td (, ) Tj ET Q q 0 0 0 rg BT 280.89 461.10 Td (or ) Tj ET Q q 0 0 0 rg BT 291.30 461.10 Td (depositor ) Tj ET Q q 0 0 0 rg BT 330.59 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.00 461.10 Td (these ) Tj ET Q q 0 0 0 rg BT 363.62 461.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 394.58 461.10 Td (or ) Tj ET Q q 0 0 0 rg BT 404.99 461.10 Td (as ) Tj ET Q q 0 0 0 rg BT 415.40 461.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.91 461.10 Td (result ) Tj ET Q q 0 0 0 rg BT 446.20 461.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.61 461.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.02 461.10 Td (having ) Tj ET Q q 0 0 0 rg BT 501.31 461.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 520.06 461.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 545.46 461.10 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 449.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 87.65 449.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.93 449.10 Td (these ) Tj ET Q q 0 0 0 rg BT 120.98 449.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 154.86 449.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 86.10 425.10 Td (A) Tj ET Q q 0 0 0 rg BT 91.65 425.10 Td (vailable on Our W) Tj ET Q q 0 0 0 rg BT 164.89 425.10 Td (ebsite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.81 407.10 Td (website ) Tj ET Q q 0 0 0 rg BT 104.62 407.10 Td (can ) Tj ET Q q 0 0 0 rg BT 120.75 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 132.45 407.10 Td (found ) Tj ET Q q 0 0 0 rg BT 158.04 407.10 Td (at ) Tj ET Q q 0 0 0 rg BT 167.51 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665.25 Td (anticipate, ) Tj ET Q q 0 0 0 rg BT 281.12 665.25 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 328.09 665.25 Td (will, ) Tj ET Q q 0 0 0 rg BT 357.29 665.25 Td (should, ) Tj ET Q q 0 0 0 rg BT 397.60 665.25 Td (expect, ) Tj ET Q q 0 0 0 rg BT 437.34 665.25 Td (believe, ) Tj ET Q q 0 0 0 rg BT 479.86 665.25 Td (intend, ) Tj ET Q q 0 0 0 rg BT 518.50 665.25 Td (seek, ) Tj ET Q q 0 0 0 rg BT 549.91 665.25 Td (plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.03 653.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 83.39 653.25 Td (expressions ) Tj ET Q q 0 0 0 rg BT 132.63 653.25 Td (or ) Tj ET Q q 0 0 0 rg BT 143.55 653.25 Td (their ) Tj ET Q q 0 0 0 rg BT 164.46 653.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 200.92 653.25 Td (forms, ) Tj ET Q q 0 0 0 rg BT 229.34 653.25 Td (or ) Tj ET Q q 0 0 0 rg BT 240.25 653.25 Td (by ) Tj ET Q q 0 0 0 rg BT 252.84 653.25 Td (references ) Tj ET Q q 0 0 0 rg BT 296.50 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.87 653.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 337.87 653.25 Td (, ) Tj ET Q q 0 0 0 rg BT 342.96 653.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 369.16 653.25 Td (or ) Tj ET Q q 0 0 0 rg BT 380.07 653.25 Td (intentions. ) Tj ET Q q 0 0 0 rg BT 424.42 653.25 Td (These ) Tj ET Q q 0 0 0 rg BT 450.88 653.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 519.00 653.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 563.80 653.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 66.70 641.25 Td (to ) Tj ET Q q 0 0 0 rg BT 76.86 641.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 98.13 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.95 641.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 170.92 641.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 213.57 641.25 Td (among ) Tj ET Q q 0 0 0 rg BT 243.17 641.25 Td (other ) Tj ET Q q 0 0 0 rg BT 266.09 641.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 295.42 641.25 Td (those ) Tj ET Q q 0 0 0 rg BT 318.91 641.25 Td (described ) Tj ET Q q 0 0 0 rg BT 359.60 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.76 641.25 Td (this ) Tj ET Q q 0 0 0 rg BT 386.06 641.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 417.88 641.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 447.48 641.25 Td (on ) Tj ET Q q 0 0 0 rg BT 459.86 641.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 483.91 641.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 506.84 641.25 Td (under ) Tj ET Q q 0 0 0 rg BT 531.99 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.58 641.25 Td (caption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 60.54 629.25 Td (Factors. ) Tj ET Q q 0 0 0 rg BT 98.68 629.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 123.20 629.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 146.36 629.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 201.71 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.90 629.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 246.87 629.25 Td (that ) Tj ET Q q 0 0 0 rg BT 263.63 629.25 Td (could ) Tj ET Q q 0 0 0 rg BT 287.60 629.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 311.57 629.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 337.20 629.25 Td (results ) Tj ET Q q 0 0 0 rg BT 365.07 629.25 Td (to ) Tj ET Q q 0 0 0 rg BT 374.61 629.25 Td (dif) Tj ET Q q 0 0 0 rg BT 385.54 629.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 398.40 629.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 440.69 629.25 Td (from ) Tj ET Q q 0 0 0 rg BT 461.89 629.25 Td (those ) Tj ET Q q 0 0 0 rg BT 484.76 629.25 Td (projected ) Tj ET Q q 0 0 0 rg BT 523.72 629.25 Td (are ) Tj ET Q q 0 0 0 rg BT 537.69 629.25 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (below ) Tj ET Q q 0 0 0 rg BT 62.75 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 79.51 617.25 Td (may ) Tj ET Q q 0 0 0 rg BT 99.04 617.25 Td (be ) Tj ET Q q 0 0 0 rg BT 110.79 617.25 Td (described ) Tj ET Q q 0 0 0 rg BT 151.42 617.25 Td (from ) Tj ET Q q 0 0 0 rg BT 173.17 617.25 Td (time ) Tj ET Q q 0 0 0 rg BT 193.26 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 203.35 617.25 Td (time ) Tj ET Q q 0 0 0 rg BT 223.44 617.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.53 617.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 263.62 617.25 Td (we ) Tj ET Q q 0 0 0 rg BT 277.59 617.25 Td (file ) Tj ET Q q 0 0 0 rg BT 293.23 617.25 Td (with ) Tj ET Q q 0 0 0 rg BT 313.32 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.86 617.25 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 351.01 617.25 Td (including ) Tj ET Q q 0 0 0 rg BT 391.10 617.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 421.18 617.25 Td (on ) Tj ET Q q 0 0 0 rg BT 433.50 617.25 Td (Forms ) Tj ET Q q 0 0 0 rg BT 461.37 617.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 484.24 617.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.99 617.25 Td (8-K. ) Tj ET Q q 0 0 0 rg BT 521.19 617.25 Td (W) Tj ET Q q 0 0 0 rg BT 529.83 617.25 Td (e ) Tj ET Q q 0 0 0 rg BT 536.58 617.25 Td (undertake ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (no ) Tj ET Q q 0 0 0 rg BT 48.50 605.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 91.55 605.25 Td (to ) Tj ET Q q 0 0 0 rg BT 101.83 605.25 Td (update ) Tj ET Q q 0 0 0 rg BT 130.99 605.25 Td (or ) Tj ET Q q 0 0 0 rg BT 141.82 605.25 Td (revise ) Tj ET Q q 0 0 0 rg BT 168.19 605.25 Td (any ) Tj ET Q q 0 0 0 rg BT 185.13 605.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 253.17 605.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 300.38 605.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 335.09 605.25 Td (as ) Tj ET Q q 0 0 0 rg BT 345.92 605.25 Td (a ) Tj ET Q q 0 0 0 rg BT 352.86 605.25 Td (result ) Tj ET Q q 0 0 0 rg BT 377.57 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.40 605.25 Td (new ) Tj ET Q q 0 0 0 rg BT 407.56 605.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 459.77 605.25 Td (future ) Tj ET Q q 0 0 0 rg BT 486.15 605.25 Td (events, ) Tj ET Q q 0 0 0 rg BT 516.70 605.25 Td (or ) Tj ET Q q 0 0 0 rg BT 527.53 605.25 Td (otherwise. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 100.56 587.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 141.56 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.46 587.25 Td (following ) Tj ET Q q 0 0 0 rg BT 198.02 587.25 Td (subjects, ) Tj ET Q q 0 0 0 rg BT 235.42 587.25 Td (among ) Tj ET Q q 0 0 0 rg BT 265.32 587.25 Td (others, ) Tj ET Q q 0 0 0 rg BT 294.94 587.25 Td (are ) Tj ET Q q 0 0 0 rg BT 309.83 587.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 378.04 587.25 Td (by ) Tj ET Q q 0 0 0 rg BT 390.72 587.25 Td (their ) Tj ET Q q 0 0 0 rg BT 411.73 587.25 Td (nature: ) Tj ET Q q 0 0 0 rg BT 442.17 587.25 Td (\(i\)statements ) Tj ET Q q 0 0 0 rg BT 499.00 587.25 Td (we ) Tj ET Q q 0 0 0 rg BT 513.35 587.25 Td (make ) Tj ET Q q 0 0 0 rg BT 537.68 587.25 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (Redwood) Tj ET Q q 0 0 0 rg BT 77.11 575.25 Td (s ) Tj ET Q q 0 0 0 rg BT 83.26 575.25 Td (business ) Tj ET Q q 0 0 0 rg BT 119.42 575.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 153.34 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.04 575.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 206.17 575.25 Td (focus, ) Tj ET Q q 0 0 0 rg BT 232.60 575.25 Td (including ) Tj ET Q q 0 0 0 rg BT 272.63 575.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 317.11 575.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 349.91 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.96 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 375.55 575.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 421.67 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 431.72 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 447.31 575.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 477.34 575.25 Td (market ) Tj ET Q q 0 0 0 rg BT 507.36 575.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 544.35 575.25 Td (strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 54.01 563.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 97.02 563.25 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 140.86 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.87 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 175.78 563.25 Td (belief ) Tj ET Q q 0 0 0 rg BT 202.11 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.46 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.25 563.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 272.26 563.25 Td (ef) Tj ET Q q 0 0 0 rg BT 279.85 563.25 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 315.62 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.53 563.25 Td (private ) Tj ET Q q 0 0 0 rg BT 358.86 563.25 Td (label ) Tj ET Q q 0 0 0 rg BT 381.87 563.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 439.31 563.25 Td (as ) Tj ET Q q 0 0 0 rg BT 451.21 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 459.23 563.25 Td (form ) Tj ET Q q 0 0 0 rg BT 482.24 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.14 563.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 535.48 563.25 Td (financing; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (\(ii\)statements ) Tj ET Q q 0 0 0 rg BT 95.04 551.25 Td (related ) Tj ET Q q 0 0 0 rg BT 124.35 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.24 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 149.69 551.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 186.78 551.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 219.45 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.00 551.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 288.09 551.25 Td (for ) Tj ET Q q 0 0 0 rg BT 301.86 551.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 326.47 551.25 Td (including ) Tj ET Q q 0 0 0 rg BT 366.36 551.25 Td (with ) Tj ET Q q 0 0 0 rg BT 386.25 551.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 416.68 551.25 Td (to: ) Tj ET Q q 0 0 0 rg BT 429.34 551.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 451.46 551.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 478.31 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.42 551.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 518.91 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.35 551.25 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 83.35 539.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 124.31 539.25 Td (net ) Tj ET Q q 0 0 0 rg BT 139.99 539.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 172.88 539.25 Td (income ) Tj ET Q q 0 0 0 rg BT 205.78 539.25 Td (on ) Tj ET Q q 0 0 0 rg BT 219.25 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.04 539.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 274.50 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.30 539.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 331.41 539.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 355.98 539.25 Td (held ) Tj ET Q q 0 0 0 rg BT 376.66 539.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.79 539.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 439.13 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.04 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.83 539.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 518.95 539.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 562.67 539.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 85.11 527.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 108.68 527.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 148.63 527.25 Td (deployment ) Tj ET Q q 0 0 0 rg BT 198.29 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.07 527.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 238.17 527.25 Td (available ) Tj ET Q q 0 0 0 rg BT 276.71 527.25 Td (for ) Tj ET Q q 0 0 0 rg BT 290.82 527.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 339.66 527.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 383.76 527.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 423.97 527.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 458.64 527.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 499.69 527.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 539.91 527.25 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.48 515.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 71.69 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.83 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 104.87 515.25 Td (ef) Tj ET Q q 0 0 0 rg BT 112.46 515.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 142.36 515.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.28 515.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 174.97 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.12 515.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.04 515.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 247.52 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.01 515.25 Td (2017; ) Tj ET Q q 0 0 0 rg BT 283.49 515.25 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 301.19 515.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 346.11 515.25 Td (we ) Tj ET Q q 0 0 0 rg BT 360.47 515.25 Td (make ) Tj ET Q q 0 0 0 rg BT 384.83 515.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 425.85 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 441.89 515.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 475.15 515.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.86 515.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 518.31 515.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 561.56 515.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (its ) Tj ET Q q 0 0 0 rg BT 47.50 503.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 76.76 503.25 Td (on ) Tj ET Q q 0 0 0 rg BT 88.81 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.08 503.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 142.89 503.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 175.21 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.48 503.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.51 503.25 Td (services ) Tj ET Q q 0 0 0 rg BT 260.77 503.25 Td (industry) Tj ET Q q 0 0 0 rg BT 292.89 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 297.45 503.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 331.17 503.25 Td (policy) Tj ET Q q 0 0 0 rg BT 355.51 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 360.06 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.55 503.25 Td (GSE ) Tj ET Q q 0 0 0 rg BT 397.49 503.25 Td (reform; ) Tj ET Q q 0 0 0 rg BT 429.53 503.25 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 446.02 503.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 490.28 503.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 530.65 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.92 503.25 Td (private-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (label ) Tj ET Q q 0 0 0 rg BT 57.59 491.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 87.55 491.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 119.97 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 135.46 491.25 Td (expectation ) Tj ET Q q 0 0 0 rg BT 183.71 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.20 491.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 221.91 491.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 257.95 491.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 294.00 491.25 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 351.70 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.64 491.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 386.30 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.90 491.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 447.27 491.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 487.75 491.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 522.13 491.25 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 68.45 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 78.68 479.25 Td (2017; ) Tj ET Q q 0 0 0 rg BT 103.92 479.25 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 118.03 479.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 162.70 479.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 203.47 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 219.26 479.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 263.36 479.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.70 479.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 349.65 479.25 Td (including ) Tj ET Q q 0 0 0 rg BT 389.88 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.67 479.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 458.10 479.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 498.88 479.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 549.11 479.25 Td (held ) Tj ET Q q 0 0 0 rg BT 568.78 479.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.17 467.25 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 114.67 467.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 157.62 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.91 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.97 467.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 227.57 467.25 Td (for ) Tj ET Q q 0 0 0 rg BT 241.08 467.25 Td (such ) Tj ET Q q 0 0 0 rg BT 261.25 467.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 313.37 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.65 467.25 Td (that ) Tj ET Q q 0 0 0 rg BT 346.49 467.25 Td (we ) Tj ET Q q 0 0 0 rg BT 359.99 467.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 387.93 467.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 429.20 467.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 483.82 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.44 467.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 519.17 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.79 467.25 Td (GSE-issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.43 455.25 Td (that ) Tj ET Q q 0 0 0 rg BT 94.09 455.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 127.30 455.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 152.73 455.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 170.40 455.25 Td (on ) Tj ET Q q 0 0 0 rg BT 183.06 455.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 227.38 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.49 455.25 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 297.70 455.25 Td (properties; ) Tj ET Q q 0 0 0 rg BT 343.13 455.25 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 360.24 455.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 405.12 455.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 446.10 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 462.10 455.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 502.53 455.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 537.42 455.25 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.25 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 67.40 443.25 Td (belief ) Tj ET Q q 0 0 0 rg BT 91.97 443.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.78 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.93 443.25 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 190.71 443.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 230.86 443.25 Td (Choice ) Tj ET Q q 0 0 0 rg BT 261.00 443.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 280.03 443.25 Td (program ) Tj ET Q q 0 0 0 rg BT 315.72 443.25 Td (will ) Tj ET Q q 0 0 0 rg BT 333.09 443.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 371.55 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.58 443.25 Td (most ) Tj ET Q q 0 0 0 rg BT 406.84 443.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 450.87 443.25 Td (area ) Tj ET Q q 0 0 0 rg BT 469.33 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.47 443.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 509.61 443.25 Td (for ) Tj ET Q q 0 0 0 rg BT 523.09 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.23 443.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 70.93 431.25 Td (platform; ) Tj ET Q q 0 0 0 rg BT 110.85 431.25 Td (\(vii\)statements ) Tj ET Q q 0 0 0 rg BT 175.49 431.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 208.74 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.23 431.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 259.70 431.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 304.06 431.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 344.54 431.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 368.35 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 378.84 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.77 431.25 Td (future ) Tj ET Q q 0 0 0 rg BT 420.36 431.25 Td (that ) Tj ET Q q 0 0 0 rg BT 438.06 431.25 Td (we ) Tj ET Q q 0 0 0 rg BT 452.43 431.25 Td (have ) Tj ET Q q 0 0 0 rg BT 474.02 431.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 515.05 431.25 Td (for ) Tj ET Q q 0 0 0 rg BT 529.42 431.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 567.67 431.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 55.71 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 65.99 419.25 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 106.52 419.25 Td (including ) Tj ET Q q 0 0 0 rg BT 146.79 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.50 419.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 193.99 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.81 419.25 Td (such ) Tj ET Q q 0 0 0 rg BT 225.64 419.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 249.24 419.25 Td (that ) Tj ET Q q 0 0 0 rg BT 266.73 419.25 Td (we ) Tj ET Q q 0 0 0 rg BT 280.89 419.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 321.70 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 335.86 419.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 373.89 419.25 Td (during ) Tj ET Q q 0 0 0 rg BT 402.49 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.21 419.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 444.14 419.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 474.95 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.78 419.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 508.27 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.20 419.25 Td (at ) Tj ET Q q 0 0 0 rg BT 534.92 419.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 50.44 407.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.88 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.26 407.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 135.41 407.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 167.89 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.61 407.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 215.08 407.25 Td (fallout ) Tj ET Q q 0 0 0 rg BT 243.13 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.50 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.66 407.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 332.81 407.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 364.74 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.01 407.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 418.60 407.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 458.31 407.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 481.36 407.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 518.83 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 528.55 407.25 Td (be ) Tj ET Q q 0 0 0 rg BT 539.92 407.25 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (for ) Tj ET Q q 0 0 0 rg BT 51.39 395.25 Td (purchase; ) Tj ET Q q 0 0 0 rg BT 93.44 395.25 Td (\(viii\)statements ) Tj ET Q q 0 0 0 rg BT 161.87 395.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 196.15 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.66 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.72 395.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 261.77 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.83 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.89 395.25 Td (available ) Tj ET Q q 0 0 0 rg BT 330.71 395.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.09 395.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 405.92 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 424.65 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 440.04 395.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 477.09 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 494.15 395.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 524.53 395.25 Td (available ) Tj ET Q q 0 0 0 rg BT 564.35 395.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 85.99 383.25 Td (at ) Tj ET Q q 0 0 0 rg BT 95.43 383.25 Td (December ) Tj ET Q q 0 0 0 rg BT 138.73 383.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 153.45 383.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 175.67 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.67 383.25 Td (be ) Tj ET Q q 0 0 0 rg BT 197.33 383.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 257.30 383.25 Td ($270 ) Tj ET Q q 0 0 0 rg BT 279.52 383.25 Td (million\); ) Tj ET Q q 0 0 0 rg BT 316.74 383.25 Td (\(ix\)statements ) Tj ET Q q 0 0 0 rg BT 378.11 383.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.99 383.25 Td (make ) Tj ET Q q 0 0 0 rg BT 415.87 383.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 456.40 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 471.95 383.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 509.16 383.25 Td (policy) Tj ET Q q 0 0 0 rg BT 533.51 383.25 Td (, ) Tj ET Q q 0 0 0 rg BT 538.23 383.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.27 371.25 Td (intention ) Tj ET Q q 0 0 0 rg BT 88.76 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.48 371.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 114.86 371.25 Td (a ) Tj ET Q q 0 0 0 rg BT 121.24 371.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 151.49 371.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 188.43 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.70 371.25 Td ($0.28 ) Tj ET Q q 0 0 0 rg BT 223.14 371.25 Td (per ) Tj ET Q q 0 0 0 rg BT 237.85 371.25 Td (share ) Tj ET Q q 0 0 0 rg BT 260.88 371.25 Td (per ) Tj ET Q q 0 0 0 rg BT 275.59 371.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 305.85 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 315.57 371.25 Td (2017; ) Tj ET Q q 0 0 0 rg BT 340.28 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.66 371.25 Td (\(x\)statements ) Tj ET Q q 0 0 0 rg BT 414.98 371.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 455.23 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 470.50 371.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 522.42 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 538.80 371.25 Td (estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 69.99 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.22 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.89 359.25 Td (characterization ) Tj ET Q q 0 0 0 rg BT 164.18 359.25 Td (for ) Tj ET Q q 0 0 0 rg BT 179.29 359.25 Td (income ) Tj ET Q q 0 0 0 rg BT 212.17 359.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.84 359.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 266.84 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.62 359.25 Td (our ) Tj ET Q q 0 0 0 rg BT 295.40 359.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 333.84 359.25 Td (distributions, ) Tj ET Q q 0 0 0 rg BT 389.80 359.25 Td (our ) Tj ET Q q 0 0 0 rg BT 406.58 359.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 460.01 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 477.90 359.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 518.56 359.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 552.55 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 563.78 359.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 85.26 347.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.36 347.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 140.46 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.78 347.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 172.88 347.25 Td (savings, ) Tj ET Q q 0 0 0 rg BT 208.26 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.58 347.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 252.44 347.25 Td ( ) Tj ET Q q 0 0 0 rg BT 255.32 347.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 270.42 347.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 317.47 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 333.69 347.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 373.78 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.00 347.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 407.03 347.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.92 347.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 441.67 347.25 Td (income ) Tj ET Q q 0 0 0 rg BT 473.99 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.10 347.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 512.32 347.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 544.08 347.25 Td (income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.82 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 68.53 335.25 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 118.12 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.83 335.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 171.21 335.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 196.35 335.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 222.62 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 236.67 335.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 251.26 335.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 289.20 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.36 335.25 Td (future ) Tj ET Q q 0 0 0 rg BT 325.62 335.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 357.44 335.25 Td (\(and, ) Tj ET Q q 0 0 0 rg BT 380.09 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.25 335.25 Td (particular) Tj ET Q q 0 0 0 rg BT 428.16 335.25 Td (, ) Tj ET Q q 0 0 0 rg BT 433.04 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 448.75 335.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 489.45 335.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 509.33 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 523.37 335.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 537.97 335.25 Td (purposes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (we ) Tj ET Q q 0 0 0 rg BT 49.92 323.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 78.27 323.25 Td (an ) Tj ET Q q 0 0 0 rg BT 89.96 323.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 132.21 323.25 Td ($22 ) Tj ET Q q 0 0 0 rg BT 149.46 323.25 Td (million ) Tj ET Q q 0 0 0 rg BT 180.61 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.20 323.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 205.67 323.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 230.69 323.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 256.83 323.25 Td (on ) Tj ET Q q 0 0 0 rg BT 269.09 323.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 313.00 323.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 353.02 323.25 Td (we ) Tj ET Q q 0 0 0 rg BT 366.93 323.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 405.28 323.25 Td (own ) Tj ET Q q 0 0 0 rg BT 424.76 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.79 323.25 Td (be ) Tj ET Q q 0 0 0 rg BT 446.49 323.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 480.38 323.25 Td (over ) Tj ET Q q 0 0 0 rg BT 500.41 323.25 Td (an ) Tj ET Q q 0 0 0 rg BT 512.10 323.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 552.68 323.25 Td (three- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 311.25 Td (five-year ) Tj ET Q q 0 0 0 rg BT 84.86 311.25 Td (period\).) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Important ) Tj ET Q q 0 0 0 rg BT 96.55 731.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 129.38 731.10 Td (among ) Tj ET Q q 0 0 0 rg BT 159.71 731.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 189.77 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 207.89 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 228.22 731.10 Td (af) Tj ET Q q 0 0 0 rg BT 235.81 731.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 253.92 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.36 731.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 297.36 731.10 Td (results ) Tj ET Q q 0 0 0 rg BT 326.58 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.48 731.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 360.60 731.10 Td (include: ) Tj ET Q q 0 0 0 rg BT 395.93 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.27 731.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 432.70 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 443.04 731.10 Td (which ) Tj ET Q q 0 0 0 rg BT 470.59 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 485.37 731.10 Td (redeploy ) Tj ET Q q 0 0 0 rg BT 523.48 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 539.93 731.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 66.02 719.10 Td (into ) Tj ET Q q 0 0 0 rg BT 84.96 719.10 Td (new ) Tj ET Q q 0 0 0 rg BT 104.99 719.10 Td (investments; ) Tj ET Q q 0 0 0 rg BT 158.92 719.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 191.72 719.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 210.08 719.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 245.54 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 251.42 719.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 287.00 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.15 719.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 324.29 719.10 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 360.15 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.96 719.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 413.54 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.70 719.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 461.96 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.11 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.71 719.10 Td (market ) Tj ET Q q 0 0 0 rg BT 519.84 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 534.88 719.10 Td (real ) Tj ET Q q 0 0 0 rg BT 553.24 719.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 77.43 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.53 707.10 Td (loans; ) Tj ET Q q 0 0 0 rg BT 123.08 707.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 158.95 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.40 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.28 707.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 221.60 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 244.70 707.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 284.47 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.80 707.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 345.11 707.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 390.43 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.54 707.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 462.47 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.58 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.57 707.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 526.79 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.23 707.10 Td (distribute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 79.59 695.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 123.18 695.10 Td (through ) Tj ET Q q 0 0 0 rg BT 156.22 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.49 695.10 Td (whole-loan ) Tj ET Q q 0 0 0 rg BT 218.41 695.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 266.46 695.10 Td (channel; ) Tj ET Q q 0 0 0 rg BT 302.27 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.53 695.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 345.02 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.74 695.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 386.10 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 401.36 695.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 451.07 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 460.79 695.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 500.48 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.86 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 532.13 695.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.80 683.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 90.92 683.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 135.04 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 155.28 683.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 199.41 683.10 Td (debt; ) Tj ET Q q 0 0 0 rg BT 221.87 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 256.54 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.79 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.47 683.10 Td (values ) Tj ET Q q 0 0 0 rg BT 309.49 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.28 683.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 346.08 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 360.21 683.10 Td (own; ) Tj ET Q q 0 0 0 rg BT 382.68 683.10 Td (general ) Tj ET Q q 0 0 0 rg BT 414.57 683.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 455.91 683.10 Td (trends, ) Tj ET Q q 0 0 0 rg BT 485.31 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.00 683.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 552.99 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 683.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (housing, ) Tj ET Q q 0 0 0 rg BT 72.40 671.10 Td (real ) Tj ET Q q 0 0 0 rg BT 89.61 671.10 Td (estate, ) Tj ET Q q 0 0 0 rg BT 117.10 671.10 Td (mortgage, ) Tj ET Q q 0 0 0 rg BT 159.59 671.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 187.09 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.75 671.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 236.52 671.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 273.73 671.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 310.11 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.78 671.10 Td (their ) Tj ET Q q 0 0 0 rg BT 347.33 671.10 Td (ef) Tj ET Q q 0 0 0 rg BT 354.92 671.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 376.02 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 388.25 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.70 671.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 428.80 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.36 671.10 Td (earning ) Tj ET Q q 0 0 0 rg BT 471.57 671.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 497.13 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.80 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.24 671.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 553.23 671.10 Td (status ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.89 659.10 Td (borrowers; ) Tj ET Q q 0 0 0 rg BT 92.77 659.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 123.08 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.08 659.10 Td (state ) Tj ET Q q 0 0 0 rg BT 160.97 659.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 204.63 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.63 659.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 265.28 659.10 Td (developments, ) Tj ET Q q 0 0 0 rg BT 325.88 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.88 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.66 659.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 388.54 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.43 659.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 456.97 659.10 Td (authorities, ) Tj ET Q q 0 0 0 rg BT 504.24 659.10 Td (including ) Tj ET Q q 0 0 0 rg BT 544.58 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 559.35 659.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 55.89 647.10 Td (presidential ) Tj ET Q q 0 0 0 rg BT 104.65 647.10 Td (administration, ) Tj ET Q q 0 0 0 rg BT 167.02 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.57 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.45 647.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 233.87 647.10 Td (those ) Tj ET Q q 0 0 0 rg BT 257.09 647.10 Td (af) Tj ET Q q 0 0 0 rg BT 264.67 647.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 294.54 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.87 647.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 348.74 647.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 383.62 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 394.06 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.50 647.10 Td (business ) Tj ET Q q 0 0 0 rg BT 445.50 647.10 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 491.21 647.10 Td (but ) Tj ET Q q 0 0 0 rg BT 506.09 647.10 Td (not ) Tj ET Q q 0 0 0 rg BT 520.98 647.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 551.42 647.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 563.80 647.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 69.37 635.10 Td (Housing ) Tj ET Q q 0 0 0 rg BT 106.65 635.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 140.95 635.10 Td (Agency) Tj ET Q q 0 0 0 rg BT 174.83 635.10 Td (s ) Tj ET Q q 0 0 0 rg BT 182.11 635.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 204.93 635.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 238.87 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.03 635.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 278.98 635.10 Td (membership ) Tj ET Q q 0 0 0 rg BT 331.80 635.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 387.40 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.22 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.83 635.10 Td (implications ) Tj ET Q q 0 0 0 rg BT 473.66 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.70 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 505.42 635.10 Td (captive ) Tj ET Q q 0 0 0 rg BT 537.68 635.10 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 79.89 623.10 Td (s ) Tj ET Q q 0 0 0 rg BT 86.04 623.10 Td (membership ) Tj ET Q q 0 0 0 rg BT 137.74 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.78 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.26 623.10 Td (FHLB\); ) Tj ET Q q 0 0 0 rg BT 196.19 623.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 232.33 623.10 Td (business ) Tj ET Q q 0 0 0 rg BT 268.48 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.18 623.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 314.10 623.10 Td (deployment ) Tj ET Q q 0 0 0 rg BT 363.57 623.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 403.05 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 416.98 623.10 Td (make; ) Tj ET Q q 0 0 0 rg BT 443.67 623.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 501.48 623.10 Td (related ) Tj ET Q q 0 0 0 rg BT 530.94 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.99 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 555.47 623.10 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (income ) Tj ET Q q 0 0 0 rg BT 67.14 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.29 611.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 122.76 611.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 153.90 611.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 187.26 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.41 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.33 611.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 249.03 611.10 Td (Reserve) Tj ET Q q 0 0 0 rg BT 284.01 611.10 Td (s ) Tj ET Q q 0 0 0 rg BT 289.61 611.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 333.53 611.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 373.56 611.10 Td (its ) Tj ET Q q 0 0 0 rg BT 384.72 611.10 Td (future ) Tj ET Q q 0 0 0 rg BT 410.30 611.10 Td (open ) Tj ET Q q 0 0 0 rg BT 431.45 611.10 Td (market ) Tj ET Q q 0 0 0 rg BT 460.92 611.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 492.62 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.77 611.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 548.24 611.10 Td (policy; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.15 599.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 91.07 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.67 599.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 127.26 599.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 145.08 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.34 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.38 599.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 206.31 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.46 599.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 243.05 599.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 269.76 599.10 Td (within ) Tj ET Q q 0 0 0 rg BT 298.14 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.29 599.10 Td (portfolio; ) Tj ET Q q 0 0 0 rg BT 354.88 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.92 599.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 427.16 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.31 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.35 599.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 478.94 599.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 500.65 599.10 Td (we ) Tj ET Q q 0 0 0 rg BT 515.13 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 530.16 599.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 565.75 599.10 Td (to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (including ) Tj ET Q q 0 0 0 rg BT 75.92 587.10 Td (due ) Tj ET Q q 0 0 0 rg BT 92.51 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.44 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.81 587.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 153.95 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.43 587.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 189.91 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.72 587.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 223.65 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.24 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.61 587.10 Td (geographical ) Tj ET Q q 0 0 0 rg BT 308.40 587.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 364.97 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.45 587.10 Td (real ) Tj ET Q q 0 0 0 rg BT 392.58 587.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 417.50 587.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 462.98 587.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 488.46 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 502.27 587.10 Td (own; ) Tj ET Q q 0 0 0 rg BT 524.42 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 539.90 587.10 Td (exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.87 575.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 108.83 575.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 149.69 575.10 Td (loans; ) Tj ET Q q 0 0 0 rg BT 176.67 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.98 575.10 Td (ef) Tj ET Q q 0 0 0 rg BT 199.57 575.10 Td (ficacy ) Tj ET Q q 0 0 0 rg BT 227.09 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.62 575.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 279.93 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.35 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.78 575.10 Td (ef) Tj ET Q q 0 0 0 rg BT 315.37 575.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 336.79 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.67 575.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 381.85 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 393.28 575.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 420.25 575.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 446.11 575.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 466.71 575.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 499.24 575.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 517.32 575.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 537.91 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 555.45 575.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 72.83 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.12 563.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 135.96 563.10 Td (risks; ) Tj ET Q q 0 0 0 rg BT 159.48 563.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 193.54 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.17 563.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 227.78 563.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 256.85 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 268.70 563.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 293.89 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 307.40 563.10 Td (own ) Tj ET Q q 0 0 0 rg BT 326.47 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.76 563.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 376.82 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.45 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.52 563.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 425.70 563.10 Td (agencies) Tj ET Q q 0 0 0 rg BT 462.71 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.56 563.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 489.18 563.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 514.35 563.10 Td (methodologies; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.97 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 81.51 551.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 113.70 551.10 Td (rates; ) Tj ET Q q 0 0 0 rg BT 138.12 551.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 173.08 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.62 551.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 224.15 551.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 274.11 551.10 Td (rates; ) Tj ET Q q 0 0 0 rg BT 298.52 551.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 333.49 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.03 551.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 380.68 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.22 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.20 551.10 Td (market ) Tj ET Q q 0 0 0 rg BT 436.72 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 451.14 551.10 Td (real ) Tj ET Q q 0 0 0 rg BT 468.89 551.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 494.41 551.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 534.93 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 552.13 551.10 Td (loans; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 50.78 539.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 77.79 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.02 539.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 117.89 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.56 539.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 176.90 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.68 539.10 Td (real ) Tj ET Q q 0 0 0 rg BT 203.12 539.10 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 257.87 539.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 282.65 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 301.88 539.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 344.99 539.10 Td (debt; ) Tj ET Q q 0 0 0 rg BT 366.44 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.11 539.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 407.11 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.89 539.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 474.99 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.22 539.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 511.78 539.10 Td (their ) Tj ET Q q 0 0 0 rg BT 531.56 539.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.34 527.10 Td (us; ) Tj ET Q q 0 0 0 rg BT 60.57 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.47 527.10 Td (involvement ) Tj ET Q q 0 0 0 rg BT 129.02 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.36 527.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 195.79 527.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 248.62 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.39 527.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 313.73 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.62 527.10 Td (those ) Tj ET Q q 0 0 0 rg BT 348.29 527.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 401.12 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.12 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.90 527.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 454.35 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 468.57 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 483.34 527.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 518.67 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.01 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.35 527.10 Td (engaging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 47.73 515.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 105.55 515.10 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 160.04 515.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 200.09 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.83 515.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 241.88 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.27 515.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 302.83 515.10 Td (including ) Tj ET Q q 0 0 0 rg BT 344.56 515.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 384.62 515.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 415.79 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 439.18 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.46 515.10 Td (involvement ) Tj ET Q q 0 0 0 rg BT 510.40 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.13 515.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 89.08 503.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 123.82 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.01 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 159.42 503.10 Td (suf) Tj ET Q q 0 0 0 rg BT 171.46 503.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 199.54 503.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 225.40 503.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.27 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.58 503.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 283.54 503.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 327.73 503.10 Td (needs; ) Tj ET Q q 0 0 0 rg BT 355.81 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 371.68 503.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 399.76 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.07 503.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 461.48 503.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 497.89 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.86 503.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 540.16 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 551.02 503.10 Td (attract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (key ) Tj ET Q q 0 0 0 rg BT 53.07 491.10 Td (personnel; ) Tj ET Q q 0 0 0 rg BT 97.36 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.32 491.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 141.50 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.91 491.10 Td (adapt ) Tj ET Q q 0 0 0 rg BT 176.20 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.16 491.10 Td (business ) Tj ET Q q 0 0 0 rg BT 228.69 491.10 Td (model ) Tj ET Q q 0 0 0 rg BT 256.31 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.38 491.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 313.78 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.19 491.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 363.48 491.10 Td (circumstances; ) Tj ET Q q 0 0 0 rg BT 425.53 491.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.37 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.78 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.74 491.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 535.75 491.10 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.91 479.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 87.60 479.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 127.83 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.74 479.10 Td (new ) Tj ET Q q 0 0 0 rg BT 163.87 479.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 185.23 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 199.36 479.10 Td (may ) Tj ET Q q 0 0 0 rg BT 219.05 479.10 Td (be ) Tj ET Q q 0 0 0 rg BT 230.96 479.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 266.20 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.45 479.10 Td (if ) Tj ET Q q 0 0 0 rg BT 285.03 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 299.16 479.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 330.51 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.31 479.10 Td (business ) Tj ET Q q 0 0 0 rg BT 382.67 479.10 Td (activities; ) Tj ET Q q 0 0 0 rg BT 424.02 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.82 479.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 478.39 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.64 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 495.55 479.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 538.57 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 549.37 479.10 Td (breach ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.62 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.13 467.10 Td (security ) Tj ET Q q 0 0 0 rg BT 95.08 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.70 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.32 467.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 168.05 467.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 224.21 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.94 467.10 Td (systems; ) Tj ET Q q 0 0 0 rg BT 277.68 467.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 316.07 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.14 467.10 Td (environmental ) Tj ET Q q 0 0 0 rg BT 386.19 467.10 Td (liabilities; ) Tj ET Q q 0 0 0 rg BT 428.48 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 444.10 467.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 472.49 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.56 467.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 514.85 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 534.92 467.10 Td (applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 56.20 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 72.52 455.10 Td (regulations; ) Tj ET Q q 0 0 0 rg BT 121.60 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 136.81 455.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 164.77 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.43 455.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 211.29 455.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 258.70 455.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 291.11 455.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 325.20 455.10 Td (over ) Tj ET Q q 0 0 0 rg BT 344.85 455.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.70 455.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 420.23 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.54 455.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 478.96 455.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 513.05 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.37 455.10 Td (procedures; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.08 443.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 81.16 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 94.02 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.21 443.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 153.62 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 171.48 443.10 Td (could ) Tj ET Q q 0 0 0 rg BT 196.56 443.10 Td (result ) Tj ET Q q 0 0 0 rg BT 221.64 443.10 Td (from ) Tj ET Q q 0 0 0 rg BT 243.94 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.14 443.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 291.32 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.52 443.10 Td (omissions ) Tj ET Q q 0 0 0 rg BT 345.39 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.59 443.10 Td (from ) Tj ET Q q 0 0 0 rg BT 378.89 443.10 Td (those ) Tj ET Q q 0 0 0 rg BT 402.86 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.05 443.10 Td (others; ) Tj ET Q q 0 0 0 rg BT 444.13 443.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 479.21 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.85 443.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 536.58 443.10 Td (principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.03 431.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 67.83 431.10 Td (rules; ) Tj ET Q q 0 0 0 rg BT 92.64 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.55 431.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 136.69 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.06 431.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 184.64 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.56 431.10 Td (status ) Tj ET Q q 0 0 0 rg BT 225.92 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.84 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 243.87 431.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 265.90 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.49 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 282.74 431.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 297.54 431.10 Td (purposes; ) Tj ET Q q 0 0 0 rg BT 338.46 431.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 383.83 431.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 420.30 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.89 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.81 431.10 Td (business ) Tj ET Q q 0 0 0 rg BT 485.29 431.10 Td (due ) Tj ET Q q 0 0 0 rg BT 502.31 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.68 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.60 431.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 550.63 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.22 431.10 Td (status ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.10 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 67.09 419.10 Td (status ) Tj ET Q q 0 0 0 rg BT 91.53 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 101.53 419.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 132.62 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 153.72 419.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 200.93 419.10 Td (under ) Tj ET Q q 0 0 0 rg BT 225.36 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.24 419.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 285.34 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 325.52 419.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 341.62 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.61 419.10 Td (1940; ) Tj ET Q q 0 0 0 rg BT 376.05 419.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 414.93 419.10 Td (about ) Tj ET Q q 0 0 0 rg BT 438.81 419.10 Td (raising, ) Tj ET Q q 0 0 0 rg BT 470.19 419.10 Td (managing, ) Tj ET Q q 0 0 0 rg BT 513.79 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.89 419.10 Td (distributing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (capital; ) Tj ET Q q 0 0 0 rg BT 67.93 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.87 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 107.91 407.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 137.62 407.10 Td (not ) Tj ET Q q 0 0 0 rg BT 152.90 407.10 Td (presently ) Tj ET Q q 0 0 0 rg BT 192.05 407.10 Td (identified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (This ) Tj ET Q q 0 0 0 rg BT 74.05 383.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 106.40 383.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 136.52 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.43 383.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 174.01 383.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 197.47 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 217.60 383.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 249.94 383.10 Td (statistics ) Tj ET Q q 0 0 0 rg BT 287.30 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.65 383.10 Td (other ) Tj ET Q q 0 0 0 rg BT 328.10 383.10 Td (data ) Tj ET Q q 0 0 0 rg BT 347.67 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 365.57 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.26 383.10 Td (some ) Tj ET Q q 0 0 0 rg BT 400.28 383.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 424.29 383.10 Td (have ) Tj ET Q q 0 0 0 rg BT 446.08 383.10 Td (been ) Tj ET Q q 0 0 0 rg BT 467.86 383.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 505.21 383.10 Td (from ) Tj ET Q q 0 0 0 rg BT 527.56 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 538.80 383.10 Td (compiled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.94 371.10 Td (information ) Tj ET Q q 0 0 0 rg BT 107.65 371.10 Td (made ) Tj ET Q q 0 0 0 rg BT 131.81 371.10 Td (available ) Tj ET Q q 0 0 0 rg BT 170.39 371.10 Td (by ) Tj ET Q q 0 0 0 rg BT 182.89 371.10 Td (servicers ) Tj ET Q q 0 0 0 rg BT 220.93 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.87 371.10 Td (other ) Tj ET Q q 0 0 0 rg BT 260.92 371.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 306.18 371.10 Td (service ) Tj ET Q q 0 0 0 rg BT 337.00 371.10 Td (providers. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (Certifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.06 323.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 94.78 323.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 136.27 323.10 Td (Of) Tj ET Q q 0 0 0 rg BT 146.64 323.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 166.47 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.41 323.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 206.14 323.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 244.86 323.10 Td (Of) Tj ET Q q 0 0 0 rg BT 255.23 323.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 275.05 323.10 Td (have ) Tj ET Q q 0 0 0 rg BT 295.44 323.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 332.48 323.10 Td (certifications ) Tj ET Q q 0 0 0 rg BT 386.18 323.10 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.34 323.10 Td (February24, ) Tj ET Q q 0 0 0 rg BT 461.95 323.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.95 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 485.96 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 495.80 323.10 Td (required ) Tj ET Q q 0 0 0 rg BT 530.62 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 542.13 323.10 Td (Sections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (302 ) Tj ET Q q 0 0 0 rg BT 53.19 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 69.81 311.10 Td (906 ) Tj ET Q q 0 0 0 rg BT 86.99 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.51 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.91 311.10 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 177.48 311.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 194.10 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.62 311.10 Td (2002, ) Tj ET Q q 0 0 0 rg BT 229.30 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.93 311.10 Td (we ) Tj ET Q q 0 0 0 rg BT 259.77 311.10 Td (have ) Tj ET Q q 0 0 0 rg BT 280.83 311.10 Td (included ) Tj ET Q q 0 0 0 rg BT 317.45 311.10 Td (those ) Tj ET Q q 0 0 0 rg BT 340.75 311.10 Td (certifications ) Tj ET Q q 0 0 0 rg BT 395.13 311.10 Td (as ) Tj ET Q q 0 0 0 rg BT 405.64 311.10 Td (exhibits ) Tj ET Q q 0 0 0 rg BT 439.49 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.46 311.10 Td (this ) Tj ET Q q 0 0 0 rg BT 465.61 311.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 497.23 311.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 526.63 311.10 Td (on ) Tj ET Q q 0 0 0 rg BT 538.82 311.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 562.67 311.10 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (K. ) Tj ET Q q 0 0 0 rg BT 48.03 299.10 Td (In ) Tj ET Q q 0 0 0 rg BT 58.67 299.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 96.25 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 111.89 299.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 136.42 299.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 178.70 299.10 Td (Of) Tj ET Q q 0 0 0 rg BT 189.08 299.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 209.70 299.10 Td (certified ) Tj ET Q q 0 0 0 rg BT 245.32 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.41 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.93 299.10 Td (New ) Tj ET Q q 0 0 0 rg BT 290.78 299.10 Td (Y) Tj ET Q q 0 0 0 rg BT 297.00 299.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 312.64 299.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 337.72 299.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 379.46 299.10 Td (\(NYSE\) ) Tj ET Q q 0 0 0 rg BT 414.54 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 426.85 299.10 Td (May ) Tj ET Q q 0 0 0 rg BT 447.49 299.10 Td (23, ) Tj ET Q q 0 0 0 rg BT 462.29 299.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 484.60 299.10 Td (that ) Tj ET Q q 0 0 0 rg BT 501.91 299.10 Td (he ) Tj ET Q q 0 0 0 rg BT 513.65 299.10 Td (was ) Tj ET Q q 0 0 0 rg BT 531.51 299.10 Td (unaware ) Tj ET Q q 0 0 0 rg BT 567.69 299.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (any ) Tj ET Q q 0 0 0 rg BT 52.94 287.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 94.88 287.10 Td (by ) Tj ET Q q 0 0 0 rg BT 107.38 287.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 148.03 287.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.79 287.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 173.79 287.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 191.56 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.39 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.10 287.10 Td (NYSE) Tj ET Q q 0 0 0 rg BT 246.00 287.10 Td (s ) Tj ET Q q 0 0 0 rg BT 252.39 287.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 292.64 287.10 Td (governance ) Tj ET Q q 0 0 0 rg BT 341.22 287.10 Td (listing ) Tj ET Q q 0 0 0 rg BT 368.73 287.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 409.00 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.28 287.10 Td (ef) Tj ET Q q 0 0 0 rg BT 426.86 287.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 444.35 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 455.18 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.01 287.10 Td (that ) Tj ET Q q 0 0 0 rg BT 483.50 287.10 Td (date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (Employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (As ) Tj ET Q q 0 0 0 rg BT 67.61 239.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.44 239.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 137.03 239.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.03 239.10 Td (, ) Tj ET Q q 0 0 0 rg BT 162.03 239.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 202.86 239.10 Td (employed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.79 239.10 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.79 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.29 239.10 Td (people. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Item 1A. Risk Factors) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (General ) Tj ET Q q 0 0 0 rg BT 72.72 707.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 115.54 707.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 174.47 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.42 707.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 222.37 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.32 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.48 707.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 313.64 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.36 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.52 707.25 Td (housing, ) Tj ET Q q 0 0 0 rg BT 380.76 707.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 432.47 707.25 Td (real ) Tj ET Q q 0 0 0 rg BT 451.97 707.25 Td (estate, ) Tj ET Q q 0 0 0 rg BT 481.18 707.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 523.46 707.25 Td (finance, ) Tj ET Q q 0 0 0 rg BT 560.45 707.25 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 70.54 695.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 110.08 695.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 145.17 695.25 Td (may ) Tj ET Q q 0 0 0 rg BT 164.70 695.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 205.33 695.25 Td (af) Tj ET Q q 0 0 0 rg BT 213.48 695.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 230.78 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.55 695.25 Td (business ) Tj ET Q q 0 0 0 rg BT 284.88 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.75 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.85 695.25 Td (value ) Tj ET Q q 0 0 0 rg BT 342.38 695.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 355.52 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 373.40 695.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 405.73 695.25 Td (on, ) Tj ET Q q 0 0 0 rg BT 421.10 695.25 Td (real ) Tj ET Q q 0 0 0 rg BT 439.53 695.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 496.82 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.70 695.25 Td (other ) Tj ET Q q 0 0 0 rg BT 538.68 695.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 564.89 695.25 Td (we ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (own ) Tj ET Q q 0 0 0 rg BT 55.73 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 67.12 683.25 Td (may ) Tj ET Q q 0 0 0 rg BT 86.84 683.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 120.45 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.51 683.25 Td (could ) Tj ET Q q 0 0 0 rg BT 163.79 683.25 Td (also ) Tj ET Q q 0 0 0 rg BT 182.96 683.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 227.11 683.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 257.38 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 274.33 683.25 Td (business ) Tj ET Q q 0 0 0 rg BT 311.85 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.91 683.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.64 683.25 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.22 659.25 Td (level ) Tj ET Q q 0 0 0 rg BT 94.33 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.33 659.25 Td (business ) Tj ET Q q 0 0 0 rg BT 141.89 659.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 174.55 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.66 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.54 659.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 256.98 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.98 659.25 Td (our ) Tj ET Q q 0 0 0 rg BT 283.98 659.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 323.04 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 334.04 659.25 Td (well ) Tj ET Q q 0 0 0 rg BT 353.93 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 364.93 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.82 659.25 Td (values ) Tj ET Q q 0 0 0 rg BT 408.03 659.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 421.53 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.64 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.53 659.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 473.97 659.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 498.86 659.25 Td (from, ) Tj ET Q q 0 0 0 rg BT 523.47 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.35 659.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 564.35 659.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (own, ) Tj ET Q q 0 0 0 rg BT 58.22 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 72.92 647.25 Td (af) Tj ET Q q 0 0 0 rg BT 80.50 647.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 107.42 647.25 Td (by ) Tj ET Q q 0 0 0 rg BT 119.92 647.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 177.95 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 188.23 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.94 647.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 223.21 647.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 262.36 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.30 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.01 647.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 327.04 647.25 Td (global ) Tj ET Q q 0 0 0 rg BT 354.53 647.25 Td (economy) Tj ET Q q 0 0 0 rg BT 390.53 647.25 Td (. ) Tj ET Q q 0 0 0 rg BT 394.98 647.25 Td (As ) Tj ET Q q 0 0 0 rg BT 408.58 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 415.52 647.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 442.73 647.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 479.09 647.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 520.46 647.25 Td (developments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.06 635.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 74.69 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 84.32 635.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 127.83 635.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 156.89 635.25 Td (our ) Tj ET Q q 0 0 0 rg BT 172.08 635.25 Td (business ) Tj ET Q q 0 0 0 rg BT 207.82 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.12 635.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.95 635.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 291.28 635.25 Td (There ) Tj ET Q q 0 0 0 rg BT 316.45 635.25 Td (are ) Tj ET Q q 0 0 0 rg BT 330.51 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 336.81 635.25 Td (number ) Tj ET Q q 0 0 0 rg BT 369.21 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.39 635.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 408.45 635.25 Td (that ) Tj ET Q q 0 0 0 rg BT 425.30 635.25 Td (could ) Tj ET Q q 0 0 0 rg BT 449.37 635.25 Td (contribute ) Tj ET Q q 0 0 0 rg BT 491.77 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.40 635.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 537.13 635.25 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (developments, ) Tj ET Q q 0 0 0 rg BT 95.94 623.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 138.12 623.25 Td (but ) Tj ET Q q 0 0 0 rg BT 152.80 623.25 Td (not ) Tj ET Q q 0 0 0 rg BT 167.48 623.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 197.71 623.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 209.89 623.25 Td (high ) Tj ET Q q 0 0 0 rg BT 229.57 623.25 Td (unemployment, ) Tj ET Q q 0 0 0 rg BT 293.96 623.25 Td (rising ) Tj ET Q q 0 0 0 rg BT 318.64 623.25 Td (government ) Tj ET Q q 0 0 0 rg BT 368.31 623.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 387.43 623.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 415.16 623.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 434.84 623.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 458.40 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.74 623.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 514.40 623.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 541.30 623.25 Td (changes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (including ) Tj ET Q q 0 0 0 rg BT 76.67 611.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 109.54 611.25 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 144.64 611.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 172.53 611.25 Td (shifts ) Tj ET Q q 0 0 0 rg BT 197.09 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.42 611.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 249.52 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 260.19 611.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 307.51 611.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 339.83 611.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 364.10 611.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 403.65 611.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 424.32 611.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 466.09 611.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 505.09 611.25 Td (patterns, ) Tj ET Q q 0 0 0 rg BT 542.14 611.25 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 94.37 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 104.98 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.03 599.25 Td (housing, ) Tj ET Q q 0 0 0 rg BT 157.03 599.25 Td (multi-family) Tj ET Q q 0 0 0 rg BT 206.92 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.25 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.52 599.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 279.55 599.25 Td (real ) Tj ET Q q 0 0 0 rg BT 297.36 599.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 322.96 599.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 359.94 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.21 599.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 416.69 599.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 469.50 599.25 Td (for ) Tj ET Q q 0 0 0 rg BT 483.99 599.25 Td (inflation ) Tj ET Q q 0 0 0 rg BT 520.70 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 537.97 599.25 Td (deflation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 85.90 587.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.81 587.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 125.42 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.26 587.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 189.64 587.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 227.04 587.25 Td (from ) Tj ET Q q 0 0 0 rg BT 248.88 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.51 587.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 283.69 587.25 Td (presidential ) Tj ET Q q 0 0 0 rg BT 332.75 587.25 Td (election, ) Tj ET Q q 0 0 0 rg BT 369.30 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.92 587.25 Td (new ) Tj ET Q q 0 0 0 rg BT 402.81 587.25 Td (T) Tj ET Q q 0 0 0 rg BT 408.57 587.25 Td (rump ) Tj ET Q q 0 0 0 rg BT 432.08 587.25 Td (administration, ) Tj ET Q q 0 0 0 rg BT 494.75 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.37 587.25 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 531.22 587.25 Td (vote ) Tj ET Q q 0 0 0 rg BT 550.84 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 561.02 587.25 Td (exit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (from ) Tj ET Q q 0 0 0 rg BT 58.50 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.78 575.25 Td (European ) Tj ET Q q 0 0 0 rg BT 115.16 575.25 Td (Union ) Tj ET Q q 0 0 0 rg BT 143.23 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.73 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.01 575.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 214.06 575.25 Td (for ) Tj ET Q q 0 0 0 rg BT 228.79 575.25 Td (other ) Tj ET Q q 0 0 0 rg BT 252.40 575.25 Td (countries ) Tj ET Q q 0 0 0 rg BT 292.12 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.96 575.25 Td (leave ) Tj ET Q q 0 0 0 rg BT 327.12 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.40 575.25 Td (E.U. ) Tj ET Q q 0 0 0 rg BT 363.79 575.25 Td (could ) Tj ET Q q 0 0 0 rg BT 389.07 575.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 430.45 575.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 460.73 575.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 498.77 575.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 535.99 575.25 Td (as ) Tj ET Q q 0 0 0 rg BT 547.39 575.25 Td (well ) Tj ET Q q 0 0 0 rg BT 567.67 575.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 74.13 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.60 563.25 Td (global ) Tj ET Q q 0 0 0 rg BT 117.63 563.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 158.53 563.25 Td (growth. ) Tj ET Q q 0 0 0 rg BT 191.39 563.25 Td (Personal ) Tj ET Q q 0 0 0 rg BT 227.86 563.25 Td (income ) Tj ET Q q 0 0 0 rg BT 259.32 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.79 563.25 Td (unemployment ) Tj ET Q q 0 0 0 rg BT 337.81 563.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 363.17 563.25 Td (af) Tj ET Q q 0 0 0 rg BT 370.76 563.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 387.77 563.25 Td (borrowers) Tj ET Q q 0 0 0 rg BT 430.90 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 432.93 563.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 460.51 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 470.32 563.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 494.56 563.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.24 563.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.63 551.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 105.48 551.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 149.65 551.25 Td (real ) Tj ET Q q 0 0 0 rg BT 167.16 551.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 222.98 551.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.84 551.25 Td (we ) Tj ET Q q 0 0 0 rg BT 263.02 551.25 Td (own, ) Tj ET Q q 0 0 0 rg BT 285.26 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.23 551.25 Td (there ) Tj ET Q q 0 0 0 rg BT 324.74 551.25 Td (is ) Tj ET Q q 0 0 0 rg BT 333.93 551.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 351.45 551.25 Td (that ) Tj ET Q q 0 0 0 rg BT 368.97 551.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 410.37 551.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 441.22 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.18 551.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 490.70 551.25 Td (could ) Tj ET Q q 0 0 0 rg BT 515.44 551.25 Td (be ) Tj ET Q q 0 0 0 rg BT 527.40 551.25 Td (weaker ) Tj ET Q q 0 0 0 rg BT 558.79 551.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 82.37 539.25 Td (or ) Tj ET Q q 0 0 0 rg BT 93.20 539.25 Td (negative. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.18 515.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 111.68 515.25 Td (downturn ) Tj ET Q q 0 0 0 rg BT 151.64 515.25 Td (that ) Tj ET Q q 0 0 0 rg BT 168.27 515.25 Td (began ) Tj ET Q q 0 0 0 rg BT 193.78 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.18 515.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 224.82 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.88 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.73 515.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 298.58 515.25 Td (government ) Tj ET Q q 0 0 0 rg BT 347.97 515.25 Td (interventions ) Tj ET Q q 0 0 0 rg BT 401.81 515.25 Td (into ) Tj ET Q q 0 0 0 rg BT 419.00 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.85 515.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.46 515.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 502.75 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.81 515.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 542.10 515.25 Td (stimulus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 75.03 503.25 Td (that ) Tj ET Q q 0 0 0 rg BT 92.96 503.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 130.86 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 141.56 503.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 188.93 503.25 Td (years ) Tj ET Q q 0 0 0 rg BT 212.95 503.25 Td (have ) Tj ET Q q 0 0 0 rg BT 234.76 503.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 283.22 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.93 503.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 346.84 503.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 387.52 503.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 408.23 503.25 Td (budget ) Tj ET Q q 0 0 0 rg BT 438.38 503.25 Td (deficits ) Tj ET Q q 0 0 0 rg BT 470.74 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.10 503.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 518.79 503.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 538.94 503.25 Td (levels. ) Tj ET Q q 0 0 0 rg BT 567.69 503.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 73.54 491.25 Td (under ) Tj ET Q q 0 0 0 rg BT 98.57 491.25 Td (President ) Tj ET Q q 0 0 0 rg BT 137.88 491.25 Td (T) Tj ET Q q 0 0 0 rg BT 143.64 491.25 Td (rump) Tj ET Q q 0 0 0 rg BT 167.53 491.25 Td (s ) Tj ET Q q 0 0 0 rg BT 173.68 491.25 Td (administration, ) Tj ET Q q 0 0 0 rg BT 236.21 491.25 Td (further ) Tj ET Q q 0 0 0 rg BT 265.69 491.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 289.60 491.25 Td (stimulus ) Tj ET Q q 0 0 0 rg BT 325.76 491.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 364.13 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 383.61 491.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 408.08 491.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 440.89 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.93 491.25 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 509.56 491.25 Td (defense, ) Tj ET Q q 0 0 0 rg BT 544.86 491.25 Td (or ) Tj ET Q q 0 0 0 rg BT 555.45 491.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 59.26 479.25 Td (that ) Tj ET Q q 0 0 0 rg BT 76.99 479.25 Td (Congress ) Tj ET Q q 0 0 0 rg BT 116.94 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.10 479.25 Td (President ) Tj ET Q q 0 0 0 rg BT 173.85 479.25 Td (T) Tj ET Q q 0 0 0 rg BT 179.60 479.25 Td (rump ) Tj ET Q q 0 0 0 rg BT 203.44 479.25 Td (designate. ) Tj ET Q q 0 0 0 rg BT 246.23 479.25 Td (These ) Tj ET Q q 0 0 0 rg BT 272.84 479.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 312.21 479.25 Td (can ) Tj ET Q q 0 0 0 rg BT 328.81 479.25 Td (put ) Tj ET Q q 0 0 0 rg BT 344.32 479.25 Td (upward ) Tj ET Q q 0 0 0 rg BT 377.04 479.25 Td (pressure ) Tj ET Q q 0 0 0 rg BT 413.08 479.25 Td (on ) Tj ET Q q 0 0 0 rg BT 425.81 479.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 457.97 479.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 479.58 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.74 479.25 Td (could ) Tj ET Q q 0 0 0 rg BT 521.68 479.25 Td (be ) Tj ET Q q 0 0 0 rg BT 533.85 479.25 Td (among ) Tj ET Q q 0 0 0 rg BT 563.79 479.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 65.30 467.25 Td (that ) Tj ET Q q 0 0 0 rg BT 82.38 467.25 Td (could ) Tj ET Q q 0 0 0 rg BT 106.69 467.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 125.43 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 135.30 467.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 162.94 467.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 194.46 467.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 215.43 467.25 Td (over ) Tj ET Q q 0 0 0 rg BT 235.29 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.59 467.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 291.12 467.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 319.58 467.25 Td (Higher ) Tj ET Q q 0 0 0 rg BT 349.44 467.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 390.97 467.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 422.49 467.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 443.46 467.25 Td (could ) Tj ET Q q 0 0 0 rg BT 467.76 467.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 508.17 467.25 Td (af) Tj ET Q q 0 0 0 rg BT 515.76 467.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 532.83 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 548.25 467.25 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 74.42 455.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 108.38 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.85 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.21 455.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 167.79 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.60 455.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 194.06 455.25 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 237.48 455.25 Td (as ) Tj ET Q q 0 0 0 rg BT 247.84 455.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 288.20 455.25 Td (further ) Tj ET Q q 0 0 0 rg BT 317.43 455.25 Td (below ) Tj ET Q q 0 0 0 rg BT 343.90 455.25 Td (under ) Tj ET Q q 0 0 0 rg BT 368.70 455.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.14 455.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 392.20 455.25 Td (est ) Tj ET Q q 0 0 0 rg BT 405.34 455.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 423.48 455.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 472.73 455.25 Td (can ) Tj ET Q q 0 0 0 rg BT 489.20 455.25 Td (have ) Tj ET Q q 0 0 0 rg BT 510.10 455.25 Td (various ) Tj ET Q q 0 0 0 rg BT 542.13 455.25 Td (negative ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (effects ) Tj ET Q q 0 0 0 rg BT 63.47 443.25 Td (on ) Tj ET Q q 0 0 0 rg BT 75.40 443.25 Td (us ) Tj ET Q q 0 0 0 rg BT 86.23 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.16 443.25 Td (could ) Tj ET Q q 0 0 0 rg BT 127.31 443.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 146.45 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 156.16 443.25 Td (r) Tj ET Q q 0 0 0 rg BT 159.68 443.25 Td (educed ) Tj ET Q q 0 0 0 rg BT 189.93 443.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 226.86 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.79 443.25 Td (incr) Tj ET Q q 0 0 0 rg BT 259.53 443.25 Td (eased ) Tj ET Q q 0 0 0 rg BT 284.23 443.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 321.71 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 331.42 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 347.24 443.25 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.24 443.25 Td (. ) Tj ET Q q 0 0 0 rg BT 391.11 443.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 445.53 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 460.79 443.25 Td (business ) Tj ET Q q 0 0 0 rg BT 496.61 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.98 443.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 549.89 443.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (may ) Tj ET Q q 0 0 0 rg BT 56.12 431.25 Td (be ) Tj ET Q q 0 0 0 rg BT 68.46 431.25 Td (harmed ) Tj ET Q q 0 0 0 rg BT 101.35 431.25 Td (by ) Tj ET Q q 0 0 0 rg BT 114.26 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.49 431.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 166.73 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.41 431.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 221.39 431.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 263.16 431.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 321.61 431.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 365.61 431.25 Td (with ) Tj ET Q q 0 0 0 rg BT 386.29 431.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 421.40 431.25 Td (in, ) Tj ET Q q 0 0 0 rg BT 434.58 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 445.82 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.94 431.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 494.40 431.25 Td (for) Tj ET Q q 0 0 0 rg BT 505.66 431.25 Td (, ) Tj ET Q q 0 0 0 rg BT 511.07 431.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.40 431.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 567.68 431.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 73.15 419.25 Td (near) Tj ET Q q 0 0 0 rg BT 90.16 419.25 Td (-term ) Tj ET Q q 0 0 0 rg BT 113.69 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 130.00 419.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 171.31 419.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 190.97 419.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 231.71 419.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 275.25 419.25 Td (could ) Tj ET Q q 0 0 0 rg BT 299.34 419.25 Td (be ) Tj ET Q q 0 0 0 rg BT 310.66 419.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 349.18 419.25 Td (by ) Tj ET Q q 0 0 0 rg BT 361.06 419.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 395.14 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.79 419.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 428.32 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 444.64 419.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 458.73 419.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 485.60 419.25 Td (supported ) Tj ET Q q 0 0 0 rg BT 526.91 419.25 Td (by ) Tj ET Q q 0 0 0 rg BT 538.79 419.25 Td (Congress ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 407.25 Td (President ) Tj ET Q q 0 0 0 rg BT 92.47 407.25 Td (T) Tj ET Q q 0 0 0 rg BT 98.23 407.25 Td (rump) Tj ET Q q 0 0 0 rg BT 122.12 407.25 Td (s ) Tj ET Q q 0 0 0 rg BT 128.51 407.25 Td (administration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 74.92 383.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 100.29 383.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 130.93 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.97 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.79 383.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 190.94 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.31 383.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 237.78 383.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 268.14 383.25 Td (by ) Tj ET Q q 0 0 0 rg BT 280.74 383.25 Td (owning ) Tj ET Q q 0 0 0 rg BT 313.34 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 324.27 383.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 351.87 383.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 377.23 383.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 394.83 383.25 Td (on ) Tj ET Q q 0 0 0 rg BT 407.43 383.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 431.13 383.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 464.27 383.25 Td (by ) Tj ET Q q 0 0 0 rg BT 476.87 383.25 Td (real ) Tj ET Q q 0 0 0 rg BT 494.45 383.25 Td (estate, ) Tj ET Q q 0 0 0 rg BT 522.32 383.25 Td (are ) Tj ET Q q 0 0 0 rg BT 537.12 383.25 Td (important ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.41 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 60.36 371.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 98.38 371.25 Td (Following ) Tj ET Q q 0 0 0 rg BT 141.13 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.97 371.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 191.58 371.25 Td (crisis ) Tj ET Q q 0 0 0 rg BT 214.32 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.27 371.25 Td (2007-2008, ) Tj ET Q q 0 0 0 rg BT 271.73 371.25 Td (government ) Tj ET Q q 0 0 0 rg BT 321.12 371.25 Td (intervention ) Tj ET Q q 0 0 0 rg BT 371.07 371.25 Td (has ) Tj ET Q q 0 0 0 rg BT 386.03 371.25 Td (been ) Tj ET Q q 0 0 0 rg BT 406.53 371.25 Td (important ) Tj ET Q q 0 0 0 rg BT 447.04 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 456.45 371.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 500.85 371.25 Td (real ) Tj ET Q q 0 0 0 rg BT 517.47 371.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 541.86 371.25 Td (markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.54 359.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 80.63 359.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 100.74 359.25 Td (economy) Tj ET Q q 0 0 0 rg BT 136.75 359.25 Td (, ) Tj ET Q q 0 0 0 rg BT 141.58 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.34 359.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 187.32 359.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 223.80 359.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 265.00 359.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 298.99 359.25 Td (have ) Tj ET Q q 0 0 0 rg BT 320.19 359.25 Td (also ) Tj ET Q q 0 0 0 rg BT 338.62 359.25 Td (received ) Tj ET Q q 0 0 0 rg BT 374.81 359.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 419.91 359.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 440.02 359.25 Td (government ) Tj ET Q q 0 0 0 rg BT 490.11 359.25 Td (support. ) Tj ET Q q 0 0 0 rg BT 524.94 359.25 Td (In ) Tj ET Q q 0 0 0 rg BT 535.60 359.25 Td (particular) Tj ET Q q 0 0 0 rg BT 573.51 359.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.96 347.25 Td (government) Tj ET Q q 0 0 0 rg BT 101.50 347.25 Td (s ) Tj ET Q q 0 0 0 rg BT 108.14 347.25 Td (support ) Tj ET Q q 0 0 0 rg BT 140.88 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.96 347.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 192.46 347.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 226.86 347.25 Td (through ) Tj ET Q q 0 0 0 rg BT 260.72 347.25 Td (its ) Tj ET Q q 0 0 0 rg BT 272.91 347.25 Td (support ) Tj ET Q q 0 0 0 rg BT 305.65 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.73 347.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 346.69 347.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 367.20 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.38 347.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 417.67 347.25 Td (Mac ) Tj ET Q q 0 0 0 rg BT 438.19 347.25 Td (expanded ) Tj ET Q q 0 0 0 rg BT 479.25 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 489.77 347.25 Td (late ) Tj ET Q q 0 0 0 rg BT 506.95 347.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 532.19 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 543.27 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 558.23 347.25 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.76 335.25 Td (reasury ) Tj ET Q q 0 0 0 rg BT 75.39 335.25 Td (Department ) Tj ET Q q 0 0 0 rg BT 126.80 335.25 Td (chose ) Tj ET Q q 0 0 0 rg BT 153.77 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.75 335.25 Td (backstop ) Tj ET Q q 0 0 0 rg BT 205.51 335.25 Td (these ) Tj ET Q q 0 0 0 rg BT 230.26 335.25 Td (government-sponsored ) Tj ET Q q 0 0 0 rg BT 326.11 335.25 Td (enterprises. ) Tj ET Q q 0 0 0 rg BT 375.83 335.25 Td (The ) Tj ET Q q 0 0 0 rg BT 395.58 335.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 454.76 335.25 Td (support ) Tj ET Q q 0 0 0 rg BT 488.97 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 504.83 335.25 Td (these ) Tj ET Q q 0 0 0 rg BT 529.59 335.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 562.67 335.25 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 83.17 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 92.58 323.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 121.43 323.25 Td (Mae) Tj ET Q q 0 0 0 rg BT 141.98 323.25 Td (s ) Tj ET Q q 0 0 0 rg BT 147.50 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.57 323.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 195.75 323.25 Td (Mac) Tj ET Q q 0 0 0 rg BT 216.29 323.25 Td (s ) Tj ET Q q 0 0 0 rg BT 221.82 323.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 262.88 323.25 Td (dominance ) Tj ET Q q 0 0 0 rg BT 308.38 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.34 323.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 361.63 323.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 401.02 323.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 432.07 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.14 323.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 503.64 323.25 Td (activity) Tj ET Q q 0 0 0 rg BT 532.98 323.25 Td (, ) Tj ET Q q 0 0 0 rg BT 537.11 323.25 Td (inhibiting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.99 311.25 Td (return ) Tj ET Q q 0 0 0 rg BT 79.64 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.75 311.25 Td (private ) Tj ET Q q 0 0 0 rg BT 123.28 311.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 150.93 311.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 192.47 311.25 Td (securitization. ) Tj ET Q q 0 0 0 rg BT 252.34 311.25 Td (This ) Tj ET Q q 0 0 0 rg BT 273.89 311.25 Td (support ) Tj ET Q q 0 0 0 rg BT 307.67 311.25 Td (may ) Tj ET Q q 0 0 0 rg BT 328.66 311.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 366.86 311.25 Td (for ) Tj ET Q q 0 0 0 rg BT 382.30 311.25 Td (some ) Tj ET Q q 0 0 0 rg BT 407.18 311.25 Td (time ) Tj ET Q q 0 0 0 rg BT 428.73 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.94 311.25 Td (could ) Tj ET Q q 0 0 0 rg BT 472.93 311.25 Td (have ) Tj ET Q q 0 0 0 rg BT 495.58 311.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 542.13 311.25 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 92.63 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 102.05 299.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 115.09 299.25 Td (since ) Tj ET Q q 0 0 0 rg BT 137.29 299.25 Td (we ) Tj ET Q q 0 0 0 rg BT 150.60 299.25 Td (have ) Tj ET Q q 0 0 0 rg BT 171.13 299.25 Td (traditionally ) Tj ET Q q 0 0 0 rg BT 221.65 299.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 244.96 299.25 Td (an ) Tj ET Q q 0 0 0 rg BT 256.04 299.25 Td (active ) Tj ET Q q 0 0 0 rg BT 281.57 299.25 Td (role ) Tj ET Q q 0 0 0 rg BT 298.76 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 308.19 299.25 Td (assuming ) Tj ET Q q 0 0 0 rg BT 347.62 299.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 372.03 299.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 388.68 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 398.11 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.97 299.25 Td (private ) Tj ET Q q 0 0 0 rg BT 441.39 299.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 466.91 299.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 506.33 299.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 538.24 299.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (through ) Tj ET Q q 0 0 0 rg BT 69.61 287.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 119.88 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 130.16 287.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 164.88 287.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 225.14 287.25 Td (we ) Tj ET Q q 0 0 0 rg BT 239.30 287.25 Td (sponsor) Tj ET Q q 0 0 0 rg BT 269.86 287.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (Congress ) Tj ET Q q 0 0 0 rg BT 77.61 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.44 263.25 Td (President ) Tj ET Q q 0 0 0 rg BT 138.59 263.25 Td (T) Tj ET Q q 0 0 0 rg BT 144.33 263.25 Td (rump) Tj ET Q q 0 0 0 rg BT 169.15 263.25 Td (s ) Tj ET Q q 0 0 0 rg BT 176.31 263.25 Td (administration ) Tj ET Q q 0 0 0 rg BT 240.15 263.25 Td (may ) Tj ET Q q 0 0 0 rg BT 260.63 263.25 Td (make ) Tj ET Q q 0 0 0 rg BT 286.12 263.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 334.40 263.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 371.56 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.61 263.25 Td (fiscal, ) Tj ET Q q 0 0 0 rg BT 410.59 263.25 Td (tax, ) Tj ET Q q 0 0 0 rg BT 429.13 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.96 263.25 Td (other ) Tj ET Q q 0 0 0 rg BT 472.90 263.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 505.04 263.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 539.41 263.25 Td (that ) Tj ET Q q 0 0 0 rg BT 558.80 263.25 Td (may ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 76.82 251.25 Td (af) Tj ET Q q 0 0 0 rg BT 84.96 251.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 102.45 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.40 251.25 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (President ) Tj ET Q q 0 0 0 rg BT 93.43 227.25 Td (T) Tj ET Q q 0 0 0 rg BT 99.19 227.25 Td (rump ) Tj ET Q q 0 0 0 rg BT 122.68 227.25 Td (has ) Tj ET Q q 0 0 0 rg BT 138.40 227.25 Td (called ) Tj ET Q q 0 0 0 rg BT 164.66 227.25 Td (for ) Tj ET Q q 0 0 0 rg BT 178.71 227.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 223.87 227.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 258.46 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 268.62 227.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 288.79 227.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 312.84 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.66 227.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 344.26 227.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 380.25 227.25 Td (which ) Tj ET Q q 0 0 0 rg BT 407.08 227.25 Td (may ) Tj ET Q q 0 0 0 rg BT 426.68 227.25 Td (include ) Tj ET Q q 0 0 0 rg BT 458.50 227.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 521.42 227.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 561.56 227.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 78.63 215.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 92.92 215.25 Td (reform. ) Tj ET Q q 0 0 0 rg BT 124.70 215.25 Td (In ) Tj ET Q q 0 0 0 rg BT 135.10 215.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 172.45 215.25 Td (President ) Tj ET Q q 0 0 0 rg BT 211.59 215.25 Td (T) Tj ET Q q 0 0 0 rg BT 217.35 215.25 Td (rump ) Tj ET Q q 0 0 0 rg BT 240.53 215.25 Td (has ) Tj ET Q q 0 0 0 rg BT 255.94 215.25 Td (called ) Tj ET Q q 0 0 0 rg BT 281.88 215.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.62 215.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 339.90 215.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 374.18 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.04 215.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 403.89 215.25 Td (trade, ) Tj ET Q q 0 0 0 rg BT 428.45 215.25 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 474.11 215.25 Td (immigration, ) Tj ET Q q 0 0 0 rg BT 528.12 215.25 Td (foreign, ) Tj ET Q q 0 0 0 rg BT 561.57 215.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (government ) Tj ET Q q 0 0 0 rg BT 85.82 203.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 128.98 203.25 Td (policy) Tj ET Q q 0 0 0 rg BT 153.32 203.25 Td (. ) Tj ET Q q 0 0 0 rg BT 157.88 203.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 182.72 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.11 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.39 203.25 Td (called-for ) Tj ET Q q 0 0 0 rg BT 248.31 203.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 282.57 203.25 Td (would ) Tj ET Q q 0 0 0 rg BT 309.63 203.25 Td (require ) Tj ET Q q 0 0 0 rg BT 340.01 203.25 Td (Congressional ) Tj ET Q q 0 0 0 rg BT 399.29 203.25 Td (approval, ) Tj ET Q q 0 0 0 rg BT 438.83 203.25 Td (while ) Tj ET Q q 0 0 0 rg BT 463.11 203.25 Td (other ) Tj ET Q q 0 0 0 rg BT 485.71 203.25 Td (have ) Tj ET Q q 0 0 0 rg BT 506.65 203.25 Td (already ) Tj ET Q q 0 0 0 rg BT 538.13 203.25 Td (been, ) Tj ET Q q 0 0 0 rg BT 561.57 203.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.41 191.25 Td (in ) Tj ET Q q 0 0 0 rg BT 65.38 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.79 191.25 Td (future ) Tj ET Q q 0 0 0 rg BT 105.85 191.25 Td (be, ) Tj ET Q q 0 0 0 rg BT 119.98 191.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 149.93 191.25 Td (out ) Tj ET Q q 0 0 0 rg BT 164.90 191.25 Td (unilaterally ) Tj ET Q q 0 0 0 rg BT 212.63 191.25 Td (by ) Tj ET Q q 0 0 0 rg BT 224.82 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.23 191.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 279.73 191.25 Td (branch ) Tj ET Q q 0 0 0 rg BT 309.13 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.65 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.06 191.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 354.03 191.25 Td (government. ) Tj ET Q q 0 0 0 rg BT 406.33 191.25 Td (T) Tj ET Q q 0 0 0 rg BT 411.74 191.25 Td (o ) Tj ET Q q 0 0 0 rg BT 418.93 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.34 191.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 459.96 191.25 Td (Congress ) Tj ET Q q 0 0 0 rg BT 499.38 191.25 Td (or ) Tj ET Q q 0 0 0 rg BT 509.90 191.25 Td (President ) Tj ET Q q 0 0 0 rg BT 549.15 191.25 Td (T) Tj ET Q q 0 0 0 rg BT 554.90 191.25 Td (rump ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (implement ) Tj ET Q q 0 0 0 rg BT 82.21 179.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 117.86 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.08 179.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 150.31 179.25 Td (policy) Tj ET Q q 0 0 0 rg BT 174.65 179.25 Td (, ) Tj ET Q q 0 0 0 rg BT 180.59 179.25 Td (those ) Tj ET Q q 0 0 0 rg BT 205.15 179.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 240.79 179.25 Td (may ) Tj ET Q q 0 0 0 rg BT 261.45 179.25 Td (impact, ) Tj ET Q q 0 0 0 rg BT 294.61 179.25 Td (among ) Tj ET Q q 0 0 0 rg BT 325.27 179.25 Td (other ) Tj ET Q q 0 0 0 rg BT 349.26 179.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 379.65 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.31 179.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 416.53 179.25 Td (economy) Tj ET Q q 0 0 0 rg BT 452.54 179.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.48 179.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 493.59 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.47 179.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 546.59 179.25 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 72.77 167.25 Td (international ) Tj ET Q q 0 0 0 rg BT 125.92 167.25 Td (trade, ) Tj ET Q q 0 0 0 rg BT 151.01 167.25 Td (unemployment, ) Tj ET Q q 0 0 0 rg BT 216.11 167.25 Td (immigration, ) Tj ET Q q 0 0 0 rg BT 270.66 167.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 311.03 167.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 336.69 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.51 167.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 391.89 167.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 423.93 167.25 Td (deduction ) Tj ET Q q 0 0 0 rg BT 465.98 167.25 Td (available ) Tj ET Q q 0 0 0 rg BT 504.68 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 515.07 167.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 558.23 167.25 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (taxpayers, ) Tj ET Q q 0 0 0 rg BT 78.51 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.43 155.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 135.22 155.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 187.46 155.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.94 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.86 155.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 230.34 155.25 Td (including ) Tj ET Q q 0 0 0 rg BT 269.81 155.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 303.73 155.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 349.86 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.00 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.92 155.25 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 430.12 155.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 448.76 155.25 Td (international ) Tj ET Q q 0 0 0 rg BT 501.00 155.25 Td (relations, ) Tj ET Q q 0 0 0 rg BT 539.63 155.25 Td (inflation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (unemployment, ) Tj ET Q q 0 0 0 rg BT 101.00 143.25 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 147.10 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.05 143.25 Td (other ) Tj ET Q q 0 0 0 rg BT 187.11 143.25 Td (areas. ) Tj ET Q q 0 0 0 rg BT 212.10 143.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 252.40 143.25 Td (we ) Tj ET Q q 0 0 0 rg BT 266.57 143.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 295.74 143.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 326.02 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.75 143.25 Td (impact, ) Tj ET Q q 0 0 0 rg BT 372.97 143.25 Td (if ) Tj ET Q q 0 0 0 rg BT 381.60 143.25 Td (any) Tj ET Q q 0 0 0 rg BT 395.38 143.25 Td (, ) Tj ET Q q 0 0 0 rg BT 400.40 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 411.24 143.25 Td (these ) Tj ET Q q 0 0 0 rg BT 434.30 143.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 469.02 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.31 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 495.16 143.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 534.06 143.25 Td (they ) Tj ET Q q 0 0 0 rg BT 553.79 143.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 76.43 131.25 Td (af) Tj ET Q q 0 0 0 rg BT 84.02 131.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 101.13 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 116.58 131.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 155.09 131.25 Td (Until ) Tj ET Q q 0 0 0 rg BT 177.76 131.25 Td (we ) Tj ET Q q 0 0 0 rg BT 191.54 131.25 Td (know ) Tj ET Q q 0 0 0 rg BT 215.88 131.25 Td (what ) Tj ET Q q 0 0 0 rg BT 237.44 131.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 264.55 131.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 298.88 131.25 Td (are ) Tj ET Q q 0 0 0 rg BT 313.21 131.25 Td (made ) Tj ET Q q 0 0 0 rg BT 336.98 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.54 131.25 Td (how ) Tj ET Q q 0 0 0 rg BT 372.88 131.25 Td (those ) Tj ET Q q 0 0 0 rg BT 396.11 131.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 430.43 131.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 459.76 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 475.21 131.25 Td (business ) Tj ET Q q 0 0 0 rg BT 511.22 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.78 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.12 131.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 62.66 119.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 112.37 119.25 Td (over ) Tj ET Q q 0 0 0 rg BT 132.64 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.36 119.25 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 191.79 119.25 Td (we ) Tj ET Q q 0 0 0 rg BT 205.95 119.25 Td (will ) Tj ET Q q 0 0 0 rg BT 224.01 119.25 Td (not ) Tj ET Q q 0 0 0 rg BT 239.29 119.25 Td (know ) Tj ET Q q 0 0 0 rg BT 264.01 119.25 Td (if, ) Tj ET Q q 0 0 0 rg BT 275.12 119.25 Td (overall, ) Tj ET Q q 0 0 0 rg BT 307.88 119.25 Td (we ) Tj ET Q q 0 0 0 rg BT 322.04 119.25 Td (will ) Tj ET Q q 0 0 0 rg BT 340.10 119.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 370.36 119.25 Td (from ) Tj ET Q q 0 0 0 rg BT 392.30 119.25 Td (them ) Tj ET Q q 0 0 0 rg BT 414.79 119.25 Td (or ) Tj ET Q q 0 0 0 rg BT 425.62 119.25 Td (be ) Tj ET Q q 0 0 0 rg BT 437.56 119.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 481.71 119.25 Td (af) Tj ET Q q 0 0 0 rg BT 489.30 119.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 516.22 119.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.72 119.25 Td (them.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Changing ) Tj ET Q q 0 0 0 rg BT 79.14 731.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 127.81 731.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.38 731.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 184.88 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.45 731.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.23 731.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 251.46 731.25 Td (Reserve) Tj ET Q q 0 0 0 rg BT 286.25 731.25 Td (s ) Tj ET Q q 0 0 0 rg BT 292.15 731.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 323.60 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 341.17 731.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 386.51 731.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 429.08 731.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 469.97 731.25 Td (policy) Tj ET Q q 0 0 0 rg BT 494.03 731.25 Td (, ) Tj ET Q q 0 0 0 rg BT 498.54 731.25 Td (can ) Tj ET Q q 0 0 0 rg BT 515.55 731.25 Td (af) Tj ET Q q 0 0 0 rg BT 523.70 731.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 540.69 731.25 Td (the ) Tj ET Q q 0 0 0 rg BT 555.47 731.25 Td (fixed ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (income ) Tj ET Q q 0 0 0 rg BT 68.32 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 86.21 719.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 127.43 719.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 160.86 719.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 195.97 719.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.64 719.25 Td (ways ) Tj ET Q q 0 0 0 rg BT 228.97 719.25 Td (that ) Tj ET Q q 0 0 0 rg BT 247.41 719.25 Td (could ) Tj ET Q q 0 0 0 rg BT 272.52 719.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 313.16 719.25 Td (af) Tj ET Q q 0 0 0 rg BT 321.31 719.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 338.63 719.25 Td (our ) Tj ET Q q 0 0 0 rg BT 355.41 719.25 Td (future ) Tj ET Q q 0 0 0 rg BT 383.30 719.25 Td (business ) Tj ET Q q 0 0 0 rg BT 420.64 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.53 719.25 Td (financial ) Tj ET Q q 0 0 0 rg 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(market ) Tj ET Q q 0 0 0 rg BT 183.13 551.25 Td (participants) Tj ET Q q 0 0 0 rg BT 232.37 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.00 551.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 287.61 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.68 551.25 Td (outlooks ) Tj ET Q q 0 0 0 rg BT 341.75 551.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 382.70 551.25 Td (future ) Tj ET Q q 0 0 0 rg BT 409.20 551.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 435.16 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.12 551.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 493.17 551.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 525.23 551.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 546.73 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 563.80 551.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 73.81 539.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 99.98 539.25 Td (these ) Tj ET Q q 0 0 0 rg BT 122.81 539.25 Td (market ) Tj ET Q q 0 0 0 rg BT 152.85 539.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 201.78 539.25 Td (would ) Tj ET Q q 0 0 0 rg BT 229.06 539.25 Td (require ) Tj ET Q q 0 0 0 rg BT 259.66 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 269.72 539.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 295.88 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.94 539.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 328.77 539.25 Td (income ) Tj ET Q q 0 0 0 rg BT 360.48 539.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 411.93 539.25 Td (including ) Tj ET Q q 0 0 0 rg BT 451.98 539.25 Td (most ) Tj ET Q q 0 0 0 rg BT 473.71 539.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 517.64 539.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 561.58 539.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 80.15 527.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 152.06 527.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 192.32 527.25 Td (\(RMBS\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 503.25 Td (o ) Tj ET Q q 0 0 0 rg BT 66.25 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.30 503.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 106.57 503.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 152.82 503.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 184.09 503.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 204.80 503.25 Td (rise, ) Tj ET Q q 0 0 0 rg BT 223.58 503.25 Td (one ) Tj ET Q q 0 0 0 rg BT 239.85 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.02 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.07 503.25 Td (immediate ) Tj ET Q q 0 0 0 rg BT 308.11 503.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 344.94 503.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 377.87 503.25 Td (on ) Tj ET Q q 0 0 0 rg BT 389.71 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 404.87 503.25 Td (business ) Tj ET Q q 0 0 0 rg BT 440.60 503.25 Td (would ) Tj ET Q q 0 0 0 rg BT 467.44 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 478.71 503.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.98 503.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 524.58 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 534.19 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.25 503.25 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (value ) Tj ET Q q 0 0 0 rg BT 60.39 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 71.46 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.41 491.25 Td (pool ) Tj ET Q q 0 0 0 rg BT 106.93 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.99 491.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 162.38 491.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 202.88 491.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 226.73 491.25 Td (that ) Tj ET Q q 0 0 0 rg BT 244.46 491.25 Td (we ) Tj ET Q q 0 0 0 rg BT 258.86 491.25 Td (own ) Tj ET Q q 0 0 0 rg BT 278.81 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.99 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.94 491.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 341.44 491.25 Td (value ) Tj ET Q q 0 0 0 rg BT 365.84 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.90 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.86 491.25 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 426.81 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.87 491.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 482.26 491.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 522.76 491.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 546.61 491.25 Td (that ) Tj ET Q q 0 0 0 rg BT 564.34 491.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (have ) Tj ET Q q 0 0 0 rg BT 56.94 479.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 97.32 479.25 Td (for ) Tj ET Q q 0 0 0 rg BT 111.04 479.25 Td (purchase. ) Tj ET Q q 0 0 0 rg BT 151.13 479.25 Td (Rising ) Tj ET Q q 0 0 0 rg BT 179.31 479.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 225.79 479.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 257.29 479.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 278.22 479.25 Td (also ) Tj ET Q q 0 0 0 rg BT 296.39 479.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 335.65 479.25 Td (have ) Tj ET Q q 0 0 0 rg BT 356.59 479.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.09 479.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 399.02 479.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 428.29 479.25 Td (on ) Tj ET Q q 0 0 0 rg BT 440.35 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.63 479.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 484.45 479.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 502.62 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 513.01 479.25 Td (short- ) Tj ET Q q 0 0 0 rg BT 538.40 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 554.90 479.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (term ) Tj ET Q q 0 0 0 rg BT 56.87 467.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 104.97 467.25 Td (we ) Tj ET Q q 0 0 0 rg BT 119.18 467.25 Td (use ) Tj ET Q q 0 0 0 rg BT 135.06 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 145.39 467.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 177.36 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 193.24 467.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 243.56 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.55 467.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 297.55 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.43 467.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 352.63 467.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 392.94 467.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 419.10 467.25 Td (including ) Tj ET Q q 0 0 0 rg BT 459.42 467.25 Td (as ) Tj ET Q q 0 0 0 rg BT 470.30 467.25 Td (a ) Tj ET Q q 0 0 0 rg BT 477.28 467.25 Td (result ) Tj ET Q q 0 0 0 rg BT 502.05 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.93 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.69 467.25 Td (requirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.18 455.25 Td (post ) Tj ET Q q 0 0 0 rg BT 65.25 455.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 107.64 455.25 Td (mar) Tj ET Q q 0 0 0 rg BT 123.00 455.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 138.18 455.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 152.24 455.25 Td (collateral\) ) Tj ET Q q 0 0 0 rg BT 195.16 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 205.34 455.25 Td (lenders ) Tj ET Q q 0 0 0 rg BT 236.62 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.79 455.25 Td (of) Tj ET Q q 0 0 0 rg BT 254.94 455.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 271.78 455.25 Td (any ) Tj ET Q q 0 0 0 rg BT 288.62 455.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 332.11 455.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 363.38 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 373.56 455.25 Td (value ) Tj ET Q q 0 0 0 rg BT 397.61 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.34 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.96 455.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 463.12 455.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 486.63 455.25 Td (we ) Tj ET Q q 0 0 0 rg BT 500.69 455.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 532.51 455.25 Td (with ) Tj ET Q q 0 0 0 rg BT 552.69 455.25 Td (short- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.66 443.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 94.32 443.25 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 144.43 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 162.20 443.25 Td (short- ) Tj ET Q q 0 0 0 rg BT 187.76 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.42 443.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 246.07 443.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 293.85 443.25 Td (we ) Tj ET Q q 0 0 0 rg BT 307.73 443.25 Td (use ) Tj ET Q q 0 0 0 rg BT 323.29 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 333.29 443.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 364.93 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.49 443.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 430.48 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 447.15 443.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 483.82 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.37 443.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.24 443.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.45 431.25 Td (are ) Tj ET Q q 0 0 0 rg BT 73.99 431.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 129.10 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.87 431.25 Td (have ) Tj ET Q q 0 0 0 rg BT 167.09 431.25 Td (a ) Tj ET Q q 0 0 0 rg BT 173.87 431.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 204.53 431.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 227.70 431.25 Td (which ) Tj ET Q q 0 0 0 rg BT 254.47 431.25 Td (could ) Tj ET Q q 0 0 0 rg BT 279.03 431.25 Td (result ) Tj ET Q q 0 0 0 rg BT 303.58 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 313.70 431.25 Td (these ) Tj ET Q q 0 0 0 rg BT 336.58 431.25 Td (types ) Tj ET Q q 0 0 0 rg BT 360.03 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.70 431.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 418.59 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 433.70 431.25 Td (being ) Tj ET Q q 0 0 0 rg BT 458.26 431.25 Td (available ) Tj ET Q q 0 0 0 rg BT 496.68 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.80 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.36 431.25 Td (future ) Tj ET Q q 0 0 0 rg BT 547.57 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 557.69 431.25 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.17 419.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 100.79 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.07 419.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 153.36 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.65 419.25 Td (could ) Tj ET Q q 0 0 0 rg BT 193.71 419.25 Td (result ) Tj ET Q q 0 0 0 rg BT 217.77 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.39 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.56 419.25 Td (being ) Tj ET Q q 0 0 0 rg BT 266.62 419.25 Td (required ) Tj ET Q q 0 0 0 rg BT 301.78 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.40 419.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 327.13 419.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 363.42 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.60 419.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 417.09 419.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 456.70 419.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 479.65 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.93 419.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 518.32 419.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 546.55 419.25 Td (Similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 69.50 407.25 Td (would ) Tj ET Q q 0 0 0 rg BT 96.90 407.25 Td (also ) Tj ET Q q 0 0 0 rg BT 115.41 407.25 Td (be ) Tj ET Q q 0 0 0 rg BT 127.25 407.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 165.18 407.25 Td (with ) Tj ET Q q 0 0 0 rg BT 185.36 407.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 216.08 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.25 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.87 407.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 284.93 407.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 332.88 407.25 Td (we ) Tj ET Q q 0 0 0 rg BT 346.94 407.25 Td (use ) Tj ET Q q 0 0 0 rg BT 362.67 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.85 407.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 404.67 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 420.40 407.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 470.57 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.41 407.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 524.26 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 534.99 407.25 Td (RMBS. ) Tj ET Q q 0 0 0 rg BT 567.68 407.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 74.31 395.25 Td (any ) Tj ET Q q 0 0 0 rg BT 91.78 395.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 128.15 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.96 395.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 160.32 395.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 211.13 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.50 395.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 263.29 395.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 287.44 395.25 Td (could ) Tj ET Q q 0 0 0 rg BT 312.69 395.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 346.82 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 363.18 395.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 406.76 395.25 Td (as ) Tj ET Q q 0 0 0 rg BT 418.12 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 425.60 395.25 Td (reliable ) Tj ET Q q 0 0 0 rg BT 458.61 395.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 512.18 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.99 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.24 395.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 67.92 383.25 Td (markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 359.25 Td (o ) Tj ET Q q 0 0 0 rg BT 66.12 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.05 359.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 106.20 359.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 152.34 359.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 183.49 359.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 204.08 359.25 Td (rise, ) Tj ET Q q 0 0 0 rg BT 222.73 359.25 Td (it ) Tj ET Q q 0 0 0 rg BT 230.00 359.25 Td (would ) Tj ET Q q 0 0 0 rg BT 256.71 359.25 Td (also ) Tj ET Q q 0 0 0 rg BT 274.54 359.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 299.02 359.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 327.95 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.88 359.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 373.59 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 383.63 359.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 427.00 359.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 466.48 359.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 489.30 359.25 Td (available ) Tj ET Q q 0 0 0 rg BT 527.10 359.25 Td (for ) Tj ET Q q 0 0 0 rg BT 540.47 359.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.91 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.27 347.25 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 111.26 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 127.83 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 143.30 347.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 170.98 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.90 347.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 216.91 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.82 347.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 258.38 347.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 302.16 347.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 342.06 347.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 365.31 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 375.77 347.25 Td (part ) Tj ET Q q 0 0 0 rg BT 393.45 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.92 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 419.38 347.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 463.17 347.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 503.07 347.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 537.42 347.25 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (These ) Tj ET Q q 0 0 0 rg BT 62.14 335.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 95.50 335.25 Td (could ) Tj ET Q q 0 0 0 rg BT 119.98 335.25 Td (result ) Tj ET Q q 0 0 0 rg BT 144.46 335.25 Td (from, ) Tj ET Q q 0 0 0 rg BT 168.66 335.25 Td (among ) Tj ET Q q 0 0 0 rg BT 198.13 335.25 Td (other ) Tj ET Q q 0 0 0 rg BT 220.94 335.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 250.15 335.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.85 335.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 281.88 335.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 311.90 335.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 344.16 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.75 335.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 394.77 335.25 Td (refinance ) Tj ET Q q 0 0 0 rg BT 434.23 335.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 466.48 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 478.74 335.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 518.76 335.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 561.57 335.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (an ) Tj ET Q q 0 0 0 rg BT 47.96 323.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 88.23 323.25 Td (level ) Tj ET Q q 0 0 0 rg BT 110.18 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.02 323.25 Td (competition ) Tj ET Q q 0 0 0 rg BT 171.31 323.25 Td (from ) Tj ET Q q 0 0 0 rg BT 193.27 323.25 Td (lar) Tj ET Q q 0 0 0 rg BT 203.63 323.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 215.59 323.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 265.30 323.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 291.15 323.25 Td (that ) Tj ET Q q 0 0 0 rg BT 308.66 323.25 Td (may ) Tj ET Q q 0 0 0 rg BT 328.40 323.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 360.34 323.25 Td (with ) Tj ET Q q 0 0 0 rg BT 380.63 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 387.59 323.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 412.87 323.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 431.50 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.35 323.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 471.51 323.25 Td (than ) Tj ET Q q 0 0 0 rg BT 491.25 323.25 Td (we ) Tj ET Q q 0 0 0 rg BT 505.42 323.25 Td (do, ) Tj ET Q q 0 0 0 rg BT 520.44 323.25 Td (including ) Tj ET Q q 0 0 0 rg BT 560.73 323.25 Td (as ) Tj ET Q q 0 0 0 rg BT 571.58 323.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (result ) Tj ET Q q 0 0 0 rg BT 60.82 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 71.76 311.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 104.35 311.25 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 139.17 311.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 179.54 311.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 213.25 311.25 Td (that ) Tj ET Q q 0 0 0 rg BT 230.85 311.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 260.67 311.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 286.60 311.25 Td (more ) Tj ET Q q 0 0 0 rg BT 309.75 311.25 Td (favorably ) Tj ET Q q 0 0 0 rg BT 350.68 311.25 Td (than ) Tj ET Q q 0 0 0 rg BT 370.50 311.25 Td (us ) Tj ET Q q 0 0 0 rg BT 382.00 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.04 311.25 Td (other ) Tj ET Q q 0 0 0 rg BT 422.20 311.25 Td (non-bank ) Tj ET Q q 0 0 0 rg BT 462.57 311.25 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 511.94 311.25 Td (These ) Tj ET Q q 0 0 0 rg BT 538.43 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 555.47 311.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 69.41 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 80.05 299.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 137.89 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 148.53 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.05 299.25 Td (type ) Tj ET Q q 0 0 0 rg BT 182.58 299.25 Td (described ) Tj ET Q q 0 0 0 rg BT 223.20 299.25 Td (above ) Tj ET Q q 0 0 0 rg BT 249.38 299.25 Td (have ) Tj ET Q q 0 0 0 rg BT 270.56 299.25 Td (had, ) Tj ET Q q 0 0 0 rg BT 289.81 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.55 299.25 Td (may ) Tj ET Q q 0 0 0 rg BT 326.08 299.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 362.82 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.90 299.25 Td (have, ) Tj ET Q q 0 0 0 rg BT 396.58 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 403.33 299.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 439.51 299.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 469.02 299.25 Td (on ) Tj ET Q q 0 0 0 rg BT 481.33 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 496.97 299.25 Td (business ) Tj ET Q q 0 0 0 rg BT 533.16 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.91 299.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 287.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 90.99 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.92 287.25 Td (we ) Tj ET Q q 0 0 0 rg BT 122.08 287.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 151.24 287.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 194.82 287.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 225.08 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.80 287.25 Td (full ) Tj ET Q q 0 0 0 rg BT 256.19 287.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 283.12 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.95 287.25 Td (these ) Tj ET Q q 0 0 0 rg BT 317.00 287.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 350.60 287.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.43 287.25 Td (for ) Tj ET Q q 0 0 0 rg BT 375.59 287.25 Td (how ) Tj ET Q q 0 0 0 rg BT 395.31 287.25 Td (long ) Tj ET Q q 0 0 0 rg BT 415.59 287.25 Td (they ) Tj ET Q q 0 0 0 rg BT 435.31 287.25 Td (may ) Tj ET Q q 0 0 0 rg BT 455.02 287.25 Td (persist. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 71.38 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.10 263.25 Td (state ) Tj ET Q q 0 0 0 rg BT 112.15 263.25 Td (legislative ) Tj ET Q q 0 0 0 rg BT 156.41 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.13 263.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 221.07 263.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 279.78 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.50 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.44 263.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 347.05 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.54 263.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 418.37 263.25 Td (authorities ) Tj ET Q q 0 0 0 rg BT 465.99 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.71 263.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 517.32 263.25 Td (may ) Tj ET Q q 0 0 0 rg BT 537.69 263.25 Td (adversely ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (af) Tj ET Q q 0 0 0 rg BT 44.15 251.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 62.23 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 79.77 251.25 Td (business ) Tj ET Q q 0 0 0 rg BT 117.88 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.53 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.40 251.25 Td (value ) Tj ET Q q 0 0 0 rg BT 177.70 251.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 191.63 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.28 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.15 251.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 259.25 251.25 Td (on, ) Tj ET Q q 0 0 0 rg BT 275.40 251.25 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 323.77 251.25 Td (mortgage-related ) Tj ET Q q 0 0 0 rg BT 397.41 251.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 441.88 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.54 251.25 Td (other ) Tj ET Q q 0 0 0 rg BT 485.30 251.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 512.28 251.25 Td (we ) Tj ET Q q 0 0 0 rg BT 526.48 251.25 Td (own ) Tj ET Q q 0 0 0 rg BT 546.80 251.25 Td (or ) Tj ET Q q 0 0 0 rg BT 558.78 251.25 Td (may ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 69.61 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 80.45 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 95.73 239.25 Td (future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (As ) Tj ET Q q 0 0 0 rg BT 67.77 215.25 Td (noted ) Tj ET Q q 0 0 0 rg BT 92.65 215.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 121.68 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 137.67 215.25 Td (business ) Tj ET Q q 0 0 0 rg BT 174.22 215.25 Td (is ) Tj ET Q q 0 0 0 rg BT 183.54 215.25 Td (af) Tj ET Q q 0 0 0 rg BT 191.13 215.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 218.21 215.25 Td (by ) Tj ET Q q 0 0 0 rg BT 230.87 215.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 275.19 215.25 Td (in ) Tj ET Q q 0 0 0 rg BT 285.63 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.51 215.25 Td (residential, ) Tj ET Q q 0 0 0 rg BT 347.31 215.25 Td (multi-family) Tj ET Q q 0 0 0 rg BT 397.21 215.25 Td (, ) Tj ET Q q 0 0 0 rg BT 402.37 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.46 215.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 469.32 215.25 Td (real ) Tj ET Q q 0 0 0 rg BT 486.96 215.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 512.38 215.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 546.70 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 563.79 215.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 69.11 203.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.67 203.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 143.40 203.25 Td (as ) Tj ET Q q 0 0 0 rg BT 154.30 203.25 Td (well ) Tj ET Q q 0 0 0 rg BT 174.09 203.25 Td (as ) Tj ET Q q 0 0 0 rg BT 185.00 203.25 Td (by ) Tj ET Q q 0 0 0 rg BT 197.57 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.36 203.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.92 203.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 290.27 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.28 203.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 347.61 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 358.52 203.25 Td (other ) Tj ET Q q 0 0 0 rg BT 381.64 203.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 430.87 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.22 203.25 Td (these ) Tj ET Q q 0 0 0 rg BT 464.34 203.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 500.88 203.25 Td (These ) Tj ET Q q 0 0 0 rg BT 527.34 203.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 561.57 203.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (many ) Tj ET Q q 0 0 0 rg BT 60.34 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 70.79 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.13 191.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 133.91 191.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.81 191.25 Td (these ) Tj ET Q q 0 0 0 rg BT 166.48 191.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 200.26 191.25 Td (are ) Tj ET Q q 0 0 0 rg BT 214.59 191.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 245.03 191.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 257.44 191.25 Td (or ) Tj ET Q q 0 0 0 rg BT 267.89 191.25 Td (regulated ) Tj ET Q q 0 0 0 rg BT 307.21 191.25 Td (under) Tj ET Q q 0 0 0 rg BT 329.58 191.25 Td (, ) Tj ET Q q 0 0 0 rg BT 334.21 191.25 Td (various ) Tj ET Q q 0 0 0 rg BT 365.77 191.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 395.64 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.21 191.25 Td (state ) Tj ET Q q 0 0 0 rg BT 432.65 191.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 453.11 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.67 191.25 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 518.72 191.25 Td (In ) Tj ET Q q 0 0 0 rg BT 529.18 191.25 Td (some ) Tj ET Q q 0 0 0 rg BT 552.41 191.25 Td (cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 49.76 179.25 Td (government ) Tj ET Q q 0 0 0 rg BT 99.07 179.25 Td (or ) Tj ET Q q 0 0 0 rg BT 108.95 179.25 Td (government-sponsored ) Tj ET Q q 0 0 0 rg BT 202.14 179.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 235.06 179.25 Td (such ) Tj ET Q q 0 0 0 rg BT 254.94 179.25 Td (as ) Tj ET Q q 0 0 0 rg BT 264.82 179.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 293.58 179.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 312.89 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.88 179.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 360.97 179.25 Td (Mac, ) Tj ET Q q 0 0 0 rg BT 382.78 179.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 414.87 179.25 Td (participate ) Tj ET Q q 0 0 0 rg BT 458.61 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 467.94 179.25 Td (these ) Tj ET Q q 0 0 0 rg BT 490.03 179.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 525.73 179.25 Td (In ) Tj ET Q q 0 0 0 rg BT 535.60 179.25 Td (particular) Tj ET Q q 0 0 0 rg BT 573.51 179.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (because ) Tj ET Q q 0 0 0 rg BT 70.05 167.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 96.34 167.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 129.28 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.46 167.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 183.51 167.25 Td (real ) Tj ET Q q 0 0 0 rg BT 200.89 167.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 226.06 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.89 167.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 276.96 167.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 308.79 167.25 Td (can ) Tj ET Q q 0 0 0 rg BT 325.06 167.25 Td (be ) Tj ET Q q 0 0 0 rg BT 336.90 167.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 359.84 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.57 167.25 Td (political ) Tj ET Q q 0 0 0 rg BT 405.74 167.25 Td (focus, ) Tj ET Q q 0 0 0 rg BT 432.30 167.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 464.95 167.25 Td (state ) Tj ET Q q 0 0 0 rg BT 485.68 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.52 167.25 Td (local ) Tj ET Q q 0 0 0 rg BT 524.35 167.25 Td (governments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.56 155.25 Td (be ) Tj ET Q q 0 0 0 rg BT 67.35 155.25 Td (more ) Tj ET Q q 0 0 0 rg BT 90.25 155.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 115.37 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.49 155.25 Td (take ) Tj ET Q q 0 0 0 rg BT 144.50 155.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 175.17 155.25 Td (that ) Tj ET Q q 0 0 0 rg BT 192.51 155.25 Td (af) Tj ET Q q 0 0 0 rg BT 200.10 155.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 217.43 155.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 261.43 155.25 Td (real ) Tj ET Q q 0 0 0 rg BT 278.76 155.25 Td (estate, ) Tj ET Q q 0 0 0 rg BT 306.37 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.94 155.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 354.94 155.25 Td (for ) Tj ET Q q 0 0 0 rg BT 368.95 155.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 409.06 155.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 453.06 155.25 Td (real ) Tj ET Q q 0 0 0 rg BT 470.39 155.25 Td (estate, ) Tj ET Q q 0 0 0 rg BT 498.00 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.79 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.35 155.25 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.10 143.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 90.08 143.25 Td (real ) Tj ET Q q 0 0 0 rg BT 107.39 143.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 163.01 143.25 Td (industries ) Tj ET Q q 0 0 0 rg BT 204.23 143.25 Td (than ) Tj ET Q q 0 0 0 rg BT 223.77 143.25 Td (they ) Tj ET Q q 0 0 0 rg BT 243.31 143.25 Td (would ) Tj ET Q q 0 0 0 rg BT 270.64 143.25 Td (with ) Tj ET Q q 0 0 0 rg BT 290.74 143.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 321.38 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.48 143.25 Td (other ) Tj ET Q q 0 0 0 rg BT 354.36 143.25 Td (industries. ) Tj ET Q q 0 0 0 rg BT 397.56 143.25 Td (As ) Tj ET Q q 0 0 0 rg BT 411.00 143.25 Td (a ) Tj ET Q q 0 0 0 rg BT 417.76 143.25 Td (result ) Tj ET Q q 0 0 0 rg BT 442.30 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.96 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.50 143.25 Td (government) Tj ET Q q 0 0 0 rg BT 518.04 143.25 Td (s ) Tj ET Q q 0 0 0 rg BT 524.26 143.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 561.58 143.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 79.40 131.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 118.92 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.56 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.08 131.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 178.04 131.25 Td (we ) Tj ET Q q 0 0 0 rg BT 192.01 131.25 Td (participate ) Tj ET Q q 0 0 0 rg BT 236.51 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.60 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.34 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.87 131.25 Td (government) Tj ET Q q 0 0 0 rg BT 328.41 131.25 Td (s ) Tj ET Q q 0 0 0 rg BT 334.60 131.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 359.67 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.42 131.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 409.27 131.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 462.11 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.20 131.25 Td (these ) Tj ET Q q 0 0 0 rg BT 495.05 131.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 531.51 131.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 561.57 131.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (state ) Tj ET Q q 0 0 0 rg BT 57.21 119.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 115.08 119.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 148.80 119.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 185.29 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.61 119.25 Td (directives ) Tj ET Q q 0 0 0 rg BT 244.37 119.25 Td (can ) Tj ET Q q 0 0 0 rg BT 261.14 119.25 Td (have ) Tj ET Q q 0 0 0 rg BT 282.90 119.25 Td (an ) Tj ET Q q 0 0 0 rg BT 295.23 119.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 328.66 119.25 Td (ef) Tj ET Q q 0 0 0 rg BT 336.24 119.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 354.12 119.25 Td (on ) Tj ET Q q 0 0 0 rg BT 367.01 119.25 Td (these ) Tj ET Q q 0 0 0 rg BT 390.44 119.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 424.98 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.31 119.25 Td (on ) Tj ET Q q 0 0 0 rg BT 455.20 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 471.42 119.25 Td (business ) Tj ET Q q 0 0 0 rg BT 508.20 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.52 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.63 119.25 Td (value ) Tj ET Q q 0 0 0 rg BT 565.17 119.25 Td (of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.02 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 67.82 107.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 98.18 107.25 Td (on, ) Tj ET Q q 0 0 0 rg BT 113.26 107.25 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 160.00 107.25 Td (mortgage-related ) Tj ET Q q 0 0 0 rg BT 230.88 107.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 273.73 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.75 107.25 Td (other ) Tj ET Q q 0 0 0 rg BT 313.88 107.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 339.80 107.25 Td (we ) Tj ET Q q 0 0 0 rg BT 354.04 107.25 Td (own ) Tj ET Q q 0 0 0 rg BT 373.85 107.25 Td (or ) Tj ET Q q 0 0 0 rg BT 384.76 107.25 Td (may ) Tj ET Q q 0 0 0 rg BT 404.57 107.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 436.57 107.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.94 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.74 107.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 490.70 107.25 Td (which ) Tj ET Q q 0 0 0 rg BT 517.72 107.25 Td (ef) Tj ET Q q 0 0 0 rg BT 525.31 107.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 546.77 107.25 Td (may ) Tj ET Q q 0 0 0 rg BT 566.57 107.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.25 Td (material. ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 91.46 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.25 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 134.70 731.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 149.93 731.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 171.28 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.74 731.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 238.69 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 250.03 731.10 Td (other ) Tj ET Q q 0 0 0 rg BT 273.60 731.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 288.83 731.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 310.18 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 321.52 731.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 371.47 731.10 Td (which ) Tj ET Q q 0 0 0 rg BT 398.93 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 419.16 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 431.62 731.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 465.17 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 475.40 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.63 731.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 521.40 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 532.75 731.10 Td (state ) Tj ET Q q 0 0 0 rg BT 554.09 731.10 Td (level, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.88 719.10 Td (also ) Tj ET Q q 0 0 0 rg BT 79.64 719.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 123.95 719.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 153.82 719.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 198.13 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.23 719.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 265.08 719.10 Td (real ) Tj ET Q q 0 0 0 rg BT 282.73 719.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 308.15 719.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 344.96 719.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 385.39 719.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 417.47 719.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 454.28 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.38 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 487.37 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 523.92 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.02 719.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 66.08 707.10 Td (For ) Tj ET Q q 0 0 0 rg BT 81.44 707.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 119.29 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 130.20 707.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 177.21 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 187.01 707.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 226.25 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.50 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.19 707.10 Td (current ) Tj ET Q q 0 0 0 rg BT 278.97 707.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 314.32 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 345.23 707.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 358.91 707.10 Td (deduction ) Tj ET Q q 0 0 0 rg BT 399.82 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.95 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 443.86 707.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 483.65 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 495.12 707.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.24 707.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 58.08 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 84.89 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 93.93 695.10 Td (one ) Tj ET Q q 0 0 0 rg BT 110.74 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.43 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.02 695.10 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 187.82 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 205.18 695.10 Td (lawmakers ) Tj ET Q q 0 0 0 rg BT 250.87 695.10 Td (have ) Tj ET Q q 0 0 0 rg BT 272.11 695.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 312.81 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.96 695.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 369.20 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 389.34 695.10 Td (resolving ) Tj ET Q q 0 0 0 rg BT 428.93 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.51 695.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 463.67 695.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 493.79 695.10 Td (budget ) Tj ET Q q 0 0 0 rg BT 523.37 695.10 Td (deficit, ) Tj ET Q q 0 0 0 rg BT 553.78 695.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 80.15 683.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 109.86 683.10 Td (real ) Tj ET Q q 0 0 0 rg BT 127.35 683.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 152.61 683.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 183.16 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.99 683.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 237.88 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.82 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.65 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 308.13 683.10 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 109.01 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.76 659.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.27 659.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 184.90 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.76 659.10 Td (2007-2008 ) Tj ET Q q 0 0 0 rg BT 241.62 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.59 659.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 305.55 659.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.06 659.10 Td (turmoil ) Tj ET Q q 0 0 0 rg BT 375.04 659.10 Td (prompted ) Tj ET Q q 0 0 0 rg BT 415.89 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.63 659.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 460.92 659.10 Td (government ) Tj ET Q q 0 0 0 rg BT 511.21 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.51 659.10 Td (put ) Tj ET Q q 0 0 0 rg BT 536.82 659.10 Td (into ) Tj ET Q q 0 0 0 rg BT 554.91 659.10 Td (place ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (new ) Tj ET Q q 0 0 0 rg BT 55.80 647.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 93.94 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.52 647.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 155.75 647.10 Td (frameworks ) Tj ET Q q 0 0 0 rg BT 206.65 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.23 647.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 258.48 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.28 647.10 Td (reforming ) Tj ET Q q 0 0 0 rg BT 316.40 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.76 647.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 352.69 647.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.81 647.10 Td (system. ) Tj ET Q q 0 0 0 rg BT 424.00 647.10 Td (These ) Tj ET Q q 0 0 0 rg BT 451.02 647.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 489.14 647.10 Td (reforms ) Tj ET Q q 0 0 0 rg BT 523.38 647.10 Td (are ) Tj ET Q q 0 0 0 rg BT 538.73 647.10 Td (aimed ) Tj ET Q q 0 0 0 rg BT 566.30 647.10 Td (at, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (among ) Tj ET Q q 0 0 0 rg BT 65.41 635.10 Td (other ) Tj ET Q q 0 0 0 rg BT 88.15 635.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 117.29 635.10 Td (promoting ) Tj ET Q q 0 0 0 rg BT 161.15 635.10 Td (robust ) Tj ET Q q 0 0 0 rg BT 188.35 635.10 Td (supervision ) Tj ET Q q 0 0 0 rg BT 236.65 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.28 635.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 296.02 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.54 635.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 343.71 635.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 369.52 635.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 419.48 635.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 482.21 635.10 Td (supervision ) Tj ET Q q 0 0 0 rg BT 530.51 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.04 635.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 71.60 623.10 Td (protecting ) Tj ET Q q 0 0 0 rg BT 113.59 623.10 Td (consumers ) Tj ET Q q 0 0 0 rg BT 157.81 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.69 623.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 211.25 623.10 Td (from ) Tj ET Q q 0 0 0 rg BT 232.13 623.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.56 623.10 Td (abuse, ) Tj ET Q q 0 0 0 rg BT 295.27 623.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 335.61 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.27 623.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 368.50 623.10 Td (government ) Tj ET Q q 0 0 0 rg BT 417.71 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 436.94 623.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 478.37 623.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 499.27 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.49 623.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 541.03 623.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (crises, ) Tj ET Q q 0 0 0 rg BT 63.40 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 79.96 611.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 109.31 611.10 Td (international ) Tj ET Q q 0 0 0 rg BT 161.98 611.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 205.20 611.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 245.10 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.66 611.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 305.46 611.10 Td (international ) Tj ET Q q 0 0 0 rg BT 358.12 611.10 Td (cooperation, ) Tj ET Q q 0 0 0 rg BT 409.96 611.10 Td (but ) Tj ET Q q 0 0 0 rg BT 424.86 611.10 Td (their ) Tj ET Q q 0 0 0 rg BT 445.32 611.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 470.21 611.10 Td (could ) Tj ET Q q 0 0 0 rg BT 494.56 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 506.13 611.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 546.57 611.10 Td (beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (what ) Tj ET Q q 0 0 0 rg BT 58.44 599.10 Td (has ) Tj ET Q q 0 0 0 rg BT 74.77 599.10 Td (been ) Tj ET Q q 0 0 0 rg BT 96.65 599.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 135.75 599.10 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 171.78 599.10 Td (implemented, ) Tj ET Q q 0 0 0 rg BT 229.49 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.93 599.10 Td (proposed. ) Tj ET Q q 0 0 0 rg BT 289.09 599.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 321.53 599.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.51 599.10 Td (reforms ) Tj ET Q q 0 0 0 rg BT 393.61 599.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 427.71 599.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 476.80 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 489.80 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.02 599.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 541.90 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.23 599.10 Td (asset-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 67.36 587.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 108.16 587.10 Td (through ) Tj ET Q q 0 0 0 rg BT 142.31 587.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 199.22 587.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 250.02 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 271.94 587.10 Td (not ) Tj ET Q q 0 0 0 rg BT 287.76 587.10 Td (been ) Tj ET Q q 0 0 0 rg BT 309.68 587.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 331.61 587.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 386.85 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.23 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 420.14 587.10 Td (not ) Tj ET Q q 0 0 0 rg BT 435.96 587.10 Td (yet, ) Tj ET Q q 0 0 0 rg BT 453.72 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.09 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 487.01 587.10 Td (only ) Tj ET Q q 0 0 0 rg BT 507.83 587.10 Td (recently) Tj ET Q q 0 0 0 rg BT 539.38 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 544.92 587.10 Td (become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 575.10 Td (fective, ) Tj ET Q q 0 0 0 rg BT 76.11 575.10 Td (but ) Tj ET Q q 0 0 0 rg BT 91.71 575.10 Td (include ) Tj ET Q q 0 0 0 rg BT 123.96 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 135.11 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 150.14 575.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 188.49 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.09 575.10 Td (include ) Tj ET Q q 0 0 0 rg BT 231.34 575.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 284.15 575.10 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 324.73 575.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 368.09 575.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 425.61 575.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 443.43 575.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 481.80 575.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 539.32 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 556.58 575.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (restricting ) Tj ET Q q 0 0 0 rg BT 79.33 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 86.56 563.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 112.11 563.10 Td (range ) Tj ET Q q 0 0 0 rg BT 137.11 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.23 563.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 185.45 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.57 563.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 232.68 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.25 563.10 Td (regard ) Tj ET Q q 0 0 0 rg BT 271.57 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.14 563.10 Td (these ) Tj ET Q q 0 0 0 rg BT 305.47 563.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 358.52 563.10 Td (Implementation ) Tj ET Q q 0 0 0 rg BT 424.63 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.75 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 473.51 563.10 Td (reforms, ) Tj ET Q q 0 0 0 rg BT 509.90 563.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 544.90 563.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (law) Tj ET Q q 0 0 0 rg BT 49.79 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 55.49 551.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 105.63 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.17 551.10 Td (policy) Tj ET Q q 0 0 0 rg BT 141.52 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.22 551.10 Td (including ) Tj ET Q q 0 0 0 rg BT 188.20 551.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 223.61 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.60 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.02 551.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 283.21 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.19 551.10 Td (which ) Tj ET Q q 0 0 0 rg BT 321.84 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.02 551.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 410.18 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 448.37 551.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 488.51 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.16 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 544.34 551.10 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 67.76 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.54 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 99.09 539.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 138.63 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.40 539.10 Td (any ) Tj ET Q q 0 0 0 rg BT 172.18 539.10 Td (related ) Tj ET Q q 0 0 0 rg BT 201.72 539.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 236.27 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.39 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.94 539.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 307.15 539.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 347.26 539.10 Td (that ) Tj ET Q q 0 0 0 rg BT 364.59 539.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 394.70 539.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 419.54 539.10 Td (could ) Tj ET Q q 0 0 0 rg BT 444.09 539.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 484.75 539.10 Td (af) Tj ET Q q 0 0 0 rg BT 492.33 539.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 509.66 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.33 539.10 Td (business ) Tj ET Q q 0 0 0 rg BT 561.56 539.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.18 527.10 Td (results ) Tj ET Q q 0 0 0 rg BT 101.49 527.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.69 527.10 Td (subjecting ) Tj ET Q q 0 0 0 rg BT 156.99 527.10 Td (us ) Tj ET Q q 0 0 0 rg BT 168.08 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.06 527.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 221.35 527.10 Td (oversight, ) Tj ET Q q 0 0 0 rg BT 263.27 527.10 Td (making ) Tj ET Q q 0 0 0 rg BT 295.47 527.10 Td (it ) Tj ET Q q 0 0 0 rg BT 303.22 527.10 Td (more ) Tj ET Q q 0 0 0 rg BT 325.97 527.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 368.15 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.13 527.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 411.99 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 427.52 527.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 466.11 527.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 503.29 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.82 527.10 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 561.57 527.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 85.71 515.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 128.74 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 142.90 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 162.62 515.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 186.49 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.32 515.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 231.49 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.32 515.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 275.38 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.65 515.10 Td (expand, ) Tj ET Q q 0 0 0 rg BT 319.53 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 330.36 515.10 Td (could ) Tj ET Q q 0 0 0 rg BT 355.08 515.10 Td (have ) Tj ET Q q 0 0 0 rg BT 376.45 515.10 Td (other ) Tj ET Q q 0 0 0 rg BT 399.50 515.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 432.54 515.10 Td (ef) Tj ET Q q 0 0 0 rg BT 440.13 515.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 461.50 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 474.00 515.10 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 106.11 491.10 Td (, ) Tj ET Q q 0 0 0 rg BT 111.85 491.10 Td (under ) Tj ET Q q 0 0 0 rg BT 137.87 491.10 Td (President ) Tj ET Q q 0 0 0 rg BT 178.09 491.10 Td (T) Tj ET Q q 0 0 0 rg BT 183.85 491.10 Td (rump) Tj ET Q q 0 0 0 rg BT 207.74 491.10 Td (s ) Tj ET Q q 0 0 0 rg BT 214.87 491.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 275.89 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.35 491.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 317.36 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.94 491.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.16 491.10 Td (reforms ) Tj ET Q q 0 0 0 rg BT 401.50 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 413.08 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.54 491.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 472.88 491.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 519.99 491.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 563.78 491.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 74.10 479.10 Td (system ) Tj ET Q q 0 0 0 rg BT 105.00 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 130.34 479.10 Td (be ) Tj ET Q q 0 0 0 rg BT 142.90 479.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 177.67 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.12 479.10 Td (refocused. ) Tj ET Q q 0 0 0 rg BT 233.38 479.10 Td (T) Tj ET Q q 0 0 0 rg BT 239.14 479.10 Td (rump ) Tj ET Q q 0 0 0 rg BT 263.37 479.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 324.26 479.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 360.98 479.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 391.86 479.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 439.14 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.59 479.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 492.03 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 503.48 479.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 547.69 479.10 Td (actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (aimed ) Tj ET Q q 0 0 0 rg BT 62.15 467.10 Td (at ) Tj ET Q q 0 0 0 rg BT 71.07 467.10 Td (weakening ) Tj ET Q q 0 0 0 rg BT 116.10 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.14 467.10 Td (dismantling ) Tj ET Q q 0 0 0 rg BT 175.07 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.00 467.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 239.22 467.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 255.37 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 265.41 467.10 Td (its ) Tj ET Q q 0 0 0 rg BT 276.57 467.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 319.37 467.10 Td (apparatus, ) Tj ET Q q 0 0 0 rg BT 361.90 467.10 Td (including ) Tj ET Q q 0 0 0 rg BT 401.39 467.10 Td (by ) Tj ET Q q 0 0 0 rg BT 413.10 467.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 449.79 467.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 478.16 467.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 532.07 467.10 Td (on ) Tj ET Q q 0 0 0 rg BT 543.78 467.10 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 83.10 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.08 455.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.72 455.10 Td (weakening ) Tj ET Q q 0 0 0 rg BT 152.68 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 163.66 455.10 Td (redirecting ) Tj ET Q q 0 0 0 rg BT 209.62 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.48 455.10 Td (CFPB ) Tj ET Q q 0 0 0 rg BT 251.59 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.57 455.10 Td (its ) Tj ET Q q 0 0 0 rg BT 274.66 455.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 327.28 455.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 375.46 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 386.44 455.10 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 427.69 455.10 Td (could ) Tj ET Q q 0 0 0 rg BT 452.55 455.10 Td (result ) Tj ET Q q 0 0 0 rg BT 477.42 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.84 455.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 528.24 455.10 Td (competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.94 443.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 107.64 443.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 133.47 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.40 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 173.45 443.10 Td (lar) Tj ET Q q 0 0 0 rg BT 183.82 443.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 195.76 443.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.24 443.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 280.19 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.68 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 317.40 443.10 Td (have ) Tj ET Q q 0 0 0 rg BT 338.78 443.10 Td (advantages ) Tj ET Q q 0 0 0 rg BT 385.70 443.10 Td (due ) Tj ET Q q 0 0 0 rg BT 402.64 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.92 443.10 Td (their ) Tj ET Q q 0 0 0 rg BT 433.74 443.10 Td (size ) Tj ET Q q 0 0 0 rg BT 451.79 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.73 443.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 487.34 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.17 443.10 Td (capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.73 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.57 419.10 Td (since ) Tj ET Q q 0 0 0 rg BT 124.51 419.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 149.41 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.03 419.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 194.18 419.10 Td (government ) Tj ET Q q 0 0 0 rg BT 244.34 419.10 Td (has ) Tj ET Q q 0 0 0 rg BT 260.07 419.10 Td (also ) Tj ET Q q 0 0 0 rg BT 278.58 419.10 Td (made ) Tj ET Q q 0 0 0 rg BT 302.63 419.10 Td (available ) Tj ET Q q 0 0 0 rg BT 341.12 419.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 381.29 419.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 419.23 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.41 419.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 462.36 419.10 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 515.85 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 536.03 419.10 Td (assistance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.51 407.10 Td (avoiding ) Tj ET Q q 0 0 0 rg BT 84.24 407.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 128.62 407.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 169.12 407.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 189.07 407.10 Td (foreclosures, ) Tj ET Q q 0 0 0 rg BT 243.17 407.10 Td (including ) Tj ET Q q 0 0 0 rg BT 283.68 407.10 Td (through ) Tj ET Q q 0 0 0 rg BT 317.52 407.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 337.47 407.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 391.30 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.47 407.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 456.74 407.10 Td (programs. ) Tj ET Q q 0 0 0 rg BT 499.74 407.10 Td (In ) Tj ET Q q 0 0 0 rg BT 510.81 407.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 548.81 407.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 75.74 395.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 106.59 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.01 395.10 Td (servicers ) Tj ET Q q 0 0 0 rg BT 160.52 395.10 Td (have ) Tj ET Q q 0 0 0 rg BT 181.38 395.10 Td (voluntarily) Tj ET Q q 0 0 0 rg BT 224.61 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 229.08 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 239.39 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 249.70 395.10 Td (part ) Tj ET Q q 0 0 0 rg BT 267.22 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.53 395.10 Td (settlements ) Tj ET Q q 0 0 0 rg BT 324.50 395.10 Td (with ) Tj ET Q q 0 0 0 rg BT 344.25 395.10 Td (law ) Tj ET Q q 0 0 0 rg BT 360.67 395.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 412.61 395.10 Td (authorities, ) Tj ET Q q 0 0 0 rg BT 459.30 395.10 Td (established ) Tj ET Q q 0 0 0 rg BT 505.71 395.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 524.90 395.10 Td (modification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 76.17 383.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 109.11 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.29 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.91 383.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 177.97 383.10 Td (they ) Tj ET Q q 0 0 0 rg BT 197.59 383.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 217.77 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 228.50 383.10 Td (service ) Tj ET Q q 0 0 0 rg BT 259.21 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.05 383.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 310.11 383.10 Td (new ) Tj ET Q q 0 0 0 rg BT 329.17 383.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 368.23 383.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 408.40 383.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 445.23 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.41 383.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 485.58 383.10 Td (homeowners. ) Tj ET Q q 0 0 0 rg BT 541.58 383.10 Td (Changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.02 371.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 84.91 371.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 127.42 371.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 161.86 371.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 199.10 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 220.78 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.45 371.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 270.79 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 281.36 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.04 371.10 Td (change ) Tj ET Q q 0 0 0 rg BT 318.59 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 328.61 371.10 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 373.89 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 388.33 371.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 413.35 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.36 371.10 Td (have ) Tj ET Q q 0 0 0 rg BT 444.48 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.93 371.10 Td (ef) Tj ET Q q 0 0 0 rg BT 466.52 371.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 483.75 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.32 371.10 Td (lengthening ) Tj ET Q q 0 0 0 rg BT 543.77 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 558.22 371.10 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (it ) Tj ET Q q 0 0 0 rg BT 44.27 359.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 67.54 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 81.92 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.07 359.10 Td (servicer ) Tj ET Q q 0 0 0 rg BT 123.43 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.93 359.10 Td (foreclose ) Tj ET Q q 0 0 0 rg BT 173.29 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 186.01 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.94 359.10 Td (property ) Tj ET Q q 0 0 0 rg BT 237.54 359.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 283.58 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 290.74 359.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 335.67 359.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 376.15 359.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 398.58 359.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 421.84 359.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 475.66 359.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 516.15 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.30 359.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 568.23 359.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 75.76 347.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 116.64 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.19 347.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 184.23 347.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.67 347.10 Td (well ) Tj ET Q q 0 0 0 rg BT 215.99 347.10 Td (as ) Tj ET Q q 0 0 0 rg BT 227.43 347.10 Td (future ) Tj ET Q q 0 0 0 rg BT 254.41 347.10 Td (law ) Tj ET Q q 0 0 0 rg BT 271.96 347.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 325.04 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.58 347.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 386.79 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.23 347.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 442.43 347.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 476.36 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 496.69 347.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 538.11 347.10 Td (af) Tj ET Q q 0 0 0 rg BT 545.70 347.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 563.79 347.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 60.16 335.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 73.49 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.42 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.14 335.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 135.41 335.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 150.41 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.13 335.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 205.39 335.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 229.00 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.94 335.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 286.20 335.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 326.46 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 340.62 335.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 379.22 335.10 Td (own ) Tj ET Q q 0 0 0 rg BT 398.94 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 409.77 335.10 Td (may ) Tj ET Q q 0 0 0 rg BT 429.49 335.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 461.41 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.69 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.41 335.10 Td (future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.58 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.04 311.10 Td (wake ) Tj ET Q q 0 0 0 rg BT 102.38 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.96 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.42 311.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 164.64 311.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 188.00 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.57 311.10 Td (2007-2008, ) Tj ET Q q 0 0 0 rg BT 246.65 311.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 276.09 311.10 Td (counties, ) Tj ET Q q 0 0 0 rg BT 314.17 311.10 Td (cities ) Tj ET Q q 0 0 0 rg BT 337.51 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.20 311.10 Td (other ) Tj ET Q q 0 0 0 rg BT 376.99 311.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 435.89 311.10 Td (took ) Tj ET Q q 0 0 0 rg BT 455.91 311.10 Td (steps ) Tj ET Q q 0 0 0 rg BT 478.16 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.18 311.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 512.64 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.67 311.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 558.79 311.10 Td (how ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.70 299.10 Td (power ) Tj ET Q q 0 0 0 rg BT 78.17 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.98 299.10 Td (eminent ) Tj ET Q q 0 0 0 rg BT 123.67 299.10 Td (domain ) Tj ET Q q 0 0 0 rg BT 156.14 299.10 Td (could ) Tj ET Q q 0 0 0 rg BT 180.84 299.10 Td (be ) Tj ET Q q 0 0 0 rg BT 192.76 299.10 Td (used ) Tj ET Q q 0 0 0 rg BT 213.57 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.82 299.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 255.73 299.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 299.86 299.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 340.10 299.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 363.69 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 385.61 299.10 Td (private-label ) Tj ET Q q 0 0 0 rg BT 438.61 299.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 494.96 299.10 Td (trusts ) Tj ET Q q 0 0 0 rg BT 519.11 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 536.03 299.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 95.47 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 115.50 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 127.76 287.10 Td (similarly ) Tj ET Q q 0 0 0 rg BT 166.13 287.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 215.60 287.10 Td (this ) Tj ET Q q 0 0 0 rg BT 232.86 287.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 261.22 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 272.37 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 292.40 287.10 Td (do ) Tj ET Q q 0 0 0 rg BT 305.22 287.10 Td (so ) Tj ET Q q 0 0 0 rg BT 316.93 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.52 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.55 287.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 371.54 287.10 Td (T) Tj ET Q q 0 0 0 rg BT 376.95 287.10 Td (o ) Tj ET Q q 0 0 0 rg BT 384.77 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.80 287.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 427.05 287.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 486.53 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.67 287.10 Td (other ) Tj ET Q q 0 0 0 rg BT 521.04 287.10 Td (governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 80.07 275.10 Td (proceed ) Tj ET Q q 0 0 0 rg BT 113.58 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.22 275.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 167.85 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.15 275.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 206.55 275.10 Td (out ) Tj ET Q q 0 0 0 rg BT 221.19 275.10 Td (these ) Tj ET Q q 0 0 0 rg BT 243.60 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 253.79 275.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 283.43 275.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 323.62 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.92 275.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 371.20 275.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 414.72 275.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 454.34 275.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 477.31 275.10 Td (from ) Tj ET Q q 0 0 0 rg BT 498.61 275.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 554.34 275.10 Td (trusts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.04 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 72.75 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 86.67 263.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 106.72 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 118.42 263.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 159.56 263.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 193.76 263.10 Td (there ) Tj ET Q q 0 0 0 rg BT 216.01 263.10 Td (would ) Tj ET Q q 0 0 0 rg BT 243.28 263.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 268.31 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 280.02 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.72 263.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 322.86 263.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.34 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.60 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.09 263.10 Td (value ) Tj ET Q q 0 0 0 rg BT 403.01 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.60 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.20 263.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 464.79 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.83 263.10 Td (those ) Tj ET Q q 0 0 0 rg BT 498.21 263.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 554.34 263.10 Td (trusts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.14 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 58.28 251.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 93.85 251.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 122.76 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.46 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.49 251.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 176.74 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.21 251.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 216.23 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.71 251.10 Td (future ) Tj ET Q q 0 0 0 rg BT 251.28 251.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 310.74 251.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 324.10 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 335.80 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.72 251.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 379.18 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 392.54 251.10 Td (would ) Tj ET Q q 0 0 0 rg BT 419.24 251.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 459.82 251.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 487.61 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.09 251.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 516.00 251.10 Td (from ) Tj ET Q q 0 0 0 rg BT 537.13 251.10 Td (executing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (future ) Tj ET Q q 0 0 0 rg BT 62.38 239.10 Td (securitizations\), ) Tj ET Q q 0 0 0 rg BT 128.47 239.10 Td (which ) Tj ET Q q 0 0 0 rg BT 155.40 239.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 189.01 239.10 Td (could ) Tj ET Q q 0 0 0 rg BT 213.72 239.10 Td (be ) Tj ET Q q 0 0 0 rg BT 225.66 239.10 Td (material. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (Ultimately) Tj ET Q q 0 0 0 rg BT 96.12 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 100.90 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 114.83 215.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 143.77 215.10 Td (assure ) Tj ET Q q 0 0 0 rg BT 171.03 215.10 Td (you ) Tj ET Q q 0 0 0 rg BT 188.31 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.92 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.41 215.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 242.90 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 260.17 215.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 317.43 215.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 348.03 215.10 Td (may ) Tj ET Q q 0 0 0 rg BT 367.52 215.10 Td (have ) Tj ET Q q 0 0 0 rg BT 388.68 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 400.95 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.56 215.10 Td (business ) Tj ET Q q 0 0 0 rg BT 452.73 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.34 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.83 215.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.09 215.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 549.02 215.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 568.23 215.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (fact, ) Tj ET Q q 0 0 0 rg BT 56.10 203.10 Td (they ) Tj ET Q q 0 0 0 rg BT 75.93 203.10 Td (may ) Tj ET Q q 0 0 0 rg BT 95.76 203.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 136.69 203.10 Td (af) Tj ET Q q 0 0 0 rg BT 144.28 203.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 161.88 203.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 175.89 203.10 Td (possibly ) Tj ET Q q 0 0 0 rg BT 211.84 203.10 Td (materially) Tj ET Q q 0 0 0 rg BT 251.73 203.10 Td (. ) Tj ET Q q 0 0 0 rg BT 256.66 203.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.29 203.10 Td (e ) Tj ET Q q 0 0 0 rg BT 272.35 203.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 301.62 203.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 332.00 203.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 366.82 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.76 203.10 Td (when ) Tj ET Q q 0 0 0 rg BT 402.04 203.10 Td (such ) Tj ET Q q 0 0 0 rg BT 422.98 203.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 453.92 203.10 Td (may ) Tj ET Q q 0 0 0 rg BT 473.75 203.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 498.57 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 509.52 203.10 Td (what ) Tj ET Q q 0 0 0 rg BT 531.57 203.10 Td (unintended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.37 191.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 104.28 191.10 Td (impacts, ) Tj ET Q q 0 0 0 rg BT 140.92 191.10 Td (if ) Tj ET Q q 0 0 0 rg BT 150.07 191.10 Td (any) Tj ET Q q 0 0 0 rg BT 163.86 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 169.40 191.10 Td (such ) Tj ET Q q 0 0 0 rg BT 190.77 191.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 222.14 191.10 Td (could ) Tj ET Q q 0 0 0 rg BT 247.40 191.10 Td (have ) Tj ET Q q 0 0 0 rg BT 269.32 191.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.36 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.73 191.10 Td (business ) Tj ET Q q 0 0 0 rg BT 335.66 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.14 191.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.16 191.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 422.81 191.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 446.40 191.10 Td (after ) Tj ET Q q 0 0 0 rg BT 467.76 191.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 525.78 191.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 557.14 191.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (been ) Tj ET Q q 0 0 0 rg BT 57.30 179.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 81.38 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.25 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 112.33 179.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 143.63 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 157.72 179.10 Td (understand ) Tj ET Q q 0 0 0 rg BT 204.02 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.66 179.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 252.19 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.95 179.10 Td (those ) Tj ET Q q 0 0 0 rg BT 286.48 179.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 319.73 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 333.82 179.10 Td (may ) Tj ET Q q 0 0 0 rg BT 353.46 179.10 Td (not ) Tj ET Q q 0 0 0 rg BT 368.67 179.10 Td (be ) Tj ET Q q 0 0 0 rg BT 380.53 179.10 Td (able ) Tj ET Q q 0 0 0 rg BT 399.61 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.82 179.10 Td (ef) Tj ET Q q 0 0 0 rg BT 417.40 179.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 454.81 179.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 488.90 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.10 179.10 Td (them ) Tj ET Q q 0 0 0 rg BT 521.52 179.10 Td (so ) Tj ET Q q 0 0 0 rg BT 532.84 179.10 Td (as ) Tj ET Q q 0 0 0 rg BT 543.59 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.80 179.10 Td (avoid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 42.94 167.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 79.31 167.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 109.02 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 121.52 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.35 167.10 Td (business ) Tj ET Q q 0 0 0 rg BT 173.74 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 184.57 167.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.05 167.10 Td (results. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Recently ) Tj ET Q q 0 0 0 rg BT 74.07 731.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 108.82 731.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 143.56 731.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 192.77 731.25 Td (may ) Tj ET Q q 0 0 0 rg BT 212.51 731.25 Td (limit, ) Tj ET Q q 0 0 0 rg BT 236.43 731.25 Td (eliminate, ) Tj ET Q q 0 0 0 rg BT 279.79 731.25 Td (or ) Tj ET Q q 0 0 0 rg BT 291.21 731.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 321.51 731.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.82 731.25 Td (attractiveness ) Tj ET Q q 0 0 0 rg BT 395.45 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.31 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 423.29 731.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 468.11 731.25 Td (s ) Tj ET Q q 0 0 0 rg BT 474.53 731.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 502.61 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.91 731.25 Td (use ) Tj ET Q q 0 0 0 rg BT 529.33 731.25 Td (borrowings ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (from ) Tj ET Q q 0 0 0 rg BT 59.37 719.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.52 719.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 111.11 719.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 139.48 719.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 164.53 719.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 190.13 719.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.83 719.25 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 239.65 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.81 719.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 285.29 719.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.44 719.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 343.70 719.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 369.30 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.24 719.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 430.50 719.25 Td (it ) Tj ET Q q 0 0 0 rg BT 439.43 719.25 Td (holds ) Tj ET Q q 0 0 0 rg BT 465.03 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.97 719.25 Td (acquires, ) Tj ET Q q 0 0 0 rg BT 524.84 719.25 Td (which ) Tj ET Q q 0 0 0 rg BT 553.22 719.25 Td (could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 80.15 707.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 110.42 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.38 707.25 Td (business ) Tj ET Q q 0 0 0 rg BT 164.89 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.95 707.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 224.90 707.25 Td (results.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 683.25 Td (In ) Tj ET Q q 0 0 0 rg BT 66.64 683.25 Td (June ) Tj ET Q q 0 0 0 rg BT 87.28 683.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 112.10 683.25 Td (we ) Tj ET Q q 0 0 0 rg BT 126.07 683.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 171.70 683.25 Td (that ) Tj ET Q q 0 0 0 rg BT 189.00 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 204.65 683.25 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 264.73 683.25 Td (captive ) Tj ET Q q 0 0 0 rg BT 295.91 683.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 336.54 683.25 Td (company ) Tj ET Q q 0 0 0 rg BT 375.50 683.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 415.96 683.25 Td (, ) Tj ET Q q 0 0 0 rg BT 420.78 683.25 Td (R) Tj ET Q q 0 0 0 rg BT 426.89 683.25 Td (WT) Tj ET Q q 0 0 0 rg BT 442.26 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 444.57 683.25 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 486.60 683.25 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 510.29 683.25 Td (was ) Tj ET Q q 0 0 0 rg BT 528.16 683.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 567.68 683.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 42.00 671.25 Td (member ) Tj ET Q q 0 0 0 rg BT 76.33 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 86.23 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.01 671.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 131.56 671.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 157.56 671.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 179.67 671.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 202.35 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.24 671.25 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 247.13 671.25 Td (\(FHLBC\). ) Tj ET Q q 0 0 0 rg BT 298.85 671.25 Td (This ) Tj ET Q q 0 0 0 rg BT 318.20 671.25 Td (membership ) Tj ET Q q 0 0 0 rg BT 369.19 671.25 Td (has ) Tj ET Q q 0 0 0 rg BT 384.09 671.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 421.20 671.25 Td (R) Tj ET Q q 0 0 0 rg BT 427.32 671.25 Td (WT) Tj ET Q q 0 0 0 rg BT 442.69 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 444.25 671.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 483.03 671.25 Td (with ) Tj ET Q q 0 0 0 rg BT 502.37 671.25 Td (access ) Tj ET Q q 0 0 0 rg BT 529.47 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 538.82 671.25 Td (attractive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 78.11 659.25 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 134.65 659.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 175.09 659.25 Td (for ) Tj ET Q q 0 0 0 rg BT 189.43 659.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 229.87 659.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 253.66 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 270.78 659.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 311.22 659.25 Td (it ) Tj ET Q q 0 0 0 rg BT 319.46 659.25 Td (holds ) Tj ET Q q 0 0 0 rg BT 343.81 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.93 659.25 Td (acquires. ) Tj ET Q q 0 0 0 rg BT 399.42 659.25 Td (R) Tj ET Q q 0 0 0 rg BT 405.54 659.25 Td (WT) Tj ET Q q 0 0 0 rg BT 420.91 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 423.58 659.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 463.48 659.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 502.25 659.25 Td (has ) Tj ET Q q 0 0 0 rg BT 518.26 659.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 61.33 647.25 Td (billion ) Tj ET Q q 0 0 0 rg BT 90.27 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.42 647.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 143.69 647.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 192.06 647.25 Td (from ) Tj ET Q q 0 0 0 rg BT 214.33 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.37 647.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 264.43 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.04 647.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 307.29 647.25 Td (its ) Tj ET Q q 0 0 0 rg BT 319.56 647.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 357.39 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.54 647.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 396.93 647.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 441.41 647.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 482.00 647.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 508.43 647.25 Td (In ) Tj ET Q q 0 0 0 rg BT 519.59 647.25 Td (January ) Tj ET Q q 0 0 0 rg BT 553.51 647.25 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 66.42 635.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 113.52 635.25 Td (were ) Tj ET Q q 0 0 0 rg BT 135.62 635.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 169.94 635.25 Td (by ) Tj ET Q q 0 0 0 rg BT 182.61 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.49 635.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 230.15 635.25 Td (Housing ) Tj ET Q q 0 0 0 rg BT 266.71 635.25 Td (Finance ) Tj ET Q q 0 0 0 rg BT 300.44 635.25 Td (Agency ) Tj ET Q q 0 0 0 rg BT 334.21 635.25 Td (\(FHF) Tj ET Q q 0 0 0 rg BT 359.58 635.25 Td (A\), ) Tj ET Q q 0 0 0 rg BT 379.73 635.25 Td (which ) Tj ET Q q 0 0 0 rg BT 406.84 635.25 Td (is ) Tj ET Q q 0 0 0 rg BT 416.18 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.06 635.25 Td (regulator ) Tj ET Q q 0 0 0 rg BT 469.82 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.82 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.70 635.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 528.36 635.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 555.46 635.25 Td (Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 58.96 623.25 Td (System, ) Tj ET Q q 0 0 0 rg BT 92.77 623.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 125.16 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.79 623.25 Td (captive ) Tj ET Q q 0 0 0 rg BT 165.52 623.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 205.69 623.25 Td (company ) Tj ET Q q 0 0 0 rg BT 244.20 623.25 Td (membership ) Tj ET Q q 0 0 0 rg BT 295.49 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.12 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.19 623.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 351.03 623.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 377.33 623.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 399.73 623.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 422.69 623.25 Td (System. ) Tj ET Q q 0 0 0 rg BT 456.49 623.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 483.34 623.25 Td (these ) Tj ET Q q 0 0 0 rg BT 505.74 623.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 554.53 623.25 Td (R) Tj ET Q q 0 0 0 rg BT 560.65 623.25 Td (WT) Tj ET Q q 0 0 0 rg BT 576.01 623.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 75.16 611.25 Td (is ) Tj ET Q q 0 0 0 rg BT 83.78 611.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 115.72 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.45 611.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 155.16 611.25 Td (as ) Tj ET Q q 0 0 0 rg BT 165.44 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.83 611.25 Td (member ) Tj ET Q q 0 0 0 rg BT 206.54 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.82 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.99 611.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 265.17 611.25 Td (until ) Tj ET Q q 0 0 0 rg BT 285.46 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.62 611.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 342.11 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.39 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 358.78 611.25 Td (five-year ) Tj ET Q q 0 0 0 rg BT 396.82 611.25 Td (transition ) Tj ET Q q 0 0 0 rg BT 436.54 611.25 Td (period ) Tj ET Q q 0 0 0 rg BT 464.04 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.42 611.25 Td (its ) Tj ET Q q 0 0 0 rg BT 491.82 611.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 525.44 611.25 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 549.89 611.25 Td (billion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.53 599.25 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 74.29 599.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 93.71 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 102.58 599.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 143.10 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.08 599.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 183.04 599.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 231.90 599.25 Td (until ) Tj ET Q q 0 0 0 rg BT 252.44 599.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 277.96 599.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 314.04 599.25 Td (\(even ) Tj ET Q q 0 0 0 rg BT 338.45 599.25 Td (though ) Tj ET Q q 0 0 0 rg BT 368.43 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.85 599.25 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 425.03 599.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 461.11 599.25 Td (extends ) Tj ET Q q 0 0 0 rg BT 493.86 599.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 525.50 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 539.91 599.25 Td (five-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (transition ) Tj ET Q q 0 0 0 rg BT 75.70 587.25 Td (period\). ) Tj ET Q q 0 0 0 rg BT 108.58 587.25 Td (As ) Tj ET Q q 0 0 0 rg BT 121.62 587.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 165.19 587.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 188.23 587.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 221.81 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 232.07 587.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 271.19 587.25 Td (for ) Tj ET Q q 0 0 0 rg BT 284.78 587.25 Td (this ) Tj ET Q q 0 0 0 rg BT 301.15 587.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 320.29 587.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 336.66 587.25 Td (down, ) Tj ET Q q 0 0 0 rg BT 363.31 587.25 Td (R) Tj ET Q q 0 0 0 rg BT 369.42 587.25 Td (WT) Tj ET Q q 0 0 0 rg BT 384.79 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.72 587.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 425.86 587.25 Td (is ) Tj ET Q q 0 0 0 rg BT 434.45 587.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 474.70 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.40 587.25 Td (pledge ) Tj ET Q q 0 0 0 rg BT 512.98 587.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 554.90 587.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.96 575.25 Td (other ) Tj ET Q q 0 0 0 rg BT 70.14 575.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 102.76 575.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 128.71 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 139.12 575.25 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 190.60 575.25 Td (this ) Tj ET Q q 0 0 0 rg BT 207.68 575.25 Td (debt; ) Tj ET Q q 0 0 0 rg BT 230.31 575.25 Td (however) Tj ET Q q 0 0 0 rg BT 264.33 575.25 Td (, ) Tj ET Q q 0 0 0 rg BT 269.46 575.25 Td (we ) Tj ET Q q 0 0 0 rg BT 283.75 575.25 Td (do ) Tj ET Q q 0 0 0 rg BT 296.38 575.25 Td (not ) Tj ET Q q 0 0 0 rg BT 311.79 575.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 340.51 575.25 Td (R) Tj ET Q q 0 0 0 rg BT 346.63 575.25 Td (WT) Tj ET Q q 0 0 0 rg BT 362.00 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 364.63 575.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 404.47 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.88 575.25 Td (be ) Tj ET Q q 0 0 0 rg BT 426.94 575.25 Td (able ) Tj ET Q q 0 0 0 rg BT 446.23 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.64 575.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 492.02 575.25 Td (its ) Tj ET Q q 0 0 0 rg BT 504.10 575.25 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 532.29 575.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 552.14 575.25 Td (above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 563.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 84.88 563.25 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 109.88 563.25 Td (billion ) Tj ET Q q 0 0 0 rg BT 138.50 563.25 Td (outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 539.25 Td (The ) Tj ET Q q 0 0 0 rg BT 77.22 539.25 Td (final ) Tj ET Q q 0 0 0 rg BT 97.21 539.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 143.32 539.25 Td (published ) Tj ET Q q 0 0 0 rg BT 183.88 539.25 Td (by ) Tj ET Q q 0 0 0 rg BT 195.55 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.44 539.25 Td (FHF) Tj ET Q q 0 0 0 rg BT 227.04 539.25 Td (A) Tj ET Q q 0 0 0 rg BT 233.71 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.38 539.25 Td (could ) Tj ET Q q 0 0 0 rg BT 259.27 539.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 302.59 539.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 331.47 539.25 Td (us ) Tj ET Q q 0 0 0 rg BT 342.04 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 351.49 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 357.60 539.25 Td (number ) Tj ET Q q 0 0 0 rg BT 389.82 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.82 539.25 Td (dif) Tj ET Q q 0 0 0 rg BT 410.74 539.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 435.73 539.25 Td (ways, ) Tj ET Q q 0 0 0 rg BT 460.45 539.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 502.40 539.25 Td (without ) Tj ET Q q 0 0 0 rg BT 534.63 539.25 Td (limitation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (by: ) Tj ET Q q 0 0 0 rg BT 50.66 527.25 Td (limiting ) Tj ET Q q 0 0 0 rg BT 84.21 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.42 527.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 126.85 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.50 527.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 167.81 527.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 181.34 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.44 527.25 Td (attractiveness ) Tj ET Q q 0 0 0 rg BT 251.74 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.95 527.25 Td (acquiring\) ) Tj ET Q q 0 0 0 rg BT 304.92 527.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 348.45 527.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 388.09 527.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 411.08 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 420.74 527.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 440.39 527.25 Td (as ) Tj ET Q q 0 0 0 rg BT 450.60 527.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 491.92 527.25 Td (investments; ) Tj ET Q q 0 0 0 rg BT 544.35 527.25 Td (limiting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 52.35 515.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 80.92 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.71 515.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 127.48 515.25 Td (net ) Tj ET Q q 0 0 0 rg BT 142.71 515.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 175.16 515.25 Td (income ) Tj ET Q q 0 0 0 rg BT 207.61 515.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 237.28 515.25 Td (by ) Tj ET Q q 0 0 0 rg BT 250.29 515.25 Td (R) Tj ET Q q 0 0 0 rg BT 256.41 515.25 Td (WT) Tj ET Q q 0 0 0 rg BT 271.78 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 274.79 515.25 Td (Financial; ) Tj ET Q q 0 0 0 rg BT 317.80 515.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 337.76 515.25 Td (following ) Tj ET Q q 0 0 0 rg BT 379.66 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.89 515.25 Td (five-year ) Tj ET Q q 0 0 0 rg BT 433.99 515.25 Td (transition ) Tj ET Q q 0 0 0 rg BT 474.78 515.25 Td (period ) Tj ET Q q 0 0 0 rg BT 503.35 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.80 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.04 515.25 Td (scheduled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 72.41 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.28 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.14 503.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 137.76 503.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 186.96 503.25 Td (advances, ) Tj ET Q q 0 0 0 rg BT 228.64 503.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 267.82 503.25 Td (us ) Tj ET Q q 0 0 0 rg BT 279.25 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.56 503.25 Td (arrange ) Tj ET Q q 0 0 0 rg BT 322.06 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 336.26 503.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 380.99 503.25 Td (\(and, ) Tj ET Q q 0 0 0 rg BT 403.79 503.25 Td (likely) Tj ET Q q 0 0 0 rg BT 425.91 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 430.94 503.25 Td (less ) Tj ET Q q 0 0 0 rg BT 448.47 503.25 Td (attractive\) ) Tj ET Q q 0 0 0 rg BT 491.53 503.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 531.83 503.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 564.35 503.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 80.17 491.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 120.45 491.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 144.07 491.25 Td (held ) Tj ET Q q 0 0 0 rg BT 163.80 491.25 Td (as ) Tj ET Q q 0 0 0 rg BT 174.65 491.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 216.60 491.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 266.89 491.25 Td (or) Tj ET Q q 0 0 0 rg BT 274.82 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 279.83 491.25 Td (if ) Tj ET Q q 0 0 0 rg BT 288.46 491.25 Td (such ) Tj ET Q q 0 0 0 rg BT 309.31 491.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 354.02 491.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 394.30 491.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 426.81 491.25 Td (are ) Tj ET Q q 0 0 0 rg BT 441.53 491.25 Td (not ) Tj ET Q q 0 0 0 rg BT 456.82 491.25 Td (then ) Tj ET Q q 0 0 0 rg BT 476.56 491.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 517.66 491.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 556.83 491.25 Td (us ) Tj ET Q q 0 0 0 rg BT 568.24 491.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 72.71 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 87.76 479.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 124.47 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.52 479.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 177.88 479.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 200.71 479.25 Td (held ) Tj ET Q q 0 0 0 rg BT 219.65 479.25 Td (as ) Tj ET Q q 0 0 0 rg BT 229.69 479.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 270.84 479.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 322.84 479.25 Td (any ) Tj ET Q q 0 0 0 rg BT 338.99 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.04 479.25 Td (which ) Tj ET Q q 0 0 0 rg BT 375.20 479.25 Td (could ) Tj ET Q q 0 0 0 rg BT 399.13 479.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 442.50 479.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 471.43 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 486.48 479.25 Td (business ) Tj ET Q q 0 0 0 rg BT 522.09 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 538.24 479.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 67.39 467.25 Td (In ) Tj ET Q q 0 0 0 rg BT 78.51 467.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 116.57 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.68 467.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 173.22 467.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 207.64 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 220.43 467.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 262.65 467.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 303.20 467.25 Td (from ) Tj ET Q q 0 0 0 rg BT 325.42 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.42 467.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 375.44 467.25 Td (exposes ) Tj ET Q q 0 0 0 rg BT 409.88 467.25 Td (us ) Tj ET Q q 0 0 0 rg BT 421.56 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 432.12 467.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 453.80 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.91 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.91 467.25 Td (type ) Tj ET Q q 0 0 0 rg BT 499.91 467.25 Td (described ) Tj ET Q q 0 0 0 rg BT 541.01 467.25 Td (below ) Tj ET Q q 0 0 0 rg BT 568.24 467.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 54.97 455.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 66.99 455.25 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 95.67 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.87 455.25 Td (this ) Tj ET Q q 0 0 0 rg BT 123.54 455.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 155.84 455.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 185.92 455.25 Td (on ) Tj ET Q q 0 0 0 rg BT 198.78 455.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 223.31 455.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 246.72 455.25 Td (under ) Tj ET Q q 0 0 0 rg BT 272.35 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.43 455.25 Td (heading, ) Tj ET Q q 0 0 0 rg BT 324.44 455.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.88 455.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 352.85 455.25 Td (Relating ) Tj ET Q q 0 0 0 rg BT 389.59 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.23 455.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 422.53 455.25 Td (Incurr) Tj ET Q q 0 0 0 rg BT 447.71 455.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 460.01 455.25 Td (under ) Tj ET Q q 0 0 0 rg BT 486.20 455.25 Td (Short- ) Tj ET Q q 0 0 0 rg BT 514.06 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 531.92 455.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 560.46 455.25 Td (erm ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (Borr) Tj ET Q q 0 0 0 rg BT 54.52 443.25 Td (owing ) Tj ET Q q 0 0 0 rg BT 81.47 443.25 Td (Facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.74 443.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 75.49 419.25 Td (business ) Tj ET Q q 0 0 0 rg BT 113.33 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.72 419.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 162.31 419.25 Td (deployment ) Tj ET Q q 0 0 0 rg BT 212.35 419.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 252.95 419.25 Td (we ) Tj ET Q q 0 0 0 rg BT 266.89 419.25 Td (made ) Tj ET Q q 0 0 0 rg BT 291.93 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.09 419.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 325.92 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.30 419.25 Td (early ) Tj ET Q q 0 0 0 rg BT 367.67 419.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 393.00 419.25 Td (including ) Tj ET Q q 0 0 0 rg BT 435.28 419.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 475.89 419.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 510.94 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.54 419.25 Td (restructuring ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (or ) Tj ET Q q 0 0 0 rg BT 47.19 407.25 Td (repositioning ) Tj ET Q q 0 0 0 rg BT 103.95 407.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 135.13 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.76 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.51 407.25 Td (business ) Tj ET Q q 0 0 0 rg BT 199.83 407.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 238.22 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.08 407.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 296.16 407.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 330.69 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.76 407.25 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 393.07 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.70 407.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 443.77 407.25 Td (common ) Tj ET Q q 0 0 0 rg BT 481.63 407.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 507.54 407.25 Td (may ) Tj ET Q q 0 0 0 rg BT 527.05 407.25 Td (not ) Tj ET Q q 0 0 0 rg BT 542.69 407.25 Td (improve ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 53.19 395.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 104.25 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 115.88 395.25 Td (competitiveness ) Tj ET Q q 0 0 0 rg BT 183.05 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.34 395.25 Td (may ) Tj ET Q q 0 0 0 rg BT 221.30 395.25 Td (not ) Tj ET Q q 0 0 0 rg BT 237.37 395.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 278.44 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.95 395.25 Td (best ) Tj ET Q q 0 0 0 rg BT 312.80 395.25 Td (allocation ) Tj ET Q q 0 0 0 rg BT 356.65 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.71 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 384.90 395.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 415.41 395.25 Td (over ) Tj ET Q q 0 0 0 rg BT 435.91 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 451.43 395.25 Td (long-term. ) Tj ET Q q 0 0 0 rg BT 497.22 395.25 Td (Decisions ) Tj ET Q q 0 0 0 rg BT 539.96 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 553.80 395.25 Td (make ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 47.79 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.03 383.25 Td (future ) Tj ET Q q 0 0 0 rg BT 93.04 383.25 Td (about ) Tj ET Q q 0 0 0 rg BT 119.84 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 137.75 383.25 Td (business ) Tj ET Q q 0 0 0 rg BT 176.21 383.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 211.89 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.90 383.25 Td (new ) Tj ET Q q 0 0 0 rg BT 251.03 383.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 305.32 383.25 Td (as ) Tj ET Q q 0 0 0 rg BT 317.66 383.25 Td (well ) Tj ET Q q 0 0 0 rg BT 337.78 383.25 Td (as ) Tj ET Q q 0 0 0 rg BT 350.13 383.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 391.36 383.25 Td (about ) Tj ET Q q 0 0 0 rg BT 418.16 383.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 450.51 383.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 481.74 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 494.09 383.25 Td (returning ) Tj ET Q q 0 0 0 rg BT 537.00 383.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 568.23 383.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 91.84 371.25 Td (\(through ) Tj ET Q q 0 0 0 rg BT 131.03 371.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 172.42 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 183.81 371.25 Td (common ) Tj ET Q q 0 0 0 rg BT 221.86 371.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 245.47 371.25 Td (repurchases\), ) Tj ET Q q 0 0 0 rg BT 303.81 371.25 Td (could ) Tj ET Q q 0 0 0 rg BT 329.09 371.25 Td (also ) Tj ET Q q 0 0 0 rg BT 348.26 371.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 364.64 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 374.92 371.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 410.75 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 427.70 371.25 Td (business ) Tj ET Q q 0 0 0 rg BT 465.21 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.28 371.25 Td (results ) Tj ET Q q 0 0 0 rg BT 513.01 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.84 371.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.73 347.25 Td (January ) Tj ET Q q 0 0 0 rg BT 98.22 347.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.12 347.25 Td (we ) Tj ET Q q 0 0 0 rg BT 137.18 347.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 182.89 347.25 Td (that ) Tj ET Q q 0 0 0 rg BT 200.28 347.25 Td (we ) Tj ET Q q 0 0 0 rg BT 214.34 347.25 Td (were ) Tj ET Q q 0 0 0 rg BT 236.17 347.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 289.66 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 305.39 347.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 349.43 347.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 398.49 347.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 438.65 347.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 458.26 347.25 Td (business ) Tj ET Q q 0 0 0 rg BT 494.55 347.25 Td (by ) Tj ET Q q 0 0 0 rg BT 506.95 347.25 Td (discontinuing ) Tj ET Q q 0 0 0 rg BT 563.79 347.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 82.03 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.62 335.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 147.96 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.44 335.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 207.25 335.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 230.50 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 244.31 335.25 Td (resale ) Tj ET Q q 0 0 0 rg BT 269.77 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.70 335.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 309.06 335.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 328.98 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.56 335.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 378.26 335.25 Td (Mac. ) Tj ET Q q 0 0 0 rg BT 400.67 335.25 Td (In ) Tj ET Q q 0 0 0 rg BT 411.15 335.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 448.57 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.50 335.25 Td (February ) Tj ET Q q 0 0 0 rg BT 496.74 335.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 518.89 335.25 Td (we ) Tj ET Q q 0 0 0 rg BT 532.70 335.25 Td (announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 43.01 323.25 Td (repositioning ) Tj ET Q q 0 0 0 rg BT 98.36 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.27 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.17 323.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 174.94 323.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 194.73 323.25 Td (business ) Tj ET Q q 0 0 0 rg BT 231.20 323.25 Td (by ) Tj ET Q q 0 0 0 rg BT 243.78 323.25 Td (discontinuing ) Tj ET Q q 0 0 0 rg BT 300.79 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.58 323.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 362.04 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.95 323.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 399.96 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.97 323.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 462.30 323.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 512.07 323.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 552.41 323.25 Td (loans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.73 311.25 Td (during ) Tj ET Q q 0 0 0 rg BT 81.13 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 95.63 311.25 Td (third ) Tj ET Q q 0 0 0 rg BT 116.81 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.53 311.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 160.26 311.25 Td (quarters ) Tj ET Q q 0 0 0 rg BT 194.76 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.38 311.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 230.17 311.25 Td (we ) Tj ET Q q 0 0 0 rg BT 244.12 311.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 288.05 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.56 311.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 320.40 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.02 311.25 Td (almost ) Tj ET Q q 0 0 0 rg BT 359.97 311.25 Td (all ) Tj ET Q q 0 0 0 rg BT 372.25 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.87 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 398.49 311.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 443.53 311.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 493.02 311.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 512.52 311.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 552.14 311.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 71.15 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.86 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 98.13 299.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 128.84 299.25 Td (business ) Tj ET Q q 0 0 0 rg BT 165.67 299.25 Td (model ) Tj ET Q q 0 0 0 rg BT 193.60 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.98 299.25 Td (structure ) Tj ET Q q 0 0 0 rg BT 248.91 299.25 Td (were ) Tj ET Q q 0 0 0 rg BT 271.27 299.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 308.65 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 319.36 299.25 Td (discontinue ) Tj ET Q q 0 0 0 rg BT 368.41 299.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 413.00 299.25 Td (that ) Tj ET Q q 0 0 0 rg BT 430.94 299.25 Td (had ) Tj ET Q q 0 0 0 rg BT 448.31 299.25 Td (not ) Tj ET Q q 0 0 0 rg BT 464.03 299.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 499.17 299.25 Td (been, ) Tj ET Q q 0 0 0 rg BT 523.49 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 540.87 299.25 Td (were ) Tj ET Q q 0 0 0 rg BT 563.24 299.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 74.01 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 84.26 287.25 Td (be, ) Tj ET Q q 0 0 0 rg BT 98.67 287.25 Td (profitable ) Tj ET Q q 0 0 0 rg BT 140.02 287.25 Td (for ) Tj ET Q q 0 0 0 rg BT 154.15 287.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 194.96 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.87 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.13 287.25 Td (free ) Tj ET Q q 0 0 0 rg BT 240.14 287.25 Td (up ) Tj ET Q q 0 0 0 rg BT 252.61 287.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 281.74 287.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.87 287.25 Td (more ) Tj ET Q q 0 0 0 rg BT 318.89 287.25 Td (profitable ) Tj ET Q q 0 0 0 rg BT 360.24 287.25 Td (business ) Tj ET Q q 0 0 0 rg BT 396.61 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.52 287.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.88 287.25 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 517.44 287.25 Td (These ) Tj ET Q q 0 0 0 rg BT 543.80 287.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (were ) Tj ET Q q 0 0 0 rg BT 58.54 275.25 Td (premised ) Tj ET Q q 0 0 0 rg BT 98.30 275.25 Td (on ) Tj ET Q q 0 0 0 rg BT 111.41 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.85 275.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 161.52 275.25 Td (for ) Tj ET Q q 0 0 0 rg BT 176.29 275.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 218.27 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.82 275.25 Td (market ) Tj ET Q q 0 0 0 rg BT 266.69 275.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 313.96 275.25 Td (as ) Tj ET Q q 0 0 0 rg BT 325.40 275.25 Td (well ) Tj ET Q q 0 0 0 rg BT 345.73 275.25 Td (as ) Tj ET Q q 0 0 0 rg BT 357.17 275.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 407.49 275.25 Td (considerations ) Tj ET Q q 0 0 0 rg BT 468.36 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.91 275.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 538.46 275.25 Td (about ) Tj ET Q q 0 0 0 rg BT 563.79 275.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (workforce ) Tj ET Q q 0 0 0 rg BT 79.77 263.25 Td (reductions ) Tj ET Q q 0 0 0 rg BT 124.11 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 141.24 263.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 176.13 263.25 Td (savings ) Tj ET Q q 0 0 0 rg BT 208.81 263.25 Td (that ) Tj ET Q q 0 0 0 rg BT 226.49 263.25 Td (could ) Tj ET Q q 0 0 0 rg BT 251.39 263.25 Td (accompany ) Tj ET Q q 0 0 0 rg BT 299.61 263.25 Td (these ) Tj ET Q q 0 0 0 rg BT 322.84 263.25 Td (changes. ) Tj ET Q q 0 0 0 rg BT 360.23 263.25 Td (Over ) Tj ET Q q 0 0 0 rg BT 382.91 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.81 263.25 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 442.43 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.33 263.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 509.46 263.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 555.47 263.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.02 251.25 Td (could ) Tj ET Q q 0 0 0 rg BT 94.06 251.25 Td (turn ) Tj ET Q q 0 0 0 rg BT 111.99 251.25 Td (out ) Tj ET Q q 0 0 0 rg BT 126.58 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.18 251.25 Td (be ) Tj ET Q q 0 0 0 rg BT 147.43 251.25 Td (incorrect ) Tj ET Q q 0 0 0 rg BT 184.78 251.25 Td (or ) Tj ET Q q 0 0 0 rg BT 194.93 251.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 235.62 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 251.88 251.25 Td (market ) Tj ET Q q 0 0 0 rg BT 281.46 251.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 324.94 251.25 Td (could ) Tj ET Q q 0 0 0 rg BT 348.98 251.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 382.45 251.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.05 251.25 Td (a ) Tj ET Q q 0 0 0 rg BT 398.30 251.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 430.11 251.25 Td (that ) Tj ET Q q 0 0 0 rg BT 446.92 251.25 Td (is ) Tj ET Q q 0 0 0 rg BT 455.41 251.25 Td (not ) Tj ET Q q 0 0 0 rg BT 470.00 251.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 511.82 251.25 Td (with ) Tj ET Q q 0 0 0 rg BT 531.41 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 545.45 251.25 Td (outlook ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (we ) Tj ET Q q 0 0 0 rg BT 50.79 239.25 Td (held. ) Tj ET Q q 0 0 0 rg BT 72.95 239.25 Td (As ) Tj ET Q q 0 0 0 rg BT 87.19 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 94.76 239.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 122.61 239.25 Td (these ) Tj ET Q q 0 0 0 rg BT 146.29 239.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 181.63 239.25 Td (could ) Tj ET Q q 0 0 0 rg BT 206.98 239.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 223.43 239.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.34 239.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 270.80 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.15 239.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 328.71 239.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 379.61 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.07 239.25 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 435.03 239.25 Td (could ) Tj ET Q q 0 0 0 rg BT 460.38 239.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 476.84 239.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.75 239.25 Td (result ) Tj ET Q q 0 0 0 rg BT 513.10 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.01 239.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 553.79 239.25 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (available ) Tj ET Q q 0 0 0 rg BT 74.61 227.25 Td (for ) Tj ET Q q 0 0 0 rg BT 88.80 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 99.65 227.25 Td (deployed ) Tj ET Q q 0 0 0 rg BT 138.83 227.25 Td (into ) Tj ET Q q 0 0 0 rg BT 156.91 227.25 Td (more ) Tj ET Q q 0 0 0 rg BT 179.98 227.25 Td (profitable ) Tj ET Q q 0 0 0 rg BT 221.37 227.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 266.12 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.08 227.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 335.88 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 346.73 227.25 Td (could ) Tj ET Q q 0 0 0 rg BT 371.47 227.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 412.87 227.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 446.49 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 462.34 227.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 501.26 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 517.11 227.25 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 562.68 227.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 63.85 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 73.92 215.25 Td (access ) Tj ET Q q 0 0 0 rg BT 101.75 215.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 144.31 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.04 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 176.66 215.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 204.51 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.58 215.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 235.75 215.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 267.20 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.82 215.25 Td (could ) Tj ET Q q 0 0 0 rg BT 302.33 215.25 Td (have ) Tj ET Q q 0 0 0 rg BT 323.50 215.25 Td (other ) Tj ET Q q 0 0 0 rg BT 346.34 215.25 Td (unforeseen ) Tj ET Q q 0 0 0 rg BT 392.50 215.25 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 452.27 215.25 Td (any ) Tj ET Q q 0 0 0 rg BT 469.01 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 479.63 215.25 Td (all ) Tj ET Q q 0 0 0 rg BT 491.92 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.54 215.25 Td (which ) Tj ET Q q 0 0 0 rg BT 529.28 215.25 Td (could ) Tj ET Q q 0 0 0 rg BT 553.79 215.25 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.46 203.25 Td (a ) Tj ET Q q 0 0 0 rg BT 53.59 203.25 Td (material ) Tj ET Q q 0 0 0 rg BT 89.03 203.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 122.25 203.25 Td (ef) Tj ET Q q 0 0 0 rg BT 129.84 203.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 147.51 203.25 Td (on ) Tj ET Q q 0 0 0 rg BT 160.19 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 176.21 203.25 Td (business ) Tj ET Q q 0 0 0 rg BT 212.78 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.91 203.25 Td (results ) Tj ET Q q 0 0 0 rg BT 258.70 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.71 203.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 314.05 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 324.52 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.42 203.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 368.48 203.25 Td (Decisions ) Tj ET Q q 0 0 0 rg BT 410.60 203.25 Td (we ) Tj ET Q q 0 0 0 rg BT 424.95 203.25 Td (make ) Tj ET Q q 0 0 0 rg BT 449.29 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 459.75 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.65 203.25 Td (future ) Tj ET Q q 0 0 0 rg BT 501.21 203.25 Td (about ) Tj ET Q q 0 0 0 rg BT 526.12 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 542.13 203.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 69.40 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 85.59 191.25 Td (new ) Tj ET Q q 0 0 0 rg BT 104.00 191.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 156.02 191.25 Td (as ) Tj ET Q q 0 0 0 rg BT 166.09 191.25 Td (well ) Tj ET Q q 0 0 0 rg BT 185.06 191.25 Td (as ) Tj ET Q q 0 0 0 rg BT 195.13 191.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 234.10 191.25 Td (about ) Tj ET Q q 0 0 0 rg BT 258.06 191.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 287.03 191.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 315.42 191.25 Td (or ) Tj ET Q q 0 0 0 rg BT 325.50 191.25 Td (returning ) Tj ET Q q 0 0 0 rg BT 363.90 191.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 392.30 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.83 191.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 454.11 191.25 Td (\(through ) Tj ET Q q 0 0 0 rg BT 490.29 191.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 530.93 191.25 Td (or ) Tj ET Q q 0 0 0 rg BT 541.01 191.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 59.61 179.25 Td (repurchases\), ) Tj ET Q q 0 0 0 rg BT 115.14 179.25 Td (could ) Tj ET Q q 0 0 0 rg BT 139.85 179.25 Td (also ) Tj ET Q q 0 0 0 rg BT 158.46 179.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 174.29 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 184.56 179.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 220.39 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.22 179.25 Td (business ) Tj ET Q q 0 0 0 rg BT 272.61 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.55 179.25 Td (results ) Tj ET Q q 0 0 0 rg BT 318.16 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.99 179.25 Td (operations.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 42.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.87 731.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 102.67 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.43 731.10 Td (August ) Tj ET Q q 0 0 0 rg BT 143.86 731.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 168.89 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 184.76 731.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 211.73 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.60 731.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 262.34 731.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 307.08 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.83 731.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 359.90 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.77 731.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 398.29 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.16 731.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 450.03 731.10 Td (common ) Tj ET Q q 0 0 0 rg BT 487.56 731.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 511.20 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.51 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 533.49 731.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 566.02 731.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.04 719.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 68.30 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 99.45 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.15 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.07 719.10 Td (subsequently) Tj ET Q q 0 0 0 rg BT 181.63 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.39 719.10 Td (during ) Tj ET Q q 0 0 0 rg BT 214.76 719.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 237.02 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.72 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.76 719.10 Td (January ) Tj ET Q q 0 0 0 rg BT 297.12 719.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 321.88 719.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 372.44 719.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 432.46 719.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 454.72 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 485.87 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.46 719.10 Td (common ) Tj ET Q q 0 0 0 rg BT 533.72 719.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 557.08 719.10 Td (at ) Tj ET Q q 0 0 0 rg BT 566.56 719.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (average ) Tj ET Q q 0 0 0 rg BT 69.44 707.10 Td (price ) Tj ET Q q 0 0 0 rg BT 91.77 707.10 Td (per ) Tj ET Q q 0 0 0 rg BT 106.89 707.10 Td (share ) Tj ET Q q 0 0 0 rg BT 130.34 707.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.02 707.10 Td ($13.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.52 707.10 Td (. ) Tj ET Q q 0 0 0 rg BT 173.37 707.10 Td (In ) Tj ET Q q 0 0 0 rg BT 184.05 707.10 Td (February ) Tj ET Q q 0 0 0 rg BT 222.50 707.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 247.35 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.04 707.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 289.83 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.51 707.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 340.06 707.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 379.62 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 391.41 707.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 433.75 707.10 Td (authorization ) Tj ET Q q 0 0 0 rg BT 488.86 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 502.88 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.44 707.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 555.33 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 566.01 707.10 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.20 695.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 66.63 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.52 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.94 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.70 695.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 146.45 695.10 Td (common ) Tj ET Q q 0 0 0 rg BT 182.87 695.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 205.41 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.27 695.10 Td (also ) Tj ET Q q 0 0 0 rg BT 238.80 695.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 282.43 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.07 695.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 340.80 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.56 695.10 Td (other ) Tj ET Q q 0 0 0 rg BT 372.53 695.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 411.72 695.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 438.14 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 449.57 695.10 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 491.82 695.10 Td (including ) Tj ET Q q 0 0 0 rg BT 531.02 695.10 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.00 683.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 109.96 683.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 129.74 683.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 170.06 683.10 Td (due ) Tj ET Q q 0 0 0 rg BT 187.05 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.39 683.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 219.95 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.94 683.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 262.00 683.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 309.66 683.10 Td (. ) Tj ET Q q 0 0 0 rg BT 314.16 683.10 Td (At ) Tj ET Q q 0 0 0 rg BT 326.71 683.10 Td (December ) Tj ET Q q 0 0 0 rg BT 370.36 683.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 385.41 683.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 410.47 683.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 470.79 683.10 Td ($86 ) Tj ET Q q 0 0 0 rg BT 488.34 683.10 Td (million ) Tj ET Q q 0 0 0 rg BT 519.79 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.68 683.10 Td (this ) Tj ET Q q 0 0 0 rg BT 547.69 683.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (authorization ) Tj ET Q q 0 0 0 rg BT 91.06 671.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 130.57 671.10 Td (available ) Tj ET Q q 0 0 0 rg BT 168.97 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.93 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.46 671.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 243.07 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.71 671.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 281.00 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.64 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.27 671.10 Td (common ) Tj ET Q q 0 0 0 rg BT 344.58 671.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 370.49 671.10 Td (If ) Tj ET Q q 0 0 0 rg BT 379.46 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 393.42 671.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 439.03 671.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 466.33 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.97 671.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 517.60 671.10 Td (common ) Tj ET Q q 0 0 0 rg BT 554.90 671.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.69 659.10 Td (other ) Tj ET Q q 0 0 0 rg BT 69.61 659.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 109.73 659.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 137.10 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 149.46 659.10 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 192.66 659.10 Td (it ) Tj ET Q q 0 0 0 rg BT 200.58 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 209.62 659.10 Td (because ) Tj ET Q q 0 0 0 rg BT 243.63 659.10 Td (at ) Tj ET Q q 0 0 0 rg BT 253.21 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.79 659.10 Td (time ) Tj ET Q q 0 0 0 rg BT 287.93 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 301.95 659.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 333.19 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.77 659.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 375.13 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.82 659.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 425.95 659.10 Td (are ) Tj ET Q q 0 0 0 rg BT 440.52 659.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 471.21 659.10 Td (at ) Tj ET Q q 0 0 0 rg BT 480.79 659.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 520.35 659.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 546.04 659.10 Td (relative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.25 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 69.27 647.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 88.97 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.78 647.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 128.90 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 139.71 647.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 186.06 647.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 241.31 647.10 Td (then ) Tj ET Q q 0 0 0 rg BT 261.00 647.10 Td (available ) Tj ET Q q 0 0 0 rg BT 299.56 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.82 647.10 Td (us; ) Tj ET Q q 0 0 0 rg BT 323.96 647.10 Td (however) Tj ET Q q 0 0 0 rg BT 357.99 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 362.96 647.10 Td (it ) Tj ET Q q 0 0 0 rg BT 371.00 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.14 647.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 415.39 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 432.86 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 455.88 647.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 475.58 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.39 647.10 Td (this ) Tj ET Q q 0 0 0 rg BT 503.31 647.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 532.43 647.10 Td (could ) Tj ET Q q 0 0 0 rg BT 557.13 647.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (been ) Tj ET Q q 0 0 0 rg BT 57.13 635.10 Td (more ) Tj ET Q q 0 0 0 rg BT 79.94 635.10 Td (accretive ) Tj ET Q q 0 0 0 rg BT 118.27 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.30 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.89 635.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 180.02 635.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.61 635.10 Td (book ) Tj ET Q q 0 0 0 rg BT 212.87 635.10 Td (value ) Tj ET Q q 0 0 0 rg BT 236.78 635.10 Td (or ) Tj ET Q q 0 0 0 rg BT 247.36 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 264.61 635.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 311.31 635.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 340.21 635.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 365.24 635.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 386.37 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 403.62 635.10 Td (were ) Tj ET Q q 0 0 0 rg BT 425.31 635.10 Td (not ) Tj ET Q q 0 0 0 rg BT 440.34 635.10 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 496.46 635.10 Td (at ) Tj ET Q q 0 0 0 rg BT 505.94 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.41 635.10 Td (time ) Tj ET Q q 0 0 0 rg BT 540.44 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 554.35 635.10 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (these ) Tj ET Q q 0 0 0 rg BT 58.15 623.10 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 99.47 623.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 116.63 623.10 Td (past ) Tj ET Q q 0 0 0 rg BT 134.34 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.38 623.10 Td (future ) Tj ET Q q 0 0 0 rg BT 175.86 623.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 214.68 623.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 246.83 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.21 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.03 623.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 318.83 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.77 623.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 368.70 623.10 Td (common ) Tj ET Q q 0 0 0 rg BT 405.30 623.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 428.01 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 437.95 623.10 Td (other ) Tj ET Q q 0 0 0 rg BT 460.10 623.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 499.47 623.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 526.07 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 537.67 623.10 Td (Redwood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (could ) Tj ET Q q 0 0 0 rg BT 61.82 611.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 78.75 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.14 611.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 127.07 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.00 611.10 Td (results ) Tj ET Q q 0 0 0 rg BT 173.71 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.65 611.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 230.91 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.84 611.10 Td (could ) Tj ET Q q 0 0 0 rg BT 268.67 611.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 313.92 611.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 344.74 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 361.67 611.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 390.83 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.21 611.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 436.35 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.29 611.10 Td (business ) Tj ET Q q 0 0 0 rg BT 490.78 611.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 518.00 611.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 541.03 611.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 85.27 599.10 Td (access ) Tj ET Q q 0 0 0 rg BT 113.14 599.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 155.73 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 166.39 599.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 187.59 599.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.91 599.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 261.39 599.10 Td (any ) Tj ET Q q 0 0 0 rg BT 278.16 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.81 599.10 Td (all ) Tj ET Q q 0 0 0 rg BT 301.14 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.79 599.10 Td (which ) Tj ET Q q 0 0 0 rg BT 338.56 599.10 Td (could ) Tj ET Q q 0 0 0 rg BT 363.11 599.10 Td (result ) Tj ET Q q 0 0 0 rg BT 387.65 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.76 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.52 599.10 Td (material ) Tj ET Q q 0 0 0 rg BT 439.61 599.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 472.48 599.10 Td (ef) Tj ET Q q 0 0 0 rg BT 480.06 599.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 497.38 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.71 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.36 599.10 Td (business ) Tj ET Q q 0 0 0 rg BT 561.58 599.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (results ) Tj ET Q q 0 0 0 rg BT 64.61 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.44 587.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 119.59 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.87 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.59 587.10 Td (future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 54.40 563.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 83.92 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.55 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.62 563.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 135.80 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.20 563.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 169.84 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.69 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.76 563.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 253.39 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 266.79 563.10 Td (make ) Tj ET Q q 0 0 0 rg BT 291.30 563.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 321.36 563.10 Td (us ) Tj ET Q q 0 0 0 rg BT 333.10 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.18 563.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 368.79 563.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 386.65 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 405.06 563.10 Td (could ) Tj ET Q q 0 0 0 rg BT 430.13 563.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 474.07 563.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 504.14 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.21 563.10 Td (value ) Tj ET Q q 0 0 0 rg BT 543.72 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 554.34 563.10 Td (those ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 62.39 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 80.45 551.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 133.79 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 150.74 551.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 191.86 551.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 235.75 551.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 257.14 551.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 283.81 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.87 551.10 Td (access ) Tj ET Q q 0 0 0 rg BT 330.47 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.75 551.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 374.27 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 379.27 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 390.66 551.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 432.61 551.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 476.76 551.10 Td (af) Tj ET Q q 0 0 0 rg BT 484.91 551.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 502.40 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.35 551.10 Td (business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (Overview ) Tj ET Q q 0 0 0 rg BT 76.82 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.09 527.10 Td (cr) Tj ET Q q 0 0 0 rg BT 95.05 527.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 112.55 527.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 503.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.38 503.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 101.12 503.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 126.19 503.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 143.50 503.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 183.01 503.10 Td (through ) Tj ET Q q 0 0 0 rg BT 216.43 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.95 503.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 274.91 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.55 503.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.62 503.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 356.24 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 368.54 503.10 Td (residential, ) Tj ET Q q 0 0 0 rg BT 415.00 503.10 Td (multi-family) Tj ET Q q 0 0 0 rg BT 464.89 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 469.70 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.44 503.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 535.94 503.10 Td (real ) Tj ET Q q 0 0 0 rg BT 553.23 503.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 60.40 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 78.14 491.10 Td (through ) Tj ET Q q 0 0 0 rg BT 112.54 491.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 138.60 491.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.67 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.74 491.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 245.69 491.10 Td (real ) Tj ET Q q 0 0 0 rg BT 263.97 491.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 290.02 491.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 316.69 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 325.33 491.10 Td (e ) Tj ET Q q 0 0 0 rg BT 333.06 491.10 Td (may ) Tj ET Q q 0 0 0 rg BT 353.57 491.10 Td (also ) Tj ET Q q 0 0 0 rg BT 372.98 491.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 405.71 491.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 436.78 491.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 462.84 491.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 485.02 491.10 Td (through ) Tj ET Q q 0 0 0 rg BT 519.43 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 543.27 491.10 Td (types ) Tj ET Q q 0 0 0 rg BT 567.67 491.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 86.15 479.10 Td (with ) Tj ET Q q 0 0 0 rg BT 106.31 479.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 165.34 479.10 Td (who ) Tj ET Q q 0 0 0 rg BT 184.94 479.10 Td (are ) Tj ET Q q 0 0 0 rg BT 199.53 479.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 232.46 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.63 479.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 271.66 479.10 Td (their ) Tj ET Q q 0 0 0 rg BT 292.37 479.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 330.85 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.01 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 366.16 479.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 386.04 479.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 413.42 479.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 439.70 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 452.08 479.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 496.12 479.10 Td (real ) Tj ET Q q 0 0 0 rg BT 513.49 479.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 538.64 479.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 562.13 479.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 60.32 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 74.09 467.10 Td (many ) Tj ET Q q 0 0 0 rg BT 98.42 467.10 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 133.02 467.10 Td (including: ) Tj ET Q q 0 0 0 rg BT 175.68 467.10 Td (fraud; ) Tj ET Q q 0 0 0 rg BT 201.67 467.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 222.11 467.10 Td (underwriting; ) Tj ET Q q 0 0 0 rg BT 278.65 467.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 299.09 467.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 337.86 467.10 Td (practices; ) Tj ET Q q 0 0 0 rg BT 378.28 467.10 Td (weak ) Tj ET Q q 0 0 0 rg BT 401.49 467.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 442.47 467.10 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 489.03 467.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 527.78 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.67 467.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (required ) Tj ET Q q 0 0 0 rg BT 71.15 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.77 455.10 Td (be ) Tj ET Q q 0 0 0 rg BT 92.05 455.10 Td (made ) Tj ET Q q 0 0 0 rg BT 115.54 455.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.38 455.10 Td (borrowers; ) Tj ET Q q 0 0 0 rg BT 172.54 455.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 207.14 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.76 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.81 455.10 Td (value ) Tj ET Q q 0 0 0 rg BT 254.31 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.47 455.10 Td (homes; ) Tj ET Q q 0 0 0 rg BT 295.20 455.10 Td (earthquakes, ) Tj ET Q q 0 0 0 rg BT 347.29 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.35 455.10 Td (ef) Tj ET Q q 0 0 0 rg BT 368.93 455.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 389.65 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.82 455.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 431.09 455.10 Td (change ) Tj ET Q q 0 0 0 rg BT 461.24 455.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 504.18 455.10 Td (flooding, ) Tj ET Q q 0 0 0 rg BT 542.41 455.10 Td (drought, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 54.84 443.10 Td (severe ) Tj ET Q q 0 0 0 rg BT 84.78 443.10 Td (weather\) ) Tj ET Q q 0 0 0 rg BT 124.16 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.00 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 167.94 443.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 200.11 443.10 Td (events; ) Tj ET Q q 0 0 0 rg BT 232.83 443.10 Td (uninsured ) Tj ET Q q 0 0 0 rg BT 276.67 443.10 Td (property ) Tj ET Q q 0 0 0 rg BT 314.95 443.10 Td (loss; ) Tj ET Q q 0 0 0 rg BT 337.69 443.10 Td (over) Tj ET Q q 0 0 0 rg BT 355.26 443.10 Td (-leveraging ) Tj ET Q q 0 0 0 rg BT 405.20 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.93 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.55 443.10 Td (borrower; ) Tj ET Q q 0 0 0 rg BT 478.38 443.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 502.78 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.51 443.10 Td (remediation ) Tj ET Q q 0 0 0 rg BT 567.67 443.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (environmental ) Tj ET Q q 0 0 0 rg BT 96.24 431.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 142.88 431.10 Td (such ) Tj ET Q q 0 0 0 rg BT 163.70 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 174.51 431.10 Td (indoor ) Tj ET Q q 0 0 0 rg BT 203.09 431.10 Td (mold; ) Tj ET Q q 0 0 0 rg BT 228.91 431.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 263.60 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.86 431.10 Td (zoning ) Tj ET Q q 0 0 0 rg BT 303.55 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 314.36 431.10 Td (building ) Tj ET Q q 0 0 0 rg BT 350.18 431.10 Td (codes ) Tj ET Q q 0 0 0 rg BT 375.43 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.35 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.04 431.10 Td (related ) Tj ET Q q 0 0 0 rg BT 436.73 431.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 459.21 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.02 431.10 Td (compliance; ) Tj ET Q q 0 0 0 rg BT 521.37 431.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 539.39 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.20 431.10 Td (war ) Tj ET Q q 0 0 0 rg BT 567.67 431.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (terrorism; ) Tj ET Q q 0 0 0 rg BT 77.78 419.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 112.33 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.45 419.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 144.23 419.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 191.00 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 205.01 419.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 236.23 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.01 419.10 Td (other ) Tj ET Q q 0 0 0 rg BT 275.90 419.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 310.45 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.58 419.10 Td (law ) Tj ET Q q 0 0 0 rg BT 337.36 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.03 419.10 Td (regulation; ) Tj ET Q q 0 0 0 rg BT 393.70 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.48 419.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 446.70 419.10 Td (events ) Tj ET Q q 0 0 0 rg BT 474.59 419.10 Td (af) Tj ET Q q 0 0 0 rg BT 482.18 419.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 512.28 419.10 Td (borrowers, ) Tj ET Q q 0 0 0 rg BT 557.67 419.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (as ) Tj ET Q q 0 0 0 rg BT 47.21 407.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 87.86 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.51 407.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 133.33 407.10 Td (job ) Tj ET Q q 0 0 0 rg BT 148.99 407.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 169.93 407.10 Td (divorce, ) Tj ET Q q 0 0 0 rg BT 205.30 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 216.51 407.10 Td (health ) Tj ET Q q 0 0 0 rg BT 243.82 407.10 Td (problems. ) Tj ET Q q 0 0 0 rg BT 286.42 407.10 Td (In ) Tj ET Q q 0 0 0 rg BT 297.63 407.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 335.79 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.88 407.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 383.76 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.08 407.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 430.07 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.28 407.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 466.93 407.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 493.70 407.10 Td (could ) Tj ET Q q 0 0 0 rg BT 518.80 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 531.12 407.10 Td (af) Tj ET Q q 0 0 0 rg BT 538.71 407.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 566.01 407.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 55.28 395.10 Td (modifications, ) Tj ET Q q 0 0 0 rg BT 114.84 395.10 Td (delays ) Tj ET Q q 0 0 0 rg BT 142.45 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.30 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.58 395.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 211.98 395.10 Td (process, ) Tj ET Q q 0 0 0 rg BT 246.54 395.10 Td (documentation ) Tj ET Q q 0 0 0 rg BT 308.03 395.10 Td (errors, ) Tj ET Q q 0 0 0 rg BT 335.92 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.43 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 375.04 395.10 Td (action ) Tj ET Q q 0 0 0 rg BT 401.54 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 413.61 395.10 Td (servicers. ) Tj ET Q q 0 0 0 rg BT 453.56 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 462.20 395.10 Td (eakness ) Tj ET Q q 0 0 0 rg BT 495.36 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 505.21 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.49 395.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 539.34 395.10 Td (economy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.55 383.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 95.72 383.10 Td (market ) Tj ET Q q 0 0 0 rg BT 125.98 383.10 Td (could ) Tj ET Q q 0 0 0 rg BT 150.70 383.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 175.40 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 191.23 383.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 216.50 383.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 242.89 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.17 383.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 288.42 383.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 320.36 383.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 346.19 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 363.68 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 377.84 383.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 416.43 383.10 Td (anticipate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.06 359.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.07 359.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 128.58 359.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.74 359.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 182.35 359.10 Td (may ) Tj ET Q q 0 0 0 rg BT 202.30 359.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 237.79 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.74 359.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 278.23 359.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 299.85 359.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 343.68 359.10 Td (with ) Tj ET Q q 0 0 0 rg BT 364.19 359.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 394.12 359.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 438.51 359.10 Td (real ) Tj ET Q q 0 0 0 rg BT 456.22 359.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 481.72 359.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 508.06 359.10 Td (For ) Tj ET Q q 0 0 0 rg BT 524.68 359.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 563.79 359.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 67.62 347.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 84.78 347.10 Td (is ) Tj ET Q q 0 0 0 rg BT 93.63 347.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 136.36 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 150.20 347.10 Td (many ) Tj ET Q q 0 0 0 rg BT 174.60 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.11 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.51 347.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 222.80 347.10 Td (held ) Tj ET Q q 0 0 0 rg BT 242.20 347.10 Td (at ) Tj ET Q q 0 0 0 rg BT 251.59 347.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 307.64 347.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 338.71 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 352.55 347.10 Td (have ) Tj ET Q q 0 0 0 rg BT 373.61 347.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 416.34 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.96 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 446.80 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 453.42 347.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 484.49 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.00 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.40 347.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 532.69 347.10 Td (underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 80.27 335.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 120.65 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 134.93 335.10 Td (have ) Tj ET Q q 0 0 0 rg BT 156.43 335.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 193.47 335.10 Td (from ) Tj ET Q q 0 0 0 rg BT 215.53 335.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 275.91 335.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 319.08 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 331.70 335.10 Td (others. ) Tj ET Q q 0 0 0 rg BT 361.26 335.10 Td (In ) Tj ET Q q 0 0 0 rg BT 372.21 335.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 410.10 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.16 335.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 448.67 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.62 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.45 335.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 498.18 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 512.46 335.10 Td (have ) Tj ET Q q 0 0 0 rg BT 533.96 335.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 568.23 335.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 64.47 323.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 109.06 323.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 154.75 323.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 203.23 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 223.38 323.10 Td (have ) Tj ET Q q 0 0 0 rg BT 245.19 323.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 288.66 323.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 321.03 323.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 344.69 323.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 394.03 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.46 323.10 Td (when ) Tj ET Q q 0 0 0 rg BT 424.05 323.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 468.64 323.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 501.00 323.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 522.81 323.10 Td (rise, ) Tj ET Q q 0 0 0 rg BT 542.68 323.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 72.67 311.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 114.33 311.10 Td (from ) Tj ET Q q 0 0 0 rg BT 137.11 311.10 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 191.55 311.10 Td (will ) Tj ET Q q 0 0 0 rg BT 210.44 311.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 228.22 311.10 Td (under ) Tj ET Q q 0 0 0 rg BT 254.32 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.88 311.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 295.43 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.10 311.10 Td (these ) Tj ET Q q 0 0 0 rg BT 330.98 311.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 393.18 311.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 440.67 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.45 311.10 Td (this ) Tj ET Q q 0 0 0 rg BT 476.23 311.10 Td (may ) Tj ET Q q 0 0 0 rg BT 496.79 311.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 532.88 311.10 Td (borrowers) Tj ET Q q 0 0 0 rg BT 576.01 311.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 93.48 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.42 299.10 Td (defaults. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 81.13 275.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 107.15 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 119.28 275.10 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 171.96 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.53 275.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 237.86 275.10 Td (real ) Tj ET Q q 0 0 0 rg BT 254.97 275.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 279.87 275.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 303.11 275.10 Td (collateralizing ) Tj ET Q q 0 0 0 rg BT 362.43 275.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 392.36 275.10 Td (can ) Tj ET Q q 0 0 0 rg BT 408.37 275.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 432.70 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 446.50 275.10 Td (many ) Tj ET Q q 0 0 0 rg BT 470.84 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.30 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.65 275.10 Td (reasons ) Tj ET Q q 0 0 0 rg BT 527.77 275.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 552.12 275.10 Td (above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.49 263.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 94.96 263.10 Td (real ) Tj ET Q q 0 0 0 rg BT 112.78 263.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 138.37 263.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 164.80 263.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 194.85 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.68 263.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 257.70 263.10 Td (real ) Tj ET Q q 0 0 0 rg BT 275.52 263.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 301.11 263.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 325.04 263.10 Td (can ) Tj ET Q q 0 0 0 rg BT 341.75 263.10 Td (also ) Tj ET Q q 0 0 0 rg BT 360.68 263.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 385.72 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.20 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 423.58 263.10 Td (reasons ) Tj ET Q q 0 0 0 rg BT 456.40 263.10 Td (including ) Tj ET Q q 0 0 0 rg BT 497.00 263.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 538.13 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.73 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 563.78 263.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 76.18 251.10 Td (income ) Tj ET Q q 0 0 0 rg BT 108.03 251.10 Td (from ) Tj ET Q q 0 0 0 rg BT 129.88 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.51 251.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 190.25 251.10 Td (property) Tj ET Q q 0 0 0 rg BT 223.48 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.39 251.10 Td (which ) Tj ET Q q 0 0 0 rg BT 255.25 251.10 Td (could ) Tj ET Q q 0 0 0 rg BT 279.88 251.10 Td (be ) Tj ET Q q 0 0 0 rg BT 291.73 251.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 332.46 251.10 Td (af) Tj ET Q q 0 0 0 rg BT 340.05 251.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 366.89 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 379.30 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.15 251.10 Td (weak ) Tj ET Q q 0 0 0 rg BT 409.67 251.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 429.86 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.61 251.10 Td (international ) Tj ET Q q 0 0 0 rg BT 493.56 251.10 Td (economy) Tj ET Q q 0 0 0 rg BT 529.57 251.10 Td (. ) Tj ET Q q 0 0 0 rg BT 534.48 251.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 573.51 251.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (many ) Tj ET Q q 0 0 0 rg BT 61.04 239.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 111.06 239.10 Td (real ) Tj ET Q q 0 0 0 rg BT 128.87 239.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 154.46 239.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 178.40 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.43 239.10 Td (not ) Tj ET Q q 0 0 0 rg BT 209.03 239.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 230.74 239.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 276.89 239.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 296.65 239.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 338.06 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.10 239.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 390.12 239.10 Td () Tj ET Q q 0 0 0 rg BT 392.90 239.10 Td (s ) Tj ET Q q 0 0 0 rg BT 399.62 239.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 427.99 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.60 239.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 463.63 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.67 239.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 517.04 239.10 Td (when ) Tj ET Q q 0 0 0 rg BT 541.52 239.10 Td (due ) Tj ET Q q 0 0 0 rg BT 558.78 239.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 66.86 227.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 88.84 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.05 227.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 130.58 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.90 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.10 227.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 193.73 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.49 227.10 Td (refinance ) Tj ET Q q 0 0 0 rg BT 242.67 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 252.98 227.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 268.85 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.05 227.10 Td (property ) Tj ET Q q 0 0 0 rg BT 318.91 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 328.12 227.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 361.35 227.10 Td (. ) Tj ET Q q 0 0 0 rg BT 365.83 227.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 383.37 227.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 433.12 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.89 227.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 472.66 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 486.85 227.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 524.93 227.10 Td (concentrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.33 215.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 86.65 215.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 143.06 215.10 Td (by ) Tj ET Q q 0 0 0 rg BT 155.62 215.10 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 208.72 215.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 253.76 215.10 Td (which ) Tj ET Q q 0 0 0 rg BT 280.75 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.51 215.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 344.16 215.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 381.71 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.04 215.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 436.26 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.60 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.37 215.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 486.69 215.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 520.91 215.10 Td (market ) Tj ET Q q 0 0 0 rg BT 551.23 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 568.22 215.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 70.16 203.10 Td (for ) Tj ET Q q 0 0 0 rg BT 84.32 203.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 109.58 203.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 153.73 203.10 Td (properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (W) Tj ET Q q 0 0 0 rg BT 43.41 179.10 Td (e ) Tj ET Q q 0 0 0 rg BT 50.35 179.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.51 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 90.89 179.10 Td (heightened ) Tj ET Q q 0 0 0 rg BT 137.26 179.10 Td (cr) Tj ET Q q 0 0 0 rg BT 145.22 179.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 162.71 179.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 189.11 179.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 233.82 179.10 Td (with ) Tj ET Q q 0 0 0 rg BT 253.55 179.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 284.37 179.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.20 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.70 179.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 391.85 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 405.46 179.10 Td (own. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 155.10 Td (ithin ) Tj ET Q q 0 0 0 rg BT 83.12 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.31 155.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 144.92 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.00 155.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 198.39 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.47 155.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 257.42 155.10 Td (real ) Tj ET Q q 0 0 0 rg BT 274.15 155.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 298.66 155.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 324.01 155.10 Td (various ) Tj ET Q q 0 0 0 rg BT 355.20 155.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 394.71 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.67 155.10 Td (created, ) Tj ET Q q 0 0 0 rg BT 441.77 155.10 Td (each ) Tj ET Q q 0 0 0 rg BT 461.84 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.91 155.10 Td (which ) Tj ET Q q 0 0 0 rg BT 498.10 155.10 Td (has ) Tj ET Q q 0 0 0 rg BT 513.18 155.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 545.47 155.10 Td (degrees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.49 143.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 71.42 143.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 90.93 143.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.56 143.10 Td (e ) Tj ET Q q 0 0 0 rg BT 106.17 143.10 Td (may ) Tj ET Q q 0 0 0 rg BT 125.55 143.10 Td (own ) Tj ET Q q 0 0 0 rg BT 144.93 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.31 143.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 199.24 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.18 143.10 Td (which ) Tj ET Q q 0 0 0 rg BT 235.78 143.10 Td (there ) Tj ET Q q 0 0 0 rg BT 257.93 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 266.76 143.10 Td (more ) Tj ET Q q 0 0 0 rg BT 289.47 143.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 303.29 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.67 143.10 Td (most\) ) Tj ET Q q 0 0 0 rg BT 342.62 143.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 395.86 143.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 420.79 143.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 437.95 143.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 481.21 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 501.15 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.53 143.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 561.01 143.10 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 61.26 131.10 Td (loans. ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.79 731.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 99.18 731.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 125.53 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.99 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 149.89 731.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 171.79 731.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 208.13 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.03 731.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 259.14 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 269.93 731.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 319.59 731.10 Td (real ) Tj ET Q q 0 0 0 rg BT 337.03 731.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 362.26 731.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 381.93 731.10 Td (included ) Tj ET Q q 0 0 0 rg BT 418.83 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.07 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.97 731.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 492.30 731.10 Td (will ) Tj ET Q q 0 0 0 rg BT 510.31 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 522.21 731.10 Td (borne ) Tj ET Q q 0 0 0 rg BT 547.44 731.10 Td (first ) Tj ET Q q 0 0 0 rg BT 566.01 731.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.36 719.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 79.50 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.97 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.33 719.10 Td (property ) Tj ET Q q 0 0 0 rg BT 143.35 719.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 164.54 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.91 719.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 208.04 719.10 Td (will ) Tj ET Q q 0 0 0 rg BT 226.74 719.10 Td (first ) Tj ET Q q 0 0 0 rg BT 246.00 719.10 Td (lose ) Tj ET Q q 0 0 0 rg BT 265.25 719.10 Td (any ) Tj ET Q q 0 0 0 rg BT 282.83 719.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 310.97 719.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 347.44 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.36 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.72 719.10 Td (property\) ) Tj ET Q q 0 0 0 rg BT 414.08 719.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 434.16 719.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 472.06 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 477.70 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 490.85 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.21 719.10 Td (first-loss ) Tj ET Q q 0 0 0 rg BT 544.35 719.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (holder) Tj ET Q q 0 0 0 rg BT 61.15 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 65.79 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 82.36 707.10 Td (then ) Tj ET Q q 0 0 0 rg BT 101.72 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.86 707.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 145.43 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.90 707.10 Td (more ) Tj ET Q q 0 0 0 rg BT 178.59 707.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 205.17 707.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 247.57 707.10 Td (In ) Tj ET Q q 0 0 0 rg BT 258.04 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.39 707.10 Td (event ) Tj ET Q q 0 0 0 rg BT 296.19 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.54 707.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 336.57 707.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 372.03 707.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 394.16 707.10 Td (default ) Tj ET Q q 0 0 0 rg BT 424.07 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 436.21 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.56 707.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 469.92 707.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 499.81 707.10 Td (any ) Tj ET Q q 0 0 0 rg BT 516.39 707.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 543.52 707.10 Td (support, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 67.11 695.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 90.18 695.10 Td (letter ) Tj ET Q q 0 0 0 rg BT 112.96 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.53 695.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 151.03 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.71 695.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 197.72 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.29 695.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 248.30 695.10 Td (junior ) Tj ET Q q 0 0 0 rg BT 274.42 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.44 695.10 Td (those ) Tj ET Q q 0 0 0 rg BT 307.79 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.81 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 344.49 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 358.39 695.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 384.51 695.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 396.19 695.10 Td (any\), ) Tj ET Q q 0 0 0 rg BT 418.70 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 432.60 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 452.06 695.10 Td (not ) Tj ET Q q 0 0 0 rg BT 467.08 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 478.76 695.10 Td (able ) Tj ET Q q 0 0 0 rg BT 497.65 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.67 695.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 539.89 695.10 Td (all ) Tj ET Q q 0 0 0 rg BT 552.12 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.69 695.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 82.24 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.38 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.96 683.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 147.09 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 161.11 683.10 Td (hold. ) Tj ET Q q 0 0 0 rg BT 183.75 683.10 Td (In ) Tj ET Q q 0 0 0 rg BT 194.45 683.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 232.08 683.10 Td (if ) Tj ET Q q 0 0 0 rg BT 240.55 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.13 683.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 300.82 683.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 343.17 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 364.41 683.10 Td (been ) Tj ET Q q 0 0 0 rg BT 385.64 683.10 Td (overvalued ) Tj ET Q q 0 0 0 rg BT 432.43 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 444.79 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.37 683.10 Td (originating ) Tj ET Q q 0 0 0 rg BT 505.62 683.10 Td (appraiser ) Tj ET Q q 0 0 0 rg BT 544.62 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 555.32 683.10 Td (if ) Tj ET Q q 0 0 0 rg BT 563.79 683.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (values ) Tj ET Q q 0 0 0 rg BT 63.21 671.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 117.10 671.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 147.64 671.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 166.24 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 176.24 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 182.34 671.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 208.73 671.10 Td (less ) Tj ET Q q 0 0 0 rg BT 225.39 671.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 264.26 671.10 Td (is ) Tj ET Q q 0 0 0 rg BT 272.59 671.10 Td (available ) Tj ET Q q 0 0 0 rg BT 310.35 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.79 671.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 347.57 671.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 378.67 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.77 671.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 431.98 671.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 471.97 671.10 Td (due ) Tj ET Q q 0 0 0 rg BT 488.08 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.74 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.63 671.10 Td (related ) Tj ET Q q 0 0 0 rg BT 542.50 671.10 Td (security) Tj ET Q q 0 0 0 rg BT 573.50 671.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (then ) Tj ET Q q 0 0 0 rg BT 55.89 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 70.78 659.10 Td (first-loss ) Tj ET Q q 0 0 0 rg BT 108.45 659.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 148.89 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 168.78 659.10 Td (suf) Tj ET Q q 0 0 0 rg BT 180.82 659.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 194.59 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.71 659.10 Td (total ) Tj ET Q q 0 0 0 rg BT 222.15 659.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 240.39 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.39 659.10 Td (principal, ) Tj ET Q q 0 0 0 rg BT 292.11 659.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 330.33 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 343.00 659.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 369.56 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 382.24 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.13 659.10 Td (second-loss ) Tj ET Q q 0 0 0 rg BT 446.46 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.57 659.10 Td (then ) Tj ET Q q 0 0 0 rg BT 483.46 659.10 Td (third-loss ) Tj ET Q q 0 0 0 rg BT 523.92 659.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 564.35 659.10 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 59.24 647.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 103.58 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.70 647.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 170.59 647.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 211.04 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 228.73 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 243.08 647.10 Td (own\). ) Tj ET Q q 0 0 0 rg BT 268.82 647.10 Td (In ) Tj ET Q q 0 0 0 rg BT 279.84 647.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 317.80 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 338.27 647.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 369.27 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.74 647.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 424.08 647.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 464.54 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 478.88 647.10 Td (own, ) Tj ET Q q 0 0 0 rg BT 501.30 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 515.65 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 535.55 647.10 Td (be ) Tj ET Q q 0 0 0 rg BT 547.68 647.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.13 635.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 67.38 635.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 110.83 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.97 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.54 635.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 203.43 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 215.79 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.58 635.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 242.15 635.10 Td (servicer ) Tj ET Q q 0 0 0 rg BT 276.16 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.29 635.10 Td (discontinue ) Tj ET Q q 0 0 0 rg BT 334.75 635.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 373.76 635.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 412.76 635.10 Td (\(advances ) Tj ET Q q 0 0 0 rg BT 455.09 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.78 635.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 505.90 635.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 537.69 635.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 50.57 623.10 Td (made ) Tj ET Q q 0 0 0 rg BT 74.03 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 85.82 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.06 623.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 136.06 623.10 Td (borrower\) ) Tj ET Q q 0 0 0 rg BT 177.84 623.10 Td (if ) Tj ET Q q 0 0 0 rg BT 185.74 623.10 Td (they ) Tj ET Q q 0 0 0 rg BT 204.76 623.10 Td (deem ) Tj ET Q q 0 0 0 rg BT 228.21 623.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 269.44 623.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 307.88 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.45 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 328.69 623.10 Td (unrecoverable, ) Tj ET Q q 0 0 0 rg BT 389.61 623.10 Td (which ) Tj ET Q q 0 0 0 rg BT 415.85 623.10 Td (could ) Tj ET Q q 0 0 0 rg BT 439.86 623.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 468.30 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.32 623.10 Td (value ) Tj ET Q q 0 0 0 rg BT 505.77 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.89 623.10 Td (these ) Tj ET Q q 0 0 0 rg BT 538.24 623.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 611.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 75.43 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 91.26 611.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 119.32 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.59 611.10 Td (project ) Tj ET Q q 0 0 0 rg BT 159.86 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.80 611.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 205.94 611.10 Td (future ) Tj ET Q q 0 0 0 rg BT 232.31 611.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.58 611.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 277.30 611.10 Td (from ) Tj ET Q q 0 0 0 rg BT 299.24 611.10 Td (these ) Tj ET Q q 0 0 0 rg BT 322.29 611.10 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.30 587.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 93.81 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 104.55 587.10 Td (other ) Tj ET Q q 0 0 0 rg BT 127.51 587.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.69 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 191.75 587.10 Td (own ) Tj ET Q q 0 0 0 rg BT 211.38 587.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 244.33 587.10 Td (\(not ) Tj ET Q q 0 0 0 rg BT 262.85 587.10 Td (through ) Tj ET Q q 0 0 0 rg BT 296.36 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 303.21 587.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 359.48 587.10 Td (structure\), ) Tj ET Q q 0 0 0 rg BT 402.71 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 416.77 587.10 Td (will ) Tj ET Q q 0 0 0 rg BT 434.74 587.10 Td (most ) Tj ET Q q 0 0 0 rg BT 456.59 587.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 481.77 587.10 Td (be ) Tj ET Q q 0 0 0 rg BT 493.62 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.80 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 510.65 587.10 Td (position ) Tj ET Q q 0 0 0 rg BT 545.28 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 555.47 587.10 Td (incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 60.84 575.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 86.81 575.10 Td (- ) Tj ET Q q 0 0 0 rg BT 92.21 575.10 Td (should ) Tj ET Q q 0 0 0 rg BT 120.96 575.10 Td (they ) Tj ET Q q 0 0 0 rg BT 140.25 575.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 164.53 575.10 Td (- ) Tj ET Q q 0 0 0 rg BT 169.94 575.10 Td (only ) Tj ET Q q 0 0 0 rg BT 189.79 575.10 Td (after ) Tj ET Q q 0 0 0 rg BT 210.18 575.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 236.15 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 250.43 575.10 Td (borne ) Tj ET Q q 0 0 0 rg BT 275.27 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 287.35 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.64 575.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 328.71 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.11 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.40 575.10 Td (property ) Tj ET Q q 0 0 0 rg BT 389.35 575.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 411.70 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 423.77 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.29 575.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 470.13 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.98 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.27 575.10 Td (owner) Tj ET Q q 0 0 0 rg BT 519.63 575.10 Td () Tj ET Q q 0 0 0 rg BT 522.41 575.10 Td (s ) Tj ET Q q 0 0 0 rg BT 528.38 575.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 555.45 575.10 Td (stake ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.10 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 60.64 563.10 Td (property\). ) Tj ET Q q 0 0 0 rg BT 102.67 563.10 Td (Similar ) Tj ET Q q 0 0 0 rg BT 134.44 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.54 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 160.20 563.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 198.62 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.72 563.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 233.81 563.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 260.03 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 272.35 563.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 295.79 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 309.77 563.10 Td (own ) Tj ET Q q 0 0 0 rg BT 329.32 563.10 Td (directly) Tj ET Q q 0 0 0 rg BT 359.21 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.03 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.02 563.10 Td (have ) Tj ET Q q 0 0 0 rg BT 399.22 563.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 444.31 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.41 563.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 486.18 563.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.26 563.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 537.48 563.10 Td (- ) Tj ET Q q 0 0 0 rg BT 543.13 563.10 Td (but ) Tj ET Q q 0 0 0 rg BT 558.24 563.10 Td (only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (up ) Tj ET Q q 0 0 0 rg BT 48.58 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 58.94 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 65.97 551.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 104.64 551.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.22 551.10 Td (- ) Tj ET Q q 0 0 0 rg BT 143.13 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 155.72 551.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 185.50 551.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 234.74 551.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 278.97 551.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 319.32 551.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 343.01 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 360.59 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 374.83 551.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 411.84 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.86 551.10 Td (then ) Tj ET Q q 0 0 0 rg BT 448.66 551.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 467.91 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.28 551.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 508.08 551.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 528.43 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.45 551.10 Td (Freddie ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 56.44 539.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 93.55 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.00 539.10 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 154.43 539.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 210.97 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 225.30 539.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 257.39 539.10 Td (into ) Tj ET Q q 0 0 0 rg BT 275.62 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 296.06 539.10 Td (those ) Tj ET Q q 0 0 0 rg BT 319.84 539.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 353.89 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.34 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.23 539.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 406.33 539.10 Td (any ) Tj ET Q q 0 0 0 rg BT 423.44 539.10 Td (such ) Tj ET Q q 0 0 0 rg BT 444.44 539.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 471.00 539.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 501.43 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.31 539.10 Td (owner) Tj ET Q q 0 0 0 rg BT 541.67 539.10 Td () Tj ET Q q 0 0 0 rg BT 544.45 539.10 Td (s ) Tj ET Q q 0 0 0 rg BT 551.01 539.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 82.65 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.21 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.19 527.10 Td (property) Tj ET Q q 0 0 0 rg BT 141.42 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 146.49 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.13 527.10 Td (e ) Tj ET Q q 0 0 0 rg BT 162.34 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 182.33 527.10 Td (take ) Tj ET Q q 0 0 0 rg BT 201.76 527.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 232.86 527.10 Td (available ) Tj ET Q q 0 0 0 rg BT 271.72 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.27 527.10 Td (us ) Tj ET Q q 0 0 0 rg BT 293.93 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.48 527.10 Td (an ) Tj ET Q q 0 0 0 rg BT 316.69 527.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 349.46 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.01 527.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 390.54 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 406.65 527.10 Td (position ) Tj ET Q q 0 0 0 rg BT 441.65 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.86 527.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 494.40 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.39 527.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 542.15 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.26 527.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 64.56 515.10 Td (but ) Tj ET Q q 0 0 0 rg BT 79.51 515.10 Td (these ) Tj ET Q q 0 0 0 rg BT 102.22 515.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 132.71 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 152.10 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 167.04 515.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 191.98 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.93 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 213.53 515.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 256.80 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.41 515.10 Td (could ) Tj ET Q q 0 0 0 rg BT 297.79 515.10 Td (result ) Tj ET Q q 0 0 0 rg BT 322.18 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.12 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.62 515.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 390.88 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.27 515.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 437.43 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.93 515.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 472.86 515.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 498.92 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 512.75 515.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 555.46 515.10 Td (incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.44 503.10 Td (loan. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 53.50 479.10 Td (natur) Tj ET Q q 0 0 0 rg BT 74.80 479.10 Td (e ) Tj ET Q q 0 0 0 rg BT 81.74 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.02 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.73 479.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 133.12 479.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 178.95 479.10 Td (some ) Tj ET Q q 0 0 0 rg BT 202.00 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.28 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.00 479.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 267.82 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.32 479.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 334.48 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 348.08 479.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 368.36 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 393.08 479.10 Td (incr) Tj ET Q q 0 0 0 rg BT 408.82 479.10 Td (ease ) Tj ET Q q 0 0 0 rg BT 429.09 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.80 479.10 Td (cr) Tj ET Q q 0 0 0 rg BT 451.76 479.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 469.26 479.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 486.76 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.04 479.10 Td (those ) Tj ET Q q 0 0 0 rg BT 520.64 479.10 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.58 455.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 100.46 455.10 Td (types ) Tj ET Q q 0 0 0 rg BT 124.26 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.27 455.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 159.06 455.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 205.07 455.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 245.52 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 259.87 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 279.77 455.10 Td (own ) Tj ET Q q 0 0 0 rg BT 299.67 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 310.69 455.10 Td (acquire, ) Tj ET Q q 0 0 0 rg BT 345.30 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.20 455.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 380.10 455.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 397.77 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.78 455.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 448.12 455.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 485.24 455.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 502.91 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 522.81 455.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 558.25 455.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 59.87 443.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 104.55 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.36 443.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 158.95 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.20 443.10 Td (default. ) Tj ET Q q 0 0 0 rg BT 208.05 443.10 Td (For ) Tj ET Q q 0 0 0 rg BT 225.54 443.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 265.50 443.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 306.86 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 327.67 443.10 Td (be ) Tj ET Q q 0 0 0 rg BT 340.70 443.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 372.61 443.10 Td (by ) Tj ET Q q 0 0 0 rg BT 386.20 443.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 431.45 443.10 Td (real ) Tj ET Q q 0 0 0 rg BT 450.02 443.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 476.38 443.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 501.08 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.67 443.10 Td (have ) Tj ET Q q 0 0 0 rg BT 542.14 443.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 88.95 431.10 Td (features. ) Tj ET Q q 0 0 0 rg BT 125.33 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 143.30 431.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 160.69 431.10 Td (at ) Tj ET Q q 0 0 0 rg BT 170.32 431.10 Td (which ) Tj ET Q q 0 0 0 rg BT 197.18 431.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 229.02 431.10 Td (accrues ) Tj ET Q q 0 0 0 rg BT 261.41 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 273.83 431.10 Td (these ) Tj ET Q q 0 0 0 rg BT 296.79 431.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 320.31 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 339.94 431.10 Td (change ) Tj ET Q q 0 0 0 rg BT 370.67 431.10 Td (more ) Tj ET Q q 0 0 0 rg BT 393.63 431.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 437.14 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 447.88 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.07 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.92 431.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 495.09 431.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 521.94 431.10 Td (than ) Tj ET Q q 0 0 0 rg BT 541.57 431.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 86.82 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 99.87 419.10 Td (an ) Tj ET Q q 0 0 0 rg BT 112.35 419.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 174.26 419.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 197.02 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.51 419.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 265.33 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.70 419.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 313.08 419.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 354.46 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 374.72 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 387.21 419.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 418.58 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.40 419.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 475.23 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 486.61 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 506.87 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 519.35 419.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 550.73 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.78 419.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 73.02 407.10 Td () Tj ET Q q 0 0 0 rg BT 75.80 407.10 Td (s ) Tj ET Q q 0 0 0 rg BT 81.98 407.10 Td (option ) Tj ET Q q 0 0 0 rg BT 109.82 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.88 407.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 136.61 407.10 Td (less ) Tj ET Q q 0 0 0 rg BT 153.89 407.10 Td (than ) Tj ET Q q 0 0 0 rg BT 173.39 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.89 407.10 Td (full ) Tj ET Q q 0 0 0 rg BT 204.07 407.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 235.21 407.10 Td (rate. ) Tj ET Q q 0 0 0 rg BT 254.48 407.10 Td (As ) Tj ET Q q 0 0 0 rg BT 267.88 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.60 407.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 301.60 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.11 407.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 348.39 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.00 407.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 390.72 407.10 Td (accruing ) Tj ET Q q 0 0 0 rg BT 427.43 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 439.71 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.22 407.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 497.04 407.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 534.87 407.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 567.69 407.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.68 395.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 74.25 395.10 Td (at ) Tj ET Q q 0 0 0 rg BT 83.92 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.60 395.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 142.15 395.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 185.16 395.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 225.38 395.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 245.06 395.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 262.50 395.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.18 395.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 312.40 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.07 395.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 359.53 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.32 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.00 395.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 420.79 395.10 Td (payment. ) Tj ET Q q 0 0 0 rg BT 460.01 395.10 Td (T) Tj ET Q q 0 0 0 rg BT 465.42 395.10 Td (o ) Tj ET Q q 0 0 0 rg BT 472.88 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.56 395.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 514.46 395.10 Td (we ) Tj ET Q q 0 0 0 rg BT 528.58 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 543.24 395.10 Td (exposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.46 383.10 Td (it, ) Tj ET Q q 0 0 0 rg BT 57.19 383.10 Td (this ) Tj ET Q q 0 0 0 rg BT 74.32 383.10 Td (is ) Tj ET Q q 0 0 0 rg BT 83.67 383.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 132.44 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.56 383.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 157.24 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.70 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.81 383.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 200.27 383.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.39 383.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 250.05 383.10 Td (environment. ) Tj ET Q q 0 0 0 rg BT 305.77 383.10 Td (Negative ) Tj ET Q q 0 0 0 rg BT 344.55 383.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 397.76 383.10 Td (occurs ) Tj ET Q q 0 0 0 rg BT 426.54 383.10 Td (when ) Tj ET Q q 0 0 0 rg BT 450.88 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.78 383.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 503.45 383.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 532.23 383.10 Td (\(of ) Tj ET Q q 0 0 0 rg BT 546.57 383.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (owed ) Tj ET Q q 0 0 0 rg BT 60.41 371.10 Td (over ) Tj ET Q q 0 0 0 rg BT 80.93 371.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 113.11 371.10 Td (paid\) ) Tj ET Q q 0 0 0 rg BT 136.41 371.10 Td (is ) Tj ET Q q 0 0 0 rg BT 145.82 371.10 Td (added ) Tj ET Q q 0 0 0 rg BT 172.45 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.98 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.94 371.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 227.91 371.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 266.20 371.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 299.48 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.56 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.53 371.10 Td (related ) Tj ET Q q 0 0 0 rg BT 355.48 371.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 398.77 371.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 439.28 371.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 461.75 371.10 Td (For ) Tj ET Q q 0 0 0 rg BT 478.39 371.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 508.34 371.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 532.20 371.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.94 371.10 Td (have ) Tj ET Q q 0 0 0 rg BT 571.57 371.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 71.92 359.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 124.50 359.10 Td (feature, ) Tj ET Q q 0 0 0 rg BT 156.79 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.05 359.10 Td (required ) Tj ET Q q 0 0 0 rg BT 206.41 359.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 241.79 359.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 278.27 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.98 359.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 326.78 359.10 Td (after ) Tj ET Q q 0 0 0 rg BT 347.14 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.62 359.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 391.76 359.10 Td (number ) Tj ET Q q 0 0 0 rg BT 424.35 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.72 359.10 Td (months ) Tj ET Q q 0 0 0 rg BT 466.21 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 476.59 359.10 Td (after ) Tj ET Q q 0 0 0 rg BT 496.94 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 503.43 359.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 546.02 359.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.67 347.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 82.89 347.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 135.77 347.10 Td (has ) Tj ET Q q 0 0 0 rg BT 151.44 347.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 188.76 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.89 347.10 Td (order ) Tj ET Q q 0 0 0 rg BT 222.33 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.45 347.10 Td (amortize ) Tj ET Q q 0 0 0 rg BT 269.77 347.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 291.00 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.57 347.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 325.13 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.47 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.03 347.10 Td (end ) Tj ET Q q 0 0 0 rg BT 368.81 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.49 347.10 Td (its ) Tj ET Q q 0 0 0 rg BT 391.28 347.10 Td (original ) Tj ET Q q 0 0 0 rg BT 424.73 347.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 447.89 347.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 473.01 347.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 509.22 347.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 554.89 347.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 56.53 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 70.39 335.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 102.03 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.67 335.10 Td (which ) Tj ET Q q 0 0 0 rg BT 139.75 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.60 335.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 188.58 335.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 224.65 335.10 Td (can ) Tj ET Q q 0 0 0 rg BT 240.17 335.10 Td (be ) Tj ET Q q 0 0 0 rg BT 251.25 335.10 Td (increased, ) Tj ET Q q 0 0 0 rg BT 293.14 335.10 Td (which ) Tj ET Q q 0 0 0 rg BT 319.22 335.10 Td (results ) Tj ET Q q 0 0 0 rg BT 346.97 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.39 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.47 335.10 Td (lar) Tj ET Q q 0 0 0 rg BT 372.84 335.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 387.25 335.10 Td (final ) Tj ET Q q 0 0 0 rg BT 407.21 335.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 443.29 335.10 Td (at ) Tj ET Q q 0 0 0 rg BT 452.14 335.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 485.38 335.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.15 335.10 Td (As ) Tj ET Q q 0 0 0 rg BT 501.91 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 507.99 335.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 534.34 335.10 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 82.39 323.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 106.56 323.10 Td (have ) Tj ET Q q 0 0 0 rg BT 128.50 323.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 182.09 323.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 242.35 323.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 273.19 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.03 323.10 Td (those ) Tj ET Q q 0 0 0 rg BT 308.21 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.60 323.10 Td (balloon ) Tj ET Q q 0 0 0 rg BT 352.67 323.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 379.34 323.10 Td (Negative ) Tj ET Q q 0 0 0 rg BT 418.50 323.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 472.10 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 492.39 323.10 Td (result ) Tj ET Q q 0 0 0 rg BT 517.67 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.51 323.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 568.23 323.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (delinquencies, ) Tj ET Q q 0 0 0 rg BT 96.27 311.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 116.28 311.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 134.64 311.10 Td (severity) Tj ET Q q 0 0 0 rg BT 165.64 311.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.94 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.17 311.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 208.18 311.10 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 245.13 311.10 Td (which ) Tj ET Q q 0 0 0 rg BT 272.36 311.10 Td (may) Tj ET Q q 0 0 0 rg BT 288.92 311.10 Td (, ) Tj ET Q q 0 0 0 rg BT 294.22 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.79 311.10 Td (turn, ) Tj ET Q q 0 0 0 rg BT 326.19 311.10 Td (result ) Tj ET Q q 0 0 0 rg BT 351.20 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.77 311.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 399.00 311.10 Td (delays ) Tj ET Q q 0 0 0 rg BT 427.34 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.57 311.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 470.13 311.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 496.81 311.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.60 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.73 311.10 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 61.74 299.10 Td (types ) Tj ET Q q 0 0 0 rg BT 85.82 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.12 299.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 121.20 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.61 299.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.35 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.10 299.10 Td (which ) Tj ET Q q 0 0 0 rg BT 227.51 299.10 Td (we ) Tj ET Q q 0 0 0 rg BT 242.15 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 257.32 299.10 Td (exposed, ) Tj ET Q q 0 0 0 rg BT 295.56 299.10 Td (such ) Tj ET Q q 0 0 0 rg BT 316.86 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.17 299.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 357.25 299.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 381.32 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.73 299.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 460.56 299.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 487.14 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 507.33 299.10 Td (also ) Tj ET Q q 0 0 0 rg BT 526.41 299.10 Td (have ) Tj ET Q q 0 0 0 rg BT 548.26 299.10 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.26 287.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 78.76 287.10 Td (than ) Tj ET Q q 0 0 0 rg BT 98.48 287.10 Td (more ) Tj ET Q q 0 0 0 rg BT 121.53 287.10 Td (traditional ) Tj ET Q q 0 0 0 rg BT 165.13 287.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 210.95 287.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 252.31 287.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 292.57 287.10 Td (loans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 79.90 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.80 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.59 263.10 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 158.70 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.71 263.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 225.48 263.10 Td (real ) Tj ET Q q 0 0 0 rg BT 243.03 263.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 268.37 263.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 288.15 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 314.05 263.10 Td (collateralizing ) Tj ET Q q 0 0 0 rg BT 373.82 263.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 404.18 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 418.41 263.10 Td (own ) Tj ET Q q 0 0 0 rg BT 438.20 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 452.98 263.10 Td (only ) Tj ET Q q 0 0 0 rg BT 473.33 263.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 509.22 263.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 555.11 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 566.01 263.10 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (not ) Tj ET Q q 0 0 0 rg BT 50.79 251.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 83.36 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 97.04 251.10 Td (any ) Tj ET Q q 0 0 0 rg BT 113.49 251.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 151.05 251.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 203.60 251.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 225.06 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.85 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.31 251.10 Td (balloon ) Tj ET Q q 0 0 0 rg BT 273.32 251.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 310.88 251.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 347.33 251.10 Td (at ) Tj ET Q q 0 0 0 rg BT 356.56 251.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 389.79 251.10 Td (. ) Tj ET Q q 0 0 0 rg BT 394.31 251.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 445.76 251.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 468.88 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 485.89 251.10 Td (only ) Tj ET Q q 0 0 0 rg BT 505.69 251.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 541.02 251.10 Td (amortize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.39 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 63.45 239.10 Td (have ) Tj ET Q q 0 0 0 rg BT 84.38 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.88 239.10 Td (balloon ) Tj ET Q q 0 0 0 rg BT 122.94 239.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 160.54 239.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 197.04 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 206.31 239.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 242.25 239.10 Td (may ) Tj ET Q q 0 0 0 rg BT 261.53 239.10 Td (have ) Tj ET Q q 0 0 0 rg BT 282.47 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.97 239.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 316.58 239.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 333.64 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.03 239.10 Td (default ) Tj ET Q q 0 0 0 rg BT 373.85 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 383.13 239.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 419.07 239.10 Td (than ) Tj ET Q q 0 0 0 rg BT 438.35 239.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 459.30 239.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 504.68 239.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 530.35 239.10 Td (In ) Tj ET Q q 0 0 0 rg BT 540.74 239.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (since ) Tj ET Q q 0 0 0 rg BT 59.25 227.10 Td (most ) Tj ET Q q 0 0 0 rg BT 81.41 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.45 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.37 227.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 145.62 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.66 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 179.91 227.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 203.73 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 213.11 227.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 240.80 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 250.72 227.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 283.96 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 289.16 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.09 227.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 336.79 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.83 227.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 366.10 227.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 388.81 227.10 Td (default ) Tj ET Q q 0 0 0 rg BT 419.28 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 428.65 227.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 468.56 227.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 499.02 227.10 Td (than ) Tj ET Q q 0 0 0 rg BT 518.95 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 531.66 227.10 Td (other ) Tj ET Q q 0 0 0 rg BT 554.91 227.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.50 215.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 86.54 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.70 215.10 Td (more ) Tj ET Q q 0 0 0 rg BT 123.75 215.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 161.79 215.10 Td (amortization. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (W) Tj ET Q q 0 0 0 rg BT 43.41 191.10 Td (e ) Tj ET Q q 0 0 0 rg BT 50.90 191.10 Td (have ) Tj ET Q q 0 0 0 rg BT 72.83 191.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 128.08 191.10 Td (cr) Tj ET Q q 0 0 0 rg BT 136.04 191.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 154.09 191.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 172.14 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.97 191.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 214.35 191.10 Td (geographical ) Tj ET Q q 0 0 0 rg BT 270.73 191.10 Td (r) Tj ET Q q 0 0 0 rg BT 274.25 191.10 Td (egions ) Tj ET Q q 0 0 0 rg BT 303.41 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.46 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 341.17 191.10 Td (be ) Tj ET Q q 0 0 0 rg BT 353.66 191.10 Td (dispr) Tj ET Q q 0 0 0 rg BT 373.85 191.10 Td (oportionately ) Tj ET Q q 0 0 0 rg BT 430.79 191.10 Td (affected ) Tj ET Q q 0 0 0 rg BT 465.49 191.10 Td (by ) Tj ET Q q 0 0 0 rg BT 477.98 191.10 Td (an ) Tj ET Q q 0 0 0 rg BT 491.03 191.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 532.40 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 544.34 191.10 Td (housing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (downturn, ) Tj ET Q q 0 0 0 rg BT 79.34 179.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 111.29 179.10 Td (disaster) Tj ET Q q 0 0 0 rg BT 141.85 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 146.85 179.10 Td (terr) Tj ET Q q 0 0 0 rg BT 161.48 179.10 Td (orist ) Tj ET Q q 0 0 0 rg BT 182.32 179.10 Td (event, ) Tj ET Q q 0 0 0 rg BT 208.41 179.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 240.35 179.10 Td (change, ) Tj ET Q q 0 0 0 rg BT 274.22 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.61 179.10 Td (any ) Tj ET Q q 0 0 0 rg BT 302.55 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 326.16 179.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 359.76 179.10 Td (event ) Tj ET Q q 0 0 0 rg BT 383.35 179.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 416.40 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.67 179.10 Td (those ) Tj ET Q q 0 0 0 rg BT 450.28 179.10 Td (r) Tj ET Q q 0 0 0 rg BT 453.80 179.10 Td (egions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.46 155.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 95.11 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.68 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.68 155.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 160.12 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.24 155.10 Td (dif) Tj ET Q q 0 0 0 rg BT 182.16 155.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 217.16 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.73 155.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.71 155.10 Td (real ) Tj ET Q q 0 0 0 rg BT 275.48 155.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 301.03 155.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 337.97 155.10 Td (such ) Tj ET Q q 0 0 0 rg BT 359.09 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 370.21 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.43 155.10 Td (high ) Tj ET Q q 0 0 0 rg BT 397.99 155.10 Td (level ) Tj ET Q q 0 0 0 rg BT 420.21 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.33 155.10 Td (foreclosures ) Tj ET Q q 0 0 0 rg BT 482.98 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.55 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 500.77 155.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 541.87 155.10 Td (area, ) Tj ET Q q 0 0 0 rg BT 563.80 155.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 60.90 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 70.81 143.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 95.15 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.71 143.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 132.71 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.62 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.97 143.10 Td (value ) Tj ET Q q 0 0 0 rg BT 180.75 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.21 143.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 234.99 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.56 143.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 300.88 143.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 345.34 143.10 Td (This, ) Tj ET Q q 0 0 0 rg BT 367.75 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.66 143.10 Td (turn, ) Tj ET Q q 0 0 0 rg BT 398.40 143.10 Td (will ) Tj ET Q q 0 0 0 rg BT 416.08 143.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 450.96 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.31 143.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 482.44 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.90 143.10 Td (delinquency) Tj ET Q q 0 0 0 rg BT 541.12 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 545.75 143.10 Td (default, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.20 131.10 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 100.94 131.10 Td (on ) Tj ET Q q 0 0 0 rg BT 113.71 131.10 Td (real ) Tj ET Q q 0 0 0 rg BT 131.45 131.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 156.98 131.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 203.07 131.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 243.60 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.80 131.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 284.67 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 299.10 131.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 319.64 131.10 Td (with ) Tj ET Q q 0 0 0 rg BT 340.18 131.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 382.93 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.47 131.10 Td (those ) Tj ET Q q 0 0 0 rg BT 417.34 131.10 Td (regions. ) Tj ET Q q 0 0 0 rg BT 451.85 131.10 Td (This ) Tj ET Q q 0 0 0 rg BT 472.39 131.10 Td (may ) Tj ET Q q 0 0 0 rg BT 492.37 131.10 Td (then ) Tj ET Q q 0 0 0 rg BT 512.35 131.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 553.43 131.10 Td (af) Tj ET Q q 0 0 0 rg BT 561.02 131.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.16 119.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 77.75 119.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 96.13 119.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 142.26 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.53 119.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.90 119.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 214.60 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.76 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.91 119.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 281.13 119.10 Td (including ) Tj ET Q q 0 0 0 rg BT 321.73 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.89 119.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 366.27 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.87 119.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 418.01 119.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 432.49 119.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 474.20 119.10 Td (sell\) ) Tj ET Q q 0 0 0 rg BT 494.24 119.10 Td (real ) Tj ET Q q 0 0 0 rg BT 512.05 119.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 537.64 119.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 561.58 119.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (securities. ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 42.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 42.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.70 731.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 117.70 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.17 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.76 731.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 164.67 731.10 Td (disaster ) Tj ET Q q 0 0 0 rg BT 197.37 731.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 221.18 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 231.66 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 243.24 731.10 Td (earthquake, ) Tj ET Q q 0 0 0 rg BT 291.75 731.10 Td (tornado, ) Tj ET Q q 0 0 0 rg BT 326.95 731.10 Td (hurricane, ) Tj ET Q q 0 0 0 rg BT 369.35 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 379.83 731.10 Td (flood\), ) Tj ET Q q 0 0 0 rg BT 408.92 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 419.40 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.76 731.10 Td (ef) Tj ET Q q 0 0 0 rg BT 441.35 731.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 462.37 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.85 731.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 504.43 731.10 Td (change ) Tj ET Q q 0 0 0 rg BT 534.89 731.10 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (flooding, ) Tj ET Q q 0 0 0 rg BT 74.83 719.10 Td (drought, ) Tj ET Q q 0 0 0 rg BT 110.88 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.75 719.10 Td (severe ) Tj ET Q q 0 0 0 rg BT 155.73 719.10 Td (weather\), ) Tj ET Q q 0 0 0 rg BT 195.65 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 215.31 719.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 239.95 719.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 280.70 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.92 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.58 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 329.67 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.44 719.10 Td (real ) Tj ET Q q 0 0 0 rg BT 357.87 719.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 383.07 719.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 426.62 719.10 Td (sudden ) Tj ET Q q 0 0 0 rg BT 457.39 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 468.16 719.10 Td (abrupt ) Tj ET Q q 0 0 0 rg BT 496.14 719.10 Td (changes\) ) Tj ET Q q 0 0 0 rg BT 534.12 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 551.00 719.10 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 61.37 707.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 90.60 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.41 707.10 Td (value ) Tj ET Q q 0 0 0 rg BT 129.66 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.58 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.39 707.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 197.97 707.10 Td (collateralizing ) Tj ET Q q 0 0 0 rg BT 257.76 707.10 Td (real ) Tj ET Q q 0 0 0 rg BT 275.34 707.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 300.69 707.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 324.39 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 338.65 707.10 Td (own ) Tj ET Q q 0 0 0 rg BT 358.46 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.38 707.10 Td (those ) Tj ET Q q 0 0 0 rg BT 393.08 707.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 439.00 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.81 707.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 494.17 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.09 707.10 Td (other ) Tj ET Q q 0 0 0 rg BT 528.23 707.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.83 695.10 Td (own. ) Tj ET Q q 0 0 0 rg BT 71.73 695.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 96.12 695.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.50 695.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 155.44 695.10 Td (disasters ) Tj ET Q q 0 0 0 rg BT 192.05 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 211.44 695.10 Td (not ) Tj ET Q q 0 0 0 rg BT 226.39 695.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 263.56 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 275.17 695.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 308.99 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 321.16 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.56 695.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 371.61 695.10 Td (hazard ) Tj ET Q q 0 0 0 rg BT 400.43 695.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 440.92 695.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 474.19 695.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 520.80 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 532.97 695.10 Td (borrowers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.19 683.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 92.71 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 111.91 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 132.76 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.51 683.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 158.93 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.57 683.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 201.75 683.10 Td (due ) Tj ET Q q 0 0 0 rg BT 218.16 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.92 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.11 683.10 Td (disasters. ) Tj ET Q q 0 0 0 rg BT 281.03 683.10 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 325.22 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 344.41 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 359.16 683.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 384.46 683.10 Td (their ) Tj ET Q q 0 0 0 rg BT 404.76 683.10 Td (property ) Tj ET Q q 0 0 0 rg BT 440.61 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.92 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 470.11 683.10 Td (stop ) Tj ET Q q 0 0 0 rg BT 488.76 683.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 517.95 683.10 Td (their ) Tj ET Q q 0 0 0 rg BT 538.25 683.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 58.96 671.10 Td (under ) Tj ET Q q 0 0 0 rg BT 83.58 671.10 Td (those ) Tj ET Q q 0 0 0 rg BT 106.53 671.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 167.52 671.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 209.35 671.10 Td (if ) Tj ET Q q 0 0 0 rg BT 217.31 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.38 671.10 Td (property ) Tj ET Q q 0 0 0 rg BT 267.11 671.10 Td (is ) Tj ET Q q 0 0 0 rg BT 275.63 671.10 Td (damaged. ) Tj ET Q q 0 0 0 rg BT 315.93 671.10 Td (This ) Tj ET Q q 0 0 0 rg BT 335.56 671.10 Td (would ) Tj ET Q q 0 0 0 rg BT 362.41 671.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 387.04 671.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 411.09 671.10 Td (foreclosures ) Tj ET Q q 0 0 0 rg BT 461.81 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.44 671.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 506.04 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.33 671.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 540.83 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.46 671.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.26 659.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 87.66 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 100.16 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.99 659.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 139.59 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.42 659.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 200.70 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 211.53 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.03 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.74 659.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 259.02 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.85 659.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 310.12 659.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 333.72 659.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 379.55 659.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 419.81 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 433.97 659.10 Td (own. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.13 635.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 107.79 635.10 Td (number ) Tj ET Q q 0 0 0 rg BT 140.80 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.58 635.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 195.69 635.10 Td (real ) Tj ET Q q 0 0 0 rg BT 213.13 635.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 238.35 635.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 261.92 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.37 635.10 Td (underlie ) Tj ET Q q 0 0 0 rg BT 314.59 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.26 635.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 369.48 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 383.59 635.10 Td (own ) Tj ET Q q 0 0 0 rg BT 403.27 635.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.94 635.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 450.93 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 463.38 635.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 505.83 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.06 635.10 Td (California ) Tj ET Q q 0 0 0 rg BT 559.06 635.10 Td (and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (thus, ) Tj ET Q q 0 0 0 rg BT 57.45 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 71.40 623.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.56 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 99.28 623.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 127.11 623.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 183.82 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.43 623.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 219.48 623.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 236.76 623.10 Td (within ) Tj ET Q q 0 0 0 rg BT 264.60 623.10 Td (California ) Tj ET Q q 0 0 0 rg BT 307.43 623.10 Td (than ) Tj ET Q q 0 0 0 rg BT 326.93 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.99 623.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.82 623.10 Td (states. ) Tj ET Q q 0 0 0 rg BT 386.32 623.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 431.38 623.10 Td (states ) Tj ET Q q 0 0 0 rg BT 455.88 623.10 Td (where ) Tj ET Q q 0 0 0 rg BT 482.59 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 496.54 623.10 Td (have ) Tj ET Q q 0 0 0 rg BT 517.70 623.10 Td (concentrations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.05 611.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 91.43 611.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 111.37 611.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 136.86 611.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 154.58 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.52 611.10 Td (set ) Tj ET Q q 0 0 0 rg BT 183.35 611.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 205.51 611.10 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.01 611.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 237.63 611.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.63 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.35 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.85 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.79 611.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 310.73 611.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 357.34 611.10 Td (within ) Tj ET Q q 0 0 0 rg BT 385.62 611.10 Td (this ) Tj ET Q q 0 0 0 rg BT 402.19 611.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 434.35 611.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 464.29 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.02 611.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 501.41 611.10 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 527.19 611.10 Td (Balances ) Tj ET Q q 0 0 0 rg BT 566.01 611.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 89.56 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.02 599.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 157.24 599.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 181.36 599.10 Td (collateralizing ) Tj ET Q q 0 0 0 rg BT 241.57 599.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 272.38 599.10 Td (we ) Tj ET Q q 0 0 0 rg BT 287.06 599.10 Td (own ) Tj ET Q q 0 0 0 rg BT 307.30 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 318.65 599.10 Td (may ) Tj ET Q q 0 0 0 rg BT 338.88 599.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 371.32 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.55 599.10 Td (lar) Tj ET Q q 0 0 0 rg BT 396.91 599.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 412.70 599.10 Td (than ) Tj ET Q q 0 0 0 rg BT 432.93 599.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 477.60 599.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 501.73 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.18 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.98 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.21 599.10 Td (past ) Tj ET Q q 0 0 0 rg BT 564.34 599.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 56.96 587.10 Td (had, ) Tj ET Q q 0 0 0 rg BT 75.99 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.51 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 111.82 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 132.78 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.64 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.95 587.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 185.41 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.94 587.10 Td (geographically ) Tj ET Q q 0 0 0 rg BT 253.44 587.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 306.61 587.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 336.49 587.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 376.07 587.10 Td (Multi-family ) Tj ET Q q 0 0 0 rg BT 429.81 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.34 587.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 495.62 587.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 518.82 587.10 Td (collateralizing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 66.29 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 80.45 575.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 119.05 575.10 Td (own ) Tj ET Q q 0 0 0 rg BT 138.77 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.48 575.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 193.18 575.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 246.76 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.85 575.10 Td (T) Tj ET Q q 0 0 0 rg BT 262.26 575.10 Td (exas, ) Tj ET Q q 0 0 0 rg BT 285.03 575.10 Td (Colorado, ) Tj ET Q q 0 0 0 rg BT 327.25 575.10 Td (Florida, ) Tj ET Q q 0 0 0 rg BT 361.14 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.08 575.10 Td (California. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 53.50 551.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 81.56 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.83 551.10 Td (cr) Tj ET Q q 0 0 0 rg BT 99.79 551.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 117.29 551.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 143.68 551.10 Td (can ) Tj ET Q q 0 0 0 rg BT 160.62 551.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 184.23 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.62 551.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 241.44 551.10 Td (r) Tj ET Q q 0 0 0 rg BT 244.96 551.10 Td (eturns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.68 527.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 99.94 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.40 527.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 135.30 527.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 161.33 527.10 Td (can ) Tj ET Q q 0 0 0 rg BT 177.35 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 188.92 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.50 527.10 Td (material ) Tj ET Q q 0 0 0 rg BT 230.40 527.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 255.85 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.77 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 281.23 527.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 322.24 527.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 352.15 527.10 Td (from ) Tj ET Q q 0 0 0 rg BT 373.73 527.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 417.51 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.09 527.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 483.43 527.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 509.17 527.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 561.58 527.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 78.81 515.10 Td (If ) Tj ET Q q 0 0 0 rg BT 88.02 515.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 144.43 515.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 170.87 515.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 195.62 515.10 Td (within ) Tj ET Q q 0 0 0 rg BT 223.72 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.49 515.10 Td (first ) Tj ET Q q 0 0 0 rg BT 257.14 515.10 Td (few ) Tj ET Q q 0 0 0 rg BT 274.68 515.10 Td (years ) Tj ET Q q 0 0 0 rg BT 298.32 515.10 Td (after ) Tj ET Q q 0 0 0 rg BT 319.19 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.17 515.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 345.93 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 355.15 515.10 Td (originated, ) Tj ET Q q 0 0 0 rg BT 400.74 515.10 Td (an ) Tj ET Q q 0 0 0 rg BT 412.72 515.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.15 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 468.37 515.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 495.07 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.95 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 512.93 515.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 569.34 515.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (completed, ) Tj ET Q q 0 0 0 rg BT 82.06 503.10 Td (those ) Tj ET Q q 0 0 0 rg BT 105.08 503.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 130.88 503.10 Td (could ) Tj ET Q q 0 0 0 rg BT 155.00 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 175.79 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 182.14 503.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 211.80 503.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 247.58 503.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 276.70 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.61 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 303.85 503.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 349.64 503.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 379.32 503.10 Td (than ) Tj ET Q q 0 0 0 rg BT 398.45 503.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 454.22 503.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 480.02 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 491.93 503.10 Td (more ) Tj ET Q q 0 0 0 rg BT 514.39 503.10 Td (seasoned ) Tj ET Q q 0 0 0 rg BT 552.40 503.10 Td (loans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 88.17 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 98.39 491.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 140.55 491.10 Td (In ) Tj ET Q q 0 0 0 rg BT 150.78 491.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 187.94 491.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 215.38 491.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 240.60 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.83 491.10 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 307.70 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.04 491.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 370.36 491.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 395.02 491.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 420.80 491.10 Td (within ) Tj ET Q q 0 0 0 rg BT 448.26 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.59 491.10 Td (securitized ) Tj ET Q q 0 0 0 rg BT 499.79 491.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 518.91 491.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 538.58 491.10 Td (can ) Tj ET Q q 0 0 0 rg BT 554.35 491.10 Td (delay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.33 479.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 82.54 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.87 479.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 132.42 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.86 479.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.29 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 200.29 479.10 Td (is ) Tj ET Q q 0 0 0 rg BT 209.96 479.10 Td (due ) Tj ET Q q 0 0 0 rg BT 227.41 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.19 479.10 Td (us ) Tj ET Q q 0 0 0 rg BT 250.08 479.10 Td (under ) Tj ET Q q 0 0 0 rg BT 275.85 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.07 479.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 316.29 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.63 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.85 479.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.61 479.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 414.93 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 427.93 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 445.93 479.10 Td (pool. ) Tj ET Q q 0 0 0 rg BT 469.00 479.10 Td (This ) Tj ET Q q 0 0 0 rg BT 489.78 479.10 Td (would ) Tj ET Q q 0 0 0 rg BT 517.78 479.10 Td (also ) Tj ET Q q 0 0 0 rg BT 536.89 479.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 562.66 479.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 77.36 467.10 Td (returns. ) Tj ET Q q 0 0 0 rg BT 109.93 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 127.96 467.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 156.56 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.38 467.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 192.63 467.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 219.00 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 243.71 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 255.63 467.10 Td (af) Tj ET Q q 0 0 0 rg BT 263.22 467.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 290.13 467.10 Td (by ) Tj ET Q q 0 0 0 rg BT 302.61 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.31 467.10 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 385.89 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.71 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.41 467.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 447.66 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.65 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.35 467.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 504.37 467.10 Td () Tj ET Q q 0 0 0 rg BT 507.15 467.10 Td (s ) Tj ET Q q 0 0 0 rg BT 513.53 467.10 Td (willingness ) Tj ET Q q 0 0 0 rg BT 561.57 467.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 64.16 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.55 455.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 111.60 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.99 455.10 Td (make ) Tj ET Q q 0 0 0 rg BT 146.26 455.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 189.70 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.75 455.10 Td (new ) Tj ET Q q 0 0 0 rg BT 226.02 455.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 272.79 455.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 294.84 455.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 328.28 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.22 455.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 379.60 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 397.21 455.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 422.04 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.31 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.14 455.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 504.85 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.79 455.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 539.51 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 550.45 455.10 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.16 443.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 93.20 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.48 443.10 Td (get ) Tj ET Q q 0 0 0 rg BT 118.20 443.10 Td (relief ) Tj ET Q q 0 0 0 rg BT 141.79 443.10 Td (through ) Tj ET Q q 0 0 0 rg BT 175.40 443.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 222.88 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.71 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 256.76 443.10 Td (avenues. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.61 419.10 Td (efforts ) Tj ET Q q 0 0 0 rg BT 82.67 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.95 419.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 127.11 419.10 Td (cr) Tj ET Q q 0 0 0 rg BT 135.07 419.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 152.56 419.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 173.95 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 193.11 419.10 Td (fail. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 395.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.96 395.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 102.84 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.50 395.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 147.48 395.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 169.25 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.47 395.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.12 395.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 232.89 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 245.78 395.10 Td (continually ) Tj ET Q q 0 0 0 rg BT 293.65 395.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 338.19 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.40 395.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 405.06 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 419.61 395.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 468.59 395.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 510.91 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.23 395.10 Td (establishing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 71.84 383.10 Td (under ) Tj ET Q q 0 0 0 rg BT 97.68 383.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 124.54 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.62 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 142.35 383.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 168.19 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.71 383.10 Td (other ) Tj ET Q q 0 0 0 rg BT 209.34 383.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 231.30 383.10 Td (based ) Tj ET Q q 0 0 0 rg BT 257.15 383.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 280.23 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.64 383.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 344.15 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.56 383.10 Td (these ) Tj ET Q q 0 0 0 rg BT 379.18 383.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 403.43 383.10 Td (W) Tj ET Q q 0 0 0 rg BT 412.07 383.10 Td (e ) Tj ET Q q 0 0 0 rg BT 419.58 383.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 449.32 383.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 487.39 383.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 513.23 383.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 549.07 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 563.81 383.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 81.89 371.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 121.81 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 139.37 371.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 171.38 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.72 371.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 216.49 371.10 Td (that ) Tj ET Q q 0 0 0 rg BT 233.50 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 247.18 371.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 284.19 371.10 Td (may ) Tj ET Q q 0 0 0 rg BT 303.42 371.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 328.20 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.99 371.10 Td (be ) Tj ET Q q 0 0 0 rg BT 349.45 371.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 369.27 371.10 Td (ficient, ) Tj ET Q q 0 0 0 rg BT 399.32 371.10 Td (which ) Tj ET Q q 0 0 0 rg BT 425.77 371.10 Td (would ) Tj ET Q q 0 0 0 rg BT 452.79 371.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 496.45 371.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 525.68 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.02 371.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (results ) Tj ET Q q 0 0 0 rg BT 64.72 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.78 359.10 Td (would ) Tj ET Q q 0 0 0 rg BT 109.40 359.10 Td (result ) Tj ET Q q 0 0 0 rg BT 134.23 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.62 359.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 186.65 359.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 225.65 359.10 Td (In ) Tj ET Q q 0 0 0 rg BT 236.59 359.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 274.48 359.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 294.87 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.92 359.10 Td (other ) Tj ET Q q 0 0 0 rg BT 335.08 359.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 364.35 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.63 359.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 399.02 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.42 359.10 Td (help ) Tj ET Q q 0 0 0 rg BT 429.25 359.10 Td (us ) Tj ET Q q 0 0 0 rg BT 440.76 359.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 474.47 359.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 499.85 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.90 359.10 Td (other ) Tj ET Q q 0 0 0 rg BT 540.07 359.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 561.57 359.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 72.35 347.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 98.69 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 118.37 347.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 143.59 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.82 347.10 Td (be ) Tj ET Q q 0 0 0 rg BT 165.72 347.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 185.54 347.10 Td (ficient. ) Tj ET Q q 0 0 0 rg BT 216.03 347.10 Td (If ) Tj ET Q q 0 0 0 rg BT 225.15 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 248.15 347.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 288.36 347.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 313.58 347.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 339.92 347.10 Td (are ) Tj ET Q q 0 0 0 rg BT 354.59 347.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 384.79 347.10 Td (than ) Tj ET Q q 0 0 0 rg BT 404.47 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 418.58 347.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 464.90 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.80 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 495.91 347.10 Td (need ) Tj ET Q q 0 0 0 rg BT 517.25 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.48 347.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 562.69 347.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.08 335.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 98.65 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.30 335.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 141.15 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.47 335.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 179.66 335.10 Td (might ) Tj ET Q q 0 0 0 rg BT 205.31 335.10 Td (be ) Tj ET Q q 0 0 0 rg BT 217.06 335.10 Td (reduced. ) Tj ET Q q 0 0 0 rg BT 253.52 335.10 Td (Increased ) Tj ET Q q 0 0 0 rg BT 294.14 335.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 319.22 335.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 345.42 335.10 Td (may ) Tj ET Q q 0 0 0 rg BT 364.96 335.10 Td (also ) Tj ET Q q 0 0 0 rg BT 383.38 335.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 424.01 335.10 Td (af) Tj ET Q q 0 0 0 rg BT 431.60 335.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 448.90 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 464.54 335.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 484.62 335.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 511.66 335.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 539.53 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.62 335.10 Td (invest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 73.54 323.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 122.19 323.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 176.94 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.92 323.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 237.28 323.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 259.26 323.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 275.68 323.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 306.27 323.10 Td (access ) Tj ET Q q 0 0 0 rg BT 334.35 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.67 323.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 388.86 323.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 439.46 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.44 323.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 484.53 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.85 323.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 535.70 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 546.57 323.10 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 87.18 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.14 287.10 Td (ef) Tj ET Q q 0 0 0 rg BT 110.73 287.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 131.69 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.10 287.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 175.83 287.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 201.22 287.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 221.35 287.10 Td (there ) Tj ET Q q 0 0 0 rg BT 243.97 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 258.81 287.10 Td (many ) Tj ET Q q 0 0 0 rg BT 283.66 287.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 315.17 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.13 287.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 351.52 287.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 369.16 287.10 Td (that ) Tj ET Q q 0 0 0 rg BT 386.78 287.10 Td (we ) Tj ET Q q 0 0 0 rg BT 401.08 287.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 430.36 287.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 463.82 287.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 482.00 287.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 512.41 287.10 Td (control ) Tj ET Q q 0 0 0 rg BT 543.37 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 560.44 287.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 79.71 275.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 113.42 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.46 275.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 176.93 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 196.75 275.10 Td (not ) Tj ET Q q 0 0 0 rg BT 212.14 275.10 Td (be ) Tj ET Q q 0 0 0 rg BT 224.18 275.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 267.88 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.26 275.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 312.54 275.10 Td (future ) Tj ET Q q 0 0 0 rg BT 339.02 275.10 Td (delinquencies, ) Tj ET Q q 0 0 0 rg BT 399.10 275.10 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 435.86 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.91 275.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 481.90 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 492.83 275.10 Td (they ) Tj ET Q q 0 0 0 rg BT 512.66 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.48 275.10 Td (not ) Tj ET Q q 0 0 0 rg BT 547.86 275.10 Td (be ) Tj ET Q q 0 0 0 rg BT 559.90 275.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 263.10 Td (fective. ) Tj ET Q q 0 0 0 rg BT 75.83 263.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 93.92 263.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 148.11 263.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 181.75 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 201.50 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 216.82 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 228.80 263.10 Td (ef) Tj ET Q q 0 0 0 rg BT 236.38 263.10 Td (fective. ) Tj ET Q q 0 0 0 rg BT 268.44 263.10 Td (The ) Tj ET Q q 0 0 0 rg BT 286.53 263.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 346.82 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.14 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 384.12 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 398.31 263.10 Td (have ) Tj ET Q q 0 0 0 rg BT 419.73 263.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 455.59 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 475.35 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 490.66 263.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 522.06 263.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 546.82 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 564.36 263.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 66.90 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.14 251.10 Td (due ) Tj ET Q q 0 0 0 rg BT 97.62 251.10 Td (from ) Tj ET Q q 0 0 0 rg BT 119.09 251.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 158.88 251.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 199.23 251.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 244.03 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.50 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 283.08 251.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 344.25 251.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 366.83 251.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 405.52 251.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 450.32 251.10 Td (may ) Tj ET Q q 0 0 0 rg BT 469.57 251.10 Td (not ) Tj ET Q q 0 0 0 rg BT 484.38 251.10 Td (cooperate ) Tj ET Q q 0 0 0 rg BT 525.27 251.10 Td (with ) Tj ET Q q 0 0 0 rg BT 545.08 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 560.45 251.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 79.15 239.10 Td (ef) Tj ET Q q 0 0 0 rg BT 86.74 239.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 107.12 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.49 239.10 Td (those ) Tj ET Q q 0 0 0 rg BT 140.65 239.10 Td (ef) Tj ET Q q 0 0 0 rg BT 148.24 239.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 168.61 239.10 Td (may ) Tj ET Q q 0 0 0 rg BT 187.88 239.10 Td (be ) Tj ET Q q 0 0 0 rg BT 199.36 239.10 Td (inef) Tj ET Q q 0 0 0 rg BT 214.73 239.10 Td (fective. ) Tj ET Q q 0 0 0 rg BT 246.47 239.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 278.50 239.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 318.32 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.14 239.10 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 390.45 239.10 Td (such ) Tj ET Q q 0 0 0 rg BT 410.82 239.10 Td (as ) Tj ET Q q 0 0 0 rg BT 421.20 239.10 Td (trustees, ) Tj ET Q q 0 0 0 rg BT 456.29 239.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 475.56 239.10 Td (servicers, ) Tj ET Q q 0 0 0 rg BT 515.64 239.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 537.68 239.10 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (providers, ) Tj ET Q q 0 0 0 rg BT 79.19 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.54 227.10 Td (custodians, ) Tj ET Q q 0 0 0 rg BT 144.18 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 164.31 227.10 Td (not ) Tj ET Q q 0 0 0 rg BT 180.01 227.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 215.13 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.83 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.18 227.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 266.09 227.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.00 227.10 Td (promotes ) Tj ET Q q 0 0 0 rg BT 324.13 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.38 227.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 379.12 227.10 Td (Delay ) Tj ET Q q 0 0 0 rg BT 405.92 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.16 227.10 Td (foreclosures ) Tj ET Q q 0 0 0 rg BT 468.95 227.10 Td (could ) Tj ET Q q 0 0 0 rg BT 494.08 227.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 518.66 227.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 561.57 227.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 71.25 215.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 106.52 215.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 124.58 215.10 Td (severities, ) Tj ET Q q 0 0 0 rg BT 167.35 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 178.18 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.12 215.10 Td (result. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.72 191.10 Td (value ) Tj ET Q q 0 0 0 rg BT 97.55 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.05 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.44 191.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 153.73 191.10 Td (collateralizing ) Tj ET Q q 0 0 0 rg BT 214.09 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 225.60 191.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 272.10 191.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 316.92 191.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 341.20 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 352.71 191.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 403.65 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 424.04 191.10 Td (decline. ) Tj ET Q q 0 0 0 rg BT 458.36 191.10 Td (The ) Tj ET Q q 0 0 0 rg BT 477.08 191.10 Td (value ) Tj ET Q q 0 0 0 rg BT 501.91 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.41 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.80 191.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 79.00 179.10 Td (collateralizing ) Tj ET Q q 0 0 0 rg BT 139.21 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.55 179.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 196.89 179.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 247.10 179.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 297.89 179.10 Td (may ) Tj ET Q q 0 0 0 rg BT 318.12 179.10 Td (decline. ) Tj ET Q q 0 0 0 rg BT 352.29 179.10 Td (The ) Tj ET Q q 0 0 0 rg BT 370.85 179.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 413.84 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.18 179.10 Td (default ) Tj ET Q q 0 0 0 rg BT 455.96 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.41 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.64 179.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 507.22 179.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 541.89 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 554.90 179.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 59.05 167.10 Td (default ) Tj ET Q q 0 0 0 rg BT 89.86 167.10 Td (may ) Tj ET Q q 0 0 0 rg BT 110.12 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.60 167.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 153.40 167.10 Td (than ) Tj ET Q q 0 0 0 rg BT 173.67 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 188.37 167.10 Td (anticipate. ) Tj ET Q q 0 0 0 rg BT 232.78 167.10 Td (Interest-only ) Tj ET Q q 0 0 0 rg BT 286.92 167.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 313.58 167.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 350.50 167.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 404.08 167.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 430.73 167.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 492.64 167.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 519.29 167.10 Td (lar) Tj ET Q q 0 0 0 rg BT 529.66 167.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 545.47 167.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 61.84 155.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 95.72 155.10 Td (documentation ) Tj ET Q q 0 0 0 rg BT 157.38 155.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 183.22 155.10 Td (subprime ) Tj ET Q q 0 0 0 rg BT 222.67 155.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 248.50 155.10 Td (alt-a ) Tj ET Q q 0 0 0 rg BT 268.50 155.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 294.34 155.10 Td (second ) Tj ET Q q 0 0 0 rg BT 324.34 155.10 Td (lien ) Tj ET Q q 0 0 0 rg BT 341.57 155.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 367.41 155.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 390.75 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.76 155.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 430.19 155.10 Td (locations, ) Tj ET Q q 0 0 0 rg BT 471.02 155.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 514.91 155.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 554.90 155.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.27 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 67.76 143.10 Td (not ) Tj ET Q q 0 0 0 rg BT 82.81 143.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 125.07 143.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 173.44 143.10 Td (under ) Tj ET Q q 0 0 0 rg BT 198.49 143.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 245.20 143.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 298.02 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 310.30 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.79 143.10 Td (CFPB, ) Tj ET Q q 0 0 0 rg BT 354.03 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.75 143.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 394.14 143.10 Td (or ) Tj ET Q q 0 0 0 rg BT 404.75 143.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 454.80 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.07 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 486.55 143.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 522.15 143.10 Td (collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (by ) Tj ET Q q 0 0 0 rg BT 47.85 131.10 Td (non-real ) Tj ET Q q 0 0 0 rg BT 83.01 131.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 107.62 131.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 132.80 131.10 Td (may ) Tj ET Q q 0 0 0 rg BT 151.87 131.10 Td (have ) Tj ET Q q 0 0 0 rg BT 172.59 131.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 212.19 131.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 232.93 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.22 131.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 282.72 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.90 131.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 312.81 131.10 Td (If ) Tj ET Q q 0 0 0 rg BT 321.32 131.10 Td (property ) Tj ET Q q 0 0 0 rg BT 357.04 131.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 392.77 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.95 131.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 448.12 131.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 471.08 131.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 507.91 131.10 Td (real ) Tj ET Q q 0 0 0 rg BT 524.75 131.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 549.36 131.10 Td (owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.95 119.10 Td (a ) Tj ET Q q 0 0 0 rg BT 54.01 119.10 Td (result ) Tj ET Q q 0 0 0 rg BT 78.84 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.79 119.10 Td (foreclosure, ) Tj ET Q q 0 0 0 rg BT 139.88 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 154.16 119.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 173.99 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.82 119.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 206.44 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.39 119.10 Td (not ) Tj ET Q q 0 0 0 rg BT 232.79 119.10 Td (being ) Tj ET Q q 0 0 0 rg BT 257.62 119.10 Td (able ) Tj ET Q q 0 0 0 rg BT 276.90 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.29 119.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 303.80 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.64 119.10 Td (property ) Tj ET Q q 0 0 0 rg BT 355.13 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.19 119.10 Td (recovering ) Tj ET Q q 0 0 0 rg BT 417.56 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.51 119.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 480.01 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.07 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.02 119.10 Td (being ) Tj ET Q q 0 0 0 rg BT 532.85 119.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 568.24 119.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 107.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 72.11 107.10 Td (attendant ) Tj ET Q q 0 0 0 rg BT 111.26 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.54 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.25 107.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 180.41 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.24 107.10 Td (real ) Tj ET Q q 0 0 0 rg BT 208.73 107.10 Td (property) Tj ET Q q 0 0 0 rg BT 241.96 107.10 Td (. ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 90.72 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.77 731.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 141.93 731.10 Td (behavior) Tj ET Q q 0 0 0 rg BT 176.51 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 181.29 731.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 228.55 731.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 251.66 731.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 266.16 731.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 289.26 731.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 332.08 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.69 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.19 731.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 397.23 731.10 Td (industry) Tj ET Q q 0 0 0 rg BT 429.36 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.13 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.85 731.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.68 731.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 494.28 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 513.78 731.10 Td (exacerbate ) Tj ET Q q 0 0 0 rg BT 558.79 731.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.00 719.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 93.55 719.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 122.62 719.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 159.73 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.17 719.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 192.28 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 209.95 719.10 Td (would ) Tj ET Q q 0 0 0 rg BT 237.62 719.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 262.50 719.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 286.28 719.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 315.61 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 328.28 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 335.39 719.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 391.93 719.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 417.37 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.82 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 439.93 719.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 478.71 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 498.59 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 514.04 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 526.15 719.10 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 568.24 719.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.23 707.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 86.46 707.10 Td (if ) Tj ET Q q 0 0 0 rg BT 94.47 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.59 707.10 Td (modifications ) Tj ET Q q 0 0 0 rg BT 165.49 707.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 194.04 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.16 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.49 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 253.06 707.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 272.17 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.51 707.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 323.17 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.29 707.10 Td (eventual ) Tj ET Q q 0 0 0 rg BT 373.06 707.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 406.62 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.85 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.20 707.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 443.16 707.10 Td (In ) Tj ET Q q 0 0 0 rg BT 453.39 707.10 Td (some ) Tj ET Q q 0 0 0 rg BT 476.41 707.10 Td (states ) Tj ET Q q 0 0 0 rg BT 500.53 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.87 707.10 Td (circumstances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.67 695.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 110.89 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.12 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 148.02 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.13 695.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 188.48 695.10 Td (have ) Tj ET Q q 0 0 0 rg BT 209.81 695.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 246.13 695.10 Td (as ) Tj ET Q q 0 0 0 rg BT 256.92 695.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 284.36 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.15 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.82 695.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 329.50 695.10 Td (against ) Tj ET Q q 0 0 0 rg BT 360.28 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.95 695.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 411.97 695.10 Td () Tj ET Q q 0 0 0 rg BT 414.75 695.10 Td (s ) Tj ET Q q 0 0 0 rg BT 421.10 695.10 Td (other ) Tj ET Q q 0 0 0 rg BT 444.10 695.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.89 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.78 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 518.67 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.91 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.58 695.10 Td (event ) Tj ET Q q 0 0 0 rg BT 567.69 695.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 55.80 683.10 Td (default. ) Tj ET Q q 0 0 0 rg BT 88.65 683.10 Td (However) Tj ET Q q 0 0 0 rg BT 124.90 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.99 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 140.35 683.10 Td (most ) Tj ET Q q 0 0 0 rg BT 162.38 683.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 188.57 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.37 683.10 Td (value ) Tj ET Q q 0 0 0 rg BT 227.61 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.53 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.33 683.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 299.24 683.10 Td (property ) Tj ET Q q 0 0 0 rg BT 335.70 683.10 Td (will ) Tj ET Q q 0 0 0 rg BT 353.84 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 365.87 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.67 683.10 Td (sole ) Tj ET Q q 0 0 0 rg BT 399.36 683.10 Td (ef) Tj ET Q q 0 0 0 rg BT 406.95 683.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 436.74 683.10 Td (source ) Tj ET Q q 0 0 0 rg BT 465.42 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.34 683.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 501.15 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 515.39 683.10 Td (any ) Tj ET Q q 0 0 0 rg BT 532.42 683.10 Td (recoveries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 61.69 671.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 96.81 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 108.06 671.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 139.30 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.22 671.10 Td (judges ) Tj ET Q q 0 0 0 rg BT 181.24 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 192.49 671.10 Td (legislators ) Tj ET Q q 0 0 0 rg BT 236.51 671.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 277.75 671.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 318.43 671.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 342.45 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.81 671.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 401.32 671.10 Td (including ) Tj ET Q q 0 0 0 rg BT 442.01 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.15 671.10 Td (voiding ) Tj ET Q q 0 0 0 rg BT 490.62 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.87 671.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 531.99 671.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 567.68 671.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.11 659.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 109.71 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 129.49 659.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 158.70 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.59 659.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 213.53 659.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 242.20 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.09 659.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 286.21 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.55 659.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 331.88 659.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 360.83 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.73 659.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 407.04 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.83 659.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 468.27 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.27 659.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 519.49 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.38 659.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 558.77 659.10 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 79.13 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.04 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.95 647.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 124.09 647.10 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 167.78 647.10 Td (ef) Tj ET Q q 0 0 0 rg BT 175.37 647.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 196.28 647.10 Td (could ) Tj ET Q q 0 0 0 rg BT 221.08 647.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 256.41 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.32 647.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 312.67 647.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 335.25 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.26 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.06 647.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 407.96 647.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 426.10 647.10 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 469.79 647.10 Td (ef) Tj ET Q q 0 0 0 rg BT 477.38 647.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 498.29 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 518.08 647.10 Td (not ) Tj ET Q q 0 0 0 rg BT 533.44 647.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 562.67 647.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (future ) Tj ET Q q 0 0 0 rg BT 62.38 635.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 87.64 635.10 Td (losses. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 46.19 611.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 62.93 611.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 93.01 611.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 129.75 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.27 611.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 158.22 611.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 198.29 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 209.47 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.43 611.10 Td (cr) Tj ET Q q 0 0 0 rg BT 231.39 611.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 248.12 611.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 274.31 611.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 311.04 611.10 Td (may ) Tj ET Q q 0 0 0 rg BT 329.44 611.10 Td (not ) Tj ET Q q 0 0 0 rg BT 343.96 611.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 387.90 611.10 Td (r) Tj ET Q q 0 0 0 rg BT 391.42 611.10 Td (eflect ) Tj ET Q q 0 0 0 rg BT 414.81 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.77 611.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 449.40 611.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 493.36 611.10 Td (with ) Tj ET Q q 0 0 0 rg BT 512.33 611.10 Td (those ) Tj ET Q q 0 0 0 rg BT 535.17 611.10 Td (securities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (Furthermor) Tj ET Q q 0 0 0 rg BT 82.85 599.10 Td (e, ) Tj ET Q q 0 0 0 rg BT 93.03 599.10 Td (downgrades ) Tj ET Q q 0 0 0 rg BT 145.17 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.19 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.64 599.10 Td (cr) Tj ET Q q 0 0 0 rg BT 179.60 599.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 197.84 599.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 229.42 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.44 599.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 263.69 599.10 Td (insur) Tj ET Q q 0 0 0 rg BT 283.88 599.10 Td (ers ) Tj ET Q q 0 0 0 rg BT 299.34 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 311.47 599.10 Td (any ) Tj ET Q q 0 0 0 rg BT 329.15 599.10 Td (downgrades ) Tj ET Q q 0 0 0 rg BT 381.29 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.31 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.77 599.10 Td (cr) Tj ET Q q 0 0 0 rg BT 415.73 599.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 433.96 599.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 465.55 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.57 599.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 518.14 599.10 Td (insur) Tj ET Q q 0 0 0 rg BT 538.33 599.10 Td (ers ) Tj ET Q q 0 0 0 rg BT 553.79 599.10 Td (could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (incr) Tj ET Q q 0 0 0 rg BT 51.74 587.10 Td (ease ) Tj ET Q q 0 0 0 rg BT 72.01 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 88.40 587.10 Td (cr) Tj ET Q q 0 0 0 rg BT 96.36 587.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 113.85 587.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 133.85 587.10 Td (r) Tj ET Q q 0 0 0 rg BT 137.37 587.10 Td (educe ) Tj ET Q q 0 0 0 rg BT 163.19 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.58 587.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.41 587.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 226.53 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.92 587.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 279.31 587.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 320.12 587.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 344.83 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 361.22 587.10 Td (business ) Tj ET Q q 0 0 0 rg BT 397.62 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.12 587.10 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 563.10 Td (e ) Tj ET Q q 0 0 0 rg BT 68.58 563.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 107.30 563.10 Td (do ) Tj ET Q q 0 0 0 rg BT 118.80 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 133.09 563.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 168.48 563.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 192.75 563.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 221.48 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.76 563.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 269.49 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.33 563.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 323.05 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.89 563.10 Td (future ) Tj ET Q q 0 0 0 rg BT 358.28 563.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 377.55 563.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 401.29 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.23 563.10 Td (desirability ) Tj ET Q q 0 0 0 rg BT 463.73 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.57 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.41 563.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 537.69 563.10 Td (\(although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 53.01 551.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 101.13 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.13 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.03 551.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 160.48 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.49 551.10 Td (an ) Tj ET Q q 0 0 0 rg BT 185.60 551.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 233.17 551.10 Td (may ) Tj ET Q q 0 0 0 rg BT 254.06 551.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 280.51 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.96 551.10 Td (be ) Tj ET Q q 0 0 0 rg BT 305.08 551.10 Td (inaccurate ) Tj ET Q q 0 0 0 rg BT 349.84 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.95 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 383.29 551.10 Td (may ) Tj ET Q q 0 0 0 rg BT 404.19 551.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 428.41 551.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 454.85 551.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 482.42 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.88 551.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 523.66 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.67 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 552.67 551.10 Td (initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (expectations\). ) Tj ET Q q 0 0 0 rg BT 93.94 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 111.79 539.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 159.08 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.71 539.10 Td (an ) Tj ET Q q 0 0 0 rg BT 181.45 539.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 232.07 539.10 Td (grade ) Tj ET Q q 0 0 0 rg BT 261.01 539.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 286.64 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.71 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 303.45 539.10 Td (security ) Tj ET Q q 0 0 0 rg BT 337.40 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 349.70 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.44 539.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 382.06 539.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 412.68 539.10 Td (does ) Tj ET Q q 0 0 0 rg BT 433.31 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 448.39 539.10 Td (mean ) Tj ET Q q 0 0 0 rg BT 472.34 539.10 Td (that ) Tj ET Q q 0 0 0 rg BT 489.63 539.10 Td (there ) Tj ET Q q 0 0 0 rg BT 511.92 539.10 Td (is ) Tj ET Q q 0 0 0 rg BT 520.89 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 535.96 539.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 561.03 539.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.47 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 99.63 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.23 527.10 Td (security ) Tj ET Q q 0 0 0 rg BT 148.26 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 158.97 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.35 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.94 527.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 208.32 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.03 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.85 527.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 250.99 527.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 268.93 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 289.09 527.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 319.79 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.94 527.10 Td (such ) Tj ET Q q 0 0 0 rg BT 350.65 527.10 Td (security ) Tj ET Q q 0 0 0 rg BT 384.69 527.10 Td (is ) Tj ET Q q 0 0 0 rg BT 393.74 527.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 440.54 527.10 Td (remote. ) Tj ET Q q 0 0 0 rg BT 473.18 527.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 498.89 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.60 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.20 527.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 564.34 527.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (own ) Tj ET Q q 0 0 0 rg BT 55.07 515.10 Td (do ) Tj ET Q q 0 0 0 rg BT 66.91 515.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.63 515.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.24 515.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 141.30 515.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 160.09 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.71 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.77 515.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 210.05 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 223.55 515.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 263.71 515.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 286.66 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.95 515.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 345.05 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 358.56 515.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 386.50 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.12 515.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 420.73 515.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 445.34 515.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 470.51 515.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 506.78 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.40 515.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 548.79 515.10 Td (ratings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.22 503.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 103.48 503.10 Td (created ) Tj ET Q q 0 0 0 rg BT 134.84 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 147.34 503.10 Td (these ) Tj ET Q q 0 0 0 rg BT 170.39 503.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 226.76 503.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 258.14 503.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 272.30 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.46 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 307.84 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.11 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.83 503.10 Td (past\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (Rating ) Tj ET Q q 0 0 0 rg BT 82.57 479.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 118.89 479.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 135.78 479.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 154.89 479.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 194.56 479.10 Td (based ) Tj ET Q q 0 0 0 rg BT 219.23 479.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 241.13 479.10 Td (their ) Tj ET Q q 0 0 0 rg BT 261.36 479.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 307.69 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.93 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.04 479.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 357.82 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.05 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.17 479.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 411.27 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.50 479.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 458.95 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.29 479.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 506.62 479.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 549.35 479.10 Td (Rating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 72.20 467.10 Td (do ) Tj ET Q q 0 0 0 rg BT 83.97 467.10 Td (not ) Tj ET Q q 0 0 0 rg BT 98.52 467.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 134.17 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.16 467.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 168.82 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.92 467.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 227.91 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.46 467.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 253.11 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 276.54 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 286.64 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 308.96 467.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 337.94 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 354.71 467.10 Td (may ) Tj ET Q q 0 0 0 rg BT 373.70 467.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 412.67 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.66 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 450.09 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.19 467.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 479.18 467.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 518.71 467.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 537.43 467.10 Td (therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (any ) Tj ET Q q 0 0 0 rg BT 52.62 455.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 89.23 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 114.17 455.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 139.68 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 159.07 455.10 Td (not ) Tj ET Q q 0 0 0 rg BT 174.03 455.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 195.09 455.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 222.80 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.20 455.10 Td (true ) Tj ET Q q 0 0 0 rg BT 254.92 455.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 275.99 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.50 455.10 Td (an ) Tj ET Q q 0 0 0 rg BT 298.11 455.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 344.17 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.13 455.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 396.09 455.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 419.66 455.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 445.16 455.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 481.76 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 501.16 455.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 516.66 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.62 455.10 Td (make ) Tj ET Q q 0 0 0 rg BT 550.45 455.10 Td (timely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 86.69 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.39 443.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 123.07 443.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 153.21 443.10 Td (based ) Tj ET Q q 0 0 0 rg BT 178.90 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 191.81 443.10 Td (available ) Tj ET Q q 0 0 0 rg BT 230.82 443.10 Td (data ) Tj ET Q q 0 0 0 rg BT 250.40 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.65 443.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 296.77 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.47 443.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 349.26 443.10 Td (outlook ) Tj ET Q q 0 0 0 rg BT 382.74 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 393.98 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 414.12 443.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 455.92 443.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 472.16 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.86 443.10 Td (make ) Tj ET Q q 0 0 0 rg BT 507.43 443.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 542.56 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 553.25 443.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 65.58 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 75.72 431.10 Td (response ) Tj ET Q q 0 0 0 rg BT 113.07 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.21 431.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 170.01 431.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 200.42 431.10 Td (so ) Tj ET Q q 0 0 0 rg BT 211.68 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 229.03 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.73 431.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 294.86 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 314.44 431.10 Td (be ) Tj ET Q q 0 0 0 rg BT 326.24 431.10 Td (better ) Tj ET Q q 0 0 0 rg BT 351.37 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 362.06 431.10 Td (worse ) Tj ET Q q 0 0 0 rg BT 388.30 431.10 Td (than ) Tj ET Q q 0 0 0 rg BT 407.88 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.46 431.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 452.04 431.10 Td (indicate. ) Tj ET Q q 0 0 0 rg BT 488.55 431.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 515.91 431.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 541.60 431.10 Td (agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 55.28 419.10 Td (change ) Tj ET Q q 0 0 0 rg BT 85.65 419.10 Td (their ) Tj ET Q q 0 0 0 rg BT 106.04 419.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 141.98 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.37 419.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 196.08 419.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 220.91 419.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 237.96 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.46 419.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 304.84 419.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 334.12 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.18 419.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 386.00 419.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 416.38 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 428.44 419.10 Td (real ) Tj ET Q q 0 0 0 rg BT 445.48 419.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 470.30 419.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 493.47 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.97 419.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 552.15 419.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.82 407.10 Td (may ) Tj ET Q q 0 0 0 rg BT 90.66 407.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 115.48 407.10 Td (quickly ) Tj ET Q q 0 0 0 rg BT 148.09 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.15 407.10 Td (often. ) Tj ET Q q 0 0 0 rg BT 190.62 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 208.78 407.10 Td (market) Tj ET Q q 0 0 0 rg BT 239.32 407.10 Td (s ) Tj ET Q q 0 0 0 rg BT 245.83 407.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 274.00 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.39 407.10 Td (understand ) Tj ET Q q 0 0 0 rg BT 330.89 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.94 407.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 377.22 407.10 Td (these ) Tj ET Q q 0 0 0 rg BT 400.38 407.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 435.21 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.26 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.09 407.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 496.92 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.32 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.15 407.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (market ) Tj ET Q q 0 0 0 rg BT 66.81 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.63 395.10 Td (general ) Tj ET Q q 0 0 0 rg BT 110.10 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 125.36 395.10 Td (dif) Tj ET Q q 0 0 0 rg BT 136.28 395.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 160.43 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 171.26 395.10 Td (predict. ) Tj ET Q q 0 0 0 rg BT 204.57 395.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 227.61 395.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 262.87 395.10 Td (may ) Tj ET Q q 0 0 0 rg BT 283.13 395.10 Td (have ) Tj ET Q q 0 0 0 rg BT 305.05 395.10 Td (an ) Tj ET Q q 0 0 0 rg BT 317.54 395.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 347.79 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.84 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.10 395.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 409.14 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.52 395.10 Td (investment-grade ) Tj ET Q q 0 0 0 rg BT 492.98 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.47 395.10 Td (non-investment-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (grade ) Tj ET Q q 0 0 0 rg BT 60.19 383.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 99.95 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 116.93 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 131.12 383.10 Td (created ) Tj ET Q q 0 0 0 rg BT 161.97 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 172.29 383.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 200.37 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 212.36 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.56 383.10 Td (market ) Tj ET Q q 0 0 0 rg BT 256.31 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.08 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.28 383.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 308.65 383.10 Td (Downgrades ) Tj ET Q q 0 0 0 rg BT 361.18 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.94 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.15 383.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 414.35 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.67 383.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 464.42 383.10 Td (could ) Tj ET Q q 0 0 0 rg BT 488.62 383.10 Td (have ) Tj ET Q q 0 0 0 rg BT 509.49 383.10 Td (an ) Tj ET Q q 0 0 0 rg BT 520.91 383.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 553.44 383.10 Td (ef) Tj ET Q q 0 0 0 rg BT 561.02 383.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.22 371.10 Td (value ) Tj ET Q q 0 0 0 rg BT 87.37 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.20 371.10 Td (some ) Tj ET Q q 0 0 0 rg BT 121.81 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.64 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.47 371.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 198.74 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.68 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.51 371.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 251.78 371.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 276.50 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 298.44 371.10 Td (those ) Tj ET Q q 0 0 0 rg BT 322.05 371.10 Td (investments. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 347.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 136.29 347.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 158.79 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.62 347.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 211.00 347.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 235.74 347.10 Td (could ) Tj ET Q q 0 0 0 rg BT 261.01 347.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 291.28 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.24 347.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 349.36 347.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 393.25 347.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.64 347.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 441.31 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.37 347.10 Td (access ) Tj ET Q q 0 0 0 rg BT 487.97 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.25 347.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 531.77 347.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.33 323.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 113.99 323.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 144.54 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.99 323.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 178.98 323.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.21 323.10 Td (most ) Tj ET Q q 0 0 0 rg BT 223.44 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.56 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.56 323.10 Td (real ) Tj ET Q q 0 0 0 rg BT 267.33 323.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 292.88 323.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 333.43 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.65 323.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 374.55 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 388.99 323.10 Td (own ) Tj ET Q q 0 0 0 rg BT 409.00 323.10 Td (\(directly ) Tj ET Q q 0 0 0 rg BT 445.66 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 456.77 323.10 Td (indirectly\) ) Tj ET Q q 0 0 0 rg BT 501.21 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 516.20 323.10 Td (af) Tj ET Q q 0 0 0 rg BT 523.79 323.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 551.00 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.79 323.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 52.63 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 62.60 311.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 111.45 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.42 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.28 311.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 180.25 311.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 223.54 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.51 311.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 282.35 311.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 321.76 311.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 347.01 311.10 Td (Prepayments ) Tj ET Q q 0 0 0 rg BT 400.31 311.10 Td (are ) Tj ET Q q 0 0 0 rg BT 414.16 311.10 Td (dif) Tj ET Q q 0 0 0 rg BT 425.09 311.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 447.84 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.26 311.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 499.98 311.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 529.39 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.47 311.10 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 71.21 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 81.98 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.20 299.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 115.19 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.52 299.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 176.72 299.10 Td (could ) Tj ET Q q 0 0 0 rg BT 201.93 299.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 231.58 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.91 299.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 268.68 299.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 296.40 299.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 335.77 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.21 299.10 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 396.94 299.10 Td (Adverse ) Tj ET Q q 0 0 0 rg BT 433.26 299.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 468.46 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.24 299.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 500.01 299.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 525.23 299.10 Td (would ) Tj ET Q q 0 0 0 rg BT 553.23 299.10 Td (likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 64.86 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.30 287.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 95.39 287.10 Td (values ) Tj ET Q q 0 0 0 rg BT 123.16 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.71 287.10 Td (many ) Tj ET Q q 0 0 0 rg BT 158.14 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.69 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 184.24 287.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 212.29 287.10 Td (which ) Tj ET Q q 0 0 0 rg BT 238.94 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 263.38 287.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 292.24 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.79 287.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 335.56 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.56 287.10 Td (borrow ) Tj ET Q q 0 0 0 rg BT 376.66 287.10 Td (against ) Tj ET Q q 0 0 0 rg BT 407.20 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.75 287.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 448.30 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.96 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 484.39 287.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 508.82 287.10 Td (market ) Tj ET Q q 0 0 0 rg BT 538.80 287.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 85.40 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 98.68 275.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 125.53 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.16 275.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 166.83 275.10 Td (which ) Tj ET Q q 0 0 0 rg BT 192.89 275.10 Td (could ) Tj ET Q q 0 0 0 rg BT 216.73 275.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 245.00 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.95 275.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 294.89 275.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 332.77 275.10 Td (While ) Tj ET Q q 0 0 0 rg BT 358.83 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 372.11 275.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 407.05 275.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 455.88 275.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 476.38 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.78 275.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 527.38 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.22 275.10 Td (ef) Tj ET Q q 0 0 0 rg BT 548.81 275.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 58.06 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 68.45 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 83.84 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.23 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.73 263.10 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 171.39 263.10 Td (these ) Tj ET Q q 0 0 0 rg BT 194.00 263.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 233.27 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.54 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 262.38 263.10 Td (precise ) Tj ET Q q 0 0 0 rg BT 292.75 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.25 263.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 358.51 263.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 379.45 263.10 Td (do ) Tj ET Q q 0 0 0 rg BT 391.51 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.35 263.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 452.84 263.10 Td (change ) Tj ET Q q 0 0 0 rg BT 483.21 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.05 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 499.55 263.10 Td (predictable ) Tj ET Q q 0 0 0 rg BT 546.03 263.10 Td (manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 47.54 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.19 251.10 Td (function ) Tj ET Q q 0 0 0 rg BT 91.72 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.26 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.90 251.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 154.10 251.10 Td (changes. ) Tj ET Q q 0 0 0 rg BT 192.02 251.10 Td (Prepayment ) Tj ET Q q 0 0 0 rg BT 242.99 251.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 265.08 251.10 Td (can ) Tj ET Q q 0 0 0 rg BT 282.16 251.10 Td (change ) Tj ET Q q 0 0 0 rg BT 313.69 251.10 Td (rapidly) Tj ET Q q 0 0 0 rg BT 341.36 251.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.36 251.10 Td (As ) Tj ET Q q 0 0 0 rg BT 360.69 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.33 251.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 396.26 251.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 431.68 251.10 Td (can ) Tj ET Q q 0 0 0 rg BT 448.76 251.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 474.18 251.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 513.50 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.49 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.03 251.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 67.69 239.10 Td (af) Tj ET Q q 0 0 0 rg BT 75.28 239.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 93.34 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.75 239.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 138.38 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.24 239.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 190.63 239.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 219.54 239.10 Td (af) Tj ET Q q 0 0 0 rg BT 227.13 239.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 245.20 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.61 239.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 290.24 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.10 239.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 322.51 239.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 375.86 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.38 239.10 Td (have ) Tj ET Q q 0 0 0 rg BT 415.34 239.10 Td (other ) Tj ET Q q 0 0 0 rg BT 438.96 239.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 475.92 239.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 510.10 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 523.18 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 539.59 239.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 568.22 239.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 72.36 227.10 Td (earnings. ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.61 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 89.37 731.10 Td (own ) Tj ET Q q 0 0 0 rg BT 109.13 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 149.43 731.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 180.28 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 192.82 731.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 237.01 731.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 260.66 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 278.19 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 292.94 731.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 341.56 731.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 379.10 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.41 731.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 424.16 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.47 731.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 488.11 731.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 511.84 731.10 Td (These ) Tj ET Q q 0 0 0 rg BT 538.25 731.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (include ) Tj ET Q q 0 0 0 rg BT 69.04 719.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 123.19 719.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 164.55 719.10 Td (\(IOs\) ) Tj ET Q q 0 0 0 rg BT 189.26 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 207.86 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 223.13 719.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 256.16 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 279.20 719.10 Td (third ) Tj ET Q q 0 0 0 rg BT 301.69 719.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 331.95 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.00 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 373.04 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.97 719.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 425.80 719.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 460.78 719.10 Td (Faster ) Tj ET Q q 0 0 0 rg BT 488.83 719.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 543.52 719.10 Td (than ) Tj ET Q q 0 0 0 rg BT 564.35 719.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 82.36 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 94.85 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.55 707.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 155.37 707.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 178.97 707.10 Td (backing ) Tj ET Q q 0 0 0 rg BT 213.11 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 236.15 707.10 Td (IOs ) Tj ET Q q 0 0 0 rg BT 253.08 707.10 Td (will ) Tj ET Q q 0 0 0 rg BT 271.13 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 292.50 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 304.43 707.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 337.46 707.10 Td (ef) Tj ET Q q 0 0 0 rg BT 345.04 707.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 362.52 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 375.01 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.83 707.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 421.09 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 433.58 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 456.62 707.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 506.88 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.81 707.10 Td (may ) Tj ET Q q 0 0 0 rg BT 543.51 707.10 Td (result ) Tj ET Q q 0 0 0 rg BT 568.22 707.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 64.89 695.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 101.46 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.46 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 120.61 695.10 Td (own ) Tj ET Q q 0 0 0 rg BT 140.33 695.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 180.59 695.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 219.74 695.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 247.52 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 258.35 695.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 288.36 695.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 331.95 695.10 Td (with ) Tj ET Q q 0 0 0 rg BT 352.22 695.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 396.37 695.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 436.63 695.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 460.23 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 477.73 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 492.43 695.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 541.02 695.10 Td (sensitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.14 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 80.71 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.85 683.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 144.30 683.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 167.52 683.10 Td (As ) Tj ET Q q 0 0 0 rg BT 180.99 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.57 683.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 222.92 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.61 683.10 Td (an ) Tj ET Q q 0 0 0 rg BT 245.41 683.10 Td (MSR, ) Tj ET Q q 0 0 0 rg BT 271.39 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 285.42 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 299.98 683.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 332.33 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.47 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.27 683.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 380.52 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.21 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.79 683.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 437.58 683.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 478.27 683.10 Td (made ) Tj ET Q q 0 0 0 rg BT 502.29 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 514.65 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.22 683.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 568.24 683.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 66.84 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.69 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.44 671.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 136.05 671.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 155.79 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.76 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 186.94 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 201.67 671.10 Td (responsible ) Tj ET Q q 0 0 0 rg BT 249.75 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 263.93 671.10 Td (hiring ) Tj ET Q q 0 0 0 rg BT 290.34 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.30 671.10 Td (compensating ) Tj ET Q q 0 0 0 rg BT 365.37 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 372.33 671.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 423.72 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.03 671.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 467.09 671.10 Td (service ) Tj ET Q q 0 0 0 rg BT 497.93 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.67 671.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 556.29 671.10 Td (loan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (Faster ) Tj ET Q q 0 0 0 rg BT 63.52 659.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 117.70 659.10 Td (than ) Tj ET Q q 0 0 0 rg BT 138.00 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 152.75 659.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 194.70 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.79 659.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 231.98 659.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 276.16 659.10 Td (with ) Tj ET Q q 0 0 0 rg BT 297.02 659.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 325.12 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 339.87 659.10 Td (own ) Tj ET Q q 0 0 0 rg BT 360.17 659.10 Td (will ) Tj ET Q q 0 0 0 rg BT 378.81 659.10 Td (have ) Tj ET Q q 0 0 0 rg BT 400.78 659.10 Td (an ) Tj ET Q q 0 0 0 rg BT 413.30 659.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 446.92 659.10 Td (ef) Tj ET Q q 0 0 0 rg BT 454.51 659.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 472.58 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.67 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.08 659.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 532.93 659.10 Td (from ) Tj ET Q q 0 0 0 rg BT 555.46 659.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 63.51 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 80.45 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 100.17 647.10 Td (result ) Tj ET Q q 0 0 0 rg BT 124.89 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.17 647.10 Td (losses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 70.23 623.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 88.91 623.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 140.93 623.10 Td (can ) Tj ET Q q 0 0 0 rg BT 158.50 623.10 Td (have ) Tj ET Q q 0 0 0 rg BT 180.50 623.10 Td (various ) Tj ET Q q 0 0 0 rg BT 213.63 623.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 250.62 623.10 Td (ef) Tj ET Q q 0 0 0 rg BT 258.21 623.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 279.65 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 292.78 623.10 Td (us ) Tj ET Q q 0 0 0 rg BT 304.80 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.93 623.10 Td (could ) Tj ET Q q 0 0 0 rg BT 348.27 623.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 368.05 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.39 623.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 413.73 623.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 452.42 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.54 623.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 512.54 623.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 550.66 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 561.56 623.10 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (earnings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 587.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 94.40 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.14 587.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.54 587.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 158.88 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.06 587.10 Td (interrelationships ) Tj ET Q q 0 0 0 rg BT 244.45 587.10 Td (between ) Tj ET Q q 0 0 0 rg BT 279.73 587.10 Td (various ) Tj ET Q q 0 0 0 rg BT 311.13 587.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.53 587.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 365.87 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.27 587.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 413.66 587.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 430.61 587.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 468.68 587.10 Td (could ) Tj ET Q q 0 0 0 rg BT 492.86 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 513.70 587.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 549.54 587.10 Td (ef) Tj ET Q q 0 0 0 rg BT 557.13 587.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.74 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.81 575.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 103.92 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.88 575.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 135.50 575.10 Td (value ) Tj ET Q q 0 0 0 rg BT 159.89 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.96 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.03 575.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.10 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.28 575.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 272.73 575.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 292.69 575.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 342.63 575.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 366.75 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.92 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.99 575.10 Td (access ) Tj ET Q q 0 0 0 rg BT 428.27 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.79 575.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 472.03 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 477.27 575.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 514.45 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.96 575.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 557.14 575.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (can ) Tj ET Q q 0 0 0 rg BT 52.24 563.10 Td (also ) Tj ET Q q 0 0 0 rg BT 70.71 563.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 93.62 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.20 563.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 133.33 563.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 186.21 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.91 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.60 563.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 240.62 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 249.26 563.10 Td (e ) Tj ET Q q 0 0 0 rg BT 256.06 563.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 295.63 563.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 315.76 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.90 563.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 352.14 563.10 Td (some ) Tj ET Q q 0 0 0 rg BT 375.61 563.10 Td (but ) Tj ET Q q 0 0 0 rg BT 390.76 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.90 563.10 Td (all ) Tj ET Q q 0 0 0 rg BT 418.26 563.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 450.05 563.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 467.40 563.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 491.16 563.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 509.07 563.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 543.65 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 563.23 563.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (work ) Tj ET Q q 0 0 0 rg BT 59.05 551.10 Td (ef) Tj ET Q q 0 0 0 rg BT 66.64 551.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 104.12 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.06 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 135.22 551.10 Td (may ) Tj ET Q q 0 0 0 rg BT 154.94 551.10 Td (change ) Tj ET Q q 0 0 0 rg BT 185.75 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.58 551.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 236.30 551.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 276.56 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.39 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.11 551.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 331.25 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 342.08 551.10 Td (type ) Tj ET Q q 0 0 0 rg BT 361.80 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.63 551.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 404.56 551.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 422.05 551.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 439.55 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 453.71 551.10 Td (assume. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 527.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 83.76 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.08 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.28 527.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 134.38 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.80 527.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 192.55 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 207.20 527.10 Td (own ) Tj ET Q q 0 0 0 rg BT 227.40 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.72 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 258.92 527.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 291.33 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 313.20 527.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 375.04 527.10 Td (coupons ) Tj ET Q q 0 0 0 rg BT 411.35 527.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 432.39 527.10 Td (they ) Tj ET Q q 0 0 0 rg BT 452.59 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 472.79 527.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 492.99 527.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 525.40 527.10 Td (at ) Tj ET Q q 0 0 0 rg BT 535.61 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 543.03 527.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 561.00 527.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (adjusts ) Tj ET Q q 0 0 0 rg BT 65.97 515.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 115.92 515.10 Td (based ) Tj ET Q q 0 0 0 rg BT 140.88 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 153.07 515.10 Td (an ) Tj ET Q q 0 0 0 rg BT 164.69 515.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.32 515.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 213.49 515.10 Td (index\). ) Tj ET Q q 0 0 0 rg BT 243.57 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 261.31 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 281.27 515.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 305.68 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.53 515.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 350.58 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 372.21 515.10 Td (these ) Tj ET Q q 0 0 0 rg BT 394.95 515.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 420.47 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 439.87 515.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 459.83 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 470.35 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.98 515.10 Td (function ) Tj ET Q q 0 0 0 rg BT 512.49 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.01 515.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 554.64 515.10 Td (rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.38 503.10 Td (may ) Tj ET Q q 0 0 0 rg BT 65.64 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.91 503.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 115.27 503.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 151.20 503.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 192.11 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 204.16 503.10 Td (these ) Tj ET Q q 0 0 0 rg BT 226.75 503.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 254.48 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 263.12 503.10 Td (e ) Tj ET Q q 0 0 0 rg BT 269.61 503.10 Td (also ) Tj ET Q q 0 0 0 rg BT 287.76 503.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 319.24 503.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 342.39 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.88 503.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 398.69 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.40 503.10 Td (future ) Tj ET Q q 0 0 0 rg BT 438.33 503.10 Td (sale, ) Tj ET Q q 0 0 0 rg BT 458.42 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.80 503.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 494.18 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 507.89 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.14 503.10 Td (accumulating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.26 491.10 Td (securitization, ) Tj ET Q q 0 0 0 rg BT 109.22 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 120.14 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.07 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.10 491.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 166.24 491.10 Td (term ) Tj ET Q q 0 0 0 rg BT 187.16 491.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 235.95 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 244.59 491.10 Td (e ) Tj ET Q q 0 0 0 rg BT 251.63 491.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 280.31 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.69 491.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 311.61 491.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 337.54 491.10 Td (with ) Tj ET Q q 0 0 0 rg BT 357.91 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 364.95 491.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 417.53 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.46 491.10 Td (equity) Tj ET Q q 0 0 0 rg BT 452.80 491.10 Td (, ) Tj ET Q q 0 0 0 rg BT 457.90 491.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 481.04 491.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 498.62 491.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 518.43 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.47 491.10 Td (adjustable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 53.42 479.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 75.40 479.10 Td (T) Tj ET Q q 0 0 0 rg BT 80.81 479.10 Td (o ) Tj ET Q q 0 0 0 rg BT 88.25 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.90 479.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 129.77 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 143.87 479.10 Td (use ) Tj ET Q q 0 0 0 rg BT 159.63 479.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 202.61 479.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 220.03 479.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 239.69 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.90 479.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 270.67 479.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.43 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 313.87 479.10 Td (have ) Tj ET Q q 0 0 0 rg BT 335.18 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 342.05 479.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 365.04 479.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 396.91 479.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 414.33 479.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 428.43 479.10 Td (use ) Tj ET Q q 0 0 0 rg BT 444.19 479.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 467.18 479.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 484.60 479.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 504.25 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.47 479.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 535.23 479.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 561.00 479.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (have ) Tj ET Q q 0 0 0 rg BT 56.90 467.10 Td (an ) Tj ET Q q 0 0 0 rg BT 68.35 467.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 110.91 467.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 142.36 467.10 Td (rate\), ) Tj ET Q q 0 0 0 rg BT 165.20 467.10 Td (an ) Tj ET Q q 0 0 0 rg BT 176.65 467.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 208.10 467.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 225.11 467.10 Td (mismatch ) Tj ET Q q 0 0 0 rg BT 266.01 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 290.24 467.10 Td (exist ) Tj ET Q q 0 0 0 rg BT 311.15 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.60 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.28 467.10 Td (could, ) Tj ET Q q 0 0 0 rg BT 368.02 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.70 467.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 420.09 467.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 439.31 467.10 Td (less ) Tj ET Q q 0 0 0 rg BT 456.33 467.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 476.12 467.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.01 467.10 Td (values ) Tj ET Q q 0 0 0 rg BT 519.58 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 543.81 467.10 Td (decline\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (if ) Tj ET Q q 0 0 0 rg BT 44.44 455.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 76.20 455.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 97.41 455.10 Td (rise, ) Tj ET Q q 0 0 0 rg BT 116.68 455.10 Td (at ) Tj ET Q q 0 0 0 rg BT 126.23 455.10 Td (least ) Tj ET Q q 0 0 0 rg BT 146.88 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.87 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.64 455.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 190.08 455.10 Td (W) Tj ET Q q 0 0 0 rg BT 198.72 455.10 Td (e ) Tj ET Q q 0 0 0 rg BT 205.48 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 225.03 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.69 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 255.24 455.10 Td (not ) Tj ET Q q 0 0 0 rg BT 270.35 455.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 290.45 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.56 455.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 335.66 455.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 367.42 455.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 384.74 455.10 Td (mismatches ) Tj ET Q q 0 0 0 rg BT 434.28 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 448.27 455.10 Td (these ) Tj ET Q q 0 0 0 rg BT 471.15 455.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 496.81 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 516.92 455.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 547.02 455.10 Td (such ) Tj ET Q q 0 0 0 rg BT 567.68 455.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 67.93 443.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 85.42 443.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 133.45 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.39 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 173.44 443.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 219.81 443.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 239.25 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.53 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.24 443.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 291.18 443.10 Td (we ) Tj ET Q q 0 0 0 rg BT 305.34 443.10 Td (do ) Tj ET Q q 0 0 0 rg BT 317.84 443.10 Td (use ) Tj ET Q q 0 0 0 rg BT 333.67 443.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 368.38 443.10 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 416.15 443.10 Td (they ) Tj ET Q q 0 0 0 rg BT 435.86 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 455.58 443.10 Td (not ) Tj ET Q q 0 0 0 rg BT 470.86 443.10 Td (be ) Tj ET Q q 0 0 0 rg BT 482.80 443.10 Td (successful. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 419.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 107.90 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 112.55 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.48 419.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 149.05 419.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 180.63 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.11 419.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 239.91 419.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 279.82 419.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 314.18 419.10 Td (results ) Tj ET Q q 0 0 0 rg BT 342.44 419.10 Td (have ) Tj ET Q q 0 0 0 rg BT 363.46 419.10 Td (been ) Tj ET Q q 0 0 0 rg BT 384.49 419.10 Td (af) Tj ET Q q 0 0 0 rg BT 392.08 419.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 418.65 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 430.79 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.16 419.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 497.30 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.77 419.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 548.24 419.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 75.50 407.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 125.56 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.84 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.46 407.10 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 187.95 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.57 407.10 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 226.41 407.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 270.35 407.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 293.74 407.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 334.34 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 348.29 407.10 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 388.61 407.10 Td (but ) Tj ET Q q 0 0 0 rg BT 403.68 407.10 Td (not ) Tj ET Q q 0 0 0 rg BT 418.74 407.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 433.24 407.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 478.56 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.29 407.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 529.78 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.84 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 554.34 407.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.21 395.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 79.52 395.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 97.39 395.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 128.04 395.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 161.46 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.12 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.99 395.10 Td (pipeline, ) Tj ET Q q 0 0 0 rg BT 227.58 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 254.90 395.10 Td (may ) Tj ET Q q 0 0 0 rg BT 275.00 395.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 305.09 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.30 395.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 357.50 395.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.36 395.10 Td (results ) Tj ET Q q 0 0 0 rg BT 424.34 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.00 395.10 Td (dif) Tj ET Q q 0 0 0 rg BT 445.93 395.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 472.13 395.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 511.66 395.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 546.48 395.10 Td (See ) Tj ET Q q 0 0 0 rg BT 563.80 395.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 80.28 383.10 Td (under ) Tj ET Q q 0 0 0 rg BT 105.67 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.50 383.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 138.11 383.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 164.04 383.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 187.21 383.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 191.64 383.10 Td (The ) Tj ET Q q 0 0 0 rg BT 209.26 383.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 262.97 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.36 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.19 383.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 314.70 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 328.42 383.10 Td (own ) Tj ET Q q 0 0 0 rg BT 347.70 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.32 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.15 383.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 429.42 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 443.14 383.10 Td (make ) Tj ET Q q 0 0 0 rg BT 466.85 383.10 Td (will ) Tj ET Q q 0 0 0 rg BT 484.47 383.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 504.85 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.47 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 541.74 383.10 Td (not ) Tj ET Q q 0 0 0 rg BT 557.13 383.10 Td (meet ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.16 371.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 89.43 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.59 371.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 121.19 371.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 140.68 371.10 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 195.43 371.10 Td (In ) Tj ET Q q 0 0 0 rg BT 206.03 371.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 244.13 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.61 371.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 279.21 371.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 302.60 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.87 371.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 357.14 371.10 Td (fr) Tj ET Q q 0 0 0 rg BT 363.43 371.10 Td (om, ) Tj ET Q q 0 0 0 rg BT 380.42 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.69 371.10 Td (market ) Tj ET Q q 0 0 0 rg BT 427.73 371.10 Td (values ) Tj ET Q q 0 0 0 rg BT 455.54 371.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 468.09 371.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 511.18 371.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 537.62 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.89 371.10 Td (other ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 61.91 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 75.04 359.10 Td (own ) Tj ET Q q 0 0 0 rg BT 93.73 359.10 Td (may ) Tj ET Q q 0 0 0 rg BT 112.41 359.10 Td (be ) Tj ET Q q 0 0 0 rg BT 123.87 359.10 Td (volatile.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.36 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.82 359.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 194.83 359.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 211.83 359.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 247.29 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 251.81 359.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 299.92 359.10 Td (at ) Tj ET Q q 0 0 0 rg BT 309.16 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.40 359.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 365.41 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.76 359.10 Td (end ) Tj ET Q q 0 0 0 rg BT 392.22 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.57 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 409.03 359.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 447.71 359.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 477.77 359.10 Td (tends ) Tj ET Q q 0 0 0 rg BT 500.90 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.70 359.10 Td (exacerbate ) Tj ET Q q 0 0 0 rg BT 555.46 359.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 69.60 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 82.10 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.93 347.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 133.75 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.23 347.10 Td (results ) Tj ET Q q 0 0 0 rg BT 199.84 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.78 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 236.49 347.10 Td (contribute ) Tj ET Q q 0 0 0 rg BT 279.54 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.81 347.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 326.19 347.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 361.65 347.10 Td (. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 323.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 323.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 90.48 323.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 122.63 323.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 144.22 323.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 184.14 323.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 213.50 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.43 323.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 245.02 323.10 Td (value ) Tj ET Q q 0 0 0 rg BT 269.39 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.43 323.10 Td (many ) Tj ET Q q 0 0 0 rg BT 305.36 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.41 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 332.45 323.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 360.99 323.10 Td (with ) Tj ET Q q 0 0 0 rg BT 381.49 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.42 323.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 438.00 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.05 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.09 323.10 Td (IOs, ) Tj ET Q q 0 0 0 rg BT 484.75 323.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 514.98 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.13 323.10 Td (adjustable-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 53.58 311.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 81.82 311.10 Td (This ) Tj ET Q q 0 0 0 rg BT 102.20 311.10 Td (may ) Tj ET Q q 0 0 0 rg BT 122.01 311.10 Td (af) Tj ET Q q 0 0 0 rg BT 129.60 311.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 147.18 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 163.11 311.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 199.59 311.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 230.79 311.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 260.04 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.96 311.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 304.11 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.49 311.10 Td (securitize, ) Tj ET Q q 0 0 0 rg BT 357.90 311.10 Td (re-securitize, ) Tj ET Q q 0 0 0 rg BT 412.40 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.33 311.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 439.82 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 455.74 311.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 484.17 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.10 311.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 524.34 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 540.27 311.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 573.51 311.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 66.76 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 99.19 299.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 121.07 299.10 Td (could ) Tj ET Q q 0 0 0 rg BT 146.28 299.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 175.92 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.13 299.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 219.68 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.00 299.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 274.54 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.32 299.10 Td (make ) Tj ET Q q 0 0 0 rg BT 309.97 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.40 299.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 383.72 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.04 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.82 299.10 Td (refinance ) Tj ET Q q 0 0 0 rg BT 446.00 299.10 Td (their ) Tj ET Q q 0 0 0 rg BT 467.33 299.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 493.93 299.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 524.69 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 557.12 299.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 61.53 287.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 91.48 287.10 Td (property ) Tj ET Q q 0 0 0 rg BT 128.67 287.10 Td (values ) Tj ET Q q 0 0 0 rg BT 157.53 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.28 287.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 216.34 287.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 242.42 287.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 269.62 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 295.15 287.10 Td (result. ) Tj ET Q q 0 0 0 rg BT 323.17 287.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 354.25 287.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 387.00 287.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 409.18 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 434.71 287.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 464.67 287.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 505.74 287.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 559.33 287.10 Td (thus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 73.49 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 89.32 275.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 144.59 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.87 275.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 186.79 275.10 Td (new ) Tj ET Q q 0 0 0 rg BT 205.95 275.10 Td (assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 251.10 Td (When ) Tj ET Q q 0 0 0 rg BT 83.49 251.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 126.75 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.80 251.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 178.29 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.11 251.10 Td (high ) Tj ET Q q 0 0 0 rg BT 211.50 251.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 243.09 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.48 251.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 293.52 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 324.57 251.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 347.56 251.10 Td (an ) Tj ET Q q 0 0 0 rg BT 358.61 251.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 392.97 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.36 251.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 462.83 251.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 506.09 251.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 524.92 251.10 Td (prepayments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (may ) Tj ET Q q 0 0 0 rg BT 55.72 239.10 Td (occur) Tj ET Q q 0 0 0 rg BT 77.52 239.10 Td (, ) Tj ET Q q 0 0 0 rg BT 82.52 239.10 Td (which ) Tj ET Q q 0 0 0 rg BT 109.46 239.10 Td (would ) Tj ET Q q 0 0 0 rg BT 136.96 239.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 162.24 239.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 191.38 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.21 239.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 237.48 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 259.42 239.10 Td (owning ) Tj ET Q q 0 0 0 rg BT 291.92 239.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 344.96 239.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 385.22 239.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 416.04 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 428.54 239.10 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 489.90 239.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 534.05 239.10 Td (loans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 215.10 Td (It ) Tj ET Q q 0 0 0 rg BT 66.58 215.10 Td (can ) Tj ET Q q 0 0 0 rg BT 82.94 215.10 Td (be ) Tj ET Q q 0 0 0 rg BT 94.85 215.10 Td (dif) Tj ET Q q 0 0 0 rg BT 105.78 215.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 129.36 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.61 215.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 169.85 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.54 215.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 214.23 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 226.71 215.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 258.62 215.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 279.97 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.77 215.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 338.78 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.70 215.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 395.37 215.10 Td (global ) Tj ET Q q 0 0 0 rg BT 422.84 215.10 Td (political ) Tj ET Q q 0 0 0 rg BT 458.09 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.00 215.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 516.35 215.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 546.87 215.10 Td (such ) Tj ET Q q 0 0 0 rg BT 567.68 215.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.01 203.10 Td (election ) Tj ET Q q 0 0 0 rg BT 85.46 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.59 203.10 Td (President ) Tj ET Q q 0 0 0 rg BT 136.40 203.10 Td (T) Tj ET Q q 0 0 0 rg BT 142.16 203.10 Td (rump, ) Tj ET Q q 0 0 0 rg BT 168.56 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.58 203.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 205.82 203.10 Td (vote ) Tj ET Q q 0 0 0 rg BT 225.83 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.40 203.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 254.20 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.21 203.10 Td (European ) Tj ET Q q 0 0 0 rg BT 310.32 203.10 Td (Union, ) Tj ET Q q 0 0 0 rg BT 340.62 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.75 203.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 386.75 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.33 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.34 203.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 437.90 203.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 464.02 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.15 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.16 203.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 510.74 203.10 Td (government, ) Tj ET Q q 0 0 0 rg BT 563.80 203.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (United ) Tj ET Q q 0 0 0 rg BT 65.49 191.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 108.04 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 118.64 191.10 Td (one ) Tj ET Q q 0 0 0 rg BT 135.35 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 145.95 191.10 Td (more ) Tj ET Q q 0 0 0 rg BT 168.76 191.10 Td (Eurozone ) Tj ET Q q 0 0 0 rg BT 209.35 191.10 Td (nations; ) Tj ET Q q 0 0 0 rg BT 243.29 191.10 Td (however) Tj ET Q q 0 0 0 rg BT 277.31 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 282.08 191.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 322.11 191.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 369.36 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 379.96 191.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 414.44 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.49 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.97 191.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 480.12 191.10 Td (outlook ) Tj ET Q q 0 0 0 rg BT 512.94 191.10 Td (for) Tj ET Q q 0 0 0 rg BT 524.20 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.97 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 539.57 191.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 565.17 191.10 Td (of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 49.95 179.10 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 117.78 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.84 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.79 179.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 161.30 179.10 Td (government, ) Tj ET Q q 0 0 0 rg BT 213.30 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.25 179.10 Td (United ) Tj ET Q q 0 0 0 rg BT 256.20 179.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 298.21 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 308.27 179.10 Td (Eurozone ) Tj ET Q q 0 0 0 rg BT 348.32 179.10 Td (nations ) Tj ET Q q 0 0 0 rg BT 378.94 179.10 Td (may ) Tj ET Q q 0 0 0 rg BT 397.89 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 418.50 179.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 450.77 179.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 483.60 179.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 497.83 179.10 Td (among ) Tj ET Q q 0 0 0 rg BT 526.78 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 549.06 179.10 Td (things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.04 167.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.64 167.10 Td (economy) Tj ET Q q 0 0 0 rg BT 107.65 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 112.97 167.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 150.77 167.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 187.74 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.78 167.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 221.71 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.86 167.10 Td (borrowing, ) Tj ET Q q 0 0 0 rg BT 279.84 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.87 167.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.67 167.10 Td (strength ) Tj ET Q q 0 0 0 rg BT 367.71 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.86 167.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 438.32 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 452.80 167.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 486.71 167.10 Td (business ) Tj ET Q q 0 0 0 rg BT 523.42 167.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 546.52 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 563.78 167.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (value ) Tj ET Q q 0 0 0 rg BT 60.34 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.35 155.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 97.36 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 111.70 155.10 Td (hold. ) Tj ET Q q 0 0 0 rg BT 134.07 155.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 153.97 155.10 Td (such ) Tj ET Q q 0 0 0 rg BT 174.98 155.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 208.20 155.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 241.98 155.10 Td (could ) Tj ET Q q 0 0 0 rg BT 266.88 155.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 311.21 155.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 341.10 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.00 155.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 403.67 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.12 155.10 Td (us ) Tj ET Q q 0 0 0 rg BT 425.70 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.71 155.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 481.04 155.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 500.94 155.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 543.88 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 559.90 155.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 143.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 90.99 143.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 110.70 143.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 153.47 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.30 143.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 208.19 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.13 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.96 143.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.44 143.10 Td (results.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (14) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (W) Tj ET Q q 0 0 0 rg BT 44.15 731.25 Td (e ) Tj ET Q q 0 0 0 rg BT 51.09 731.25 Td (have ) Tj ET Q q 0 0 0 rg BT 73.03 731.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 119.42 731.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 166.37 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.43 731.25 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 239.70 731.25 Td (risks. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.61 707.25 Td (gr) Tj ET Q q 0 0 0 rg BT 63.13 707.25 Td (owth ) Tj ET Q q 0 0 0 rg BT 85.08 707.25 Td (may ) Tj ET Q q 0 0 0 rg BT 104.24 707.25 Td (be ) Tj ET Q q 0 0 0 rg BT 116.18 707.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 146.45 707.25 Td (if ) Tj ET Q q 0 0 0 rg BT 154.51 707.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.90 707.25 Td (ar) Tj ET Q q 0 0 0 rg BT 189.42 707.25 Td (e ) Tj ET Q q 0 0 0 rg BT 196.36 707.25 Td (not ) Tj ET Q q 0 0 0 rg BT 211.64 707.25 Td (available ) Tj ET Q q 0 0 0 rg BT 251.35 707.25 Td (or ) Tj ET Q q 0 0 0 rg BT 262.74 707.25 Td (not ) Tj ET Q q 0 0 0 rg BT 278.02 707.25 Td (available ) Tj ET Q q 0 0 0 rg BT 317.73 707.25 Td (at ) Tj ET Q q 0 0 0 rg BT 328.01 707.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 368.83 707.25 Td (prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (Following ) Tj ET Q q 0 0 0 rg BT 97.58 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.26 683.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 165.82 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.62 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 192.41 683.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 241.53 683.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 285.65 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.55 683.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 352.21 683.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 392.44 683.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 427.12 683.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 465.69 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.59 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.27 683.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 515.28 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.08 683.25 Td (almost ) Tj ET Q q 0 0 0 rg BT 555.21 683.25 Td (all ) Tj ET Q q 0 0 0 rg BT 567.67 683.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.30 671.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 100.46 671.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 145.18 671.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 164.36 671.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 201.33 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 211.07 671.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 235.54 671.25 Td (we ) Tj ET Q q 0 0 0 rg BT 249.17 671.25 Td (have ) Tj ET Q q 0 0 0 rg BT 270.01 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 276.42 671.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 320.60 671.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 352.56 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.86 671.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 391.48 671.25 Td (available ) Tj ET Q q 0 0 0 rg BT 429.54 671.25 Td (for ) Tj ET Q q 0 0 0 rg BT 443.16 671.25 Td (investment. ) Tj ET Q q 0 0 0 rg BT 491.37 671.25 Td (T) Tj ET Q q 0 0 0 rg BT 496.78 671.25 Td (o ) Tj ET Q q 0 0 0 rg BT 503.75 671.25 Td (deploy ) Tj ET Q q 0 0 0 rg BT 532.93 671.25 Td (this ) Tj ET Q q 0 0 0 rg BT 549.35 671.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.80 659.25 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 86.82 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.40 659.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 139.30 659.25 Td (from ) Tj ET Q q 0 0 0 rg BT 161.10 659.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 199.00 659.25 Td (repayments ) Tj ET Q q 0 0 0 rg BT 247.46 659.25 Td (we ) Tj ET Q q 0 0 0 rg BT 261.48 659.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 292.71 659.25 Td (on ) Tj ET Q q 0 0 0 rg BT 305.07 659.25 Td (our ) Tj ET Q q 0 0 0 rg BT 320.76 659.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 354.79 659.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 407.42 659.25 Td (we ) Tj ET Q q 0 0 0 rg BT 421.45 659.25 Td (must ) Tj ET Q q 0 0 0 rg BT 443.26 659.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 469.50 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 479.65 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 490.34 659.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 522.12 659.25 Td (new ) Tj ET Q q 0 0 0 rg BT 541.15 659.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 569.34 659.25 Td (If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.63 647.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 98.03 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.78 647.25 Td (new ) Tj ET Q q 0 0 0 rg BT 127.86 647.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 153.60 647.25 Td (is ) Tj ET Q q 0 0 0 rg BT 162.69 647.25 Td (limited, ) Tj ET Q q 0 0 0 rg BT 195.93 647.25 Td (we ) Tj ET Q q 0 0 0 rg BT 210.01 647.25 Td (may ) Tj ET Q q 0 0 0 rg BT 229.64 647.25 Td (not ) Tj ET Q q 0 0 0 rg BT 244.84 647.25 Td (be ) Tj ET Q q 0 0 0 rg BT 256.69 647.25 Td (able ) Tj ET Q q 0 0 0 rg BT 275.76 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 285.96 647.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 312.26 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 322.46 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 333.20 647.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 365.04 647.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 390.79 647.25 Td (that ) Tj ET Q q 0 0 0 rg BT 408.20 647.25 Td (will ) Tj ET Q q 0 0 0 rg BT 426.17 647.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 462.45 647.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 502.06 647.25 Td (returns. ) Tj ET Q q 0 0 0 rg BT 534.75 647.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 573.52 647.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 57.35 635.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 85.92 635.25 Td (can ) Tj ET Q q 0 0 0 rg BT 101.71 635.25 Td (be ) Tj ET Q q 0 0 0 rg BT 113.06 635.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 146.61 635.25 Td (if ) Tj ET Q q 0 0 0 rg BT 154.63 635.25 Td (originations ) Tj ET Q q 0 0 0 rg BT 204.31 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.55 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 220.89 635.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 261.11 635.25 Td (product ) Tj ET Q q 0 0 0 rg BT 293.57 635.25 Td (are ) Tj ET Q q 0 0 0 rg BT 307.68 635.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 341.24 635.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.47 635.25 Td (if ) Tj ET Q q 0 0 0 rg BT 359.49 635.25 Td (there ) Tj ET Q q 0 0 0 rg BT 381.38 635.25 Td (are ) Tj ET Q q 0 0 0 rg BT 395.50 635.25 Td (few ) Tj ET Q q 0 0 0 rg BT 412.40 635.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 433.75 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 443.43 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.56 635.25 Td (secondary ) Tj ET Q q 0 0 0 rg BT 500.00 635.25 Td (market ) Tj ET Q q 0 0 0 rg BT 529.67 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.91 635.25 Td (seasoned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (product ) Tj ET Q q 0 0 0 rg BT 69.05 623.25 Td (from ) Tj ET Q q 0 0 0 rg BT 90.99 623.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 125.15 623.25 Td (portfolios. ) Tj ET Q q 0 0 0 rg BT 169.04 623.25 Td (In ) Tj ET Q q 0 0 0 rg BT 179.87 623.25 Td (particular) Tj ET Q q 0 0 0 rg BT 217.78 623.25 Td (, ) Tj ET Q q 0 0 0 rg BT 222.78 623.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.61 623.25 Td (we ) Tj ET Q q 0 0 0 rg BT 262.77 623.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 294.14 623.25 Td (have ) Tj ET Q q 0 0 0 rg BT 315.52 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 322.46 623.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 362.71 623.25 Td (risk/reward ) Tj ET Q q 0 0 0 rg BT 410.75 623.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 431.57 623.25 Td (may ) Tj ET Q q 0 0 0 rg BT 451.29 623.25 Td (not ) Tj ET Q q 0 0 0 rg BT 466.57 623.25 Td (be ) Tj ET Q q 0 0 0 rg BT 478.50 623.25 Td (available ) Tj ET Q q 0 0 0 rg BT 517.09 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 531.25 623.25 Td (purchase. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 599.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.60 599.25 Td (do ) Tj ET Q q 0 0 0 rg BT 82.12 599.25 Td (not ) Tj ET Q q 0 0 0 rg BT 97.42 599.25 Td (originate ) Tj ET Q q 0 0 0 rg BT 135.49 599.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 179.66 599.25 Td (loans; ) Tj ET Q q 0 0 0 rg BT 206.07 599.25 Td (rather) Tj ET Q q 0 0 0 rg BT 228.99 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 234.01 599.25 Td (we ) Tj ET Q q 0 0 0 rg BT 248.20 599.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 266.27 599.25 Td (on ) Tj ET Q q 0 0 0 rg BT 278.79 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.53 599.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 339.94 599.25 Td (market ) Tj ET Q q 0 0 0 rg BT 370.22 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.52 599.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 409.72 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.46 599.25 Td (types ) Tj ET Q q 0 0 0 rg BT 448.09 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.94 599.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 482.58 599.25 Td (we ) Tj ET Q q 0 0 0 rg BT 496.76 599.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 517.05 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.35 599.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 553.76 599.25 Td (in. ) Tj ET Q q 0 0 0 rg BT 566.01 599.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (times, ) Tj ET Q q 0 0 0 rg BT 63.12 587.25 Td (due ) Tj ET Q q 0 0 0 rg BT 80.52 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.25 587.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 130.85 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 141.59 587.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.98 587.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 198.31 587.25 Td (heightened ) Tj ET Q q 0 0 0 rg BT 245.14 587.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 270.86 587.25 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 311.85 587.25 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 365.90 587.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 420.52 587.25 Td (standards, ) Tj ET Q q 0 0 0 rg BT 463.74 587.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 504.45 587.25 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 550.45 587.25 Td (and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (concerns ) Tj ET Q q 0 0 0 rg BT 73.85 575.25 Td (about ) Tj ET Q q 0 0 0 rg BT 98.38 575.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 139.57 575.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 170.21 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 180.86 575.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 214.84 575.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 245.20 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.74 575.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 292.04 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 302.69 575.25 Td (originations ) Tj ET Q q 0 0 0 rg BT 352.78 575.25 Td (may ) Tj ET Q q 0 0 0 rg BT 372.31 575.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 409.04 575.25 Td (significantly) Tj ET Q q 0 0 0 rg BT 458.38 575.25 Td (. ) Tj ET Q q 0 0 0 rg BT 463.19 575.25 Td (For ) Tj ET Q q 0 0 0 rg BT 479.40 575.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 518.08 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.18 575.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 554.92 575.25 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 79.51 563.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 119.13 563.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.41 563.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 171.15 563.25 Td (were ) Tj ET Q q 0 0 0 rg BT 192.43 563.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 231.49 563.25 Td (declining, ) Tj ET Q q 0 0 0 rg BT 273.06 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 292.69 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.76 563.25 Td (result ) Tj ET Q q 0 0 0 rg BT 330.83 563.25 Td (that ) Tj ET Q q 0 0 0 rg BT 347.68 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.98 563.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 398.05 563.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 428.79 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.97 563.25 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 496.38 563.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 542.11 563.25 Td (volumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (have ) Tj ET Q q 0 0 0 rg BT 57.13 551.25 Td (been ) Tj ET Q q 0 0 0 rg BT 78.26 551.25 Td (related ) Tj ET Q q 0 0 0 rg BT 107.72 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.75 551.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 161.66 551.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 204.46 551.25 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 252.24 551.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 286.16 551.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 326.18 551.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 351.88 551.25 Td (T) Tj ET Q q 0 0 0 rg BT 357.29 551.25 Td (o ) Tj ET Q q 0 0 0 rg BT 364.55 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.02 551.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 405.71 551.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 437.40 551.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 458.53 551.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 493.54 551.25 Td (or ) Tj ET Q q 0 0 0 rg BT 504.12 551.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 534.14 551.25 Td (steady) Tj ET Q q 0 0 0 rg BT 559.04 551.25 Td (, ) Tj ET Q q 0 0 0 rg BT 563.79 551.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 68.41 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.16 539.25 Td (refinance ) Tj ET Q q 0 0 0 rg BT 118.77 539.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 142.29 539.25 Td (is ) Tj ET Q q 0 0 0 rg BT 151.38 539.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 176.57 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.77 539.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 218.06 539.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 270.46 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.32 539.25 Td (this ) Tj ET Q q 0 0 0 rg BT 304.18 539.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 336.60 539.25 Td (may ) Tj ET Q q 0 0 0 rg BT 356.23 539.25 Td (not ) Tj ET Q q 0 0 0 rg BT 371.42 539.25 Td (return ) Tj ET Q q 0 0 0 rg BT 397.72 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.91 539.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 444.77 539.25 Td (levels. ) Tj ET Q q 0 0 0 rg BT 472.48 539.25 Td (A) Tj ET Q q 0 0 0 rg BT 479.15 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.57 539.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 515.63 539.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 548.04 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 558.79 539.25 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (originations ) Tj ET Q q 0 0 0 rg BT 86.27 527.25 Td (may ) Tj ET Q q 0 0 0 rg BT 105.99 527.25 Td (make ) Tj ET Q q 0 0 0 rg BT 130.15 527.25 Td (it ) Tj ET Q q 0 0 0 rg BT 138.20 527.25 Td (dif) Tj ET Q q 0 0 0 rg BT 149.13 527.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 172.73 527.25 Td (for ) Tj ET Q q 0 0 0 rg BT 186.89 527.25 Td (us ) Tj ET Q q 0 0 0 rg BT 198.29 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.56 527.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 240.49 527.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 264.10 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.03 527.25 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 503.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.83 503.25 Td (no ) Tj ET Q q 0 0 0 rg BT 80.58 503.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 107.87 503.25 Td (originate ) Tj ET Q q 0 0 0 rg BT 145.16 503.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 194.11 503.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 219.47 503.25 Td (but ) Tj ET Q q 0 0 0 rg BT 234.00 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 247.41 503.25 Td (may ) Tj ET Q q 0 0 0 rg BT 266.37 503.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 292.01 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 301.54 503.25 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 353.83 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.02 503.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 418.97 503.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 441.82 503.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 484.12 503.25 Td (by ) Tj ET Q q 0 0 0 rg BT 495.87 503.25 Td (third ) Tj ET Q q 0 0 0 rg BT 516.50 503.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 544.91 503.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 85.30 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 94.61 491.25 Td (CMBS. ) Tj ET Q q 0 0 0 rg BT 126.43 491.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 157.94 491.25 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 215.01 491.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 246.54 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.39 491.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 305.12 491.25 Td (real ) Tj ET Q q 0 0 0 rg BT 321.63 491.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 345.92 491.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 364.67 491.25 Td (originations ) Tj ET Q q 0 0 0 rg BT 413.97 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.93 491.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 473.12 491.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 506.30 491.25 Td (below ) Tj ET Q q 0 0 0 rg BT 532.26 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.01 491.25 Td (volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.87 479.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 86.30 479.25 Td (has ) Tj ET Q q 0 0 0 rg BT 102.28 479.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 153.24 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.67 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.54 479.25 Td (past ) Tj ET Q q 0 0 0 rg BT 197.30 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.39 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.26 479.25 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 280.79 479.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 330.65 479.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 356.63 479.25 Td (we ) Tj ET Q q 0 0 0 rg BT 370.94 479.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 391.36 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.79 479.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 428.33 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.76 479.25 Td (may ) Tj ET Q q 0 0 0 rg BT 458.63 479.25 Td (be ) Tj ET Q q 0 0 0 rg BT 470.73 479.25 Td (competitively ) Tj ET Q q 0 0 0 rg BT 528.36 479.25 Td (sought ) Tj ET Q q 0 0 0 rg BT 557.69 479.25 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (by ) Tj ET Q q 0 0 0 rg BT 48.50 467.25 Td (other ) Tj ET Q q 0 0 0 rg BT 71.55 467.25 Td (investors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.45 443.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 102.02 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.25 443.25 Td (new ) Tj ET Q q 0 0 0 rg BT 132.81 443.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 155.72 443.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 186.41 443.25 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 243.17 443.25 Td (by ) Tj ET Q q 0 0 0 rg BT 256.07 443.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 284.53 443.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 325.19 443.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 349.20 443.25 Td (available ) Tj ET Q q 0 0 0 rg BT 388.19 443.25 Td (for ) Tj ET Q q 0 0 0 rg BT 402.75 443.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 441.19 443.25 Td (could ) Tj ET Q q 0 0 0 rg BT 466.31 443.25 Td (be ) Tj ET Q q 0 0 0 rg BT 478.65 443.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 519.87 443.25 Td (af) Tj ET Q q 0 0 0 rg BT 527.46 443.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 554.78 443.25 Td (if ) Tj ET Q q 0 0 0 rg BT 563.79 443.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (economics ) Tj ET Q q 0 0 0 rg BT 81.65 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.87 431.25 Td (executing ) Tj ET Q q 0 0 0 rg BT 134.63 431.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 195.27 431.25 Td (are ) Tj ET Q q 0 0 0 rg BT 210.37 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 226.03 431.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 266.67 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.89 431.25 Td (if ) Tj ET Q q 0 0 0 rg BT 286.89 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.99 431.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 349.31 431.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 392.75 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 431.25 Td (execution ) Tj ET Q q 0 0 0 rg BT 449.61 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.83 431.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 521.47 431.25 Td (discourage ) Tj ET Q q 0 0 0 rg BT 567.68 431.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (preclude ) Tj ET Q q 0 0 0 rg BT 73.02 419.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 102.81 419.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 140.39 419.25 Td (market ) Tj ET Q q 0 0 0 rg BT 170.75 419.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 219.99 419.25 Td (from ) Tj ET Q q 0 0 0 rg BT 242.03 419.25 Td (engaging ) Tj ET Q q 0 0 0 rg BT 281.27 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 291.64 419.25 Td (these ) Tj ET Q q 0 0 0 rg BT 314.78 419.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 367.64 419.25 Td (In ) Tj ET Q q 0 0 0 rg BT 378.56 419.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 416.43 419.25 Td (if ) Tj ET Q q 0 0 0 rg BT 425.13 419.25 Td (there ) Tj ET Q q 0 0 0 rg BT 447.71 419.25 Td (is ) Tj ET Q q 0 0 0 rg BT 456.97 419.25 Td (not ) Tj ET Q q 0 0 0 rg BT 472.34 419.25 Td (a ) Tj ET Q q 0 0 0 rg BT 479.37 419.25 Td (robust ) Tj ET Q q 0 0 0 rg BT 506.97 419.25 Td (market ) Tj ET Q q 0 0 0 rg BT 537.32 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 551.58 419.25 Td (triple-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (A) Tj ET Q q 0 0 0 rg BT 42.67 407.25 Td ( ) Tj ET Q q 0 0 0 rg BT 45.17 407.25 Td (rated ) Tj ET Q q 0 0 0 rg BT 67.66 407.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 110.42 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.14 407.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 154.31 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.14 407.25 Td (real ) Tj ET Q q 0 0 0 rg BT 182.62 407.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 207.88 407.25 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 257.04 407.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.30 407.25 Td (could ) Tj ET Q q 0 0 0 rg BT 322.02 407.25 Td (be ) Tj ET Q q 0 0 0 rg BT 333.96 407.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 386.45 407.25 Td (diminished. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (In ) Tj ET Q q 0 0 0 rg BT 65.68 383.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 91.52 383.25 Td (we ) Tj ET Q q 0 0 0 rg BT 106.53 383.25 Td (began ) Tj ET Q q 0 0 0 rg BT 133.75 383.25 Td (entering ) Tj ET Q q 0 0 0 rg BT 169.86 383.25 Td (into ) Tj ET Q q 0 0 0 rg BT 188.76 383.25 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 239.88 383.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 297.09 383.25 Td (with ) Tj ET Q q 0 0 0 rg BT 318.21 383.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 348.78 383.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 369.89 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.67 383.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 421.57 383.25 Td (Mac ) Tj ET Q q 0 0 0 rg BT 442.68 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.47 383.25 Td (more ) Tj ET Q q 0 0 0 rg BT 484.36 383.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 519.91 383.25 Td (we ) Tj ET Q q 0 0 0 rg BT 534.92 383.25 Td (have ) Tj ET Q q 0 0 0 rg BT 557.14 383.25 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (exploring ) Tj ET Q q 0 0 0 rg BT 76.77 371.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 131.99 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 146.10 371.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 176.32 371.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 226.54 371.25 Td (with ) Tj ET Q q 0 0 0 rg BT 246.76 371.25 Td (private ) Tj ET Q q 0 0 0 rg BT 276.97 371.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 302.75 371.25 Td (under ) Tj ET Q q 0 0 0 rg BT 327.96 371.25 Td (which ) Tj ET Q q 0 0 0 rg BT 354.85 371.25 Td (we ) Tj ET Q q 0 0 0 rg BT 368.95 371.25 Td (would ) Tj ET Q q 0 0 0 rg BT 396.40 371.25 Td (be ) Tj ET Q q 0 0 0 rg BT 408.29 371.25 Td (compensated ) Tj ET Q q 0 0 0 rg BT 462.93 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 477.04 371.25 Td (agreeing ) Tj ET Q q 0 0 0 rg BT 513.91 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 524.13 371.25 Td (absorb ) Tj ET Q q 0 0 0 rg BT 553.24 371.25 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 63.14 359.25 Td (on ) Tj ET Q q 0 0 0 rg BT 76.39 359.25 Td (new ) Tj ET Q q 0 0 0 rg BT 96.30 359.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 146.21 359.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 170.57 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 182.15 359.25 Td (for ) Tj ET Q q 0 0 0 rg BT 197.06 359.25 Td (engaging ) Tj ET Q q 0 0 0 rg BT 236.97 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 248.00 359.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 279.02 359.25 Td (types ) Tj ET Q q 0 0 0 rg BT 303.38 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.96 359.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 340.98 359.25 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 392.00 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 403.58 359.25 Td (-transfer ) Tj ET Q q 0 0 0 rg BT 440.70 359.25 Td (structures. ) Tj ET Q q 0 0 0 rg BT 485.09 359.25 Td (While ) Tj ET Q q 0 0 0 rg BT 512.77 359.25 Td (these ) Tj ET Q q 0 0 0 rg BT 536.57 359.25 Td (initiatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 76.28 347.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 114.91 347.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 171.31 347.25 Td (for ) Tj ET Q q 0 0 0 rg BT 186.61 347.25 Td (future ) Tj ET Q q 0 0 0 rg BT 214.12 347.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 244.41 347.25 Td (deployment, ) Tj ET Q q 0 0 0 rg BT 297.76 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 309.17 347.25 Td (date ) Tj ET Q q 0 0 0 rg BT 329.46 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.31 347.25 Td (size ) Tj ET Q q 0 0 0 rg BT 364.49 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.46 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.31 347.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 439.83 347.25 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 490.13 347.25 Td (has ) Tj ET Q q 0 0 0 rg BT 507.09 347.25 Td (been ) Tj ET Q q 0 0 0 rg BT 529.61 347.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 561.57 347.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 78.85 335.25 Td (these ) Tj ET Q q 0 0 0 rg BT 101.69 335.25 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 143.43 335.25 Td (may ) Tj ET Q q 0 0 0 rg BT 162.94 335.25 Td (not ) Tj ET Q q 0 0 0 rg BT 178.02 335.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 212.53 335.25 Td (sizable ) Tj ET Q q 0 0 0 rg BT 242.59 335.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 288.77 335.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 343.84 335.25 Td (due ) Tj ET Q q 0 0 0 rg BT 360.58 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.66 335.25 Td (competition ) Tj ET Q q 0 0 0 rg BT 420.72 335.25 Td (from ) Tj ET Q q 0 0 0 rg BT 442.46 335.25 Td (other ) Tj ET Q q 0 0 0 rg BT 465.31 335.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 506.21 335.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 549.61 335.25 Td (issues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 323.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 81.00 323.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 112.92 323.25 Td (reform ) Tj ET Q q 0 0 0 rg BT 142.63 323.25 Td (at ) Tj ET Q q 0 0 0 rg BT 152.35 323.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 182.06 323.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 202.33 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.27 323.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 252.32 323.25 Td (Mac.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (New ) Tj ET Q q 0 0 0 rg BT 55.60 299.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 81.31 299.25 Td (we ) Tj ET Q q 0 0 0 rg BT 94.24 299.25 Td (acquir) Tj ET Q q 0 0 0 rg BT 119.98 299.25 Td (e ) Tj ET Q q 0 0 0 rg BT 126.24 299.25 Td (may ) Tj ET Q q 0 0 0 rg BT 144.72 299.25 Td (not ) Tj ET Q q 0 0 0 rg BT 159.31 299.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 196.12 299.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 221.27 299.25 Td (as ) Tj ET Q q 0 0 0 rg BT 231.98 299.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 272.12 299.25 Td (as ) Tj ET Q q 0 0 0 rg BT 282.83 299.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 307.98 299.25 Td (on ) Tj ET Q q 0 0 0 rg BT 319.80 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 335.51 299.25 Td (curr) Tj ET Q q 0 0 0 rg BT 352.36 299.25 Td (ent ) Tj ET Q q 0 0 0 rg BT 366.40 299.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 394.61 299.25 Td (which ) Tj ET Q q 0 0 0 rg BT 420.31 299.25 Td (could ) Tj ET Q q 0 0 0 rg BT 444.35 299.25 Td (r) Tj ET Q q 0 0 0 rg BT 447.87 299.25 Td (esult ) Tj ET Q q 0 0 0 rg BT 468.58 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 478.18 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 485.00 299.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 515.69 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 525.29 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 541.00 299.25 Td (earnings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (per ) Tj ET Q q 0 0 0 rg BT 51.83 287.25 Td (shar) Tj ET Q q 0 0 0 rg BT 69.24 287.25 Td (e ) Tj ET Q q 0 0 0 rg BT 76.18 287.25 Td (over ) Tj ET Q q 0 0 0 rg BT 96.45 287.25 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 83.16 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 97.86 263.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 130.33 263.25 Td (or ) Tj ET Q q 0 0 0 rg BT 141.71 263.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 168.64 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.46 263.25 Td (may ) Tj ET Q q 0 0 0 rg BT 199.72 263.25 Td (not ) Tj ET Q q 0 0 0 rg BT 215.54 263.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 252.45 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.71 263.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 309.63 263.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 340.44 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.92 263.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 384.78 263.25 Td ( ) Tj ET Q q 0 0 0 rg BT 387.82 263.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 414.75 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 429.46 263.25 Td (expect. ) Tj ET Q q 0 0 0 rg BT 461.10 263.25 Td (Realized ) Tj ET Q q 0 0 0 rg BT 499.12 263.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 519.94 263.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 541.31 263.25 Td (could ) Tj ET Q q 0 0 0 rg BT 566.57 263.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 87.97 251.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 112.72 251.25 Td (than ) Tj ET Q q 0 0 0 rg BT 131.92 251.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 169.44 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 185.86 251.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 215.61 251.25 Td (from ) Tj ET Q q 0 0 0 rg BT 237.03 251.25 Td (new ) Tj ET Q q 0 0 0 rg BT 255.67 251.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 305.43 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.85 251.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 371.61 251.25 Td (could ) Tj ET Q q 0 0 0 rg BT 395.80 251.25 Td (be ) Tj ET Q q 0 0 0 rg BT 407.23 251.25 Td (negative. ) Tj ET Q q 0 0 0 rg BT 445.58 251.25 Td (In ) Tj ET Q q 0 0 0 rg BT 455.89 251.25 Td (order ) Tj ET Q q 0 0 0 rg BT 478.97 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.73 251.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 525.71 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 541.02 251.25 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (size ) Tj ET Q q 0 0 0 rg BT 53.54 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 69.97 239.25 Td (our ) Tj ET Q q 0 0 0 rg BT 85.29 239.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 123.66 239.25 Td (we ) Tj ET Q q 0 0 0 rg BT 137.31 239.25 Td (must ) Tj ET Q q 0 0 0 rg BT 158.75 239.25 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 192.40 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.17 239.25 Td (new ) Tj ET Q q 0 0 0 rg BT 220.82 239.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 246.15 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 252.58 239.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 283.46 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.78 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.99 239.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 327.75 239.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 351.96 239.25 Td (we ) Tj ET Q q 0 0 0 rg BT 365.61 239.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 396.47 239.25 Td (from ) Tj ET Q q 0 0 0 rg BT 417.90 239.25 Td (principal, ) Tj ET Q q 0 0 0 rg BT 457.93 239.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 491.86 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.29 239.25 Td (sales. ) Tj ET Q q 0 0 0 rg BT 532.08 239.25 Td (W) Tj ET Q q 0 0 0 rg BT 540.71 239.25 Td (e ) Tj ET Q q 0 0 0 rg BT 547.15 239.25 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (monthly ) Tj ET Q q 0 0 0 rg BT 71.05 227.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 111.10 227.25 Td (from ) Tj ET Q q 0 0 0 rg BT 132.25 227.25 Td (many ) Tj ET Q q 0 0 0 rg BT 156.19 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.23 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 181.28 227.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 208.83 227.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 251.10 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.15 227.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 298.41 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.57 227.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 348.22 227.25 Td (In ) Tj ET Q q 0 0 0 rg BT 358.27 227.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 395.26 227.25 Td (occasionally ) Tj ET Q q 0 0 0 rg BT 446.96 227.25 Td (some ) Tj ET Q q 0 0 0 rg BT 469.78 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.83 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 494.88 227.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.25 227.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.03 215.25 Td (called ) Tj ET Q q 0 0 0 rg BT 75.73 215.25 Td (\(ef) Tj ET Q q 0 0 0 rg BT 86.65 215.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 123.46 215.25 Td (sold\). ) Tj ET Q q 0 0 0 rg BT 147.66 215.25 Td (W) Tj ET Q q 0 0 0 rg BT 156.29 215.25 Td (e ) Tj ET Q q 0 0 0 rg BT 162.56 215.25 Td (may ) Tj ET Q q 0 0 0 rg BT 181.60 215.25 Td (also ) Tj ET Q q 0 0 0 rg BT 199.54 215.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 215.25 215.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 240.41 215.25 Td (from ) Tj ET Q q 0 0 0 rg BT 261.68 215.25 Td (time ) Tj ET Q q 0 0 0 rg BT 281.28 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.89 215.25 Td (time ) Tj ET Q q 0 0 0 rg BT 310.49 215.25 Td (as ) Tj ET Q q 0 0 0 rg BT 320.64 215.25 Td (part ) Tj ET Q q 0 0 0 rg BT 338.02 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.18 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 363.33 215.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 400.16 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.42 215.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 444.90 215.25 Td (management ) Tj ET Q q 0 0 0 rg BT 497.82 215.25 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 539.91 215.25 Td (Principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 79.33 203.25 Td (calls, ) Tj ET Q q 0 0 0 rg BT 102.65 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.59 203.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 141.53 203.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 170.67 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.39 203.25 Td (size ) Tj ET Q q 0 0 0 rg BT 203.44 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.27 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 230.10 203.25 Td (current ) Tj ET Q q 0 0 0 rg BT 260.91 203.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 298.41 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.35 203.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 351.71 203.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 371.98 203.25 Td (for ) Tj ET Q q 0 0 0 rg BT 386.14 203.25 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (If ) Tj ET Q q 0 0 0 rg BT 62.88 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.33 179.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 102.88 179.25 Td (we ) Tj ET Q q 0 0 0 rg BT 116.76 179.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 142.87 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 152.88 179.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.43 179.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 195.08 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 205.08 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.52 179.25 Td (future ) Tj ET Q q 0 0 0 rg BT 245.62 179.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 265.05 179.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 290.05 179.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 316.90 179.25 Td ( ) Tj ET Q q 0 0 0 rg BT 319.13 179.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 345.24 179.25 Td (than ) Tj ET Q q 0 0 0 rg BT 364.68 179.25 Td (do ) Tj ET Q q 0 0 0 rg BT 376.90 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.34 179.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 416.90 179.25 Td (we ) Tj ET Q q 0 0 0 rg BT 430.78 179.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 469.10 179.25 Td (own, ) Tj ET Q q 0 0 0 rg BT 491.05 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 506.60 179.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 542.14 179.25 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (per ) Tj ET Q q 0 0 0 rg BT 51.24 167.25 Td (share ) Tj ET Q q 0 0 0 rg BT 74.81 167.25 Td (could ) Tj ET Q q 0 0 0 rg BT 99.50 167.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 130.84 167.25 Td (over ) Tj ET Q q 0 0 0 rg BT 151.09 167.25 Td (time ) Tj ET Q q 0 0 0 rg BT 171.33 167.25 Td (as ) Tj ET Q q 0 0 0 rg BT 182.13 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.82 167.25 Td (older ) Tj ET Q q 0 0 0 rg BT 219.84 167.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 245.64 167.25 Td (are ) Tj ET Q q 0 0 0 rg BT 260.32 167.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 280.01 167.25 Td (down, ) Tj ET Q q 0 0 0 rg BT 307.21 167.25 Td (are ) Tj ET Q q 0 0 0 rg BT 321.88 167.25 Td (called, ) Tj ET Q q 0 0 0 rg BT 350.73 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.53 167.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.21 167.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 397.85 167.25 Td (assuming ) Tj ET Q q 0 0 0 rg BT 438.10 167.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 487.22 167.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 528.29 167.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 553.52 167.25 Td (costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.43 155.25 Td (market ) Tj ET Q q 0 0 0 rg BT 82.18 155.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 121.39 155.25 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 173.65 155.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 200.63 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.84 155.25 Td (ef) Tj ET Q q 0 0 0 rg BT 222.43 155.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 251.62 155.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 273.61 155.25 Td (method ) Tj ET Q q 0 0 0 rg BT 305.60 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.92 155.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 361.78 155.25 Td (that ) Tj ET Q q 0 0 0 rg BT 378.77 155.25 Td (we ) Tj ET Q q 0 0 0 rg BT 392.42 155.25 Td (use ) Tj ET Q q 0 0 0 rg BT 407.74 155.25 Td (for ) Tj ET Q q 0 0 0 rg BT 421.39 155.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 448.25 155.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.24 155.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 487.78 155.25 Td (for ) Tj ET Q q 0 0 0 rg BT 501.43 155.25 Td (some ) Tj ET Q q 0 0 0 rg BT 524.53 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 534.85 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 550.17 155.25 Td (assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (we ) Tj ET Q q 0 0 0 rg BT 49.87 143.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 90.95 143.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 117.05 143.25 Td (on ) Tj ET Q q 0 0 0 rg BT 129.27 143.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 154.81 143.25 Td (based ) Tj ET Q q 0 0 0 rg BT 179.79 143.25 Td (on ) Tj ET Q q 0 0 0 rg BT 192.01 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 207.55 143.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 259.22 143.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 299.75 143.25 Td (future ) Tj ET Q q 0 0 0 rg BT 325.84 143.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 345.82 143.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 372.27 143.25 Td (A) Tj ET Q q 0 0 0 rg BT 378.94 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.15 143.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 412.25 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.80 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.23 143.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 457.21 143.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 481.65 143.25 Td (we ) Tj ET Q q 0 0 0 rg BT 495.52 143.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 526.60 143.25 Td (may ) Tj ET Q q 0 0 0 rg BT 546.03 143.25 Td (be ) Tj ET Q q 0 0 0 rg BT 557.68 143.25 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.86 131.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 74.58 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 89.99 131.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 112.06 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 121.92 131.25 Td (these ) Tj ET Q q 0 0 0 rg BT 144.54 131.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 171.99 131.25 Td (As ) Tj ET Q q 0 0 0 rg BT 185.19 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 191.70 131.25 Td (result ) Tj ET Q q 0 0 0 rg BT 216.00 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.40 131.25 Td (these ) Tj ET Q q 0 0 0 rg BT 249.03 131.25 Td (various ) Tj ET Q q 0 0 0 rg BT 280.54 131.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 312.33 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 327.74 131.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 349.81 131.25 Td (for ) Tj ET Q q 0 0 0 rg BT 363.55 131.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 390.41 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 392.48 131.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 445.10 131.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 482.73 131.25 Td (may ) Tj ET Q q 0 0 0 rg BT 502.02 131.25 Td (be ) Tj ET Q q 0 0 0 rg BT 513.54 131.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 538.39 131.25 Td (than ) Tj ET Q q 0 0 0 rg BT 557.68 131.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (current ) Tj ET Q q 0 0 0 rg BT 66.52 119.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 82.61 119.25 Td (values. ) Tj ET Q q 0 0 0 rg BT 112.38 119.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 140.70 119.25 Td (with ) Tj ET Q q 0 0 0 rg BT 160.69 119.25 Td (a ) Tj ET Q q 0 0 0 rg BT 167.34 119.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 192.32 119.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 219.17 119.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.38 119.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 243.59 119.25 Td (than ) Tj ET Q q 0 0 0 rg BT 263.02 119.25 Td (current ) Tj ET Q q 0 0 0 rg BT 293.54 119.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 309.63 119.25 Td (values ) Tj ET Q q 0 0 0 rg BT 337.38 119.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 373.46 119.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 401.21 119.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 428.07 119.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.28 119.25 Td (yields, ) Tj ET Q q 0 0 0 rg BT 458.87 119.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 484.97 119.25 Td (that ) Tj ET Q q 0 0 0 rg BT 502.17 119.25 Td (are ) Tj ET Q q 0 0 0 rg BT 516.59 119.25 Td (not ) Tj ET Q q 0 0 0 rg BT 531.58 119.25 Td (necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (available ) Tj ET Q q 0 0 0 rg BT 74.83 107.25 Td (on ) Tj ET Q q 0 0 0 rg BT 87.56 107.25 Td (newly ) Tj ET Q q 0 0 0 rg BT 114.74 107.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 151.90 107.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 180.47 107.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 209.31 107.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 250.92 107.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 297.82 107.25 Td (including ) Tj ET Q q 0 0 0 rg BT 338.33 107.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 363.83 107.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 395.18 107.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 445.12 107.25 Td (patterns, ) Tj ET Q q 0 0 0 rg BT 482.01 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.18 107.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 531.35 107.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 549.08 107.25 Td (trends, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.71 95.25 Td (dif) Tj ET Q q 0 0 0 rg BT 61.63 95.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 85.24 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 95.52 95.25 Td (project ) Tj ET Q q 0 0 0 rg BT 125.78 95.25 Td (with ) Tj ET Q q 0 0 0 rg BT 146.06 95.25 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 184.08 95.25 Td (over ) Tj ET Q q 0 0 0 rg BT 204.35 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.07 95.25 Td (life ) Tj ET Q q 0 0 0 rg BT 234.89 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.72 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.44 95.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 286.27 95.25 Td (we ) Tj ET Q q 0 0 0 rg BT 300.43 95.25 Td (acquire, ) Tj ET Q q 0 0 0 rg BT 334.85 95.25 Td (so ) Tj ET Q q 0 0 0 rg BT 346.24 95.25 Td (there ) Tj ET Q q 0 0 0 rg BT 368.73 95.25 Td (will ) Tj ET Q q 0 0 0 rg BT 386.79 95.25 Td (be ) Tj ET Q q 0 0 0 rg BT 398.72 95.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 437.33 95.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.61 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.33 95.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 498.14 95.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 528.41 95.25 Td (over ) Tj ET Q q 0 0 0 rg BT 548.68 95.25 Td (time. ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 85.71 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.99 731.10 Td (diverse ) Tj ET Q q 0 0 0 rg BT 127.36 731.10 Td (types ) Tj ET Q q 0 0 0 rg BT 150.41 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.69 731.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 187.08 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.58 731.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 249.30 731.10 Td (could ) Tj ET Q q 0 0 0 rg BT 274.02 731.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 303.72 731.10 Td (us ) Tj ET Q q 0 0 0 rg BT 315.12 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.39 731.10 Td (new) Tj ET Q q 0 0 0 rg BT 340.76 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 345.76 731.10 Td (differ) Tj ET Q q 0 0 0 rg BT 367.05 731.10 Td (ent, ) Tj ET Q q 0 0 0 rg BT 384.27 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.66 731.10 Td (incr) Tj ET Q q 0 0 0 rg BT 411.40 731.10 Td (eased ) Tj ET Q q 0 0 0 rg BT 436.67 731.10 Td (risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 707.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.46 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 90.73 707.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 126.44 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.60 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.43 707.10 Td (may ) Tj ET Q q 0 0 0 rg BT 173.03 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.20 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.80 707.10 Td (future ) Tj ET Q q 0 0 0 rg BT 224.06 707.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 250.34 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.50 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.33 707.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 297.48 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.20 707.10 Td (real ) Tj ET Q q 0 0 0 rg BT 325.57 707.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 350.72 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.54 707.10 Td (non-real ) Tj ET Q q 0 0 0 rg BT 403.25 707.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 428.40 707.10 Td (related ) Tj ET Q q 0 0 0 rg BT 457.98 707.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 483.70 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 501.08 707.10 Td (may ) Tj ET Q q 0 0 0 rg BT 520.69 707.10 Td (not ) Tj ET Q q 0 0 0 rg BT 535.85 707.10 Td (be ) Tj ET Q q 0 0 0 rg BT 547.68 707.10 Td (closely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (related ) Tj ET Q q 0 0 0 rg BT 64.73 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.03 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.77 695.10 Td (types ) Tj ET Q q 0 0 0 rg BT 110.40 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.25 695.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 169.55 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 182.73 695.10 Td (have ) Tj ET Q q 0 0 0 rg BT 203.13 695.10 Td (traditionally ) Tj ET Q q 0 0 0 rg BT 253.53 695.10 Td (made. ) Tj ET Q q 0 0 0 rg BT 278.88 695.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 328.78 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 332.80 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 345.99 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 364.73 695.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 386.23 695.10 Td (into ) Tj ET Q q 0 0 0 rg BT 403.31 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 413.17 695.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 443.01 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.31 695.10 Td (various ) Tj ET Q q 0 0 0 rg BT 483.27 695.10 Td (types ) Tj ET Q q 0 0 0 rg BT 505.90 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.76 695.10 Td (securitizations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 88.99 683.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 126.42 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.58 683.10 Td (other ) Tj ET Q q 0 0 0 rg BT 166.85 683.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.34 683.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 252.29 683.10 Td (that ) Tj ET Q q 0 0 0 rg BT 270.01 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.94 683.10 Td (dif) Tj ET Q q 0 0 0 rg BT 295.87 683.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 321.91 683.10 Td (than ) Tj ET Q q 0 0 0 rg BT 341.85 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.79 683.10 Td (types ) Tj ET Q q 0 0 0 rg BT 380.62 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 395.01 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 416.61 683.10 Td (traditionally ) Tj ET Q q 0 0 0 rg BT 468.21 683.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 500.36 683.10 Td (into ) Tj ET Q q 0 0 0 rg BT 518.64 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.70 683.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 565.74 683.10 Td (in. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (For ) Tj ET Q q 0 0 0 rg BT 51.60 671.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 89.68 671.10 Td (between ) Tj ET Q q 0 0 0 rg BT 124.71 671.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 146.42 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.56 671.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 184.27 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.64 671.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 237.10 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 252.14 671.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 288.30 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.34 671.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 325.06 671.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 367.87 671.10 Td (with ) Tj ET Q q 0 0 0 rg BT 387.35 671.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 430.71 671.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 470.18 671.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 495.13 671.10 Td (As ) Tj ET Q q 0 0 0 rg BT 507.95 671.10 Td (another ) Tj ET Q q 0 0 0 rg BT 539.64 671.10 Td (example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.16 659.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 68.54 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 84.26 659.10 Td (FHLBC-member ) Tj ET Q q 0 0 0 rg BT 154.96 659.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 198.46 659.10 Td (established ) Tj ET Q q 0 0 0 rg BT 245.27 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.09 659.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 296.14 659.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 326.84 659.10 Td (with ) Tj ET Q q 0 0 0 rg BT 347.00 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.60 659.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 396.21 659.10 Td (that ) Tj ET Q q 0 0 0 rg BT 413.59 659.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 450.41 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 457.24 659.10 Td (source ) Tj ET Q q 0 0 0 rg BT 485.72 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.43 659.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 538.25 659.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 49.23 647.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 92.46 647.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 131.79 647.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 154.47 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 171.04 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 185.94 647.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 228.62 647.10 Td (buys ) Tj ET Q q 0 0 0 rg BT 249.09 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.10 647.10 Td (holds, ) Tj ET Q q 0 0 0 rg BT 290.84 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 300.74 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 306.75 647.10 Td (result ) Tj ET Q q 0 0 0 rg BT 330.54 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.44 647.10 Td (which ) Tj ET Q q 0 0 0 rg BT 366.45 647.10 Td (its ) Tj ET Q q 0 0 0 rg BT 377.47 647.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 413.50 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.40 647.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 466.62 647.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 492.63 647.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 515.31 647.10 Td (have ) Tj ET Q q 0 0 0 rg BT 535.76 647.10 Td (increased. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 60.18 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 71.29 635.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 96.30 635.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 125.46 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 139.90 635.10 Td (began ) Tj ET Q q 0 0 0 rg BT 166.57 635.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 202.12 635.10 Td (into ) Tj ET Q q 0 0 0 rg BT 220.46 635.10 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 271.01 635.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 327.66 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 348.22 635.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 378.23 635.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 398.78 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.00 635.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 449.34 635.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 469.89 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 480.46 635.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 503.24 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.47 635.10 Td (more ) Tj ET Q q 0 0 0 rg BT 543.80 635.10 Td (recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.98 623.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.17 623.10 Td (been ) Tj ET Q q 0 0 0 rg BT 92.37 623.10 Td (exploring ) Tj ET Q q 0 0 0 rg BT 133.01 623.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 188.10 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.08 623.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 232.17 623.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 282.27 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 302.36 623.10 Td (private ) Tj ET Q q 0 0 0 rg BT 332.45 623.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 358.09 623.10 Td (under ) Tj ET Q q 0 0 0 rg BT 383.18 623.10 Td (which ) Tj ET Q q 0 0 0 rg BT 409.94 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 423.92 623.10 Td (would ) Tj ET Q q 0 0 0 rg BT 451.23 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 462.99 623.10 Td (compensated ) Tj ET Q q 0 0 0 rg BT 517.51 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 531.49 623.10 Td (agreeing ) Tj ET Q q 0 0 0 rg BT 568.23 623.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 65.09 611.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 90.28 611.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 116.60 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 129.02 611.10 Td (new ) Tj ET Q q 0 0 0 rg BT 148.11 611.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 197.19 611.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 220.73 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 231.48 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.57 611.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 284.65 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.86 611.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 325.06 611.10 Td (types ) Tj ET Q q 0 0 0 rg BT 348.59 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.35 611.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 384.54 611.10 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 434.74 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 445.49 611.10 Td (-transfer ) Tj ET Q q 0 0 0 rg BT 481.79 611.10 Td (structures. ) Tj ET Q q 0 0 0 rg BT 525.05 611.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 544.70 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 555.46 611.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 66.51 599.10 Td (may ) Tj ET Q q 0 0 0 rg BT 85.90 599.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 115.85 599.10 Td (us ) Tj ET Q q 0 0 0 rg BT 126.92 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.88 599.10 Td (new) Tj ET Q q 0 0 0 rg BT 152.89 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.57 599.10 Td (dif) Tj ET Q q 0 0 0 rg BT 168.50 599.10 Td (ferent, ) Tj ET Q q 0 0 0 rg BT 196.50 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 207.01 599.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 246.94 599.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 295.50 599.10 Td (operational, ) Tj ET Q q 0 0 0 rg BT 345.16 599.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 384.82 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.33 599.10 Td (management ) Tj ET Q q 0 0 0 rg BT 448.60 599.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 472.02 599.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.65 599.10 Td (e ) Tj ET Q q 0 0 0 rg BT 487.27 599.10 Td (may ) Tj ET Q q 0 0 0 rg BT 506.67 599.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 532.74 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 542.70 599.10 Td (non-real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 60.80 587.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 113.92 587.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 153.73 587.10 Td (\(ABS\), ) Tj ET Q q 0 0 0 rg BT 184.38 587.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 224.17 587.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 245.93 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 256.30 587.10 Td (equity) Tj ET Q q 0 0 0 rg BT 280.64 587.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.03 587.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.67 587.10 Td (e ) Tj ET Q q 0 0 0 rg BT 300.15 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 321.06 587.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 356.43 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.24 587.10 Td (diverse ) Tj ET Q q 0 0 0 rg BT 397.16 587.10 Td (types ) Tj ET Q q 0 0 0 rg BT 420.31 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.67 587.10 Td (IOs ) Tj ET Q q 0 0 0 rg BT 447.16 587.10 Td (from ) Tj ET Q q 0 0 0 rg BT 468.63 587.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 512.32 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.80 587.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 96.89 575.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 140.58 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 153.71 575.10 Td (us ) Tj ET Q q 0 0 0 rg BT 165.73 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 177.19 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 190.33 575.10 Td (others. ) Tj ET Q q 0 0 0 rg BT 220.17 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 238.85 575.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 267.53 575.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 293.42 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.00 575.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 361.33 575.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 383.35 575.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 427.58 575.10 Td (with ) Tj ET Q q 0 0 0 rg BT 448.49 575.10 Td (these ) Tj ET Q q 0 0 0 rg BT 472.17 575.10 Td (types ) Tj ET Q q 0 0 0 rg BT 496.41 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.87 575.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 558.78 575.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 71.67 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.91 563.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 126.92 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.61 563.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 166.70 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.34 563.10 Td (e ) Tj ET Q q 0 0 0 rg BT 182.69 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 202.82 563.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 229.61 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.30 563.10 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 279.33 563.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 305.57 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 323.48 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 343.61 563.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 374.29 563.10 Td (us ) Tj ET Q q 0 0 0 rg BT 386.09 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.78 563.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 434.67 563.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 456.47 563.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 487.15 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 501.72 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 521.85 563.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 552.53 563.10 Td (not ) Tj ET Q q 0 0 0 rg BT 568.22 563.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (hedge\) ) Tj ET Q q 0 0 0 rg BT 65.71 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 82.65 551.10 Td (dif) Tj ET Q q 0 0 0 rg BT 93.57 551.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 119.39 551.10 Td (types ) Tj ET Q q 0 0 0 rg BT 143.00 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.83 551.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 181.59 551.10 Td (prepayment, ) Tj ET Q q 0 0 0 rg BT 233.79 551.10 Td (hedging, ) Tj ET Q q 0 0 0 rg BT 271.01 551.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 302.94 551.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 322.93 551.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 356.17 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.17 551.10 Td (legal, ) Tj ET Q q 0 0 0 rg BT 385.60 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.54 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 425.59 551.10 Td (risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.09 527.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.13 527.10 Td (when ) Tj ET Q q 0 0 0 rg BT 124.56 527.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 162.99 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.53 527.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.62 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 207.72 527.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 251.70 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 265.13 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 279.10 527.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 313.63 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.17 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.15 527.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 353.92 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 370.68 527.10 Td (those ) Tj ET Q q 0 0 0 rg BT 393.55 527.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 421.14 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.24 527.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 462.44 527.10 Td (income ) Tj ET Q q 0 0 0 rg BT 493.63 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 503.73 527.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 537.14 527.10 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 49.51 515.10 Td (those ) Tj ET Q q 0 0 0 rg BT 74.13 515.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 100.97 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 112.81 515.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 161.04 515.10 Td (result ) Tj ET Q q 0 0 0 rg BT 186.77 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.06 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 214.90 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 231.19 515.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 266.91 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.64 515.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 338.35 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.64 515.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 388.14 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 404.98 515.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 427.02 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.53 515.10 Td (status ) Tj ET Q q 0 0 0 rg BT 456.82 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 468.66 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.50 515.10 Td (status ) Tj ET Q q 0 0 0 rg BT 511.79 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 523.63 515.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 556.58 515.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 83.89 503.10 Td (under ) Tj ET Q q 0 0 0 rg BT 109.00 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.56 503.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 170.34 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 211.05 503.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 227.83 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.51 503.10 Td (1940, ) Tj ET Q q 0 0 0 rg BT 263.35 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 274.02 503.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 312.46 503.10 Td (\(Investment ) Tj ET Q q 0 0 0 rg BT 362.57 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 403.28 503.10 Td (Act\), ) Tj ET Q q 0 0 0 rg BT 425.89 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.57 503.10 Td (further ) Tj ET Q q 0 0 0 rg BT 466.12 503.10 Td (described ) Tj ET Q q 0 0 0 rg BT 506.78 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.90 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.46 503.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 548.80 503.10 Td (factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 59.61 491.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.05 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.46 491.10 Td (e ) Tj ET Q q 0 0 0 rg BT 78.96 491.10 Td (have ) Tj ET Q q 0 0 0 rg BT 100.89 491.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 132.26 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.10 491.10 Td (be ) Tj ET Q q 0 0 0 rg BT 155.59 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.65 491.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 184.58 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.64 491.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 208.20 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 220.15 491.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 244.03 491.10 Td (ar) Tj ET Q q 0 0 0 rg BT 252.55 491.10 Td (e ) Tj ET Q q 0 0 0 rg BT 260.05 491.10 Td (r) Tj ET Q q 0 0 0 rg BT 263.57 491.10 Td (equir) Tj ET Q q 0 0 0 rg BT 284.31 491.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 296.81 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.64 491.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 329.58 491.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.96 491.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 381.80 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.63 491.10 Td (or) Tj ET Q q 0 0 0 rg BT 401.15 491.10 Td (der ) Tj ET Q q 0 0 0 rg BT 417.54 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.38 491.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 466.99 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.94 491.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 504.87 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.93 491.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 536.83 491.10 Td (This ) Tj ET Q q 0 0 0 rg BT 557.12 491.10 Td (adds ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 81.81 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.32 479.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 121.82 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.10 479.10 Td (running ) Tj ET Q q 0 0 0 rg BT 166.27 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 182.67 479.10 Td (business ) Tj ET Q q 0 0 0 rg BT 219.06 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.56 479.10 Td (exposes ) Tj ET Q q 0 0 0 rg BT 270.16 479.10 Td (us ) Tj ET Q q 0 0 0 rg BT 281.56 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.84 479.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 335.45 479.10 Td (risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.34 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.29 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.23 479.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 382.67 479.10 Td (Conducting ) Tj ET Q q 0 0 0 rg BT 431.83 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.23 479.10 Td (business ) Tj ET Q q 0 0 0 rg BT 484.62 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.90 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.40 479.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 535.46 479.10 Td (so ) Tj ET Q q 0 0 0 rg BT 546.85 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 564.91 479.10 Td (we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (ar) Tj ET Q q 0 0 0 rg BT 44.52 467.10 Td (e ) Tj ET Q q 0 0 0 rg BT 51.38 467.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 82.12 467.10 Td (fr) Tj ET Q q 0 0 0 rg BT 88.42 467.10 Td (om ) Tj ET Q q 0 0 0 rg BT 103.06 467.10 Td (r) Tj ET Q q 0 0 0 rg BT 106.58 467.10 Td (egistration ) Tj ET Q q 0 0 0 rg BT 152.34 467.10 Td (under) Tj ET Q q 0 0 0 rg BT 174.56 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 179.48 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.90 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.10 467.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 255.62 467.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 277.77 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.41 467.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 338.14 467.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 378.72 467.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 394.47 467.10 Td (may ) Tj ET Q q 0 0 0 rg BT 413.55 467.10 Td (r) Tj ET Q q 0 0 0 rg BT 417.07 467.10 Td (educe ) Tj ET Q q 0 0 0 rg BT 442.81 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 459.12 467.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 499.31 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.73 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 541.37 467.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 562.12 467.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 64.14 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.51 455.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 104.32 455.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 135.23 455.10 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 193.46 455.10 Td (At ) Tj ET Q q 0 0 0 rg BT 204.94 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.74 455.10 Td (same ) Tj ET Q q 0 0 0 rg BT 242.88 455.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 265.19 455.10 Td (failur) Tj ET Q q 0 0 0 rg BT 287.04 455.10 Td (e ) Tj ET Q q 0 0 0 rg BT 294.07 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.44 455.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 341.46 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.82 455.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 382.19 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 396.44 455.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 440.12 455.10 Td (fr) Tj ET Q q 0 0 0 rg BT 446.42 455.10 Td (om ) Tj ET Q q 0 0 0 rg BT 461.23 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.04 455.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 521.94 455.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 562.67 455.10 Td (Act ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.72 443.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 101.53 443.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 126.24 443.10 Td (us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.64 443.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (W) Tj ET Q q 0 0 0 rg BT 43.41 419.10 Td (e ) Tj ET Q q 0 0 0 rg BT 50.35 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.51 419.10 Td (change ) Tj ET Q q 0 0 0 rg BT 100.89 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.28 419.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 162.54 419.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 197.26 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.65 419.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 248.92 419.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 275.59 419.10 Td (which ) Tj ET Q q 0 0 0 rg BT 301.98 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 321.14 419.10 Td (r) Tj ET Q q 0 0 0 rg BT 324.66 419.10 Td (esult ) Tj ET Q q 0 0 0 rg BT 346.05 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.33 419.10 Td (riskier ) Tj ET Q q 0 0 0 rg BT 384.94 419.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.09 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.59 419.10 Td (diminished ) Tj ET Q q 0 0 0 rg BT 497.98 419.10 Td (r) Tj ET Q q 0 0 0 rg BT 501.50 419.10 Td (eturns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 395.10 Td (e ) Tj ET Q q 0 0 0 rg BT 68.80 395.10 Td (may ) Tj ET Q q 0 0 0 rg BT 87.74 395.10 Td (change ) Tj ET Q q 0 0 0 rg BT 117.78 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 132.83 395.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.44 395.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 211.82 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 221.87 395.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 261.36 395.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 284.19 395.10 Td (at ) Tj ET Q q 0 0 0 rg BT 293.13 395.10 Td (any ) Tj ET Q q 0 0 0 rg BT 309.29 395.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 331.29 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 357.45 395.10 Td (could ) Tj ET Q q 0 0 0 rg BT 381.39 395.10 Td (result ) Tj ET Q q 0 0 0 rg BT 405.33 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.83 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.89 395.10 Td (making ) Tj ET Q q 0 0 0 rg BT 461.61 395.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 511.10 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 527.82 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 541.75 395.10 Td (dif) Tj ET Q q 0 0 0 rg BT 552.68 395.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 60.15 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 76.80 383.10 Td (possibly ) Tj ET Q q 0 0 0 rg BT 112.35 383.10 Td (riskier ) Tj ET Q q 0 0 0 rg BT 140.11 383.10 Td (than, ) Tj ET Q q 0 0 0 rg BT 162.04 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.47 383.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 226.45 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 240.33 383.10 Td (have ) Tj ET Q q 0 0 0 rg BT 261.42 383.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 305.84 383.10 Td (made ) Tj ET Q q 0 0 0 rg BT 329.71 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 340.25 383.10 Td (described. ) Tj ET Q q 0 0 0 rg BT 382.79 383.10 Td (A) Tj ET Q q 0 0 0 rg BT 389.46 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.67 383.10 Td (change ) Tj ET Q q 0 0 0 rg BT 422.20 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.19 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.73 383.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 493.83 383.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 527.69 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 538.24 383.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 60.44 371.10 Td (may ) Tj ET Q q 0 0 0 rg BT 80.98 371.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 117.06 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.72 371.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 173.15 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.25 371.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 217.01 371.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 235.33 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.09 371.10 Td (default ) Tj ET Q q 0 0 0 rg BT 284.18 371.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 302.51 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.28 371.10 Td (real ) Tj ET Q q 0 0 0 rg BT 338.59 371.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 364.68 371.10 Td (market ) Tj ET Q q 0 0 0 rg BT 395.77 371.10 Td (fluctuations. ) Tj ET Q q 0 0 0 rg BT 448.81 371.10 Td (Decisions ) Tj ET Q q 0 0 0 rg BT 491.58 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.68 371.10 Td (employ ) Tj ET Q q 0 0 0 rg BT 536.01 371.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 72.13 359.10 Td (could ) Tj ET Q q 0 0 0 rg BT 96.61 359.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 131.62 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.10 359.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 163.37 359.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 198.39 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.43 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.03 359.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 270.17 359.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 301.18 359.10 Td (. ) Tj ET Q q 0 0 0 rg BT 305.94 359.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 360.69 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.39 359.10 Td (change ) Tj ET Q q 0 0 0 rg BT 397.97 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.01 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.60 359.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 469.75 359.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 503.67 359.10 Td (could ) Tj ET Q q 0 0 0 rg BT 528.15 359.10 Td (result ) Tj ET Q q 0 0 0 rg BT 552.63 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 562.67 359.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (making ) Tj ET Q q 0 0 0 rg BT 68.29 347.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 118.37 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.44 347.10 Td (new ) Tj ET Q q 0 0 0 rg BT 147.40 347.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 169.14 347.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 211.97 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.60 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 232.68 347.10 Td (dif) Tj ET Q q 0 0 0 rg BT 243.60 347.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 269.22 347.10 Td (proportions ) Tj ET Q q 0 0 0 rg BT 317.63 347.10 Td (among ) Tj ET Q q 0 0 0 rg BT 347.14 347.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 368.88 347.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 411.71 347.10 Td (than ) Tj ET Q q 0 0 0 rg BT 431.23 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.18 347.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 489.70 347.10 Td (have. ) Tj ET Q q 0 0 0 rg BT 513.38 347.10 Td (For ) Tj ET Q q 0 0 0 rg BT 529.57 347.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 568.24 347.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 58.51 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 72.68 335.10 Td (restructured ) Tj ET Q q 0 0 0 rg BT 122.94 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.78 335.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 187.94 335.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 232.10 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.05 335.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 298.76 335.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 339.03 335.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 373.75 335.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 414.86 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.81 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.98 335.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 465.16 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.10 335.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 503.50 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.34 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.18 335.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 567.68 335.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 63.15 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 79.73 323.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 113.51 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.97 323.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 178.88 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.35 323.10 Td (MSRs. ) Tj ET Q q 0 0 0 rg BT 218.53 323.10 Td (As ) Tj ET Q q 0 0 0 rg BT 231.78 323.10 Td (another ) Tj ET Q q 0 0 0 rg BT 263.90 323.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 302.41 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.32 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.68 323.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 355.19 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 368.99 323.10 Td (could ) Tj ET Q q 0 0 0 rg BT 393.34 323.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 435.46 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.37 323.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 471.39 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.97 323.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 507.86 323.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 552.21 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.68 323.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 62.98 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 74.41 311.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 115.82 311.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 147.79 311.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.44 311.10 Td (non-prime ) Tj ET Q q 0 0 0 rg BT 206.74 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 218.72 311.10 Td (subprime ) Tj ET Q q 0 0 0 rg BT 259.59 311.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 304.89 311.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 346.30 311.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 373.30 311.10 Td (These ) Tj ET Q q 0 0 0 rg BT 400.82 311.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 436.68 311.10 Td (could ) Tj ET Q q 0 0 0 rg BT 462.55 311.10 Td (result ) Tj ET Q q 0 0 0 rg BT 488.41 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.84 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.82 311.10 Td (making ) Tj ET Q q 0 0 0 rg BT 550.47 311.10 Td (riskier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 89.35 299.10 Td (which ) Tj ET Q q 0 0 0 rg BT 116.86 299.10 Td (could ) Tj ET Q q 0 0 0 rg BT 142.15 299.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 185.77 299.10 Td (have ) Tj ET Q q 0 0 0 rg BT 207.72 299.10 Td (an ) Tj ET Q q 0 0 0 rg BT 220.23 299.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 253.84 299.10 Td (ef) Tj ET Q q 0 0 0 rg BT 261.43 299.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 279.48 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 292.56 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.96 299.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 347.01 299.10 Td (returns. ) Tj ET Q q 0 0 0 rg BT 379.68 299.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 431.78 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 437.36 299.10 Td (we ) Tj ET Q q 0 0 0 rg BT 452.09 299.10 Td (could ) Tj ET Q q 0 0 0 rg BT 477.38 299.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 520.43 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.28 299.10 Td (change ) Tj ET Q q 0 0 0 rg BT 562.67 299.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 82.70 287.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 117.17 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 128.31 287.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 168.89 287.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 192.81 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.40 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 215.65 287.10 Td (more ) Tj ET Q q 0 0 0 rg BT 239.01 287.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 256.83 287.10 Td (averse, ) Tj ET Q q 0 0 0 rg BT 287.68 287.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 325.49 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.08 287.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 381.66 287.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 407.25 287.10 Td (returns, ) Tj ET Q q 0 0 0 rg BT 440.33 287.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.58 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 492.61 287.10 Td (also ) Tj ET Q q 0 0 0 rg BT 511.53 287.10 Td (have ) Tj ET Q q 0 0 0 rg BT 533.23 287.10 Td (an ) Tj ET Q q 0 0 0 rg BT 545.48 287.10 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 275.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 61.07 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 73.57 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 89.40 275.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.88 275.10 Td (returns. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 53.84 251.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 108.33 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.39 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.90 251.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 158.51 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 171.35 251.10 Td (own ) Tj ET Q q 0 0 0 rg BT 190.31 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.60 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.10 251.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 272.17 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 285.00 251.10 Td (make ) Tj ET Q q 0 0 0 rg BT 308.95 251.10 Td (will ) Tj ET Q q 0 0 0 rg BT 325.68 251.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 345.18 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.46 251.10 Td (may ) Tj ET Q q 0 0 0 rg BT 381.41 251.10 Td (not ) Tj ET Q q 0 0 0 rg BT 396.48 251.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 417.64 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.82 251.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 471.67 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 482.29 251.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 502.91 251.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 522.41 251.10 Td (expectations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (In ) Tj ET Q q 0 0 0 rg BT 47.95 239.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 86.85 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.13 239.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 123.52 239.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 147.69 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.75 239.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 204.37 239.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 229.37 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.44 239.10 Td (market ) Tj ET Q q 0 0 0 rg BT 278.82 239.10 Td (values ) Tj ET Q q 0 0 0 rg BT 307.43 239.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 320.76 239.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 364.65 239.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 391.88 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.94 239.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.11 239.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 460.50 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 474.11 239.10 Td (own ) Tj ET Q q 0 0 0 rg BT 493.84 239.10 Td (may ) Tj ET Q q 0 0 0 rg BT 513.56 239.10 Td (be ) Tj ET Q q 0 0 0 rg BT 525.50 239.10 Td (volatile. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 215.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.32 215.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 89.34 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.36 215.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 132.70 215.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 162.15 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.73 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.19 215.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 208.33 215.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 251.67 215.10 Td (with ) Tj ET Q q 0 0 0 rg BT 271.69 215.10 Td (acquiring, ) Tj ET Q q 0 0 0 rg BT 314.20 215.10 Td (holding, ) Tj ET Q q 0 0 0 rg BT 349.50 215.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 380.91 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.60 215.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 439.28 215.10 Td (real ) Tj ET Q q 0 0 0 rg BT 456.51 215.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 481.52 215.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 504.87 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.56 215.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 561.57 215.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (other ) Tj ET Q q 0 0 0 rg BT 58.96 203.10 Td (real ) Tj ET Q q 0 0 0 rg BT 76.36 203.10 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 132.08 203.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 184.77 203.10 Td (No ) Tj ET Q q 0 0 0 rg BT 199.40 203.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 231.81 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.56 203.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 259.98 203.10 Td (management ) Tj ET Q q 0 0 0 rg BT 313.48 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.23 203.10 Td (mitigation, ) Tj ET Q q 0 0 0 rg BT 370.25 203.10 Td (however) Tj ET Q q 0 0 0 rg BT 404.28 203.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.20 203.10 Td (can ) Tj ET Q q 0 0 0 rg BT 425.49 203.10 Td (change ) Tj ET Q q 0 0 0 rg BT 456.22 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.85 203.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 505.47 203.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 532.87 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.62 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 558.25 203.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 60.53 191.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 73.67 191.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 89.86 191.10 Td (values ) Tj ET Q q 0 0 0 rg BT 117.72 191.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 130.86 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.61 191.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.90 191.10 Td (results ) Tj ET Q q 0 0 0 rg BT 213.32 191.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 254.49 191.10 Td (by ) Tj ET Q q 0 0 0 rg BT 266.81 191.10 Td (these ) Tj ET Q q 0 0 0 rg BT 289.66 191.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 315.58 191.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 358.16 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.91 191.10 Td (other ) Tj ET Q q 0 0 0 rg BT 397.77 191.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 425.91 191.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 462.66 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.75 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.27 191.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 512.35 191.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 565.18 191.10 Td (of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.10 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 62.09 179.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 115.95 179.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 131.22 179.10 Td (these ) Tj ET Q q 0 0 0 rg BT 154.54 179.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 207.59 179.10 Td (including ) Tj ET Q q 0 0 0 rg BT 248.13 179.10 Td (real ) Tj ET Q q 0 0 0 rg BT 265.89 179.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 291.42 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 315.30 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.51 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.50 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 371.38 179.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 417.47 179.10 Td (these ) Tj ET Q q 0 0 0 rg BT 440.79 179.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 483.83 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.04 179.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 536.01 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 546.56 179.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 57.60 167.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 87.53 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.46 167.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 122.95 167.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 147.89 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 160.61 167.10 Td (these ) Tj ET Q q 0 0 0 rg BT 183.88 167.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 224.36 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.52 167.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 294.52 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.67 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.61 167.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 356.54 167.10 Td (could ) Tj ET Q q 0 0 0 rg BT 381.48 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 393.64 167.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 438.57 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.95 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.00 167.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 495.33 167.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 538.31 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 555.47 167.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 61.70 155.10 Td (with ) Tj ET Q q 0 0 0 rg BT 81.84 155.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 135.29 155.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 159.05 155.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 195.85 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.00 155.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 226.13 155.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 250.72 155.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 269.75 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.89 155.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 314.47 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.61 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.31 155.10 Td (return ) Tj ET Q q 0 0 0 rg BT 366.55 155.10 Td (on ) Tj ET Q q 0 0 0 rg BT 378.92 155.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.17 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.97 155.10 Td (also ) Tj ET Q q 0 0 0 rg BT 460.45 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.60 155.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 507.95 155.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 551.42 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 561.56 155.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (level ) Tj ET Q q 0 0 0 rg BT 58.15 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 69.19 143.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 105.22 143.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 139.67 143.10 Td (The ) Tj ET Q q 0 0 0 rg BT 157.93 143.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 192.29 143.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 238.87 143.10 Td (on ) Tj ET Q q 0 0 0 rg BT 251.58 143.10 Td (some ) Tj ET Q q 0 0 0 rg BT 275.40 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.45 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.49 143.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 328.54 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 337.92 143.10 Td (based ) Tj ET Q q 0 0 0 rg BT 363.40 143.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.12 143.10 Td (an ) Tj ET Q q 0 0 0 rg BT 388.27 143.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 424.30 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.35 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.28 143.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 472.99 143.10 Td (over ) Tj ET Q q 0 0 0 rg BT 493.47 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.40 143.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 551.66 143.10 Td (life ) Tj ET Q q 0 0 0 rg BT 567.69 143.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.48 131.10 Td (asset. ) Tj ET Q q 0 0 0 rg BT 74.51 131.10 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 99.27 131.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 133.74 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.78 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.37 131.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 198.84 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.43 131.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 247.22 131.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 267.25 131.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 287.84 131.10 Td (from ) Tj ET Q q 0 0 0 rg BT 309.54 131.10 Td (an ) Tj ET Q q 0 0 0 rg BT 321.23 131.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 342.93 131.10 Td (will ) Tj ET Q q 0 0 0 rg BT 360.75 131.10 Td (result ) Tj ET Q q 0 0 0 rg BT 385.23 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.26 131.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 429.73 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.77 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 455.36 131.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 490.93 131.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 527.07 131.10 Td (on ) Tj ET Q q 0 0 0 rg BT 539.33 131.10 Td (that ) Tj ET Q q 0 0 0 rg BT 556.58 131.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.70 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 59.84 119.10 Td (current ) Tj ET Q q 0 0 0 rg BT 90.08 119.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 128.66 119.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 158.49 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.13 119.10 Td (e ) Tj ET Q q 0 0 0 rg BT 173.49 119.10 Td (may ) Tj ET Q q 0 0 0 rg BT 192.63 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 203.99 119.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 231.45 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.15 119.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 281.93 119.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 314.39 119.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 348.52 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.23 119.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 395.68 119.10 Td (future ) Tj ET Q q 0 0 0 rg BT 421.48 119.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 441.17 119.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 465.32 119.10 Td (as ) Tj ET Q q 0 0 0 rg BT 475.57 119.10 Td (a ) Tj ET Q q 0 0 0 rg BT 481.93 119.10 Td (current ) Tj ET Q q 0 0 0 rg BT 512.17 119.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 548.80 119.10 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 65.52 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 75.60 107.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 111.78 107.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 147.23 107.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.53 107.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 201.43 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 206.23 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.86 107.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 267.05 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.35 107.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 308.86 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.49 107.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 356.77 107.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 409.59 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.33 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.97 107.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 478.14 107.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 520.97 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.05 107.10 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.38 95.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 83.23 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.83 95.10 Td (may ) Tj ET Q q 0 0 0 rg BT 105.64 95.10 Td (be ) Tj ET Q q 0 0 0 rg BT 117.68 95.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.60 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.97 95.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 194.43 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 199.53 95.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 238.56 95.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.65 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.47 95.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 300.50 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.53 95.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 359.55 95.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 412.72 95.10 Td (has ) Tj ET Q q 0 0 0 rg BT 428.64 95.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 480.11 95.10 Td (been ) Tj ET Q q 0 0 0 rg BT 501.58 95.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 535.28 95.10 Td (on ) Tj ET Q q 0 0 0 rg BT 547.88 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 562.69 95.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.57 83.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 91.76 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.00 83.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.22 83.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 162.89 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.57 83.10 Td (may ) Tj ET Q q 0 0 0 rg BT 199.03 83.10 Td (require ) Tj ET Q q 0 0 0 rg BT 229.58 83.10 Td (us ) Tj ET Q q 0 0 0 rg BT 240.71 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.73 83.10 Td (change ) Tj ET Q q 0 0 0 rg BT 281.29 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.75 83.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 346.86 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.43 83.10 Td (method ) Tj ET Q q 0 0 0 rg BT 389.66 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.23 83.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 446.34 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.91 83.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.48 83.10 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 517.67 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.91 83.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 551.58 83.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 71.10 Td (may ) Tj ET Q q 0 0 0 rg BT 55.72 71.10 Td (result ) Tj ET Q q 0 0 0 rg BT 80.43 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.71 71.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 134.31 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.25 71.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 186.71 71.10 Td (.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 73.33 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.44 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.98 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 114.76 731.10 Td (values ) Tj ET Q q 0 0 0 rg BT 142.64 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.74 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.96 731.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 197.68 731.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 240.29 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.62 731.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 303.82 731.10 Td (can ) Tj ET Q q 0 0 0 rg BT 320.59 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 341.80 731.10 Td (various ) Tj ET Q q 0 0 0 rg BT 374.13 731.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 410.33 731.10 Td (effects ) Tj ET Q q 0 0 0 rg BT 438.20 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 450.53 731.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 464.25 731.10 Td (including ) Tj ET Q q 0 0 0 rg BT 504.35 731.10 Td (r) Tj ET Q q 0 0 0 rg BT 507.87 731.10 Td (educed ) Tj ET Q q 0 0 0 rg BT 538.51 731.10 Td (earnings, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (incr) Tj ET Q q 0 0 0 rg BT 51.74 719.10 Td (eased ) Tj ET Q q 0 0 0 rg BT 77.01 719.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 114.51 719.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 149.50 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 154.50 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.00 719.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 210.05 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 220.33 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.72 719.10 Td (book ) Tj ET Q q 0 0 0 rg BT 258.66 719.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 71.77 695.10 Td (values ) Tj ET Q q 0 0 0 rg BT 98.99 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 112.31 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.31 695.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 152.30 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.40 695.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 209.79 695.10 Td (including ) Tj ET Q q 0 0 0 rg BT 249.22 695.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 297.26 695.10 Td (can ) Tj ET Q q 0 0 0 rg BT 312.80 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 323.91 695.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 355.56 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.67 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.66 695.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 419.97 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.08 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 467.17 695.10 Td (can ) Tj ET Q q 0 0 0 rg BT 482.72 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 493.82 695.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 532.13 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 543.80 695.10 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.22 683.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 62.53 683.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 92.84 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 110.83 683.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.14 683.10 Td (values ) Tj ET Q q 0 0 0 rg BT 155.13 683.10 Td (can ) Tj ET Q q 0 0 0 rg BT 171.45 683.10 Td (change ) Tj ET Q q 0 0 0 rg BT 202.20 683.10 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 232.96 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.84 683.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 302.27 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.15 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 353.79 683.10 Td (can ) Tj ET Q q 0 0 0 rg BT 370.11 683.10 Td (result ) Tj ET Q q 0 0 0 rg BT 394.77 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 416.64 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 451.29 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.51 683.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 493.38 683.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 517.20 683.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 558.50 683.10 Td (risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (supply) Tj ET Q q 0 0 0 rg BT 62.02 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 66.77 671.10 Td (demand, ) Tj ET Q q 0 0 0 rg BT 103.18 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.86 671.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 145.99 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.67 671.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 202.13 671.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 222.15 671.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 249.12 671.10 Td (prepayments, ) Tj ET Q q 0 0 0 rg BT 304.96 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.65 671.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 346.66 671.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 401.44 671.10 Td (A) Tj ET Q q 0 0 0 rg BT 408.11 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.36 671.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 447.02 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.05 671.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 473.18 671.10 Td (value ) Tj ET Q q 0 0 0 rg BT 497.08 671.10 Td (may ) Tj ET Q q 0 0 0 rg BT 516.55 671.10 Td (not ) Tj ET Q q 0 0 0 rg BT 531.58 671.10 Td (necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 47.87 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 62.52 659.10 Td (result ) Tj ET Q q 0 0 0 rg BT 87.16 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.92 659.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 151.44 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.65 659.10 Td (future ) Tj ET Q q 0 0 0 rg BT 187.96 659.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 208.16 659.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 235.31 659.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 253.85 659.10 Td (values ) Tj ET Q q 0 0 0 rg BT 281.83 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 295.92 659.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 327.24 659.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 353.00 659.10 Td (can ) Tj ET Q q 0 0 0 rg BT 369.31 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 381.18 659.10 Td (dif) Tj ET Q q 0 0 0 rg BT 392.11 659.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 415.64 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.85 659.10 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 464.10 659.10 Td (which ) Tj ET Q q 0 0 0 rg BT 490.97 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 510.62 659.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 529.70 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.91 659.10 Td (volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 647.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 100.42 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.25 647.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 147.63 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.56 647.10 Td (book ) Tj ET Q q 0 0 0 rg BT 187.06 647.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.86 623.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 97.71 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.68 623.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 141.70 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.32 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 176.51 623.10 Td (mark ) Tj ET Q q 0 0 0 rg BT 200.02 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.77 623.10 Td (market ) Tj ET Q q 0 0 0 rg BT 241.50 623.10 Td (some, ) Tj ET Q q 0 0 0 rg BT 268.07 623.10 Td (but ) Tj ET Q q 0 0 0 rg BT 283.81 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 299.56 623.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 315.02 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.32 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.50 623.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 367.80 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.20 623.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 425.38 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 438.35 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.65 623.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.16 623.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 541.65 623.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 567.67 623.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 73.55 611.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 113.04 611.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 163.09 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.37 611.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 204.85 611.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 257.67 611.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.28 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.99 611.10 Td (many ) Tj ET Q q 0 0 0 rg BT 324.49 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.10 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.70 611.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 396.85 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 411.34 611.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 448.59 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.64 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.25 611.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.07 611.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 567.67 611.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 69.42 599.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 97.45 599.10 Td (that ) Tj ET Q q 0 0 0 rg BT 114.36 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 128.48 599.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 158.16 599.10 Td (with ) Tj ET Q q 0 0 0 rg BT 177.85 599.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 206.97 599.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 246.10 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.45 599.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 292.13 599.10 Td (may ) Tj ET Q q 0 0 0 rg BT 311.26 599.10 Td (have ) Tj ET Q q 0 0 0 rg BT 332.05 599.10 Td (dif) Tj ET Q q 0 0 0 rg BT 342.98 599.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 368.77 599.10 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 433.43 599.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 473.10 599.10 Td (than ) Tj ET Q q 0 0 0 rg BT 492.23 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.36 599.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 539.38 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 549.63 599.10 Td (hedge. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (If ) Tj ET Q q 0 0 0 rg BT 45.33 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 59.65 587.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 76.21 587.10 Td (an ) Tj ET Q q 0 0 0 rg BT 88.31 587.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 110.41 587.10 Td (that ) Tj ET Q q 0 0 0 rg BT 128.08 587.10 Td (has ) Tj ET Q q 0 0 0 rg BT 144.07 587.10 Td (not ) Tj ET Q q 0 0 0 rg BT 159.52 587.10 Td (been ) Tj ET Q q 0 0 0 rg BT 181.06 587.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 213.71 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.15 587.10 Td (market ) Tj ET Q q 0 0 0 rg BT 254.58 587.10 Td (through ) Tj ET Q q 0 0 0 rg BT 288.36 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.35 587.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 357.56 587.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 398.55 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.54 587.10 Td (income ) Tj ET Q q 0 0 0 rg BT 441.64 587.10 Td (at ) Tj ET Q q 0 0 0 rg BT 451.53 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.63 587.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 492.94 587.10 Td (market ) Tj ET Q q 0 0 0 rg BT 523.37 587.10 Td (price ) Tj ET Q q 0 0 0 rg BT 546.02 587.10 Td (relative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 575.10 Td (its ) Tj ET Q q 0 0 0 rg BT 58.23 575.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 76.83 575.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 101.83 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.67 575.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 153.48 575.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 189.86 575.10 Td (will ) Tj ET Q q 0 0 0 rg BT 207.91 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 219.85 575.10 Td (reduced. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.08 551.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 91.83 551.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 109.92 551.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 134.67 551.10 Td (mar) Tj ET Q q 0 0 0 rg BT 150.03 551.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 169.23 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 183.97 551.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 223.71 551.10 Td (reflective ) Tj ET Q q 0 0 0 rg BT 263.99 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.86 551.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 298.50 551.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 312.69 551.10 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 342.45 551.10 Td (over ) Tj ET Q q 0 0 0 rg BT 362.75 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.50 551.10 Td (period ) Tj ET Q q 0 0 0 rg BT 405.58 551.10 Td (from ) Tj ET Q q 0 0 0 rg BT 427.55 551.10 Td (when ) Tj ET Q q 0 0 0 rg BT 451.74 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 465.94 551.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 499.57 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 506.54 551.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 526.29 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 540.49 551.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (until ) Tj ET Q q 0 0 0 rg BT 56.63 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 70.58 539.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 125.09 539.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 141.27 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 151.89 539.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 192.49 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.00 539.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 228.85 539.10 Td (These ) Tj ET Q q 0 0 0 rg BT 255.02 539.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 279.53 539.10 Td (mar) Tj ET Q q 0 0 0 rg BT 294.89 539.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 313.85 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 333.36 539.10 Td (encompass ) Tj ET Q q 0 0 0 rg BT 379.53 539.10 Td (elements ) Tj ET Q q 0 0 0 rg BT 417.37 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.99 539.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 461.95 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.57 539.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 508.73 539.10 Td (market ) Tj ET Q q 0 0 0 rg BT 538.79 539.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 87.41 527.10 Td (on ) Tj ET Q q 0 0 0 rg BT 101.05 527.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 128.29 527.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 164.15 527.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 188.89 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 200.86 527.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 228.39 527.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 273.12 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 294.53 527.10 Td (related ) Tj ET Q q 0 0 0 rg BT 325.37 527.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 344.01 527.10 Td (management ) Tj ET Q q 0 0 0 rg BT 398.73 527.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 440.97 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.04 527.10 Td (any ) Tj ET Q q 0 0 0 rg BT 477.12 527.10 Td (other ) Tj ET Q q 0 0 0 rg BT 501.30 527.10 Td (related ) Tj ET Q q 0 0 0 rg BT 532.14 527.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (expenses; ) Tj ET Q q 0 0 0 rg BT 77.33 515.10 Td (however) Tj ET Q q 0 0 0 rg BT 111.36 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 116.32 515.10 Td (under ) Tj ET Q q 0 0 0 rg BT 141.54 515.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 167.66 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 172.62 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.29 515.10 Td (dif) Tj ET Q q 0 0 0 rg BT 198.22 515.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 224.55 515.10 Td (elements ) Tj ET Q q 0 0 0 rg BT 262.55 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.22 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 294.12 515.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 328.21 515.10 Td (unevenly ) Tj ET Q q 0 0 0 rg BT 367.32 515.10 Td (over ) Tj ET Q q 0 0 0 rg BT 387.55 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.22 515.10 Td (course ) Tj ET Q q 0 0 0 rg BT 430.78 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.56 515.10 Td (one ) Tj ET Q q 0 0 0 rg BT 458.46 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 469.24 515.10 Td (more ) Tj ET Q q 0 0 0 rg BT 492.25 515.10 Td (quarters ) Tj ET Q q 0 0 0 rg BT 526.91 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 541.02 515.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 75.08 503.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 115.56 503.10 Td (with ) Tj ET Q q 0 0 0 rg BT 135.77 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.42 503.10 Td (result ) Tj ET Q q 0 0 0 rg BT 175.06 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 192.48 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.24 503.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.65 503.10 Td (results ) Tj ET Q q 0 0 0 rg BT 274.19 503.10 Td (may ) Tj ET Q q 0 0 0 rg BT 293.83 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 305.70 503.10 Td (more ) Tj ET Q q 0 0 0 rg BT 328.67 503.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 361.09 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.96 503.10 Td (less ) Tj ET Q q 0 0 0 rg BT 395.39 503.10 Td (reflective ) Tj ET Q q 0 0 0 rg BT 435.56 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.32 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.97 503.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 506.72 503.10 Td (economics ) Tj ET Q q 0 0 0 rg BT 551.91 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 503.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (business ) Tj ET Q q 0 0 0 rg BT 72.39 491.10 Td (activity) Tj ET Q q 0 0 0 rg BT 101.73 491.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.70 467.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 106.17 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.53 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.34 467.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 148.37 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 172.62 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.98 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.78 467.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 241.20 467.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 267.95 467.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 296.37 467.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 345.33 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.92 467.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 393.83 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 417.52 467.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 444.00 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 457.70 467.10 Td (own ) Tj ET Q q 0 0 0 rg BT 476.95 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 488.43 467.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 537.12 467.10 Td (ar) Tj ET Q q 0 0 0 rg BT 545.64 467.10 Td (e ) Tj ET Q q 0 0 0 rg BT 552.67 467.10 Td (based ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 58.50 455.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 110.45 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 128.51 455.10 Td (ar) Tj ET Q q 0 0 0 rg BT 137.03 455.10 Td (e ) Tj ET Q q 0 0 0 rg BT 143.97 455.10 Td (inher) Tj ET Q q 0 0 0 rg BT 164.71 455.10 Td (ently ) Tj ET Q q 0 0 0 rg BT 186.64 455.10 Td (subjective ) Tj ET Q q 0 0 0 rg BT 229.12 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.62 455.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 277.99 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.49 455.10 Td (high ) Tj ET Q q 0 0 0 rg BT 305.77 455.10 Td (degr) Tj ET Q q 0 0 0 rg BT 323.73 455.10 Td (ee ) Tj ET Q q 0 0 0 rg BT 335.11 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.38 455.10 Td (management ) Tj ET Q q 0 0 0 rg BT 398.98 455.10 Td (judgment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 431.10 Td (e ) Tj ET Q q 0 0 0 rg BT 70.35 431.10 Td (report ) Tj ET Q q 0 0 0 rg BT 97.49 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.98 431.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 130.13 431.10 Td (values ) Tj ET Q q 0 0 0 rg BT 158.95 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.55 431.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 214.08 431.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 240.96 431.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 271.75 431.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 321.39 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.10 431.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 369.57 431.10 Td (other ) Tj ET Q q 0 0 0 rg BT 393.39 431.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 419.99 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 433.26 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.86 431.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 503.67 431.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 537.47 431.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 567.68 431.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (computing ) Tj ET Q q 0 0 0 rg BT 81.05 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.54 419.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 111.70 419.10 Td (values ) Tj ET Q q 0 0 0 rg BT 139.52 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 153.46 419.10 Td (these ) Tj ET Q q 0 0 0 rg BT 176.28 419.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 201.89 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 215.83 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 235.32 419.10 Td (make ) Tj ET Q q 0 0 0 rg BT 259.25 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.97 419.10 Td (number ) Tj ET Q q 0 0 0 rg BT 298.79 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.40 419.10 Td (market-based ) Tj ET Q q 0 0 0 rg BT 365.54 419.10 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 419.76 419.10 Td (including ) Tj ET Q q 0 0 0 rg BT 459.81 419.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 511.54 419.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 552.13 419.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 66.95 407.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 89.85 407.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 138.58 407.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 161.47 407.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 196.88 407.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 219.78 407.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 244.06 407.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 261.15 407.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 284.04 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.00 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.74 407.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 341.38 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.23 407.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 375.51 407.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 403.31 407.10 Td (These ) Tj ET Q q 0 0 0 rg BT 428.71 407.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 479.68 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 493.41 407.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 535.47 407.10 Td (subjective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.02 395.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 85.59 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.61 395.10 Td (high ) Tj ET Q q 0 0 0 rg BT 112.96 395.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 142.19 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.09 395.10 Td (management ) Tj ET Q q 0 0 0 rg BT 206.76 395.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 249.61 395.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 298.28 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.52 395.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 343.99 395.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 384.33 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.35 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 424.47 395.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 450.38 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 464.62 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 491.63 395.10 Td (market ) Tj ET Q q 0 0 0 rg BT 521.98 395.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 548.43 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 563.22 395.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 66.57 383.10 Td (determinable. ) Tj ET Q q 0 0 0 rg BT 124.06 383.10 Td (For ) Tj ET Q q 0 0 0 rg BT 140.76 383.10 Td (further ) Tj ET Q q 0 0 0 rg BT 170.77 383.10 Td (information ) Tj ET Q q 0 0 0 rg BT 220.78 383.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 261.90 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 278.03 383.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 304.16 383.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 341.94 383.10 Td (at ) Tj ET Q q 0 0 0 rg BT 351.96 383.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.64 383.10 Td (value ) Tj ET Q q 0 0 0 rg BT 393.09 383.10 Td (see ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.66 383.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 430.35 383.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.15 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.73 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.75 383.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 503.77 383.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 550.45 383.10 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (this ) Tj ET Q q 0 0 0 rg BT 53.02 371.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 85.75 371.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 116.27 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 129.56 371.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 154.53 371.10 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 180.88 371.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 199.73 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.36 371.10 Td (dif) Tj ET Q q 0 0 0 rg BT 222.29 371.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 248.90 371.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 301.64 371.10 Td (could ) Tj ET Q q 0 0 0 rg BT 327.16 371.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 370.99 371.10 Td (af) Tj ET Q q 0 0 0 rg BT 378.58 371.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 396.86 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 413.49 371.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.67 371.10 Td (value ) Tj ET Q q 0 0 0 rg BT 455.62 371.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 506.67 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.41 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.04 371.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 67.17 359.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 99.16 359.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 143.39 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.28 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.05 359.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 186.61 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.50 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.38 359.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 257.60 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.60 359.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 314.37 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.26 359.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 356.71 359.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 397.03 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 406.25 359.10 Td (set ) Tj ET Q q 0 0 0 rg BT 419.92 359.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 441.92 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.25 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.03 359.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 519.57 359.10 Td (following ) Tj ET Q q 0 0 0 rg BT 561.01 359.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (factor) Tj ET Q q 0 0 0 rg BT 58.76 347.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 87.87 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 101.40 323.10 Td (make, ) Tj ET Q q 0 0 0 rg BT 128.54 323.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 164.31 323.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 217.30 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 235.84 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.37 323.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 272.91 323.10 Td (into, ) Tj ET Q q 0 0 0 rg BT 293.95 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.93 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.13 323.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 361.79 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.55 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 399.99 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 413.52 323.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 447.05 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 463.93 323.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 514.68 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.67 323.10 Td (operations ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 66.27 311.10 Td (us ) Tj ET Q q 0 0 0 rg BT 78.22 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.50 311.10 Td (various ) Tj ET Q q 0 0 0 rg BT 121.56 311.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 146.01 311.10 Td (including ) Tj ET Q q 0 0 0 rg BT 187.97 311.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 224.36 311.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 244.93 311.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 266.88 311.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 311.60 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 331.88 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.16 311.10 Td (use ) Tj ET Q q 0 0 0 rg BT 363.55 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.38 311.10 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 413.81 311.10 Td (market ) Tj ET Q q 0 0 0 rg BT 445.19 311.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 469.65 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.71 311.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 542.99 311.10 Td (risk. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 61.27 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.55 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.94 287.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 137.09 287.10 Td (have ) Tj ET Q q 0 0 0 rg BT 158.47 287.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 188.74 287.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 221.52 287.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 80.10 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.19 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.18 263.10 Td (residential, ) Tj ET Q q 0 0 0 rg BT 153.09 263.10 Td (multi-family) Tj ET Q q 0 0 0 rg BT 202.99 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 208.26 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.46 263.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 275.42 263.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.95 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 330.38 263.10 Td (own ) Tj ET Q q 0 0 0 rg BT 350.37 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 361.46 263.10 Td (may ) Tj ET Q q 0 0 0 rg BT 381.45 263.10 Td (own ) Tj ET Q q 0 0 0 rg BT 401.43 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 416.41 263.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 456.38 263.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 488.03 263.10 Td (- ) Tj ET Q q 0 0 0 rg BT 494.13 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 511.89 263.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 523.83 263.10 Td (there ) Tj ET Q q 0 0 0 rg BT 546.58 263.10 Td (is ) Tj ET Q q 0 0 0 rg BT 556.01 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 571.56 263.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 79.95 251.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 99.46 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.52 251.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 146.25 251.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 184.09 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 200.82 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.77 251.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 239.27 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.79 251.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 274.41 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.92 251.10 Td (these, ) Tj ET Q q 0 0 0 rg BT 308.70 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 318.77 251.10 Td (similar) Tj ET Q q 0 0 0 rg BT 346.14 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.38 251.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 392.25 251.10 Td (This ) Tj ET Q q 0 0 0 rg BT 411.76 251.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 452.95 251.10 Td (can ) Tj ET Q q 0 0 0 rg BT 468.56 251.10 Td (also ) Tj ET Q q 0 0 0 rg BT 486.40 251.10 Td (exist ) Tj ET Q q 0 0 0 rg BT 507.02 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.42 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.37 251.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.46 239.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 103.67 239.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 127.80 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 142.48 239.10 Td (hold. ) Tj ET Q q 0 0 0 rg BT 165.11 239.10 Td (At ) Tj ET Q q 0 0 0 rg BT 178.13 239.10 Td (times, ) Tj ET Q q 0 0 0 rg BT 205.31 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.55 239.10 Td (vast ) Tj ET Q q 0 0 0 rg BT 239.68 239.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 276.58 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.93 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.16 239.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 329.51 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 344.19 239.10 Td (own ) Tj ET Q q 0 0 0 rg BT 364.43 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 379.66 239.10 Td (illiquid. ) Tj ET Q q 0 0 0 rg BT 414.07 239.10 Td (In ) Tj ET Q q 0 0 0 rg BT 425.42 239.10 Td (turbulent ) Tj ET Q q 0 0 0 rg BT 464.54 239.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 501.72 239.10 Td (it ) Tj ET Q q 0 0 0 rg BT 510.29 239.10 Td (is ) Tj ET Q q 0 0 0 rg BT 519.98 239.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 545.77 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 563.79 239.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 78.40 227.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 104.14 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.72 227.10 Td (other ) Tj ET Q q 0 0 0 rg BT 143.40 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 168.87 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 182.67 227.10 Td (own ) Tj ET Q q 0 0 0 rg BT 202.02 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 221.38 227.10 Td (become ) Tj ET Q q 0 0 0 rg BT 254.61 227.10 Td (even ) Tj ET Q q 0 0 0 rg BT 275.62 227.10 Td (less ) Tj ET Q q 0 0 0 rg BT 292.76 227.10 Td (liquid. ) Tj ET Q q 0 0 0 rg BT 320.25 227.10 Td (As ) Tj ET Q q 0 0 0 rg BT 333.50 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.08 227.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 366.93 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 380.73 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.08 227.10 Td (not ) Tj ET Q q 0 0 0 rg BT 415.00 227.10 Td (be ) Tj ET Q q 0 0 0 rg BT 426.57 227.10 Td (able ) Tj ET Q q 0 0 0 rg BT 445.36 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.28 227.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 471.30 227.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 500.64 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 526.10 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 535.46 227.10 Td (opportune ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (times ) Tj ET Q q 0 0 0 rg BT 60.17 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 71.00 215.10 Td (at ) Tj ET Q q 0 0 0 rg BT 80.71 215.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 120.41 215.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 146.79 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 157.62 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 171.78 215.10 Td (may ) Tj ET Q q 0 0 0 rg BT 191.49 215.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 214.54 215.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 259.25 215.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 285.64 215.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 308.14 215.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 326.19 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.02 215.10 Td (these ) Tj ET Q q 0 0 0 rg BT 360.07 215.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 388.40 215.10 Td (should ) Tj ET Q q 0 0 0 rg BT 417.57 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 431.73 215.10 Td (want ) Tj ET Q q 0 0 0 rg BT 453.67 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 464.50 215.10 Td (need ) Tj ET Q q 0 0 0 rg BT 485.87 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.15 215.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 512.54 215.10 Td (them. ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 38.00 731.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 56.28 731.10 Td (level ) Tj ET Q q 0 0 0 rg BT 77.33 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.27 731.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 141.10 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.27 731.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 198.22 731.10 Td (could ) Tj ET Q q 0 0 0 rg BT 222.61 731.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 243.11 731.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 263.61 731.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 283.01 731.10 Td (available ) Tj ET Q q 0 0 0 rg BT 322.39 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 336.23 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 352.29 731.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 399.74 731.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 429.12 731.10 Td (us ) Tj ET Q q 0 0 0 rg BT 440.18 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.13 731.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 471.19 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 488.92 731.10 Td (could ) Tj ET Q q 0 0 0 rg BT 513.31 731.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 553.79 731.10 Td (affect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.41 719.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 91.33 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.40 719.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 169.69 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.21 719.10 Td (r) Tj ET Q q 0 0 0 rg BT 190.73 719.10 Td (esults ) Tj ET Q q 0 0 0 rg BT 216.03 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.33 719.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 271.63 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.15 719.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 318.34 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.76 719.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 362.83 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.13 719.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 401.21 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.62 719.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 465.14 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 491.00 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.41 719.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 554.91 719.10 Td (notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.50 707.10 Td (other ) Tj ET Q q 0 0 0 rg BT 77.11 707.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 96.83 707.10 Td (instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (At ) Tj ET Q q 0 0 0 rg BT 66.67 683.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.43 683.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 150.60 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.61 683.10 Td (total ) Tj ET Q q 0 0 0 rg BT 187.05 683.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 240.27 683.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 280.16 683.10 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 325.60 683.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 379.93 683.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 423.69 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 444.14 683.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 497.90 683.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 538.34 683.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 566.01 683.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.50 671.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 124.67 671.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 159.00 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 173.62 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 201.01 671.10 Td (we ) Tj ET Q q 0 0 0 rg BT 215.62 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 230.79 671.10 Td (not ) Tj ET Q q 0 0 0 rg BT 246.52 671.10 Td (liable\) ) Tj ET Q q 0 0 0 rg BT 275.01 671.10 Td (was ) Tj ET Q q 0 0 0 rg BT 293.52 671.10 Td ($4.33 ) Tj ET Q q 0 0 0 rg BT 318.97 671.10 Td (billion, ) Tj ET Q q 0 0 0 rg BT 350.54 671.10 Td (including ) Tj ET Q q 0 0 0 rg BT 391.27 671.10 Td ($288 ) Tj ET Q q 0 0 0 rg BT 414.22 671.10 Td (million ) Tj ET Q q 0 0 0 rg BT 446.07 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.35 671.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 506.97 671.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 554.91 671.10 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (due ) Tj ET Q q 0 0 0 rg BT 53.29 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 63.92 659.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 86.76 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.05 659.10 Td ($201 ) Tj ET Q q 0 0 0 rg BT 126.90 659.10 Td (million ) Tj ET Q q 0 0 0 rg BT 158.64 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.82 659.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 219.33 659.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 276.59 659.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 317.21 659.10 Td (due ) Tj ET Q q 0 0 0 rg BT 334.49 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.12 659.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 370.26 659.10 Td (W) Tj ET Q q 0 0 0 rg BT 378.90 659.10 Td (e ) Tj ET Q q 0 0 0 rg BT 386.19 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 406.26 659.10 Td (also ) Tj ET Q q 0 0 0 rg BT 425.21 659.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 448.61 659.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 491.45 659.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 545.95 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 556.58 659.10 Td (meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (future ) Tj ET Q q 0 0 0 rg BT 61.46 647.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 100.80 647.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 127.65 647.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 144.78 647.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 198.01 647.10 Td (could ) Tj ET Q q 0 0 0 rg BT 221.80 647.10 Td (have ) Tj ET Q q 0 0 0 rg BT 242.26 647.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 286.05 647.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 321.50 647.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 378.06 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 391.29 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 406.20 647.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 444.17 647.10 Td (results ) Tj ET Q q 0 0 0 rg BT 471.86 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.77 647.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 525.00 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.02 647.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 78.77 635.10 Td (including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 115.59 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.42 611.10 Td (vulnerability ) Tj ET Q q 0 0 0 rg BT 185.02 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.30 611.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 228.34 611.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 269.71 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.65 611.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 321.93 611.10 Td (conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 106.17 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.00 587.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 150.05 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.33 587.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 187.83 587.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 230.32 587.10 Td (financing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 110.97 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.50 563.10 Td (dedication ) Tj ET Q q 0 0 0 rg BT 169.47 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.11 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.86 563.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 231.95 563.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 263.15 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.80 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.44 563.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 309.52 563.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 330.17 563.10 Td (from ) Tj ET Q q 0 0 0 rg BT 351.92 563.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 395.89 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.98 563.10 Td (service ) Tj ET Q q 0 0 0 rg BT 436.61 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 452.26 563.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 508.73 563.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 541.03 563.10 Td (reducing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 551.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 119.21 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.04 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.87 551.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 166.14 551.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 186.97 551.10 Td (available ) Tj ET Q q 0 0 0 rg BT 225.56 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 239.72 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 262.77 551.10 Td (purposes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 111.16 527.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 133.09 527.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 155.03 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.31 527.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 186.14 527.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 224.74 527.10 Td (debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 106.17 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.00 503.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 163.94 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.22 503.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 211.71 503.10 Td (for) Tj ET Q q 0 0 0 rg BT 222.97 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.97 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.80 503.10 Td (reacting ) Tj ET Q q 0 0 0 rg BT 273.50 503.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 286.28 503.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 320.99 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.27 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.10 503.10 Td (business; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 479.10 Td (dilution ) Tj ET Q q 0 0 0 rg BT 104.92 479.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 155.03 479.10 Td (by ) Tj ET Q q 0 0 0 rg BT 166.83 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.97 479.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 215.44 479.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 267.79 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 277.93 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 284.17 479.10 Td (result ) Tj ET Q q 0 0 0 rg BT 308.19 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.33 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.35 479.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 378.03 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.17 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.19 479.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 448.98 479.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 471.89 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 482.03 479.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 538.24 479.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 467.10 Td (into ) Tj ET Q q 0 0 0 rg BT 90.06 467.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 117.55 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.38 467.10 Td (common ) Tj ET Q q 0 0 0 rg BT 165.87 467.10 Td (stock; ) Tj ET Q q 0 0 0 rg BT 192.26 467.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 443.10 Td (placing ) Tj ET Q q 0 0 0 rg BT 103.90 443.10 Td (us ) Tj ET Q q 0 0 0 rg BT 115.26 443.10 Td (at ) Tj ET Q q 0 0 0 rg BT 124.94 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.85 443.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 167.10 443.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 216.77 443.10 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 271.44 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 291.68 443.10 Td (less ) Tj ET Q q 0 0 0 rg BT 309.15 443.10 Td (leveraged ) Tj ET Q q 0 0 0 rg BT 350.48 443.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 400.16 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.07 443.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 466.75 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 484.21 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 503.89 443.10 Td (have ) Tj ET Q q 0 0 0 rg BT 525.24 443.10 Td (better ) Tj ET Q q 0 0 0 rg BT 550.47 443.10 Td (access ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.28 431.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 111.43 431.10 Td (resources.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 407.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.85 407.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 99.27 407.10 Td (assure ) Tj ET Q q 0 0 0 rg BT 127.03 407.10 Td (you ) Tj ET Q q 0 0 0 rg BT 144.80 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 162.57 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 177.00 407.10 Td (will ) Tj ET Q q 0 0 0 rg BT 195.32 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 207.53 407.10 Td (able ) Tj ET Q q 0 0 0 rg BT 226.96 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.51 407.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 274.71 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.26 407.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 323.02 407.10 Td (suf) Tj ET Q q 0 0 0 rg BT 335.06 407.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 363.37 407.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 383.91 407.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 419.44 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 430.54 407.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 467.74 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.29 407.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 514.92 407.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 535.46 407.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 556.56 407.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 79.92 395.10 Td (at ) Tj ET Q q 0 0 0 rg BT 89.40 395.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 114.99 395.10 Td (suf) Tj ET Q q 0 0 0 rg BT 127.03 395.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 154.84 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.88 395.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 193.25 395.10 Td (us ) Tj ET Q q 0 0 0 rg BT 204.41 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.45 395.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 231.15 395.10 Td (principal, ) Tj ET Q q 0 0 0 rg BT 271.46 395.10 Td (premium, ) Tj ET Q q 0 0 0 rg BT 312.33 395.10 Td (if ) Tj ET Q q 0 0 0 rg BT 320.70 395.10 Td (any) Tj ET Q q 0 0 0 rg BT 334.49 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 339.25 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.96 395.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 387.66 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 399.92 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.51 395.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 471.93 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 482.53 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 499.79 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.38 395.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 535.42 395.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 560.45 395.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (not ) Tj ET Q q 0 0 0 rg BT 51.35 383.10 Td (increase. ) Tj ET Q q 0 0 0 rg BT 89.17 383.10 Td (If ) Tj ET Q q 0 0 0 rg BT 98.40 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 112.63 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 127.40 383.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 156.63 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.97 383.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 203.40 383.10 Td (suf) Tj ET Q q 0 0 0 rg BT 215.44 383.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 243.55 383.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 263.89 383.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 284.79 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 295.69 383.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 337.13 383.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 364.70 383.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 389.49 383.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 430.92 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.27 383.10 Td (make ) Tj ET Q q 0 0 0 rg BT 465.49 383.10 Td (required ) Tj ET Q q 0 0 0 rg BT 501.38 383.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 544.77 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 555.67 383.10 Td (if ) Tj ET Q q 0 0 0 rg BT 564.34 383.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 51.05 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.56 371.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 92.28 371.10 Td (with ) Tj ET Q q 0 0 0 rg BT 111.78 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.72 371.10 Td (various ) Tj ET Q q 0 0 0 rg BT 156.89 371.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 210.82 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.87 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.93 371.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 289.31 371.10 Td (then ) Tj ET Q q 0 0 0 rg BT 308.25 371.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 359.14 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 372.53 371.10 Td (would ) Tj ET Q q 0 0 0 rg BT 399.26 371.10 Td (be ) Tj ET Q q 0 0 0 rg BT 410.42 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.93 371.10 Td (default, ) Tj ET Q q 0 0 0 rg BT 451.92 371.10 Td (which ) Tj ET Q q 0 0 0 rg BT 478.08 371.10 Td (would ) Tj ET Q q 0 0 0 rg BT 504.81 371.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 532.64 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.58 371.10 Td (holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.73 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.35 359.10 Td (af) Tj ET Q q 0 0 0 rg BT 68.94 359.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 95.77 359.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 149.82 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.00 359.10 Td (accelerate ) Tj ET Q q 0 0 0 rg BT 202.36 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.98 359.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 253.27 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.00 359.10 Td (such ) Tj ET Q q 0 0 0 rg BT 284.73 359.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 338.79 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.63 359.10 Td (could ) Tj ET Q q 0 0 0 rg BT 380.25 359.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 404.86 359.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 438.92 359.10 Td (under ) Tj ET Q q 0 0 0 rg BT 464.09 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.82 359.10 Td (other ) Tj ET Q q 0 0 0 rg BT 502.77 359.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 558.79 359.10 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (default ) Tj ET Q q 0 0 0 rg BT 66.53 347.10 Td (under ) Tj ET Q q 0 0 0 rg BT 92.07 347.10 Td (any ) Tj ET Q q 0 0 0 rg BT 109.27 347.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 163.70 347.10 Td (could ) Tj ET Q q 0 0 0 rg BT 188.68 347.10 Td (have ) Tj ET Q q 0 0 0 rg BT 210.33 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.53 347.10 Td (material ) Tj ET Q q 0 0 0 rg BT 253.06 347.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 286.36 347.10 Td (ef) Tj ET Q q 0 0 0 rg BT 293.95 347.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 311.70 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 324.47 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.57 347.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 379.73 347.10 Td (results ) Tj ET Q q 0 0 0 rg BT 408.60 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.70 347.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 464.12 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.33 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.08 347.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 562.12 347.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (an ) Tj ET Q q 0 0 0 rg BT 47.30 335.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 89.16 335.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 132.69 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.89 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.08 335.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 206.61 335.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 262.63 335.10 Td (see ) Tj ET Q q 0 0 0 rg BT 277.26 335.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 295.23 335.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 306.26 335.10 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 333.95 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.14 335.10 Td (this ) Tj ET Q q 0 0 0 rg BT 360.04 335.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 391.35 335.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 420.43 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 432.29 335.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 455.83 335.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 478.24 335.10 Td (under ) Tj ET Q q 0 0 0 rg BT 502.87 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 335.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 550.48 335.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 554.91 335.10 Td (Risks ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (Relating ) Tj ET Q q 0 0 0 rg BT 72.38 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.66 323.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 104.60 323.10 Td (Incurr) Tj ET Q q 0 0 0 rg BT 129.78 323.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 141.72 323.10 Td (under ) Tj ET Q q 0 0 0 rg BT 167.55 323.10 Td (Short- ) Tj ET Q q 0 0 0 rg BT 195.05 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.55 323.10 Td (Long-T) Tj ET Q q 0 0 0 rg BT 241.08 323.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 259.13 323.10 Td (Borr) Tj ET Q q 0 0 0 rg BT 277.66 323.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 304.60 323.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.37 323.10 Td (." ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.61 299.10 Td (use ) Tj ET Q q 0 0 0 rg BT 70.44 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.72 299.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 118.77 299.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 155.70 299.10 Td (could ) Tj ET Q q 0 0 0 rg BT 180.41 299.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 210.12 299.10 Td (us ) Tj ET Q q 0 0 0 rg BT 221.51 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.79 299.10 Td (incr) Tj ET Q q 0 0 0 rg BT 247.53 299.10 Td (eased ) Tj ET Q q 0 0 0 rg BT 272.80 299.10 Td (risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 275.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.15 275.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 89.55 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.84 275.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 147.56 275.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 170.75 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 184.48 275.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 215.98 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.83 275.10 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 275.11 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.51 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.02 275.10 Td (future ) Tj ET Q q 0 0 0 rg BT 317.97 275.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 335.59 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.99 275.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 401.93 275.10 Td (with ) Tj ET Q q 0 0 0 rg BT 421.78 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.29 275.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 480.36 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.76 275.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 517.83 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.34 275.10 Td (short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 58.16 263.10 Td (In ) Tj ET Q q 0 0 0 rg BT 68.93 263.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 106.64 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 120.74 263.10 Td (also ) Tj ET Q q 0 0 0 rg BT 139.29 263.10 Td (make ) Tj ET Q q 0 0 0 rg BT 163.39 263.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 213.60 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.82 263.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 264.02 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 280.90 263.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 304.45 263.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 341.32 263.10 Td (with ) Tj ET Q q 0 0 0 rg BT 361.53 263.10 Td (short- ) Tj ET Q q 0 0 0 rg BT 387.30 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.18 263.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 446.06 263.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 468.21 263.10 Td (By ) Tj ET Q q 0 0 0 rg BT 482.33 263.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 521.42 263.10 Td (this ) Tj ET Q q 0 0 0 rg BT 538.31 263.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 557.97 263.10 Td (\(i.e., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 47.95 251.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 84.89 251.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 121.82 251.10 Td (leverage\), ) Tj ET Q q 0 0 0 rg BT 163.46 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 177.06 251.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 205.11 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.83 251.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 250.64 251.10 Td (more ) Tj ET Q q 0 0 0 rg BT 273.13 251.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 312.28 251.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 342.00 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 353.94 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.22 251.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 404.49 251.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 431.43 251.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 462.53 251.10 Td (However) Tj ET Q q 0 0 0 rg BT 498.78 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 503.23 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 513.51 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 519.89 251.10 Td (result ) Tj ET Q q 0 0 0 rg BT 544.06 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 554.33 251.10 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.64 239.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 110.17 239.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 148.36 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.68 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.56 239.10 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 234.09 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.08 239.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 268.85 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 279.84 239.10 Td (related ) Tj ET Q q 0 0 0 rg BT 309.71 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.15 239.10 Td (longer) Tj ET Q q 0 0 0 rg BT 345.49 239.10 Td (-term ) Tj ET Q q 0 0 0 rg BT 369.81 239.10 Td (investments\), ) Tj ET Q q 0 0 0 rg BT 426.07 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 440.39 239.10 Td (could ) Tj ET Q q 0 0 0 rg BT 465.27 239.10 Td (also ) Tj ET Q q 0 0 0 rg BT 484.04 239.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 507.25 239.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 552.12 239.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (if ) Tj ET Q q 0 0 0 rg BT 44.99 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 61.20 227.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 105.73 227.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 128.61 227.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 164.24 227.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 197.10 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.76 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.86 227.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 259.61 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 272.49 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.70 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 314.91 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.22 227.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 355.10 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.31 227.10 Td (any ) Tj ET Q q 0 0 0 rg BT 383.63 227.10 Td (related ) Tj ET Q q 0 0 0 rg BT 413.71 227.10 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 446.85 227.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 489.73 227.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 520.93 227.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 558.79 227.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (also ) Tj ET Q q 0 0 0 rg BT 55.19 215.10 Td (force ) Tj ET Q q 0 0 0 rg BT 78.81 215.10 Td (us ) Tj ET Q q 0 0 0 rg BT 90.79 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.65 215.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 118.62 215.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 145.03 215.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 179.77 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.19 215.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 231.47 215.10 Td (under ) Tj ET Q q 0 0 0 rg BT 257.32 215.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 290.94 215.10 Td (market ) Tj ET Q q 0 0 0 rg BT 321.79 215.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 366.53 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.40 215.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 399.91 215.10 Td (mar) Tj ET Q q 0 0 0 rg BT 415.28 215.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 431.14 215.10 Td (calls, ) Tj ET Q q 0 0 0 rg BT 455.05 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 469.79 215.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 509.25 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.11 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.41 215.10 Td (event ) Tj ET Q q 0 0 0 rg BT 560.15 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 571.56 215.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 73.25 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.85 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.90 203.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 115.61 203.10 Td (values ) Tj ET Q q 0 0 0 rg BT 143.99 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.15 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.20 203.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 196.36 203.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 230.84 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.01 203.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 284.53 203.10 Td (Liquidation ) Tj ET Q q 0 0 0 rg BT 334.03 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.19 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.23 203.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 400.26 203.10 Td (could ) Tj ET Q q 0 0 0 rg BT 425.31 203.10 Td (create ) Tj ET Q q 0 0 0 rg BT 452.00 203.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 488.71 203.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 503.75 203.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 561.56 203.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 57.51 191.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 79.54 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.17 191.10 Td (qualification ) Tj ET Q q 0 0 0 rg BT 135.34 191.10 Td (issues. ) Tj ET Q q 0 0 0 rg BT 164.36 191.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 196.42 191.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 240.72 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.68 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.52 191.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 284.15 191.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 327.88 191.10 Td (with ) Tj ET Q q 0 0 0 rg BT 348.28 191.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 398.68 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.64 191.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 436.67 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.30 191.10 Td (status ) Tj ET Q q 0 0 0 rg BT 464.71 191.10 Td (is ) Tj ET Q q 0 0 0 rg BT 474.01 191.10 Td (set ) Tj ET Q q 0 0 0 rg BT 487.74 191.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 509.81 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.22 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.06 191.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 552.69 191.10 Td (factor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 59.61 179.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.05 179.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.46 179.10 Td (e ) Tj ET Q q 0 0 0 rg BT 78.96 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 100.89 179.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 132.26 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.10 179.10 Td (be ) Tj ET Q q 0 0 0 rg BT 155.59 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.65 179.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 184.58 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.64 179.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 208.20 179.10 Td (as ) Tj ET Q q 0 0 0 rg BT 220.15 179.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 244.03 179.10 Td (ar) Tj ET Q q 0 0 0 rg BT 252.55 179.10 Td (e ) Tj ET Q q 0 0 0 rg BT 260.05 179.10 Td (r) Tj ET Q q 0 0 0 rg BT 263.57 179.10 Td (equir) Tj ET Q q 0 0 0 rg BT 284.31 179.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 296.81 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.64 179.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 329.58 179.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 360.96 179.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 381.80 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.63 179.10 Td (or) Tj ET Q q 0 0 0 rg BT 401.15 179.10 Td (der ) Tj ET Q q 0 0 0 rg BT 417.54 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.38 179.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 466.99 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.94 179.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 504.87 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.93 179.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 536.83 179.10 Td (This ) Tj ET Q q 0 0 0 rg BT 557.12 179.10 Td (adds ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 81.82 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.32 167.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 121.83 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.11 167.10 Td (running ) Tj ET Q q 0 0 0 rg BT 166.28 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 182.68 167.10 Td (business ) Tj ET Q q 0 0 0 rg BT 219.08 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.58 167.10 Td (exposes ) Tj ET Q q 0 0 0 rg BT 270.18 167.10 Td (us ) Tj ET Q q 0 0 0 rg BT 281.58 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.86 167.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 335.48 167.10 Td (risks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.87 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.82 167.10 Td (In ) Tj ET Q q 0 0 0 rg BT 374.65 167.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 412.43 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 426.60 167.10 Td (make ) Tj ET Q q 0 0 0 rg BT 450.76 167.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.24 167.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 530.73 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.01 167.10 Td (creditors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.02 155.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 92.14 155.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.16 155.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 151.05 155.10 Td (short- ) Tj ET Q q 0 0 0 rg BT 176.63 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.31 155.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 234.98 155.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 256.94 155.10 Td (such ) Tj ET Q q 0 0 0 rg BT 277.52 155.10 Td (as ) Tj ET Q q 0 0 0 rg BT 288.09 155.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 330.32 155.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 363.10 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.12 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.70 155.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 438.71 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.39 155.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 486.52 155.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 518.76 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.33 155.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 563.79 155.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 61.92 143.10 Td (or ) Tj ET Q q 0 0 0 rg BT 72.85 143.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 125.98 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.58 143.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 156.17 143.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 184.31 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.34 143.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 232.83 143.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 265.42 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.34 143.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 302.27 143.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 330.69 143.10 Td (If ) Tj ET Q q 0 0 0 rg BT 339.95 143.10 Td (we ) Tj ET Q q 0 0 0 rg BT 354.20 143.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 370.12 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.49 143.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 413.08 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 433.46 143.10 Td (these ) Tj ET Q q 0 0 0 rg BT 456.60 143.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 494.17 143.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 536.75 143.10 Td (we ) Tj ET Q q 0 0 0 rg BT 551.01 143.10 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (be ) Tj ET Q q 0 0 0 rg BT 48.79 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.93 131.10 Td (default ) Tj ET Q q 0 0 0 rg BT 91.05 131.10 Td (under ) Tj ET Q q 0 0 0 rg BT 117.17 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 133.86 131.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 174.98 131.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 215.26 131.10 Td (which ) Tj ET Q q 0 0 0 rg BT 243.06 131.10 Td (could ) Tj ET Q q 0 0 0 rg BT 268.63 131.10 Td (result ) Tj ET Q q 0 0 0 rg BT 294.20 131.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 307.84 131.10 Td (among ) Tj ET Q q 0 0 0 rg BT 338.41 131.10 Td (other ) Tj ET Q q 0 0 0 rg BT 362.31 131.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 392.62 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.19 131.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 454.88 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.56 131.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 507.12 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 522.13 131.10 Td (have ) Tj ET Q q 0 0 0 rg BT 544.36 131.10 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 73.87 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.08 119.10 Td (these ) Tj ET Q q 0 0 0 rg BT 109.07 119.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 146.93 119.10 Td (under ) Tj ET Q q 0 0 0 rg BT 173.13 119.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 207.10 119.10 Td (market ) Tj ET Q q 0 0 0 rg BT 238.30 119.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 283.40 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.27 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.92 119.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 353.69 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.90 119.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 388.88 119.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 432.30 119.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 481.29 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.50 119.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 525.36 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.13 119.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 76.44 107.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.11 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.48 107.10 Td (further ) Tj ET Q q 0 0 0 rg BT 115.05 107.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 159.09 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.79 107.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.14 107.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 249.49 107.10 Td (we ) Tj ET Q q 0 0 0 rg BT 263.52 107.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.09 107.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 308.78 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.93 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.73 107.10 Td (related ) Tj ET Q q 0 0 0 rg BT 365.30 107.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 386.56 107.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 430.02 107.10 Td (with ) Tj ET Q q 0 0 0 rg BT 450.17 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.87 107.10 Td (use ) Tj ET Q q 0 0 0 rg BT 481.56 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.26 107.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 536.28 107.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 555.87 107.10 Td (is ) Tj ET Q q 0 0 0 rg BT 564.90 107.10 Td (set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 57.64 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 67.62 95.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 85.94 95.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 97.30 95.10 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 125.33 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.86 95.10 Td (this ) Tj ET Q q 0 0 0 rg BT 152.03 95.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 183.67 95.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 213.09 95.10 Td (on ) Tj ET Q q 0 0 0 rg BT 225.29 95.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 249.17 95.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 271.92 95.10 Td (under ) Tj ET Q q 0 0 0 rg BT 296.90 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.32 95.10 Td (heading, ) Tj ET Q q 0 0 0 rg BT 347.67 95.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.11 95.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 375.42 95.10 Td (Relating ) Tj ET Q q 0 0 0 rg BT 411.51 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.49 95.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 443.13 95.10 Td (Incurr) Tj ET Q q 0 0 0 rg BT 468.31 95.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 479.96 95.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 507.71 95.10 Td (Short- ) Tj ET Q q 0 0 0 rg BT 534.92 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 552.12 95.10 Td (Long-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (T) Tj ET Q q 0 0 0 rg BT 40.64 83.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 58.77 83.10 Td (Borr) Tj ET Q q 0 0 0 rg BT 77.29 83.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 104.31 83.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.08 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.02 83.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 200.93 83.10 Td (, ) Tj ET Q q 0 0 0 rg BT 206.00 83.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.90 83.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 250.03 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.38 83.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 295.71 83.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.61 83.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 355.84 83.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 381.20 83.10 Td (under ) Tj ET Q q 0 0 0 rg BT 406.54 83.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.44 83.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 442.23 83.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 482.57 83.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 519.57 83.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 539.91 83.10 Td (therefore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 71.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 71.60 71.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.78 71.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 134.51 71.10 Td (capacity\) ) Tj ET Q q 0 0 0 rg BT 173.99 71.10 Td (may ) Tj ET Q q 0 0 0 rg BT 194.06 71.10 Td (be ) Tj ET Q q 0 0 0 rg BT 206.34 71.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 237.52 71.10 Td (by ) Tj ET Q q 0 0 0 rg BT 250.37 71.10 Td (our ) Tj ET Q q 0 0 0 rg BT 266.54 71.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 294.94 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.57 71.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 327.29 71.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 355.13 71.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 387.13 71.10 Td (which ) Tj ET Q q 0 0 0 rg BT 414.41 71.10 Td (we ) Tj ET Q q 0 0 0 rg BT 428.92 71.10 Td (may ) Tj ET Q q 0 0 0 rg BT 448.98 71.10 Td (not ) Tj ET Q q 0 0 0 rg BT 464.61 71.10 Td (be ) Tj ET Q q 0 0 0 rg BT 476.89 71.10 Td (able ) Tj ET Q q 0 0 0 rg BT 496.40 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.02 71.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 528.74 71.10 Td (at ) Tj ET Q q 0 0 0 rg BT 538.81 71.10 Td (attractive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 59.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 62.38 59.10 Td (or ) Tj ET Q q 0 0 0 rg BT 73.21 59.10 Td (at ) Tj ET Q q 0 0 0 rg BT 82.92 59.10 Td (all.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 53.36 731.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 89.06 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.20 731.10 Td (access ) Tj ET Q q 0 0 0 rg BT 127.66 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 165.58 731.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 202.36 731.10 Td (thr) Tj ET Q q 0 0 0 rg BT 213.66 731.10 Td (ough ) Tj ET Q q 0 0 0 rg BT 236.02 731.10 Td (war) Tj ET Q q 0 0 0 rg BT 251.21 731.10 Td (ehouse ) Tj ET Q q 0 0 0 rg BT 281.35 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.71 731.10 Td (r) Tj ET Q q 0 0 0 rg BT 302.23 731.10 Td (epur) Tj ET Q q 0 0 0 rg BT 320.19 731.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 345.32 731.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 384.62 731.10 Td (cr) Tj ET Q q 0 0 0 rg BT 392.58 731.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 409.94 731.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 449.24 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.50 731.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 528.40 731.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 572.11 731.10 Td (s ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (borr) Tj ET Q q 0 0 0 rg BT 53.41 719.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 80.58 719.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 111.07 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.01 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.95 719.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 182.84 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 194.45 719.10 Td (other ) Tj ET Q q 0 0 0 rg BT 218.27 719.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 243.78 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.27 719.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 274.21 719.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 314.70 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 334.08 719.10 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 362.91 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.52 719.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 407.79 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.29 719.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 450.98 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.59 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 504.20 719.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 527.20 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 553.80 719.10 Td (could ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 57.38 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 64.88 707.10 Td (material ) Tj ET Q q 0 0 0 rg BT 101.26 707.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 134.86 707.10 Td (effect ) Tj ET Q q 0 0 0 rg BT 159.01 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 171.51 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.90 707.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 225.96 707.10 Td (r) Tj ET Q q 0 0 0 rg BT 229.48 707.10 Td (esults, ) Tj ET Q q 0 0 0 rg BT 257.25 707.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.31 707.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 338.08 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.58 707.10 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.83 683.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 99.65 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.71 683.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 130.31 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.91 683.10 Td (business ) Tj ET Q q 0 0 0 rg BT 182.08 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.79 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 214.40 683.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 260.55 683.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 294.48 683.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 329.53 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.80 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.41 683.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 393.56 683.10 Td (warehouse, ) Tj ET Q q 0 0 0 rg BT 441.09 683.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 489.17 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 499.77 683.10 Td (other ) Tj ET Q q 0 0 0 rg BT 522.60 683.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 548.20 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 558.80 683.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 76.34 671.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 90.58 671.10 Td (leverage\) ) Tj ET Q q 0 0 0 rg BT 130.34 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 142.92 671.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 187.68 671.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 214.97 671.10 Td (For ) Tj ET Q q 0 0 0 rg BT 231.44 671.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 270.39 671.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 305.18 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.97 671.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 338.10 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 349.00 671.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 405.45 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.35 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.37 671.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 443.72 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.63 671.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 494.96 671.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 518.65 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.55 671.10 Td (other ) Tj ET Q q 0 0 0 rg BT 552.68 671.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.54 659.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 90.62 659.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 111.83 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.93 659.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 173.69 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.90 659.10 Td (those ) Tj ET Q q 0 0 0 rg BT 208.89 659.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 249.53 659.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 273.52 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.73 659.10 Td (other ) Tj ET Q q 0 0 0 rg BT 308.16 659.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 334.37 659.10 Td (through ) Tj ET Q q 0 0 0 rg BT 368.36 659.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 416.79 659.10 Td (from ) Tj ET Q q 0 0 0 rg BT 439.11 659.10 Td (warehouse, ) Tj ET Q q 0 0 0 rg BT 487.24 659.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 535.93 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 553.25 659.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 75.43 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.37 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 115.41 647.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 141.24 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.07 647.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 196.23 647.10 Td (financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 623.10 Td (e ) Tj ET Q q 0 0 0 rg BT 70.40 623.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 100.38 623.10 Td (assure ) Tj ET Q q 0 0 0 rg BT 128.69 623.10 Td (you ) Tj ET Q q 0 0 0 rg BT 147.01 623.10 Td (that ) Tj ET Q q 0 0 0 rg BT 165.33 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 180.31 623.10 Td (will ) Tj ET Q q 0 0 0 rg BT 199.19 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.95 623.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 256.38 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.48 623.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 318.57 623.10 Td (suf) Tj ET Q q 0 0 0 rg BT 330.61 623.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 359.48 623.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 392.79 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.44 623.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 449.42 623.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 469.96 623.10 Td (when ) Tj ET Q q 0 0 0 rg BT 494.94 623.10 Td (needed. ) Tj ET Q q 0 0 0 rg BT 529.08 623.10 Td (In ) Tj ET Q q 0 0 0 rg BT 540.74 623.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (because ) Tj ET Q q 0 0 0 rg BT 70.41 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.51 611.10 Td (its ) Tj ET Q q 0 0 0 rg BT 93.73 611.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 138.15 611.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 168.41 611.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 200.05 611.10 Td (may ) Tj ET Q q 0 0 0 rg BT 220.04 611.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 251.68 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.23 611.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 289.42 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 305.52 611.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 349.95 611.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 369.93 611.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 392.70 611.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 429.35 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.45 611.10 Td (expiration, ) Tj ET Q q 0 0 0 rg BT 486.26 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.47 611.10 Td (it ) Tj ET Q q 0 0 0 rg BT 511.79 611.10 Td (may ) Tj ET Q q 0 0 0 rg BT 531.78 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 543.98 611.10 Td (dif) Tj ET Q q 0 0 0 rg BT 554.91 611.10 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.74 599.10 Td (us ) Tj ET Q q 0 0 0 rg BT 62.71 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 73.57 599.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 101.64 599.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 144.15 599.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 188.89 599.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 232.23 599.10 Td (During ) Tj ET Q q 0 0 0 rg BT 263.64 599.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 293.92 599.10 Td (periods, ) Tj ET Q q 0 0 0 rg BT 328.93 599.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 360.89 599.10 Td (may ) Tj ET Q q 0 0 0 rg BT 381.19 599.10 Td (curtail ) Tj ET Q q 0 0 0 rg BT 409.81 599.10 Td (their ) Tj ET Q q 0 0 0 rg BT 431.21 599.10 Td (willingness ) Tj ET Q q 0 0 0 rg BT 479.85 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.70 599.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 524.33 599.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 567.67 599.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 72.25 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.39 587.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 126.40 587.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 145.98 587.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 182.50 587.10 Td (including ) Tj ET Q q 0 0 0 rg BT 222.63 587.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 268.30 587.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 305.08 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.88 587.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 371.44 587.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 396.01 587.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 432.52 587.10 Td (can ) Tj ET Q q 0 0 0 rg BT 448.76 587.10 Td (be ) Tj ET Q q 0 0 0 rg BT 460.56 587.10 Td (withdrawn ) Tj ET Q q 0 0 0 rg BT 505.69 587.10 Td (suddenly) Tj ET Q q 0 0 0 rg BT 541.14 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 546.00 587.10 Td (making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (it ) Tj ET Q q 0 0 0 rg BT 44.02 575.10 Td (dif) Tj ET Q q 0 0 0 rg BT 54.95 575.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 78.52 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 89.32 575.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 131.77 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.01 575.10 Td (renew ) Tj ET Q q 0 0 0 rg BT 168.91 575.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 213.03 575.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 261.04 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 271.84 575.10 Td (they ) Tj ET Q q 0 0 0 rg BT 291.52 575.10 Td (mature. ) Tj ET Q q 0 0 0 rg BT 324.07 575.10 Td (T) Tj ET Q q 0 0 0 rg BT 329.48 575.10 Td (o ) Tj ET Q q 0 0 0 rg BT 336.95 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.63 575.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 378.53 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 394.33 575.10 Td (business ) Tj ET Q q 0 0 0 rg BT 430.69 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 441.48 575.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 487.83 575.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 521.95 575.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 542.74 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 556.87 575.10 Td (us ) Tj ET Q q 0 0 0 rg BT 568.22 575.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (access ) Tj ET Q q 0 0 0 rg BT 63.35 563.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 102.93 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.19 563.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 177.65 563.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.67 563.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 220.14 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 230.29 563.10 Td (unwilling ) Tj ET Q q 0 0 0 rg BT 270.44 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.03 563.10 Td (lend ) Tj ET Q q 0 0 0 rg BT 299.07 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.66 563.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 321.87 563.10 Td (then ) Tj ET Q q 0 0 0 rg BT 340.90 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.05 563.10 Td (business ) Tj ET Q q 0 0 0 rg BT 391.76 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.01 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.81 563.10 Td (results ) Tj ET Q q 0 0 0 rg BT 472.73 563.10 Td (will ) Tj ET Q q 0 0 0 rg BT 490.11 563.10 Td (be ) Tj ET Q q 0 0 0 rg BT 501.36 563.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 541.49 563.10 Td (af) Tj ET Q q 0 0 0 rg BT 549.08 563.10 Td (fected. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (In ) Tj ET Q q 0 0 0 rg BT 47.24 551.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 85.42 551.10 Td (it ) Tj ET Q q 0 0 0 rg BT 93.89 551.10 Td (is ) Tj ET Q q 0 0 0 rg BT 103.47 551.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 139.16 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 157.06 551.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 188.85 551.10 Td (who ) Tj ET Q q 0 0 0 rg BT 208.98 551.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 242.44 551.10 Td (us ) Tj ET Q q 0 0 0 rg BT 254.24 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 274.93 551.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 315.60 551.10 Td (could ) Tj ET Q q 0 0 0 rg BT 340.73 551.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 386.94 551.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 422.06 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.75 551.10 Td (their ) Tj ET Q q 0 0 0 rg BT 453.98 551.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 482.45 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.13 551.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 528.80 551.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 553.93 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 564.62 551.10 Td (us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 87.70 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.85 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.01 539.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 168.35 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 179.51 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.55 539.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 247.90 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.05 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.21 539.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 328.30 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.91 539.10 Td (which ) Tj ET Q q 0 0 0 rg BT 366.17 539.10 Td (case ) Tj ET Q q 0 0 0 rg BT 386.20 539.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 411.25 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 425.73 539.10 Td (had ) Tj ET Q q 0 0 0 rg BT 443.00 539.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 477.48 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.08 539.10 Td (be ) Tj ET Q q 0 0 0 rg BT 500.34 539.10 Td (able ) Tj ET Q q 0 0 0 rg BT 519.82 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.43 539.10 Td (access ) Tj ET Q q 0 0 0 rg BT 558.79 539.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 51.40 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 63.45 527.10 Td (available ) Tj ET Q q 0 0 0 rg BT 102.16 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.56 527.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 125.99 527.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 175.89 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 181.01 527.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 211.38 527.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 258.44 527.10 Td (were ) Tj ET Q q 0 0 0 rg BT 280.48 527.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 314.76 527.10 Td (by ) Tj ET Q q 0 0 0 rg BT 327.38 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.21 527.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 374.82 527.10 Td (Housing ) Tj ET Q q 0 0 0 rg BT 411.33 527.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 445.02 527.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 478.74 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.14 527.10 Td (January ) Tj ET Q q 0 0 0 rg BT 522.85 527.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 545.47 527.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 47.19 515.10 Td (captive ) Tj ET Q q 0 0 0 rg BT 79.47 515.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 121.19 515.10 Td (company ) Tj ET Q q 0 0 0 rg BT 161.25 515.10 Td (membership ) Tj ET Q q 0 0 0 rg BT 214.10 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.28 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.91 515.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 274.30 515.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 302.15 515.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 326.10 515.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 350.62 515.10 Td (System. ) Tj ET Q q 0 0 0 rg BT 385.98 515.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 414.37 515.10 Td (these ) Tj ET Q q 0 0 0 rg BT 438.33 515.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 488.67 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 505.41 515.10 Td (captive ) Tj ET Q q 0 0 0 rg BT 537.69 515.10 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (company ) Tj ET Q q 0 0 0 rg BT 75.12 503.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 115.58 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.54 503.10 Td (R) Tj ET Q q 0 0 0 rg BT 126.66 503.10 Td (WT) Tj ET Q q 0 0 0 rg BT 142.03 503.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.49 503.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 186.67 503.10 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 210.52 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 237.42 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 246.56 503.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 285.12 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.02 503.10 Td (member ) Tj ET Q q 0 0 0 rg BT 327.25 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.04 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.73 503.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 385.18 503.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 412.08 503.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 435.09 503.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 458.67 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.46 503.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 505.25 503.10 Td (\(FHLBC\), ) Tj ET Q q 0 0 0 rg BT 549.11 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 558.24 503.10 Td (only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 69.14 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.07 491.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 110.98 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 122.46 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 130.04 491.10 Td (member ) Tj ET Q q 0 0 0 rg BT 165.96 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.43 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.80 491.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 228.18 491.10 Td (for ) Tj ET Q q 0 0 0 rg BT 242.99 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 250.57 491.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 289.81 491.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 330.73 491.10 Td (period ) Tj ET Q q 0 0 0 rg BT 359.42 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.01 491.10 Td (may ) Tj ET Q q 0 0 0 rg BT 397.38 491.10 Td (not ) Tj ET Q q 0 0 0 rg BT 413.30 491.10 Td (be ) Tj ET Q q 0 0 0 rg BT 425.89 491.10 Td (able ) Tj ET Q q 0 0 0 rg BT 445.69 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.62 491.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 484.76 491.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 527.90 491.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 567.70 491.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 75.46 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.05 479.10 Td (its ) Tj ET Q q 0 0 0 rg BT 98.31 479.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 142.78 479.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 178.90 479.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.15 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.18 479.10 Td (FHLBC. ) Tj ET Q q 0 0 0 rg BT 253.10 479.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 293.69 479.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 328.73 479.10 Td (is ) Tj ET Q q 0 0 0 rg BT 338.22 479.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 379.35 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.94 479.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 414.97 479.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 454.42 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.23 479.10 Td (were ) Tj ET Q q 0 0 0 rg BT 494.47 479.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 543.95 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 554.54 479.10 Td (R) Tj ET Q q 0 0 0 rg BT 560.65 479.10 Td (WT) Tj ET Q q 0 0 0 rg BT 576.02 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 75.24 467.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 96.70 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 106.50 467.10 Td (ef) Tj ET Q q 0 0 0 rg BT 114.09 467.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 160.54 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.90 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.14 467.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 231.60 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.40 467.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 271.19 467.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 319.88 467.10 Td (until ) Tj ET Q q 0 0 0 rg BT 340.24 467.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 382.25 467.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 418.16 467.10 Td (\(even ) Tj ET Q q 0 0 0 rg BT 442.39 467.10 Td (if ) Tj ET Q q 0 0 0 rg BT 450.53 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.55 467.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 509.56 467.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 545.46 467.10 Td (extends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 66.94 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.66 455.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 118.25 455.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 157.52 455.10 Td (period\), ) Tj ET Q q 0 0 0 rg BT 190.40 455.10 Td (these ) Tj ET Q q 0 0 0 rg BT 212.45 455.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 258.39 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 277.11 455.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 297.50 455.10 Td (R) Tj ET Q q 0 0 0 rg BT 303.62 455.10 Td (WT) Tj ET Q q 0 0 0 rg BT 318.99 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.49 455.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 360.48 455.10 Td (s ) Tj ET Q q 0 0 0 rg BT 365.88 455.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 392.93 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.21 455.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 436.47 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.19 455.10 Td (size ) Tj ET Q q 0 0 0 rg BT 467.24 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.07 455.10 Td (its ) Tj ET Q q 0 0 0 rg BT 488.02 455.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 524.52 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.35 455.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.40 443.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 100.14 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.21 443.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 149.82 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 169.67 443.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 199.52 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.36 443.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 242.55 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.96 443.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 288.34 443.10 Td (net ) Tj ET Q q 0 0 0 rg BT 303.19 443.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 335.26 443.10 Td (income ) Tj ET Q q 0 0 0 rg BT 367.32 443.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 408.82 443.10 Td (by ) Tj ET Q q 0 0 0 rg BT 421.45 443.10 Td (R) Tj ET Q q 0 0 0 rg BT 427.57 443.10 Td (WT) Tj ET Q q 0 0 0 rg BT 442.93 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.57 443.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 485.56 443.10 Td (s ) Tj ET Q q 0 0 0 rg BT 492.08 443.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 529.71 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.67 443.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 572.67 443.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 82.71 431.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 109.14 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.40 431.10 Td (could ) Tj ET Q q 0 0 0 rg BT 151.44 431.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 193.14 431.10 Td (have ) Tj ET Q q 0 0 0 rg BT 214.84 431.10 Td (an ) Tj ET Q q 0 0 0 rg BT 227.10 431.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 260.46 431.10 Td (ef) Tj ET Q q 0 0 0 rg BT 268.05 431.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 285.86 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 298.69 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.84 431.10 Td (business ) Tj ET Q q 0 0 0 rg BT 351.55 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.82 431.10 Td (results ) Tj ET Q q 0 0 0 rg BT 397.75 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.90 431.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 455.88 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 467.04 431.10 Td (further ) Tj ET Q q 0 0 0 rg BT 497.07 431.10 Td (described ) Tj ET Q q 0 0 0 rg BT 538.21 431.10 Td (under ) Tj ET Q q 0 0 0 rg BT 563.80 431.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 53.77 419.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 79.86 419.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 103.19 419.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.63 419.10 Td (Recently ) Tj ET Q q 0 0 0 rg BT 144.82 419.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 179.81 419.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 214.24 419.10 Td (r) Tj ET Q q 0 0 0 rg BT 217.76 419.10 Td (egulations ) Tj ET Q q 0 0 0 rg BT 262.20 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 281.63 419.10 Td (limit, ) Tj ET Q q 0 0 0 rg BT 305.24 419.10 Td (eliminate, ) Tj ET Q q 0 0 0 rg BT 347.72 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.39 419.10 Td (r) Tj ET Q q 0 0 0 rg BT 362.91 419.10 Td (educe ) Tj ET Q q 0 0 0 rg BT 389.00 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.99 419.10 Td (attractiveness ) Tj ET Q q 0 0 0 rg BT 462.30 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.86 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.52 419.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 533.23 419.10 Td (s ) Tj ET Q q 0 0 0 rg BT 539.90 419.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 568.22 419.10 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (use ) Tj ET Q q 0 0 0 rg BT 51.54 407.10 Td (borr) Tj ET Q q 0 0 0 rg BT 68.95 407.10 Td (owings ) Tj ET Q q 0 0 0 rg BT 99.51 407.10 Td (fr) Tj ET Q q 0 0 0 rg BT 105.80 407.10 Td (om ) Tj ET Q q 0 0 0 rg BT 120.24 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.67 407.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 168.53 407.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 194.63 407.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 217.40 407.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 240.16 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.15 407.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 286.25 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.24 407.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 327.88 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.31 407.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 382.86 407.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 406.74 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.95 407.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 464.49 407.10 Td (it ) Tj ET Q q 0 0 0 rg BT 472.25 407.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 496.14 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.35 407.10 Td (acquir) Tj ET Q q 0 0 0 rg BT 539.09 407.10 Td (es, ) Tj ET Q q 0 0 0 rg BT 552.13 407.10 Td (which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (could ) Tj ET Q q 0 0 0 rg BT 59.75 395.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 102.37 395.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 131.12 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.54 395.10 Td (business ) Tj ET Q q 0 0 0 rg BT 181.97 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.50 395.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 238.92 395.10 Td (r) Tj ET Q q 0 0 0 rg BT 242.44 395.10 Td (esults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.22 395.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.35 395.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 323.25 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 327.28 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.15 395.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 369.23 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.54 395.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 412.83 395.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 456.02 395.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 480.33 395.10 Td (under ) Tj ET Q q 0 0 0 rg BT 504.64 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.50 395.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 538.25 395.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 72.62 383.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 92.58 383.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 130.86 383.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 165.81 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.33 383.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 227.41 383.10 Td (capacity\) ) Tj ET Q q 0 0 0 rg BT 266.24 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 285.66 383.10 Td (be ) Tj ET Q q 0 0 0 rg BT 297.29 383.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 327.81 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 340.01 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.53 383.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 383.27 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.25 383.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 414.32 383.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 441.51 383.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 472.85 383.10 Td (which ) Tj ET Q q 0 0 0 rg BT 499.48 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 513.34 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.75 383.10 Td (not ) Tj ET Q q 0 0 0 rg BT 547.72 383.10 Td (be ) Tj ET Q q 0 0 0 rg BT 559.35 383.10 Td (able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 371.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 67.66 371.10 Td (at ) Tj ET Q q 0 0 0 rg BT 77.37 371.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 117.07 371.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 143.45 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.28 371.10 Td (at ) Tj ET Q q 0 0 0 rg BT 163.99 371.10 Td (all.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 73.03 347.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 111.72 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 130.97 347.10 Td (r) Tj ET Q q 0 0 0 rg BT 134.49 347.10 Td (educe ) Tj ET Q q 0 0 0 rg BT 160.39 347.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 200.48 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 219.73 347.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 235.65 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.02 347.10 Td (r) Tj ET Q q 0 0 0 rg BT 249.54 347.10 Td (educe ) Tj ET Q q 0 0 0 rg BT 275.45 347.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 313.04 347.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 348.03 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 353.12 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.71 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 389.96 347.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 405.88 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.25 347.10 Td (pr) Tj ET Q q 0 0 0 rg BT 424.77 347.10 Td (otect ) Tj ET Q q 0 0 0 rg BT 446.79 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 463.28 347.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 493.64 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.01 347.10 Td (difficult ) Tj ET Q q 0 0 0 rg BT 537.70 347.10 Td (economic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (envir) Tj ET Q q 0 0 0 rg BT 56.18 335.10 Td (onments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 311.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.84 311.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 102.59 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.13 311.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 139.77 311.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 169.73 311.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 201.92 311.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 219.67 311.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 241.32 311.10 Td (\(and, ) Tj ET Q q 0 0 0 rg BT 264.35 311.10 Td (at ) Tj ET Q q 0 0 0 rg BT 274.33 311.10 Td (times, ) Tj ET Q q 0 0 0 rg BT 301.26 311.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 351.22 311.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 372.87 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.07 311.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 406.71 311.10 Td (values\) ) Tj ET Q q 0 0 0 rg BT 438.35 311.10 Td (by ) Tj ET Q q 0 0 0 rg BT 451.11 311.10 Td (balancing ) Tj ET Q q 0 0 0 rg BT 492.75 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.72 311.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 567.67 311.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.20 299.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.39 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.69 299.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 135.65 299.10 Td (\(existing ) Tj ET Q q 0 0 0 rg BT 172.51 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.82 299.10 Td (anticipated\) ) Tj ET Q q 0 0 0 rg BT 237.88 299.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 276.96 299.10 Td (with ) Tj ET Q q 0 0 0 rg BT 296.61 299.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 326.79 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.43 299.10 Td (those ) Tj ET Q q 0 0 0 rg BT 359.40 299.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.16 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.46 299.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 431.09 299.10 Td (into ) Tj ET Q q 0 0 0 rg BT 448.51 299.10 Td (various ) Tj ET Q q 0 0 0 rg BT 479.82 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 511.12 299.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 527.97 299.10 Td (agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (The ) Tj ET Q q 0 0 0 rg BT 53.63 287.10 Td (number ) Tj ET Q q 0 0 0 rg BT 86.27 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.79 287.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 127.65 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.06 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.37 287.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 183.89 287.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 200.96 287.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 248.58 287.10 Td (we ) Tj ET Q q 0 0 0 rg BT 262.32 287.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 289.40 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 308.70 287.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 328.56 287.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 380.63 287.10 Td (over ) Tj ET Q q 0 0 0 rg BT 400.49 287.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 422.70 287.10 Td (W) Tj ET Q q 0 0 0 rg BT 431.34 287.10 Td (e ) Tj ET Q q 0 0 0 rg BT 437.86 287.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 477.15 287.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 497.00 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.87 287.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 528.94 287.10 Td (into ) Tj ET Q q 0 0 0 rg BT 546.58 287.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 53.49 275.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 101.52 275.10 Td (that ) Tj ET Q q 0 0 0 rg BT 119.01 275.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 152.06 275.10 Td (an ) Tj ET Q q 0 0 0 rg BT 164.00 275.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 212.03 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.97 275.10 Td (ef) Tj ET Q q 0 0 0 rg BT 236.56 275.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 264.60 275.10 Td (method ) Tj ET Q q 0 0 0 rg BT 297.09 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.25 275.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 345.97 275.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 375.67 275.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 397.06 275.10 Td (related ) Tj ET Q q 0 0 0 rg BT 426.77 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.04 275.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 471.75 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.03 275.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 513.96 275.10 Td (rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.56 251.10 Td (use ) Tj ET Q q 0 0 0 rg BT 86.90 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.24 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.69 251.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 145.68 251.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 193.23 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.68 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 232.24 251.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 280.91 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.70 251.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 316.59 251.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 345.81 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.15 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 371.49 251.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 392.39 251.10 Td (may ) Tj ET Q q 0 0 0 rg BT 411.62 251.10 Td (well ) Tj ET Q q 0 0 0 rg BT 430.85 251.10 Td (have ) Tj ET Q q 0 0 0 rg BT 451.74 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.97 251.10 Td (ef) Tj ET Q q 0 0 0 rg BT 473.56 251.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 490.55 251.10 Td (over ) Tj ET Q q 0 0 0 rg BT 510.33 251.10 Td (time ) Tj ET Q q 0 0 0 rg BT 530.12 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.46 251.10 Td (lowering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 77.90 239.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 114.24 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.48 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.16 239.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 166.06 239.10 Td (these ) Tj ET Q q 0 0 0 rg BT 189.07 239.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 210.42 239.10 Td (do ) Tj ET Q q 0 0 0 rg BT 222.88 239.10 Td (not ) Tj ET Q q 0 0 0 rg BT 238.13 239.10 Td (materialize. ) Tj ET Q q 0 0 0 rg BT 287.33 239.10 Td (T) Tj ET Q q 0 0 0 rg BT 292.74 239.10 Td (o ) Tj ET Q q 0 0 0 rg BT 300.20 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.88 239.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 341.78 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 359.23 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 373.36 239.10 Td (hedge, ) Tj ET Q q 0 0 0 rg BT 402.20 239.10 Td (it ) Tj ET Q q 0 0 0 rg BT 410.22 239.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.35 239.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 450.70 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.94 239.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 481.18 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.42 239.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 521.64 239.10 Td (us ) Tj ET Q q 0 0 0 rg BT 533.00 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 554.90 239.10 Td (some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.65 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.18 227.10 Td (ef) Tj ET Q q 0 0 0 rg BT 70.77 227.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 92.97 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.61 227.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 149.59 227.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.34 227.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 200.64 227.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 236.10 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 241.92 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.01 227.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 279.10 227.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 324.07 227.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 361.27 227.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 396.73 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 402.55 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.64 227.10 Td (stabilize ) Tj ET Q q 0 0 0 rg BT 450.28 227.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 484.71 227.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 508.02 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 519.67 227.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.87 227.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 568.23 227.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (stabilize ) Tj ET Q q 0 0 0 rg BT 72.24 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 88.49 215.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 130.28 215.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 160.97 215.10 Td (from ) Tj ET Q q 0 0 0 rg BT 183.33 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 194.58 215.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 216.93 215.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 243.18 215.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 274.41 215.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 329.54 215.10 Td (with ) Tj ET Q q 0 0 0 rg BT 350.23 215.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 381.47 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.17 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.53 215.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 456.31 215.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 505.60 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 516.85 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.55 215.10 Td (stabilize ) Tj ET Q q 0 0 0 rg BT 563.79 215.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (future ) Tj ET Q q 0 0 0 rg BT 63.14 203.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 82.50 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.09 203.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 141.22 203.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 178.36 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.95 203.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 230.97 203.10 Td (by ) Tj ET Q q 0 0 0 rg BT 244.23 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.93 203.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 309.05 203.10 Td (entity) Tj ET Q q 0 0 0 rg BT 331.18 203.10 Td (. ) Tj ET Q q 0 0 0 rg BT 336.94 203.10 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 374.63 203.10 Td (may ) Tj ET Q q 0 0 0 rg BT 395.11 203.10 Td (not ) Tj ET Q q 0 0 0 rg BT 411.15 203.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 444.94 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 461.53 203.10 Td (desired ) Tj ET Q q 0 0 0 rg BT 493.66 203.10 Td (goals. ) Tj ET Q q 0 0 0 rg BT 520.53 203.10 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 558.23 203.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 66.10 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 75.67 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.67 191.10 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 123.67 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.79 191.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 156.68 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.13 191.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 189.13 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.70 191.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 236.02 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 255.03 191.10 Td (not ) Tj ET Q q 0 0 0 rg BT 269.59 191.10 Td (be ) Tj ET Q q 0 0 0 rg BT 280.82 191.10 Td (ef) Tj ET Q q 0 0 0 rg BT 288.41 191.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 317.40 191.10 Td (due ) Tj ET Q q 0 0 0 rg BT 333.62 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.19 191.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 362.19 191.10 Td (fallout ) Tj ET Q q 0 0 0 rg BT 390.08 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.20 191.10 Td (other ) Tj ET Q q 0 0 0 rg BT 422.53 191.10 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 456.81 191.10 Td (Using ) Tj ET Q q 0 0 0 rg BT 482.49 191.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 513.71 191.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 530.48 191.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (as ) Tj ET Q q 0 0 0 rg BT 45.71 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 51.52 179.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 76.77 179.10 Td (may ) Tj ET Q q 0 0 0 rg BT 95.37 179.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 129.50 179.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 172.53 179.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 207.78 179.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 243.24 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.12 179.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 288.47 179.10 Td (if ) Tj ET Q q 0 0 0 rg BT 295.96 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 308.99 179.10 Td (do ) Tj ET Q q 0 0 0 rg BT 320.37 179.10 Td (not ) Tj ET Q q 0 0 0 rg BT 334.52 179.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 354.77 179.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 383.35 179.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 428.60 179.10 Td (treatments ) Tj ET Q q 0 0 0 rg BT 471.62 179.10 Td (for ) Tj ET Q q 0 0 0 rg BT 484.66 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 499.37 179.10 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 531.01 179.10 Td (Reductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.88 167.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 61.85 167.10 Td (values ) Tj ET Q q 0 0 0 rg BT 89.49 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.92 167.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 131.45 167.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 148.53 167.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 196.16 167.10 Td (may ) Tj ET Q q 0 0 0 rg BT 215.48 167.10 Td (not ) Tj ET Q q 0 0 0 rg BT 230.35 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 241.89 167.10 Td (of) Tj ET Q q 0 0 0 rg BT 250.04 167.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 266.57 167.10 Td (by ) Tj ET Q q 0 0 0 rg BT 278.67 167.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 317.41 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.29 167.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 343.26 167.10 Td (values ) Tj ET Q q 0 0 0 rg BT 370.91 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.33 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.65 167.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 421.08 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.50 167.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 470.82 167.10 Td (being ) Tj ET Q q 0 0 0 rg BT 495.13 167.10 Td (hedged. ) Tj ET Q q 0 0 0 rg BT 528.60 167.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 573.50 167.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 74.52 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.17 155.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 99.92 155.10 Td (values ) Tj ET Q q 0 0 0 rg BT 127.34 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.54 155.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 168.85 155.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 185.70 155.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 233.11 155.10 Td (may ) Tj ET Q q 0 0 0 rg BT 252.20 155.10 Td (not ) Tj ET Q q 0 0 0 rg BT 266.85 155.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 287.61 155.10 Td (of) Tj ET Q q 0 0 0 rg BT 295.76 155.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 312.07 155.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 346.71 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.36 155.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 372.11 155.10 Td (values ) Tj ET Q q 0 0 0 rg BT 399.53 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.73 155.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 434.93 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 445.13 155.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 484.22 155.10 Td (being ) Tj ET Q q 0 0 0 rg BT 508.31 155.10 Td (hedged. ) Tj ET Q q 0 0 0 rg BT 541.56 155.10 Td (Changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 143.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 62.66 143.10 Td (values ) Tj ET Q q 0 0 0 rg BT 90.70 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.53 143.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 133.47 143.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 150.95 143.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 198.98 143.10 Td (may ) Tj ET Q q 0 0 0 rg BT 218.70 143.10 Td (require ) Tj ET Q q 0 0 0 rg BT 249.52 143.10 Td (us ) Tj ET Q q 0 0 0 rg BT 260.91 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.19 143.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 300.34 143.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 345.05 143.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 381.44 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.27 143.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 412.54 143.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.37 143.10 Td (other ) Tj ET Q q 0 0 0 rg BT 446.42 143.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 491.10 143.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 516.93 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.76 143.10 Td (collateral. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 119.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.96 119.10 Td (also ) Tj ET Q q 0 0 0 rg BT 88.96 119.10 Td (may ) Tj ET Q q 0 0 0 rg BT 109.07 119.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 135.83 119.10 Td (by ) Tj ET Q q 0 0 0 rg BT 148.72 119.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 176.60 119.10 Td (short, ) Tj ET Q q 0 0 0 rg BT 201.99 119.10 Td (forward, ) Tj ET Q q 0 0 0 rg BT 239.03 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 250.25 119.10 Td (long ) Tj ET Q q 0 0 0 rg BT 270.91 119.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 309.92 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.59 119.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 341.05 119.10 Td (T) Tj ET Q q 0 0 0 rg BT 346.81 119.10 Td (reasuries, ) Tj ET Q q 0 0 0 rg BT 387.73 119.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 428.38 119.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 471.54 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 482.75 119.10 Td (other ) Tj ET Q q 0 0 0 rg BT 506.19 119.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 526.85 119.10 Td (instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 107.10 Td (e ) Tj ET Q q 0 0 0 rg BT 52.51 107.10 Td (may ) Tj ET Q q 0 0 0 rg BT 73.16 107.10 Td (take ) Tj ET Q q 0 0 0 rg BT 93.25 107.10 Td (both ) Tj ET Q q 0 0 0 rg BT 114.47 107.10 Td (long ) Tj ET Q q 0 0 0 rg BT 135.68 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.55 107.10 Td (short ) Tj ET Q q 0 0 0 rg BT 176.99 107.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 216.54 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.76 107.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 253.95 107.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 297.37 107.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 348.57 107.10 Td (linked ) Tj ET Q q 0 0 0 rg BT 377.00 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.21 107.10 Td (real ) Tj ET Q q 0 0 0 rg BT 406.63 107.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 432.83 107.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 461.85 107.10 Td (These ) Tj ET Q q 0 0 0 rg BT 489.16 107.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 536.47 107.10 Td (may ) Tj ET Q q 0 0 0 rg BT 557.12 107.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 77.94 95.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 98.78 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.51 95.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 121.85 95.10 Td (such ) Tj ET Q q 0 0 0 rg BT 142.14 95.10 Td (as: ) Tj ET Q q 0 0 0 rg BT 155.19 95.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 191.04 95.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 210.49 95.10 Td (due ) Tj ET Q q 0 0 0 rg BT 226.88 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.61 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.77 95.10 Td (fact ) Tj ET Q q 0 0 0 rg BT 267.71 95.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.65 95.10 Td (there ) Tj ET Q q 0 0 0 rg BT 306.59 95.10 Td (may ) Tj ET Q q 0 0 0 rg BT 325.76 95.10 Td (not ) Tj ET Q q 0 0 0 rg BT 340.49 95.10 Td (be ) Tj ET Q q 0 0 0 rg BT 351.88 95.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.27 95.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 382.42 95.10 Td (market ) Tj ET Q q 0 0 0 rg BT 412.14 95.10 Td (into ) Tj ET Q q 0 0 0 rg BT 429.65 95.10 Td (which ) Tj ET Q q 0 0 0 rg BT 456.03 95.10 Td (we ) Tj ET Q q 0 0 0 rg BT 469.65 95.10 Td (could ) Tj ET Q q 0 0 0 rg BT 493.81 95.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 509.65 95.10 Td (these ) Tj ET Q q 0 0 0 rg BT 532.15 95.10 Td (derivatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (if ) Tj ET Q q 0 0 0 rg BT 44.65 83.10 Td (needed; ) Tj ET Q q 0 0 0 rg BT 78.28 83.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 100.82 83.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 120.86 83.10 Td (which ) Tj ET Q q 0 0 0 rg BT 147.84 83.10 Td (could ) Tj ET Q q 0 0 0 rg BT 172.59 83.10 Td (result ) Tj ET Q q 0 0 0 rg BT 197.35 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.67 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 214.64 83.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 246.05 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.37 83.10 Td (value ) Tj ET Q q 0 0 0 rg BT 280.57 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 291.43 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.41 83.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 349.26 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.58 83.10 Td (make ) Tj ET Q q 0 0 0 rg BT 383.77 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.75 83.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 411.06 83.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 448.03 83.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.90 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.88 83.10 Td (result ) Tj ET Q q 0 0 0 rg BT 490.63 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.50 83.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 536.25 83.10 Td (in ) Tj ET Q q 0 0 0 rg BT 546.57 83.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 71.10 Td (rates; ) Tj ET Q q 0 0 0 rg BT 60.33 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 77.44 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.33 71.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 110.00 71.10 Td (that ) Tj ET Q q 0 0 0 rg BT 127.67 71.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.78 71.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 187.98 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.43 71.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.54 71.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 248.20 71.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.54 71.10 Td (not ) Tj ET Q q 0 0 0 rg BT 272.99 71.10 Td (willing ) Tj ET Q q 0 0 0 rg BT 304.00 71.10 Td (or ) Tj ET Q q 0 0 0 rg BT 315.00 71.10 Td (able ) Tj ET Q q 0 0 0 rg BT 334.33 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.78 71.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 379.66 71.10 Td (its ) Tj ET Q q 0 0 0 rg BT 391.78 71.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 438.89 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.34 71.10 Td (us ) Tj ET Q q 0 0 0 rg BT 460.91 71.10 Td (due ) Tj ET Q q 0 0 0 rg BT 478.02 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.47 71.10 Td (its ) Tj ET Q q 0 0 0 rg BT 500.59 71.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 538.24 71.10 Td (condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 59.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 59.10 Td (otherwise. ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.96 731.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 108.24 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 127.86 731.10 Td (be ) Tj ET Q q 0 0 0 rg BT 139.71 731.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 170.44 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.63 731.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 230.24 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 252.09 731.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 282.81 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.99 731.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 323.72 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.45 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 341.30 731.10 Td (result ) Tj ET Q q 0 0 0 rg BT 365.92 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.66 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.28 731.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 437.56 731.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 477.72 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 491.79 731.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 521.40 731.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 567.68 731.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 49.02 719.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 73.71 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.40 719.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 121.98 719.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 148.90 719.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 172.47 719.10 Td (do ) Tj ET Q q 0 0 0 rg BT 183.83 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 197.97 719.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 243.76 719.10 Td (match ) Tj ET Q q 0 0 0 rg BT 269.55 719.10 Td (those ) Tj ET Q q 0 0 0 rg BT 292.02 719.10 Td (used ) Tj ET Q q 0 0 0 rg BT 311.72 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 324.74 719.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 372.47 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.16 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 391.85 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.65 719.10 Td (result ) Tj ET Q q 0 0 0 rg BT 421.23 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.92 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 445.61 719.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 480.31 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.45 719.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 510.24 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.82 719.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 77.37 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.65 707.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 115.14 707.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 148.73 707.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 175.11 707.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 221.48 707.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 261.74 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.90 707.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 305.60 707.10 Td (derivatives. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (W) Tj ET Q q 0 0 0 rg BT 43.41 683.10 Td (e ) Tj ET Q q 0 0 0 rg BT 50.90 683.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 74.50 683.10 Td (into ) Tj ET Q q 0 0 0 rg BT 93.11 683.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 136.14 683.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 176.41 683.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.01 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 214.72 683.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 244.98 683.10 Td (us ) Tj ET Q q 0 0 0 rg BT 256.92 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.75 683.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 313.02 683.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 353.84 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.90 683.10 Td (those ) Tj ET Q q 0 0 0 rg BT 396.05 683.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 441.32 683.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 482.15 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 501.86 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 517.69 683.10 Td (appear ) Tj ET Q q 0 0 0 rg BT 549.07 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.12 683.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 70.67 671.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 96.74 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.15 671.10 Td (e ) Tj ET Q q 0 0 0 rg BT 111.61 671.10 Td (may ) Tj ET Q q 0 0 0 rg BT 131.28 671.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 157.63 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.42 671.10 Td (synthetic ) Tj ET Q q 0 0 0 rg BT 206.98 671.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 250.82 671.10 Td (cr) Tj ET Q q 0 0 0 rg BT 258.78 671.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 276.80 671.10 Td (default ) Tj ET Q q 0 0 0 rg BT 307.59 671.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 337.56 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.58 671.10 Td (other ) Tj ET Q q 0 0 0 rg BT 379.70 671.10 Td (cr) Tj ET Q q 0 0 0 rg BT 387.66 671.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 405.67 671.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 455.06 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 481.97 671.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 512.19 671.10 Td (us ) Tj ET Q q 0 0 0 rg BT 524.10 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.90 671.10 Td (additional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 635.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.66 635.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 92.23 635.10 Td (into ) Tj ET Q q 0 0 0 rg BT 110.37 635.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 152.93 635.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 194.11 635.10 Td (including ) Tj ET Q q 0 0 0 rg BT 234.46 635.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 266.48 635.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 284.05 635.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 313.58 635.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 348.11 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.13 635.10 Td (futures, ) Tj ET Q q 0 0 0 rg BT 397.98 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 415.56 635.10 Td (could ) Tj ET Q q 0 0 0 rg BT 440.36 635.10 Td (require ) Tj ET Q q 0 0 0 rg BT 471.26 635.10 Td (us ) Tj ET Q q 0 0 0 rg BT 482.73 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.09 635.10 Td (make ) Tj ET Q q 0 0 0 rg BT 517.33 635.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 537.68 635.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.78 623.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 76.99 623.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 139.13 623.10 Td (Potential ) Tj ET Q q 0 0 0 rg BT 177.68 623.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 215.12 623.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 262.57 623.10 Td (would ) Tj ET Q q 0 0 0 rg BT 290.57 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 303.01 623.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 348.23 623.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 388.45 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.89 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 426.11 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 441.89 623.10 Td (appear ) Tj ET Q q 0 0 0 rg BT 471.54 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 484.54 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 500.87 623.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 534.41 623.10 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 560.46 623.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 64.33 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.89 611.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 103.78 611.10 Td (these ) Tj ET Q q 0 0 0 rg BT 127.11 611.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 172.10 611.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 212.10 611.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 247.65 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 260.43 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.43 611.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 312.10 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.21 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.32 611.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.43 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.65 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 398.76 611.10 Td (access ) Tj ET Q q 0 0 0 rg BT 427.08 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.64 611.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 467.07 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.29 611.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 507.14 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 525.46 611.10 Td (need ) Tj ET Q q 0 0 0 rg BT 547.12 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 557.68 611.10 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 599.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 103.76 599.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 143.48 599.10 Td (could ) Tj ET Q q 0 0 0 rg BT 168.19 599.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 209.01 599.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 238.72 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 254.55 599.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 292.03 599.10 Td (condition. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 575.10 Td (W) Tj ET Q q 0 0 0 rg BT 64.64 575.10 Td (e ) Tj ET Q q 0 0 0 rg BT 71.49 575.10 Td (may ) Tj ET Q q 0 0 0 rg BT 91.12 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.31 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.94 575.10 Td (future ) Tj ET Q q 0 0 0 rg BT 142.23 575.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 168.52 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.71 575.10 Td (synthetic ) Tj ET Q q 0 0 0 rg BT 217.23 575.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 259.91 575.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 285.08 575.10 Td (default ) Tj ET Q q 0 0 0 rg BT 315.26 575.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 344.61 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.46 575.10 Td (other ) Tj ET Q q 0 0 0 rg BT 384.42 575.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 409.60 575.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 455.88 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 473.29 575.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 512.88 575.10 Td (other ) Tj ET Q q 0 0 0 rg BT 535.84 575.10 Td (real ) Tj ET Q q 0 0 0 rg BT 553.24 575.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 77.25 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 89.06 563.10 Td (indices. ) Tj ET Q q 0 0 0 rg BT 123.12 563.10 Td (These ) Tj ET Q q 0 0 0 rg BT 150.49 563.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 201.74 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 222.45 563.10 Td (present ) Tj ET Q q 0 0 0 rg BT 254.81 563.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 277.19 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.45 563.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 318.03 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.85 563.10 Td (those ) Tj ET Q q 0 0 0 rg BT 354.44 563.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 392.92 563.10 Td (from ) Tj ET Q q 0 0 0 rg BT 415.85 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.55 563.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 477.22 563.10 Td (security ) Tj ET Q q 0 0 0 rg BT 512.36 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 524.17 563.10 Td (index. ) Tj ET Q q 0 0 0 rg BT 552.12 563.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 86.82 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.08 551.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 140.12 551.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 187.59 551.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 241.74 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 262.57 551.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 322.26 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.75 551.10 Td (not ) Tj ET Q q 0 0 0 rg BT 355.57 551.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 406.40 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.77 551.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 463.01 551.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 503.82 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.20 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 538.80 551.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 567.67 551.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (these ) Tj ET Q q 0 0 0 rg BT 58.94 539.10 Td (types ) Tj ET Q q 0 0 0 rg BT 82.45 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.17 539.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 145.84 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 159.89 539.10 Td (have ) Tj ET Q q 0 0 0 rg BT 181.17 539.10 Td (no ) Tj ET Q q 0 0 0 rg BT 193.56 539.10 Td (right ) Tj ET Q q 0 0 0 rg BT 214.84 539.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 247.78 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.95 539.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 290.32 539.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 338.81 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 358.98 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.59 539.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 398.20 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.93 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.54 539.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 468.12 539.10 Td (security ) Tj ET Q q 0 0 0 rg BT 502.17 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.89 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 535.84 539.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 561.56 539.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.40 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 70.01 527.10 Td (no ) Tj ET Q q 0 0 0 rg BT 81.74 527.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 109.03 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 119.10 527.10 Td (other ) Tj ET Q q 0 0 0 rg BT 141.38 527.10 Td (consensual ) Tj ET Q q 0 0 0 rg BT 186.99 527.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 211.50 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.57 527.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 264.96 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 284.48 527.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 314.53 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.04 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.99 527.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 381.91 527.10 Td (security ) Tj ET Q q 0 0 0 rg BT 415.30 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 425.37 527.10 Td (other ) Tj ET Q q 0 0 0 rg BT 447.65 527.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 475.21 527.10 Td (In ) Tj ET Q q 0 0 0 rg BT 485.28 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.23 527.10 Td (event ) Tj ET Q q 0 0 0 rg BT 522.62 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.68 527.10 Td (insolvency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.47 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 53.04 515.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 102.92 515.10 Td (, ) Tj ET Q q 0 0 0 rg BT 107.56 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 121.36 515.10 Td (will ) Tj ET Q q 0 0 0 rg BT 139.05 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 150.62 515.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 179.96 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 190.43 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 197.00 515.10 Td (general ) Tj ET Q q 0 0 0 rg BT 228.56 515.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 261.79 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.26 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.61 515.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 339.28 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.86 515.10 Td (will ) Tj ET Q q 0 0 0 rg BT 373.55 515.10 Td (have ) Tj ET Q q 0 0 0 rg BT 394.56 515.10 Td (no ) Tj ET Q q 0 0 0 rg BT 406.70 515.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 431.05 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.51 515.10 Td (title ) Tj ET Q q 0 0 0 rg BT 459.20 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 479.12 515.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 509.57 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.48 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.83 515.10 Td (referenced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (security) Tj ET Q q 0 0 0 rg BT 67.01 503.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 72.94 479.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 111.54 479.10 Td (may ) Tj ET Q q 0 0 0 rg BT 130.70 479.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 161.52 479.10 Td (us ) Tj ET Q q 0 0 0 rg BT 172.91 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.19 479.10 Td (incr) Tj ET Q q 0 0 0 rg BT 198.93 479.10 Td (eased ) Tj ET Q q 0 0 0 rg BT 224.20 479.10 Td (r) Tj ET Q q 0 0 0 rg BT 227.72 479.10 Td (egulation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.52 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.26 455.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 147.11 455.10 Td (Act, ) Tj ET Q q 0 0 0 rg BT 166.58 455.10 Td (there ) Tj ET Q q 0 0 0 rg BT 189.09 455.10 Td (is ) Tj ET Q q 0 0 0 rg BT 198.29 455.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 238.57 455.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 281.64 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.49 455.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 340.28 455.10 Td (such ) Tj ET Q q 0 0 0 rg BT 361.14 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 372.00 455.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 412.85 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.82 455.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 459.55 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.41 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.26 455.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 538.51 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 556.03 455.10 Td (enter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (into ) Tj ET Q q 0 0 0 rg BT 53.98 443.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 85.83 443.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 103.24 443.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 137.88 443.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 185.83 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.69 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 225.66 443.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 260.30 443.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 309.39 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.25 443.10 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 374.87 443.10 Td (This ) Tj ET Q q 0 0 0 rg BT 395.07 443.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 435.24 443.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 478.21 443.10 Td (could ) Tj ET Q q 0 0 0 rg BT 502.85 443.10 Td (result ) Tj ET Q q 0 0 0 rg BT 527.49 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.69 443.10 Td (Redwood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.89 431.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 76.65 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.55 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.44 431.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 153.21 431.10 Td (being ) Tj ET Q q 0 0 0 rg BT 177.99 431.10 Td (required ) Tj ET Q q 0 0 0 rg BT 213.87 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.21 431.10 Td (register ) Tj ET Q q 0 0 0 rg BT 256.75 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.75 431.10 Td (be ) Tj ET Q q 0 0 0 rg BT 285.75 431.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 325.52 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.41 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 343.41 431.10 Td (commodity ) Tj ET Q q 0 0 0 rg BT 391.52 431.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 411.86 431.10 Td (operator ) Tj ET Q q 0 0 0 rg BT 447.74 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 458.63 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.63 431.10 Td (commodity ) Tj ET Q q 0 0 0 rg BT 513.74 431.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 544.63 431.10 Td (advisor) Tj ET Q q 0 0 0 rg BT 573.51 431.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (If ) Tj ET Q q 0 0 0 rg BT 45.16 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 59.31 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 74.01 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 89.29 419.10 Td (able ) Tj ET Q q 0 0 0 rg BT 108.44 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.71 419.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 156.20 419.10 Td (an ) Tj ET Q q 0 0 0 rg BT 168.13 419.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 212.84 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 234.77 419.10 Td (these ) Tj ET Q q 0 0 0 rg BT 257.81 419.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 307.24 419.10 Td (it ) Tj ET Q q 0 0 0 rg BT 315.29 419.10 Td (could ) Tj ET Q q 0 0 0 rg BT 340.00 419.10 Td (have ) Tj ET Q q 0 0 0 rg BT 361.38 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.31 419.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 404.68 419.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 434.38 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 446.88 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 462.70 419.10 Td (business ) Tj ET Q q 0 0 0 rg BT 499.09 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 509.92 419.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 547.39 419.10 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 75.03 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 80.68 407.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 103.27 407.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 143.07 407.10 Td (central ) Tj ET Q q 0 0 0 rg BT 173.43 407.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 208.78 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.26 407.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.61 407.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 283.20 407.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 301.34 407.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 325.04 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.63 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 366.33 407.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 419.74 407.10 Td (as ) Tj ET Q q 0 0 0 rg BT 431.22 407.10 Td (well ) Tj ET Q q 0 0 0 rg BT 451.59 407.10 Td (as ) Tj ET Q q 0 0 0 rg BT 463.07 407.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 485.66 407.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 519.35 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.28 407.10 Td (mar) Tj ET Q q 0 0 0 rg BT 545.65 407.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 561.58 407.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 64.27 395.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 118.09 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 131.37 395.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 153.54 395.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 202.92 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.98 395.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 257.80 395.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 306.07 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.47 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.30 395.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 351.47 395.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 387.25 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 397.19 395.10 Td (well ) Tj ET Q q 0 0 0 rg BT 416.03 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 425.98 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 448.14 395.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 470.31 395.10 Td (market ) Tj ET Q q 0 0 0 rg BT 499.70 395.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 542.41 395.10 Td (reforms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 56.09 383.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 91.71 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.79 383.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 125.77 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 136.97 383.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 174.25 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.34 383.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 237.19 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.84 383.10 Td (us ) Tj ET Q q 0 0 0 rg BT 259.60 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.80 383.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 305.88 383.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 359.02 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.32 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 396.41 383.10 Td (also ) Tj ET Q q 0 0 0 rg BT 415.38 383.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 437.15 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.34 383.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 481.76 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.41 383.10 Td (include ) Tj ET Q q 0 0 0 rg BT 524.71 383.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 552.03 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 562.67 383.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.37 371.10 Td (transactions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.61 347.10 Td (r) Tj ET Q q 0 0 0 rg BT 58.13 347.10 Td (esults ) Tj ET Q q 0 0 0 rg BT 83.41 347.10 Td (could ) Tj ET Q q 0 0 0 rg BT 108.13 347.10 Td (be ) Tj ET Q q 0 0 0 rg BT 120.07 347.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 160.88 347.10 Td (affected ) Tj ET Q q 0 0 0 rg BT 195.03 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 206.97 347.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 261.13 347.10 Td (cr) Tj ET Q q 0 0 0 rg BT 269.09 347.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 286.58 347.10 Td (risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 323.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.89 323.10 Td (have ) Tj ET Q q 0 0 0 rg BT 91.58 323.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 117.15 323.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 138.85 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 156.66 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 171.68 323.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 211.69 323.10 Td (related ) Tj ET Q q 0 0 0 rg BT 241.71 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.30 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.33 323.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 326.78 323.10 Td (with ) Tj ET Q q 0 0 0 rg BT 347.37 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 374.62 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 389.09 323.10 Td (do ) Tj ET Q q 0 0 0 rg BT 401.90 323.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 440.90 323.10 Td (There ) Tj ET Q q 0 0 0 rg BT 467.03 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 476.51 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.76 323.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 501.57 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.38 323.10 Td (counterparties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (will ) Tj ET Q q 0 0 0 rg BT 53.69 311.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 69.15 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 79.06 311.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 113.40 311.10 Td (under ) Tj ET Q q 0 0 0 rg BT 138.30 311.10 Td (their ) Tj ET Q q 0 0 0 rg BT 158.76 311.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 205.31 311.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 261.30 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 281.22 311.10 Td (us ) Tj ET Q q 0 0 0 rg BT 292.24 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.81 311.10 Td (this ) Tj ET Q q 0 0 0 rg BT 325.39 311.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 342.53 311.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.33 311.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 382.35 311.10 Td (more ) Tj ET Q q 0 0 0 rg BT 405.03 311.10 Td (pronounced ) Tj ET Q q 0 0 0 rg BT 454.37 311.10 Td (during ) Tj ET Q q 0 0 0 rg BT 482.61 311.10 Td (an ) Tj ET Q q 0 0 0 rg BT 494.18 311.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 535.18 311.10 Td (downturn. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (Counterparties ) Tj ET Q q 0 0 0 rg BT 97.03 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 116.41 299.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 136.34 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.28 299.10 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 185.65 299.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 210.58 299.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 248.84 299.10 Td (by ) Tj ET Q q 0 0 0 rg BT 261.00 299.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 295.93 299.10 Td (into ) Tj ET Q q 0 0 0 rg BT 313.65 299.10 Td (of) Tj ET Q q 0 0 0 rg BT 321.80 299.10 Td (fsetting, ) Tj ET Q q 0 0 0 rg BT 356.45 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 366.95 299.10 Td (back-to-back, ) Tj ET Q q 0 0 0 rg BT 432.68 299.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 467.06 299.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 519.48 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 536.08 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 550.46 299.10 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.04 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 52.18 287.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 104.42 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.91 287.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 136.72 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.87 287.10 Td (synthetic ) Tj ET Q q 0 0 0 rg BT 180.68 287.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 226.26 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 245.19 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 256.33 287.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 299.13 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 310.84 287.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 344.76 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.68 287.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 417.03 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.52 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.44 287.10 Td (back-to-back ) Tj ET Q q 0 0 0 rg BT 494.34 287.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 543.81 287.10 Td (perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (their ) Tj ET Q q 0 0 0 rg BT 56.55 275.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 91.53 275.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 140.53 275.10 Td (Those ) Tj ET Q q 0 0 0 rg BT 167.19 275.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 188.31 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.86 275.10 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 269.93 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 289.37 275.10 Td (dif) Tj ET Q q 0 0 0 rg BT 300.29 275.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 313.61 275.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 356.37 275.10 Td (from ) Tj ET Q q 0 0 0 rg BT 378.03 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.47 275.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 413.58 275.10 Td (entailed ) Tj ET Q q 0 0 0 rg BT 447.45 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.45 275.10 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 525.74 275.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 62.96 263.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 102.69 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 117.42 263.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 148.26 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 160.79 263.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 195.51 263.10 Td (or) Tj ET Q q 0 0 0 rg BT 203.66 263.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 247.84 263.10 Td (guarantees, ) Tj ET Q q 0 0 0 rg BT 295.61 263.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 318.13 263.10 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 383.41 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.37 263.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 443.99 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.85 263.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 495.99 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.95 263.10 Td (segregation ) Tj ET Q q 0 0 0 rg BT 561.57 263.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 77.55 251.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.86 251.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 161.73 251.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 205.48 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.92 251.10 Td (intermediaries. ) Tj ET Q q 0 0 0 rg BT 278.08 251.10 Td (T) Tj ET Q q 0 0 0 rg BT 283.84 251.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 331.49 251.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 363.57 251.10 Td (into ) Tj ET Q q 0 0 0 rg BT 381.79 251.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 414.99 251.10 Td (between ) Tj ET Q q 0 0 0 rg BT 450.97 251.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 480.29 251.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 520.15 251.10 Td (do ) Tj ET Q q 0 0 0 rg BT 532.81 251.10 Td (not ) Tj ET Q q 0 0 0 rg BT 548.25 251.10 Td (benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.24 239.10 Td (those ) Tj ET Q q 0 0 0 rg BT 80.15 239.10 Td (protections, ) Tj ET Q q 0 0 0 rg BT 128.88 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.12 239.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 174.69 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.71 239.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 217.17 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.74 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.76 239.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 257.56 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.69 239.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 320.03 239.10 Td (default. ) Tj ET Q q 0 0 0 rg BT 352.09 239.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 406.38 239.10 Td (there ) Tj ET Q q 0 0 0 rg BT 428.16 239.10 Td (may ) Tj ET Q q 0 0 0 rg BT 447.18 239.10 Td (be ) Tj ET Q q 0 0 0 rg BT 458.42 239.10 Td (practical ) Tj ET Q q 0 0 0 rg BT 494.64 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.88 239.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 538.79 239.10 Td (problems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.59 227.10 Td (with ) Tj ET Q q 0 0 0 rg BT 99.87 227.10 Td (enforcing ) Tj ET Q q 0 0 0 rg BT 140.69 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.52 227.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 181.80 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.07 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.90 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.18 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.90 227.10 Td (case ) Tj ET Q q 0 0 0 rg BT 262.61 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.44 227.10 Td (an ) Tj ET Q q 0 0 0 rg BT 285.38 227.10 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 331.20 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.03 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.97 227.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 398.85 227.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.25 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.39 203.10 Td (event ) Tj ET Q q 0 0 0 rg BT 104.97 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.33 203.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 165.78 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.48 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.73 203.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 237.31 203.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 285.78 203.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 323.69 203.10 Td (insolvent, ) Tj ET Q q 0 0 0 rg BT 365.77 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 380.36 203.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.49 203.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 416.74 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.44 203.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 460.34 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.48 203.10 Td (full ) Tj ET Q q 0 0 0 rg BT 492.28 203.10 Td (value ) Tj ET Q q 0 0 0 rg BT 516.86 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.11 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 544.36 203.10 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 78.43 191.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 97.84 191.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 135.56 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.63 191.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 188.24 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.42 191.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 238.66 191.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.90 191.10 Td (In ) Tj ET Q q 0 0 0 rg BT 254.96 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.92 191.10 Td (event ) Tj ET Q q 0 0 0 rg BT 294.31 191.10 Td (a ) Tj ET Q q 0 0 0 rg BT 301.49 191.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 354.75 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.27 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 381.34 191.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 413.51 191.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 431.23 191.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 482.00 191.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 507.50 191.10 Td (default ) Tj ET Q q 0 0 0 rg BT 538.00 191.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 567.68 191.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 58.55 179.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 104.43 179.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 141.42 179.10 Td (insolvent ) Tj ET Q q 0 0 0 rg BT 180.09 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.43 179.10 Td (interprets ) Tj ET Q q 0 0 0 rg BT 230.20 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.53 179.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 293.07 179.10 Td (with ) Tj ET Q q 0 0 0 rg BT 312.86 179.10 Td (it ) Tj ET Q q 0 0 0 rg BT 320.42 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.20 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 336.65 179.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 368.64 179.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 418.40 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.18 179.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 441.58 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.92 179.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 484.47 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.26 179.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 522.90 179.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 556.57 179.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.90 167.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 77.46 167.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 124.01 167.10 Td (may ) Tj ET Q q 0 0 0 rg BT 143.91 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 156.03 167.10 Td (diminished, ) Tj ET Q q 0 0 0 rg BT 205.66 167.10 Td (any ) Tj ET Q q 0 0 0 rg BT 222.78 167.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 243.23 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.24 167.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 294.12 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 308.46 167.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 342.80 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.26 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.16 167.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 421.37 167.10 Td (may ) Tj ET Q q 0 0 0 rg BT 441.27 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 453.39 167.10 Td (unrecoverable, ) Tj ET Q q 0 0 0 rg BT 515.21 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.33 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 546.67 167.10 Td (may ) Tj ET Q q 0 0 0 rg BT 566.57 167.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 64.03 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.31 155.10 Td (unwind ) Tj ET Q q 0 0 0 rg BT 106.80 155.10 Td (these ) Tj ET Q q 0 0 0 rg BT 129.84 155.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 177.87 155.10 Td (at ) Tj ET Q q 0 0 0 rg BT 187.58 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.52 155.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 215.07 155.10 Td (In ) Tj ET Q q 0 0 0 rg BT 225.90 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.61 155.10 Td (event ) Tj ET Q q 0 0 0 rg BT 264.76 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 271.69 155.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 324.72 155.10 Td (that ) Tj ET Q q 0 0 0 rg BT 342.21 155.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 362.48 155.10 Td (us ) Tj ET Q q 0 0 0 rg BT 373.87 155.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 418.02 155.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 458.28 155.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 481.88 155.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 519.36 155.10 Td (insolvent ) Tj ET Q q 0 0 0 rg BT 558.52 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 569.34 155.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 72.57 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 84.73 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.31 143.10 Td (third ) Tj ET Q q 0 0 0 rg BT 112.35 143.10 Td (party) Tj ET Q q 0 0 0 rg BT 132.25 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 136.90 143.10 Td (we ) Tj ET Q q 0 0 0 rg BT 150.71 143.10 Td (may ) Tj ET Q q 0 0 0 rg BT 170.08 143.10 Td (be ) Tj ET Q q 0 0 0 rg BT 181.67 143.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 210.48 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.40 143.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 252.53 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.01 143.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 287.38 143.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 332.84 143.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 357.77 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.69 143.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 413.72 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 433.65 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 440.24 143.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 469.03 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.51 143.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 498.88 143.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 561.56 143.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 79.74 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.27 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 110.03 131.10 Td (may ) Tj ET Q q 0 0 0 rg BT 129.34 131.10 Td (suf) Tj ET Q q 0 0 0 rg BT 141.38 131.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 154.57 131.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 180.55 131.10 Td (if ) Tj ET Q q 0 0 0 rg BT 188.76 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 202.51 131.10 Td (must ) Tj ET Q q 0 0 0 rg BT 224.05 131.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 269.45 131.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 313.76 131.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 339.46 131.10 Td (In ) Tj ET Q q 0 0 0 rg BT 349.88 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.19 131.10 Td (event ) Tj ET Q q 0 0 0 rg BT 387.94 131.10 Td (that ) Tj ET Q q 0 0 0 rg BT 405.03 131.10 Td (one ) Tj ET Q q 0 0 0 rg BT 421.56 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.99 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.41 131.10 Td (sub-servicers ) Tj ET Q q 0 0 0 rg BT 502.26 131.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 539.34 131.10 Td (insolvent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.28 119.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 67.45 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.18 119.10 Td (perform, ) Tj ET Q q 0 0 0 rg BT 115.84 119.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 136.01 119.10 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 193.94 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.33 119.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 237.04 119.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 263.89 119.10 Td (may ) Tj ET Q q 0 0 0 rg BT 284.06 119.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 319.76 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.15 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.76 119.10 Td (may ) Tj ET Q q 0 0 0 rg BT 371.93 119.10 Td (not ) Tj ET Q q 0 0 0 rg BT 387.66 119.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 419.48 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.65 119.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 459.82 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.55 119.10 Td (which ) Tj ET Q q 0 0 0 rg BT 497.94 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 512.55 119.10 Td (are ) Tj ET Q q 0 0 0 rg BT 527.71 119.10 Td (entitled. ) Tj ET Q q 0 0 0 rg BT 562.94 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 571.58 119.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 69.43 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.64 107.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 119.62 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 136.39 107.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 190.35 107.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 229.89 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.76 107.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 280.62 107.10 Td (with ) Tj ET Q q 0 0 0 rg BT 301.83 107.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 333.58 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.80 107.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 365.45 107.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 429.42 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.29 107.10 Td (warranties\) ) Tj ET Q q 0 0 0 rg BT 495.70 107.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 529.13 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.34 107.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 562.67 107.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 90.65 95.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 130.86 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.75 95.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 203.50 95.10 Td (with ) Tj ET Q q 0 0 0 rg BT 225.39 95.10 Td (investment-grade ) Tj ET Q q 0 0 0 rg BT 298.93 95.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 325.80 95.10 Td (ratings, ) Tj ET Q q 0 0 0 rg BT 359.63 95.10 Td (although ) Tj ET Q q 0 0 0 rg BT 398.74 95.10 Td (we ) Tj ET Q q 0 0 0 rg BT 414.52 95.10 Td (may ) Tj ET Q q 0 0 0 rg BT 435.85 95.10 Td (not ) Tj ET Q q 0 0 0 rg BT 452.74 95.10 Td (always ) Tj ET Q q 0 0 0 rg BT 484.62 95.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.17 95.10 Td (able ) Tj ET Q q 0 0 0 rg BT 518.94 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.83 95.10 Td (do ) Tj ET Q q 0 0 0 rg BT 544.94 95.10 Td (so. ) Tj ET Q q 0 0 0 rg BT 560.45 95.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 88.71 83.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 105.89 83.10 Td (management ) Tj ET Q q 0 0 0 rg BT 159.16 83.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 193.00 83.10 Td (may ) Tj ET Q q 0 0 0 rg BT 212.39 83.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 237.34 83.10 Td (inef) Tj ET Q q 0 0 0 rg BT 252.71 83.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 282.09 83.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 301.21 83.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 347.76 83.10 Td (, ) Tj ET Q q 0 0 0 rg BT 352.44 83.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.95 83.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 404.01 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.63 83.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 440.58 83.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 464.98 83.10 Td (could ) Tj ET Q q 0 0 0 rg BT 489.38 83.10 Td (be ) Tj ET Q q 0 0 0 rg BT 501.00 83.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 541.49 83.10 Td (af) Tj ET Q q 0 0 0 rg BT 549.08 83.10 Td (fected. ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (20) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Through ) Tj ET Q q 0 0 0 rg BT 74.24 731.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.68 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.56 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.57 731.25 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 189.34 731.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 239.80 731.25 Td (we ) Tj ET Q q 0 0 0 rg BT 252.46 731.25 Td (have ) Tj ET Q q 0 0 0 rg BT 273.45 731.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 309.44 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 319.33 731.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.67 731.25 Td (past, ) Tj ET Q q 0 0 0 rg BT 354.39 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.50 731.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 391.40 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.73 731.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 438.40 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.73 731.25 Td (engage, ) Tj ET Q q 0 0 0 rg BT 481.22 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.11 731.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 532.67 731.25 Td (residential ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 77.11 719.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 101.57 719.25 Td (with ) Tj ET Q q 0 0 0 rg BT 121.58 719.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.58 719.25 Td (intent ) Tj ET Q q 0 0 0 rg BT 162.70 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.70 719.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 188.81 719.25 Td (these ) Tj ET Q q 0 0 0 rg BT 212.15 719.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 236.60 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.61 719.25 Td (third ) Tj ET Q q 0 0 0 rg BT 268.84 719.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 298.84 719.25 Td (or ) Tj ET Q q 0 0 0 rg BT 309.96 719.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 330.52 719.25 Td (them ) Tj ET Q q 0 0 0 rg BT 353.30 719.25 Td (as ) Tj ET Q q 0 0 0 rg BT 364.42 719.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 417.48 719.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 454.89 719.25 Td (, ) Tj ET Q q 0 0 0 rg BT 459.61 719.25 Td (we ) Tj ET Q q 0 0 0 rg BT 472.95 719.25 Td (have ) Tj ET Q q 0 0 0 rg BT 494.61 719.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 531.27 719.25 Td (in ) Tj ET Q q 0 0 0 rg BT 541.83 719.25 Td (the ) Tj ET Q q 0 0 0 rg BT 556.84 719.25 Td (past, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 54.68 707.25 Td (may ) Tj ET Q q 0 0 0 rg BT 75.01 707.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 114.24 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.14 707.25 Td (engage, ) Tj ET Q q 0 0 0 rg BT 160.19 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 171.64 707.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 214.77 707.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 261.22 707.25 Td (MSRs. ) Tj ET Q q 0 0 0 rg BT 291.85 707.25 Td (These ) Tj ET Q q 0 0 0 rg BT 319.40 707.25 Td (types ) Tj ET Q q 0 0 0 rg BT 343.07 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.51 707.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 408.20 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.87 707.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 478.32 707.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 509.21 707.25 Td (us ) Tj ET Q q 0 0 0 rg BT 521.78 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 532.67 707.25 Td (potentially ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (material ) Tj ET Q q 0 0 0 rg BT 72.94 695.25 Td (risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (Acquiring ) Tj ET Q q 0 0 0 rg BT 97.41 671.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 138.04 671.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 162.02 671.25 Td (with ) Tj ET Q q 0 0 0 rg BT 182.66 671.25 Td (intent ) Tj ET Q q 0 0 0 rg BT 208.30 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.95 671.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 235.70 671.25 Td (these ) Tj ET Q q 0 0 0 rg BT 259.11 671.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 283.09 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.73 671.25 Td (third ) Tj ET Q q 0 0 0 rg BT 315.48 671.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 345.01 671.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 385.07 671.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 420.15 671.25 Td (us ) Tj ET Q q 0 0 0 rg BT 431.91 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.55 671.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 465.96 671.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 510.48 671.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 533.07 671.25 Td (either ) Tj ET Q q 0 0 0 rg BT 558.70 671.25 Td (on ) Tj ET Q q 0 0 0 rg BT 571.56 671.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (recourse ) Tj ET Q q 0 0 0 rg BT 72.35 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 83.16 659.25 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 137.83 659.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 162.81 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 173.07 659.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 204.97 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.67 659.25 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 276.02 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.83 659.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 310.41 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 321.22 659.25 Td (other ) Tj ET Q q 0 0 0 rg BT 344.25 659.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.06 659.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 391.98 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.24 659.25 Td (sale. ) Tj ET Q q 0 0 0 rg BT 422.58 659.25 Td (This ) Tj ET Q q 0 0 0 rg BT 442.84 659.25 Td (type ) Tj ET Q q 0 0 0 rg BT 462.54 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 473.35 659.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 493.04 659.25 Td (may ) Tj ET Q q 0 0 0 rg BT 512.74 659.25 Td (not ) Tj ET Q q 0 0 0 rg BT 528.00 659.25 Td (be ) Tj ET Q q 0 0 0 rg BT 539.91 659.25 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.73 647.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 61.08 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 72.36 647.25 Td (may ) Tj ET Q q 0 0 0 rg BT 92.53 647.25 Td (only ) Tj ET Q q 0 0 0 rg BT 113.26 647.25 Td (be ) Tj ET Q q 0 0 0 rg BT 125.65 647.25 Td (available ) Tj ET Q q 0 0 0 rg BT 164.69 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.43 647.25 Td (us ) Tj ET Q q 0 0 0 rg BT 187.27 647.25 Td (on ) Tj ET Q q 0 0 0 rg BT 200.22 647.25 Td (an ) Tj ET Q q 0 0 0 rg BT 212.62 647.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 268.34 647.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 293.79 647.25 Td (including ) Tj ET Q q 0 0 0 rg BT 334.52 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 345.25 647.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 404.84 647.25 Td (where ) Tj ET Q q 0 0 0 rg BT 432.22 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 439.62 647.25 Td (line ) Tj ET Q q 0 0 0 rg BT 457.56 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.85 647.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 494.56 647.25 Td (had ) Tj ET Q q 0 0 0 rg BT 511.96 647.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 557.13 647.25 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (made ) Tj ET Q q 0 0 0 rg BT 59.91 635.25 Td (available ) Tj ET Q q 0 0 0 rg BT 98.26 635.25 Td (or ) Tj ET Q q 0 0 0 rg BT 108.84 635.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 153.87 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.90 635.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 177.55 635.25 Td (In ) Tj ET Q q 0 0 0 rg BT 188.13 635.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 225.66 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.14 635.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 264.61 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.19 635.25 Td (any ) Tj ET Q q 0 0 0 rg BT 291.89 635.25 Td (available ) Tj ET Q q 0 0 0 rg BT 330.23 635.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 349.71 635.25 Td (may ) Tj ET Q q 0 0 0 rg BT 369.18 635.25 Td (be ) Tj ET Q q 0 0 0 rg BT 380.87 635.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 430.88 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 440.92 635.25 Td (us ) Tj ET Q q 0 0 0 rg BT 452.06 635.25 Td (or ) Tj ET Q q 0 0 0 rg BT 462.65 635.25 Td (impose ) Tj ET Q q 0 0 0 rg BT 493.79 635.25 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 536.03 635.25 Td (covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.44 623.25 Td (could ) Tj ET Q q 0 0 0 rg BT 78.10 623.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 99.44 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.22 623.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.56 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.44 623.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 212.54 623.25 Td (or ) Tj ET Q q 0 0 0 rg BT 223.32 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.98 623.25 Td (violation ) Tj ET Q q 0 0 0 rg BT 275.98 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.76 623.25 Td (which ) Tj ET Q q 0 0 0 rg BT 313.64 623.25 Td (could ) Tj ET Q q 0 0 0 rg BT 338.30 623.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 357.41 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 367.63 623.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 393.97 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 410.85 623.25 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 439.41 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 455.19 623.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 483.19 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.41 623.25 Td (borrow ) Tj ET Q q 0 0 0 rg BT 524.74 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 534.96 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 549.63 623.25 Td (future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 611.25 Td (e ) Tj ET Q q 0 0 0 rg BT 51.41 611.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 79.84 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 89.95 611.25 Td (pledge ) Tj ET Q q 0 0 0 rg BT 118.94 611.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 144.60 611.25 Td (we ) Tj ET Q q 0 0 0 rg BT 158.59 611.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 190.35 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.46 611.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 228.33 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.88 611.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 286.87 611.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 306.42 611.25 Td (we ) Tj ET Q q 0 0 0 rg BT 320.41 611.25 Td (incur) Tj ET Q q 0 0 0 rg BT 340.41 611.25 Td (. ) Tj ET Q q 0 0 0 rg BT 345.07 611.25 Td (T) Tj ET Q q 0 0 0 rg BT 350.48 611.25 Td (o ) Tj ET Q q 0 0 0 rg BT 357.81 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.36 611.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 399.13 611.25 Td (this ) Tj ET Q q 0 0 0 rg BT 415.91 611.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 435.46 611.25 Td (is ) Tj ET Q q 0 0 0 rg BT 444.46 611.25 Td (recourse ) Tj ET Q q 0 0 0 rg BT 480.66 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 490.78 611.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 504.50 611.25 Td (if ) Tj ET Q q 0 0 0 rg BT 512.94 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.49 611.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 543.70 611.25 Td (value ) Tj ET Q q 0 0 0 rg BT 567.69 611.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.46 599.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 76.03 599.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 109.93 599.25 Td (as ) Tj ET Q q 0 0 0 rg BT 120.51 599.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 159.95 599.25 Td (declines, ) Tj ET Q q 0 0 0 rg BT 197.46 599.25 Td (we ) Tj ET Q q 0 0 0 rg BT 211.36 599.25 Td (would ) Tj ET Q q 0 0 0 rg BT 238.60 599.25 Td (be ) Tj ET Q q 0 0 0 rg BT 250.28 599.25 Td (required ) Tj ET Q q 0 0 0 rg BT 285.84 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.87 599.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 330.86 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.32 599.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 377.56 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.14 599.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 427.58 599.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 461.48 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.50 599.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 499.28 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.74 599.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 533.20 599.25 Td (or ) Tj ET Q q 0 0 0 rg BT 543.77 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 553.80 599.25 Td (repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (all ) Tj ET Q q 0 0 0 rg BT 47.85 587.25 Td (or ) Tj ET Q q 0 0 0 rg BT 58.04 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 64.33 587.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 95.07 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.26 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.33 587.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 140.90 587.25 Td (In ) Tj ET Q q 0 0 0 rg BT 151.09 587.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 188.22 587.25 Td (when ) Tj ET Q q 0 0 0 rg BT 211.73 587.25 Td (we ) Tj ET Q q 0 0 0 rg BT 225.25 587.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 256.53 587.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 281.71 587.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.23 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 301.52 587.25 Td (sale, ) Tj ET Q q 0 0 0 rg BT 321.42 587.25 Td (we ) Tj ET Q q 0 0 0 rg BT 334.94 587.25 Td (make ) Tj ET Q q 0 0 0 rg BT 358.45 587.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 409.75 587.25 Td (about ) Tj ET Q q 0 0 0 rg BT 433.83 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.90 587.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 467.52 587.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 491.60 587.25 Td (that ) Tj ET Q q 0 0 0 rg BT 508.45 587.25 Td (will ) Tj ET Q q 0 0 0 rg BT 525.86 587.25 Td (be ) Tj ET Q q 0 0 0 rg BT 537.16 587.25 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (from ) Tj ET Q q 0 0 0 rg BT 58.22 575.25 Td (those ) Tj ET Q q 0 0 0 rg BT 82.12 575.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 108.23 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.45 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.46 575.25 Td (market ) Tj ET Q q 0 0 0 rg BT 171.00 575.25 Td (value ) Tj ET Q q 0 0 0 rg BT 195.44 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.56 575.25 Td (those ) Tj ET Q q 0 0 0 rg BT 230.45 575.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 259.07 575.25 Td (If ) Tj ET Q q 0 0 0 rg BT 268.51 575.25 Td (these ) Tj ET Q q 0 0 0 rg BT 291.84 575.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 344.08 575.25 Td (are ) Tj ET Q q 0 0 0 rg BT 359.07 575.25 Td (wrong, ) Tj ET Q q 0 0 0 rg BT 389.90 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 401.02 575.25 Td (if ) Tj ET Q q 0 0 0 rg BT 409.91 575.25 Td (market ) Tj ET Q q 0 0 0 rg BT 440.46 575.25 Td (values ) Tj ET Q q 0 0 0 rg BT 468.79 575.25 Td (change ) Tj ET Q q 0 0 0 rg BT 499.89 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 511.01 575.25 Td (other ) Tj ET Q q 0 0 0 rg BT 534.34 575.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (change, ) Tj ET Q q 0 0 0 rg BT 69.44 563.25 Td (it ) Tj ET Q q 0 0 0 rg BT 77.62 563.25 Td (could ) Tj ET Q q 0 0 0 rg BT 102.46 563.25 Td (result ) Tj ET Q q 0 0 0 rg BT 127.29 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.69 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 144.75 563.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 162.92 563.25 Td (that ) Tj ET Q q 0 0 0 rg BT 180.54 563.25 Td (is ) Tj ET Q q 0 0 0 rg BT 189.83 563.25 Td (less ) Tj ET Q q 0 0 0 rg BT 207.46 563.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 247.83 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.23 563.25 Td (us ) Tj ET Q q 0 0 0 rg BT 269.75 563.25 Td (than ) Tj ET Q q 0 0 0 rg BT 289.58 563.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 323.31 563.25 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 362.88 563.25 Td (which ) Tj ET Q q 0 0 0 rg BT 389.94 563.25 Td (would ) Tj ET Q q 0 0 0 rg BT 417.56 563.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 455.17 563.25 Td (have ) Tj ET Q q 0 0 0 rg BT 476.67 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 483.73 563.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 520.22 563.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 550.06 563.25 Td (on ) Tj ET Q q 0 0 0 rg BT 562.68 563.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.48 551.25 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 109.65 527.25 Td (if ) Tj ET Q q 0 0 0 rg BT 118.92 527.25 Td (we ) Tj ET Q q 0 0 0 rg BT 133.74 527.25 Td (are ) Tj ET Q q 0 0 0 rg BT 149.11 527.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 178.92 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 189.86 527.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 229.68 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.05 527.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 263.76 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.25 527.25 Td (these ) Tj ET Q q 0 0 0 rg BT 298.96 527.25 Td (types ) Tj ET Q q 0 0 0 rg BT 323.23 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.73 527.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 363.72 527.25 Td (it ) Tj ET Q q 0 0 0 rg BT 372.44 527.25 Td (could ) Tj ET Q q 0 0 0 rg BT 397.81 527.25 Td (have ) Tj ET Q q 0 0 0 rg BT 419.85 527.25 Td (a ) Tj ET Q q 0 0 0 rg BT 427.45 527.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 464.49 527.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 494.86 527.25 Td (on ) Tj ET Q q 0 0 0 rg BT 508.02 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 524.51 527.25 Td (business ) Tj ET Q q 0 0 0 rg BT 561.57 527.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 72.62 515.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 102.75 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 111.39 515.25 Td (e ) Tj ET Q q 0 0 0 rg BT 117.47 515.25 Td (have ) Tj ET Q q 0 0 0 rg BT 137.99 515.25 Td (a ) Tj ET Q q 0 0 0 rg BT 144.06 515.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 174.04 515.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 208.99 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.41 515.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 237.82 515.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 281.12 515.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 303.86 515.25 Td (on ) Tj ET Q q 0 0 0 rg BT 315.51 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 330.48 515.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 362.65 515.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 384.84 515.25 Td (as ) Tj ET Q q 0 0 0 rg BT 394.81 515.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 446.72 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.80 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 477.77 515.25 Td (business ) Tj ET Q q 0 0 0 rg BT 513.30 515.25 Td (is ) Tj ET Q q 0 0 0 rg BT 521.61 515.25 Td (not ) Tj ET Q q 0 0 0 rg BT 536.03 515.25 Td (structured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.98 503.25 Td (buy-and-hold ) Tj ET Q q 0 0 0 rg BT 102.06 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.48 503.25 Td (full ) Tj ET Q q 0 0 0 rg BT 132.57 503.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 164.77 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.31 503.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 198.62 503.25 Td (that ) Tj ET Q q 0 0 0 rg BT 215.82 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 229.68 503.25 Td (routinely ) Tj ET Q q 0 0 0 rg BT 267.99 503.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 299.61 503.25 Td (with ) Tj ET Q q 0 0 0 rg BT 319.60 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.02 503.25 Td (intent ) Tj ET Q q 0 0 0 rg BT 358.99 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 368.98 503.25 Td (sell. ) Tj ET Q q 0 0 0 rg BT 387.57 503.25 Td (If ) Tj ET Q q 0 0 0 rg BT 396.43 503.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 430.29 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 444.15 503.25 Td (buying ) Tj ET Q q 0 0 0 rg BT 474.13 503.25 Td (whole-loans ) Tj ET Q q 0 0 0 rg BT 525.22 503.25 Td (weakens, ) Tj ET Q q 0 0 0 rg BT 564.35 503.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.20 491.25 Td (be ) Tj ET Q q 0 0 0 rg BT 66.63 491.25 Td (forced ) Tj ET Q q 0 0 0 rg BT 94.15 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.92 491.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 126.45 491.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 168.43 491.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 187.63 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 199.62 491.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 249.36 491.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 273.56 491.25 Td (or ) Tj ET Q q 0 0 0 rg BT 283.88 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 303.08 491.25 Td (be ) Tj ET Q q 0 0 0 rg BT 314.50 491.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 343.14 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.91 491.25 Td (borrow ) Tj ET Q q 0 0 0 rg BT 383.78 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 393.54 491.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 424.95 491.25 Td (these ) Tj ET Q q 0 0 0 rg BT 447.49 491.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 475.30 491.25 Td (which ) Tj ET Q q 0 0 0 rg BT 501.73 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 520.93 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.69 491.25 Td (turn ) Tj ET Q q 0 0 0 rg BT 548.79 491.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 479.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 79.88 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.16 479.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 127.09 479.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 167.36 479.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 190.97 479.25 Td (over ) Tj ET Q q 0 0 0 rg BT 211.23 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.95 479.25 Td (short ) Tj ET Q q 0 0 0 rg BT 248.45 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 259.28 479.25 Td (long ) Tj ET Q q 0 0 0 rg BT 279.56 479.25 Td (term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 76.94 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 87.65 455.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 128.35 455.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 152.40 455.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.67 455.25 Td (other ) Tj ET Q q 0 0 0 rg BT 187.15 455.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.42 455.25 Td (for ) Tj ET Q q 0 0 0 rg BT 228.01 455.25 Td (sale, ) Tj ET Q q 0 0 0 rg BT 249.00 455.25 Td (we ) Tj ET Q q 0 0 0 rg BT 263.59 455.25 Td (may ) Tj ET Q q 0 0 0 rg BT 283.75 455.25 Td (undertake ) Tj ET Q q 0 0 0 rg BT 326.11 455.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 380.70 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 398.08 455.25 Td (due ) Tj ET Q q 0 0 0 rg BT 415.45 455.25 Td (diligence ) Tj ET Q q 0 0 0 rg BT 455.04 455.25 Td (ef) Tj ET Q q 0 0 0 rg BT 462.63 455.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 483.90 455.25 Td (with ) Tj ET Q q 0 0 0 rg BT 504.61 455.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 535.86 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 546.58 455.25 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 67.53 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.52 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.39 443.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 113.27 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.25 443.25 Td (asset. ) Tj ET Q q 0 0 0 rg BT 148.65 443.25 Td (When ) Tj ET Q q 0 0 0 rg BT 175.19 443.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 229.50 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 240.49 443.25 Td (conducting ) Tj ET Q q 0 0 0 rg BT 287.58 443.25 Td (due ) Tj ET Q q 0 0 0 rg BT 304.67 443.25 Td (diligence, ) Tj ET Q q 0 0 0 rg BT 346.48 443.25 Td (we ) Tj ET Q q 0 0 0 rg BT 360.79 443.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 379.00 443.25 Td (on ) Tj ET Q q 0 0 0 rg BT 391.65 443.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 432.07 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 449.16 443.25 Td (data ) Tj ET Q q 0 0 0 rg BT 468.47 443.25 Td (available ) Tj ET Q q 0 0 0 rg BT 507.22 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.65 443.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 531.70 443.25 Td (which ) Tj ET Q q 0 0 0 rg BT 558.80 443.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (be ) Tj ET Q q 0 0 0 rg BT 47.49 431.25 Td (limited, ) Tj ET Q q 0 0 0 rg BT 80.37 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.86 431.25 Td (we ) Tj ET Q q 0 0 0 rg BT 110.57 431.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 128.17 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 140.22 431.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 197.82 431.25 Td (by ) Tj ET Q q 0 0 0 rg BT 209.87 431.25 Td (third ) Tj ET Q q 0 0 0 rg BT 230.81 431.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 261.87 431.25 Td (W) Tj ET Q q 0 0 0 rg BT 270.50 431.25 Td (e ) Tj ET Q q 0 0 0 rg BT 276.99 431.25 Td (may ) Tj ET Q q 0 0 0 rg BT 296.26 431.25 Td (also ) Tj ET Q q 0 0 0 rg BT 314.42 431.25 Td (only ) Tj ET Q q 0 0 0 rg BT 334.25 431.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 367.96 431.25 Td (due ) Tj ET Q q 0 0 0 rg BT 384.45 431.25 Td (diligence ) Tj ET Q q 0 0 0 rg BT 423.15 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 435.20 431.25 Td (a ) Tj ET Q q 0 0 0 rg BT 441.69 431.25 Td (sample ) Tj ET Q q 0 0 0 rg BT 472.06 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 482.44 431.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.93 431.25 Td (pool ) Tj ET Q q 0 0 0 rg BT 508.76 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.14 431.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 542.30 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 552.68 431.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (we ) Tj ET Q q 0 0 0 rg BT 50.71 419.25 Td (are ) Tj ET Q q 0 0 0 rg BT 65.96 419.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 106.77 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.26 419.25 Td (assume ) Tj ET Q q 0 0 0 rg BT 156.74 419.25 Td (that ) Tj ET Q q 0 0 0 rg BT 174.78 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.05 419.25 Td (sample ) Tj ET Q q 0 0 0 rg BT 221.42 419.25 Td (is ) Tj ET Q q 0 0 0 rg BT 231.14 419.25 Td (representative ) Tj ET Q q 0 0 0 rg BT 290.26 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.64 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.90 419.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 342.71 419.25 Td (pool. ) Tj ET Q q 0 0 0 rg BT 366.04 419.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 384.64 419.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 439.34 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.83 419.25 Td (due ) Tj ET Q q 0 0 0 rg BT 474.31 419.25 Td (diligence ) Tj ET Q q 0 0 0 rg BT 514.01 419.25 Td (ef) Tj ET Q q 0 0 0 rg BT 521.60 419.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 542.97 419.25 Td (may ) Tj ET Q q 0 0 0 rg BT 563.24 419.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (reveal ) Tj ET Q q 0 0 0 rg BT 62.31 407.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 93.64 407.25 Td (which ) Tj ET Q q 0 0 0 rg BT 119.97 407.25 Td (could ) Tj ET Q q 0 0 0 rg BT 144.08 407.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 162.62 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.29 407.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 200.58 407.25 Td (If ) Tj ET Q q 0 0 0 rg BT 209.13 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.35 407.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 277.89 407.25 Td (process ) Tj ET Q q 0 0 0 rg BT 309.78 407.25 Td (is ) Tj ET Q q 0 0 0 rg BT 318.34 407.25 Td (not ) Tj ET Q q 0 0 0 rg BT 333.01 407.25 Td (robust ) Tj ET Q q 0 0 0 rg BT 359.90 407.25 Td (enough ) Tj ET Q q 0 0 0 rg BT 391.23 407.25 Td (or ) Tj ET Q q 0 0 0 rg BT 401.45 407.25 Td (if ) Tj ET Q q 0 0 0 rg BT 409.45 407.25 Td (we ) Tj ET Q q 0 0 0 rg BT 423.00 407.25 Td (do ) Tj ET Q q 0 0 0 rg BT 434.89 407.25 Td (not ) Tj ET Q q 0 0 0 rg BT 449.56 407.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 483.11 407.25 Td (adequate ) Tj ET Q q 0 0 0 rg BT 520.53 407.25 Td (due ) Tj ET Q q 0 0 0 rg BT 536.86 407.25 Td (diligence, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.81 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 61.52 395.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 86.77 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.58 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 113.40 395.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 167.54 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 178.35 395.25 Td (due ) Tj ET Q q 0 0 0 rg BT 195.27 395.25 Td (diligence ) Tj ET Q q 0 0 0 rg BT 234.41 395.25 Td (is ) Tj ET Q q 0 0 0 rg BT 243.56 395.25 Td (limited, ) Tj ET Q q 0 0 0 rg BT 276.88 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 291.02 395.25 Td (may ) Tj ET Q q 0 0 0 rg BT 310.72 395.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 333.75 395.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 362.63 395.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 392.34 395.25 Td (could ) Tj ET Q q 0 0 0 rg BT 417.04 395.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 441.73 395.25 Td (due ) Tj ET Q q 0 0 0 rg BT 458.65 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 468.92 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.62 395.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 501.09 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 518.57 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 525.49 395.25 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.41 383.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 72.49 383.25 Td (us ) Tj ET Q q 0 0 0 rg BT 83.79 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 90.64 383.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 110.27 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 121.01 383.25 Td (other ) Tj ET Q q 0 0 0 rg BT 143.97 383.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 165.82 383.25 Td (refuses ) Tj ET Q q 0 0 0 rg BT 196.55 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 207.29 383.25 Td (is ) Tj ET Q q 0 0 0 rg BT 216.37 383.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 245.44 383.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 268.12 383.25 Td (due ) Tj ET Q q 0 0 0 rg BT 284.97 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.16 383.25 Td (its ) Tj ET Q q 0 0 0 rg BT 307.01 383.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 344.41 383.25 Td (condition\) ) Tj ET Q q 0 0 0 rg BT 387.92 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 398.11 383.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 443.83 383.25 Td (that ) Tj ET Q q 0 0 0 rg BT 461.23 383.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 480.86 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 491.60 383.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 513.45 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 524.19 383.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 541.04 383.25 Td (damages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.98 371.25 Td (us ) Tj ET Q q 0 0 0 rg BT 57.08 371.25 Td (if ) Tj ET Q q 0 0 0 rg BT 65.40 371.25 Td (we ) Tj ET Q q 0 0 0 rg BT 79.26 371.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 121.45 371.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 168.09 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 178.08 371.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 215.82 371.25 Td (that ) Tj ET Q q 0 0 0 rg BT 233.02 371.25 Td (one ) Tj ET Q q 0 0 0 rg BT 249.67 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 260.20 371.25 Td (more ) Tj ET Q q 0 0 0 rg BT 282.96 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.49 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.92 371.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 370.65 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 381.19 371.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 425.04 371.25 Td (made ) Tj ET Q q 0 0 0 rg BT 448.90 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 458.89 371.25 Td (us ) Tj ET Q q 0 0 0 rg BT 469.98 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 479.97 371.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 526.05 371.25 Td (with ) Tj ET Q q 0 0 0 rg BT 546.03 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 560.45 371.25 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (was ) Tj ET Q q 0 0 0 rg BT 54.05 359.25 Td (inaccurate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td (In ) Tj ET Q q 0 0 0 rg BT 65.48 335.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.91 335.25 Td (when ) Tj ET Q q 0 0 0 rg BT 128.73 335.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 158.55 335.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 203.35 335.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 244.27 335.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 268.53 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 280.02 335.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 320.93 335.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 360.74 335.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 386.68 335.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 430.92 335.25 Td (with ) Tj ET Q q 0 0 0 rg BT 451.86 335.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 496.66 335.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 537.58 335.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 564.34 335.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 72.42 323.25 Td (make ) Tj ET Q q 0 0 0 rg BT 95.51 323.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 157.47 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.34 323.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 216.42 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.63 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.28 323.25 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 279.58 323.25 Td (or ) Tj ET Q q 0 0 0 rg BT 289.34 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.55 323.25 Td (other ) Tj ET Q q 0 0 0 rg BT 320.53 323.25 Td (third ) Tj ET Q q 0 0 0 rg BT 340.85 323.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 368.94 323.25 Td (regarding, ) Tj ET Q q 0 0 0 rg BT 411.19 323.25 Td (among ) Tj ET Q q 0 0 0 rg BT 439.84 323.25 Td (other ) Tj ET Q q 0 0 0 rg BT 461.81 323.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 490.19 323.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 518.83 323.25 Td (characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.63 311.25 Td (those ) Tj ET Q q 0 0 0 rg BT 70.04 311.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 98.17 311.25 Td (including ) Tj ET Q q 0 0 0 rg BT 138.24 311.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 197.73 311.25 Td (we ) Tj ET Q q 0 0 0 rg BT 211.69 311.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 231.76 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.83 311.25 Td (verify ) Tj ET Q q 0 0 0 rg BT 268.01 311.25 Td (through ) Tj ET Q q 0 0 0 rg BT 301.42 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 317.05 311.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 371.00 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.74 311.25 Td (due ) Tj ET Q q 0 0 0 rg BT 404.48 311.25 Td (diligence ) Tj ET Q q 0 0 0 rg BT 443.43 311.25 Td (ef) Tj ET Q q 0 0 0 rg BT 451.02 311.25 Td (forts. ) Tj ET Q q 0 0 0 rg BT 474.15 311.25 Td (If ) Tj ET Q q 0 0 0 rg BT 483.11 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 498.74 311.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 561.57 311.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 80.14 299.25 Td (are ) Tj ET Q q 0 0 0 rg BT 94.85 299.25 Td (inaccurate ) Tj ET Q q 0 0 0 rg BT 138.42 299.25 Td (with ) Tj ET Q q 0 0 0 rg BT 158.70 299.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 189.51 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.79 299.25 Td (any ) Tj ET Q q 0 0 0 rg BT 216.73 299.25 Td (asset, ) Tj ET Q q 0 0 0 rg BT 241.16 299.25 Td (we ) Tj ET Q q 0 0 0 rg BT 255.32 299.25 Td (may ) Tj ET Q q 0 0 0 rg BT 275.03 299.25 Td (be ) Tj ET Q q 0 0 0 rg BT 286.97 299.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 326.68 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.95 299.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 382.76 299.25 Td (that ) Tj ET Q q 0 0 0 rg BT 400.25 299.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 422.19 299.25 Td (or ) Tj ET Q q 0 0 0 rg BT 433.01 299.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 449.95 299.25 Td (damages, ) Tj ET Q q 0 0 0 rg BT 489.93 299.25 Td (which ) Tj ET Q q 0 0 0 rg BT 516.87 299.25 Td (may ) Tj ET Q q 0 0 0 rg BT 536.58 299.25 Td (result ) Tj ET Q q 0 0 0 rg BT 561.30 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 571.57 299.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (loss. ) Tj ET Q q 0 0 0 rg BT 56.63 287.25 Td (W) Tj ET Q q 0 0 0 rg BT 65.27 287.25 Td (e ) Tj ET Q q 0 0 0 rg BT 72.47 287.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 112.44 287.25 Td (only ) Tj ET Q q 0 0 0 rg BT 132.99 287.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 170.75 287.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 206.28 287.25 Td (for ) Tj ET Q q 0 0 0 rg BT 220.71 287.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 258.46 287.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 298.45 287.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 331.76 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 342.30 287.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 405.60 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.81 287.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 467.22 287.25 Td (we ) Tj ET Q q 0 0 0 rg BT 481.65 287.25 Td (make ) Tj ET Q q 0 0 0 rg BT 506.07 287.25 Td (if ) Tj ET Q q 0 0 0 rg BT 514.95 287.25 Td (we ) Tj ET Q q 0 0 0 rg BT 529.38 287.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 561.02 287.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (those ) Tj ET Q q 0 0 0 rg BT 59.27 275.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 98.65 275.25 Td (are ) Tj ET Q q 0 0 0 rg BT 113.01 275.25 Td (both ) Tj ET Q q 0 0 0 rg BT 132.95 275.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 170.10 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.70 275.25 Td (estimable, ) Tj ET Q q 0 0 0 rg BT 229.68 275.25 Td (as ) Tj ET Q q 0 0 0 rg BT 240.17 275.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 287.31 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 297.25 275.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 344.37 275.25 Td (with ) Tj ET Q q 0 0 0 rg BT 364.31 275.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 390.43 275.25 Td (. ) Tj ET Q q 0 0 0 rg BT 394.61 275.25 Td (As ) Tj ET Q q 0 0 0 rg BT 407.89 275.25 Td (a ) Tj ET Q q 0 0 0 rg BT 414.49 275.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 441.36 275.25 Td (we ) Tj ET Q q 0 0 0 rg BT 455.18 275.25 Td (may ) Tj ET Q q 0 0 0 rg BT 474.56 275.25 Td (not ) Tj ET Q q 0 0 0 rg BT 489.50 275.25 Td (have ) Tj ET Q q 0 0 0 rg BT 510.54 275.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 545.46 275.25 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.94 263.25 Td (these ) Tj ET Q q 0 0 0 rg BT 68.65 263.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 105.80 263.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 145.18 263.25 Td (or ) Tj ET Q q 0 0 0 rg BT 155.67 263.25 Td (any ) Tj ET Q q 0 0 0 rg BT 172.27 263.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 207.19 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 221.02 263.25 Td (may ) Tj ET Q q 0 0 0 rg BT 240.40 263.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 277.55 263.25 Td (could ) Tj ET Q q 0 0 0 rg BT 301.93 263.25 Td (be ) Tj ET Q q 0 0 0 rg BT 313.53 263.25 Td (inadequate. ) Tj ET Q q 0 0 0 rg BT 361.50 263.25 Td (Even ) Tj ET Q q 0 0 0 rg BT 384.21 263.25 Td (if ) Tj ET Q q 0 0 0 rg BT 392.48 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 406.31 263.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 433.46 263.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 496.16 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.76 263.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 556.57 263.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.88 251.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 110.18 251.25 Td (from ) Tj ET Q q 0 0 0 rg BT 132.28 251.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 159.95 251.25 Td (we ) Tj ET Q q 0 0 0 rg BT 174.27 251.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 211.36 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.23 251.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 250.01 251.25 Td (or ) Tj ET Q q 0 0 0 rg BT 261.00 251.25 Td (other ) Tj ET Q q 0 0 0 rg BT 284.21 251.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 312.70 251.25 Td (they ) Tj ET Q q 0 0 0 rg BT 332.58 251.25 Td (may ) Tj ET Q q 0 0 0 rg BT 352.46 251.25 Td (not ) Tj ET Q q 0 0 0 rg BT 367.90 251.25 Td (parallel ) Tj ET Q q 0 0 0 rg BT 400.54 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.42 251.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 478.62 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.72 251.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 540.03 251.25 Td (we ) Tj ET Q q 0 0 0 rg BT 554.35 251.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.80 239.25 Td (may ) Tj ET Q q 0 0 0 rg BT 66.49 239.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 107.83 239.25 Td (not ) Tj ET Q q 0 0 0 rg BT 123.08 239.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 153.31 239.25 Td (us ) Tj ET Q q 0 0 0 rg BT 164.68 239.25 Td (from ) Tj ET Q q 0 0 0 rg BT 186.58 239.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 215.45 239.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 258.19 239.25 Td (for ) Tj ET Q q 0 0 0 rg BT 272.32 239.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 311.16 239.25 Td (due ) Tj ET Q q 0 0 0 rg BT 328.07 239.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.32 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.00 239.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 370.46 239.25 Td (that ) Tj ET Q q 0 0 0 rg BT 387.92 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.61 239.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 455.61 239.25 Td (may ) Tj ET Q q 0 0 0 rg BT 475.30 239.25 Td (be ) Tj ET Q q 0 0 0 rg BT 487.21 239.25 Td (insolvent ) Tj ET Q q 0 0 0 rg BT 526.34 239.25 Td (or ) Tj ET Q q 0 0 0 rg BT 537.14 239.25 Td (otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 65.17 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 75.46 227.25 Td (make ) Tj ET Q q 0 0 0 rg BT 99.63 227.25 Td (a ) Tj ET Q q 0 0 0 rg BT 106.58 227.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 143.52 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.81 227.25 Td (us ) Tj ET Q q 0 0 0 rg BT 165.22 227.25 Td (at ) Tj ET Q q 0 0 0 rg BT 174.95 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.67 227.25 Td (time ) Tj ET Q q 0 0 0 rg BT 209.96 227.25 Td (we ) Tj ET Q q 0 0 0 rg BT 224.13 227.25 Td (claim ) Tj ET Q q 0 0 0 rg BT 248.86 227.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 286.35 227.25 Td (for ) Tj ET Q q 0 0 0 rg BT 300.53 227.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.48 227.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 336.63 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.48 227.25 Td (representation ) Tj ET Q q 0 0 0 rg BT 406.63 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 417.47 227.25 Td (warranty) Tj ET Q q 0 0 0 rg BT 452.36 227.25 Td (. ) Tj ET Q q 0 0 0 rg BT 457.37 227.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 512.37 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.66 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.39 227.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 564.33 227.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (claim ) Tj ET Q q 0 0 0 rg BT 60.49 215.25 Td (that ) Tj ET Q q 0 0 0 rg BT 77.76 215.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 136.68 215.25 Td (we ) Tj ET Q q 0 0 0 rg BT 150.62 215.25 Td (have ) Tj ET Q q 0 0 0 rg BT 171.77 215.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 208.48 215.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 231.86 215.25 Td (from ) Tj ET Q q 0 0 0 rg BT 253.58 215.25 Td (have ) Tj ET Q q 0 0 0 rg BT 274.73 215.25 Td (breached ) Tj ET Q q 0 0 0 rg BT 313.09 215.25 Td (their ) Tj ET Q q 0 0 0 rg BT 333.70 215.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 396.51 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.22 215.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 457.15 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.20 215.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 480.87 215.25 Td (it ) Tj ET Q q 0 0 0 rg BT 488.71 215.25 Td (may ) Tj ET Q q 0 0 0 rg BT 508.20 215.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 548.80 215.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.63 203.25 Td (business ) Tj ET Q q 0 0 0 rg BT 87.81 203.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 137.32 203.25 Td (with ) Tj ET Q q 0 0 0 rg BT 157.39 203.25 Td (those ) Tj ET Q q 0 0 0 rg BT 180.79 203.25 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 242.23 203.25 Td (including ) Tj ET Q q 0 0 0 rg BT 282.30 203.25 Td (by ) Tj ET Q q 0 0 0 rg BT 294.59 203.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 331.87 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.39 203.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 378.68 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 389.30 203.25 Td (business ) Tj ET Q q 0 0 0 rg BT 425.49 203.25 Td (we ) Tj ET Q q 0 0 0 rg BT 439.44 203.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 473.39 203.25 Td (with ) Tj ET Q q 0 0 0 rg BT 493.47 203.25 Td (those ) Tj ET Q q 0 0 0 rg BT 516.87 203.25 Td (counterparties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (which ) Tj ET Q q 0 0 0 rg BT 62.39 191.25 Td (could ) Tj ET Q q 0 0 0 rg BT 86.56 191.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 130.17 191.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 159.33 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 174.61 191.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 202.12 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 211.85 191.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 243.23 191.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 266.29 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.68 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 297.96 191.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 336.17 191.25 Td (T) Tj ET Q q 0 0 0 rg BT 341.58 191.25 Td (o ) Tj ET Q q 0 0 0 rg BT 348.53 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.70 191.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 389.09 191.25 Td (we ) Tj ET Q q 0 0 0 rg BT 402.70 191.25 Td (have ) Tj ET Q q 0 0 0 rg BT 423.53 191.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 467.69 191.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 505.75 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 515.48 191.25 Td (representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.92 179.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 97.05 179.25 Td (made ) Tj ET Q q 0 0 0 rg BT 121.19 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.46 179.25 Td (us ) Tj ET Q q 0 0 0 rg BT 142.83 179.25 Td (by ) Tj ET Q q 0 0 0 rg BT 155.32 179.25 Td (one ) Tj ET Q q 0 0 0 rg BT 172.24 179.25 Td (or ) Tj ET Q q 0 0 0 rg BT 183.05 179.25 Td (more ) Tj ET Q q 0 0 0 rg BT 206.08 179.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 265.21 179.25 Td (we ) Tj ET Q q 0 0 0 rg BT 279.35 179.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 311.26 179.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 334.85 179.25 Td (from, ) Tj ET Q q 0 0 0 rg BT 359.28 179.25 Td (we ) Tj ET Q q 0 0 0 rg BT 373.42 179.25 Td (may ) Tj ET Q q 0 0 0 rg BT 393.12 179.25 Td (determine, ) Tj ET Q q 0 0 0 rg BT 438.09 179.25 Td (as ) Tj ET Q q 0 0 0 rg BT 448.90 179.25 Td (a ) Tj ET Q q 0 0 0 rg BT 455.83 179.25 Td (matter ) Tj ET Q q 0 0 0 rg BT 483.85 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.67 179.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 512.15 179.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 568.22 179.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 65.54 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 76.77 167.25 Td (discontinue ) Tj ET Q q 0 0 0 rg BT 125.77 167.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 145.88 167.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 196.55 167.25 Td (from ) Tj ET Q q 0 0 0 rg BT 218.88 167.25 Td (those ) Tj ET Q q 0 0 0 rg BT 242.88 167.25 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 304.92 167.25 Td (which ) Tj ET Q q 0 0 0 rg BT 332.25 167.25 Td (could ) Tj ET Q q 0 0 0 rg BT 357.37 167.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 386.91 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.02 167.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 434.91 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.14 167.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 490.68 167.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 514.69 167.25 Td (we ) Tj ET Q q 0 0 0 rg BT 529.24 167.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 561.56 167.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 80.15 155.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 109.86 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.69 155.25 Td (business ) Tj ET Q q 0 0 0 rg BT 162.08 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.02 155.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.50 155.25 Td (results. ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Since ) Tj ET Q q 0 0 0 rg BT 79.02 731.10 Td (mid-2014, ) Tj ET Q q 0 0 0 rg BT 123.21 731.10 Td (R) Tj ET Q q 0 0 0 rg BT 129.33 731.10 Td (WT) Tj ET Q q 0 0 0 rg BT 144.70 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.50 731.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 190.02 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.16 731.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 270.62 731.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 311.08 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 316.38 731.10 Td (has ) Tj ET Q q 0 0 0 rg BT 332.52 731.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 373.07 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.10 731.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 425.90 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.03 731.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 481.49 731.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 522.06 731.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 545.97 731.10 Td (it ) Tj ET Q q 0 0 0 rg BT 554.33 731.10 Td (holds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 49.37 719.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 94.95 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 114.44 719.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 155.58 719.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 195.05 719.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 232.30 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 244.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.93 719.10 Td (FHLBC. ) Tj ET Q q 0 0 0 rg BT 293.99 719.10 Td (At ) Tj ET Q q 0 0 0 rg BT 305.69 719.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 363.48 719.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 387.69 719.10 Td (R) Tj ET Q q 0 0 0 rg BT 393.81 719.10 Td (WT) Tj ET Q q 0 0 0 rg BT 409.17 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.88 719.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 449.79 719.10 Td (had ) Tj ET Q q 0 0 0 rg BT 465.94 719.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.40 719.10 Td ($496 ) Tj ET Q q 0 0 0 rg BT 547.11 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.50 707.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 88.11 707.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 135.84 707.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 184.68 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 206.29 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.68 707.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 257.59 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 284.20 707.10 Td (were ) Tj ET Q q 0 0 0 rg BT 305.80 707.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 361.83 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 374.00 707.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 417.83 707.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 457.77 707.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 483.07 707.10 Td (At ) Tj ET Q q 0 0 0 rg BT 495.24 707.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.50 707.10 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (R) Tj ET Q q 0 0 0 rg BT 42.12 695.10 Td (WT) Tj ET Q q 0 0 0 rg BT 57.48 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 60.38 695.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 100.50 695.10 Td (had ) Tj ET Q q 0 0 0 rg BT 117.84 695.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 695.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 203.90 695.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.01 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.91 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.14 695.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 286.47 695.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 334.93 695.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 384.49 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 406.83 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.95 695.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 459.58 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 486.92 695.10 Td (were ) Tj ET Q q 0 0 0 rg BT 509.25 695.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 566.00 695.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 80.18 683.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 120.47 683.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 146.61 683.10 Td (R) Tj ET Q q 0 0 0 rg BT 152.73 683.10 Td (WT) Tj ET Q q 0 0 0 rg BT 168.09 683.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.62 683.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 210.37 683.10 Td (has ) Tj ET Q q 0 0 0 rg BT 226.22 683.10 Td (ef) Tj ET Q q 0 0 0 rg BT 233.81 683.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 271.32 683.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 304.94 683.10 Td (its ) Tj ET Q q 0 0 0 rg BT 316.91 683.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 359.99 683.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 404.18 683.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 440.02 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 461.99 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.74 683.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 511.50 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.36 683.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 547.39 683.10 Td (billion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.24 671.10 Td (it ) Tj ET Q q 0 0 0 rg BT 61.60 671.10 Td (may ) Tj ET Q q 0 0 0 rg BT 81.62 671.10 Td (not ) Tj ET Q q 0 0 0 rg BT 97.21 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.45 671.10 Td (able ) Tj ET Q q 0 0 0 rg BT 128.91 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.49 671.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 167.29 671.10 Td (any ) Tj ET Q q 0 0 0 rg BT 184.53 671.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 220.09 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.67 671.10 Td (its ) Tj ET Q q 0 0 0 rg BT 242.93 671.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 287.39 671.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 323.51 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.09 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.11 671.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 378.29 671.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 413.33 671.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 453.89 671.10 Td (has ) Tj ET Q q 0 0 0 rg BT 470.03 671.10 Td (enabled ) Tj ET Q q 0 0 0 rg BT 503.93 671.10 Td (R) Tj ET Q q 0 0 0 rg BT 510.04 671.10 Td (WT) Tj ET Q q 0 0 0 rg BT 525.41 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 528.21 671.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 568.23 671.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 55.60 659.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 95.19 659.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 125.35 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.75 659.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 161.25 659.10 Td (held ) Tj ET Q q 0 0 0 rg BT 180.86 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.59 659.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 233.41 659.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 286.08 659.10 Td (contributing ) Tj ET Q q 0 0 0 rg BT 337.36 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 344.19 659.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 388.80 659.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 421.19 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.36 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.08 659.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 469.48 659.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 508.25 659.10 Td (R) Tj ET Q q 0 0 0 rg BT 514.36 659.10 Td (WT) Tj ET Q q 0 0 0 rg BT 529.73 659.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.13 659.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 572.12 659.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 64.01 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.25 647.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 109.46 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.13 647.10 Td (size ) Tj ET Q q 0 0 0 rg BT 142.14 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.92 647.10 Td (its ) Tj ET Q q 0 0 0 rg BT 164.83 647.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 202.28 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.07 647.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 257.18 647.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 297.40 647.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 320.96 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 340.64 647.10 Td (be ) Tj ET Q q 0 0 0 rg BT 352.53 647.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 383.32 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 395.78 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.45 647.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 429.57 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.35 647.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 487.80 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.58 647.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 538.24 647.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.30 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 70.61 635.10 Td (may ) Tj ET Q q 0 0 0 rg BT 90.69 635.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 120.76 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.84 635.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 164.25 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.89 635.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 210.51 635.10 Td (net ) Tj ET Q q 0 0 0 rg BT 225.58 635.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 257.88 635.10 Td (income ) Tj ET Q q 0 0 0 rg BT 290.17 635.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 331.90 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 344.76 635.10 Td (R) Tj ET Q q 0 0 0 rg BT 350.88 635.10 Td (WT) Tj ET Q q 0 0 0 rg BT 366.24 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.11 635.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 411.68 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 422.87 635.10 Td (further ) Tj ET Q q 0 0 0 rg BT 452.94 635.10 Td (described ) Tj ET Q q 0 0 0 rg BT 494.12 635.10 Td (under ) Tj ET Q q 0 0 0 rg BT 519.75 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.82 635.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 552.68 635.10 Td (factor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 58.17 623.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.61 623.10 Td (Recently ) Tj ET Q q 0 0 0 rg BT 98.65 623.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 132.49 623.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 165.76 623.10 Td (r) Tj ET Q q 0 0 0 rg BT 169.28 623.10 Td (egulations ) Tj ET Q q 0 0 0 rg BT 212.57 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 230.85 623.10 Td (limit, ) Tj ET Q q 0 0 0 rg BT 253.30 623.10 Td (eliminate, ) Tj ET Q q 0 0 0 rg BT 294.63 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 305.15 623.10 Td (r) Tj ET Q q 0 0 0 rg BT 308.67 623.10 Td (educe ) Tj ET Q q 0 0 0 rg BT 333.60 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.44 623.10 Td (attractiveness ) Tj ET Q q 0 0 0 rg BT 404.60 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.00 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.51 623.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 473.22 623.10 Td (s ) Tj ET Q q 0 0 0 rg BT 478.73 623.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 505.91 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.30 623.10 Td (use ) Tj ET Q q 0 0 0 rg BT 530.25 623.10 Td (borr) Tj ET Q q 0 0 0 rg BT 547.67 623.10 Td (owings ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (fr) Tj ET Q q 0 0 0 rg BT 42.30 611.10 Td (om ) Tj ET Q q 0 0 0 rg BT 56.53 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 70.76 611.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 104.42 611.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 130.32 611.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 152.89 611.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 175.45 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.24 611.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 221.13 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.92 611.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 262.37 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.59 611.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 316.94 611.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 340.62 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.63 611.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 397.96 611.10 Td (it ) Tj ET Q q 0 0 0 rg BT 405.53 611.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 429.21 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.22 611.10 Td (acquir) Tj ET Q q 0 0 0 rg BT 471.96 611.10 Td (es, ) Tj ET Q q 0 0 0 rg BT 484.80 611.10 Td (which ) Tj ET Q q 0 0 0 rg BT 510.70 611.10 Td (could ) Tj ET Q q 0 0 0 rg BT 534.92 611.10 Td (negatively ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 64.87 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 80.42 599.10 Td (business ) Tj ET Q q 0 0 0 rg BT 115.97 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.63 599.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.17 599.10 Td (r) Tj ET Q q 0 0 0 rg BT 176.69 599.10 Td (esults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.47 599.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.70 599.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 257.60 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.76 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.63 599.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 310.04 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.48 599.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 362.78 599.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 402.20 599.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 424.97 599.10 Td (held ) Tj ET Q q 0 0 0 rg BT 443.84 599.10 Td (as ) Tj ET Q q 0 0 0 rg BT 453.83 599.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 494.92 599.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 544.35 599.10 Td (exposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (us ) Tj ET Q q 0 0 0 rg BT 46.62 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 56.12 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 70.06 587.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 86.79 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.85 587.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 114.13 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.86 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.80 587.10 Td (full ) Tj ET Q q 0 0 0 rg BT 155.42 587.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 187.67 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.73 587.10 Td (those ) Tj ET Q q 0 0 0 rg BT 220.57 587.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 245.90 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 272.06 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 280.46 587.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 317.18 587.10 Td (not ) Tj ET Q q 0 0 0 rg BT 331.68 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.62 587.10 Td (case ) Tj ET Q q 0 0 0 rg BT 364.56 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 384.06 587.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 414.10 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.61 587.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 463.10 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 476.48 587.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 500.97 587.10 Td (from ) Tj ET Q q 0 0 0 rg BT 522.14 587.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 86.52 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.94 575.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 131.51 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.57 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.87 575.10 Td (materialization ) Tj ET Q q 0 0 0 rg BT 217.60 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.69 575.10 Td (any ) Tj ET Q q 0 0 0 rg BT 245.89 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.98 575.10 Td (these ) Tj ET Q q 0 0 0 rg BT 280.29 575.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 301.94 575.10 Td (related ) Tj ET Q q 0 0 0 rg BT 331.91 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.44 575.10 Td (R) Tj ET Q q 0 0 0 rg BT 348.56 575.10 Td (WT) Tj ET Q q 0 0 0 rg BT 363.93 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.69 575.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 406.68 575.10 Td (s ) Tj ET Q q 0 0 0 rg BT 413.33 575.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.97 575.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 492.72 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.92 575.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 538.24 575.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.72 563.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 113.21 563.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 142.92 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.75 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.23 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.17 563.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 253.43 563.10 Td (results.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 75.37 539.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 106.95 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.97 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.11 539.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 195.02 539.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 246.61 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 260.41 539.10 Td (have ) Tj ET Q q 0 0 0 rg BT 282.53 539.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 319.66 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.69 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.15 539.10 Td (past, ) Tj ET Q q 0 0 0 rg BT 368.01 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.26 539.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 415.04 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.51 539.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 464.32 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.78 539.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 506.91 539.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 520.44 539.10 Td (securitization ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 89.09 527.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 123.83 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.13 527.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 179.98 527.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 221.38 527.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 248.45 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.60 527.10 Td (e ) Tj ET Q q 0 0 0 rg BT 263.55 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 285.51 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.37 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.66 527.10 Td (past ) Tj ET Q q 0 0 0 rg BT 330.85 527.10 Td (also ) Tj ET Q q 0 0 0 rg BT 350.04 527.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 386.99 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.85 527.10 Td (other ) Tj ET Q q 0 0 0 rg BT 422.04 527.10 Td (types ) Tj ET Q q 0 0 0 rg BT 445.10 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.95 527.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 514.03 527.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 567.12 527.10 Td (or ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 66.89 515.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 121.96 515.10 Td (including ) Tj ET Q q 0 0 0 rg BT 163.41 515.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 220.97 515.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 273.54 515.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 307.76 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.53 515.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 367.85 515.10 Td (real ) Tj ET Q q 0 0 0 rg BT 385.95 515.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 411.27 515.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 435.49 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.05 515.10 Td (other ) Tj ET Q q 0 0 0 rg BT 476.72 515.10 Td (types ) Tj ET Q q 0 0 0 rg BT 499.26 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.58 515.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 559.90 515.10 Td (real ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 62.30 503.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 116.11 503.10 Td (In ) Tj ET Q q 0 0 0 rg BT 128.54 503.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 167.91 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 181.99 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.41 503.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 240.71 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.02 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.56 503.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 309.65 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.41 503.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 347.27 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.58 503.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 432.65 503.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 474.51 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.05 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 517.25 503.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 539.13 503.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 567.67 503.10 Td (in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 93.08 491.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 145.16 491.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 188.34 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 199.29 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 222.46 491.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 270.36 491.10 Td (These ) Tj ET Q q 0 0 0 rg BT 296.31 491.10 Td (types ) Tj ET Q q 0 0 0 rg BT 318.36 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.20 491.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 380.28 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.35 491.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 447.20 491.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 476.47 491.10 Td (us ) Tj ET Q q 0 0 0 rg BT 487.44 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.72 491.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 541.56 491.10 Td (material ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (risks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 455.10 Td (Engaging ) Tj ET Q q 0 0 0 rg BT 99.03 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.51 455.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 166.08 455.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 216.54 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.69 455.10 Td (other ) Tj ET Q q 0 0 0 rg BT 256.94 455.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 287.41 455.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 337.88 455.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 377.78 455.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 412.69 455.10 Td (us ) Tj ET Q q 0 0 0 rg BT 424.29 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.77 455.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 458.02 455.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 502.38 455.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 522.29 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.00 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 542.14 455.10 Td (recourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 58.92 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 69.61 443.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 101.95 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.09 443.10 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 173.87 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.12 443.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 209.15 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 220.39 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 243.86 443.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.11 443.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 292.46 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.16 443.10 Td (securitization. ) Tj ET Q q 0 0 0 rg BT 362.44 443.10 Td (If ) Tj ET Q q 0 0 0 rg BT 372.02 443.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 406.59 443.10 Td (for ) Tj ET Q q 0 0 0 rg BT 421.17 443.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 460.75 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.45 443.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 528.23 443.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (weakens, ) Tj ET Q q 0 0 0 rg BT 74.76 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.26 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 107.31 431.10 Td (be ) Tj ET Q q 0 0 0 rg BT 118.58 431.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 147.07 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.69 431.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 195.17 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.22 431.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 264.93 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.09 431.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 298.04 431.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 350.40 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 363.89 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 380.72 431.10 Td (purpose, ) Tj ET Q q 0 0 0 rg BT 416.72 431.10 Td (which ) Tj ET Q q 0 0 0 rg BT 442.99 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 462.04 431.10 Td (hurt ) Tj ET Q q 0 0 0 rg BT 479.99 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.15 431.10 Td (business ) Tj ET Q q 0 0 0 rg BT 530.88 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.04 431.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 67.38 419.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.48 419.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 116.52 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.07 419.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 173.72 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 194.27 419.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 233.69 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.24 419.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 300.88 419.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 353.92 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 368.35 419.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 399.43 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.98 419.10 Td (due ) Tj ET Q q 0 0 0 rg BT 427.19 419.10 Td (diligence ) Tj ET Q q 0 0 0 rg BT 466.61 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.16 419.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 518.25 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.80 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.79 419.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 567.67 419.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (other ) Tj ET Q q 0 0 0 rg BT 59.65 407.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 86.09 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.85 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 116.17 407.10 Td (securitizing ) Tj ET Q q 0 0 0 rg BT 165.92 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.47 407.10 Td (make ) Tj ET Q q 0 0 0 rg BT 208.23 407.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 271.86 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.41 407.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 334.16 407.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 367.81 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.69 407.10 Td (those ) Tj ET Q q 0 0 0 rg BT 402.90 407.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 427.12 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.66 407.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 473.37 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 492.03 407.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 514.02 407.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 558.22 407.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 74.76 395.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.31 395.10 Td (type ) Tj ET Q q 0 0 0 rg BT 110.63 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.06 395.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 140.38 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.27 395.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 196.24 395.10 Td (with ) Tj ET Q q 0 0 0 rg BT 216.12 395.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 272.09 395.10 Td (activity) Tj ET Q q 0 0 0 rg BT 301.44 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.04 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.36 395.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 341.35 395.10 Td (related ) Tj ET Q q 0 0 0 rg BT 370.66 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.54 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.98 395.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 423.63 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.51 395.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 472.27 395.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 528.24 395.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (after ) Tj ET Q q 0 0 0 rg BT 57.21 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 71.77 383.10 Td (have ) Tj ET Q q 0 0 0 rg BT 93.55 383.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 146.98 383.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 170.99 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.54 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 203.44 383.10 Td (purpose, ) Tj ET Q q 0 0 0 rg BT 240.50 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.84 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 383.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 294.74 383.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 338.74 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 359.42 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.53 383.10 Td (due ) Tj ET Q q 0 0 0 rg BT 391.87 383.10 Td (diligence ) Tj ET Q q 0 0 0 rg BT 431.42 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.98 383.10 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 483.03 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.37 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.49 383.10 Td (representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.71 371.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 96.63 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 110.56 371.10 Td (make, ) Tj ET Q q 0 0 0 rg BT 136.99 371.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.04 371.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 193.18 371.10 Td (with ) Tj ET Q q 0 0 0 rg BT 213.23 371.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 269.37 371.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 301.63 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 316.11 371.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 346.16 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.21 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.70 371.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 391.86 371.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 435.23 371.10 Td (with ) Tj ET Q q 0 0 0 rg BT 455.28 371.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 495.31 371.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 518.69 371.10 Td (with ) Tj ET Q q 0 0 0 rg BT 538.74 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 553.23 371.10 Td (intent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.51 359.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 61.13 359.10 Td (them ) Tj ET Q q 0 0 0 rg BT 82.86 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.37 359.10 Td (third ) Tj ET Q q 0 0 0 rg BT 112.99 359.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 143.88 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 153.94 359.10 Td (described ) Tj ET Q q 0 0 0 rg BT 193.99 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.50 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.45 359.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 269.16 359.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 310.32 359.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 327.05 359.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 352.10 359.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 374.38 359.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 378.82 359.10 Td (Thr) Tj ET Q q 0 0 0 rg BT 392.90 359.10 Td (ough ) Tj ET Q q 0 0 0 rg BT 414.64 359.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 444.69 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.21 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.83 359.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 527.67 359.10 Td (subsidiaries ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.62 347.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.00 347.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 107.38 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.67 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.39 347.10 Td (past, ) Tj ET Q q 0 0 0 rg BT 154.07 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 171.58 347.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 191.86 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.15 347.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 239.09 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.38 347.10 Td (engage, ) Tj ET Q q 0 0 0 rg BT 283.26 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.55 347.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 334.94 347.10 Td (r) Tj ET Q q 0 0 0 rg BT 338.46 347.10 Td (esidential ) Tj ET Q q 0 0 0 rg BT 379.85 347.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 420.69 347.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 444.86 347.10 Td (with ) Tj ET Q q 0 0 0 rg BT 464.60 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.32 347.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 504.60 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.89 347.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 531.28 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 554.34 347.10 Td (loans ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.73 335.10 Td (thir) Tj ET Q q 0 0 0 rg BT 60.80 335.10 Td (d ) Tj ET Q q 0 0 0 rg BT 68.75 335.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 99.48 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.32 335.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 132.04 335.10 Td (them ) Tj ET Q q 0 0 0 rg BT 154.43 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 166.27 335.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 218.38 335.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 254.49 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.94 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.99 335.10 Td (have ) Tj ET Q q 0 0 0 rg BT 295.82 335.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 332.64 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.37 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.54 335.10 Td (past, ) Tj ET Q q 0 0 0 rg BT 380.65 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.60 335.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 435.98 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.71 335.10 Td (engage, ) Tj ET Q q 0 0 0 rg BT 481.04 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.76 335.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 533.60 335.10 Td (r) Tj ET Q q 0 0 0 rg BT 537.12 335.10 Td (esidential ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (MSRs. ) Tj ET Q q 0 0 0 rg BT 64.33 323.10 Td (These ) Tj ET Q q 0 0 0 rg BT 90.16 323.10 Td (types ) Tj ET Q q 0 0 0 rg BT 113.21 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.49 323.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 175.43 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.93 323.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 242.09 323.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 271.80 323.10 Td (us ) Tj ET Q q 0 0 0 rg BT 283.19 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.47 323.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 338.73 323.10 Td (material ) Tj ET Q q 0 0 0 rg BT 375.12 323.10 Td (risks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.51 323.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 299.10 Td (When ) Tj ET Q q 0 0 0 rg BT 84.24 299.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 123.25 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.39 299.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 189.62 299.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 242.24 299.10 Td (we ) Tj ET Q q 0 0 0 rg BT 256.26 299.10 Td (also ) Tj ET Q q 0 0 0 rg BT 274.73 299.10 Td (prepare ) Tj ET Q q 0 0 0 rg BT 307.06 299.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 349.97 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.76 299.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 409.67 299.10 Td (documentation, ) Tj ET Q q 0 0 0 rg BT 473.96 299.10 Td (including ) Tj ET Q q 0 0 0 rg BT 514.09 299.10 Td (term ) Tj ET Q q 0 0 0 rg BT 534.78 299.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 561.58 299.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (prospectuses, ) Tj ET Q q 0 0 0 rg BT 92.87 287.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.14 287.10 Td (include ) Tj ET Q q 0 0 0 rg BT 143.85 287.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 191.57 287.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 233.16 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.65 287.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 305.79 287.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 356.83 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.55 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.04 287.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 416.64 287.10 Td (being ) Tj ET Q q 0 0 0 rg BT 442.14 287.10 Td (securitized. ) Tj ET Q q 0 0 0 rg BT 491.22 287.10 Td (If ) Tj ET Q q 0 0 0 rg BT 501.16 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.76 287.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 561.58 287.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 79.09 275.10 Td (documentation ) Tj ET Q q 0 0 0 rg BT 141.05 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.80 275.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 187.21 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.08 275.10 Td (found ) Tj ET Q q 0 0 0 rg BT 223.95 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.27 275.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 266.24 275.10 Td (inaccuracies ) Tj ET Q q 0 0 0 rg BT 318.19 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 329.06 275.10 Td (omissions, ) Tj ET Q q 0 0 0 rg BT 374.11 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 388.30 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 408.06 275.10 Td (be ) Tj ET Q q 0 0 0 rg BT 420.04 275.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 444.79 275.10 Td (under ) Tj ET Q q 0 0 0 rg BT 470.10 275.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 500.39 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.37 275.10 Td (state ) Tj ET Q q 0 0 0 rg BT 538.23 275.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 56.81 263.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 70.95 263.10 Td (under ) Tj ET Q q 0 0 0 rg BT 96.20 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 119.22 263.10 Td (laws\) ) Tj ET Q q 0 0 0 rg BT 143.36 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 157.50 263.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 194.97 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.23 263.10 Td (third ) Tj ET Q q 0 0 0 rg BT 226.59 263.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 255.73 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 273.20 263.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 299.57 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.83 263.10 Td (these ) Tj ET Q q 0 0 0 rg BT 332.85 263.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 389.20 263.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 441.94 263.10 Td (including ) Tj ET Q q 0 0 0 rg BT 482.19 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.45 263.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 551.57 263.10 Td (where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.90 251.10 Td (relied ) Tj ET Q q 0 0 0 rg BT 74.91 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 87.15 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 93.83 251.10 Td (third ) Tj ET Q q 0 0 0 rg BT 114.96 251.10 Td (party ) Tj ET Q q 0 0 0 rg BT 137.75 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.77 251.10 Td (preparing ) Tj ET Q q 0 0 0 rg BT 188.33 251.10 Td (accurate ) Tj ET Q q 0 0 0 rg BT 223.87 251.10 Td (disclosures, ) Tj ET Q q 0 0 0 rg BT 273.06 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.63 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 297.53 251.10 Td (may ) Tj ET Q q 0 0 0 rg BT 316.99 251.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 339.78 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 362.57 251.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 400.91 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.59 251.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 439.83 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.86 251.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 495.97 251.10 Td (with ) Tj ET Q q 0 0 0 rg BT 515.99 251.10 Td (disputing ) Tj ET Q q 0 0 0 rg BT 555.46 251.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (allegations ) Tj ET Q q 0 0 0 rg BT 81.79 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.60 239.10 Td (settling ) Tj ET Q q 0 0 0 rg BT 124.52 239.10 Td (claims. ) Tj ET Q q 0 0 0 rg BT 155.42 239.10 Td (W) Tj ET Q q 0 0 0 rg BT 164.05 239.10 Td (e ) Tj ET Q q 0 0 0 rg BT 170.97 239.10 Td (have ) Tj ET Q q 0 0 0 rg BT 192.32 239.10 Td (also ) Tj ET Q q 0 0 0 rg BT 210.90 239.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 246.69 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.94 239.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 286.08 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.89 239.10 Td (contributing ) Tj ET Q q 0 0 0 rg BT 348.25 239.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 397.92 239.10 Td (real ) Tj ET Q q 0 0 0 rg BT 415.38 239.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 440.62 239.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 464.20 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.45 239.10 Td (third ) Tj ET Q q 0 0 0 rg BT 495.81 239.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 524.94 239.10 Td (who, ) Tj ET Q q 0 0 0 rg BT 547.14 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 557.39 239.10 Td (turn, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (have ) Tj ET Q q 0 0 0 rg BT 57.80 227.10 Td (securitized ) Tj ET Q q 0 0 0 rg BT 104.03 227.10 Td (those ) Tj ET Q q 0 0 0 rg BT 128.05 227.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 154.58 227.10 Td (In ) Tj ET Q q 0 0 0 rg BT 165.83 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 189.29 227.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 251.35 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 265.93 227.10 Td (have ) Tj ET Q q 0 0 0 rg BT 287.73 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.43 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.56 227.10 Td (past ) Tj ET Q q 0 0 0 rg BT 332.59 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.95 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 370.08 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.78 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.92 227.10 Td (future ) Tj ET Q q 0 0 0 rg BT 422.71 227.10 Td (also ) Tj ET Q q 0 0 0 rg BT 441.74 227.10 Td (prepare ) Tj ET Q q 0 0 0 rg BT 474.63 227.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 518.09 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.45 227.10 Td (disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (documentation, ) Tj ET Q q 0 0 0 rg BT 99.94 215.10 Td (including ) Tj ET Q q 0 0 0 rg BT 139.73 215.10 Td (documentation ) Tj ET Q q 0 0 0 rg BT 201.17 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 218.18 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 226.86 215.10 Td (included ) Tj ET Q q 0 0 0 rg BT 263.31 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.10 215.10 Td (term ) Tj ET Q q 0 0 0 rg BT 293.44 215.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 319.89 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.34 215.10 Td (prospectuses ) Tj ET Q q 0 0 0 rg BT 389.45 215.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 422.01 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.80 215.10 Td (those ) Tj ET Q q 0 0 0 rg BT 454.92 215.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 510.80 215.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 562.93 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 571.57 215.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.45 203.10 Td (be ) Tj ET Q q 0 0 0 rg BT 72.12 203.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 96.56 203.10 Td (under ) Tj ET Q q 0 0 0 rg BT 121.56 203.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 151.55 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.22 203.10 Td (state ) Tj ET Q q 0 0 0 rg BT 188.77 203.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 228.77 203.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 249.33 203.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 263.22 203.10 Td (under ) Tj ET Q q 0 0 0 rg BT 288.22 203.10 Td (other ) Tj ET Q q 0 0 0 rg BT 311.00 203.10 Td (laws\) ) Tj ET Q q 0 0 0 rg BT 334.89 203.10 Td (for ) Tj ET Q q 0 0 0 rg BT 348.78 203.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 386.00 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.01 203.10 Td (third ) Tj ET Q q 0 0 0 rg BT 417.13 203.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 446.01 203.10 Td (that ) Tj ET Q q 0 0 0 rg BT 463.24 203.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 489.36 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.37 203.10 Td (these ) Tj ET Q q 0 0 0 rg BT 522.15 203.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 88.81 191.10 Td (including ) Tj ET Q q 0 0 0 rg BT 129.13 191.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 162.78 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.98 191.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 223.96 191.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 261.48 191.10 Td (by ) Tj ET Q q 0 0 0 rg BT 274.03 191.10 Td (third ) Tj ET Q q 0 0 0 rg BT 295.46 191.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 324.66 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 335.53 191.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.85 191.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 386.71 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.04 191.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 420.69 191.10 Td (that ) Tj ET Q q 0 0 0 rg BT 438.23 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 452.43 191.10 Td (did ) Tj ET Q q 0 0 0 rg BT 467.75 191.10 Td (not ) Tj ET Q q 0 0 0 rg BT 483.08 191.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 499.51 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.38 191.10 Td (contribute ) Tj ET Q q 0 0 0 rg BT 553.47 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 563.79 191.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (securitization. ) Tj ET Q q 0 0 0 rg BT 95.19 179.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 145.10 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.22 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 166.51 179.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 205.13 179.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 231.52 179.10 Td (various ) Tj ET Q q 0 0 0 rg BT 264.59 179.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 310.98 179.10 Td (service ) Tj ET Q q 0 0 0 rg BT 342.92 179.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 384.32 179.10 Td (when ) Tj ET Q q 0 0 0 rg BT 409.61 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 424.90 179.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 456.84 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.25 179.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 525.74 179.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (including ) Tj ET Q q 0 0 0 rg BT 76.94 167.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 130.65 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 142.15 167.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 168.66 167.10 Td (purchasers, ) Tj ET Q q 0 0 0 rg BT 217.09 167.10 Td (trustees, ) Tj ET Q q 0 0 0 rg BT 253.30 167.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 313.68 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.29 167.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 361.68 167.10 Td (agents, ) Tj ET Q q 0 0 0 rg BT 392.90 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.51 167.10 Td (custodians, ) Tj ET Q q 0 0 0 rg BT 458.40 167.10 Td (among ) Tj ET Q q 0 0 0 rg BT 488.79 167.10 Td (others. ) Tj ET Q q 0 0 0 rg BT 518.67 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.30 167.10 Td (e ) Tj ET Q q 0 0 0 rg BT 534.91 167.10 Td (frequently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 89.85 155.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 113.15 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.59 155.10 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 165.35 155.10 Td (these ) Tj ET Q q 0 0 0 rg BT 187.55 155.10 Td (service ) Tj ET Q q 0 0 0 rg BT 217.52 155.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 256.94 155.10 Td (against ) Tj ET Q q 0 0 0 rg BT 286.92 155.10 Td (various ) Tj ET Q q 0 0 0 rg BT 318.02 155.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 345.78 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.87 155.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 387.42 155.10 Td (they ) Tj ET Q q 0 0 0 rg BT 406.29 155.10 Td (may ) Tj ET Q q 0 0 0 rg BT 425.16 155.10 Td (suf) Tj ET Q q 0 0 0 rg BT 437.20 155.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 449.96 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 459.39 155.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 504.92 155.10 Td (with ) Tj ET Q q 0 0 0 rg BT 524.35 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.22 155.10 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.17 143.10 Td (services ) Tj ET Q q 0 0 0 rg BT 82.21 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.83 143.10 Td (us ) Tj ET Q q 0 0 0 rg BT 104.55 143.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 132.94 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.99 143.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 204.70 143.10 Td (trust. ) Tj ET Q q 0 0 0 rg BT 227.61 143.10 Td (T) Tj ET Q q 0 0 0 rg BT 233.02 143.10 Td (o ) Tj ET Q q 0 0 0 rg BT 240.85 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.91 143.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 283.18 143.10 Td (any ) Tj ET Q q 0 0 0 rg BT 300.45 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.62 143.10 Td (these ) Tj ET Q q 0 0 0 rg BT 335.00 143.10 Td (service ) Tj ET Q q 0 0 0 rg BT 366.16 143.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 406.76 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 421.81 143.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 446.85 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.35 143.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 499.17 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.79 143.10 Td (third ) Tj ET Q q 0 0 0 rg BT 531.51 143.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 561.00 143.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (have ) Tj ET Q q 0 0 0 rg BT 57.38 131.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 93.20 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.48 131.10 Td (these ) Tj ET Q q 0 0 0 rg BT 126.53 131.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 182.89 131.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 235.66 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.82 131.10 Td (may ) Tj ET Q q 0 0 0 rg BT 269.54 131.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 292.58 131.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 315.08 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.02 131.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 370.62 131.10 Td (as ) Tj ET Q q 0 0 0 rg BT 381.45 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 388.39 131.10 Td (result ) Tj ET Q q 0 0 0 rg BT 413.10 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.93 131.10 Td (these ) Tj ET Q q 0 0 0 rg BT 446.98 131.10 Td (indemnities. ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 63.69 731.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 89.48 731.10 Td (years ) Tj ET Q q 0 0 0 rg BT 111.94 731.10 Td (there ) Tj ET Q q 0 0 0 rg BT 133.29 731.10 Td (has ) Tj ET Q q 0 0 0 rg BT 147.99 731.10 Td (also ) Tj ET Q q 0 0 0 rg BT 165.46 731.10 Td (been ) Tj ET Q q 0 0 0 rg BT 185.70 731.10 Td (debate ) Tj ET Q q 0 0 0 rg BT 213.16 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 222.85 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.99 731.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 265.56 731.10 Td (there ) Tj ET Q q 0 0 0 rg BT 286.91 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 300.48 731.10 Td (defects ) Tj ET Q q 0 0 0 rg BT 330.16 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.31 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.89 731.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 373.68 731.10 Td (process ) Tj ET Q q 0 0 0 rg BT 405.04 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.84 731.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 441.64 731.10 Td (documents ) Tj ET Q q 0 0 0 rg BT 486.33 731.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 528.24 731.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.82 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 72.31 719.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 128.22 719.10 Td (trusts ) Tj ET Q q 0 0 0 rg BT 151.94 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.42 719.10 Td (other ) Tj ET Q q 0 0 0 rg BT 191.01 719.10 Td (secondary ) Tj ET Q q 0 0 0 rg BT 233.60 719.10 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 278.40 719.10 Td (take ) Tj ET Q q 0 0 0 rg BT 297.10 719.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 318.58 719.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 362.29 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.67 719.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 416.36 719.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 456.17 719.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 479.33 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.81 719.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 532.85 719.10 Td (their ) Tj ET Q q 0 0 0 rg BT 553.22 719.10 Td (rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.87 707.10 Td (first ) Tj ET Q q 0 0 0 rg BT 65.52 707.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 98.05 707.10 Td (lien ) Tj ET Q q 0 0 0 rg BT 115.58 707.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 147.56 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 160.10 707.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 205.97 707.10 Td (mortgaged ) Tj ET Q q 0 0 0 rg BT 251.27 707.10 Td (property) Tj ET Q q 0 0 0 rg BT 284.50 707.10 Td (. ) Tj ET Q q 0 0 0 rg BT 289.35 707.10 Td (T) Tj ET Q q 0 0 0 rg BT 294.76 707.10 Td (o ) Tj ET Q q 0 0 0 rg BT 302.30 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.06 707.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 344.03 707.10 Td (there ) Tj ET Q q 0 0 0 rg BT 366.55 707.10 Td (are ) Tj ET Q q 0 0 0 rg BT 381.30 707.10 Td (problems ) Tj ET Q q 0 0 0 rg BT 421.06 707.10 Td (with ) Tj ET Q q 0 0 0 rg BT 441.37 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.13 707.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 488.65 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.97 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 525.95 707.10 Td (title ) Tj ET Q q 0 0 0 rg BT 544.04 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 561.02 707.10 Td (lien ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 67.99 695.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 92.76 695.10 Td (were ) Tj ET Q q 0 0 0 rg BT 114.18 695.10 Td (established ) Tj ET Q q 0 0 0 rg BT 160.60 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 170.93 695.10 Td (transferred, ) Tj ET Q q 0 0 0 rg BT 218.72 695.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 274.58 695.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 324.34 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 341.33 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 354.98 695.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 397.52 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.95 695.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 458.71 695.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 501.25 695.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 561.00 695.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 51.41 683.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 72.94 683.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 124.46 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.99 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 156.96 683.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 204.01 683.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 234.15 683.10 Td (which ) Tj ET Q q 0 0 0 rg BT 262.34 683.10 Td (could ) Tj ET Q q 0 0 0 rg BT 288.30 683.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 319.82 683.10 Td (us ) Tj ET Q q 0 0 0 rg BT 332.46 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.99 683.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 371.63 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.82 683.10 Td (could ) Tj ET Q q 0 0 0 rg BT 415.79 683.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 450.63 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.71 683.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 497.02 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.54 683.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 540.61 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 552.14 683.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.37 671.10 Td (transactions. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (In ) Tj ET Q q 0 0 0 rg BT 47.70 647.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 95.50 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 115.53 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 132.22 647.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.91 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.72 647.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.40 647.10 Td (activity) Tj ET Q q 0 0 0 rg BT 267.46 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 272.20 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 285.55 647.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 303.34 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.15 647.10 Td (third ) Tj ET Q q 0 0 0 rg BT 338.40 647.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 368.42 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.44 647.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 414.02 647.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 445.14 647.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 482.09 647.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 513.77 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 533.80 647.10 Td (applicable ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 56.53 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 74.29 635.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 125.67 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.42 635.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 167.28 635.10 Td (out ) Tj ET Q q 0 0 0 rg BT 182.81 635.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 232.23 635.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 275.54 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.29 635.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 320.77 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.74 635.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 365.71 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.24 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 403.44 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 415.07 635.10 Td (any ) Tj ET Q q 0 0 0 rg BT 432.27 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.79 635.10 Td (these ) Tj ET Q q 0 0 0 rg BT 466.10 635.10 Td (third ) Tj ET Q q 0 0 0 rg BT 488.30 635.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 518.28 635.10 Td (may ) Tj ET Q q 0 0 0 rg BT 537.69 635.10 Td (adversely ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 66.27 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 83.23 623.10 Td (business ) Tj ET Q q 0 0 0 rg BT 120.74 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.80 623.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 178.53 623.10 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (In ) Tj ET Q q 0 0 0 rg BT 63.63 599.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 108.80 599.10 Td (with ) Tj ET Q q 0 0 0 rg BT 127.88 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.52 599.10 Td (business ) Tj ET Q q 0 0 0 rg BT 177.71 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.34 599.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 226.40 599.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 251.31 599.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 289.27 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.35 599.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 353.52 599.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 405.08 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.82 599.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 458.79 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.87 599.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 511.93 599.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 538.24 599.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.02 587.10 Td (other ) Tj ET Q q 0 0 0 rg BT 76.14 587.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 104.55 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 118.79 587.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 136.91 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.49 587.10 Td (third ) Tj ET Q q 0 0 0 rg BT 170.96 587.10 Td (party ) Tj ET Q q 0 0 0 rg BT 194.08 587.10 Td (service ) Tj ET Q q 0 0 0 rg BT 224.97 587.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 265.32 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.68 587.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 310.46 587.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 340.24 587.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 377.53 587.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 410.10 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 430.46 587.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 474.13 587.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 495.03 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.05 587.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 561.56 587.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 59.93 575.10 Td (out ) Tj ET Q q 0 0 0 rg BT 76.09 575.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 123.90 575.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 167.27 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.10 575.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 212.46 575.10 Td (As ) Tj ET Q q 0 0 0 rg BT 226.96 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.79 575.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 262.89 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 277.94 575.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.54 575.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 325.25 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.42 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.02 575.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 374.30 575.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 418.79 575.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.95 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 447.78 575.10 Td (third ) Tj ET Q q 0 0 0 rg BT 470.06 575.10 Td (party) Tj ET Q q 0 0 0 rg BT 493.38 575.10 Td (s ) Tj ET Q q 0 0 0 rg BT 500.66 575.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 530.14 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.31 575.10 Td (perform, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (including ) Tj ET Q q 0 0 0 rg BT 75.60 563.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 103.52 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.13 563.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 147.16 563.10 Td (due ) Tj ET Q q 0 0 0 rg BT 163.43 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.04 563.10 Td (reasons ) Tj ET Q q 0 0 0 rg BT 204.85 563.10 Td (such ) Tj ET Q q 0 0 0 rg BT 225.01 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 235.17 563.10 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 260.59 563.10 Td (negligence, ) Tj ET Q q 0 0 0 rg BT 308.23 563.10 Td (errors, ) Tj ET Q q 0 0 0 rg BT 335.88 563.10 Td (miscalculations, ) Tj ET Q q 0 0 0 rg BT 402.42 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 412.57 563.10 Td (insolvency) Tj ET Q q 0 0 0 rg BT 455.25 563.10 Td (. ) Tj ET Q q 0 0 0 rg BT 459.58 563.10 Td (For ) Tj ET Q q 0 0 0 rg BT 475.30 563.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 513.50 563.10 Td (if ) Tj ET Q q 0 0 0 rg BT 521.43 563.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 540.48 563.10 Td (servicers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 81.64 551.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 109.54 551.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 145.77 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.44 551.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 201.00 551.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 224.45 551.10 Td (than ) Tj ET Q q 0 0 0 rg BT 244.01 551.10 Td (they ) Tj ET Q q 0 0 0 rg BT 263.57 551.10 Td (have ) Tj ET Q q 0 0 0 rg BT 284.79 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.91 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.47 551.10 Td (past, ) Tj ET Q q 0 0 0 rg BT 330.42 551.10 Td (there ) Tj ET Q q 0 0 0 rg BT 352.75 551.10 Td (is ) Tj ET Q q 0 0 0 rg BT 361.77 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.55 551.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 385.89 551.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 405.73 551.10 Td (as ) Tj ET Q q 0 0 0 rg BT 416.41 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.19 551.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 450.25 551.10 Td (their ) Tj ET Q q 0 0 0 rg BT 470.92 551.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 518.24 551.10 Td (infrastructures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 55.94 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 71.43 539.10 Td (be ) Tj ET Q q 0 0 0 rg BT 83.59 539.10 Td (able ) Tj ET Q q 0 0 0 rg BT 102.97 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.47 539.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 150.06 539.10 Td (process ) Tj ET Q q 0 0 0 rg BT 182.77 539.10 Td (this ) Tj ET Q q 0 0 0 rg BT 199.94 539.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 240.41 539.10 Td (volume. ) Tj ET Q q 0 0 0 rg BT 275.63 539.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 301.68 539.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 321.62 539.10 Td (servicers ) Tj ET Q q 0 0 0 rg BT 359.87 539.10 Td (have ) Tj ET Q q 0 0 0 rg BT 381.47 539.10 Td (been ) Tj ET Q q 0 0 0 rg BT 403.07 539.10 Td (accused ) Tj ET Q q 0 0 0 rg BT 437.43 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.48 539.10 Td (improprieties ) Tj ET Q q 0 0 0 rg BT 504.52 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.02 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.96 539.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 567.67 539.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.71 527.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 70.43 527.10 Td (modification ) Tj ET Q q 0 0 0 rg BT 124.02 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.85 527.10 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 182.33 527.10 Td (process ) Tj ET Q q 0 0 0 rg BT 214.81 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 235.09 527.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 265.90 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.18 527.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 320.33 527.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 360.59 527.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 384.19 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 401.69 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 423.06 527.10 Td (gone ) Tj ET Q q 0 0 0 rg BT 445.00 527.10 Td (into ) Tj ET Q q 0 0 0 rg BT 463.05 527.10 Td (default. ) Tj ET Q q 0 0 0 rg BT 495.63 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 501.04 527.10 Td (o ) Tj ET Q q 0 0 0 rg BT 508.54 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.25 527.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 550.18 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 557.12 527.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (party ) Tj ET Q q 0 0 0 rg BT 59.32 515.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 79.31 515.10 Td (servicer ) Tj ET Q q 0 0 0 rg BT 113.73 515.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 133.72 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.27 515.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 165.93 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.14 515.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 219.79 515.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 254.77 515.10 Td (its ) Tj ET Q q 0 0 0 rg BT 266.99 515.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 316.70 515.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 340.58 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.79 515.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 398.33 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 416.10 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 430.53 515.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 451.08 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 462.18 515.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 512.73 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.72 515.10 Td (experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 62.73 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 80.00 503.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 140.59 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.42 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.92 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 194.63 503.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 238.01 503.10 Td (may ) Tj ET Q q 0 0 0 rg BT 258.07 503.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 304.20 503.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 325.37 503.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 381.22 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.50 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.66 503.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 443.05 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.66 503.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 484.81 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 495.42 503.10 Td (future ) Tj ET Q q 0 0 0 rg BT 522.13 503.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 86.26 491.10 Td (could ) Tj ET Q q 0 0 0 rg BT 110.98 491.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.92 491.10 Td (harmed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.57 467.10 Td (some ) Tj ET Q q 0 0 0 rg BT 94.36 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.38 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.28 467.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 144.07 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 161.74 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.09 467.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 196.55 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.67 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 228.01 467.10 Td (some ) Tj ET Q q 0 0 0 rg BT 251.80 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.81 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.71 467.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 301.50 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 315.84 467.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 332.41 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 343.42 467.10 Td (securitize, ) Tj ET Q q 0 0 0 rg BT 386.92 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 401.26 467.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 421.72 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.62 467.10 Td (right ) Tj ET Q q 0 0 0 rg BT 458.19 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.65 467.10 Td (service ) Tj ET Q q 0 0 0 rg BT 499.65 467.10 Td (those ) Tj ET Q q 0 0 0 rg BT 523.44 467.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 547.23 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 564.35 467.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 61.05 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.78 455.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 118.93 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.99 455.10 Td (service ) Tj ET Q q 0 0 0 rg BT 159.60 455.10 Td (those ) Tj ET Q q 0 0 0 rg BT 182.99 455.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 208.89 455.10 Td (In ) Tj ET Q q 0 0 0 rg BT 219.50 455.10 Td (these ) Tj ET Q q 0 0 0 rg BT 242.34 455.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 301.26 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 315.21 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 329.70 455.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 364.76 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.82 455.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 404.31 455.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 427.99 455.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 470.55 455.10 Td (without ) Tj ET Q q 0 0 0 rg BT 503.39 455.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 547.07 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 564.35 455.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 55.44 443.10 Td (not ) Tj ET Q q 0 0 0 rg BT 70.43 443.10 Td (be ) Tj ET Q q 0 0 0 rg BT 82.09 443.10 Td (able ) Tj ET Q q 0 0 0 rg BT 100.96 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.96 443.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 133.16 443.10 Td (into ) Tj ET Q q 0 0 0 rg BT 150.94 443.10 Td (subservicing ) Tj ET Q q 0 0 0 rg BT 203.70 443.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 251.45 443.10 Td (on ) Tj ET Q q 0 0 0 rg BT 263.67 443.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 303.64 443.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 328.08 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.07 443.10 Td (us ) Tj ET Q q 0 0 0 rg BT 349.18 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.73 443.10 Td (at ) Tj ET Q q 0 0 0 rg BT 369.17 443.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 383.88 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 394.43 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 411.64 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.08 443.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 477.16 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 496.60 443.10 Td (not ) Tj ET Q q 0 0 0 rg BT 511.60 443.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 547.69 443.10 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.43 431.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 69.87 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 79.86 431.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 128.17 431.10 Td (with ) Tj ET Q q 0 0 0 rg BT 148.16 431.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 191.47 431.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 212.02 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.67 431.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 275.32 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.87 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.30 431.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 346.94 431.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 390.82 431.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 433.59 431.10 Td (their ) Tj ET Q q 0 0 0 rg BT 454.13 431.10 Td (sub-servicing ) Tj ET Q q 0 0 0 rg BT 510.22 431.10 Td (role, ) Tj ET Q q 0 0 0 rg BT 530.49 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.14 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 564.35 431.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (would ) Tj ET Q q 0 0 0 rg BT 63.44 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 75.31 419.10 Td (held ) Tj ET Q q 0 0 0 rg BT 94.97 419.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 119.62 419.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.72 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.37 419.10 Td (sub-servicer) Tj ET Q q 0 0 0 rg BT 197.61 419.10 Td () Tj ET Q q 0 0 0 rg BT 200.39 419.10 Td (s ) Tj ET Q q 0 0 0 rg BT 206.72 419.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 245.81 419.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 263.80 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 274.56 419.10 Td (omissions. ) Tj ET Q q 0 0 0 rg BT 318.97 419.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 368.88 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 373.81 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.03 419.10 Td (its ) Tj ET Q q 0 0 0 rg BT 395.92 419.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 431.67 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 442.43 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.31 419.10 Td (servicer ) Tj ET Q q 0 0 0 rg BT 483.39 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.16 419.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.25 419.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 62.32 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 69.46 407.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 121.04 407.10 Td (will ) Tj ET Q q 0 0 0 rg BT 139.31 407.10 Td (have ) Tj ET Q q 0 0 0 rg BT 160.89 407.10 Td (access ) Tj ET Q q 0 0 0 rg BT 189.14 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.63 407.10 Td (borrowers) Tj ET Q q 0 0 0 rg BT 242.76 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.46 407.10 Td (non-public ) Tj ET Q q 0 0 0 rg BT 291.50 407.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 328.08 407.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 380.51 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.65 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 412.02 407.10 Td (could ) Tj ET Q q 0 0 0 rg BT 436.95 407.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 460.20 407.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 494.02 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.51 407.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 551.09 407.10 Td (with ) Tj ET Q q 0 0 0 rg BT 571.58 407.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (data ) Tj ET Q q 0 0 0 rg BT 55.06 395.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 84.11 395.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 117.05 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.24 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.08 395.10 Td (sub-servicer) Tj ET Q q 0 0 0 rg BT 182.55 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.45 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.18 395.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 238.92 395.10 Td (further ) Tj ET Q q 0 0 0 rg BT 268.53 395.10 Td (below ) Tj ET Q q 0 0 0 rg BT 295.37 395.10 Td (under ) Tj ET Q q 0 0 0 rg BT 320.54 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.16 395.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 352.57 395.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 378.29 395.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 401.24 395.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.68 395.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 424.20 395.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 470.47 395.10 Td (infrastructur) Tj ET Q q 0 0 0 rg BT 521.22 395.10 Td (e ) Tj ET Q q 0 0 0 rg BT 528.06 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.47 395.10 Td (systems ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (ar) Tj ET Q q 0 0 0 rg BT 44.52 383.10 Td (e ) Tj ET Q q 0 0 0 rg BT 51.13 383.10 Td (important ) Tj ET Q q 0 0 0 rg BT 92.75 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.93 383.10 Td (any ) Tj ET Q q 0 0 0 rg BT 126.54 383.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 170.93 383.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 214.22 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 225.29 383.10 Td (br) Tj ET Q q 0 0 0 rg BT 233.81 383.10 Td (each ) Tj ET Q q 0 0 0 rg BT 254.86 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.81 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.20 383.10 Td (security ) Tj ET Q q 0 0 0 rg BT 313.03 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.98 383.10 Td (this ) Tj ET Q q 0 0 0 rg BT 339.60 383.10 Td (infrastructur) Tj ET Q q 0 0 0 rg BT 390.35 383.10 Td (e ) Tj ET Q q 0 0 0 rg BT 396.96 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.02 383.10 Td (these ) Tj ET Q q 0 0 0 rg BT 430.74 383.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 463.47 383.10 Td (could ) Tj ET Q q 0 0 0 rg BT 487.86 383.10 Td (have ) Tj ET Q q 0 0 0 rg BT 508.91 383.10 Td (an ) Tj ET Q q 0 0 0 rg BT 521.08 383.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 554.35 383.10 Td (effect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.90 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.70 371.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 104.99 371.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.40 371.10 Td (e ) Tj ET Q q 0 0 0 rg BT 119.74 371.10 Td (also ) Tj ET Q q 0 0 0 rg BT 139.31 371.10 Td (r) Tj ET Q q 0 0 0 rg BT 142.83 371.10 Td (ely ) Tj ET Q q 0 0 0 rg BT 157.39 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 170.29 371.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 217.07 371.10 Td (infrastructur) Tj ET Q q 0 0 0 rg BT 267.81 371.10 Td (e ) Tj ET Q q 0 0 0 rg BT 275.15 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.06 371.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 326.51 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.19 371.10 Td (thir) Tj ET Q q 0 0 0 rg BT 351.27 371.10 Td (d ) Tj ET Q q 0 0 0 rg BT 359.17 371.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 389.85 371.10 Td (who ) Tj ET Q q 0 0 0 rg BT 409.42 371.10 Td (pr) Tj ET Q q 0 0 0 rg BT 417.94 371.10 Td (ovide ) Tj ET Q q 0 0 0 rg BT 442.50 371.10 Td (services ) Tj ET Q q 0 0 0 rg BT 477.61 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 488.29 371.10 Td (us ) Tj ET Q q 0 0 0 rg BT 500.08 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.98 371.10 Td (with ) Tj ET Q q 0 0 0 rg BT 538.11 371.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 564.90 371.10 Td (we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 71.81 359.10 Td (business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.70 359.10 Td (. ) Tj ET Q q 0 0 0 rg BT 115.46 359.10 Td (When ) Tj ET Q q 0 0 0 rg BT 142.37 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 157.06 359.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 182.86 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.33 359.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 242.23 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 256.93 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.17 359.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 312.40 359.10 Td (also ) Tj ET Q q 0 0 0 rg BT 331.54 359.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 371.79 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.60 359.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 403.97 359.10 Td (any ) Tj ET Q q 0 0 0 rg BT 421.44 359.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 465.02 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.39 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.64 359.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 543.54 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 554.35 359.10 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 75.02 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 87.39 347.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 114.75 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.45 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 132.26 347.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 176.85 347.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 196.44 347.10 Td (obligor) Tj ET Q q 0 0 0 rg BT 224.77 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 229.48 347.10 Td (T) Tj ET Q q 0 0 0 rg BT 234.89 347.10 Td (o ) Tj ET Q q 0 0 0 rg BT 242.26 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.85 347.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 283.66 347.10 Td (any ) Tj ET Q q 0 0 0 rg BT 300.47 347.10 Td (one ) Tj ET Q q 0 0 0 rg BT 317.28 347.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 368.52 347.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 421.42 347.10 Td (services ) Tj ET Q q 0 0 0 rg BT 456.00 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.82 347.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 507.40 347.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 553.07 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 347.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.85 335.10 Td (with ) Tj ET Q q 0 0 0 rg BT 80.38 335.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 111.44 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.97 335.10 Td (which ) Tj ET Q q 0 0 0 rg BT 149.15 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 163.56 335.10 Td (own ) Tj ET Q q 0 0 0 rg BT 183.53 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.49 335.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 237.89 335.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 265.92 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.88 335.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 302.52 335.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 346.36 335.10 Td (with ) Tj ET Q q 0 0 0 rg BT 366.88 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 382.96 335.10 Td (use ) Tj ET Q q 0 0 0 rg BT 399.04 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.11 335.10 Td (that ) Tj ET Q q 0 0 0 rg BT 427.86 335.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 479.47 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 494.42 335.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 548.25 335.10 Td (around ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (this ) Tj ET Q q 0 0 0 rg BT 53.40 323.10 Td (single ) Tj ET Q q 0 0 0 rg BT 80.24 323.10 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 132.06 323.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 181.95 323.10 Td (. ) Tj ET Q q 0 0 0 rg BT 187.19 323.10 Td (T) Tj ET Q q 0 0 0 rg BT 192.60 323.10 Td (o ) Tj ET Q q 0 0 0 rg BT 200.55 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.72 323.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 243.11 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 261.06 323.10 Td (there ) Tj ET Q q 0 0 0 rg BT 284.00 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 299.16 323.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 344.33 323.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 381.17 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.45 323.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 432.05 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 450.00 323.10 Td (need ) Tj ET Q q 0 0 0 rg BT 471.83 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.56 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 494.96 323.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 525.68 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.41 323.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 567.68 323.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.61 311.10 Td (where ) Tj ET Q q 0 0 0 rg BT 86.54 311.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.70 311.10 Td (own ) Tj ET Q q 0 0 0 rg BT 120.42 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.14 311.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 174.29 311.10 Td (right, ) Tj ET Q q 0 0 0 rg BT 198.18 311.10 Td (it ) Tj ET Q q 0 0 0 rg BT 206.23 311.10 Td (could ) Tj ET Q q 0 0 0 rg BT 230.95 311.10 Td (have ) Tj ET Q q 0 0 0 rg BT 252.33 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.27 311.10 Td (material ) Tj ET Q q 0 0 0 rg BT 294.53 311.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 327.56 311.10 Td (ef) Tj ET Q q 0 0 0 rg BT 335.15 311.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 352.64 311.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.14 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.97 311.10 Td (business ) Tj ET Q q 0 0 0 rg BT 417.36 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.30 311.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 471.78 311.10 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 287.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.43 287.10 Td (also ) Tj ET Q q 0 0 0 rg BT 87.90 287.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 105.80 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 118.16 287.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 158.27 287.10 Td (trustees ) Tj ET Q q 0 0 0 rg BT 191.17 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.30 287.10 Td (act ) Tj ET Q q 0 0 0 rg BT 215.31 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 227.67 287.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 255.01 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.70 287.10 Td (us ) Tj ET Q q 0 0 0 rg BT 276.94 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.74 287.10 Td (other ) Tj ET Q q 0 0 0 rg BT 316.64 287.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 348.44 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.60 287.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 380.41 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.55 287.10 Td (enforcing ) Tj ET Q q 0 0 0 rg BT 431.22 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.90 287.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 472.04 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.72 287.10 Td (security ) Tj ET Q q 0 0 0 rg BT 516.73 287.10 Td (holders. ) Tj ET Q q 0 0 0 rg BT 551.03 287.10 Td (Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.60 275.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 75.20 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.92 275.10 Td (most ) Tj ET Q q 0 0 0 rg BT 107.23 275.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 129.06 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 143.11 275.10 Td (hold, ) Tj ET Q q 0 0 0 rg BT 165.77 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 179.82 275.10 Td (do ) Tj ET Q q 0 0 0 rg BT 192.20 275.10 Td (not ) Tj ET Q q 0 0 0 rg BT 207.37 275.10 Td (have ) Tj ET Q q 0 0 0 rg BT 228.63 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.23 275.10 Td (right ) Tj ET Q q 0 0 0 rg BT 264.50 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.67 275.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 307.60 275.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 339.96 275.10 Td (remedies ) Tj ET Q q 0 0 0 rg BT 378.44 275.10 Td (against ) Tj ET Q q 0 0 0 rg BT 409.15 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.75 275.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 449.46 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.18 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.78 275.10 Td (security) Tj ET Q q 0 0 0 rg BT 505.79 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.67 275.10 Td (but ) Tj ET Q q 0 0 0 rg BT 525.83 275.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 556.55 275.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 54.20 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 66.85 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 73.94 263.10 Td (trustee ) Tj ET Q q 0 0 0 rg BT 103.24 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.67 263.10 Td (act ) Tj ET Q q 0 0 0 rg BT 127.98 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 140.63 263.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 168.26 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.24 263.10 Td (us ) Tj ET Q q 0 0 0 rg BT 190.79 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.87 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 231.07 263.10 Td (security ) Tj ET Q q 0 0 0 rg BT 265.38 263.10 Td (holders. ) Tj ET Q q 0 0 0 rg BT 299.97 263.10 Td (Should ) Tj ET Q q 0 0 0 rg BT 330.96 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.04 263.10 Td (trustee ) Tj ET Q q 0 0 0 rg BT 367.35 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 382.78 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 394.87 263.10 Td (required ) Tj ET Q q 0 0 0 rg BT 430.83 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.26 263.10 Td (take ) Tj ET Q q 0 0 0 rg BT 460.57 263.10 Td (action ) Tj ET Q q 0 0 0 rg BT 487.65 263.10 Td (under ) Tj ET Q q 0 0 0 rg BT 513.07 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.94 263.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 552.81 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 263.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 78.47 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 89.01 251.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 104.54 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.52 251.10 Td (take ) Tj ET Q q 0 0 0 rg BT 133.38 251.10 Td (action, ) Tj ET Q q 0 0 0 rg BT 162.52 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.39 251.10 Td (could ) Tj ET Q q 0 0 0 rg BT 200.81 251.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 246.32 251.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 274.92 251.10 Td (In ) Tj ET Q q 0 0 0 rg BT 285.45 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.88 251.10 Td (context ) Tj ET Q q 0 0 0 rg BT 331.51 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.05 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.59 251.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 406.99 251.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 426.41 251.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 472.50 251.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 513.31 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 527.17 251.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 544.92 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 557.13 251.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 65.31 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 75.74 239.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 109.48 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.57 239.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 158.65 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.51 239.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 216.15 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 233.80 239.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 266.99 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.97 239.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 318.94 239.10 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 370.45 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.43 239.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 436.28 239.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 462.54 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.97 239.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 509.48 239.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 549.90 239.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.08 227.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 73.49 227.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 94.46 227.10 Td (suf) Tj ET Q q 0 0 0 rg BT 106.50 227.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 134.68 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.10 227.10 Td (service ) Tj ET Q q 0 0 0 rg BT 176.06 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.03 227.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 215.78 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.86 227.10 Td (support ) Tj ET Q q 0 0 0 rg BT 265.50 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.35 227.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 325.20 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.17 227.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 384.34 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.31 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.28 227.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 435.03 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 444.89 227.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 478.12 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 483.26 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.34 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.76 227.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 546.17 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 561.03 227.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 215.10 Td (losses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 53.94 191.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 80.75 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.80 191.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 122.15 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.31 191.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 177.45 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.06 191.10 Td (future ) Tj ET Q q 0 0 0 rg BT 213.88 191.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 270.71 191.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 325.05 191.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 368.27 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 377.87 191.10 Td (particular) Tj ET Q q 0 0 0 rg BT 418.44 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 422.20 191.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 482.92 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.52 191.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 537.12 191.10 Td (mortgage ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 64.18 179.10 Td (could ) Tj ET Q q 0 0 0 rg BT 90.41 179.10 Td (be ) Tj ET Q q 0 0 0 rg BT 103.30 179.10 Td (delayed, ) Tj ET Q q 0 0 0 rg BT 140.35 179.10 Td (limited, ) Tj ET Q q 0 0 0 rg BT 174.63 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 186.97 179.10 Td (precluded ) Tj ET Q q 0 0 0 rg BT 230.97 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 243.86 179.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 288.41 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.42 179.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 353.65 179.10 Td (reforms ) Tj ET Q q 0 0 0 rg BT 389.32 179.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 434.99 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.22 179.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 501.87 179.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.21 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 563.22 179.10 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 86.30 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 106.58 167.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 138.27 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.93 167.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 179.91 167.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 202.68 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.74 167.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 259.35 167.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 307.40 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.90 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.96 167.10 Td (contribute ) Tj ET Q q 0 0 0 rg BT 379.35 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.29 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.23 167.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 454.62 167.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 498.78 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.27 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.44 167.10 Td (securitization ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 88.55 155.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.82 155.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 147.52 155.10 Td (could ) Tj ET Q q 0 0 0 rg BT 173.68 155.10 Td (also ) Tj ET Q q 0 0 0 rg BT 193.72 155.10 Td (limit, ) Tj ET Q q 0 0 0 rg BT 218.49 155.10 Td (delay) Tj ET Q q 0 0 0 rg BT 239.77 155.10 Td (, ) Tj ET Q q 0 0 0 rg BT 245.64 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 257.91 155.10 Td (preclude ) Tj ET Q q 0 0 0 rg BT 296.83 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.66 155.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 343.58 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.74 155.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 389.20 155.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 448.14 155.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 504.59 155.10 Td (These ) Tj ET Q q 0 0 0 rg BT 532.40 155.10 Td (legislative, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (regulatory) Tj ET Q q 0 0 0 rg BT 78.41 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 82.17 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.99 143.10 Td (other ) Tj ET Q q 0 0 0 rg BT 121.92 143.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 151.51 143.10 Td (could ) Tj ET Q q 0 0 0 rg BT 175.55 143.10 Td (also ) Tj ET Q q 0 0 0 rg BT 193.48 143.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 222.51 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.55 143.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 267.83 143.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.20 143.10 Td (would ) Tj ET Q q 0 0 0 rg BT 306.47 143.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 347.18 143.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 374.53 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.57 143.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 403.73 143.10 Td (in ) Tj ET Q q 0 0 0 rg BT 413.33 143.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 460.15 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 479.20 143.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 520.45 143.10 Td (securitization ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (transactions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.63 107.10 Td (July ) Tj ET Q q 0 0 0 rg BT 83.61 107.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 108.41 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.93 107.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 173.61 107.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 190.35 107.10 Td (was ) Tj ET Q q 0 0 0 rg BT 208.21 107.10 Td (enacted. ) Tj ET Q q 0 0 0 rg BT 243.54 107.10 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 288.08 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.71 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.23 107.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 363.91 107.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 380.65 107.10 Td (require, ) Tj ET Q q 0 0 0 rg BT 413.77 107.10 Td (among ) Tj ET Q q 0 0 0 rg BT 443.29 107.10 Td (other ) Tj ET Q q 0 0 0 rg BT 466.14 107.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 495.39 107.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 539.91 107.10 Td (revisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.32 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.09 95.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 83.06 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.05 95.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 143.69 95.10 Td (framework ) Tj ET Q q 0 0 0 rg BT 190.10 95.10 Td (under ) Tj ET Q q 0 0 0 rg BT 215.41 95.10 Td (which ) Tj ET Q q 0 0 0 rg BT 241.84 95.10 Td (ABS, ) Tj ET Q q 0 0 0 rg BT 266.33 95.10 Td (including ) Tj ET Q q 0 0 0 rg BT 306.65 95.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 350.85 95.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 422.80 95.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 463.11 95.10 Td (\(RMBS\), ) Tj ET Q q 0 0 0 rg BT 502.61 95.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.36 95.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 544.91 95.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.52 83.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 91.69 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.32 83.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 158.49 83.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 211.06 83.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 236.14 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.77 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.29 83.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 305.26 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.89 83.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.41 83.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 381.08 83.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 397.82 83.10 Td (have ) Tj ET Q q 0 0 0 rg BT 419.00 83.10 Td (become ) Tj ET Q q 0 0 0 rg BT 452.39 83.10 Td (ef) Tj ET Q q 0 0 0 rg BT 459.98 83.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 489.48 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.12 83.10 Td (been ) Tj ET Q q 0 0 0 rg BT 521.29 83.10 Td (implemented, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 71.10 Td (while ) Tj ET Q q 0 0 0 rg BT 60.66 71.10 Td (others ) Tj ET Q q 0 0 0 rg BT 87.54 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.18 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.40 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.06 71.10 Td (process ) Tj ET Q q 0 0 0 rg BT 159.49 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.26 71.10 Td (being ) Tj ET Q q 0 0 0 rg BT 194.92 71.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 249.57 71.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.34 71.10 Td (will ) Tj ET Q q 0 0 0 rg BT 278.33 71.10 Td (become ) Tj ET Q q 0 0 0 rg BT 311.87 71.10 Td (ef) Tj ET Q q 0 0 0 rg BT 319.46 71.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 349.10 71.10 Td (soon. ) Tj ET Q q 0 0 0 rg BT 372.93 71.10 Td (In ) Tj ET Q q 0 0 0 rg BT 383.70 71.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 421.41 71.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 443.29 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.51 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.17 71.10 Td (passage ) Tj ET Q q 0 0 0 rg BT 501.71 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.48 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.14 71.10 Td (Dodd-Frank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 59.10 Td (Act, ) Tj ET Q q 0 0 0 rg BT 55.92 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 71.11 59.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 113.52 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.94 59.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 173.34 59.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 226.88 59.10 Td (\(SEC\) ) Tj ET Q q 0 0 0 rg BT 254.86 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.28 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.47 59.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 320.43 59.10 Td (Deposit ) Tj ET Q q 0 0 0 rg BT 354.52 59.10 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 396.36 59.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 447.67 59.10 Td (had ) Tj ET Q q 0 0 0 rg BT 465.08 59.10 Td (already ) Tj ET Q q 0 0 0 rg BT 497.48 59.10 Td (published ) Tj ET Q q 0 0 0 rg BT 539.35 59.10 Td (proposed ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.72 731.10 Td (final ) Tj ET Q q 0 0 0 rg BT 73.33 731.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 120.05 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 145.11 731.10 Td (already ) Tj ET Q q 0 0 0 rg BT 176.82 731.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 210.77 731.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 254.15 731.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 292.54 731.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.37 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.43 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.93 731.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 386.09 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.20 731.10 Td (ABS, ) Tj ET Q q 0 0 0 rg BT 420.44 731.10 Td (including ) Tj ET Q q 0 0 0 rg BT 460.50 731.10 Td (RMBS. ) Tj ET Q q 0 0 0 rg BT 492.57 731.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 537.63 731.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 567.67 731.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (state ) Tj ET Q q 0 0 0 rg BT 58.20 719.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 80.41 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.73 719.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 147.04 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 165.91 719.10 Td (could ) Tj ET Q q 0 0 0 rg BT 192.01 719.10 Td (af) Tj ET Q q 0 0 0 rg BT 199.60 719.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 218.46 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.67 719.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 265.10 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.76 719.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 311.17 719.10 Td (future ) Tj ET Q q 0 0 0 rg BT 338.92 719.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 396.67 719.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 448.31 719.10 Td (could ) Tj ET Q q 0 0 0 rg BT 474.41 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 487.72 719.10 Td (proposed, ) Tj ET Q q 0 0 0 rg BT 530.76 719.10 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 567.67 719.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (implemented. ) Tj ET Q q 0 0 0 rg BT 93.25 707.10 Td (In ) Tj ET Q q 0 0 0 rg BT 104.12 707.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 141.94 707.10 Td (various ) Tj ET Q q 0 0 0 rg BT 173.92 707.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 204.21 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.19 707.10 Td (state ) Tj ET Q q 0 0 0 rg BT 242.06 707.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 279.02 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.00 707.10 Td (law ) Tj ET Q q 0 0 0 rg BT 312.98 707.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 365.49 707.10 Td (authorities, ) Tj ET Q q 0 0 0 rg BT 412.75 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 423.62 707.10 Td (well ) Tj ET Q q 0 0 0 rg BT 443.38 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 454.25 707.10 Td (private ) Tj ET Q q 0 0 0 rg BT 484.55 707.10 Td (litigants, ) Tj ET Q q 0 0 0 rg BT 521.82 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 543.24 707.10 Td (initiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.72 695.10 Td (may) Tj ET Q q 0 0 0 rg BT 69.29 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.07 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.13 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.63 695.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 127.29 695.10 Td (initiate ) Tj ET Q q 0 0 0 rg BT 157.34 695.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 199.62 695.10 Td (broad-based ) Tj ET Q q 0 0 0 rg BT 250.77 695.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 303.02 695.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 333.63 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.24 695.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 375.13 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.63 695.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 431.90 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.52 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 469.24 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 488.74 695.10 Td (include ) Tj ET Q q 0 0 0 rg BT 520.45 695.10 Td (industry-wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.59 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.75 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.34 683.10 Td (way ) Tj ET Q q 0 0 0 rg BT 114.38 683.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 158.41 683.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 198.56 683.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 222.05 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 236.63 683.10 Td (originated, ) Tj ET Q q 0 0 0 rg BT 282.06 683.10 Td (transferred, ) Tj ET Q q 0 0 0 rg BT 330.24 683.10 Td (serviced, ) Tj ET Q q 0 0 0 rg BT 368.44 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.26 683.10 Td (securitized, ) Tj ET Q q 0 0 0 rg BT 433.45 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.27 683.10 Td (any ) Tj ET Q q 0 0 0 rg BT 467.09 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.80 683.10 Td (these ) Tj ET Q q 0 0 0 rg BT 500.72 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 535.31 683.10 Td (could ) Tj ET Q q 0 0 0 rg BT 559.91 683.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 671.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 61.57 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.89 671.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 106.43 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.20 671.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 150.73 671.10 Td (future ) Tj ET Q q 0 0 0 rg BT 177.60 671.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 234.46 671.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 287.71 671.10 Td (For ) Tj ET Q q 0 0 0 rg BT 304.59 671.10 Td (an ) Tj ET Q q 0 0 0 rg BT 317.03 671.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 356.39 671.10 Td (please ) Tj ET Q q 0 0 0 rg BT 384.37 671.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 406.23 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 417.00 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.21 671.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 450.20 671.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 476.51 671.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 500.05 671.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 504.49 671.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 539.14 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 557.13 671.10 Td (state ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 79.54 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.99 659.10 Td (r) Tj ET Q q 0 0 0 rg BT 100.51 659.10 Td (egulatory ) Tj ET Q q 0 0 0 rg BT 141.28 659.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 198.15 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.60 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.26 659.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 261.60 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.82 659.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 329.25 659.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 375.03 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.48 659.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 423.81 659.10 Td (may ) Tj ET Q q 0 0 0 rg BT 442.91 659.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 483.68 659.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 508.33 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.67 659.10 Td (business ) Tj ET Q q 0 0 0 rg BT 561.01 659.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.87 647.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 87.65 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.15 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.87 647.10 Td (r) Tj ET Q q 0 0 0 rg BT 123.39 647.10 Td (eturns ) Tj ET Q q 0 0 0 rg BT 150.89 647.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 165.89 647.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 213.11 647.10 Td (mortgage-r) Tj ET Q q 0 0 0 rg BT 258.29 647.10 Td (elated ) Tj ET Q q 0 0 0 rg BT 285.22 647.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 328.55 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.05 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 369.66 647.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 396.05 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 409.66 647.10 Td (own ) Tj ET Q q 0 0 0 rg BT 428.83 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.22 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 459.38 647.10 Td (acquir) Tj ET Q q 0 0 0 rg BT 485.12 647.10 Td (e ) Tj ET Q q 0 0 0 rg BT 492.05 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.33 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.05 647.10 Td (futur) Tj ET Q q 0 0 0 rg BT 536.13 647.10 Td (e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.07 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (Rating ) Tj ET Q q 0 0 0 rg BT 82.35 623.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 118.47 623.10 Td (can ) Tj ET Q q 0 0 0 rg BT 134.03 623.10 Td (af) Tj ET Q q 0 0 0 rg BT 141.62 623.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 158.30 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.32 623.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 200.56 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.03 623.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 242.25 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 252.27 623.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 296.15 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.62 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 311.75 623.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 367.31 623.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 415.37 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 425.39 623.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 453.72 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.63 623.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 497.09 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.44 623.10 Td (would ) Tj ET Q q 0 0 0 rg BT 537.13 623.10 Td (otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 64.74 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 75.17 611.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 95.02 611.10 Td (from ) Tj ET Q q 0 0 0 rg BT 117.11 611.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 158.63 611.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 215.14 611.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 268.06 611.10 Td (not ) Tj ET Q q 0 0 0 rg BT 283.48 611.10 Td (only ) Tj ET Q q 0 0 0 rg BT 303.91 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 316.56 611.10 Td (deciding ) Tj ET Q q 0 0 0 rg BT 353.64 611.10 Td (not ) Tj ET Q q 0 0 0 rg BT 369.06 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.49 611.10 Td (publish ) Tj ET Q q 0 0 0 rg BT 411.59 611.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 441.45 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.76 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.74 611.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 528.25 611.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 50.90 599.10 Td (deciding ) Tj ET Q q 0 0 0 rg BT 88.58 599.10 Td (not ) Tj ET Q q 0 0 0 rg BT 104.60 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.62 599.10 Td (consent ) Tj ET Q q 0 0 0 rg BT 149.41 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.43 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.89 599.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 215.79 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.37 599.10 Td (those ) Tj ET Q q 0 0 0 rg BT 251.72 599.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 282.18 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.20 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.66 599.10 Td (prospectuses ) Tj ET Q q 0 0 0 rg BT 363.00 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.57 599.10 Td (other ) Tj ET Q q 0 0 0 rg BT 398.36 599.10 Td (documents ) Tj ET Q q 0 0 0 rg BT 444.93 599.10 Td (we ) Tj ET Q q 0 0 0 rg BT 459.83 599.10 Td (file ) Tj ET Q q 0 0 0 rg BT 476.40 599.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.42 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.88 599.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 534.46 599.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 568.24 599.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.87 587.10 Td (transactions\), ) Tj ET Q q 0 0 0 rg BT 149.47 587.10 Td (but ) Tj ET Q q 0 0 0 rg BT 165.25 587.10 Td (also ) Tj ET Q q 0 0 0 rg BT 184.36 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 197.36 587.10 Td (altering ) Tj ET Q q 0 0 0 rg BT 230.91 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.13 587.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 277.44 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.88 587.10 Td (process ) Tj ET Q q 0 0 0 rg BT 327.88 587.10 Td (they ) Tj ET Q q 0 0 0 rg BT 348.09 587.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 377.21 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.99 587.10 Td (publishing ) Tj ET Q q 0 0 0 rg BT 433.22 587.10 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 465.94 587.10 Td (Rating ) Tj ET Q q 0 0 0 rg BT 495.60 587.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 533.03 587.10 Td (could ) Tj ET Q q 0 0 0 rg BT 558.25 587.10 Td (alter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (their ) Tj ET Q q 0 0 0 rg BT 56.87 575.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 86.64 575.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 127.51 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 138.39 575.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 169.25 575.10 Td (after ) Tj ET Q q 0 0 0 rg BT 190.11 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 204.32 575.10 Td (have ) Tj ET Q q 0 0 0 rg BT 225.75 575.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 278.82 575.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 302.48 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 313.36 575.10 Td (other ) Tj ET Q q 0 0 0 rg BT 336.45 575.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 362.33 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.54 575.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 432.96 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.29 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.27 575.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 482.81 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 500.35 575.10 Td (ef) Tj ET Q q 0 0 0 rg BT 507.94 575.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 545.47 575.10 Td (reduces ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.94 563.10 Td (value ) Tj ET Q q 0 0 0 rg BT 75.31 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.36 563.10 Td (those ) Tj ET Q q 0 0 0 rg BT 110.19 563.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 155.12 563.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 192.26 563.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 216.09 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 227.14 563.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 262.07 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.78 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 294.16 563.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 317.42 563.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 360.13 563.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 382.85 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.35 563.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 426.06 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.56 563.10 Td (those ) Tj ET Q q 0 0 0 rg BT 470.39 563.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 511.43 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.58 563.10 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 562.11 563.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 75.01 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.43 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.29 551.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 127.37 551.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 166.12 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.54 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.62 551.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 240.13 551.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 286.64 551.10 Td (would ) Tj ET Q q 0 0 0 rg BT 314.28 551.10 Td (have ) Tj ET Q q 0 0 0 rg BT 335.80 551.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 380.65 551.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 419.39 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.81 551.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 492.99 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.07 551.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 554.35 551.10 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 48.88 539.10 Td (us ) Tj ET Q q 0 0 0 rg BT 60.66 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 71.88 539.10 Td (by ) Tj ET Q q 0 0 0 rg BT 84.76 539.10 Td (one ) Tj ET Q q 0 0 0 rg BT 102.08 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.30 539.10 Td (more ) Tj ET Q q 0 0 0 rg BT 136.73 539.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 196.26 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 210.80 539.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 243.11 539.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 267.10 539.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 291.93 539.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 318.14 539.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 355.44 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 375.55 539.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 418.41 539.10 Td (that ) Tj ET Q q 0 0 0 rg BT 436.29 539.10 Td (this ) Tj ET Q q 0 0 0 rg BT 453.62 539.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 492.61 539.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 532.14 539.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 57.69 527.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 91.04 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.62 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.64 527.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 173.31 527.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 222.48 527.10 Td (Rating ) Tj ET Q q 0 0 0 rg BT 251.95 527.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 289.18 527.10 Td (could ) Tj ET Q q 0 0 0 rg BT 314.20 527.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 338.65 527.10 Td (this ) Tj ET Q q 0 0 0 rg BT 355.90 527.10 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 402.03 527.10 Td (either ) Tj ET Q q 0 0 0 rg BT 427.59 527.10 Td (because ) Tj ET Q q 0 0 0 rg BT 462.04 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.17 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.31 527.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 527.09 527.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 567.67 527.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.35 515.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.47 515.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 130.38 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.85 515.10 Td (one ) Tj ET Q q 0 0 0 rg BT 159.42 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 170.89 515.10 Td (more ) Tj ET Q q 0 0 0 rg BT 194.57 515.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 254.35 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 269.14 515.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 301.70 515.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 325.95 515.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 351.02 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 362.49 515.10 Td (because ) Tj ET Q q 0 0 0 rg BT 397.27 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.74 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.09 515.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 466.09 515.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 499.22 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.69 515.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 555.47 515.10 Td (loan-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (related ) Tj ET Q q 0 0 0 rg BT 66.30 503.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 129.93 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.47 503.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 192.21 503.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 206.97 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 230.61 503.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 275.92 503.10 Td (liabilities\) ) Tj ET Q q 0 0 0 rg BT 319.57 503.10 Td (we, ) Tj ET Q q 0 0 0 rg BT 336.83 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.26 503.10 Td (one ) Tj ET Q q 0 0 0 rg BT 365.79 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.22 503.10 Td (more ) Tj ET Q q 0 0 0 rg BT 400.87 503.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 460.60 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 475.36 503.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 507.88 503.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 532.09 503.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 557.13 503.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (made ) Tj ET Q q 0 0 0 rg BT 60.30 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 71.27 491.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.79 491.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 131.53 491.10 Td (to. ) Tj ET Q q 0 0 0 rg BT 144.45 491.10 Td (If, ) Tj ET Q q 0 0 0 rg BT 156.25 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 167.22 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.30 491.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 201.66 491.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 227.63 491.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 264.69 491.10 Td (place ) Tj ET Q q 0 0 0 rg BT 288.43 491.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 333.85 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.49 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.46 491.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 390.65 491.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.07 491.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 434.25 491.10 Td (future ) Tj ET Q q 0 0 0 rg BT 460.77 491.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 517.27 491.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 567.68 491.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 67.07 479.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 117.01 479.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 146.41 479.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 171.92 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.44 479.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 226.29 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.47 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.99 479.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 310.04 479.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 362.49 479.10 Td (it ) Tj ET Q q 0 0 0 rg BT 370.23 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 394.63 479.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 423.46 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.87 479.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 467.82 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 481.66 479.10 Td (would ) Tj ET Q q 0 0 0 rg BT 508.85 479.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 549.91 479.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.84 467.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 65.11 467.10 Td (from ) Tj ET Q q 0 0 0 rg BT 86.62 467.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 127.55 467.10 Td (these ) Tj ET Q q 0 0 0 rg BT 150.17 467.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 199.99 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.50 467.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 260.21 467.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 289.49 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 304.88 467.10 Td (business ) Tj ET Q q 0 0 0 rg BT 340.84 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.34 467.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 394.39 467.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 425.06 467.10 Td (In ) Tj ET Q q 0 0 0 rg BT 435.45 467.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 472.79 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.07 467.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 513.01 467.10 Td (short- ) Tj ET Q q 0 0 0 rg BT 538.40 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.91 467.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (term ) Tj ET Q q 0 0 0 rg BT 57.30 455.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 87.48 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 100.45 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 116.75 455.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 145.27 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.02 455.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 197.31 455.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 241.93 455.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 282.66 455.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 306.74 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.49 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.68 455.10 Td (future ) Tj ET Q q 0 0 0 rg BT 359.53 455.10 Td (will ) Tj ET Q q 0 0 0 rg BT 378.06 455.10 Td (depend, ) Tj ET Q q 0 0 0 rg BT 412.40 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.15 455.10 Td (lar) Tj ET Q q 0 0 0 rg BT 433.52 455.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 445.93 455.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 466.95 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 479.92 455.10 Td (how ) Tj ET Q q 0 0 0 rg BT 500.11 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.30 455.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 541.60 455.10 Td (agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 63.61 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.00 443.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 126.05 443.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 148.12 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.28 443.10 Td (result ) Tj ET Q q 0 0 0 rg BT 191.67 443.10 Td (from ) Tj ET Q q 0 0 0 rg BT 214.28 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.66 443.10 Td (ability-to-repay ) Tj ET Q q 0 0 0 rg BT 295.03 443.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 342.64 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.24 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.40 443.10 Td (TILA-RESP) Tj ET Q q 0 0 0 rg BT 424.48 443.10 Td (A) Tj ET Q q 0 0 0 rg BT 431.15 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.32 443.10 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 478.03 443.10 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 523.97 443.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 546.02 443.10 Td (\(TRID\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 88.65 431.10 Td (by ) Tj ET Q q 0 0 0 rg BT 100.76 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.08 431.10 Td (CFPB ) Tj ET Q q 0 0 0 rg BT 141.65 431.10 Td (which ) Tj ET Q q 0 0 0 rg BT 168.19 431.10 Td (first ) Tj ET Q q 0 0 0 rg BT 186.41 431.10 Td (became ) Tj ET Q q 0 0 0 rg BT 219.05 431.10 Td (ef) Tj ET Q q 0 0 0 rg BT 226.64 431.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 255.95 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.83 431.10 Td (January ) Tj ET Q q 0 0 0 rg BT 299.04 431.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 321.14 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.69 431.10 Td (October ) Tj ET Q q 0 0 0 rg BT 372.00 431.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 396.61 431.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 444.27 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 448.73 431.10 Td (This ) Tj ET Q q 0 0 0 rg BT 468.61 431.10 Td (includes, ) Tj ET Q q 0 0 0 rg BT 506.54 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.31 431.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 558.79 431.10 Td (how ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (they ) Tj ET Q q 0 0 0 rg BT 54.85 419.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 80.92 419.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 126.43 419.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 146.95 419.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 189.67 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 209.08 419.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 221.80 419.10 Td (non-material ) Tj ET Q q 0 0 0 rg BT 274.52 419.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 299.47 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.88 419.10 Td (loan-related ) Tj ET Q q 0 0 0 rg BT 358.25 419.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 404.32 419.10 Td (made ) Tj ET Q q 0 0 0 rg BT 427.60 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.01 419.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 476.40 419.10 Td (borrowers, ) Tj ET Q q 0 0 0 rg BT 521.07 419.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 534.36 419.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 75.80 407.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 98.94 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 115.97 407.10 Td (have ) Tj ET Q q 0 0 0 rg BT 136.88 407.10 Td (an ) Tj ET Q q 0 0 0 rg BT 148.35 407.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 200.93 407.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 237.39 407.10 Td (feature, ) Tj ET Q q 0 0 0 rg BT 269.68 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.05 407.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 293.18 407.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 316.32 407.10 Td (under ) Tj ET Q q 0 0 0 rg BT 341.12 407.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.59 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.84 407.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 420.53 407.10 Td (has ) Tj ET Q q 0 0 0 rg BT 435.89 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.36 407.10 Td (debt-to-income ) Tj ET Q q 0 0 0 rg BT 505.49 407.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 525.85 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.21 407.10 Td (more ) Tj ET Q q 0 0 0 rg BT 558.79 407.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (43%. ) Tj ET Q q 0 0 0 rg BT 58.34 395.10 Td (These ) Tj ET Q q 0 0 0 rg BT 83.85 395.10 Td (types ) Tj ET Q q 0 0 0 rg BT 106.59 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.55 395.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 139.29 395.10 Td (have ) Tj ET Q q 0 0 0 rg BT 159.80 395.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 206.42 395.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 248.58 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 261.87 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.94 395.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 311.79 395.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 343.41 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.37 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.22 395.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 389.96 395.10 Td (we ) Tj ET Q q 0 0 0 rg BT 403.25 395.10 Td (have ) Tj ET Q q 0 0 0 rg BT 423.76 395.10 Td (securitized, ) Tj ET Q q 0 0 0 rg BT 471.20 395.10 Td (but ) Tj ET Q q 0 0 0 rg BT 485.61 395.10 Td (they ) Tj ET Q q 0 0 0 rg BT 504.46 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 518.29 395.10 Td (not ) Tj ET Q q 0 0 0 rg BT 532.70 395.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 78.48 383.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 127.07 383.10 Td (under ) Tj ET Q q 0 0 0 rg BT 152.34 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.06 383.10 Td (ability-to-repay ) Tj ET Q q 0 0 0 rg BT 231.76 383.10 Td (regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 109.50 359.10 Td (other ) Tj ET Q q 0 0 0 rg BT 133.06 359.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 168.01 359.10 Td (such ) Tj ET Q q 0 0 0 rg BT 189.35 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.70 359.10 Td (\(i\)accounting ) Tj ET Q q 0 0 0 rg BT 259.52 359.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 300.30 359.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 344.41 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.20 359.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 412.08 359.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 462.86 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.31 359.10 Td (\(ii\)capital ) Tj ET Q q 0 0 0 rg BT 524.69 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.15 359.10 Td (leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 91.09 347.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 135.07 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.73 347.10 Td (banks) Tj ET Q q 0 0 0 rg BT 171.65 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.54 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.86 347.10 Td (other ) Tj ET Q q 0 0 0 rg BT 215.30 347.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 255.39 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.25 347.10 Td (institutions) Tj ET Q q 0 0 0 rg BT 340.29 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.18 347.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 380.52 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.10 347.10 Td (ABS, ) Tj ET Q q 0 0 0 rg BT 415.94 347.10 Td (could ) Tj ET Q q 0 0 0 rg BT 441.04 347.10 Td (result ) Tj ET Q q 0 0 0 rg BT 466.15 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 347.10 Td (less ) Tj ET Q q 0 0 0 rg BT 494.70 347.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 529.80 347.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 564.34 347.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.37 335.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 103.97 335.10 Td (through ) Tj ET Q q 0 0 0 rg BT 137.68 335.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 194.16 335.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 244.52 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 258.79 335.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 291.92 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.86 335.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 343.22 335.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 393.59 335.10 Td (from ) Tj ET Q q 0 0 0 rg BT 415.63 335.10 Td (other ) Tj ET Q q 0 0 0 rg BT 438.78 335.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 485.84 335.10 Td (that ) Tj ET Q q 0 0 0 rg BT 503.44 335.10 Td (originate, ) Tj ET Q q 0 0 0 rg BT 544.08 335.10 Td (acquire, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 323.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 73.22 323.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 122.91 323.10 Td (real ) Tj ET Q q 0 0 0 rg BT 140.40 323.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 165.66 323.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 191.77 323.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 235.92 323.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 276.19 323.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 302.29 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.23 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 342.28 323.10 Td (types ) Tj ET Q q 0 0 0 rg BT 365.89 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.72 323.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 402.55 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.49 323.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 452.52 323.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 508.89 323.10 Td (transactions. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 56.58 299.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 86.03 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.71 299.10 Td (profitably ) Tj ET Q q 0 0 0 rg BT 141.61 299.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 176.61 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.41 299.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 237.19 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.43 299.10 Td (future ) Tj ET Q q 0 0 0 rg BT 278.90 299.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 342.26 299.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 399.23 299.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 445.10 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.34 299.10 Td (particular) Tj ET Q q 0 0 0 rg BT 497.91 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 504.31 299.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 567.67 299.10 Td (of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 81.77 287.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 123.10 287.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 150.27 287.10 Td (is ) Tj ET Q q 0 0 0 rg BT 159.38 287.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 204.03 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 217.03 287.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 261.15 287.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 291.92 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.92 287.10 Td (if ) Tj ET Q q 0 0 0 rg BT 318.47 287.10 Td (we ) Tj ET Q q 0 0 0 rg BT 332.01 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.78 287.10 Td (not ) Tj ET Q q 0 0 0 rg BT 363.56 287.10 Td (able ) Tj ET Q q 0 0 0 rg BT 383.21 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.43 287.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 426.96 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.85 287.10 Td (desired ) Tj ET Q q 0 0 0 rg BT 475.73 287.10 Td (level ) Tj ET Q q 0 0 0 rg BT 497.04 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.81 287.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 558.57 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 569.90 287.10 Td (if ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.36 275.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 73.83 275.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 99.97 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.56 275.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 158.37 275.10 Td (with ) Tj ET Q q 0 0 0 rg BT 178.40 275.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 220.64 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 231.78 275.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 286.81 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.40 275.10 Td (future ) Tj ET Q q 0 0 0 rg BT 325.21 275.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 386.92 275.10 Td (it ) Tj ET Q q 0 0 0 rg BT 394.72 275.10 Td (could ) Tj ET Q q 0 0 0 rg BT 419.75 275.10 Td (have ) Tj ET Q q 0 0 0 rg BT 441.43 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 448.68 275.10 Td (material ) Tj ET Q q 0 0 0 rg BT 485.37 275.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 518.72 275.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 548.74 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 561.55 275.10 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (business ) Tj ET Q q 0 0 0 rg BT 73.51 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.58 263.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.30 263.10 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (There ) Tj ET Q q 0 0 0 rg BT 79.33 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 93.55 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.00 239.10 Td (number ) Tj ET Q q 0 0 0 rg BT 132.55 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.90 239.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 172.12 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 189.12 239.10 Td (can ) Tj ET Q q 0 0 0 rg BT 205.01 239.10 Td (have ) Tj ET Q q 0 0 0 rg BT 225.90 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.35 239.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 276.57 239.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 305.80 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 317.81 239.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 352.03 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.48 239.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 414.36 239.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 460.24 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 477.25 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 490.92 239.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 523.46 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 533.80 239.10 Td (participate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.29 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 55.48 227.10 Td (profitable ) Tj ET Q q 0 0 0 rg BT 96.87 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.16 227.10 Td (us ) Tj ET Q q 0 0 0 rg BT 118.57 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.42 227.10 Td (results ) Tj ET Q q 0 0 0 rg BT 158.04 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.34 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 175.29 227.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 195.87 227.10 Td (One ) Tj ET Q q 0 0 0 rg BT 215.04 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.89 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 248.95 227.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 278.68 227.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.86 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.60 227.10 Td (price ) Tj ET Q q 0 0 0 rg BT 325.10 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 339.27 227.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 356.23 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 370.40 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.14 227.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 425.42 227.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 449.04 227.10 Td (that ) Tj ET Q q 0 0 0 rg BT 466.55 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 480.73 227.10 Td (securitize, ) Tj ET Q q 0 0 0 rg BT 524.06 227.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 553.51 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.80 227.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (case ) Tj ET Q q 0 0 0 rg BT 55.92 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 66.97 215.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 111.33 215.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 151.81 215.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 178.13 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 187.52 215.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 226.88 215.10 Td (by ) Tj ET Q q 0 0 0 rg BT 239.60 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.53 215.10 Td (level ) Tj ET Q q 0 0 0 rg BT 276.68 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.72 215.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 338.21 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 348.70 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.63 215.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 415.20 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 429.58 215.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 470.06 215.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 514.42 215.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 554.90 215.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.03 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 67.84 203.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 100.41 203.10 Td (desirability ) Tj ET Q q 0 0 0 rg BT 147.99 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.36 203.10 Td (originators ) Tj ET Q q 0 0 0 rg BT 204.27 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.19 203.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 253.32 203.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 297.56 203.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 337.92 203.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 361.62 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 372.54 203.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 422.90 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.82 203.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 463.08 203.10 Td (them ) Tj ET Q q 0 0 0 rg BT 485.66 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.03 203.10 Td (third ) Tj ET Q q 0 0 0 rg BT 517.51 203.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 546.75 203.10 Td (such ) Tj ET Q q 0 0 0 rg BT 567.67 203.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 48.95 191.10 Td (Another ) Tj ET Q q 0 0 0 rg BT 83.73 191.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 109.05 191.10 Td (that ) Tj ET Q q 0 0 0 rg BT 126.05 191.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 159.15 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.38 191.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 223.15 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.48 191.10 Td (a ) Tj ET Q q 0 0 0 rg BT 239.93 191.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 295.80 191.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 341.67 191.10 Td (is ) Tj ET Q q 0 0 0 rg BT 350.35 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.57 191.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 382.68 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.46 191.10 Td (us ) Tj ET Q q 0 0 0 rg BT 403.36 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.69 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.92 191.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 471.58 191.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 490.80 191.10 Td (that ) Tj ET Q q 0 0 0 rg BT 507.80 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 521.46 191.10 Td (use ) Tj ET Q q 0 0 0 rg BT 536.80 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.58 191.10 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.45 179.10 Td (holdings ) Tj ET Q q 0 0 0 rg BT 88.03 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.48 179.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 138.37 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 161.60 179.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 183.16 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.07 179.10 Td (securitization, ) Tj ET Q q 0 0 0 rg BT 251.56 179.10 Td (which ) Tj ET Q q 0 0 0 rg BT 278.12 179.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 296.35 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 305.15 179.10 Td (af) Tj ET Q q 0 0 0 rg BT 312.73 179.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 339.28 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 351.41 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.97 179.10 Td (number ) Tj ET Q q 0 0 0 rg BT 390.64 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.09 179.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 430.42 179.10 Td (including ) Tj ET Q q 0 0 0 rg BT 470.32 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.66 179.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 531.77 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.23 179.10 Td (this ) Tj ET Q q 0 0 0 rg BT 558.80 179.10 Td (type ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.84 167.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 87.12 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.41 167.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 111.32 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.05 167.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 158.00 167.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 175.50 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 188.01 167.10 Td (this ) Tj ET Q q 0 0 0 rg BT 204.97 167.10 Td (type ) Tj ET Q q 0 0 0 rg BT 224.70 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.54 167.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 278.32 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.05 167.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 328.89 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.74 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.47 167.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 394.74 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 408.92 167.10 Td (incur) Tj ET Q q 0 0 0 rg BT 429.06 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.08 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.03 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.76 167.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 511.57 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.42 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 538.26 167.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.61 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 73.77 155.10 Td (which ) Tj ET Q q 0 0 0 rg BT 100.71 155.10 Td (third ) Tj ET Q q 0 0 0 rg BT 122.09 155.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 151.25 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.96 155.10 Td (willing ) Tj ET Q q 0 0 0 rg BT 196.79 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.07 155.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 240.12 155.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 284.27 155.10 Td (financing. ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (After ) Tj ET Q q 0 0 0 rg BT 77.77 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.11 731.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 124.21 731.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 164.65 731.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 188.43 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 206.10 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 220.43 731.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 248.10 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.56 731.10 Td (securitize, ) Tj ET Q q 0 0 0 rg BT 302.04 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 316.38 731.10 Td (can ) Tj ET Q q 0 0 0 rg BT 332.93 731.10 Td (also ) Tj ET Q q 0 0 0 rg BT 351.71 731.10 Td (suf) Tj ET Q q 0 0 0 rg BT 363.75 731.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 377.53 731.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 404.09 731.10 Td (if ) Tj ET Q q 0 0 0 rg BT 412.88 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.77 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 452.10 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.10 731.10 Td (those ) Tj ET Q q 0 0 0 rg BT 486.89 731.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.67 731.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 546.11 731.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 568.22 731.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (securitization. ) Tj ET Q q 0 0 0 rg BT 94.98 719.10 Td (Declines ) Tj ET Q q 0 0 0 rg BT 132.58 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.98 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.81 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 182.08 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.02 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.07 719.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 244.34 719.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 284.72 719.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 307.05 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 321.32 719.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 360.31 719.10 Td (can ) Tj ET Q q 0 0 0 rg BT 376.80 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 388.86 719.10 Td (due ) Tj ET Q q 0 0 0 rg BT 405.91 719.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 418.80 719.10 Td (among ) Tj ET Q q 0 0 0 rg BT 448.63 719.10 Td (other ) Tj ET Q q 0 0 0 rg BT 471.80 719.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 501.36 719.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 536.18 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 546.57 719.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 60.96 707.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 96.74 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.10 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.90 707.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 150.24 707.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 181.59 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.50 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.30 707.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 232.59 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.61 707.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 286.40 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.75 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.55 707.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 354.33 707.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 381.80 707.10 Td (required ) Tj ET Q q 0 0 0 rg BT 418.69 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 432.27 707.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 471.96 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.31 707.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 510.78 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.14 707.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 88.32 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 93.73 695.10 Td (o ) Tj ET Q q 0 0 0 rg BT 100.95 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.39 695.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 142.05 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 155.93 695.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 175.92 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.92 695.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 212.01 695.10 Td (against ) Tj ET Q q 0 0 0 rg BT 242.56 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.22 695.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 280.31 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.31 695.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 309.75 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 333.62 695.10 Td (due ) Tj ET Q q 0 0 0 rg BT 350.28 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.28 695.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 394.71 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.71 695.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 436.36 695.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 459.96 695.10 Td (there ) Tj ET Q q 0 0 0 rg BT 482.17 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 491.06 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 497.72 695.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 516.05 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.60 695.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 561.03 695.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (also ) Tj ET Q q 0 0 0 rg BT 53.64 683.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.23 683.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 81.63 683.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 115.37 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 121.34 683.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 176.73 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 184.93 683.10 Td (profitable. ) Tj ET Q q 0 0 0 rg BT 227.84 683.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 252.13 683.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 280.87 683.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.40 683.10 Td (can ) Tj ET Q q 0 0 0 rg BT 312.80 683.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 364.32 683.10 Td (af) Tj ET Q q 0 0 0 rg BT 371.91 683.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 388.43 683.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 422.16 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.13 683.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 483.53 683.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 528.93 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 537.13 683.10 Td (profitable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.84 671.10 Td (us ) Tj ET Q q 0 0 0 rg BT 56.80 671.10 Td (include ) Tj ET Q q 0 0 0 rg BT 88.30 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.58 671.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 132.95 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.46 671.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 193.19 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 210.25 671.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 235.63 671.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 272.12 671.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 296.40 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.91 671.10 Td (require ) Tj ET Q q 0 0 0 rg BT 343.29 671.10 Td (when ) Tj ET Q q 0 0 0 rg BT 367.01 671.10 Td (they ) Tj ET Q q 0 0 0 rg BT 386.29 671.10 Td (assign ) Tj ET Q q 0 0 0 rg BT 413.36 671.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 442.64 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.48 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.76 671.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 538.24 671.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 62.94 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 72.66 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.92 659.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 143.73 659.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 195.93 659.10 Td (including ) Tj ET Q q 0 0 0 rg BT 235.64 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.80 659.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 295.04 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.31 659.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 376.65 659.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 416.36 659.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 443.29 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.01 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.39 659.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 515.19 659.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 561.00 659.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.90 647.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 78.91 647.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 117.02 647.10 Td (will ) Tj ET Q q 0 0 0 rg BT 136.26 647.10 Td (assign ) Tj ET Q q 0 0 0 rg BT 164.95 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.07 647.10 Td (triple-A) Tj ET Q q 0 0 0 rg BT 204.18 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.86 647.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 234.87 647.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 248.84 647.10 Td (which ) Tj ET Q q 0 0 0 rg BT 276.96 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.32 647.10 Td (also ) Tj ET Q q 0 0 0 rg BT 307.11 647.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 342.43 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.90 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 365.91 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.04 647.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 401.05 647.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 433.05 647.10 Td (subordination ) Tj ET Q q 0 0 0 rg BT 491.73 647.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 517.35 647.10 Td (Rating ) Tj ET Q q 0 0 0 rg BT 547.70 647.10 Td (agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (subordination ) Tj ET Q q 0 0 0 rg BT 93.66 635.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 119.65 635.10 Td (can ) Tj ET Q q 0 0 0 rg BT 136.19 635.10 Td (be ) Tj ET Q q 0 0 0 rg BT 148.29 635.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 187.60 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 200.26 635.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 242.36 635.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 274.73 635.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 317.67 635.10 Td (without ) Tj ET Q q 0 0 0 rg BT 350.89 635.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 394.94 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.82 635.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 435.24 635.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 465.68 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.67 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.55 635.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 515.32 635.10 Td (securitized, ) Tj ET Q q 0 0 0 rg BT 563.79 635.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 82.38 623.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 130.45 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.73 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.91 623.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 177.97 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.70 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 199.10 623.10 Td (securitized, ) Tj ET Q q 0 0 0 rg BT 246.86 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.26 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.43 623.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 314.37 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.66 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.83 623.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 394.65 623.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 440.48 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.87 623.10 Td (other ) Tj ET Q q 0 0 0 rg BT 479.38 623.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 522.42 623.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 547.70 623.10 Td (agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 68.74 611.10 Td (All ) Tj ET Q q 0 0 0 rg BT 84.00 611.10 Td (other ) Tj ET Q q 0 0 0 rg BT 107.03 611.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 136.72 611.10 Td (being ) Tj ET Q q 0 0 0 rg BT 161.42 611.10 Td (equal, ) Tj ET Q q 0 0 0 rg BT 188.06 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.76 611.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 232.99 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.69 611.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 293.47 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.29 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.99 611.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 390.88 611.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 431.12 611.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 458.60 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.86 611.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.78 611.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 532.13 611.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.50 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.21 599.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 94.04 599.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 130.96 599.10 Td (will ) Tj ET Q q 0 0 0 rg BT 149.02 599.10 Td (assign ) Tj ET Q q 0 0 0 rg BT 176.52 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.46 599.10 Td (triple-A) Tj ET Q q 0 0 0 rg BT 214.56 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.06 599.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 242.88 599.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 255.66 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.38 599.10 Td (more ) Tj ET Q q 0 0 0 rg BT 293.43 599.10 Td (profitable ) Tj ET Q q 0 0 0 rg BT 334.80 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.52 599.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 395.89 599.10 Td (will ) Tj ET Q q 0 0 0 rg BT 413.94 599.10 Td (be ) Tj ET Q q 0 0 0 rg BT 425.88 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.16 599.10 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.85 575.10 Td (price ) Tj ET Q q 0 0 0 rg BT 96.13 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 114.43 575.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 153.83 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.91 575.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 237.62 575.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 278.69 575.10 Td (will ) Tj ET Q q 0 0 0 rg BT 297.54 575.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 315.28 575.10 Td (for ) Tj ET Q q 0 0 0 rg BT 330.24 575.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 371.30 575.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 399.60 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.68 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 427.31 575.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 484.48 575.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 535.54 575.10 Td (also ) Tj ET Q q 0 0 0 rg BT 554.95 575.10 Td (has ) Tj ET Q q 0 0 0 rg BT 571.58 575.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 80.65 563.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 110.31 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.75 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.41 563.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 187.62 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.40 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.06 563.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 263.26 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.48 563.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 287.32 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.20 563.10 Td (these ) Tj ET Q q 0 0 0 rg BT 327.19 563.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 353.51 563.10 Td (are ) Tj ET Q q 0 0 0 rg BT 368.16 563.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 407.25 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 419.70 563.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 461.58 563.10 Td (market ) Tj ET Q q 0 0 0 rg BT 491.78 563.10 Td (forces ) Tj ET Q q 0 0 0 rg BT 518.65 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.54 563.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 567.69 563.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 73.89 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.73 551.10 Td (underwriter\(s\) ) Tj ET Q q 0 0 0 rg BT 148.55 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 159.50 551.10 Td (placement ) Tj ET Q q 0 0 0 rg BT 203.20 551.10 Td (agent\(s\) ) Tj ET Q q 0 0 0 rg BT 238.03 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 252.31 551.10 Td (select ) Tj ET Q q 0 0 0 rg BT 277.69 551.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.97 551.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 348.46 551.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 401.34 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.40 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.24 551.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 458.08 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.02 551.10 Td (their ) Tj ET Q q 0 0 0 rg BT 489.97 551.10 Td (engagement, ) Tj ET Q q 0 0 0 rg BT 543.40 551.10 Td (can ) Tj ET Q q 0 0 0 rg BT 559.90 551.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 64.91 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.83 539.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 128.30 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.33 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.36 539.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 208.93 539.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 260.52 539.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 283.61 539.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 329.18 539.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 350.88 539.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 385.90 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.38 539.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 435.95 539.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 485.42 539.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 514.33 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.25 539.10 Td (profitability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.00 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 63.00 527.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 119.54 527.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 169.97 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.08 527.10 Td (any ) Tj ET Q q 0 0 0 rg BT 204.19 527.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 237.97 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 255.64 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 269.97 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 289.86 527.10 Td (incur) Tj ET Q q 0 0 0 rg BT 310.00 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.17 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 326.18 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 346.06 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 358.17 527.10 Td (required ) Tj ET Q q 0 0 0 rg BT 394.16 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.61 527.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 436.15 527.10 Td (for) Tj ET Q q 0 0 0 rg BT 447.41 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.58 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.03 527.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 509.57 527.10 Td (with ) Tj ET Q q 0 0 0 rg BT 530.02 527.10 Td (executing ) Tj ET Q q 0 0 0 rg BT 571.56 527.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 82.18 515.10 Td (can ) Tj ET Q q 0 0 0 rg BT 98.37 515.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 122.88 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.63 515.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 147.50 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.59 515.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 171.13 515.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 515.10 Td (o ) Tj ET Q q 0 0 0 rg BT 183.85 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.37 515.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 225.12 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 242.42 515.10 Td (were ) Tj ET Q q 0 0 0 rg BT 264.16 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.67 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 293.76 515.10 Td (able ) Tj ET Q q 0 0 0 rg BT 312.73 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.82 515.10 Td (profitably ) Tj ET Q q 0 0 0 rg BT 364.56 515.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 397.40 515.10 Td (future ) Tj ET Q q 0 0 0 rg BT 423.59 515.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 483.66 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.29 515.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.25 515.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 60.40 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 72.02 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 95.86 503.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 124.98 503.10 Td (including ) Tj ET Q q 0 0 0 rg BT 166.04 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 181.00 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.50 503.10 Td (reasons ) Tj ET Q q 0 0 0 rg BT 229.78 503.10 Td (described ) Tj ET Q q 0 0 0 rg BT 271.39 503.10 Td (above ) Tj ET Q q 0 0 0 rg BT 298.56 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 310.18 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 325.13 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 348.97 503.10 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 384.75 503.10 Td (it ) Tj ET Q q 0 0 0 rg BT 393.60 503.10 Td (could ) Tj ET Q q 0 0 0 rg BT 419.11 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 441.27 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.00 503.10 Td (material ) Tj ET Q q 0 0 0 rg BT 485.05 503.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 518.88 503.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 549.38 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.67 503.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (business ) Tj ET Q q 0 0 0 rg BT 72.39 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.33 491.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.81 491.10 Td (results. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 55.31 467.10 Td (past ) Tj ET Q q 0 0 0 rg BT 74.62 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.82 467.10 Td (future ) Tj ET Q q 0 0 0 rg BT 121.01 467.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 179.22 467.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 217.95 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 229.48 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 253.79 467.10 Td (past ) Tj ET Q q 0 0 0 rg BT 273.09 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.29 467.10 Td (future ) Tj ET Q q 0 0 0 rg BT 319.49 467.10 Td (business ) Tj ET Q q 0 0 0 rg BT 357.14 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.67 467.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 410.76 467.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 449.49 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 461.02 467.10 Td (practices ) Tj ET Q q 0 0 0 rg BT 500.31 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 525.73 467.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 556.13 467.10 Td (us ) Tj ET Q q 0 0 0 rg BT 568.22 467.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 78.23 455.10 Td (which ) Tj ET Q q 0 0 0 rg BT 105.74 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 125.46 455.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 166.27 455.10 Td (af) Tj ET Q q 0 0 0 rg BT 174.42 455.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 191.91 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.86 455.10 Td (business ) Tj ET Q q 0 0 0 rg BT 246.38 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.44 455.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.16 455.10 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 90.13 431.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.03 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.05 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.08 431.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 203.54 431.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 252.45 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 265.81 431.10 Td (have ) Tj ET Q q 0 0 0 rg BT 286.38 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.85 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.76 431.10 Td (past ) Tj ET Q q 0 0 0 rg BT 327.56 431.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 362.57 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.05 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.07 431.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 430.96 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.44 431.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 496.00 431.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 545.46 431.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.76 419.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 89.39 419.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 129.14 419.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 154.73 419.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 203.91 419.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 243.66 419.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 269.25 419.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 318.43 419.10 Td (real ) Tj ET Q q 0 0 0 rg BT 335.39 419.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 360.14 419.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 385.73 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.15 419.10 Td (other ) Tj ET Q q 0 0 0 rg BT 424.68 419.10 Td (types ) Tj ET Q q 0 0 0 rg BT 447.77 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.08 419.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 485.90 419.10 Td (In ) Tj ET Q q 0 0 0 rg BT 496.21 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.41 419.10 Td (future ) Tj ET Q q 0 0 0 rg BT 536.27 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 549.91 419.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.04 407.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 80.73 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.77 407.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 119.34 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.38 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 137.97 407.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 181.43 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.47 407.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 245.59 407.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 297.12 407.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 338.65 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.69 407.10 Td (particular) Tj ET Q q 0 0 0 rg BT 385.60 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 389.36 407.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 444.49 407.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 493.51 407.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 525.31 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.35 407.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.22 395.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 102.29 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.19 395.10 Td (may ) Tj ET Q q 0 0 0 rg BT 138.87 395.10 Td (also ) Tj ET Q q 0 0 0 rg BT 157.44 395.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 188.22 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.46 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 221.46 395.10 Td (types ) Tj ET Q q 0 0 0 rg BT 245.03 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.82 395.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 312.15 395.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 362.38 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 373.17 395.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 403.40 395.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 456.13 395.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 490.80 395.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 547.13 395.10 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.15 383.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 93.20 383.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 120.14 383.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 142.09 383.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 172.89 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 185.39 383.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 229.53 383.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 269.79 383.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 293.39 383.10 Td (held ) Tj ET Q q 0 0 0 rg BT 313.10 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.59 383.10 Td (these ) Tj ET Q q 0 0 0 rg BT 348.63 383.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 383.34 383.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 417.21 383.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.48 383.10 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 457.73 383.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 514.09 383.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 564.35 383.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (participated ) Tj ET Q q 0 0 0 rg BT 85.74 371.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 97.99 371.10 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 128.28 371.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 184.69 371.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 216.11 371.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 243.09 371.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 265.08 371.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 295.93 371.10 Td (by ) Tj ET Q q 0 0 0 rg BT 308.47 371.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.77 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.75 371.10 Td (other ) Tj ET Q q 0 0 0 rg BT 388.83 371.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.70 371.10 Td (held ) Tj ET Q q 0 0 0 rg BT 434.46 371.10 Td (by ) Tj ET Q q 0 0 0 rg BT 446.99 371.10 Td (these ) Tj ET Q q 0 0 0 rg BT 469.52 371.10 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 499.81 371.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 533.17 371.10 Td (As ) Tj ET Q q 0 0 0 rg BT 546.82 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 553.80 371.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.37 359.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 85.62 359.10 Td (property ) Tj ET Q q 0 0 0 rg BT 121.53 359.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 151.62 359.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 194.75 359.10 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 230.94 359.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 265.19 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.00 359.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 306.47 359.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 329.89 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.36 359.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.95 359.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 400.69 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.95 359.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 455.85 359.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 475.65 359.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 499.91 359.10 Td (from ) Tj ET Q q 0 0 0 rg BT 521.39 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.64 359.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 558.79 359.10 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 48.92 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.05 347.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 99.19 347.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 130.99 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.34 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.48 347.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 204.16 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.51 347.10 Td (other ) Tj ET Q q 0 0 0 rg BT 244.98 347.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 271.22 347.10 Td (held ) Tj ET Q q 0 0 0 rg BT 291.36 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 304.28 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.77 347.10 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 349.44 347.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 381.24 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 401.37 347.10 Td (be ) Tj ET Q q 0 0 0 rg BT 413.73 347.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 433.55 347.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 462.01 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.70 347.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 497.83 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.52 347.10 Td (full ) Tj ET Q q 0 0 0 rg BT 525.33 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.46 347.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 68.15 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.15 335.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 99.76 335.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 126.91 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 139.06 335.10 Td (these ) Tj ET Q q 0 0 0 rg BT 161.76 335.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 217.77 335.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 251.15 335.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.79 335.10 Td (e ) Tj ET Q q 0 0 0 rg BT 266.38 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 280.74 335.10 Td (not ) Tj ET Q q 0 0 0 rg BT 295.67 335.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 328.36 335.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 352.72 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 366.53 335.10 Td (any ) Tj ET Q q 0 0 0 rg BT 383.12 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.60 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.50 335.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 429.10 335.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 456.25 335.10 Td (by ) Tj ET Q q 0 0 0 rg BT 468.40 335.10 Td (these ) Tj ET Q q 0 0 0 rg BT 491.10 335.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 524.63 335.10 Td (Nonetheless, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (third ) Tj ET Q q 0 0 0 rg BT 57.10 323.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 85.97 323.10 Td (who ) Tj ET Q q 0 0 0 rg BT 105.40 323.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 125.39 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.33 323.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 161.00 323.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 188.21 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 200.42 323.10 Td (these ) Tj ET Q q 0 0 0 rg BT 223.18 323.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 254.27 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 273.70 323.10 Td (try ) Tj ET Q q 0 0 0 rg BT 287.02 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.01 323.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 317.00 323.10 Td (us ) Tj ET Q q 0 0 0 rg BT 328.10 323.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 352.53 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 366.40 323.10 Td (any ) Tj ET Q q 0 0 0 rg BT 383.05 323.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 409.15 323.10 Td (they ) Tj ET Q q 0 0 0 rg BT 428.58 323.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 476.60 323.10 Td (including ) Tj ET Q q 0 0 0 rg BT 516.58 323.10 Td (through ) Tj ET Q q 0 0 0 rg BT 549.90 323.10 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (under ) Tj ET Q q 0 0 0 rg BT 61.14 311.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 91.27 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.08 311.10 Td (state ) Tj ET Q q 0 0 0 rg BT 128.77 311.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 168.91 311.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 189.61 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 200.31 311.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 228.79 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 242.82 311.10 Td (breaches ) Tj ET Q q 0 0 0 rg BT 280.17 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.87 311.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 353.78 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.59 311.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 414.60 311.10 Td (we ) Tj ET Q q 0 0 0 rg BT 428.64 311.10 Td (made ) Tj ET Q q 0 0 0 rg BT 452.66 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.81 311.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 509.06 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 529.21 311.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 568.24 311.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 299.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 115.41 299.10 Td (transactions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.57 275.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 109.63 275.10 Td (as ) Tj ET Q q 0 0 0 rg BT 120.64 275.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 161.65 275.10 Td (below ) Tj ET Q q 0 0 0 rg BT 188.77 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.23 275.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 218.02 275.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 226.54 275.10 Td (Item3 ) Tj ET Q q 0 0 0 rg BT 255.04 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.06 275.10 Td (this ) Tj ET Q q 0 0 0 rg BT 282.59 275.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 314.71 275.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 344.61 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.30 275.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 381.65 275.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 407.38 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 420.06 275.10 Td (December23, ) Tj ET Q q 0 0 0 rg BT 478.83 275.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 504.01 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.91 275.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 551.58 275.10 Td (Home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 59.09 263.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 82.74 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.61 263.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 123.37 263.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 144.24 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.22 263.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 175.97 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.29 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.05 263.10 Td (Superior ) Tj ET Q q 0 0 0 rg BT 238.04 263.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 263.36 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 277.56 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.32 263.10 Td (State ) Tj ET Q q 0 0 0 rg BT 314.86 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.55 263.10 Td (W) Tj ET Q q 0 0 0 rg BT 334.19 263.10 Td (ashington ) Tj ET Q q 0 0 0 rg BT 375.61 263.10 Td (against ) Tj ET Q q 0 0 0 rg BT 406.48 263.10 Td (us ) Tj ET Q q 0 0 0 rg BT 417.92 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.90 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.77 263.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 491.23 263.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.27 263.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 531.03 263.10 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 74.33 251.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 91.91 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 109.94 251.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 152.42 251.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 181.01 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.27 251.10 Td (part ) Tj ET Q q 0 0 0 rg BT 209.31 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.58 251.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 263.72 251.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 335.61 251.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 375.87 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 393.35 251.10 Td (were ) Tj ET Q q 0 0 0 rg BT 415.27 251.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 442.76 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 455.25 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.18 251.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 496.88 251.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 553.24 251.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.41 239.10 Td (alleges ) Tj ET Q q 0 0 0 rg BT 84.15 239.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 104.63 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 114.82 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.01 239.10 Td (time ) Tj ET Q q 0 0 0 rg BT 150.76 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.07 239.10 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 201.42 239.10 Td (we, ) Tj ET Q q 0 0 0 rg BT 218.56 239.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 253.75 239.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 301.72 239.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 340.53 239.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 358.78 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.19 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.38 239.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 444.90 239.10 Td (made ) Tj ET Q q 0 0 0 rg BT 469.53 239.10 Td (various ) Tj ET Q q 0 0 0 rg BT 501.94 239.10 Td (misstatements ) Tj ET Q q 0 0 0 rg BT 561.58 239.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (omissions ) Tj ET Q q 0 0 0 rg BT 79.41 227.10 Td (about ) Tj ET Q q 0 0 0 rg BT 105.03 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 128.98 227.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 170.15 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.33 227.10 Td (violation ) Tj ET Q q 0 0 0 rg BT 220.29 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.77 227.10 Td (W) Tj ET Q q 0 0 0 rg BT 240.41 227.10 Td (ashington ) Tj ET Q q 0 0 0 rg BT 282.70 227.10 Td (state ) Tj ET Q q 0 0 0 rg BT 304.43 227.10 Td (law) Tj ET Q q 0 0 0 rg BT 318.22 227.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.88 227.10 Td (W) Tj ET Q q 0 0 0 rg BT 332.51 227.10 Td (e ) Tj ET Q q 0 0 0 rg BT 340.36 227.10 Td (have ) Tj ET Q q 0 0 0 rg BT 362.64 227.10 Td (also ) Tj ET Q q 0 0 0 rg BT 382.15 227.10 Td (been ) Tj ET Q q 0 0 0 rg BT 404.43 227.10 Td (named ) Tj ET Q q 0 0 0 rg BT 434.49 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.67 227.10 Td (other ) Tj ET Q q 0 0 0 rg BT 469.62 227.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 500.80 227.10 Td (lawsuits. ) Tj ET Q q 0 0 0 rg BT 538.73 227.10 Td (A) Tj ET Q q 0 0 0 rg BT 545.40 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.80 227.10 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 80.17 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.00 215.10 Td (these ) Tj ET Q q 0 0 0 rg BT 114.05 215.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 149.33 215.10 Td (is ) Tj ET Q q 0 0 0 rg BT 158.50 215.10 Td (set ) Tj ET Q q 0 0 0 rg BT 172.10 215.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 194.04 215.10 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.32 215.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 225.71 215.10 Td (15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.49 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.20 215.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 302.91 215.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 349.30 215.10 Td (within ) Tj ET Q q 0 0 0 rg BT 377.35 215.10 Td (this ) Tj ET Q q 0 0 0 rg BT 393.75 215.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 425.69 215.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.40 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.90 215.10 Td (Form10-K. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 191.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 81.54 191.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 113.19 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.29 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.39 191.10 Td (business ) Tj ET Q q 0 0 0 rg BT 177.05 191.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 221.48 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.58 191.10 Td (practices ) Tj ET Q q 0 0 0 rg BT 270.88 191.10 Td (could ) Tj ET Q q 0 0 0 rg BT 295.87 191.10 Td (also ) Tj ET Q q 0 0 0 rg BT 314.75 191.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 345.29 191.10 Td (us ) Tj ET Q q 0 0 0 rg BT 356.95 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.50 191.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 408.88 191.10 Td (In ) Tj ET Q q 0 0 0 rg BT 419.98 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.97 191.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 471.62 191.10 Td (course ) Tj ET Q q 0 0 0 rg BT 500.49 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.59 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.69 191.10 Td (business ) Tj ET Q q 0 0 0 rg BT 564.35 191.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 58.91 179.10 Td (into ) Tj ET Q q 0 0 0 rg BT 77.39 179.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 125.85 179.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 159.32 179.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 172.52 179.10 Td (among ) Tj ET Q q 0 0 0 rg BT 202.66 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 226.13 179.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 256.00 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 280.04 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 294.62 179.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 326.97 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.33 179.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 395.03 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 409.62 179.10 Td (make, ) Tj ET Q q 0 0 0 rg BT 436.70 179.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.95 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.32 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 504.35 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 518.93 179.10 Td (sell, ) Tj ET Q q 0 0 0 rg BT 538.25 179.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 89.62 167.10 Td (third ) Tj ET Q q 0 0 0 rg BT 111.87 167.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 141.89 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.91 167.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 183.03 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.17 167.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 228.08 167.10 Td (us ) Tj ET Q q 0 0 0 rg BT 240.33 167.10 Td (with ) Tj ET Q q 0 0 0 rg BT 261.47 167.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 288.72 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.52 167.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 344.59 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.39 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.08 167.10 Td (leased ) Tj ET Q q 0 0 0 rg BT 407.43 167.10 Td (of) Tj ET Q q 0 0 0 rg BT 415.58 167.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 433.92 167.10 Td (space. ) Tj ET Q q 0 0 0 rg BT 461.75 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 470.39 167.10 Td (e ) Tj ET Q q 0 0 0 rg BT 478.19 167.10 Td (also ) Tj ET Q q 0 0 0 rg BT 497.65 167.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 537.11 167.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 560.46 167.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (confidentiality ) Tj ET Q q 0 0 0 rg BT 96.52 155.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 144.25 155.10 Td (with ) Tj ET Q q 0 0 0 rg BT 164.24 155.10 Td (third ) Tj ET Q q 0 0 0 rg BT 185.33 155.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 214.19 155.10 Td (under ) Tj ET Q q 0 0 0 rg BT 239.16 155.10 Td (which ) Tj ET Q q 0 0 0 rg BT 265.80 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 279.66 155.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 310.73 155.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 360.69 155.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 412.61 155.10 Td (If ) Tj ET Q q 0 0 0 rg BT 421.47 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 435.34 155.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 464.18 155.10 Td (any ) Tj ET Q q 0 0 0 rg BT 480.83 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.36 155.10 Td (these ) Tj ET Q q 0 0 0 rg BT 514.11 155.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 564.35 155.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.48 143.10 Td (be ) Tj ET Q q 0 0 0 rg BT 72.18 143.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 102.76 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.80 143.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 141.17 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.09 143.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 192.33 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.03 143.10 Td (related ) Tj ET Q q 0 0 0 rg BT 238.50 143.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 279.20 143.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.84 143.10 Td (e ) Tj ET Q q 0 0 0 rg BT 294.54 143.10 Td (are ) Tj ET Q q 0 0 0 rg BT 309.01 143.10 Td (also ) Tj ET Q q 0 0 0 rg BT 327.37 143.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 357.96 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.00 143.10 Td (various ) Tj ET Q q 0 0 0 rg BT 399.70 143.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 420.29 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.99 143.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 483.68 143.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 516.49 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.52 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.12 143.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.25 131.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 100.23 131.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 143.32 131.10 Td (without ) Tj ET Q q 0 0 0 rg BT 176.69 131.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 220.89 131.10 Td (privacy ) Tj ET Q q 0 0 0 rg BT 253.69 131.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 274.84 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.10 131.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 339.35 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.60 131.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 379.96 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.22 131.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 450.03 131.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 471.17 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.43 131.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 538.18 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 555.43 131.10 Td (if ) Tj ET Q q 0 0 0 rg BT 564.36 131.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 51.62 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.69 119.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 93.98 119.10 Td (with ) Tj ET Q q 0 0 0 rg BT 114.05 119.10 Td (these ) Tj ET Q q 0 0 0 rg BT 136.89 119.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 157.51 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.24 119.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 220.97 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 234.92 119.10 Td (could ) Tj ET Q q 0 0 0 rg BT 259.43 119.10 Td (also ) Tj ET Q q 0 0 0 rg BT 277.83 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 289.56 119.10 Td (subjected ) Tj ET Q q 0 0 0 rg BT 329.62 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.69 119.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 368.08 119.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.04 119.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 419.31 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.04 119.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 476.94 119.10 Td (In ) Tj ET Q q 0 0 0 rg BT 487.57 119.10 Td (particular) Tj ET Q q 0 0 0 rg BT 525.48 119.10 Td (, ) Tj ET Q q 0 0 0 rg BT 530.27 119.10 Td (if ) Tj ET Q q 0 0 0 rg BT 538.67 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 552.62 119.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 568.24 119.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 72.65 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.52 107.10 Td (confidentiality ) Tj ET Q q 0 0 0 rg BT 146.49 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.48 107.10 Td (consumers) Tj ET Q q 0 0 0 rg BT 201.84 107.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.49 107.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 239.03 107.10 Td (or ) Tj ET Q q 0 0 0 rg BT 249.01 107.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.65 107.10 Td (information ) Tj ET Q q 0 0 0 rg BT 334.52 107.10 Td (we ) Tj ET Q q 0 0 0 rg BT 347.84 107.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 374.49 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.92 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.80 107.10 Td (course ) Tj ET Q q 0 0 0 rg BT 425.55 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.54 107.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.53 107.10 Td (business ) Tj ET Q q 0 0 0 rg BT 486.07 107.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 509.39 107.10 Td (as ) Tj ET Q q 0 0 0 rg BT 519.38 107.10 Td (social ) Tj ET Q q 0 0 0 rg BT 544.36 107.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (numbers\), ) Tj ET Q q 0 0 0 rg BT 78.77 95.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.93 95.10 Td (could ) Tj ET Q q 0 0 0 rg BT 117.65 95.10 Td (be ) Tj ET Q q 0 0 0 rg BT 129.58 95.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 164.85 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.13 95.10 Td (losses. ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Defending ) Tj ET Q q 0 0 0 rg BT 99.32 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.87 731.10 Td (lawsuit ) Tj ET Q q 0 0 0 rg BT 138.87 731.10 Td (can ) Tj ET Q q 0 0 0 rg BT 155.86 731.10 Td (consume ) Tj ET Q q 0 0 0 rg BT 194.52 731.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 239.84 731.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 280.72 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.27 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 318.60 731.10 Td (divert ) Tj ET Q q 0 0 0 rg BT 345.04 731.10 Td (management) Tj ET Q q 0 0 0 rg BT 398.90 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 405.91 731.10 Td (attention ) Tj ET Q q 0 0 0 rg BT 444.01 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 466.56 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.00 731.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 530.05 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 538.68 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 546.24 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 566.57 731.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (required ) Tj ET Q q 0 0 0 rg BT 71.73 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.92 719.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 119.33 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 130.08 719.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 165.25 719.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 200.42 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.49 719.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 251.90 719.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 278.20 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 300.06 719.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 341.08 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.93 719.10 Td (could ) Tj ET Q q 0 0 0 rg BT 392.56 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 404.42 719.10 Td (material. ) Tj ET Q q 0 0 0 rg BT 441.92 719.10 Td (T) Tj ET Q q 0 0 0 rg BT 447.33 719.10 Td (o ) Tj ET Q q 0 0 0 rg BT 454.74 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.37 719.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 496.22 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.30 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.92 719.10 Td (unsuccessful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.53 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 62.62 707.10 Td (defense ) Tj ET Q q 0 0 0 rg BT 95.91 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.00 707.10 Td (any ) Tj ET Q q 0 0 0 rg BT 124.20 707.10 Td (lawsuit, ) Tj ET Q q 0 0 0 rg BT 158.34 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.76 707.10 Td (could ) Tj ET Q q 0 0 0 rg BT 197.73 707.10 Td (suf) Tj ET Q q 0 0 0 rg BT 209.77 707.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 223.62 707.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 250.27 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 277.47 707.10 Td (could ) Tj ET Q q 0 0 0 rg BT 302.44 707.10 Td (be ) Tj ET Q q 0 0 0 rg BT 314.64 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.17 707.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 354.02 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.11 707.10 Td (any ) Tj ET Q q 0 0 0 rg BT 382.31 707.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 417.82 707.10 Td (established ) Tj ET Q q 0 0 0 rg BT 465.01 707.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 498.31 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.84 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 526.60 707.10 Td (lawsuit\) ) Tj ET Q q 0 0 0 rg BT 561.57 707.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 695.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 85.44 695.10 Td (could ) Tj ET Q q 0 0 0 rg BT 110.16 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.09 695.10 Td (material. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 55.17 671.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 76.57 671.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 115.17 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.24 671.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 154.63 671.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 178.80 671.10 Td (may ) Tj ET Q q 0 0 0 rg BT 198.51 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 210.45 671.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 231.40 671.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 260.00 671.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 293.04 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.32 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.27 671.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 341.66 671.10 Td (needs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 647.10 Td (e ) Tj ET Q q 0 0 0 rg BT 70.15 647.10 Td (need ) Tj ET Q q 0 0 0 rg BT 92.11 647.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.96 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.81 647.10 Td (make ) Tj ET Q q 0 0 0 rg BT 148.55 647.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 181.06 647.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 224.96 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.82 647.10 Td (post ) Tj ET Q q 0 0 0 rg BT 255.57 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 266.98 647.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 307.25 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.11 647.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 377.83 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.35 647.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 427.30 647.10 Td (who ) Tj ET Q q 0 0 0 rg BT 447.60 647.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 481.23 647.10 Td (us ) Tj ET Q q 0 0 0 rg BT 493.20 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 514.06 647.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 558.79 647.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 75.93 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.53 635.10 Td (who ) Tj ET Q q 0 0 0 rg BT 111.92 635.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 142.40 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.35 635.10 Td (other ) Tj ET Q q 0 0 0 rg BT 175.06 635.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 224.99 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.93 635.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 258.49 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 272.31 635.10 Td (working ) Tj ET Q q 0 0 0 rg BT 307.81 635.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 339.13 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.07 635.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 369.56 635.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 391.60 635.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.77 635.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 430.93 635.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 479.21 635.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 536.07 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.02 635.10 Td (comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.97 623.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 95.15 623.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 138.32 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.96 623.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 200.24 623.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 258.14 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.77 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.62 623.10 Td (other ) Tj ET Q q 0 0 0 rg BT 314.36 623.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 340.33 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.96 623.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 398.97 623.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.61 623.10 Td (e ) Tj ET Q q 0 0 0 rg BT 415.24 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 435.65 623.10 Td (also ) Tj ET Q q 0 0 0 rg BT 454.95 623.10 Td (need ) Tj ET Q q 0 0 0 rg BT 477.02 623.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 497.99 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.96 623.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 534.36 623.10 Td (short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 84.33 611.10 Td (when ) Tj ET Q q 0 0 0 rg BT 108.76 611.10 Td (due ) Tj ET Q q 0 0 0 rg BT 125.97 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 137.07 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.63 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.62 611.10 Td (event ) Tj ET Q q 0 0 0 rg BT 187.04 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.04 611.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 218.69 611.10 Td (values ) Tj ET Q q 0 0 0 rg BT 247.01 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.11 611.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.21 611.10 Td (that ) Tj ET Q q 0 0 0 rg BT 301.98 611.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 325.85 611.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.96 611.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 376.93 611.10 Td (for ) Tj ET Q q 0 0 0 rg BT 391.36 611.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.13 611.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 429.12 611.10 Td (decline, ) Tj ET Q q 0 0 0 rg BT 463.27 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.26 611.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 503.25 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.35 611.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 558.78 611.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (become ) Tj ET Q q 0 0 0 rg BT 69.67 599.10 Td (less ) Tj ET Q q 0 0 0 rg BT 87.24 599.10 Td (attractive, ) Tj ET Q q 0 0 0 rg BT 129.51 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 140.41 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 154.64 599.10 Td (other ) Tj ET Q q 0 0 0 rg BT 177.76 599.10 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 212.82 599.10 Td (In ) Tj ET Q q 0 0 0 rg BT 223.73 599.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 261.57 599.10 Td (we ) Tj ET Q q 0 0 0 rg BT 275.80 599.10 Td (may ) Tj ET Q q 0 0 0 rg BT 295.59 599.10 Td (need ) Tj ET Q q 0 0 0 rg BT 317.04 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.39 599.10 Td (use ) Tj ET Q q 0 0 0 rg BT 343.30 599.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 363.64 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.99 599.10 Td (post ) Tj ET Q q 0 0 0 rg BT 393.23 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.58 599.10 Td (response ) Tj ET Q q 0 0 0 rg BT 441.14 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.49 599.10 Td (mar) Tj ET Q q 0 0 0 rg BT 466.86 599.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 482.21 599.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 503.11 599.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 536.22 599.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.57 599.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 78.24 587.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 127.16 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 141.07 587.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 161.11 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 171.69 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.17 587.10 Td (values ) Tj ET Q q 0 0 0 rg BT 213.97 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.55 587.10 Td (these ) Tj ET Q q 0 0 0 rg BT 247.36 587.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 293.49 587.10 Td (change. ) Tj ET Q q 0 0 0 rg BT 326.56 587.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 348.80 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.28 587.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 391.08 587.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 414.16 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 428.08 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 447.55 587.10 Td (need ) Tj ET Q q 0 0 0 rg BT 468.68 587.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 488.71 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.74 587.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 519.33 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.80 587.10 Td (repayment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 575.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 96.00 575.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 143.48 575.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 167.08 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.02 575.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 240.93 575.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 281.20 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.69 575.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 328.95 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.23 575.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 361.73 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.67 575.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 403.67 575.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 451.33 575.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.76 551.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 103.95 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.49 551.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 134.46 551.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 154.99 551.10 Td (include ) Tj ET Q q 0 0 0 rg BT 186.63 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.05 551.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 238.80 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.44 551.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 287.08 551.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 327.61 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.82 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.24 551.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 377.55 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.19 551.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 434.16 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 448.03 551.10 Td (own, ) Tj ET Q q 0 0 0 rg BT 469.95 551.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 491.60 551.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 515.74 551.10 Td (securitizations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 79.63 539.10 Td (borrowing, ) Tj ET Q q 0 0 0 rg BT 125.76 539.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 156.07 539.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 197.48 539.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 219.16 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.57 539.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 265.89 539.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 291.47 539.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 308.99 539.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 340.95 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.25 539.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 370.99 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 390.18 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 404.93 539.10 Td (be ) Tj ET Q q 0 0 0 rg BT 416.34 539.10 Td (suf) Tj ET Q q 0 0 0 rg BT 428.38 539.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 455.90 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.65 539.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 493.73 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 509.03 539.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 528.77 539.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 556.01 539.10 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 61.15 527.10 Td (from ) Tj ET Q q 0 0 0 rg BT 83.51 527.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 121.98 527.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 171.00 527.10 Td (could ) Tj ET Q q 0 0 0 rg BT 196.14 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 208.50 527.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 243.07 527.10 Td (if ) Tj ET Q q 0 0 0 rg BT 252.10 527.10 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 306.12 527.10 Td (slow ) Tj ET Q q 0 0 0 rg BT 327.94 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.19 527.10 Td (if ) Tj ET Q q 0 0 0 rg BT 348.23 527.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 373.92 527.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 404.61 527.10 Td (deteriorates. ) Tj ET Q q 0 0 0 rg BT 456.68 527.10 Td (For ) Tj ET Q q 0 0 0 rg BT 473.50 527.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 512.79 527.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.38 527.10 Td (some ) Tj ET Q q 0 0 0 rg BT 551.41 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 527.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 64.32 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.57 515.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 109.28 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 123.97 515.10 Td (locked-out ) Tj ET Q q 0 0 0 rg BT 178.09 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.02 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 209.16 515.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 240.51 515.10 Td (less ) Tj ET Q q 0 0 0 rg BT 258.00 515.10 Td (than ) Tj ET Q q 0 0 0 rg BT 277.70 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 293.51 515.10 Td (pro-rata ) Tj ET Q q 0 0 0 rg BT 327.65 515.10 Td (share ) Tj ET Q q 0 0 0 rg BT 351.23 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.04 515.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 400.07 515.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 436.99 515.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 457.25 515.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 481.95 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.22 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.92 515.10 Td (early ) Tj ET Q q 0 0 0 rg BT 529.39 515.10 Td (years ) Tj ET Q q 0 0 0 rg BT 552.97 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 515.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (investment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.88 479.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 111.09 479.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 147.41 479.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 194.84 479.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 248.37 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 271.91 479.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 300.99 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.64 479.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 334.73 479.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 358.28 479.10 Td (if ) Tj ET Q q 0 0 0 rg BT 365.71 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.36 479.10 Td (income ) Tj ET Q q 0 0 0 rg BT 411.12 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.77 479.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 462.62 479.10 Td (for ) Tj ET Q q 0 0 0 rg BT 475.61 479.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 489.15 479.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 526.02 479.10 Td (significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 69.58 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 84.84 467.10 Td (net ) Tj ET Q q 0 0 0 rg BT 98.99 467.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.69 467.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 145.20 467.10 Td (This ) Tj ET Q q 0 0 0 rg BT 164.91 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 189.06 467.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 213.19 467.10 Td (when ) Tj ET Q q 0 0 0 rg BT 236.79 467.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 267.59 467.10 Td (income ) Tj ET Q q 0 0 0 rg BT 298.95 467.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 341.99 467.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 380.02 467.10 Td (income ) Tj ET Q q 0 0 0 rg BT 411.38 467.10 Td (such ) Tj ET Q q 0 0 0 rg BT 431.64 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 441.91 467.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 477.72 467.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 530.19 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.56 467.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 70.66 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.23 455.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 121.68 455.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 168.57 455.10 Td (loans\) ) Tj ET Q q 0 0 0 rg BT 196.58 455.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 231.80 455.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 253.14 455.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 278.94 455.10 Td (received. ) Tj ET Q q 0 0 0 rg BT 318.61 455.10 Td (The ) Tj ET Q q 0 0 0 rg BT 337.73 455.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 372.40 455.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 410.96 455.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 435.64 455.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 473.65 455.10 Td (a ) Tj ET Q q 0 0 0 rg BT 481.66 455.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 513.57 455.10 Td (relief ) Tj ET Q q 0 0 0 rg BT 538.23 455.10 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 84.62 443.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 116.01 443.10 Td (items ) Tj ET Q q 0 0 0 rg BT 141.87 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.40 443.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 194.69 443.10 Td (income; ) Tj ET Q q 0 0 0 rg BT 231.09 443.10 Td (however) Tj ET Q q 0 0 0 rg BT 265.12 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 271.82 443.10 Td (this ) Tj ET Q q 0 0 0 rg BT 290.46 443.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 332.43 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 353.84 443.10 Td (not ) Tj ET Q q 0 0 0 rg BT 370.81 443.10 Td (suf) Tj ET Q q 0 0 0 rg BT 382.85 443.10 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 420.37 443.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 451.21 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.73 443.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 490.69 443.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 529.88 443.10 Td (distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (requirement. ) Tj ET Q q 0 0 0 rg BT 89.30 431.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.11 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.82 431.10 Td (event ) Tj ET Q q 0 0 0 rg BT 138.96 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 156.44 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.26 431.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 208.64 431.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 233.89 431.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 264.13 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.95 431.10 Td (access ) Tj ET Q q 0 0 0 rg BT 307.97 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.24 431.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 351.48 431.10 Td (, ) Tj ET Q q 0 0 0 rg BT 356.47 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 370.62 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 390.32 431.10 Td (need ) Tj ET Q q 0 0 0 rg BT 411.68 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.95 431.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 438.32 431.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 464.14 431.10 Td (at ) Tj ET Q q 0 0 0 rg BT 473.84 431.10 Td (an ) Tj ET Q q 0 0 0 rg BT 485.77 431.10 Td (inopportune ) Tj ET Q q 0 0 0 rg BT 536.58 431.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 559.34 431.10 Td (thus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 73.02 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 88.39 419.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 126.80 419.10 Td (In ) Tj ET Q q 0 0 0 rg BT 137.17 419.10 Td (an ) Tj ET Q q 0 0 0 rg BT 148.64 419.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 181.21 419.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 201.02 419.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 221.39 419.10 Td (situation, ) Tj ET Q q 0 0 0 rg BT 260.37 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 274.06 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 293.31 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 308.13 419.10 Td (be ) Tj ET Q q 0 0 0 rg BT 319.60 419.10 Td (able ) Tj ET Q q 0 0 0 rg BT 338.29 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.11 419.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 364.03 419.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 389.40 419.10 Td (ef) Tj ET Q q 0 0 0 rg BT 396.99 419.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 434.00 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.48 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.84 419.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 487.88 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.92 419.10 Td (status ) Tj ET Q q 0 0 0 rg BT 514.73 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 525.10 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 540.46 419.10 Td (solvency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.96 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 73.15 407.10 Td (threatened. ) Tj ET Q q 0 0 0 rg BT 120.03 407.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 152.22 407.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 196.63 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.71 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.67 407.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 240.42 407.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 284.26 407.10 Td (with ) Tj ET Q q 0 0 0 rg BT 304.78 407.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 355.29 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 371.37 407.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 393.41 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.15 407.10 Td (status ) Tj ET Q q 0 0 0 rg BT 421.67 407.10 Td (is ) Tj ET Q q 0 0 0 rg BT 431.09 407.10 Td (set ) Tj ET Q q 0 0 0 rg BT 444.94 407.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 467.13 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.65 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.61 407.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 510.36 407.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 536.42 407.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 559.72 407.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 564.16 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 571.57 407.10 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (have ) Tj ET Q q 0 0 0 rg BT 57.08 395.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 87.59 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.56 395.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.20 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 116.40 395.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 137.33 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.53 395.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 159.23 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 170.32 395.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 193.35 395.10 Td (ar) Tj ET Q q 0 0 0 rg BT 201.87 395.10 Td (e ) Tj ET Q q 0 0 0 rg BT 208.51 395.10 Td (r) Tj ET Q q 0 0 0 rg BT 212.03 395.10 Td (equir) Tj ET Q q 0 0 0 rg BT 232.77 395.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 244.41 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.38 395.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 275.46 395.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 305.99 395.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 325.96 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.94 395.10 Td (or) Tj ET Q q 0 0 0 rg BT 344.46 395.10 Td (der ) Tj ET Q q 0 0 0 rg BT 359.99 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.97 395.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 407.73 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.82 395.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 444.75 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.94 395.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 474.98 395.10 Td (This ) Tj ET Q q 0 0 0 rg BT 494.42 395.10 Td (adds ) Tj ET Q q 0 0 0 rg BT 515.51 395.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 561.02 395.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 58.50 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 68.78 383.10 Td (running ) Tj ET Q q 0 0 0 rg BT 102.95 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 119.34 383.10 Td (business ) Tj ET Q q 0 0 0 rg BT 155.73 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.23 383.10 Td (exposes ) Tj ET Q q 0 0 0 rg BT 206.83 383.10 Td (us ) Tj ET Q q 0 0 0 rg BT 218.22 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.50 383.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 272.11 383.10 Td (risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.00 383.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (W) Tj ET Q q 0 0 0 rg BT 44.15 359.10 Td (e ) Tj ET Q q 0 0 0 rg BT 51.09 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 66.92 359.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 98.30 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.58 359.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 159.41 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.47 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 191.08 359.10 Td (may ) Tj ET Q q 0 0 0 rg BT 210.80 359.10 Td (not ) Tj ET Q q 0 0 0 rg BT 226.64 359.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 263.01 359.10 Td (successfully) Tj ET Q q 0 0 0 rg BT 312.08 359.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 335.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.05 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 83.23 335.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 113.53 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.28 335.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 173.02 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.77 335.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 215.29 335.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 267.54 335.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 307.27 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.68 335.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 352.32 335.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 395.94 335.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 421.52 335.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 460.15 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.90 335.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 525.74 335.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.80 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 64.95 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 88.86 323.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 121.10 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.79 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.49 323.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 189.24 323.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 208.16 323.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 258.73 323.10 Td (include ) Tj ET Q q 0 0 0 rg BT 291.53 323.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 342.09 323.10 Td (banks, ) Tj ET Q q 0 0 0 rg BT 371.29 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 395.20 323.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 436.33 323.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 457.85 323.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 467.60 323.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 498.18 323.10 Td (Mae, ) Tj ET Q q 0 0 0 rg BT 521.82 323.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 555.73 323.10 Td (Mac, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (regional ) Tj ET Q q 0 0 0 rg BT 71.67 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.01 311.10 Td (community ) Tj ET Q q 0 0 0 rg BT 137.47 311.10 Td (banks, ) Tj ET Q q 0 0 0 rg BT 166.20 311.10 Td (broker) Tj ET Q q 0 0 0 rg BT 192.10 311.10 Td (-dealers, ) Tj ET Q q 0 0 0 rg BT 229.15 311.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 270.37 311.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 318.54 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.88 311.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.33 311.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.22 311.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 447.07 311.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.31 311.10 Td (well ) Tj ET Q q 0 0 0 rg BT 478.43 311.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.66 311.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 536.45 311.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 561.58 311.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (other ) Tj ET Q q 0 0 0 rg BT 58.15 299.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 95.87 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.26 299.10 Td (real ) Tj ET Q q 0 0 0 rg BT 121.85 299.10 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 176.75 299.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 204.19 299.10 Td (In ) Tj ET Q q 0 0 0 rg BT 214.13 299.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 251.01 299.10 Td (other ) Tj ET Q q 0 0 0 rg BT 273.17 299.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 317.54 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 336.36 299.10 Td (be ) Tj ET Q q 0 0 0 rg BT 347.41 299.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 377.89 299.10 Td (that ) Tj ET Q q 0 0 0 rg BT 394.50 299.10 Td (will ) Tj ET Q q 0 0 0 rg BT 411.66 299.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 447.14 299.10 Td (with ) Tj ET Q q 0 0 0 rg BT 466.53 299.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 479.53 299.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 503.91 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.85 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.79 299.10 Td (competitors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (have ) Tj ET Q q 0 0 0 rg BT 57.74 287.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 88.35 287.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 128.97 287.10 Td (than ) Tj ET Q q 0 0 0 rg BT 149.05 287.10 Td (us ) Tj ET Q q 0 0 0 rg BT 160.80 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.10 287.10 Td (we ) Tj ET Q q 0 0 0 rg BT 192.62 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 212.70 287.10 Td (not ) Tj ET Q q 0 0 0 rg BT 228.33 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 240.63 287.10 Td (able ) Tj ET Q q 0 0 0 rg BT 260.15 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.79 287.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 307.52 287.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 359.26 287.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.90 287.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 405.25 287.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 460.60 287.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 511.23 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 525.75 287.10 Td (investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (making ) Tj ET Q q 0 0 0 rg BT 68.93 275.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 95.47 275.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 136.16 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.53 275.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 183.13 275.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 209.67 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.04 275.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 266.63 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.34 275.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 334.14 275.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 384.84 275.10 Td (may ) Tj ET Q q 0 0 0 rg BT 404.98 275.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 424.57 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.28 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.65 275.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 480.00 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.71 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.86 275.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 561.56 275.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 66.27 263.10 Td (available ) Tj ET Q q 0 0 0 rg BT 104.86 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.14 263.10 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.35 239.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.64 239.10 Td (there ) Tj ET Q q 0 0 0 rg BT 123.65 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.87 239.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 182.10 239.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 231.33 239.10 Td (threats ) Tj ET Q q 0 0 0 rg BT 260.00 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.80 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.15 239.10 Td (business ) Tj ET Q q 0 0 0 rg BT 321.06 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 342.52 239.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 399.52 239.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 429.86 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.32 239.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 487.78 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 504.79 239.10 Td (have ) Tj ET Q q 0 0 0 rg BT 525.69 239.10 Td (already ) Tj ET Q q 0 0 0 rg BT 557.13 239.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (undertaken ) Tj ET Q q 0 0 0 rg BT 83.57 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.04 227.10 Td (which ) Tj ET Q q 0 0 0 rg BT 122.62 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 142.98 227.10 Td (be ) Tj ET Q q 0 0 0 rg BT 155.56 227.10 Td (undertaken ) Tj ET Q q 0 0 0 rg BT 203.12 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.04 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.40 227.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 258.92 227.10 Td (Sustained ) Tj ET Q q 0 0 0 rg BT 300.95 227.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 351.86 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 374.44 227.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 432.56 227.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 464.03 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.61 227.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 524.19 227.10 Td (could ) Tj ET Q q 0 0 0 rg BT 549.55 227.10 Td (have ) Tj ET Q q 0 0 0 rg BT 571.57 227.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (material ) Tj ET Q q 0 0 0 rg BT 71.24 215.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 104.25 215.10 Td (ef) Tj ET Q q 0 0 0 rg BT 111.84 215.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 129.30 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 141.78 215.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 155.65 215.10 Td (For ) Tj ET Q q 0 0 0 rg BT 172.02 215.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 210.87 215.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 240.57 215.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 260.81 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.73 215.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 310.75 215.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 331.00 215.10 Td (are, ) Tj ET Q q 0 0 0 rg BT 348.19 215.10 Td (among ) Tj ET Q q 0 0 0 rg BT 377.88 215.10 Td (other ) Tj ET Q q 0 0 0 rg BT 400.90 215.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 430.33 215.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 466.12 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.38 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.08 215.10 Td (business ) Tj ET Q q 0 0 0 rg BT 527.45 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.25 215.10 Td (acquiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.25 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 75.83 203.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 114.63 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.54 203.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 180.55 203.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 232.96 203.10 Td (Until ) Tj ET Q q 0 0 0 rg BT 255.66 203.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 280.30 203.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 330.21 203.10 Td (from ) Tj ET Q q 0 0 0 rg BT 351.79 203.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 381.14 203.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 401.05 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.63 203.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 450.32 203.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 470.23 203.10 Td (was ) Tj ET Q q 0 0 0 rg BT 487.92 203.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 518.40 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.31 203.10 Td (some ) Tj ET Q q 0 0 0 rg BT 551.56 203.10 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (due ) Tj ET Q q 0 0 0 rg BT 52.67 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 62.67 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.12 191.10 Td (fact ) Tj ET Q q 0 0 0 rg BT 94.33 191.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.56 191.10 Td (they ) Tj ET Q q 0 0 0 rg BT 131.00 191.10 Td (were ) Tj ET Q q 0 0 0 rg BT 152.66 191.10 Td (statutorily ) Tj ET Q q 0 0 0 rg BT 195.44 191.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 238.78 191.10 Td (from ) Tj ET Q q 0 0 0 rg BT 260.44 191.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 306.55 191.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 329.89 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 343.78 191.10 Td (single ) Tj ET Q q 0 0 0 rg BT 369.89 191.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 387.68 191.10 Td (residences ) Tj ET Q q 0 0 0 rg BT 431.55 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.56 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.00 191.10 Td (continental ) Tj ET Q q 0 0 0 rg BT 502.66 191.10 Td (United ) Tj ET Q q 0 0 0 rg BT 532.11 191.10 Td (States ) Tj ET Q q 0 0 0 rg BT 558.22 191.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 43.67 179.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 82.44 179.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 115.66 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.67 179.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 156.00 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.56 179.10 Td ($417,000, ) Tj ET Q q 0 0 0 rg BT 210.79 179.10 Td (while ) Tj ET Q q 0 0 0 rg BT 236.23 179.10 Td (much ) Tj ET Q q 0 0 0 rg BT 261.68 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.24 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.80 179.10 Td (business ) Tj ET Q q 0 0 0 rg BT 326.92 179.10 Td (had ) Tj ET Q q 0 0 0 rg BT 344.58 179.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 392.80 179.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 427.13 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 440.36 179.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 481.35 179.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 526.23 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 550.57 179.10 Td (with ) Tj ET Q q 0 0 0 rg BT 571.58 179.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 73.74 167.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 105.94 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.91 167.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 144.21 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.74 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 171.94 167.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 206.63 167.10 Td (In ) Tj ET Q q 0 0 0 rg BT 217.16 167.10 Td (February ) Tj ET Q q 0 0 0 rg BT 255.46 167.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 280.16 167.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 319.58 167.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 348.44 167.10 Td (an ) Tj ET Q q 0 0 0 rg BT 360.08 167.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 401.15 167.10 Td (stimulus ) Tj ET Q q 0 0 0 rg BT 437.25 167.10 Td (package ) Tj ET Q q 0 0 0 rg BT 472.20 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 489.40 167.10 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 538.25 167.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.59 155.10 Td (size ) Tj ET Q q 0 0 0 rg BT 68.50 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.20 155.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 108.77 155.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 132.25 155.10 Td (these ) Tj ET Q q 0 0 0 rg BT 155.17 155.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 186.42 155.10 Td (could ) Tj ET Q q 0 0 0 rg BT 211.01 155.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 248.91 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.06 155.10 Td (up ) Tj ET Q q 0 0 0 rg BT 271.43 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.58 155.10 Td ($729,750, ) Tj ET Q q 0 0 0 rg BT 323.95 155.10 Td (if ) Tj ET Q q 0 0 0 rg BT 332.43 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.01 155.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 370.49 155.10 Td (were ) Tj ET Q q 0 0 0 rg BT 392.29 155.10 Td (made ) Tj ET Q q 0 0 0 rg BT 416.31 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.46 155.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 454.37 155.10 Td (real ) Tj ET Q q 0 0 0 rg BT 471.72 155.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 496.86 155.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 538.66 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.80 155.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (high-cost ) Tj ET Q q 0 0 0 rg BT 75.93 143.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 99.17 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.21 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.14 143.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.04 143.10 Td (As ) Tj ET Q q 0 0 0 rg BT 158.86 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.90 143.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 228.69 143.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 253.90 143.10 Td (this ) Tj ET Q q 0 0 0 rg BT 271.06 143.10 Td ($729,750 ) Tj ET Q q 0 0 0 rg BT 311.27 143.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 331.20 143.10 Td (size ) Tj ET Q q 0 0 0 rg BT 349.45 143.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 371.06 143.10 Td (had ) Tj ET Q q 0 0 0 rg BT 388.20 143.10 Td (been ) Tj ET Q q 0 0 0 rg BT 409.79 143.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 444.15 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.64 143.10 Td ($636,150, ) Tj ET Q q 0 0 0 rg BT 497.35 143.10 Td (which ) Tj ET Q q 0 0 0 rg BT 524.49 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 533.87 143.10 Td (an ) Tj ET Q q 0 0 0 rg BT 546.02 143.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.57 131.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 94.46 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.81 131.10 Td (be ) Tj ET Q q 0 0 0 rg BT 116.82 131.10 Td (above ) Tj ET Q q 0 0 0 rg BT 143.27 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.06 131.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 197.84 131.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 217.63 131.10 Td (size ) Tj ET Q q 0 0 0 rg BT 235.74 131.10 Td (limit. ) Tj ET Q q 0 0 0 rg BT 259.71 131.10 Td (In ) Tj ET Q q 0 0 0 rg BT 270.61 131.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 308.45 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.80 131.10 Td (September ) Tj ET Q q 0 0 0 rg BT 364.13 131.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 389.21 131.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 418.99 131.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 439.33 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.34 131.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 489.46 131.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 509.80 131.10 Td (were ) Tj ET Q q 0 0 0 rg BT 531.80 131.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 560.46 131.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (conservatorship ) Tj ET Q q 0 0 0 rg BT 101.82 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.75 119.10 Td (have ) Tj ET Q q 0 0 0 rg BT 140.13 119.10 Td (become, ) Tj ET Q q 0 0 0 rg BT 176.22 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.50 119.10 Td (ef) Tj ET Q q 0 0 0 rg BT 194.09 119.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 214.08 119.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 263.24 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.07 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.79 119.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 309.07 119.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 339.33 119.10 Td (government. ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 108.87 731.10 Td (it ) Tj ET Q q 0 0 0 rg BT 116.81 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.86 731.10 Td (unclear ) Tj ET Q q 0 0 0 rg BT 157.66 731.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 192.25 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.68 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 212.44 731.10 Td (rump ) Tj ET Q q 0 0 0 rg BT 235.93 731.10 Td (administration) Tj ET Q q 0 0 0 rg BT 296.47 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 302.75 731.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 338.73 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.55 731.10 Td (any ) Tj ET Q q 0 0 0 rg BT 372.37 731.10 Td (future ) Tj ET Q q 0 0 0 rg BT 398.63 731.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 428.77 731.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 472.81 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 483.52 731.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 524.21 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.92 731.10 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 69.54 719.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 110.58 719.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 140.52 719.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 161.00 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.16 719.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 211.43 719.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 231.92 719.10 Td (will ) Tj ET Q q 0 0 0 rg BT 250.19 719.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 287.35 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.85 719.10 Td (maintain, ) Tj ET Q q 0 0 0 rg BT 338.06 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 349.11 719.10 Td (increase, ) Tj ET Q q 0 0 0 rg BT 387.08 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.02 719.10 Td (role ) Tj ET Q q 0 0 0 rg BT 420.28 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.33 719.10 Td (those ) Tj ET Q q 0 0 0 rg BT 455.16 719.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 486.76 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.26 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.20 719.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 546.59 719.10 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 68.30 707.10 Td (As ) Tj ET Q q 0 0 0 rg BT 82.03 707.10 Td (long ) Tj ET Q q 0 0 0 rg BT 102.42 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 113.36 707.10 Td (there ) Tj ET Q q 0 0 0 rg BT 135.96 707.10 Td (is ) Tj ET Q q 0 0 0 rg BT 145.25 707.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 202.84 707.10 Td (support ) Tj ET Q q 0 0 0 rg BT 235.45 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 249.73 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 272.89 707.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 304.38 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.78 707.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 351.82 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.22 707.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 394.25 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.31 707.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 444.47 707.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 484.84 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.24 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.29 707.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 547.11 707.10 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.64 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.16 695.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 101.24 695.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 132.97 695.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 165.54 695.10 Td (they ) Tj ET Q q 0 0 0 rg BT 185.07 695.10 Td (will ) Tj ET Q q 0 0 0 rg BT 202.93 695.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 241.89 695.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 286.41 695.10 Td (business ) Tj ET Q q 0 0 0 rg BT 322.61 695.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 372.68 695.10 Td (due ) Tj ET Q q 0 0 0 rg BT 389.43 695.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 402.02 695.10 Td (among ) Tj ET Q q 0 0 0 rg BT 431.54 695.10 Td (other ) Tj ET Q q 0 0 0 rg BT 454.40 695.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 483.66 695.10 Td (their ) Tj ET Q q 0 0 0 rg BT 504.29 695.10 Td (lar) Tj ET Q q 0 0 0 rg BT 514.66 695.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 526.40 695.10 Td (size ) Tj ET Q q 0 0 0 rg BT 544.26 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 561.00 695.10 Td (low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 54.66 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.54 683.10 Td (funding. ) Tj ET Q q 0 0 0 rg BT 101.13 683.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 151.04 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 155.90 683.10 Td (T) Tj ET Q q 0 0 0 rg BT 161.66 683.10 Td (rump ) Tj ET Q q 0 0 0 rg BT 185.32 683.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 245.64 683.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 281.79 683.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 312.10 683.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 358.81 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 369.69 683.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 410.55 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 421.43 683.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 465.07 683.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 495.95 683.10 Td (aimed ) Tj ET Q q 0 0 0 rg BT 522.93 683.10 Td (at ) Tj ET Q q 0 0 0 rg BT 532.70 683.10 Td (weakening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.10 671.10 Td (dismantling ) Tj ET Q q 0 0 0 rg BT 97.10 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.09 671.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 163.13 671.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 180.34 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.55 671.10 Td (its ) Tj ET Q q 0 0 0 rg BT 209.77 671.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 253.64 671.10 Td (apparatus, ) Tj ET Q q 0 0 0 rg BT 297.22 671.10 Td (including ) Tj ET Q q 0 0 0 rg BT 337.77 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 350.54 671.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 388.30 671.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 417.72 671.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 472.70 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.47 671.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 520.46 671.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 567.69 671.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (by ) Tj ET Q q 0 0 0 rg BT 48.65 659.10 Td (weakening ) Tj ET Q q 0 0 0 rg BT 94.61 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.48 659.10 Td (CFPB ) Tj ET Q q 0 0 0 rg BT 136.59 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 147.56 659.10 Td (its ) Tj ET Q q 0 0 0 rg BT 159.66 659.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 212.28 659.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 260.46 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 271.44 659.10 Td (priorities, ) Tj ET Q q 0 0 0 rg BT 312.69 659.10 Td (could ) Tj ET Q q 0 0 0 rg BT 337.56 659.10 Td (result ) Tj ET Q q 0 0 0 rg BT 362.42 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.85 659.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 413.25 659.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 463.67 659.10 Td (from ) Tj ET Q q 0 0 0 rg BT 485.75 659.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 535.60 659.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 561.58 659.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 59.13 647.10 Td (lar) Tj ET Q q 0 0 0 rg BT 69.49 647.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 81.51 647.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 119.07 647.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 166.10 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 183.67 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 203.47 647.10 Td (have ) Tj ET Q q 0 0 0 rg BT 224.92 647.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 255.27 647.10 Td (advantages ) Tj ET Q q 0 0 0 rg BT 302.27 647.10 Td (due ) Tj ET Q q 0 0 0 rg BT 319.29 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.65 647.10 Td (their ) Tj ET Q q 0 0 0 rg BT 350.55 647.10 Td (size ) Tj ET Q q 0 0 0 rg BT 368.68 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.69 647.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 404.38 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.29 647.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 447.02 647.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 479.03 647.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 523.28 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 532.53 647.10 Td (set ) Tj ET Q q 0 0 0 rg BT 546.21 647.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 568.23 647.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.42 635.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 69.62 635.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 96.14 635.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 119.90 635.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.33 635.10 Td (Congr) Tj ET Q q 0 0 0 rg BT 149.53 635.10 Td (ess ) Tj ET Q q 0 0 0 rg BT 164.95 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.15 635.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 192.78 635.10 Td (esident ) Tj ET Q q 0 0 0 rg BT 224.31 635.10 Td (T) Tj ET Q q 0 0 0 rg BT 229.32 635.10 Td (rump) Tj ET Q q 0 0 0 rg BT 252.47 635.10 Td (s ) Tj ET Q q 0 0 0 rg BT 259.57 635.10 Td (administration ) Tj ET Q q 0 0 0 rg BT 321.67 635.10 Td (may ) Tj ET Q q 0 0 0 rg BT 341.53 635.10 Td (make ) Tj ET Q q 0 0 0 rg BT 365.83 635.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 412.93 635.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 448.91 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.89 635.10 Td (fiscal, ) Tj ET Q q 0 0 0 rg BT 487.25 635.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 505.17 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.38 635.10 Td (other ) Tj ET Q q 0 0 0 rg BT 547.69 635.10 Td (federal ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 69.60 623.10 Td (that ) Tj ET Q q 0 0 0 rg BT 87.66 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 106.82 623.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 147.64 623.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 172.35 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 188.74 623.10 Td (business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.63 623.10 Td (. ) Tj ET Q q 0 0 0 rg BT 232.07 623.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 599.10 Td (o ) Tj ET Q q 0 0 0 rg BT 66.69 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.19 599.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 107.90 599.10 Td (that ) Tj ET Q q 0 0 0 rg BT 125.17 599.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 148.28 599.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 197.50 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.10 599.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 241.49 599.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 284.31 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.81 599.10 Td (business ) Tj ET Q q 0 0 0 rg BT 334.98 599.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 373.36 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.97 599.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 413.46 599.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 433.51 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.23 599.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 483.06 599.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 503.10 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.59 599.10 Td (not ) Tj ET Q q 0 0 0 rg BT 532.65 599.10 Td (changed ) Tj ET Q q 0 0 0 rg BT 568.24 599.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 57.83 587.10 Td (their ) Tj ET Q q 0 0 0 rg BT 79.10 587.10 Td (role ) Tj ET Q q 0 0 0 rg BT 97.59 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.32 587.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 142.93 587.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 175.30 587.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 199.90 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 211.17 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.55 587.10 Td (change ) Tj ET Q q 0 0 0 rg BT 249.81 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.54 587.10 Td (these ) Tj ET Q q 0 0 0 rg BT 284.03 587.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 304.19 587.10 Td (size ) Tj ET Q q 0 0 0 rg BT 322.68 587.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 348.40 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.68 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.40 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.56 587.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 427.36 587.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 446.41 587.10 Td (they ) Tj ET Q q 0 0 0 rg BT 466.57 587.10 Td (char) Tj ET Q q 0 0 0 rg BT 483.59 587.10 Td (ge\), ) Tj ET Q q 0 0 0 rg BT 501.80 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.08 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.24 587.10 Td (competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 58.52 575.10 Td (these ) Tj ET Q q 0 0 0 rg BT 82.14 575.10 Td (two ) Tj ET Q q 0 0 0 rg BT 100.22 575.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 158.28 575.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 190.24 575.10 Td (will ) Tj ET Q q 0 0 0 rg BT 208.88 575.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 239.72 575.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 285.01 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.42 575.10 Td (could ) Tj ET Q q 0 0 0 rg BT 321.71 575.10 Td (increase. ) Tj ET Q q 0 0 0 rg BT 360.05 575.10 Td (In ) Tj ET Q q 0 0 0 rg BT 371.45 575.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 409.81 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.66 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.96 575.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 463.47 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 481.54 575.10 Td (property ) Tj ET Q q 0 0 0 rg BT 518.50 575.10 Td (values ) Tj ET Q q 0 0 0 rg BT 547.13 575.10 Td (decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (while ) Tj ET Q q 0 0 0 rg BT 61.19 563.10 Td (these ) Tj ET Q q 0 0 0 rg BT 84.71 563.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 104.89 563.10 Td (size ) Tj ET Q q 0 0 0 rg BT 123.41 563.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 149.17 563.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 179.90 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.09 563.10 Td (same, ) Tj ET Q q 0 0 0 rg BT 221.11 563.10 Td (it ) Tj ET Q q 0 0 0 rg BT 229.64 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 249.82 563.10 Td (have ) Tj ET Q q 0 0 0 rg BT 271.67 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.86 563.10 Td (same ) Tj ET Q q 0 0 0 rg BT 310.38 563.10 Td (ef) Tj ET Q q 0 0 0 rg BT 317.97 563.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 335.92 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 347.22 563.10 Td (an ) Tj ET Q q 0 0 0 rg BT 359.63 563.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 395.36 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.11 563.10 Td (this ) Tj ET Q q 0 0 0 rg BT 423.53 563.10 Td (limit, ) Tj ET Q q 0 0 0 rg BT 447.89 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.19 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.60 563.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 497.33 563.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 543.60 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 554.90 563.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (would ) Tj ET Q q 0 0 0 rg BT 63.77 551.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 89.32 551.10 Td (be ) Tj ET Q q 0 0 0 rg BT 101.54 551.10 Td (within ) Tj ET Q q 0 0 0 rg BT 129.87 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.86 551.10 Td (size ) Tj ET Q q 0 0 0 rg BT 163.18 551.10 Td (limit. ) Tj ET Q q 0 0 0 rg BT 186.74 551.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 206.73 551.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 242.26 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.81 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.81 551.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 287.80 551.10 Td (size ) Tj ET Q q 0 0 0 rg BT 306.12 551.10 Td (limit, ) Tj ET Q q 0 0 0 rg BT 330.29 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.39 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.94 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.94 551.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 397.47 551.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 443.55 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.65 551.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 478.54 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 496.31 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 511.29 551.10 Td (within ) Tj ET Q q 0 0 0 rg BT 539.62 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 554.61 551.10 Td (limit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 65.02 539.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 95.14 539.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 115.81 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.16 539.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 166.61 539.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 187.29 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.97 539.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 234.75 539.10 Td (against ) Tj ET Q q 0 0 0 rg BT 265.98 539.10 Td (us ) Tj ET Q q 0 0 0 rg BT 277.78 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.47 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 295.81 539.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 326.47 539.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 353.81 539.10 Td (than ) Tj ET Q q 0 0 0 rg BT 373.94 539.10 Td (they ) Tj ET Q q 0 0 0 rg BT 394.06 539.10 Td (had ) Tj ET Q q 0 0 0 rg BT 411.41 539.10 Td (been ) Tj ET Q q 0 0 0 rg BT 433.19 539.10 Td (able ) Tj ET Q q 0 0 0 rg BT 452.75 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.44 539.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 500.22 539.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 545.34 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 562.68 539.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (business ) Tj ET Q q 0 0 0 rg BT 72.59 527.10 Td (could ) Tj ET Q q 0 0 0 rg BT 97.50 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.64 527.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 150.65 527.10 Td (af) Tj ET Q q 0 0 0 rg BT 158.24 527.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 187.26 527.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 237.17 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.36 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.28 527.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 289.96 527.10 Td (Housing ) Tj ET Q q 0 0 0 rg BT 325.95 527.10 Td (Administration ) Tj ET Q q 0 0 0 rg BT 389.20 527.10 Td (\(FHA\) ) Tj ET Q q 0 0 0 rg BT 418.56 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.70 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.61 527.10 Td (Department ) Tj ET Q q 0 0 0 rg BT 500.51 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.34 527.10 Td (V) Tj ET Q q 0 0 0 rg BT 517.45 527.10 Td (eterans ) Tj ET Q q 0 0 0 rg BT 547.87 527.10 Td (Af) Tj ET Q q 0 0 0 rg BT 558.24 527.10 Td (fairs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (\(V) Tj ET Q q 0 0 0 rg BT 45.26 515.10 Td (A\) ) Tj ET Q q 0 0 0 rg BT 58.34 515.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 99.73 515.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 137.80 515.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 181.97 515.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 228.65 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.62 515.10 Td (FHA) Tj ET Q q 0 0 0 rg BT 265.07 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.60 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.38 515.10 Td (V) Tj ET Q q 0 0 0 rg BT 290.31 515.10 Td (A) Tj ET Q q 0 0 0 rg BT 296.98 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.51 515.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 323.14 515.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 366.20 515.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.39 515.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 440.67 515.10 Td (23% ) Tj ET Q q 0 0 0 rg BT 461.53 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.38 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.13 515.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 528.51 515.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 554.36 515.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.06 503.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 91.43 503.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 115.27 503.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 158.54 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.04 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.99 503.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 204.50 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.00 503.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 240.03 503.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.31 503.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 288.79 503.10 Td (government) Tj ET Q q 0 0 0 rg BT 339.33 503.10 Td (s ) Tj ET Q q 0 0 0 rg BT 345.95 503.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 374.23 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.73 503.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 418.01 503.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 458.50 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.00 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.17 503.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 521.11 503.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 552.72 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 503.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 75.84 491.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 107.34 491.10 Td (market ) Tj ET Q q 0 0 0 rg BT 137.18 491.10 Td (through ) Tj ET Q q 0 0 0 rg BT 170.37 491.10 Td (these ) Tj ET Q q 0 0 0 rg BT 192.99 491.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 223.95 491.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 266.56 491.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 310.85 491.10 Td (business ) Tj ET Q q 0 0 0 rg BT 346.82 491.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 396.66 491.10 Td (due ) Tj ET Q q 0 0 0 rg BT 413.18 491.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 425.53 491.10 Td (among ) Tj ET Q q 0 0 0 rg BT 454.83 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 477.45 491.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 506.48 491.10 Td (their ) Tj ET Q q 0 0 0 rg BT 526.88 491.10 Td (size ) Tj ET Q q 0 0 0 rg BT 544.50 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 561.02 491.10 Td (low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 54.61 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 65.44 479.10 Td (funding. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 55.11 455.10 Td (business ) Tj ET Q q 0 0 0 rg BT 92.56 455.10 Td (model ) Tj ET Q q 0 0 0 rg BT 119.99 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.99 455.10 Td (business ) Tj ET Q q 0 0 0 rg BT 175.44 455.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 219.26 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.26 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.47 455.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 284.36 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 297.90 455.10 Td (take ) Tj ET Q q 0 0 0 rg BT 317.55 455.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 332.21 455.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 348.53 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.75 455.10 Td (take\) ) Tj ET Q q 0 0 0 rg BT 381.73 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.94 455.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 437.71 455.10 Td (them ) Tj ET Q q 0 0 0 rg BT 460.70 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.70 455.10 Td (adapt ) Tj ET Q q 0 0 0 rg BT 503.91 455.10 Td (them ) Tj ET Q q 0 0 0 rg BT 526.90 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.12 455.10 Td (changing ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 97.39 443.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 129.32 443.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 147.38 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.44 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 185.16 443.10 Td (not ) Tj ET Q q 0 0 0 rg BT 201.00 443.10 Td (be ) Tj ET Q q 0 0 0 rg BT 212.94 443.10 Td (successful. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 72.62 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.36 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.53 419.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 122.92 419.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.86 419.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 182.92 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.32 419.10 Td (downturn ) Tj ET Q q 0 0 0 rg BT 239.61 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.35 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.53 419.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 283.27 419.10 Td (real ) Tj ET Q q 0 0 0 rg BT 300.21 419.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 324.94 419.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 358.55 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.95 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.13 419.10 Td (economy) Tj ET Q q 0 0 0 rg BT 425.13 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 429.59 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.77 419.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 483.49 419.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 518.23 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.63 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.80 419.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 65.43 407.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 99.87 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 114.86 407.10 Td (still ) Tj ET Q q 0 0 0 rg BT 132.65 407.10 Td (under) Tj ET Q q 0 0 0 rg BT 155.23 407.10 Td (going ) Tj ET Q q 0 0 0 rg BT 180.79 407.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 225.79 407.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 263.28 407.10 Td (including ) Tj ET Q q 0 0 0 rg BT 303.83 407.10 Td (due ) Tj ET Q q 0 0 0 rg BT 321.05 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.62 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.61 407.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 391.61 407.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 449.37 407.10 Td (interventions ) Tj ET Q q 0 0 0 rg BT 504.37 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.93 407.10 Td (these ) Tj ET Q q 0 0 0 rg BT 538.25 407.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 561.57 407.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 71.09 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.75 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.85 395.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 118.06 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.38 395.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 182.70 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 200.58 395.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 231.23 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.33 395.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 281.42 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.75 395.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 339.39 395.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 371.70 395.10 Td (industry) Tj ET Q q 0 0 0 rg BT 403.83 395.10 Td (. ) Tj ET Q q 0 0 0 rg BT 408.57 395.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 458.48 395.10 Td (, ) Tj ET Q q 0 0 0 rg BT 463.86 395.10 Td (it ) Tj ET Q q 0 0 0 rg BT 472.30 395.10 Td (is ) Tj ET Q q 0 0 0 rg BT 481.85 395.10 Td (unclear ) Tj ET Q q 0 0 0 rg BT 514.15 395.10 Td (how ) Tj ET Q q 0 0 0 rg BT 534.26 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.15 395.10 Td (T) Tj ET Q q 0 0 0 rg BT 554.91 395.10 Td (rump ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (administration) Tj ET Q q 0 0 0 rg BT 96.55 383.10 Td (s ) Tj ET Q q 0 0 0 rg BT 103.19 383.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 139.55 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.75 383.10 Td (any ) Tj ET Q q 0 0 0 rg BT 173.94 383.10 Td (future ) Tj ET Q q 0 0 0 rg BT 200.58 383.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 231.09 383.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 275.50 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 286.59 383.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 327.66 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.74 383.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 382.59 383.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 416.18 383.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 457.25 383.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 487.22 383.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 507.75 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.94 383.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 558.24 383.10 Td (Mac ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.99 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 67.76 371.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 101.98 371.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 133.95 371.10 Td (market ) Tj ET Q q 0 0 0 rg BT 164.27 371.10 Td (more ) Tj ET Q q 0 0 0 rg BT 187.37 371.10 Td (broadly ) Tj ET Q q 0 0 0 rg BT 220.47 371.10 Td (will ) Tj ET Q q 0 0 0 rg BT 238.57 371.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 268.34 371.10 Td (that ) Tj ET Q q 0 0 0 rg BT 285.88 371.10 Td (market ) Tj ET Q q 0 0 0 rg BT 316.20 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.19 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 349.07 371.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 388.01 371.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 406.11 371.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 442.55 371.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 455.93 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.92 371.10 Td (model ) Tj ET Q q 0 0 0 rg BT 500.47 371.10 Td (for) Tj ET Q q 0 0 0 rg BT 511.73 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 516.78 371.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 542.11 371.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.67 359.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 92.66 359.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.22 359.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 158.23 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 172.67 359.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 211.55 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.22 359.10 Td (if ) Tj ET Q q 0 0 0 rg BT 236.56 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 250.45 359.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 266.00 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.01 359.10 Td (develop, ) Tj ET Q q 0 0 0 rg BT 312.40 359.10 Td (enhance, ) Tj ET Q q 0 0 0 rg BT 349.88 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.55 359.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 411.55 359.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 451.55 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.55 359.10 Td (adapt ) Tj ET Q q 0 0 0 rg BT 485.44 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.45 359.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 534.33 359.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.87 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 62.18 347.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 103.03 347.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 138.90 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.43 347.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 186.17 347.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 223.42 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.84 347.10 Td (business ) Tj ET Q q 0 0 0 rg BT 276.82 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.35 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.42 347.10 Td (results ) Tj ET Q q 0 0 0 rg BT 361.62 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 381.93 347.10 Td (be ) Tj ET Q q 0 0 0 rg BT 394.46 347.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 435.86 347.10 Td (af) Tj ET Q q 0 0 0 rg BT 443.45 347.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 473.47 347.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 529.04 347.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 564.34 347.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (make ) Tj ET Q q 0 0 0 rg BT 60.02 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 70.16 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 85.85 335.10 Td (business ) Tj ET Q q 0 0 0 rg BT 122.11 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.25 335.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 166.27 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.42 335.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 215.43 335.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 274.44 335.10 Td (may ) Tj ET Q q 0 0 0 rg BT 294.02 335.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 324.15 335.10 Td (us ) Tj ET Q q 0 0 0 rg BT 335.40 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.55 335.10 Td (new ) Tj ET Q q 0 0 0 rg BT 364.57 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.26 335.10 Td (dif) Tj ET Q q 0 0 0 rg BT 386.19 335.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 411.87 335.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 433.12 335.10 Td (than ) Tj ET Q q 0 0 0 rg BT 452.70 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 466.73 335.10 Td (were ) Tj ET Q q 0 0 0 rg BT 488.52 335.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 533.10 335.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 568.23 335.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.79 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 66.80 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 86.37 323.10 Td (not ) Tj ET Q q 0 0 0 rg BT 101.49 323.10 Td (ef) Tj ET Q q 0 0 0 rg BT 109.08 323.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 146.41 323.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 179.87 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 190.55 323.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 223.99 323.10 Td (those ) Tj ET Q q 0 0 0 rg BT 247.45 323.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 271.19 323.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 302.98 323.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 347.00 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 356.02 323.10 Td (set ) Tj ET Q q 0 0 0 rg BT 369.48 323.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 391.27 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.39 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.96 323.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 433.31 323.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 458.98 323.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 481.88 323.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.32 323.10 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 524.77 323.10 Td (business ) Tj ET Q q 0 0 0 rg BT 561.01 323.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 66.32 311.10 Td (deployment ) Tj ET Q q 0 0 0 rg BT 114.97 311.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 154.73 311.10 Td (we ) Tj ET Q q 0 0 0 rg BT 168.39 311.10 Td (made ) Tj ET Q q 0 0 0 rg BT 192.60 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.93 311.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 225.48 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.03 311.10 Td (early ) Tj ET Q q 0 0 0 rg BT 266.13 311.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 291.18 311.10 Td (including ) Tj ET Q q 0 0 0 rg BT 331.50 311.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 371.27 311.10 Td (r) Tj ET Q q 0 0 0 rg BT 374.79 311.10 Td (elating ) Tj ET Q q 0 0 0 rg BT 405.12 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.44 311.10 Td (r) Tj ET Q q 0 0 0 rg BT 418.96 311.10 Td (estructuring ) Tj ET Q q 0 0 0 rg BT 470.40 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 481.84 311.10 Td (r) Tj ET Q q 0 0 0 rg BT 485.36 311.10 Td (epositioning ) Tj ET Q q 0 0 0 rg BT 537.36 311.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 568.23 311.10 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 54.76 299.10 Td (business ) Tj ET Q q 0 0 0 rg BT 93.52 299.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 134.48 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.35 299.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 196.43 299.10 Td (r) Tj ET Q q 0 0 0 rg BT 199.96 299.10 Td (elating ) Tj ET Q q 0 0 0 rg BT 232.60 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.24 299.10 Td (r) Tj ET Q q 0 0 0 rg BT 248.76 299.10 Td (epur) Tj ET Q q 0 0 0 rg BT 266.72 299.10 Td (chases ) Tj ET Q q 0 0 0 rg BT 298.25 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.89 299.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 352.98 299.10 Td (common ) Tj ET Q q 0 0 0 rg BT 391.73 299.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 419.64 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 441.17 299.10 Td (not ) Tj ET Q q 0 0 0 rg BT 458.81 299.10 Td (impr) Tj ET Q q 0 0 0 rg BT 477.33 299.10 Td (ove ) Tj ET Q q 0 0 0 rg BT 496.08 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.84 299.10 Td (pr) Tj ET Q q 0 0 0 rg BT 523.36 299.10 Td (ofitability ) Tj ET Q q 0 0 0 rg BT 567.11 299.10 Td (or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (competitiveness ) Tj ET Q q 0 0 0 rg BT 101.84 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.37 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 138.57 287.10 Td (not ) Tj ET Q q 0 0 0 rg BT 153.88 287.10 Td (r) Tj ET Q q 0 0 0 rg BT 157.40 287.10 Td (epr) Tj ET Q q 0 0 0 rg BT 170.36 287.10 Td (esent ) Tj ET Q q 0 0 0 rg BT 193.43 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.18 287.10 Td (best ) Tj ET Q q 0 0 0 rg BT 226.82 287.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 269.91 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.22 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.64 287.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 326.94 287.10 Td (over ) Tj ET Q q 0 0 0 rg BT 347.25 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.99 287.10 Td (long-term. ) Tj ET Q q 0 0 0 rg BT 406.46 287.10 Td (Decisions ) Tj ET Q q 0 0 0 rg BT 448.43 287.10 Td (we ) Tj ET Q q 0 0 0 rg BT 462.07 287.10 Td (make ) Tj ET Q q 0 0 0 rg BT 485.70 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.01 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.76 287.10 Td (futur) Tj ET Q q 0 0 0 rg BT 529.84 287.10 Td (e ) Tj ET Q q 0 0 0 rg BT 536.81 287.10 Td (about ) Tj ET Q q 0 0 0 rg BT 562.12 287.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (business ) Tj ET Q q 0 0 0 rg BT 71.92 275.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 106.16 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.18 275.10 Td (new ) Tj ET Q q 0 0 0 rg BT 141.31 275.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 192.49 275.10 Td (as ) Tj ET Q q 0 0 0 rg BT 203.41 275.10 Td (well ) Tj ET Q q 0 0 0 rg BT 222.10 275.10 Td (as ) Tj ET Q q 0 0 0 rg BT 233.01 275.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 272.25 275.10 Td (about ) Tj ET Q q 0 0 0 rg BT 297.05 275.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 327.42 275.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 357.22 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.13 275.10 Td (r) Tj ET Q q 0 0 0 rg BT 371.65 275.10 Td (eturning ) Tj ET Q q 0 0 0 rg BT 407.56 275.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 437.36 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.16 275.10 Td (shar) Tj ET Q q 0 0 0 rg BT 464.57 275.10 Td (eholders ) Tj ET Q q 0 0 0 rg BT 501.04 275.10 Td (\(thr) Tj ET Q q 0 0 0 rg BT 515.67 275.10 Td (ough ) Tj ET Q q 0 0 0 rg BT 537.69 275.10 Td (dividends ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.39 263.10 Td (common ) Tj ET Q q 0 0 0 rg BT 83.77 263.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 106.82 263.10 Td (r) Tj ET Q q 0 0 0 rg BT 110.34 263.10 Td (epur) Tj ET Q q 0 0 0 rg BT 128.30 263.10 Td (chases\), ) Tj ET Q q 0 0 0 rg BT 163.29 263.10 Td (could ) Tj ET Q q 0 0 0 rg BT 188.01 263.10 Td (also ) Tj ET Q q 0 0 0 rg BT 207.18 263.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 223.01 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.29 263.10 Td (impr) Tj ET Q q 0 0 0 rg BT 251.81 263.10 Td (ove ) Tj ET Q q 0 0 0 rg BT 268.19 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.58 263.10 Td (business ) Tj ET Q q 0 0 0 rg BT 320.97 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.47 263.10 Td (r) Tj ET Q q 0 0 0 rg BT 341.99 263.10 Td (esults ) Tj ET Q q 0 0 0 rg BT 367.27 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.55 263.10 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.33 263.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 90.57 239.10 Td (, ) Tj ET Q q 0 0 0 rg BT 95.47 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.08 239.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 159.69 239.10 Td (landscape ) Tj ET Q q 0 0 0 rg BT 201.51 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.68 239.10 Td (which ) Tj ET Q q 0 0 0 rg BT 238.52 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 252.57 239.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 284.39 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.23 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.84 239.10 Td (products ) Tj ET Q q 0 0 0 rg BT 352.68 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.51 239.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 419.68 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 433.74 239.10 Td (which ) Tj ET Q q 0 0 0 rg BT 460.57 239.10 Td (we ) Tj ET Q q 0 0 0 rg BT 474.63 239.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 510.90 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.50 239.10 Td (also ) Tj ET Q q 0 0 0 rg BT 544.01 239.10 Td (af) Tj ET Q q 0 0 0 rg BT 551.59 239.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (by ) Tj ET Q q 0 0 0 rg BT 49.69 227.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 90.03 227.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 137.62 227.10 Td (There ) Tj ET Q q 0 0 0 rg BT 164.62 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 185.53 227.10 Td (be ) Tj ET Q q 0 0 0 rg BT 198.65 227.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 226.78 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.80 227.10 Td (sudden ) Tj ET Q q 0 0 0 rg BT 270.81 227.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 306.71 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.18 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.19 227.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 371.66 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 383.68 227.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 428.46 227.10 Td (environment, ) Tj ET Q q 0 0 0 rg BT 485.19 227.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 521.09 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.55 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.46 227.10 Td (role ) Tj ET Q q 0 0 0 rg BT 567.69 227.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (government-sponsored ) Tj ET Q q 0 0 0 rg BT 129.91 215.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 163.55 215.10 Td (such ) Tj ET Q q 0 0 0 rg BT 184.14 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.73 215.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 224.20 215.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 244.23 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.93 215.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 293.74 215.10 Td (Mac, ) Tj ET Q q 0 0 0 rg BT 316.26 215.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 350.73 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.77 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.25 215.10 Td (role ) Tj ET Q q 0 0 0 rg BT 393.05 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.64 215.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.67 215.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 454.25 215.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 490.93 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 501.52 215.10 Td (their ) Tj ET Q q 0 0 0 rg BT 522.11 215.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 547.69 215.10 Td (criteria ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.25 203.10 Td (processes, ) Tj ET Q q 0 0 0 rg BT 90.99 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.24 203.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 137.36 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.06 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.20 203.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 183.90 203.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 223.47 203.10 Td (more ) Tj ET Q q 0 0 0 rg BT 246.94 203.10 Td (generally) Tj ET Q q 0 0 0 rg BT 283.49 203.10 Td (. ) Tj ET Q q 0 0 0 rg BT 288.91 203.10 Td (If ) Tj ET Q q 0 0 0 rg BT 298.49 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 313.07 203.10 Td (do ) Tj ET Q q 0 0 0 rg BT 325.99 203.10 Td (not ) Tj ET Q q 0 0 0 rg BT 341.68 203.10 Td (ef) Tj ET Q q 0 0 0 rg BT 349.27 203.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 387.17 203.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 421.75 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.45 203.10 Td (these ) Tj ET Q q 0 0 0 rg BT 455.91 203.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 491.04 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 502.29 203.10 Td (if ) Tj ET Q q 0 0 0 rg BT 511.32 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.57 203.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 568.25 203.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 70.58 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.27 191.10 Td (these ) Tj ET Q q 0 0 0 rg BT 104.73 191.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 139.85 191.10 Td (are ) Tj ET Q q 0 0 0 rg BT 154.97 191.10 Td (not ) Tj ET Q q 0 0 0 rg BT 170.67 191.10 Td (successful, ) Tj ET Q q 0 0 0 rg BT 217.18 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.43 191.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 261.89 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.59 191.10 Td (ef) Tj ET Q q 0 0 0 rg BT 280.17 191.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 318.07 191.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 354.86 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.55 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.68 191.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 432.46 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 452.59 191.10 Td (be ) Tj ET Q q 0 0 0 rg BT 464.94 191.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 509.51 191.10 Td (impacted, ) Tj ET Q q 0 0 0 rg BT 551.57 191.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (would ) Tj ET Q q 0 0 0 rg BT 63.50 179.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 88.77 179.10 Td (result ) Tj ET Q q 0 0 0 rg BT 113.49 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.77 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.60 179.10 Td (business ) Tj ET Q q 0 0 0 rg BT 175.99 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.93 179.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.41 179.10 Td (results ) Tj ET Q q 0 0 0 rg BT 259.02 179.10 Td (being ) Tj ET Q q 0 0 0 rg BT 283.73 179.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 324.55 179.10 Td (af) Tj ET Q q 0 0 0 rg BT 332.14 179.10 Td (fected. ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 731.10 Td (e ) Tj ET Q q 0 0 0 rg BT 68.94 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.68 731.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 136.53 731.10 Td (depended ) Tj ET Q q 0 0 0 rg BT 176.71 731.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 198.57 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.65 731.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 248.39 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.58 731.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 329.86 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 369.48 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 381.35 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.43 731.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 451.16 731.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 481.90 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 495.42 731.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 528.40 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 538.59 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.89 731.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (source ) Tj ET Q q 0 0 0 rg BT 65.26 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 80.09 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 96.59 719.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 141.40 719.10 Td (real ) Tj ET Q q 0 0 0 rg BT 159.55 719.10 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 216.01 719.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 255.57 719.10 Td (However) Tj ET Q q 0 0 0 rg BT 291.82 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 297.49 719.10 Td (due ) Tj ET Q q 0 0 0 rg BT 315.09 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.03 719.10 Td (market ) Tj ET Q q 0 0 0 rg BT 356.96 719.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 404.29 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 419.12 719.10 Td (did ) Tj ET Q q 0 0 0 rg BT 435.06 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 451.01 719.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 482.49 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.43 719.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.25 719.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.42 707.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 142.74 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.07 707.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 175.62 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 186.50 707.10 Td (2009 ) Tj ET Q q 0 0 0 rg BT 209.06 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.05 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 240.26 707.10 Td (only ) Tj ET Q q 0 0 0 rg BT 260.59 707.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 296.46 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.79 707.10 Td (one ) Tj ET Q q 0 0 0 rg BT 323.78 707.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 367.98 707.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 408.30 707.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 464.72 707.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 511.15 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.48 707.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 544.03 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 561.02 707.10 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 79.90 695.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 119.92 695.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 176.04 695.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 226.06 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.09 695.10 Td (201) Tj ET Q q 0 0 0 rg BT 250.72 695.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 260.31 695.10 Td (While ) Tj ET Q q 0 0 0 rg BT 287.00 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.91 695.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 336.48 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.51 695.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 388.20 695.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 432.11 695.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 472.12 695.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 528.24 695.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.27 683.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 79.10 683.10 Td (through ) Tj ET Q q 0 0 0 rg BT 112.03 683.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 136.36 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.85 683.10 Td (do ) Tj ET Q q 0 0 0 rg BT 161.68 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 176.29 683.10 Td (know ) Tj ET Q q 0 0 0 rg BT 200.34 683.10 Td (if ) Tj ET Q q 0 0 0 rg BT 208.27 683.10 Td (market ) Tj ET Q q 0 0 0 rg BT 237.87 683.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 281.36 683.10 Td (will ) Tj ET Q q 0 0 0 rg BT 298.74 683.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 322.79 683.10 Td (us ) Tj ET Q q 0 0 0 rg BT 333.51 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.12 683.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 379.38 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.99 683.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 426.91 683.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 457.05 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.66 683.10 Td (these ) Tj ET Q q 0 0 0 rg BT 489.03 683.10 Td (types ) Tj ET Q q 0 0 0 rg BT 511.97 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.13 683.10 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 85.96 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.60 671.10 Td (any ) Tj ET Q q 0 0 0 rg BT 119.24 671.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 162.00 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.53 671.10 Td (this ) Tj ET Q q 0 0 0 rg BT 189.17 671.10 Td (market ) Tj ET Q q 0 0 0 rg BT 219.14 671.10 Td (may ) Tj ET Q q 0 0 0 rg BT 238.55 671.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 279.07 671.10 Td (af) Tj ET Q q 0 0 0 rg BT 286.66 671.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 303.84 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 319.37 671.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 355.45 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.09 671.10 Td (growth. ) Tj ET Q q 0 0 0 rg BT 405.12 671.10 Td (For ) Tj ET Q q 0 0 0 rg BT 421.21 671.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 459.78 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.76 671.10 Td (each ) Tj ET Q q 0 0 0 rg BT 490.27 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.80 671.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 523.00 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.64 671.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 564.34 671.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 79.40 659.10 Td (four ) Tj ET Q q 0 0 0 rg BT 97.81 659.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 153.42 659.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 205.43 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.62 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.15 659.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 252.89 659.10 Td (we ) Tj ET Q q 0 0 0 rg BT 266.30 659.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 309.70 659.10 Td (three ) Tj ET Q q 0 0 0 rg BT 331.43 659.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 387.05 659.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 439.06 659.10 Td (as ) Tj ET Q q 0 0 0 rg BT 449.14 659.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 490.31 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.84 659.10 Td (four ) Tj ET Q q 0 0 0 rg BT 518.25 659.10 Td (securitizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.30 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.04 647.10 Td (second ) Tj ET Q q 0 0 0 rg BT 91.33 647.10 Td (half ) Tj ET Q q 0 0 0 rg BT 109.40 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.25 647.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 145.27 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.23 647.10 Td (eight ) Tj ET Q q 0 0 0 rg BT 184.75 647.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 245.03 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.33 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.07 647.10 Td (first ) Tj ET Q q 0 0 0 rg BT 288.70 647.10 Td (half ) Tj ET Q q 0 0 0 rg BT 306.77 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.62 647.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 342.64 647.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 365.71 647.10 Td (if ) Tj ET Q q 0 0 0 rg BT 374.34 647.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 405.18 647.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 449.35 647.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 489.64 647.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 546.03 647.10 Td (activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 77.18 635.10 Td (among ) Tj ET Q q 0 0 0 rg BT 107.25 635.10 Td (market ) Tj ET Q q 0 0 0 rg BT 137.87 635.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 187.37 635.10 Td (other ) Tj ET Q q 0 0 0 rg BT 210.77 635.10 Td (than ) Tj ET Q q 0 0 0 rg BT 230.84 635.10 Td (government-sponsored ) Tj ET Q q 0 0 0 rg BT 325.34 635.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 359.58 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 374.09 635.10 Td (do ) Tj ET Q q 0 0 0 rg BT 386.95 635.10 Td (not ) Tj ET Q q 0 0 0 rg BT 402.58 635.10 Td (know ) Tj ET Q q 0 0 0 rg BT 427.66 635.10 Td (if ) Tj ET Q q 0 0 0 rg BT 436.62 635.10 Td (it ) Tj ET Q q 0 0 0 rg BT 445.03 635.10 Td (will ) Tj ET Q q 0 0 0 rg BT 463.44 635.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 500.73 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.36 635.10 Td (be ) Tj ET Q q 0 0 0 rg BT 523.65 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 536.51 635.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 561.58 635.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 80.11 623.10 Td (that ) Tj ET Q q 0 0 0 rg BT 97.55 623.10 Td (will ) Tj ET Q q 0 0 0 rg BT 115.55 623.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 144.09 623.10 Td (us ) Tj ET Q q 0 0 0 rg BT 155.43 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.65 623.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 210.29 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 221.06 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 232.94 623.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 273.14 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.36 623.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 297.19 623.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 320.18 623.10 Td (if ) Tj ET Q q 0 0 0 rg BT 328.74 623.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 372.84 623.10 Td (are ) Tj ET Q q 0 0 0 rg BT 387.49 623.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 427.69 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.91 623.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 451.75 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 465.85 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 485.51 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 500.73 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 512.61 623.10 Td (able ) Tj ET Q q 0 0 0 rg BT 531.71 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.93 623.10 Td (return ) Tj ET Q q 0 0 0 rg BT 568.25 623.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 611.10 Td (sustain ) Tj ET Q q 0 0 0 rg BT 77.11 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.83 611.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 124.32 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.15 611.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 191.52 611.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 224.01 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 238.17 611.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 282.88 611.10 Td (conducted. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (Initiating ) Tj ET Q q 0 0 0 rg BT 77.31 587.10 Td (new ) Tj ET Q q 0 0 0 rg BT 96.39 587.10 Td (business ) Tj ET Q q 0 0 0 rg BT 133.81 587.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 172.31 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.60 587.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 237.12 587.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 282.87 587.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 317.50 587.10 Td (business ) Tj ET Q q 0 0 0 rg BT 354.92 587.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 393.42 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 413.04 587.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 443.22 587.10 Td (us ) Tj ET Q q 0 0 0 rg BT 455.07 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.26 587.10 Td (new ) Tj ET Q q 0 0 0 rg BT 484.33 587.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 506.19 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.16 587.10 Td (will ) Tj ET Q q 0 0 0 rg BT 541.57 587.10 Td (increase ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.95 575.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 71.56 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.39 575.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 108.23 575.10 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (Initiating ) Tj ET Q q 0 0 0 rg BT 92.20 551.10 Td (new ) Tj ET Q q 0 0 0 rg BT 110.39 551.10 Td (business ) Tj ET Q q 0 0 0 rg BT 145.82 551.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 183.46 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.33 551.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 244.85 551.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 288.05 551.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 321.25 551.10 Td (business ) Tj ET Q q 0 0 0 rg BT 356.68 551.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 394.31 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.06 551.10 Td (two ) Tj ET Q q 0 0 0 rg BT 424.59 551.10 Td (ways ) Tj ET Q q 0 0 0 rg BT 446.68 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.00 551.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 478.09 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.95 551.10 Td (business ) Tj ET Q q 0 0 0 rg BT 528.38 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.36 551.10 Td (respond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.64 539.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 84.16 539.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 142.66 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.30 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.50 539.10 Td (industry; ) Tj ET Q q 0 0 0 rg BT 204.92 539.10 Td (however) Tj ET Q q 0 0 0 rg BT 238.94 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.31 539.10 Td (they ) Tj ET Q q 0 0 0 rg BT 262.39 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 281.47 539.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 311.10 539.10 Td (us ) Tj ET Q q 0 0 0 rg BT 321.85 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.49 539.10 Td (new ) Tj ET Q q 0 0 0 rg BT 350.02 539.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 370.77 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.07 539.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 430.03 539.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 477.98 539.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 534.41 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 543.05 539.10 Td (e ) Tj ET Q q 0 0 0 rg BT 549.35 539.10 Td (cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 47.75 527.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 77.26 527.10 Td (that ) Tj ET Q q 0 0 0 rg BT 94.57 527.10 Td (we ) Tj ET Q q 0 0 0 rg BT 108.54 527.10 Td (will ) Tj ET Q q 0 0 0 rg BT 126.41 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 138.16 527.10 Td (able ) Tj ET Q q 0 0 0 rg BT 157.12 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.21 527.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 200.62 527.10 Td (these ) Tj ET Q q 0 0 0 rg BT 223.48 527.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 244.68 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.43 527.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 309.83 527.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 364.34 527.10 Td (ef) Tj ET Q q 0 0 0 rg BT 371.93 527.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 406.26 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.07 527.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 465.87 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.51 527.10 Td (ef) Tj ET Q q 0 0 0 rg BT 489.10 527.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 509.74 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 529.27 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 544.35 527.10 Td (succeed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.12 515.10 Td (any ) Tj ET Q q 0 0 0 rg BT 70.24 515.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 108.45 515.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.79 515.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 142.68 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 164.80 515.10 Td (any ) Tj ET Q q 0 0 0 rg BT 181.92 515.10 Td (new ) Tj ET Q q 0 0 0 rg BT 201.26 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 212.27 515.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 253.26 515.10 Td (business ) Tj ET Q q 0 0 0 rg BT 289.83 515.10 Td (initiative ) Tj ET Q q 0 0 0 rg BT 328.06 515.10 Td (may ) Tj ET Q q 0 0 0 rg BT 347.96 515.10 Td (not ) Tj ET Q q 0 0 0 rg BT 363.41 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 375.53 515.10 Td (suf) Tj ET Q q 0 0 0 rg BT 387.57 515.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 415.79 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.25 515.10 Td (of) Tj ET Q q 0 0 0 rg BT 434.40 515.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 451.52 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.42 515.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 492.43 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.54 515.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 545.00 515.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 567.68 515.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.50 503.10 Td (initiative, ) Tj ET Q q 0 0 0 rg BT 94.04 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 120.98 503.10 Td (would ) Tj ET Q q 0 0 0 rg BT 148.48 503.10 Td (result ) Tj ET Q q 0 0 0 rg BT 173.20 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.48 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.41 503.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 208.48 503.10 Td (with ) Tj ET Q q 0 0 0 rg BT 228.75 503.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 259.57 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.85 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 287.34 503.10 Td (initiative. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (For ) Tj ET Q q 0 0 0 rg BT 71.31 479.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 111.11 479.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.31 479.10 Td (early ) Tj ET Q q 0 0 0 rg BT 145.71 479.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 169.14 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 184.22 479.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 230.96 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.82 479.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 293.33 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.08 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.84 479.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 371.91 479.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 416.99 479.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 437.62 479.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 477.44 479.10 Td (which ) Tj ET Q q 0 0 0 rg BT 505.30 479.10 Td (was ) Tj ET Q q 0 0 0 rg BT 524.27 479.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 566.58 479.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 78.89 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.57 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.24 467.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 149.24 467.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 189.35 467.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 223.91 467.10 Td (business ) Tj ET Q q 0 0 0 rg BT 260.15 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 277.49 467.10 Td (was ) Tj ET Q q 0 0 0 rg BT 295.38 467.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 330.50 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.62 467.10 Td (late ) Tj ET Q q 0 0 0 rg BT 357.40 467.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 382.24 467.10 Td (Shortly ) Tj ET Q q 0 0 0 rg BT 414.04 467.10 Td (thereafter) Tj ET Q q 0 0 0 rg BT 451.94 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 456.78 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 470.79 467.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 516.45 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.23 467.10 Td (repositioning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.42 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 61.84 455.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 111.13 455.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 130.43 455.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 168.92 455.10 Td (which ) Tj ET Q q 0 0 0 rg BT 195.44 455.10 Td (was ) Tj ET Q q 0 0 0 rg BT 213.08 455.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 254.06 455.10 Td (an ) Tj ET Q q 0 0 0 rg BT 265.58 455.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 308.22 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.64 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.06 455.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 373.92 455.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 408.22 455.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 446.41 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 463.50 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 477.25 455.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 512.10 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.97 455.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 546.56 455.10 Td (Further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 80.00 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.67 443.10 Td (each ) Tj ET Q q 0 0 0 rg BT 111.32 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.98 443.10 Td (these ) Tj ET Q q 0 0 0 rg BT 144.86 443.10 Td (business ) Tj ET Q q 0 0 0 rg BT 181.09 443.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 215.63 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 224.63 443.10 Td (set ) Tj ET Q q 0 0 0 rg BT 238.08 443.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 259.85 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.96 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.51 443.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 301.84 443.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 327.49 443.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 350.38 443.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.82 443.10 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 393.26 443.10 Td (business ) Tj ET Q q 0 0 0 rg BT 429.48 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.82 443.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.92 443.10 Td (deployment ) Tj ET Q q 0 0 0 rg BT 525.35 443.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 564.90 443.10 Td (we ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (made ) Tj ET Q q 0 0 0 rg BT 59.34 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 68.81 431.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 90.49 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.17 431.10 Td (early ) Tj ET Q q 0 0 0 rg BT 129.40 431.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 153.59 431.10 Td (including ) Tj ET Q q 0 0 0 rg BT 193.04 431.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 231.94 431.10 Td (r) Tj ET Q q 0 0 0 rg BT 235.46 431.10 Td (elating ) Tj ET Q q 0 0 0 rg BT 264.92 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.38 431.10 Td (r) Tj ET Q q 0 0 0 rg BT 277.90 431.10 Td (estructuring ) Tj ET Q q 0 0 0 rg BT 328.47 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.05 431.10 Td (r) Tj ET Q q 0 0 0 rg BT 342.57 431.10 Td (epositioning ) Tj ET Q q 0 0 0 rg BT 393.70 431.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 423.71 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.17 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.74 431.10 Td (business ) Tj ET Q q 0 0 0 rg BT 484.32 431.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 522.10 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.78 431.10 Td (decisions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (r) Tj ET Q q 0 0 0 rg BT 39.52 419.10 Td (elating ) Tj ET Q q 0 0 0 rg BT 69.70 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 79.89 419.10 Td (r) Tj ET Q q 0 0 0 rg BT 83.41 419.10 Td (epur) Tj ET Q q 0 0 0 rg BT 101.37 419.10 Td (chases ) Tj ET Q q 0 0 0 rg BT 130.43 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.62 419.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 180.24 419.10 Td (common ) Tj ET Q q 0 0 0 rg BT 216.53 419.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 241.99 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 261.05 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 276.24 419.10 Td (impr) Tj ET Q q 0 0 0 rg BT 294.76 419.10 Td (ove ) Tj ET Q q 0 0 0 rg BT 311.04 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.34 419.10 Td (pr) Tj ET Q q 0 0 0 rg BT 335.86 419.10 Td (ofitability ) Tj ET Q q 0 0 0 rg BT 377.16 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.46 419.10 Td (competitiveness ) Tj ET Q q 0 0 0 rg BT 454.17 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.58 419.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.65 419.10 Td (not ) Tj ET Q q 0 0 0 rg BT 505.83 419.10 Td (r) Tj ET Q q 0 0 0 rg BT 509.35 419.10 Td (epr) Tj ET Q q 0 0 0 rg BT 522.31 419.10 Td (esent ) Tj ET Q q 0 0 0 rg BT 545.27 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 559.89 419.10 Td (best ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 79.11 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.45 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.89 407.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 136.23 407.10 Td (over ) Tj ET Q q 0 0 0 rg BT 156.55 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.33 407.10 Td (near) Tj ET Q q 0 0 0 rg BT 189.46 407.10 Td (- ) Tj ET Q q 0 0 0 rg BT 195.34 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.90 407.10 Td (long-term. ) Tj ET Q q 0 0 0 rg BT 257.40 407.10 Td (Decisions ) Tj ET Q q 0 0 0 rg BT 299.39 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 313.06 407.10 Td (make ) Tj ET Q q 0 0 0 rg BT 336.72 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.05 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.83 407.10 Td (futur) Tj ET Q q 0 0 0 rg BT 380.90 407.10 Td (e ) Tj ET Q q 0 0 0 rg BT 387.90 407.10 Td (about ) Tj ET Q q 0 0 0 rg BT 413.24 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.68 407.10 Td (business ) Tj ET Q q 0 0 0 rg BT 466.13 407.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 500.91 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.47 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.24 407.10 Td (investment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.23 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 62.58 395.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 95.31 395.10 Td (including ) Tj ET Q q 0 0 0 rg BT 135.54 395.10 Td (thr) Tj ET Q q 0 0 0 rg BT 146.84 395.10 Td (ough ) Tj ET Q q 0 0 0 rg BT 169.29 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.96 395.10 Td (r) Tj ET Q q 0 0 0 rg BT 187.48 395.10 Td (epur) Tj ET Q q 0 0 0 rg BT 205.44 395.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 230.67 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.90 395.10 Td (common ) Tj ET Q q 0 0 0 rg BT 277.24 395.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 300.24 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 311.58 395.10 Td (other ) Tj ET Q q 0 0 0 rg BT 335.15 395.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 375.93 395.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 403.38 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 415.28 395.10 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 457.45 395.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.12 395.10 Td (also ) Tj ET Q q 0 0 0 rg BT 501.25 395.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 517.04 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.27 395.10 Td (impr) Tj ET Q q 0 0 0 rg BT 545.79 395.10 Td (ove ) Tj ET Q q 0 0 0 rg BT 562.12 395.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (business ) Tj ET Q q 0 0 0 rg BT 72.39 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.89 383.10 Td (r) Tj ET Q q 0 0 0 rg BT 93.41 383.10 Td (esults ) Tj ET Q q 0 0 0 rg BT 118.69 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.97 383.10 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.75 383.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.52 359.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 110.57 359.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.54 359.10 Td (initiating ) Tj ET Q q 0 0 0 rg BT 168.83 359.10 Td (new ) Tj ET Q q 0 0 0 rg BT 187.67 359.10 Td (business ) Tj ET Q q 0 0 0 rg BT 223.75 359.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 262.03 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 272.55 359.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 316.39 359.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 350.24 359.10 Td (business ) Tj ET Q q 0 0 0 rg BT 386.32 359.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 427.10 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 437.62 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 451.46 359.10 Td (other ) Tj ET Q q 0 0 0 rg BT 474.19 359.10 Td (business ) Tj ET Q q 0 0 0 rg BT 510.27 359.10 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 544.94 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 558.79 359.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (create ) Tj ET Q q 0 0 0 rg BT 62.16 347.10 Td (new ) Tj ET Q q 0 0 0 rg BT 81.13 347.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 133.14 347.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 171.92 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 176.72 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 199.57 347.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 249.08 347.10 Td (would ) Tj ET Q q 0 0 0 rg BT 276.39 347.10 Td (be ) Tj ET Q q 0 0 0 rg BT 288.13 347.10 Td (wholly-owned, ) Tj ET Q q 0 0 0 rg BT 350.70 347.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 383.54 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 394.17 347.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 431.84 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 436.64 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 448.94 347.10 Td (Redwood. ) Tj ET Q q 0 0 0 rg BT 491.91 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 509.76 347.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 544.26 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 554.89 347.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 85.19 335.10 Td (may ) Tj ET Q q 0 0 0 rg BT 104.37 335.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 139.10 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.39 335.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 213.57 335.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 235.54 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.95 335.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 281.69 335.10 Td (us ) Tj ET Q q 0 0 0 rg BT 292.55 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.29 335.10 Td (other ) Tj ET Q q 0 0 0 rg BT 324.81 335.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 346.21 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.62 335.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 401.25 335.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 450.16 335.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 492.40 335.10 Td (for ) Tj ET Q q 0 0 0 rg BT 506.03 335.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 544.37 335.10 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (they ) Tj ET Q q 0 0 0 rg BT 56.10 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 76.20 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 88.52 323.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 141.93 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.59 323.10 Td (states ) Tj ET Q q 0 0 0 rg BT 177.69 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 201.12 323.10 Td (than ) Tj ET Q q 0 0 0 rg BT 221.22 323.10 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 262.98 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 274.19 323.10 Td (may ) Tj ET Q q 0 0 0 rg BT 294.29 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 306.61 323.10 Td (established ) Tj ET Q q 0 0 0 rg BT 353.93 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.59 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.91 323.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 403.67 323.10 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 453.97 323.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 474.07 323.10 Td (new ) Tj ET Q q 0 0 0 rg BT 493.61 323.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 537.60 323.10 Td (we ) Tj ET Q q 0 0 0 rg BT 552.15 323.10 Td (create ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (may ) Tj ET Q q 0 0 0 rg BT 55.18 311.10 Td (elect, ) Tj ET Q q 0 0 0 rg BT 78.51 311.10 Td (together ) Tj ET Q q 0 0 0 rg BT 113.24 311.10 Td (with ) Tj ET Q q 0 0 0 rg BT 132.98 311.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 146.34 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.08 311.10 Td (be ) Tj ET Q q 0 0 0 rg BT 167.48 311.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 196.64 311.10 Td (as ) Tj ET Q q 0 0 0 rg BT 206.94 311.10 Td (our ) Tj ET Q q 0 0 0 rg BT 222.23 311.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 253.07 311.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 275.10 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.06 311.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 317.52 311.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.84 311.10 Td (T) Tj ET Q q 0 0 0 rg BT 327.25 311.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 355.31 311.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 377.35 311.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.31 311.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 428.49 311.10 Td (are ) Tj ET Q q 0 0 0 rg BT 442.66 311.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 502.39 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.68 311.10 Td (partially-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 86.08 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.27 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 104.58 299.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 126.61 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.48 299.10 Td (that ) Tj ET Q q 0 0 0 rg BT 147.34 299.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 164.64 299.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 205.26 299.10 Td (income ) Tj ET Q q 0 0 0 rg BT 237.55 299.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 252.63 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 265.50 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.58 299.10 Td (income ) Tj ET Q q 0 0 0 rg BT 312.88 299.10 Td (they ) Tj ET Q q 0 0 0 rg BT 332.96 299.10 Td (generate. ) Tj ET Q q 0 0 0 rg BT 371.55 299.10 Td (A) Tj ET Q q 0 0 0 rg BT 378.22 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.08 299.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 412.82 299.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 434.86 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.72 299.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 481.69 299.10 Td (is ) Tj ET Q q 0 0 0 rg BT 491.23 299.10 Td (not ) Tj ET Q q 0 0 0 rg BT 506.87 299.10 Td (able ) Tj ET Q q 0 0 0 rg BT 526.39 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.03 299.10 Td (deduct ) Tj ET Q q 0 0 0 rg BT 566.55 299.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 77.59 287.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 97.52 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.00 287.10 Td (its ) Tj ET Q q 0 0 0 rg BT 120.16 287.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 147.85 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.33 287.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 209.36 287.10 Td (its ) Tj ET Q q 0 0 0 rg BT 221.51 287.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 253.09 287.10 Td (income ) Tj ET Q q 0 0 0 rg BT 285.23 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.38 287.10 Td (any ) Tj ET Q q 0 0 0 rg BT 319.52 287.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 361.12 287.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 381.04 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.52 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.45 287.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 434.14 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 449.05 287.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 488.96 287.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 535.53 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 546.57 287.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.72 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 60.43 275.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 87.92 275.10 Td (level. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 55.17 251.10 Td (future ) Tj ET Q q 0 0 0 rg BT 83.24 251.10 Td (success ) Tj ET Q q 0 0 0 rg BT 116.29 251.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 152.12 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 165.18 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 182.13 251.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 210.18 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.46 251.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 249.63 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.69 251.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 294.64 251.10 Td (key ) Tj ET Q q 0 0 0 rg BT 311.01 251.10 Td (personnel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 227.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.35 227.10 Td (future ) Tj ET Q q 0 0 0 rg BT 96.04 227.10 Td (success ) Tj ET Q q 0 0 0 rg BT 129.83 227.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 166.40 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 180.20 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.22 227.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 239.46 227.10 Td (service ) Tj ET Q q 0 0 0 rg BT 271.58 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.82 227.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 338.61 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.74 227.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 381.21 227.10 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 426.39 227.10 Td (including ) Tj ET Q q 0 0 0 rg BT 467.97 227.10 Td (members ) Tj ET Q q 0 0 0 rg BT 508.43 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.56 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 537.69 227.10 Td (executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (management ) Tj ET Q q 0 0 0 rg BT 89.34 215.10 Td (team ) Tj ET Q q 0 0 0 rg BT 111.02 215.10 Td (such ) Tj ET Q q 0 0 0 rg BT 131.61 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 142.19 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 157.77 215.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 182.24 215.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 224.47 215.10 Td (Of) Tj ET Q q 0 0 0 rg BT 234.84 215.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 252.75 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.50 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 273.08 215.10 Td (President ) Tj ET Q q 0 0 0 rg BT 312.55 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.24 215.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 353.71 215.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 393.17 215.10 Td (Of) Tj ET Q q 0 0 0 rg BT 403.54 215.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 421.46 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 426.21 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.79 215.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 466.26 215.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 512.94 215.10 Td (Of) Tj ET Q q 0 0 0 rg BT 523.31 215.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 541.23 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 545.98 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 562.67 215.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (General ) Tj ET Q q 0 0 0 rg BT 69.79 203.10 Td (Counsel. ) Tj ET Q q 0 0 0 rg BT 107.05 203.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.69 203.10 Td (e ) Tj ET Q q 0 0 0 rg BT 122.27 203.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.61 203.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 174.85 203.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 210.30 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 220.22 203.10 Td (an ) Tj ET Q q 0 0 0 rg BT 231.80 203.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 272.25 203.10 Td (search ) Tj ET Q q 0 0 0 rg BT 299.93 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.85 203.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 334.75 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 341.33 203.10 Td (permanent ) Tj ET Q q 0 0 0 rg BT 385.67 203.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 410.03 203.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 449.38 203.10 Td (Of) Tj ET Q q 0 0 0 rg BT 459.75 203.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 477.67 203.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.31 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 492.78 203.10 Td (that ) Tj ET Q q 0 0 0 rg BT 509.91 203.10 Td (of) Tj ET Q q 0 0 0 rg BT 518.06 203.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 535.19 203.10 Td (continues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (currently) Tj ET Q q 0 0 0 rg BT 71.44 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 77.24 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.30 191.10 Td (be ) Tj ET Q q 0 0 0 rg BT 101.03 191.10 Td (held ) Tj ET Q q 0 0 0 rg BT 121.54 191.10 Td (by ) Tj ET Q q 0 0 0 rg BT 134.83 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.45 191.10 Td (President ) Tj ET Q q 0 0 0 rg BT 191.96 191.10 Td (following ) Tj ET Q q 0 0 0 rg BT 234.14 191.10 Td (his ) Tj ET Q q 0 0 0 rg BT 249.10 191.10 Td (promotion ) Tj ET Q q 0 0 0 rg BT 294.06 191.10 Td (from ) Tj ET Q q 0 0 0 rg BT 316.79 191.10 Td (serving ) Tj ET Q q 0 0 0 rg BT 349.52 191.10 Td (solely ) Tj ET Q q 0 0 0 rg BT 376.69 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.76 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.27 191.10 Td (Chief ) Tj ET Q q 0 0 0 rg BT 428.78 191.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 469.28 191.10 Td (Of) Tj ET Q q 0 0 0 rg BT 479.65 191.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 501.26 191.10 Td (role. ) Tj ET Q q 0 0 0 rg BT 522.36 191.10 Td (T) Tj ET Q q 0 0 0 rg BT 527.77 191.10 Td (o ) Tj ET Q q 0 0 0 rg BT 536.06 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 551.57 191.10 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 77.06 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.91 179.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 123.08 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.04 179.10 Td (hire ) Tj ET Q q 0 0 0 rg BT 150.77 179.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.16 179.10 Td (concerned ) Tj ET Q q 0 0 0 rg BT 208.43 179.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.61 179.10 Td (economic, ) Tj ET Q q 0 0 0 rg BT 269.17 179.10 Td (regulatory) Tj ET Q q 0 0 0 rg BT 309.61 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 314.30 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.81 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 347.54 179.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 376.93 179.10 Td (could ) Tj ET Q q 0 0 0 rg BT 401.33 179.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 430.73 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.24 179.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 473.98 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.94 179.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 521.12 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 531.63 179.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 562.69 179.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (current ) Tj ET Q q 0 0 0 rg BT 66.84 167.10 Td (level ) Tj ET Q q 0 0 0 rg BT 88.80 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.66 167.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 138.58 167.10 Td (it ) Tj ET Q q 0 0 0 rg BT 146.66 167.10 Td (could ) Tj ET Q q 0 0 0 rg BT 171.41 167.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 215.58 167.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 245.32 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.18 167.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 289.26 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.56 167.10 Td (hire ) Tj ET Q q 0 0 0 rg BT 317.64 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.38 167.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 373.78 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 387.97 167.10 Td (need ) Tj ET Q q 0 0 0 rg BT 409.37 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.68 167.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 451.63 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.49 167.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 506.22 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.86 167.10 Td (e ) Tj ET Q q 0 0 0 rg BT 521.83 167.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 551.01 167.10 Td (assure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (you ) Tj ET Q q 0 0 0 rg BT 53.50 155.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.00 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 85.16 155.10 Td (will ) Tj ET Q q 0 0 0 rg BT 103.21 155.10 Td (be ) Tj ET Q q 0 0 0 rg BT 115.15 155.10 Td (able ) Tj ET Q q 0 0 0 rg BT 134.31 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.58 155.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 172.06 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.00 155.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 214.27 155.10 Td (key ) Tj ET Q q 0 0 0 rg BT 231.21 155.10 Td (personnel. ) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (28) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (W) Tj ET Q q 0 0 0 rg BT 44.15 731.25 Td (e ) Tj ET Q q 0 0 0 rg BT 50.89 731.25 Td (may ) Tj ET Q q 0 0 0 rg BT 70.41 731.25 Td (not ) Tj ET Q q 0 0 0 rg BT 86.05 731.25 Td (be ) Tj ET Q q 0 0 0 rg BT 97.79 731.25 Td (able ) Tj ET Q q 0 0 0 rg BT 117.31 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 127.39 731.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 155.81 731.25 Td (or ) Tj ET Q q 0 0 0 rg BT 167.01 731.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 206.54 731.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.63 731.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 280.59 731.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 315.11 731.25 Td (required ) Tj ET Q q 0 0 0 rg BT 352.41 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 362.49 731.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 395.34 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 412.10 731.25 Td (business ) Tj ET Q q 0 0 0 rg BT 449.42 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.28 731.25 Td (we ) Tj ET Q q 0 0 0 rg BT 480.69 731.25 Td (may ) Tj ET Q q 0 0 0 rg BT 500.21 731.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 516.40 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.48 731.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 558.21 731.25 Td (with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (various ) Tj ET Q q 0 0 0 rg BT 68.46 719.25 Td (state ) Tj ET Q q 0 0 0 rg BT 89.24 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.69 719.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 137.46 719.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 157.70 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.16 719.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 223.73 719.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 267.84 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.51 719.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.86 719.25 Td (business ) Tj ET Q q 0 0 0 rg BT 330.77 719.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.99 719.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 382.89 719.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 428.12 719.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 468.91 719.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 493.03 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.49 719.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 549.60 719.25 Td (rights. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (W) Tj ET Q q 0 0 0 rg BT 44.15 707.25 Td (e ) Tj ET Q q 0 0 0 rg BT 50.89 707.25 Td (are ) Tj ET Q q 0 0 0 rg BT 66.53 707.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 106.60 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 116.68 707.25 Td (service ) Tj ET Q q 0 0 0 rg BT 147.30 707.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 192.94 707.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 234.13 707.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 258.67 707.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 277.65 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 287.73 707.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 322.25 707.25 Td (Mac ) Tj ET Q q 0 0 0 rg BT 342.88 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.75 707.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 393.07 707.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 413.70 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 431.57 707.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 461.65 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.73 707.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 511.27 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 528.03 707.25 Td (status ) Tj ET Q q 0 0 0 rg BT 554.24 707.25 Td (as ) Tj ET Q q 0 0 0 rg BT 565.43 707.25 Td (an ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 76.27 695.25 Td (servicer ) Tj ET Q q 0 0 0 rg BT 110.98 695.25 Td (could ) Tj ET Q q 0 0 0 rg BT 136.25 695.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 160.99 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.94 695.25 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (While ) Tj ET Q q 0 0 0 rg BT 80.98 671.25 Td (we ) Tj ET Q q 0 0 0 rg BT 95.18 671.25 Td (are ) Tj ET Q q 0 0 0 rg BT 109.94 671.25 Td (not ) Tj ET Q q 0 0 0 rg BT 125.26 671.25 Td (required ) Tj ET Q q 0 0 0 rg BT 161.12 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.45 671.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 198.99 671.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 233.19 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 243.51 671.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 281.59 671.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 353.55 671.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 396.36 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.12 671.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 449.20 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.08 671.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 504.27 671.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 544.58 671.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 568.24 671.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.41 659.25 Td (secondary ) Tj ET Q q 0 0 0 rg BT 93.13 659.25 Td (market ) Tj ET Q q 0 0 0 rg BT 123.08 659.25 Td (may) Tj ET Q q 0 0 0 rg BT 139.65 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.34 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.31 659.25 Td (some ) Tj ET Q q 0 0 0 rg BT 177.61 659.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 238.94 659.25 Td (require ) Tj ET Q q 0 0 0 rg BT 269.44 659.25 Td (us ) Tj ET Q q 0 0 0 rg BT 280.52 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.49 659.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 327.67 659.25 Td (various ) Tj ET Q q 0 0 0 rg BT 359.29 659.25 Td (state ) Tj ET Q q 0 0 0 rg BT 379.81 659.25 Td (licenses. ) Tj ET Q q 0 0 0 rg BT 415.67 659.25 Td (Acquiring ) Tj ET Q q 0 0 0 rg BT 458.40 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.81 659.25 Td (right ) Tj ET Q q 0 0 0 rg BT 493.89 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.85 659.25 Td (service ) Tj ET Q q 0 0 0 rg BT 534.36 659.25 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.49 647.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 100.33 647.25 Td (may ) Tj ET Q q 0 0 0 rg BT 120.28 647.25 Td (also, ) Tj ET Q q 0 0 0 rg BT 141.62 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 152.13 647.25 Td (some ) Tj ET Q q 0 0 0 rg BT 175.97 647.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 237.84 647.25 Td (require ) Tj ET Q q 0 0 0 rg BT 268.89 647.25 Td (us ) Tj ET Q q 0 0 0 rg BT 280.51 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 291.02 647.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 328.74 647.25 Td (various ) Tj ET Q q 0 0 0 rg BT 360.91 647.25 Td (state ) Tj ET Q q 0 0 0 rg BT 381.97 647.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 416.35 647.25 Td (even ) Tj ET Q q 0 0 0 rg BT 437.96 647.25 Td (though ) Tj ET Q q 0 0 0 rg BT 468.47 647.25 Td (we ) Tj ET Q q 0 0 0 rg BT 482.86 647.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 521.69 647.25 Td (do ) Tj ET Q q 0 0 0 rg BT 534.42 647.25 Td (not ) Tj ET Q q 0 0 0 rg BT 549.93 647.25 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.39 635.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 79.54 635.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 110.47 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 120.85 635.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 140.68 635.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 179.95 635.25 Td (ourselves. ) Tj ET Q q 0 0 0 rg BT 222.25 635.25 Td (As ) Tj ET Q q 0 0 0 rg BT 235.97 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 243.02 635.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 270.35 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 284.62 635.25 Td (could ) Tj ET Q q 0 0 0 rg BT 309.44 635.25 Td (be ) Tj ET Q q 0 0 0 rg BT 321.49 635.25 Td (delayed ) Tj ET Q q 0 0 0 rg BT 355.19 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 365.58 635.25 Td (conducting ) Tj ET Q q 0 0 0 rg BT 412.63 635.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 442.44 635.25 Td (business ) Tj ET Q q 0 0 0 rg BT 478.94 635.25 Td (if ) Tj ET Q q 0 0 0 rg BT 487.66 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 501.93 635.25 Td (were ) Tj ET Q q 0 0 0 rg BT 523.97 635.25 Td (first ) Tj ET Q q 0 0 0 rg BT 542.68 635.25 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.18 623.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 73.57 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 80.41 623.25 Td (state ) Tj ET Q q 0 0 0 rg BT 101.14 623.25 Td (license. ) Tj ET Q q 0 0 0 rg BT 133.63 623.25 Td (W) Tj ET Q q 0 0 0 rg BT 142.26 623.25 Td (e ) Tj ET Q q 0 0 0 rg BT 149.10 623.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 178.16 623.25 Td (assure ) Tj ET Q q 0 0 0 rg BT 205.55 623.25 Td (you ) Tj ET Q q 0 0 0 rg BT 222.95 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 240.34 623.25 Td (we ) Tj ET Q q 0 0 0 rg BT 254.40 623.25 Td (will ) Tj ET Q q 0 0 0 rg BT 272.36 623.25 Td (be ) Tj ET Q q 0 0 0 rg BT 284.20 623.25 Td (able ) Tj ET Q q 0 0 0 rg BT 303.25 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.43 623.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 340.83 623.25 Td (all ) Tj ET Q q 0 0 0 rg BT 353.22 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.95 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.57 623.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 412.62 623.25 Td (we ) Tj ET Q q 0 0 0 rg BT 426.68 623.25 Td (need ) Tj ET Q q 0 0 0 rg BT 447.96 623.25 Td (or ) Tj ET Q q 0 0 0 rg BT 458.69 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 476.09 623.25 Td (we ) Tj ET Q q 0 0 0 rg BT 490.15 623.25 Td (would ) Tj ET Q q 0 0 0 rg BT 517.55 623.25 Td (not ) Tj ET Q q 0 0 0 rg BT 532.72 623.25 Td (experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 80.57 611.25 Td (delays ) Tj ET Q q 0 0 0 rg BT 108.47 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.60 611.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 158.73 611.25 Td (these ) Tj ET Q q 0 0 0 rg BT 181.63 611.25 Td (licenses. ) Tj ET Q q 0 0 0 rg BT 218.14 611.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 272.98 611.25 Td (once ) Tj ET Q q 0 0 0 rg BT 294.21 611.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 328.23 611.25 Td (are ) Tj ET Q q 0 0 0 rg BT 342.79 611.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 370.14 611.25 Td (we ) Tj ET Q q 0 0 0 rg BT 384.16 611.25 Td (are ) Tj ET Q q 0 0 0 rg BT 398.72 611.25 Td (required ) Tj ET Q q 0 0 0 rg BT 434.39 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.52 611.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 476.87 611.25 Td (with ) Tj ET Q q 0 0 0 rg BT 497.01 611.25 Td (various ) Tj ET Q q 0 0 0 rg BT 528.80 611.25 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 75.69 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.17 599.25 Td (other ) Tj ET Q q 0 0 0 rg BT 116.75 599.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 160.88 599.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 216.12 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.94 599.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 264.96 599.25 Td (those ) Tj ET Q q 0 0 0 rg BT 289.11 599.25 Td (licenses, ) Tj ET Q q 0 0 0 rg BT 326.30 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.78 599.25 Td (there ) Tj ET Q q 0 0 0 rg BT 366.80 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 376.51 599.25 Td (no ) Tj ET Q q 0 0 0 rg BT 389.54 599.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 431.45 599.25 Td (that ) Tj ET Q q 0 0 0 rg BT 449.48 599.25 Td (we ) Tj ET Q q 0 0 0 rg BT 464.18 599.25 Td (will ) Tj ET Q q 0 0 0 rg BT 482.77 599.25 Td (be ) Tj ET Q q 0 0 0 rg BT 495.25 599.25 Td (able ) Tj ET Q q 0 0 0 rg BT 514.94 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 525.76 599.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 554.90 599.25 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 91.04 587.25 Td (or ) Tj ET Q q 0 0 0 rg BT 102.20 587.25 Td (other ) Tj ET Q q 0 0 0 rg BT 125.59 587.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 169.52 587.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 224.55 587.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 268.48 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.09 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 295.26 587.25 Td (business ) Tj ET Q q 0 0 0 rg BT 331.99 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.15 587.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 383.75 587.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 428.24 587.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 468.84 587.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 492.78 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 505.62 587.25 Td (an ) Tj ET Q q 0 0 0 rg BT 517.89 587.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 553.51 587.25 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 53.33 575.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 81.21 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.77 575.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 117.54 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 127.66 575.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 164.43 575.25 Td (required ) Tj ET Q q 0 0 0 rg BT 199.52 575.25 Td (licenses ) Tj ET Q q 0 0 0 rg BT 232.96 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 243.07 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.18 575.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 286.06 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.62 575.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 327.39 575.25 Td (with ) Tj ET Q q 0 0 0 rg BT 346.95 575.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 389.83 575.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 443.81 575.25 Td (that ) Tj ET Q q 0 0 0 rg BT 460.59 575.25 Td (are ) Tj ET Q q 0 0 0 rg BT 474.58 575.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 517.45 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.01 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 542.12 575.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.84 563.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 87.11 563.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 131.26 563.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 171.53 563.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 195.15 563.25 Td (may ) Tj ET Q q 0 0 0 rg BT 214.87 563.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 245.14 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 260.98 563.25 Td (business ) Tj ET Q q 0 0 0 rg BT 297.38 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.32 563.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 360.71 563.25 Td (options ) Tj ET Q q 0 0 0 rg BT 392.66 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.61 563.25 Td (could ) Tj ET Q q 0 0 0 rg BT 434.33 563.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 457.38 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.22 563.25 Td (business ) Tj ET Q q 0 0 0 rg BT 509.62 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.56 563.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 556.84 563.25 Td (us ) Tj ET Q q 0 0 0 rg BT 568.24 563.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (penalties ) Tj ET Q q 0 0 0 rg BT 74.04 551.25 Td (or ) Tj ET Q q 0 0 0 rg BT 84.87 551.25 Td (other ) Tj ET Q q 0 0 0 rg BT 107.92 551.25 Td (claims. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.53 527.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 109.55 527.25 Td (under ) Tj ET Q q 0 0 0 rg BT 134.96 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.82 527.25 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 200.76 527.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 220.34 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.20 527.25 Td (CFPB ) Tj ET Q q 0 0 0 rg BT 262.31 527.25 Td (also ) Tj ET Q q 0 0 0 rg BT 281.06 527.25 Td (has ) Tj ET Q q 0 0 0 rg BT 297.03 527.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 340.77 527.25 Td (authority ) Tj ET Q q 0 0 0 rg BT 379.52 527.25 Td (over ) Tj ET Q q 0 0 0 rg BT 399.93 527.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 429.77 527.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 461.29 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.27 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 488.24 527.25 Td (business ) Tj ET Q q 0 0 0 rg BT 524.78 527.25 Td (as ) Tj ET Q q 0 0 0 rg BT 535.75 527.25 Td (a ) Tj ET Q q 0 0 0 rg BT 542.83 527.25 Td (result ) Tj ET Q q 0 0 0 rg BT 567.69 527.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.71 515.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 95.74 515.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 135.88 515.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 170.47 515.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 211.45 515.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 254.10 515.25 Td (without ) Tj ET Q q 0 0 0 rg BT 287.04 515.25 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 330.80 515.25 Td (authority ) Tj ET Q q 0 0 0 rg BT 369.28 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.44 515.25 Td (bring ) Tj ET Q q 0 0 0 rg BT 402.92 515.25 Td (an ) Tj ET Q q 0 0 0 rg BT 414.74 515.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 467.09 515.25 Td (action ) Tj ET Q q 0 0 0 rg BT 493.90 515.25 Td (against ) Tj ET Q q 0 0 0 rg BT 524.60 515.25 Td (us ) Tj ET Q q 0 0 0 rg BT 535.87 515.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.91 515.25 Td (failure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.37 503.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 78.96 503.25 Td (with ) Tj ET Q q 0 0 0 rg BT 99.34 503.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 146.37 503.25 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 199.50 503.25 Td (by ) Tj ET Q q 0 0 0 rg BT 212.10 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.91 503.25 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 258.38 503.25 Td (that ) Tj ET Q q 0 0 0 rg BT 275.97 503.25 Td (are ) Tj ET Q q 0 0 0 rg BT 290.78 503.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 334.46 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.83 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 360.76 503.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 399.75 503.25 Td (One ) Tj ET Q q 0 0 0 rg BT 419.00 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.93 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.74 503.25 Td (Bureau) Tj ET Q q 0 0 0 rg BT 476.39 503.25 Td (s ) Tj ET Q q 0 0 0 rg BT 482.88 503.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 506.01 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.94 503.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 541.19 503.25 Td (has ) Tj ET Q q 0 0 0 rg BT 557.12 503.25 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 48.63 491.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 83.47 491.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 128.87 491.25 Td (like ) Tj ET Q q 0 0 0 rg BT 146.49 491.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 187.46 491.25 Td (take ) Tj ET Q q 0 0 0 rg BT 206.74 491.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 254.91 491.25 Td (steps ) Tj ET Q q 0 0 0 rg BT 277.54 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 287.95 491.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 316.68 491.25 Td (that ) Tj ET Q q 0 0 0 rg BT 334.31 491.25 Td (business ) Tj ET Q q 0 0 0 rg BT 370.83 491.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 427.32 491.25 Td (with ) Tj ET Q q 0 0 0 rg BT 447.73 491.25 Td (service ) Tj ET Q q 0 0 0 rg BT 478.68 491.25 Td (providers ) Tj ET Q q 0 0 0 rg BT 519.08 491.25 Td (do ) Tj ET Q q 0 0 0 rg BT 531.71 491.25 Td (not ) Tj ET Q q 0 0 0 rg BT 547.12 491.25 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 57.56 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 68.00 479.25 Td (consumers. ) Tj ET Q q 0 0 0 rg BT 115.74 479.25 Td (The ) Tj ET Q q 0 0 0 rg BT 133.95 479.25 Td (sub-servicers ) Tj ET Q q 0 0 0 rg BT 189.38 479.25 Td (we ) Tj ET Q q 0 0 0 rg BT 203.70 479.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 229.13 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.57 479.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 272.78 479.25 Td (service ) Tj ET Q q 0 0 0 rg BT 303.76 479.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 348.08 479.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 388.51 479.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 412.28 479.25 Td (\(when ) Tj ET Q q 0 0 0 rg BT 439.93 479.25 Td (we ) Tj ET Q q 0 0 0 rg BT 454.26 479.25 Td (own ) Tj ET Q q 0 0 0 rg BT 474.15 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.03 479.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 532.79 479.25 Td (MSRs\) ) Tj ET Q q 0 0 0 rg BT 563.80 479.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (among ) Tj ET Q q 0 0 0 rg BT 65.75 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 81.62 467.25 Td (most ) Tj ET Q q 0 0 0 rg BT 103.60 467.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 148.35 467.25 Td (service ) Tj ET Q q 0 0 0 rg BT 179.20 467.25 Td (providers ) Tj ET Q q 0 0 0 rg BT 219.50 467.25 Td (with ) Tj ET Q q 0 0 0 rg BT 239.82 467.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 270.67 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.98 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 296.85 467.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 341.04 467.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 381.33 467.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 416.09 467.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 454.72 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.70 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 487.56 467.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 516.19 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.50 467.25 Td (take ) Tj ET Q q 0 0 0 rg BT 545.70 467.25 Td (steps ) Tj ET Q q 0 0 0 rg BT 568.23 467.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 65.18 455.25 Td (that ) Tj ET Q q 0 0 0 rg BT 83.26 455.25 Td (these ) Tj ET Q q 0 0 0 rg BT 106.90 455.25 Td (sub-servicers ) Tj ET Q q 0 0 0 rg BT 162.74 455.25 Td (are ) Tj ET Q q 0 0 0 rg BT 178.03 455.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 217.77 455.25 Td (these ) Tj ET Q q 0 0 0 rg BT 241.40 455.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 286.14 455.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 326.99 455.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 351.18 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.04 455.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 410.09 455.25 Td (with ) Tj ET Q q 0 0 0 rg BT 430.95 455.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 475.13 455.25 Td (law ) Tj ET Q q 0 0 0 rg BT 492.65 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.17 455.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 553.80 455.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (result ) Tj ET Q q 0 0 0 rg BT 60.76 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 71.09 443.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 123.61 443.25 Td (action ) Tj ET Q q 0 0 0 rg BT 150.59 443.25 Td (by ) Tj ET Q q 0 0 0 rg BT 163.14 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.90 443.25 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 209.33 443.25 Td (against ) Tj ET Q q 0 0 0 rg BT 240.20 443.25 Td (us ) Tj ET Q q 0 0 0 rg BT 251.64 443.25 Td (that ) Tj ET Q q 0 0 0 rg BT 269.18 443.25 Td (could ) Tj ET Q q 0 0 0 rg BT 293.95 443.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 324.26 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.14 443.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 379.08 443.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 409.39 443.25 Td (us ) Tj ET Q q 0 0 0 rg BT 420.83 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.16 443.25 Td (penalties ) Tj ET Q q 0 0 0 rg BT 469.25 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 480.13 443.25 Td (other ) Tj ET Q q 0 0 0 rg BT 503.22 443.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 534.37 443.25 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 65.71 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 81.54 431.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 119.02 431.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 150.13 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.07 431.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 200.66 431.25 Td (our ) Tj ET Q q 0 0 0 rg BT 216.49 431.25 Td (reputation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.84 407.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 102.63 407.25 Td (we ) Tj ET Q q 0 0 0 rg BT 116.80 407.25 Td (are ) Tj ET Q q 0 0 0 rg BT 131.52 407.25 Td (a ) Tj ET Q q 0 0 0 rg BT 138.47 407.25 Td (servicer ) Tj ET Q q 0 0 0 rg BT 172.62 407.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 212.34 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.63 407.25 Td (service ) Tj ET Q q 0 0 0 rg BT 253.46 407.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 297.62 407.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 337.89 407.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 361.51 407.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 380.69 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 390.98 407.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 424.04 407.25 Td (Mac ) Tj ET Q q 0 0 0 rg BT 444.32 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.27 407.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 491.00 407.25 Td (Mae. ) Tj ET Q q 0 0 0 rg BT 513.22 407.25 Td (As ) Tj ET Q q 0 0 0 rg BT 526.85 407.25 Td (an ) Tj ET Q q 0 0 0 rg BT 538.80 407.25 Td (approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (servicer) Tj ET Q q 0 0 0 rg BT 67.25 395.25 Td (, ) Tj ET Q q 0 0 0 rg BT 72.01 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 85.94 395.25 Td (are ) Tj ET Q q 0 0 0 rg BT 100.42 395.25 Td (required ) Tj ET Q q 0 0 0 rg BT 136.01 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 146.05 395.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 179.98 395.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 209.45 395.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 240.60 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.20 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 266.80 395.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 310.72 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 320.77 395.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 368.00 395.25 Td (with ) Tj ET Q q 0 0 0 rg BT 388.05 395.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 431.41 395.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 464.78 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.49 395.25 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 524.86 395.25 Td (published ) Tj ET Q q 0 0 0 rg BT 566.02 395.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 68.28 383.25 Td (Mac ) Tj ET Q q 0 0 0 rg BT 87.79 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.96 383.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 132.91 383.25 Td (Mae. ) Tj ET Q q 0 0 0 rg BT 154.91 383.25 Td (Failure ) Tj ET Q q 0 0 0 rg BT 184.97 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.49 383.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 231.21 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 246.28 383.25 Td (status ) Tj ET Q q 0 0 0 rg BT 270.79 383.25 Td (as ) Tj ET Q q 0 0 0 rg BT 280.85 383.25 Td (an ) Tj ET Q q 0 0 0 rg BT 292.03 383.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 330.97 383.25 Td (servicer ) Tj ET Q q 0 0 0 rg BT 364.35 383.25 Td (would ) Tj ET Q q 0 0 0 rg BT 391.09 383.25 Td (mean ) Tj ET Q q 0 0 0 rg BT 414.48 383.25 Td (we ) Tj ET Q q 0 0 0 rg BT 427.87 383.25 Td (would ) Tj ET Q q 0 0 0 rg BT 454.61 383.25 Td (not ) Tj ET Q q 0 0 0 rg BT 469.12 383.25 Td (be ) Tj ET Q q 0 0 0 rg BT 480.29 383.25 Td (able ) Tj ET Q q 0 0 0 rg BT 498.68 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 508.20 383.25 Td (service ) Tj ET Q q 0 0 0 rg BT 538.25 383.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.96 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 74.47 371.25 Td (these ) Tj ET Q q 0 0 0 rg BT 97.86 371.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 132.09 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 143.27 371.25 Td (could ) Tj ET Q q 0 0 0 rg BT 168.34 371.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 210.06 371.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 240.68 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.86 371.25 Td (business ) Tj ET Q q 0 0 0 rg BT 293.60 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.89 371.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 357.62 371.25 Td (options ) Tj ET Q q 0 0 0 rg BT 389.91 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.20 371.25 Td (could ) Tj ET Q q 0 0 0 rg BT 432.27 371.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 455.66 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 471.84 371.25 Td (business ) Tj ET Q q 0 0 0 rg BT 508.58 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.87 371.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 556.49 371.25 Td (us ) Tj ET Q q 0 0 0 rg BT 568.23 371.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 62.39 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 73.22 359.25 Td (other ) Tj ET Q q 0 0 0 rg BT 96.27 359.25 Td (claims. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (W) Tj ET Q q 0 0 0 rg BT 44.52 335.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 57.57 335.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 88.39 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.10 335.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 138.92 335.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 163.09 335.25 Td (we ) Tj ET Q q 0 0 0 rg BT 176.14 335.25 Td (own, ) Tj ET Q q 0 0 0 rg BT 197.80 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 208.63 335.25 Td (which ) Tj ET Q q 0 0 0 rg BT 235.58 335.25 Td (we ) Tj ET Q q 0 0 0 rg BT 248.62 335.25 Td (have ) Tj ET Q q 0 0 0 rg BT 270.00 335.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 314.72 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.21 335.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 387.49 335.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 408.60 335.25 Td (we ) Tj ET Q q 0 0 0 rg BT 421.64 335.25 Td (may ) Tj ET Q q 0 0 0 rg BT 440.79 335.25 Td (be ) Tj ET Q q 0 0 0 rg BT 452.17 335.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 482.99 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.70 335.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 525.75 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 539.91 335.25 Td (potential ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (violations ) Tj ET Q q 0 0 0 rg BT 78.21 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.75 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.74 323.25 Td (CFPB) Tj ET Q q 0 0 0 rg BT 132.45 323.25 Td (s ) Tj ET Q q 0 0 0 rg BT 138.55 323.25 Td (TILA-RESP) Tj ET Q q 0 0 0 rg BT 188.92 323.25 Td (A) Tj ET Q q 0 0 0 rg BT 195.04 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 197.25 323.25 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 242.24 323.25 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 288.34 323.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 307.22 323.25 Td (\(also ) Tj ET Q q 0 0 0 rg BT 329.43 323.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 364.96 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 374.95 323.25 Td (as ) Tj ET Q q 0 0 0 rg BT 386.05 323.25 Td (TRID\) ) Tj ET Q q 0 0 0 rg BT 425.48 323.25 Td (or ) Tj ET Q q 0 0 0 rg BT 436.58 323.25 Td (other ) Tj ET Q q 0 0 0 rg BT 460.46 323.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 491.57 323.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 534.34 323.25 Td (protection ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 56.84 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 74.90 311.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 126.58 311.25 Td (which ) Tj ET Q q 0 0 0 rg BT 154.09 311.25 Td (could ) Tj ET Q q 0 0 0 rg BT 179.37 311.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 220.18 311.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 250.46 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.41 311.25 Td (business ) Tj ET Q q 0 0 0 rg BT 304.93 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.99 311.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.71 311.25 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 87.60 287.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 130.08 287.25 Td (protection ) Tj ET Q q 0 0 0 rg BT 174.23 287.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 196.17 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.22 287.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 262.27 287.25 Td (have ) Tj ET Q q 0 0 0 rg BT 284.75 287.25 Td (been ) Tj ET Q q 0 0 0 rg BT 307.24 287.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 341.38 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.43 287.25 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 413.58 287.25 Td (that ) Tj ET Q q 0 0 0 rg BT 432.19 287.25 Td (are ) Tj ET Q q 0 0 0 rg BT 448.00 287.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 487.16 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 498.55 287.25 Td (regulate ) Tj ET Q q 0 0 0 rg BT 534.36 287.25 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 77.19 275.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 97.83 275.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 152.92 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.78 275.25 Td (originators) Tj ET Q q 0 0 0 rg BT 216.69 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.12 275.25 Td (lending ) Tj ET Q q 0 0 0 rg BT 253.54 275.25 Td (processes, ) Tj ET Q q 0 0 0 rg BT 297.79 275.25 Td (standards, ) Tj ET Q q 0 0 0 rg BT 341.49 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.35 275.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 407.22 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.42 275.25 Td (borrowers. ) Tj ET Q q 0 0 0 rg BT 464.64 275.25 Td (These ) Tj ET Q q 0 0 0 rg BT 491.95 275.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 513.70 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 531.57 275.25 Td (regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (include ) Tj ET Q q 0 0 0 rg BT 68.00 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.78 263.25 Td (CFPB) Tj ET Q q 0 0 0 rg BT 110.02 263.25 Td (s ) Tj ET Q q 0 0 0 rg BT 116.48 263.25 Td (TRID, ) Tj ET Q q 0 0 0 rg BT 153.75 263.25 Td (ability-to-repay ) Tj ET Q q 0 0 0 rg BT 227.39 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.39 263.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 286.94 263.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 331.71 263.25 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 381.20 263.25 Td (In ) Tj ET Q q 0 0 0 rg BT 392.10 263.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 429.94 263.25 Td (there ) Tj ET Q q 0 0 0 rg BT 452.49 263.25 Td (are ) Tj ET Q q 0 0 0 rg BT 467.26 263.25 Td (various ) Tj ET Q q 0 0 0 rg BT 499.26 263.25 Td (other ) Tj ET Q q 0 0 0 rg BT 522.37 263.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 555.19 263.25 Td (state, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.99 251.25 Td (local ) Tj ET Q q 0 0 0 rg BT 74.98 251.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 95.87 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.87 251.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 159.85 251.25 Td (that ) Tj ET Q q 0 0 0 rg BT 177.41 251.25 Td (are ) Tj ET Q q 0 0 0 rg BT 192.17 251.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 229.16 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.49 251.25 Td (discourage ) Tj ET Q q 0 0 0 rg BT 285.37 251.25 Td (predatory ) Tj ET Q q 0 0 0 rg BT 326.24 251.25 Td (lending ) Tj ET Q q 0 0 0 rg BT 358.79 251.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 396.88 251.25 Td (by ) Tj ET Q q 0 0 0 rg BT 409.43 251.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 453.64 251.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 493.96 251.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 513.73 251.25 Td (originators. ) Tj ET Q q 0 0 0 rg BT 562.11 251.25 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 74.20 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 88.24 239.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 117.82 239.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 144.08 239.25 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 189.79 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.05 239.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 234.54 239.25 Td (Protection ) Tj ET Q q 0 0 0 rg BT 277.07 239.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 293.33 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.49 239.25 Td (1994 ) Tj ET Q q 0 0 0 rg BT 325.31 239.25 Td (\(HOEP) Tj ET Q q 0 0 0 rg BT 353.84 239.25 Td (A\) ) Tj ET Q q 0 0 0 rg BT 366.22 239.25 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 403.60 239.25 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 442.09 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.24 239.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.27 239.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 524.77 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 534.37 239.25 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.27 227.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 99.89 227.25 Td (that ) Tj ET Q q 0 0 0 rg BT 117.40 227.25 Td (have ) Tj ET Q q 0 0 0 rg BT 138.78 227.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 179.06 227.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 200.44 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 211.28 227.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 257.67 227.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 280.18 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.47 227.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 319.08 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.92 227.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 374.08 227.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 399.91 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.86 227.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 451.58 227.25 Td (that ) Tj ET Q q 0 0 0 rg BT 469.08 227.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 512.13 227.25 Td (be ) Tj ET Q q 0 0 0 rg BT 524.08 227.25 Td (given ) Tj ET Q q 0 0 0 rg BT 548.81 227.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 83.14 215.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 105.28 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.76 215.25 Td (origination. ) Tj ET Q q 0 0 0 rg BT 164.84 215.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 190.32 215.25 Td (states ) Tj ET Q q 0 0 0 rg BT 215.24 215.25 Td (have ) Tj ET Q q 0 0 0 rg BT 236.82 215.25 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 272.55 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 283.59 215.25 Td (may ) Tj ET Q q 0 0 0 rg BT 303.50 215.25 Td (enact, ) Tj ET Q q 0 0 0 rg BT 329.80 215.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 360.28 215.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 381.31 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 392.34 215.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 441.97 215.25 Td (which ) Tj ET Q q 0 0 0 rg BT 469.11 215.25 Td (in ) Tj ET Q q 0 0 0 rg BT 479.59 215.25 Td (some ) Tj ET Q q 0 0 0 rg BT 503.40 215.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 527.20 215.25 Td (may ) Tj ET Q q 0 0 0 rg BT 547.12 215.25 Td (impose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 82.57 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.15 203.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 153.50 203.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 183.39 203.25 Td (than ) Tj ET Q q 0 0 0 rg BT 202.75 203.25 Td (those ) Tj ET Q q 0 0 0 rg BT 226.00 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 235.92 203.25 Td (place ) Tj ET Q q 0 0 0 rg BT 259.15 203.25 Td (under ) Tj ET Q q 0 0 0 rg BT 284.06 203.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 313.96 203.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 334.43 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.01 203.25 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 400.08 203.25 Td (In ) Tj ET Q q 0 0 0 rg BT 410.56 203.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 447.97 203.25 Td (under ) Tj ET Q q 0 0 0 rg BT 472.88 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.24 203.25 Td (anti-predatory ) Tj ET Q q 0 0 0 rg BT 546.02 203.25 Td (lending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 57.03 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 68.07 191.25 Td (some ) Tj ET Q q 0 0 0 rg BT 91.88 191.25 Td (states, ) Tj ET Q q 0 0 0 rg BT 119.30 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.22 191.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 180.80 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.83 191.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 221.74 191.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 266.09 191.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 306.56 191.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 332.87 191.25 Td (including ) Tj ET Q q 0 0 0 rg BT 373.34 191.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 397.15 191.25 Td (that ) Tj ET Q q 0 0 0 rg BT 414.85 191.25 Td (are ) Tj ET Q q 0 0 0 rg BT 429.76 191.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 470.23 191.25 Td (as ) Tj ET Q q 0 0 0 rg BT 481.26 191.25 Td (high ) Tj ET Q q 0 0 0 rg BT 506.18 191.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 529.43 191.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 553.24 191.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 79.36 179.25 Td (law) Tj ET Q q 0 0 0 rg BT 93.15 179.25 Td (, ) Tj ET Q q 0 0 0 rg BT 97.93 179.25 Td (must ) Tj ET Q q 0 0 0 rg BT 119.65 179.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 148.03 179.25 Td (a ) Tj ET Q q 0 0 0 rg BT 154.75 179.25 Td (net ) Tj ET Q q 0 0 0 rg BT 169.24 179.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 203.72 179.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 237.65 179.25 Td (test ) Tj ET Q q 0 0 0 rg BT 253.81 179.25 Td (with ) Tj ET Q q 0 0 0 rg BT 273.87 179.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 304.46 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 314.51 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 329.00 179.25 Td (borrower) Tj ET Q q 0 0 0 rg BT 365.10 179.25 Td (. ) Tj ET Q q 0 0 0 rg BT 369.71 179.25 Td (This ) Tj ET Q q 0 0 0 rg BT 389.76 179.25 Td (test, ) Tj ET Q q 0 0 0 rg BT 408.42 179.25 Td (as ) Tj ET Q q 0 0 0 rg BT 419.03 179.25 Td (well ) Tj ET Q q 0 0 0 rg BT 438.52 179.25 Td (as ) Tj ET Q q 0 0 0 rg BT 449.12 179.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 478.60 179.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 518.64 179.25 Td (set ) Tj ET Q q 0 0 0 rg BT 532.02 179.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 553.74 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 563.79 179.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (ability-to-repay ) Tj ET Q q 0 0 0 rg BT 110.01 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 127.38 167.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 170.29 167.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 215.42 167.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 265.29 167.25 Td (may ) Tj ET Q q 0 0 0 rg BT 285.44 167.25 Td (be ) Tj ET Q q 0 0 0 rg BT 297.81 167.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 326.30 167.25 Td (subjective ) Tj ET Q q 0 0 0 rg BT 369.77 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.14 167.25 Td (open ) Tj ET Q q 0 0 0 rg BT 409.51 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 420.22 167.25 Td (interpretation. ) Tj ET Q q 0 0 0 rg BT 478.88 167.25 Td (As ) Tj ET Q q 0 0 0 rg BT 492.92 167.25 Td (a ) Tj ET Q q 0 0 0 rg BT 500.29 167.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 527.94 167.25 Td (a ) Tj ET Q q 0 0 0 rg BT 535.31 167.25 Td (court ) Tj ET Q q 0 0 0 rg BT 558.79 167.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 78.66 155.25 Td (that ) Tj ET Q q 0 0 0 rg BT 96.34 155.25 Td (a ) Tj ET Q q 0 0 0 rg BT 103.46 155.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 147.79 155.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 188.23 155.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 208.13 155.25 Td (did ) Tj ET Q q 0 0 0 rg BT 223.59 155.25 Td (not ) Tj ET Q q 0 0 0 rg BT 239.05 155.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 261.16 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.06 155.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 312.62 155.25 Td (or ) Tj ET Q q 0 0 0 rg BT 323.63 155.25 Td (test ) Tj ET Q q 0 0 0 rg BT 340.19 155.25 Td (even ) Tj ET Q q 0 0 0 rg BT 361.75 155.25 Td (if ) Tj ET Q q 0 0 0 rg BT 370.54 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.44 155.25 Td (originator ) Tj ET Q q 0 0 0 rg BT 427.55 155.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 473.55 155.25 Td (believed ) Tj ET Q q 0 0 0 rg BT 510.10 155.25 Td (such ) Tj ET Q q 0 0 0 rg BT 531.11 155.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 567.67 155.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (test ) Tj ET Q q 0 0 0 rg BT 53.10 143.25 Td (had ) Tj ET Q q 0 0 0 rg BT 70.74 143.25 Td (been ) Tj ET Q q 0 0 0 rg BT 92.83 143.25 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 131.87 143.25 Td (Failure ) Tj ET Q q 0 0 0 rg BT 163.40 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.94 143.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 219.80 143.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 260.77 143.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 281.20 143.25 Td (originators ) Tj ET Q q 0 0 0 rg BT 327.73 143.25 Td (or ) Tj ET Q q 0 0 0 rg BT 339.27 143.25 Td (servicers ) Tj ET Q q 0 0 0 rg BT 378.02 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.01 143.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 422.21 143.25 Td (with ) Tj ET Q q 0 0 0 rg BT 443.20 143.25 Td (these ) Tj ET Q q 0 0 0 rg BT 466.96 143.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 488.50 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.14 143.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 553.79 143.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 67.06 131.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 81.19 131.25 Td (as ) Tj ET Q q 0 0 0 rg BT 92.26 131.25 Td (an ) Tj ET Q q 0 0 0 rg BT 104.43 131.25 Td (assignee ) Tj ET Q q 0 0 0 rg BT 141.05 131.25 Td (or ) Tj ET Q q 0 0 0 rg BT 152.11 131.25 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 193.72 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.78 131.25 Td (these ) Tj ET Q q 0 0 0 rg BT 228.07 131.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 251.91 131.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 266.31 131.25 Td (as ) Tj ET Q q 0 0 0 rg BT 277.38 131.25 Td (an ) Tj ET Q q 0 0 0 rg BT 289.55 131.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 324.51 131.25 Td (in ) Tj ET Q q 0 0 0 rg BT 335.02 131.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 375.52 131.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 406.57 131.25 Td (by ) Tj ET Q q 0 0 0 rg BT 419.31 131.25 Td (these ) Tj ET Q q 0 0 0 rg BT 442.59 131.25 Td (loans\), ) Tj ET Q q 0 0 0 rg BT 472.27 131.25 Td (to ) Tj ET Q q 0 0 0 rg BT 482.78 131.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 523.29 131.25 Td (penalties ) Tj ET Q q 0 0 0 rg BT 561.56 131.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (defenses ) Tj ET Q q 0 0 0 rg BT 73.46 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 84.26 119.25 Td (foreclosure, ) Tj ET Q q 0 0 0 rg BT 134.76 119.25 Td (including ) Tj ET Q q 0 0 0 rg BT 175.57 119.25 Td (by ) Tj ET Q q 0 0 0 rg BT 188.59 119.25 Td (recoupment ) Tj ET Q q 0 0 0 rg BT 238.82 119.25 Td (or ) Tj ET Q q 0 0 0 rg BT 250.18 119.25 Td (setof) Tj ET Q q 0 0 0 rg BT 269.44 119.25 Td (f ) Tj ET Q q 0 0 0 rg BT 275.79 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.15 119.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 319.60 119.25 Td (char) Tj ET Q q 0 0 0 rg BT 336.63 119.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 352.99 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.45 119.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 389.58 119.25 Td (collected, ) Tj ET Q q 0 0 0 rg BT 431.20 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.66 119.25 Td (could ) Tj ET Q q 0 0 0 rg BT 473.91 119.25 Td (result ) Tj ET Q q 0 0 0 rg BT 499.15 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 509.96 119.25 Td (rescission ) Tj ET Q q 0 0 0 rg BT 552.42 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 119.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 107.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 70.51 107.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 114.66 107.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 154.93 107.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 181.03 107.25 Td (which ) Tj ET Q q 0 0 0 rg BT 207.97 107.25 Td (could ) Tj ET Q q 0 0 0 rg BT 232.69 107.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 273.50 107.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 303.22 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 319.05 107.25 Td (business ) Tj ET Q q 0 0 0 rg BT 355.44 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.38 107.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.86 107.25 Td (results. ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (29) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Environmental ) Tj ET Q q 0 0 0 rg BT 100.22 731.25 Td (protection ) Tj ET Q q 0 0 0 rg BT 143.87 731.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 164.20 731.25 Td (that ) Tj ET Q q 0 0 0 rg BT 182.30 731.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 206.50 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.26 731.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 259.36 731.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.46 731.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 306.10 731.25 Td (or ) Tj ET Q q 0 0 0 rg BT 316.98 731.25 Td (underlie ) Tj ET Q q 0 0 0 rg BT 353.41 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 369.85 731.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 390.18 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.72 731.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 454.15 731.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 491.69 731.25 Td (could ) Tj ET Q q 0 0 0 rg BT 516.46 731.25 Td (result ) Tj ET Q q 0 0 0 rg BT 541.78 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 552.11 731.25 Td (losses ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.74 719.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 59.51 719.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.66 719.25 Td (e ) Tj ET Q q 0 0 0 rg BT 74.06 719.25 Td (may ) Tj ET Q q 0 0 0 rg BT 93.23 719.25 Td (also ) Tj ET Q q 0 0 0 rg BT 111.86 719.25 Td (be ) Tj ET Q q 0 0 0 rg BT 123.26 719.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 157.99 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.73 719.25 Td (environmental ) Tj ET Q q 0 0 0 rg BT 229.69 719.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 269.43 719.25 Td (with ) Tj ET Q q 0 0 0 rg BT 289.18 719.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 320.01 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 329.75 719.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 372.82 719.25 Td (we ) Tj ET Q q 0 0 0 rg BT 385.89 719.25 Td (become ) Tj ET Q q 0 0 0 rg BT 418.94 719.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 444.22 719.25 Td (or ) Tj ET Q q 0 0 0 rg BT 455.07 719.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 488.70 719.25 Td (owners ) Tj ET Q q 0 0 0 rg BT 520.11 719.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.40 719.25 Td (or ) Tj ET Q q 0 0 0 rg BT 541.25 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.99 719.25 Td (which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 49.61 707.25 Td (take ) Tj ET Q q 0 0 0 rg BT 69.33 707.25 Td (title, ) Tj ET Q q 0 0 0 rg BT 89.88 707.25 Td (which ) Tj ET Q q 0 0 0 rg BT 117.39 707.25 Td (could ) Tj ET Q q 0 0 0 rg BT 142.67 707.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 183.48 707.25 Td (af) Tj ET Q q 0 0 0 rg BT 191.63 707.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 209.12 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 226.07 707.25 Td (business ) Tj ET Q q 0 0 0 rg BT 263.58 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.64 707.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.37 707.25 Td (results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.04 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 95.30 683.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 115.68 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.06 683.25 Td (several ) Tj ET Q q 0 0 0 rg BT 156.42 683.25 Td (states, ) Tj ET Q q 0 0 0 rg BT 183.19 683.25 Td (contamination ) Tj ET Q q 0 0 0 rg BT 242.44 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.82 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 259.31 683.25 Td (property ) Tj ET Q q 0 0 0 rg BT 295.24 683.25 Td (may ) Tj ET Q q 0 0 0 rg BT 314.50 683.25 Td (give ) Tj ET Q q 0 0 0 rg BT 333.77 683.25 Td (rise ) Tj ET Q q 0 0 0 rg BT 350.25 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.08 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 366.57 683.25 Td (lien ) Tj ET Q q 0 0 0 rg BT 383.61 683.25 Td (on ) Tj ET Q q 0 0 0 rg BT 395.66 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.92 683.25 Td (property ) Tj ET Q q 0 0 0 rg BT 445.85 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.67 683.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 483.26 683.25 Td (recovery ) Tj ET Q q 0 0 0 rg BT 520.28 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.66 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.93 683.25 Td (cleanup ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 60.75 671.25 Td (In ) Tj ET Q q 0 0 0 rg BT 71.32 671.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 100.77 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.34 671.25 Td (these ) Tj ET Q q 0 0 0 rg BT 134.13 671.25 Td (states, ) Tj ET Q q 0 0 0 rg BT 161.10 671.25 Td (such ) Tj ET Q q 0 0 0 rg BT 181.67 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 188.36 671.25 Td (lien ) Tj ET Q q 0 0 0 rg BT 205.60 671.25 Td (has ) Tj ET Q q 0 0 0 rg BT 221.17 671.25 Td (priority ) Tj ET Q q 0 0 0 rg BT 253.41 671.25 Td (over ) Tj ET Q q 0 0 0 rg BT 273.42 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.89 671.25 Td (lien ) Tj ET Q q 0 0 0 rg BT 305.13 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.70 671.25 Td (an ) Tj ET Q q 0 0 0 rg BT 327.39 671.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 361.30 671.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 401.30 671.25 Td (against ) Tj ET Q q 0 0 0 rg BT 431.88 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.34 671.25 Td (property) Tj ET Q q 0 0 0 rg BT 479.56 671.25 Td (, ) Tj ET Q q 0 0 0 rg BT 484.31 671.25 Td (which ) Tj ET Q q 0 0 0 rg BT 510.99 671.25 Td (could ) Tj ET Q q 0 0 0 rg BT 535.46 671.25 Td (impair ) Tj ET Q q 0 0 0 rg BT 563.80 671.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (value ) Tj ET Q q 0 0 0 rg BT 60.06 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 70.80 659.25 Td (an ) Tj ET Q q 0 0 0 rg BT 82.65 659.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 128.93 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 139.12 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 145.97 659.25 Td (security ) Tj ET Q q 0 0 0 rg BT 180.03 659.25 Td (we ) Tj ET Q q 0 0 0 rg BT 194.10 659.25 Td (own ) Tj ET Q q 0 0 0 rg BT 213.72 659.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 244.45 659.25 Td (by ) Tj ET Q q 0 0 0 rg BT 256.85 659.25 Td (such ) Tj ET Q q 0 0 0 rg BT 277.59 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 284.44 659.25 Td (property ) Tj ET Q q 0 0 0 rg BT 320.72 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 331.46 659.25 Td (could ) Tj ET Q q 0 0 0 rg BT 356.08 659.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 385.14 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.76 659.25 Td (value ) Tj ET Q q 0 0 0 rg BT 423.82 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.56 659.25 Td (such ) Tj ET Q q 0 0 0 rg BT 455.30 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 462.14 659.25 Td (property ) Tj ET Q q 0 0 0 rg BT 498.43 659.25 Td (that ) Tj ET Q q 0 0 0 rg BT 515.83 659.25 Td (underlies ) Tj ET Q q 0 0 0 rg BT 554.89 659.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (we ) Tj ET Q q 0 0 0 rg BT 51.40 647.25 Td (have ) Tj ET Q q 0 0 0 rg BT 74.01 647.25 Td (made ) Tj ET Q q 0 0 0 rg BT 99.40 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 111.47 647.25 Td (own. ) Tj ET Q q 0 0 0 rg BT 134.93 647.25 Td (In ) Tj ET Q q 0 0 0 rg BT 147.00 647.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 186.01 647.25 Td (under ) Tj ET Q q 0 0 0 rg BT 212.51 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.46 647.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 250.53 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.60 647.25 Td (some ) Tj ET Q q 0 0 0 rg BT 287.44 647.25 Td (states ) Tj ET Q q 0 0 0 rg BT 313.40 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.57 647.25 Td (under ) Tj ET Q q 0 0 0 rg BT 358.08 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.03 647.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 405.52 647.25 Td (Comprehensive ) Tj ET Q q 0 0 0 rg BT 472.02 647.25 Td (Environmental ) Tj ET Q q 0 0 0 rg BT 535.19 647.25 Td (Response, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 95.79 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.25 635.25 Td (Liability ) Tj ET Q q 0 0 0 rg BT 148.26 635.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 164.72 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.06 635.25 Td (1980, ) Tj ET Q q 0 0 0 rg BT 199.58 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 213.26 635.25 Td (may ) Tj ET Q q 0 0 0 rg BT 232.49 635.25 Td (be ) Tj ET Q q 0 0 0 rg BT 243.95 635.25 Td (liable ) Tj ET Q q 0 0 0 rg BT 268.18 635.25 Td (for ) Tj ET Q q 0 0 0 rg BT 281.86 635.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 303.88 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.23 635.25 Td (addressing ) Tj ET Q q 0 0 0 rg BT 359.01 635.25 Td (releases ) Tj ET Q q 0 0 0 rg BT 392.68 635.25 Td (or ) Tj ET Q q 0 0 0 rg BT 403.02 635.25 Td (threatened ) Tj ET Q q 0 0 0 rg BT 446.68 635.25 Td (releases ) Tj ET Q q 0 0 0 rg BT 480.35 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.69 635.25 Td (hazardous ) Tj ET Q q 0 0 0 rg BT 533.25 635.25 Td (substances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.29 623.25 Td (require ) Tj ET Q q 0 0 0 rg BT 83.89 623.25 Td (remedy ) Tj ET Q q 0 0 0 rg BT 116.17 623.25 Td (at ) Tj ET Q q 0 0 0 rg BT 125.67 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 132.40 623.25 Td (property ) Tj ET Q q 0 0 0 rg BT 168.57 623.25 Td (securing ) Tj ET Q q 0 0 0 rg BT 204.74 623.25 Td (or ) Tj ET Q q 0 0 0 rg BT 215.36 623.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 260.97 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 267.70 623.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 287.21 623.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.16 623.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 321.22 623.25 Td (if ) Tj ET Q q 0 0 0 rg BT 329.62 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.24 623.25 Td (agents ) Tj ET Q q 0 0 0 rg BT 373.08 623.25 Td (or ) Tj ET Q q 0 0 0 rg BT 383.70 623.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 428.75 623.25 Td (have ) Tj ET Q q 0 0 0 rg BT 449.92 623.25 Td (become ) Tj ET Q q 0 0 0 rg BT 483.30 623.25 Td (suf) Tj ET Q q 0 0 0 rg BT 495.35 623.25 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 530.96 623.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 568.24 623.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.15 611.25 Td (hazardous ) Tj ET Q q 0 0 0 rg BT 94.62 611.25 Td (waste ) Tj ET Q q 0 0 0 rg BT 120.32 611.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 152.13 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.39 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.54 611.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 223.13 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.39 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.54 611.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 289.12 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.38 611.25 Td (that ) Tj ET Q q 0 0 0 rg BT 318.31 611.25 Td (loan, ) Tj ET Q q 0 0 0 rg BT 340.96 611.25 Td (regardless ) Tj ET Q q 0 0 0 rg BT 384.43 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.69 611.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 430.83 611.25 Td (or ) Tj ET Q q 0 0 0 rg BT 442.09 611.25 Td (not ) Tj ET Q q 0 0 0 rg BT 457.80 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.95 611.25 Td (environmental ) Tj ET Q q 0 0 0 rg BT 533.64 611.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 567.67 611.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (threat ) Tj ET Q q 0 0 0 rg BT 61.26 599.25 Td (was ) Tj ET Q q 0 0 0 rg BT 79.32 599.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 109.02 599.25 Td (by ) Tj ET Q q 0 0 0 rg BT 121.52 599.25 Td (us ) Tj ET Q q 0 0 0 rg BT 132.91 599.25 Td (or ) Tj ET Q q 0 0 0 rg BT 143.74 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.46 599.25 Td (borrower) Tj ET Q q 0 0 0 rg BT 194.56 599.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.89 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.67 575.25 Td (course ) Tj ET Q q 0 0 0 rg BT 108.33 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.23 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 135.12 575.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 174.07 575.25 Td (we ) Tj ET Q q 0 0 0 rg BT 188.29 575.25 Td (may ) Tj ET Q q 0 0 0 rg BT 208.07 575.25 Td (take ) Tj ET Q q 0 0 0 rg BT 227.29 575.25 Td (title ) Tj ET Q q 0 0 0 rg BT 245.41 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.75 575.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 299.96 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 310.85 575.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 360.61 575.25 Td (real ) Tj ET Q q 0 0 0 rg BT 378.16 575.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 403.49 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 414.38 575.25 Td (may ) Tj ET Q q 0 0 0 rg BT 434.16 575.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 475.60 575.25 Td (become ) Tj ET Q q 0 0 0 rg BT 509.25 575.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 534.58 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 545.47 575.25 Td (indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (owners ) Tj ET Q q 0 0 0 rg BT 66.92 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.29 563.25 Td (real ) Tj ET Q q 0 0 0 rg BT 94.32 563.25 Td (estate. ) Tj ET Q q 0 0 0 rg BT 121.62 563.25 Td (If ) Tj ET Q q 0 0 0 rg BT 130.32 563.25 Td (we ) Tj ET Q q 0 0 0 rg BT 144.02 563.25 Td (do ) Tj ET Q q 0 0 0 rg BT 156.06 563.25 Td (take ) Tj ET Q q 0 0 0 rg BT 174.76 563.25 Td (title ) Tj ET Q q 0 0 0 rg BT 192.35 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 202.72 563.25 Td (become ) Tj ET Q q 0 0 0 rg BT 235.85 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 242.33 563.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 267.13 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.50 563.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 310.09 563.25 Td (owner) Tj ET Q q 0 0 0 rg BT 334.68 563.25 Td (, ) Tj ET Q q 0 0 0 rg BT 339.22 563.25 Td (we ) Tj ET Q q 0 0 0 rg BT 352.92 563.25 Td (could ) Tj ET Q q 0 0 0 rg BT 377.17 563.25 Td (be ) Tj ET Q q 0 0 0 rg BT 388.65 563.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 419.02 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.84 563.25 Td (environmental ) Tj ET Q q 0 0 0 rg BT 488.63 563.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 527.89 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 547.71 563.25 Td (respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.87 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.18 551.25 Td (property) Tj ET Q q 0 0 0 rg BT 93.41 551.25 Td (, ) Tj ET Q q 0 0 0 rg BT 98.01 551.25 Td (including ) Tj ET Q q 0 0 0 rg BT 137.88 551.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 171.08 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.95 551.25 Td (a ) Tj ET Q q 0 0 0 rg BT 187.48 551.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 244.56 551.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 269.43 551.25 Td (or ) Tj ET Q q 0 0 0 rg BT 279.85 551.25 Td (third ) Tj ET Q q 0 0 0 rg BT 300.83 551.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 329.58 551.25 Td (for ) Tj ET Q q 0 0 0 rg BT 343.34 551.25 Td (property ) Tj ET Q q 0 0 0 rg BT 379.31 551.25 Td (damage, ) Tj ET Q q 0 0 0 rg BT 415.00 551.25 Td (personal ) Tj ET Q q 0 0 0 rg BT 450.97 551.25 Td (injury) Tj ET Q q 0 0 0 rg BT 474.21 551.25 Td (, ) Tj ET Q q 0 0 0 rg BT 478.80 551.25 Td (investigation, ) Tj ET Q q 0 0 0 rg BT 535.06 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 551.59 551.25 Td (clean-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (up ) Tj ET Q q 0 0 0 rg BT 48.23 539.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 72.96 539.25 Td (In ) Tj ET Q q 0 0 0 rg BT 83.52 539.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 121.03 539.25 Td (we ) Tj ET Q q 0 0 0 rg BT 134.92 539.25 Td (may ) Tj ET Q q 0 0 0 rg BT 154.36 539.25 Td (be ) Tj ET Q q 0 0 0 rg BT 166.03 539.25 Td (required ) Tj ET Q q 0 0 0 rg BT 201.58 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 211.59 539.25 Td (investigate ) Tj ET Q q 0 0 0 rg BT 257.14 539.25 Td (or ) Tj ET Q q 0 0 0 rg BT 267.70 539.25 Td (clean ) Tj ET Q q 0 0 0 rg BT 291.02 539.25 Td (up ) Tj ET Q q 0 0 0 rg BT 303.25 539.25 Td (hazardous ) Tj ET Q q 0 0 0 rg BT 346.02 539.25 Td (or ) Tj ET Q q 0 0 0 rg BT 356.58 539.25 Td (toxic ) Tj ET Q q 0 0 0 rg BT 378.81 539.25 Td (substances ) Tj ET Q q 0 0 0 rg BT 423.81 539.25 Td (or ) Tj ET Q q 0 0 0 rg BT 434.37 539.25 Td (chemical ) Tj ET Q q 0 0 0 rg BT 472.69 539.25 Td (releases ) Tj ET Q q 0 0 0 rg BT 506.56 539.25 Td (at ) Tj ET Q q 0 0 0 rg BT 516.01 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 522.68 539.25 Td (property) Tj ET Q q 0 0 0 rg BT 555.91 539.25 Td (. ) Tj ET Q q 0 0 0 rg BT 560.47 539.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 58.22 527.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 101.53 527.25 Td (with ) Tj ET Q q 0 0 0 rg BT 121.52 527.25 Td (investigation ) Tj ET Q q 0 0 0 rg BT 175.40 527.25 Td (or ) Tj ET Q q 0 0 0 rg BT 185.94 527.25 Td (remediation ) Tj ET Q q 0 0 0 rg BT 235.92 527.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 274.23 527.25 Td (could ) Tj ET Q q 0 0 0 rg BT 298.66 527.25 Td (be ) Tj ET Q q 0 0 0 rg BT 310.32 527.25 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 357.81 527.25 Td (If ) Tj ET Q q 0 0 0 rg BT 366.68 527.25 Td (we ) Tj ET Q q 0 0 0 rg BT 380.56 527.25 Td (ever ) Tj ET Q q 0 0 0 rg BT 399.98 527.25 Td (become ) Tj ET Q q 0 0 0 rg BT 433.29 527.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 463.83 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.83 527.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 518.25 527.25 Td (environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 78.22 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 94.05 515.25 Td (business ) Tj ET Q q 0 0 0 rg BT 130.44 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.38 515.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.86 515.25 Td (results ) Tj ET Q q 0 0 0 rg BT 213.47 515.25 Td (could ) Tj ET Q q 0 0 0 rg BT 238.18 515.25 Td (be ) Tj ET Q q 0 0 0 rg BT 250.12 515.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 293.16 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.10 515.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 350.91 515.25 Td (af) Tj ET Q q 0 0 0 rg BT 358.50 515.25 Td (fected. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (Maintaining ) Tj ET Q q 0 0 0 rg BT 89.98 491.25 Td (cybersecurity ) Tj ET Q q 0 0 0 rg BT 146.70 491.25 Td (is ) Tj ET Q q 0 0 0 rg BT 155.67 491.25 Td (important ) Tj ET Q q 0 0 0 rg BT 198.53 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.60 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.35 491.25 Td (business ) Tj ET Q q 0 0 0 rg BT 262.66 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.52 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 287.81 491.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 318.44 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.06 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.81 491.25 Td (cybersecurity ) Tj ET Q q 0 0 0 rg BT 402.53 491.25 Td (could ) Tj ET Q q 0 0 0 rg BT 427.60 491.25 Td (have ) Tj ET Q q 0 0 0 rg BT 449.33 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 456.63 491.25 Td (material ) Tj ET Q q 0 0 0 rg BT 493.37 491.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 526.76 491.25 Td (impact. ) Tj ET Q q 0 0 0 rg BT 559.33 491.25 Td (Our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 83.18 479.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 143.16 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.91 479.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 194.21 479.25 Td (are ) Tj ET Q q 0 0 0 rg BT 209.73 479.25 Td (important ) Tj ET Q q 0 0 0 rg BT 252.48 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 270.23 479.25 Td (any ) Tj ET Q q 0 0 0 rg BT 287.42 479.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 333.50 479.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 377.93 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 389.01 479.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 419.53 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.04 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.01 479.25 Td (security ) Tj ET Q q 0 0 0 rg BT 479.41 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 489.93 479.25 Td (this ) Tj ET Q q 0 0 0 rg BT 507.13 479.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 567.11 479.25 Td (or ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (these ) Tj ET Q q 0 0 0 rg BT 60.01 467.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 94.03 467.25 Td (could ) Tj ET Q q 0 0 0 rg BT 119.71 467.25 Td (have ) Tj ET Q q 0 0 0 rg BT 142.05 467.25 Td (an ) Tj ET Q q 0 0 0 rg BT 155.52 467.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 189.52 467.25 Td (ef) Tj ET Q q 0 0 0 rg BT 197.11 467.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 215.00 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 228.46 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 245.82 467.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 286.03 467.25 Td (W) Tj ET Q q 0 0 0 rg BT 294.18 467.25 Td (e ) Tj ET Q q 0 0 0 rg BT 301.52 467.25 Td (also ) Tj ET Q q 0 0 0 rg BT 321.10 467.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 339.55 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 353.01 467.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 400.91 467.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 461.61 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.08 467.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 514.09 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.32 467.25 Td (third ) Tj ET Q q 0 0 0 rg BT 548.24 467.25 Td (parties ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (who ) Tj ET Q q 0 0 0 rg BT 55.73 455.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 88.78 455.25 Td (services ) Tj ET Q q 0 0 0 rg BT 123.49 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.76 455.25 Td (us ) Tj ET Q q 0 0 0 rg BT 145.72 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.78 455.25 Td (with ) Tj ET Q q 0 0 0 rg BT 184.07 455.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 211.58 455.25 Td (we ) Tj ET Q q 0 0 0 rg BT 225.18 455.25 Td (transact ) Tj ET Q q 0 0 0 rg BT 261.02 455.25 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (When ) Tj ET Q q 0 0 0 rg BT 79.72 431.25 Td (we ) Tj ET Q q 0 0 0 rg BT 93.22 431.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 124.48 431.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 167.97 431.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 207.57 431.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 233.02 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 243.19 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.25 431.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 281.87 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 291.49 431.25 Td (service ) Tj ET Q q 0 0 0 rg BT 321.64 431.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 365.13 431.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 404.73 431.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 430.18 431.25 Td (we ) Tj ET Q q 0 0 0 rg BT 443.68 431.25 Td (come ) Tj ET Q q 0 0 0 rg BT 467.18 431.25 Td (into ) Tj ET Q q 0 0 0 rg BT 484.57 431.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 529.20 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.37 431.25 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (non-public ) Tj ET Q q 0 0 0 rg BT 80.81 419.25 Td (personal ) Tj ET Q q 0 0 0 rg BT 116.17 419.25 Td (information ) Tj ET Q q 0 0 0 rg BT 164.87 419.25 Td (that ) Tj ET Q q 0 0 0 rg BT 181.35 419.25 Td (an ) Tj ET Q q 0 0 0 rg BT 192.27 419.25 Td (identity ) Tj ET Q q 0 0 0 rg BT 224.31 419.25 Td (thief ) Tj ET Q q 0 0 0 rg BT 244.12 419.25 Td (could ) Tj ET Q q 0 0 0 rg BT 267.82 419.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 294.29 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.55 419.25 Td (engaging ) Tj ET Q q 0 0 0 rg BT 341.69 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.96 419.25 Td (fraudulent ) Tj ET Q q 0 0 0 rg BT 393.53 419.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 425.01 419.25 Td (or ) Tj ET Q q 0 0 0 rg BT 434.82 419.25 Td (theft. ) Tj ET Q q 0 0 0 rg BT 457.03 419.25 Td (W) Tj ET Q q 0 0 0 rg BT 465.66 419.25 Td (e ) Tj ET Q q 0 0 0 rg BT 471.59 419.25 Td (may ) Tj ET Q q 0 0 0 rg BT 490.29 419.25 Td (share ) Tj ET Q q 0 0 0 rg BT 512.87 419.25 Td (this ) Tj ET Q q 0 0 0 rg BT 528.80 419.25 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (with ) Tj ET Q q 0 0 0 rg BT 56.07 407.25 Td (third ) Tj ET Q q 0 0 0 rg BT 77.25 407.25 Td (party ) Tj ET Q q 0 0 0 rg BT 100.09 407.25 Td (service ) Tj ET Q q 0 0 0 rg BT 130.70 407.25 Td (providers, ) Tj ET Q q 0 0 0 rg BT 173.26 407.25 Td (including ) Tj ET Q q 0 0 0 rg BT 213.32 407.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 232.83 407.25 Td (sub-servicers, ) Tj ET Q q 0 0 0 rg BT 290.38 407.25 Td (or ) Tj ET Q q 0 0 0 rg BT 301.01 407.25 Td (with ) Tj ET Q q 0 0 0 rg BT 321.08 407.25 Td (third ) Tj ET Q q 0 0 0 rg BT 342.26 407.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 371.21 407.25 Td (interested ) Tj ET Q q 0 0 0 rg BT 412.37 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 422.44 407.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 462.50 407.25 Td (such ) Tj ET Q q 0 0 0 rg BT 483.12 407.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 506.52 407.25 Td (from ) Tj ET Q q 0 0 0 rg BT 528.25 407.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 541.77 407.25 Td (W) Tj ET Q q 0 0 0 rg BT 550.41 407.25 Td (e ) Tj ET Q q 0 0 0 rg BT 557.14 407.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 73.50 395.25 Td (more ) Tj ET Q q 0 0 0 rg BT 97.13 395.25 Td (than ) Tj ET Q q 0 0 0 rg BT 117.43 395.25 Td (105,000 ) Tj ET Q q 0 0 0 rg BT 153.01 395.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 197.74 395.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 238.58 395.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 262.77 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.29 395.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 306.15 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.01 395.25 Td (service ) Tj ET Q q 0 0 0 rg BT 348.40 395.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 393.13 395.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 433.98 395.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 458.16 395.25 Td (since ) Tj ET Q q 0 0 0 rg BT 481.79 395.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 504.87 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.39 395.25 Td (also ) Tj ET Q q 0 0 0 rg BT 541.58 395.25 Td (acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (thousands ) Tj ET Q q 0 0 0 rg BT 78.36 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.06 383.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 133.07 383.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 173.20 383.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 196.67 383.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 218.47 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 228.61 383.25 Td (2010. ) Tj ET Q q 0 0 0 rg BT 253.30 383.25 Td (While ) Tj ET Q q 0 0 0 rg BT 280.10 383.25 Td (we ) Tj ET Q q 0 0 0 rg BT 294.13 383.25 Td (have ) Tj ET Q q 0 0 0 rg BT 315.37 383.25 Td (security ) Tj ET Q q 0 0 0 rg BT 349.38 383.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 388.95 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.10 383.25 Td (place ) Tj ET Q q 0 0 0 rg BT 422.55 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 432.69 383.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 462.82 383.25 Td (this ) Tj ET Q q 0 0 0 rg BT 479.63 383.25 Td (information ) Tj ET Q q 0 0 0 rg BT 529.21 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 546.01 383.25 Td (prevent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (security ) Tj ET Q q 0 0 0 rg BT 70.64 371.25 Td (breaches, ) Tj ET Q q 0 0 0 rg BT 111.10 371.25 Td (these ) Tj ET Q q 0 0 0 rg BT 134.63 371.25 Td (security ) Tj ET Q q 0 0 0 rg BT 169.27 371.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 209.46 371.25 Td (may ) Tj ET Q q 0 0 0 rg BT 229.66 371.25 Td (be ) Tj ET Q q 0 0 0 rg BT 242.08 371.25 Td (compromised ) Tj ET Q q 0 0 0 rg BT 299.50 371.25 Td (as ) Tj ET Q q 0 0 0 rg BT 310.81 371.25 Td (a ) Tj ET Q q 0 0 0 rg BT 318.23 371.25 Td (result ) Tj ET Q q 0 0 0 rg BT 343.43 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.75 371.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 400.49 371.25 Td (action, ) Tj ET Q q 0 0 0 rg BT 430.41 371.25 Td (including ) Tj ET Q q 0 0 0 rg BT 471.17 371.25 Td (intentional ) Tj ET Q q 0 0 0 rg BT 516.92 371.25 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 566.00 371.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 75.41 359.25 Td (hackers, ) Tj ET Q q 0 0 0 rg BT 110.10 359.25 Td (cyber) Tj ET Q q 0 0 0 rg BT 132.11 359.25 Td (-attacks, ) Tj ET Q q 0 0 0 rg BT 167.35 359.25 Td (service ) Tj ET Q q 0 0 0 rg BT 197.32 359.25 Td (provider ) Tj ET Q q 0 0 0 rg BT 232.85 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 242.83 359.25 Td (vendor ) Tj ET Q q 0 0 0 rg BT 272.25 359.25 Td (error) Tj ET Q q 0 0 0 rg BT 291.27 359.25 Td (, ) Tj ET Q q 0 0 0 rg BT 295.42 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 305.40 359.25 Td (malfeasance ) Tj ET Q q 0 0 0 rg BT 356.46 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 366.44 359.25 Td (other ) Tj ET Q q 0 0 0 rg BT 388.64 359.25 Td (intentional ) Tj ET Q q 0 0 0 rg BT 433.06 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.04 359.25 Td (unintentional ) Tj ET Q q 0 0 0 rg BT 497.46 359.25 Td (acts ) Tj ET Q q 0 0 0 rg BT 514.66 359.25 Td (by ) Tj ET Q q 0 0 0 rg BT 526.31 359.25 Td (third ) Tj ET Q q 0 0 0 rg BT 546.84 359.25 Td (parties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 91.46 347.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 131.10 347.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 153.23 347.25 Td (including ) Tj ET Q q 0 0 0 rg BT 193.98 347.25 Td (personally ) Tj ET Q q 0 0 0 rg BT 238.62 347.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 287.13 347.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 339.82 347.25 Td (may ) Tj ET Q q 0 0 0 rg BT 360.02 347.25 Td (be ) Tj ET Q q 0 0 0 rg BT 372.44 347.25 Td (lost, ) Tj ET Q q 0 0 0 rg BT 392.36 347.25 Td (exposed, ) Tj ET Q q 0 0 0 rg BT 430.61 347.25 Td (or ) Tj ET Q q 0 0 0 rg BT 441.92 347.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 473.22 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.98 347.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 539.16 347.25 Td (access ) Tj ET Q q 0 0 0 rg BT 567.67 347.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (use ) Tj ET Q q 0 0 0 rg BT 51.32 335.25 Td (as ) Tj ET Q q 0 0 0 rg BT 61.64 335.25 Td (a ) Tj ET Q q 0 0 0 rg BT 68.07 335.25 Td (result ) Tj ET Q q 0 0 0 rg BT 92.28 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.60 335.25 Td (accidents, ) Tj ET Q q 0 0 0 rg BT 144.29 335.25 Td (errors, ) Tj ET Q q 0 0 0 rg BT 172.11 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 182.43 335.25 Td (malfeasance ) Tj ET Q q 0 0 0 rg BT 233.83 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 245.82 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 261.14 335.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 308.40 335.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 359.26 335.25 Td (contractors, ) Tj ET Q q 0 0 0 rg BT 408.17 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 418.50 335.25 Td (others ) Tj ET Q q 0 0 0 rg BT 444.92 335.25 Td (working ) Tj ET Q q 0 0 0 rg BT 480.25 335.25 Td (with ) Tj ET Q q 0 0 0 rg BT 500.02 335.25 Td (us ) Tj ET Q q 0 0 0 rg BT 510.90 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 521.22 335.25 Td (on ) Tj ET Q q 0 0 0 rg BT 533.21 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 548.53 335.25 Td (behalf. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 53.37 323.25 Td (servers ) Tj ET Q q 0 0 0 rg BT 83.50 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.76 323.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 135.75 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.00 323.25 Td (those ) Tj ET Q q 0 0 0 rg BT 174.93 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.07 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 200.22 323.25 Td (service ) Tj ET Q q 0 0 0 rg BT 230.35 323.25 Td (providers, ) Tj ET Q q 0 0 0 rg BT 272.44 323.25 Td (may ) Tj ET Q q 0 0 0 rg BT 291.47 323.25 Td (be ) Tj ET Q q 0 0 0 rg BT 302.72 323.25 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 346.74 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 356.34 323.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 395.92 323.25 Td (malware, ) Tj ET Q q 0 0 0 rg BT 434.66 323.25 Td (break-ins, ) Tj ET Q q 0 0 0 rg BT 476.18 323.25 Td (denial-of-service ) Tj ET Q q 0 0 0 rg BT 545.74 323.25 Td (attacks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.68 311.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 82.70 311.25 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 129.40 311.25 Td (from ) Tj ET Q q 0 0 0 rg BT 151.08 311.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 205.53 311.25 Td (tampering ) Tj ET Q q 0 0 0 rg BT 248.32 311.25 Td (with ) Tj ET Q q 0 0 0 rg BT 268.34 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 283.92 311.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 323.93 311.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 360.35 311.25 Td (which ) Tj ET Q q 0 0 0 rg BT 387.03 311.25 Td (could ) Tj ET Q q 0 0 0 rg BT 411.49 311.25 Td (result ) Tj ET Q q 0 0 0 rg BT 435.96 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 445.98 311.25 Td (someone ) Tj ET Q q 0 0 0 rg BT 483.77 311.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 523.79 311.25 Td (unauthorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (access ) Tj ET Q q 0 0 0 rg BT 65.07 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 76.39 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 93.26 299.25 Td (customers) Tj ET Q q 0 0 0 rg BT 136.39 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.93 299.25 Td (data ) Tj ET Q q 0 0 0 rg BT 160.12 299.25 Td (or ) Tj ET Q q 0 0 0 rg BT 171.99 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 188.86 299.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 211.55 299.25 Td (including ) Tj ET Q q 0 0 0 rg BT 252.86 299.25 Td (other ) Tj ET Q q 0 0 0 rg BT 276.95 299.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 328.24 299.25 Td (business ) Tj ET Q q 0 0 0 rg BT 365.67 299.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 418.92 299.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 455.78 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.53 299.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 517.83 299.25 Td (used ) Tj ET Q q 0 0 0 rg BT 539.70 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 551.01 299.25 Td (obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 90.82 287.25 Td (access ) Tj ET Q q 0 0 0 rg BT 118.97 287.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 131.87 287.25 Td (or ) Tj ET Q q 0 0 0 rg BT 142.81 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.21 287.25 Td (sabotage, ) Tj ET Q q 0 0 0 rg BT 193.31 287.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 227.59 287.25 Td (change ) Tj ET Q q 0 0 0 rg BT 258.53 287.25 Td (frequently ) Tj ET Q q 0 0 0 rg BT 302.24 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.29 287.25 Td (often ) Tj ET Q q 0 0 0 rg BT 342.45 287.25 Td (are ) Tj ET Q q 0 0 0 rg BT 357.28 287.25 Td (not ) Tj ET Q q 0 0 0 rg BT 372.67 287.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 419.15 287.25 Td (until ) Tj ET Q q 0 0 0 rg BT 440.10 287.25 Td (launched ) Tj ET Q q 0 0 0 rg BT 478.81 287.25 Td (against ) Tj ET Q q 0 0 0 rg BT 509.75 287.25 Td (a ) Tj ET Q q 0 0 0 rg BT 516.81 287.25 Td (tar) Tj ET Q q 0 0 0 rg BT 527.17 287.25 Td (get, ) Tj ET Q q 0 0 0 rg BT 544.51 287.25 Td (we ) Tj ET Q q 0 0 0 rg BT 558.78 287.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (be ) Tj ET Q q 0 0 0 rg BT 48.21 275.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 77.63 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.18 275.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 129.81 275.25 Td (these ) Tj ET Q q 0 0 0 rg BT 153.13 275.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 198.66 275.25 Td (or ) Tj ET Q q 0 0 0 rg BT 209.76 275.25 Td (implement ) Tj ET Q q 0 0 0 rg BT 255.30 275.25 Td (adequate ) Tj ET Q q 0 0 0 rg BT 293.60 275.25 Td (preventative ) Tj ET Q q 0 0 0 rg BT 345.79 275.25 Td (measures. ) Tj ET Q q 0 0 0 rg BT 388.06 275.25 Td (W) Tj ET Q q 0 0 0 rg BT 396.70 275.25 Td (e ) Tj ET Q q 0 0 0 rg BT 403.91 275.25 Td (may ) Tj ET Q q 0 0 0 rg BT 423.89 275.25 Td (also ) Tj ET Q q 0 0 0 rg BT 442.77 275.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 488.84 275.25 Td (security ) Tj ET Q q 0 0 0 rg BT 523.26 275.25 Td (breaches ) Tj ET Q q 0 0 0 rg BT 561.00 275.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.72 263.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 85.98 263.25 Td (undetected ) Tj ET Q q 0 0 0 rg BT 131.79 263.25 Td (for ) Tj ET Q q 0 0 0 rg BT 145.95 263.25 Td (an ) Tj ET Q q 0 0 0 rg BT 157.89 263.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 196.48 263.25 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 239.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.59 239.25 Td (may ) Tj ET Q q 0 0 0 rg BT 89.33 239.25 Td (be ) Tj ET Q q 0 0 0 rg BT 101.28 239.25 Td (liable ) Tj ET Q q 0 0 0 rg BT 126.01 239.25 Td (for ) Tj ET Q q 0 0 0 rg BT 140.18 239.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 166.59 239.25 Td (suf) Tj ET Q q 0 0 0 rg BT 178.63 239.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 201.69 239.25 Td (by ) Tj ET Q q 0 0 0 rg BT 214.20 239.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 261.16 239.25 Td (whose ) Tj ET Q q 0 0 0 rg BT 289.23 239.25 Td (identities ) Tj ET Q q 0 0 0 rg BT 328.41 239.25 Td (are ) Tj ET Q q 0 0 0 rg BT 343.13 239.25 Td (stolen ) Tj ET Q q 0 0 0 rg BT 369.53 239.25 Td (as ) Tj ET Q q 0 0 0 rg BT 380.38 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 387.33 239.25 Td (result ) Tj ET Q q 0 0 0 rg BT 412.07 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.91 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 429.87 239.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 459.03 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.87 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.61 239.25 Td (security ) Tj ET Q q 0 0 0 rg BT 518.78 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 529.62 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.36 239.25 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.99 227.25 Td (we ) Tj ET Q q 0 0 0 rg BT 68.64 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 79.96 227.25 Td (third ) Tj ET Q q 0 0 0 rg BT 101.84 227.25 Td (party ) Tj ET Q q 0 0 0 rg BT 125.38 227.25 Td (service ) Tj ET Q q 0 0 0 rg BT 156.69 227.25 Td (providers ) Tj ET Q q 0 0 0 rg BT 197.46 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.78 227.25 Td (ours ) Tj ET Q q 0 0 0 rg BT 228.99 227.25 Td (store ) Tj ET Q q 0 0 0 rg BT 251.42 227.25 Td (this ) Tj ET Q q 0 0 0 rg BT 268.87 227.25 Td (information ) Tj ET Q q 0 0 0 rg BT 319.07 227.25 Td (on, ) Tj ET Q q 0 0 0 rg BT 334.56 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 352.00 227.25 Td (any ) Tj ET Q q 0 0 0 rg BT 369.43 227.25 Td (such ) Tj ET Q q 0 0 0 rg BT 390.75 227.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 424.85 227.25 Td (could ) Tj ET Q q 0 0 0 rg BT 450.06 227.25 Td (be ) Tj ET Q q 0 0 0 rg BT 462.49 227.25 Td (material. ) Tj ET Q q 0 0 0 rg BT 500.75 227.25 Td (Even ) Tj ET Q q 0 0 0 rg BT 524.29 227.25 Td (if ) Tj ET Q q 0 0 0 rg BT 533.39 227.25 Td (we ) Tj ET Q q 0 0 0 rg BT 548.04 227.25 Td (are ) Tj ET Q q 0 0 0 rg BT 563.24 227.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (liable ) Tj ET Q q 0 0 0 rg BT 61.32 215.25 Td (for ) Tj ET Q q 0 0 0 rg BT 76.10 215.25 Td (such ) Tj ET Q q 0 0 0 rg BT 97.54 215.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 127.04 215.25 Td (any ) Tj ET Q q 0 0 0 rg BT 144.60 215.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 174.35 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.80 215.25 Td (these ) Tj ET Q q 0 0 0 rg BT 209.46 215.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 244.24 215.25 Td (could ) Tj ET Q q 0 0 0 rg BT 269.57 215.25 Td (exposes ) Tj ET Q q 0 0 0 rg BT 304.34 215.25 Td (us ) Tj ET Q q 0 0 0 rg BT 316.35 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.24 215.25 Td (material ) Tj ET Q q 0 0 0 rg BT 363.11 215.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 386.22 215.25 Td (in ) Tj ET Q q 0 0 0 rg BT 397.11 215.25 Td (notifying ) Tj ET Q q 0 0 0 rg BT 436.89 215.25 Td (af) Tj ET Q q 0 0 0 rg BT 444.48 215.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 472.02 215.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 519.57 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 537.12 215.25 Td (providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.67 203.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 109.02 203.25 Td (services ) Tj ET Q q 0 0 0 rg BT 144.13 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.81 203.25 Td (them, ) Tj ET Q q 0 0 0 rg BT 180.21 203.25 Td (as ) Tj ET Q q 0 0 0 rg BT 191.44 203.25 Td (well ) Tj ET Q q 0 0 0 rg BT 211.56 203.25 Td (as ) Tj ET Q q 0 0 0 rg BT 222.80 203.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 266.80 203.25 Td (fines ) Tj ET Q q 0 0 0 rg BT 289.14 203.25 Td (or ) Tj ET Q q 0 0 0 rg BT 300.37 203.25 Td (penalties. ) Tj ET Q q 0 0 0 rg BT 341.32 203.25 Td (In ) Tj ET Q q 0 0 0 rg BT 352.55 203.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 390.73 203.25 Td (any ) Tj ET Q q 0 0 0 rg BT 408.08 203.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 437.63 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.86 203.25 Td (these ) Tj ET Q q 0 0 0 rg BT 472.31 203.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 506.88 203.25 Td (could ) Tj ET Q q 0 0 0 rg BT 532.01 203.25 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 562.69 203.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 67.13 191.25 Td (business ) Tj ET Q q 0 0 0 rg BT 103.83 191.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 148.28 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 165.53 191.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 196.10 191.25 Td (us ) Tj ET Q q 0 0 0 rg BT 207.80 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.38 191.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 268.94 191.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 302.84 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.08 191.25 Td (lost ) Tj ET Q q 0 0 0 rg BT 337.33 191.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 376.53 191.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 417.37 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.61 191.25 Td (profits. ) Tj ET Q q 0 0 0 rg BT 465.41 191.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 485.43 191.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 526.55 191.25 Td (we ) Tj ET Q q 0 0 0 rg BT 541.02 191.25 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (against ) Tj ET Q q 0 0 0 rg BT 67.26 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.41 179.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 100.35 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.61 179.25 Td (this ) Tj ET Q q 0 0 0 rg BT 128.99 179.25 Td (type ) Tj ET Q q 0 0 0 rg BT 149.14 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.41 179.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 178.91 179.25 Td (may ) Tj ET Q q 0 0 0 rg BT 199.06 179.25 Td (not ) Tj ET Q q 0 0 0 rg BT 214.77 179.25 Td (be ) Tj ET Q q 0 0 0 rg BT 227.14 179.25 Td (suf) Tj ET Q q 0 0 0 rg BT 239.18 179.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 267.66 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 278.37 179.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 303.51 179.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 330.32 179.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 359.65 179.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.91 179.25 Td (may ) Tj ET Q q 0 0 0 rg BT 391.06 179.25 Td (not ) Tj ET Q q 0 0 0 rg BT 406.78 179.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 431.93 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.64 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.79 179.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 517.37 179.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 550.84 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 561.56 179.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 76.81 167.25 Td (breach. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.48 143.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.90 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.82 143.25 Td (order ) Tj ET Q q 0 0 0 rg BT 135.06 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.99 143.25 Td (analyze, ) Tj ET Q q 0 0 0 rg BT 180.17 143.25 Td (acquire, ) Tj ET Q q 0 0 0 rg BT 214.24 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.82 143.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 264.06 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.54 143.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 331.96 143.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 365.20 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.56 143.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 423.36 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.94 143.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 460.98 143.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 504.22 143.25 Td (with ) Tj ET Q q 0 0 0 rg BT 524.15 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 539.62 143.25 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 63.75 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 80.12 131.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 121.76 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.12 131.25 Td (prepare ) Tj ET Q q 0 0 0 rg BT 170.02 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.27 131.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.18 131.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 266.31 131.25 Td (we ) Tj ET Q q 0 0 0 rg BT 279.90 131.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 297.37 131.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 319.29 131.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 358.98 131.25 Td (hardware ) Tj ET Q q 0 0 0 rg BT 398.10 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 414.46 131.25 Td (software ) Tj ET Q q 0 0 0 rg BT 450.81 131.25 Td (systems. ) Tj ET Q q 0 0 0 rg BT 486.91 131.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 511.61 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.86 131.25 Td (these ) Tj ET Q q 0 0 0 rg BT 544.33 131.25 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.48 119.25 Td (located ) Tj ET Q q 0 0 0 rg BT 81.62 119.25 Td (at ) Tj ET Q q 0 0 0 rg BT 91.10 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 106.70 119.25 Td (of) Tj ET Q q 0 0 0 rg BT 114.85 119.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 136.00 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.71 119.25 Td (some ) Tj ET Q q 0 0 0 rg BT 176.09 119.25 Td (are ) Tj ET Q q 0 0 0 rg BT 190.56 119.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 237.26 119.25 Td (by ) Tj ET Q q 0 0 0 rg BT 249.53 119.25 Td (third ) Tj ET Q q 0 0 0 rg BT 270.69 119.25 Td (party ) Tj ET Q q 0 0 0 rg BT 293.50 119.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 327.43 119.25 Td (or ) Tj ET Q q 0 0 0 rg BT 338.03 119.25 Td (located ) Tj ET Q q 0 0 0 rg BT 369.17 119.25 Td (at ) Tj ET Q q 0 0 0 rg BT 378.66 119.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 415.36 119.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 462.06 119.25 Td (by ) Tj ET Q q 0 0 0 rg BT 474.33 119.25 Td (third ) Tj ET Q q 0 0 0 rg BT 495.48 119.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 526.74 119.25 Td (W) Tj ET Q q 0 0 0 rg BT 535.38 119.25 Td (e ) Tj ET Q q 0 0 0 rg BT 542.09 119.25 Td (also ) Tj ET Q q 0 0 0 rg BT 560.47 119.25 Td (rely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (on ) Tj ET Q q 0 0 0 rg BT 47.99 107.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 94.41 107.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 150.25 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.68 107.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 200.34 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.65 107.25 Td (third ) Tj ET Q q 0 0 0 rg BT 231.53 107.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 260.17 107.25 Td (who ) Tj ET Q q 0 0 0 rg BT 279.38 107.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 311.91 107.25 Td (services ) Tj ET Q q 0 0 0 rg BT 346.10 107.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.87 107.25 Td (us ) Tj ET Q q 0 0 0 rg BT 366.74 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.17 107.25 Td (with ) Tj ET Q q 0 0 0 rg BT 402.93 107.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 429.92 107.25 Td (we ) Tj ET Q q 0 0 0 rg BT 443.57 107.25 Td (transact ) Tj ET Q q 0 0 0 rg BT 476.65 107.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 514.59 107.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 533.79 107.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.25 Td (interruption ) Tj ET Q q 0 0 0 rg BT 85.56 95.25 Td (in ) Tj ET Q q 0 0 0 rg BT 95.68 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.24 95.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 157.57 95.25 Td (or ) Tj ET Q q 0 0 0 rg BT 168.25 95.25 Td (functionality ) Tj ET Q q 0 0 0 rg BT 221.69 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.37 95.25 Td (these ) Tj ET Q q 0 0 0 rg BT 255.26 95.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 289.27 95.25 Td (could ) Tj ET Q q 0 0 0 rg BT 313.84 95.25 Td (impair ) Tj ET Q q 0 0 0 rg BT 342.29 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 357.96 95.25 Td (access ) Tj ET Q q 0 0 0 rg BT 385.84 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.97 95.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 429.21 95.25 Td (, ) Tj ET Q q 0 0 0 rg BT 434.05 95.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 467.49 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 483.17 95.25 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 528.56 95.25 Td (and ) Tj ET Q q 0 0 0 rg BT 545.34 95.25 Td (have ) Tj ET Q q 0 0 0 rg BT 566.56 95.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 69.04 83.25 Td (ef) Tj ET Q q 0 0 0 rg BT 76.63 83.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 94.11 83.25 Td (on ) Tj ET Q q 0 0 0 rg BT 106.61 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 122.44 83.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 166.60 83.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.53 83.25 Td (on ) Tj ET Q q 0 0 0 rg BT 196.03 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 211.86 83.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 239.92 83.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.19 83.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 278.25 83.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.18 83.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 338.76 83.25 Td (report ) Tj ET Q q 0 0 0 rg BT 365.14 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.97 83.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 418.45 83.25 Td (results. ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.15 731.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.25 731.10 Td (any ) Tj ET Q q 0 0 0 rg BT 120.51 731.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 149.98 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.13 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.17 731.10 Td (security ) Tj ET Q q 0 0 0 rg BT 210.65 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.80 731.10 Td (these ) Tj ET Q q 0 0 0 rg BT 245.17 731.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 279.66 731.10 Td (could ) Tj ET Q q 0 0 0 rg BT 304.70 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 326.40 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 338.66 731.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 372.02 731.10 Td (ef) Tj ET Q q 0 0 0 rg BT 379.61 731.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 397.41 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 410.24 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.39 731.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 470.87 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.13 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.17 731.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 551.52 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 731.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.92 719.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 121.57 719.10 Td (Steps ) Tj ET Q q 0 0 0 rg BT 146.19 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 160.79 719.10 Td (have ) Tj ET Q q 0 0 0 rg BT 182.60 719.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 207.20 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.92 719.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 251.41 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 266.01 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.17 719.10 Td (security ) Tj ET Q q 0 0 0 rg BT 315.76 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.03 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.30 719.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 377.92 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.29 719.10 Td (data ) Tj ET Q q 0 0 0 rg BT 414.89 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 435.05 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 450.77 719.10 Td (ef) Tj ET Q q 0 0 0 rg BT 458.36 719.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 496.28 719.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 529.20 719.10 Td (others ) Tj ET Q q 0 0 0 rg BT 556.58 719.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 76.81 707.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 116.50 707.10 Td (access ) Tj ET Q q 0 0 0 rg BT 145.07 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.88 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.25 707.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 206.95 707.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 229.14 707.10 Td (Improper ) Tj ET Q q 0 0 0 rg BT 269.38 707.10 Td (access ) Tj ET Q q 0 0 0 rg BT 297.96 707.10 Td (could ) Tj ET Q q 0 0 0 rg BT 323.21 707.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 354.01 707.10 Td (us ) Tj ET Q q 0 0 0 rg BT 365.94 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.75 707.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 398.68 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.04 707.10 Td (data ) Tj ET Q q 0 0 0 rg BT 429.73 707.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 450.83 707.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 501.62 707.10 Td (damage, ) Tj ET Q q 0 0 0 rg BT 538.25 707.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 79.59 695.10 Td (scrutiny) Tj ET Q q 0 0 0 rg BT 111.16 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 116.16 695.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 157.27 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.21 695.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 213.92 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.20 695.10 Td (third ) Tj ET Q q 0 0 0 rg BT 245.59 695.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 277.25 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.18 695.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 335.56 695.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 365.84 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 381.67 695.10 Td (operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.82 671.10 Td (business ) Tj ET Q q 0 0 0 rg BT 91.97 671.10 Td (could ) Tj ET Q q 0 0 0 rg BT 116.89 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 128.47 671.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 168.93 671.10 Td (af) Tj ET Q q 0 0 0 rg BT 177.08 671.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 203.64 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 215.22 671.10 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 265.67 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.15 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.75 671.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 336.56 671.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 372.04 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.74 671.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 437.44 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.47 671.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 483.40 671.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 518.88 671.10 Td (over ) Tj ET Q q 0 0 0 rg BT 538.79 671.10 Td (financial ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.47 635.10 Td (design ) Tj ET Q q 0 0 0 rg BT 99.50 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.86 635.10 Td (ef) Tj ET Q q 0 0 0 rg BT 123.45 635.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 169.79 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.04 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.29 635.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 237.76 635.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 271.90 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.26 635.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 334.05 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.41 635.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 382.87 635.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.01 635.10 Td (over ) Tj ET Q q 0 0 0 rg BT 436.70 635.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 473.60 635.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 512.18 635.10 Td (may ) Tj ET Q q 0 0 0 rg BT 531.32 635.10 Td (not ) Tj ET Q q 0 0 0 rg BT 546.02 635.10 Td (prevent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (all ) Tj ET Q q 0 0 0 rg BT 48.34 623.10 Td (errors, ) Tj ET Q q 0 0 0 rg BT 76.50 623.10 Td (misstatements, ) Tj ET Q q 0 0 0 rg BT 138.00 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 148.67 623.10 Td (misrepresentations. ) Tj ET Q q 0 0 0 rg BT 228.32 623.10 Td (While ) Tj ET Q q 0 0 0 rg BT 255.10 623.10 Td (management ) Tj ET Q q 0 0 0 rg BT 308.53 623.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 349.19 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.31 623.10 Td (review ) Tj ET Q q 0 0 0 rg BT 388.86 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.42 623.10 Td (ef) Tj ET Q q 0 0 0 rg BT 411.01 623.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 457.77 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.45 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.12 623.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 527.00 623.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 561.56 623.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 81.79 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.16 611.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 130.63 611.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 164.77 611.10 Td (over ) Tj ET Q q 0 0 0 rg BT 184.46 611.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.37 611.10 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 262.45 611.10 Td (there ) Tj ET Q q 0 0 0 rg BT 284.36 611.10 Td (can ) Tj ET Q q 0 0 0 rg BT 300.17 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 311.53 611.10 Td (no ) Tj ET Q q 0 0 0 rg BT 323.46 611.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 364.25 611.10 Td (that ) Tj ET Q q 0 0 0 rg BT 381.17 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.43 611.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 438.90 611.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 473.05 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.41 611.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 535.20 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 545.46 611.10 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 69.97 599.10 Td (over ) Tj ET Q q 0 0 0 rg BT 89.49 599.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.22 599.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 164.62 599.10 Td (will ) Tj ET Q q 0 0 0 rg BT 181.93 599.10 Td (be ) Tj ET Q q 0 0 0 rg BT 193.12 599.10 Td (ef) Tj ET Q q 0 0 0 rg BT 200.71 599.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 229.66 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.19 599.10 Td (accomplishing ) Tj ET Q q 0 0 0 rg BT 299.26 599.10 Td (all ) Tj ET Q q 0 0 0 rg BT 311.00 599.10 Td (control ) Tj ET Q q 0 0 0 rg BT 341.08 599.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 383.37 599.10 Td (all ) Tj ET Q q 0 0 0 rg BT 395.12 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.20 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.17 599.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 441.19 599.10 Td (Deficiencies, ) Tj ET Q q 0 0 0 rg BT 495.41 599.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 543.25 599.10 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 84.66 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.01 587.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 139.23 587.10 Td (deficiencies, ) Tj ET Q q 0 0 0 rg BT 191.50 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.29 587.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 233.85 587.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 268.08 587.10 Td (over ) Tj ET Q q 0 0 0 rg BT 287.86 587.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.85 587.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 363.52 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 389.98 587.10 Td (have ) Tj ET Q q 0 0 0 rg BT 410.87 587.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 447.86 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 458.20 587.10 Td (which ) Tj ET Q q 0 0 0 rg BT 484.65 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 503.89 587.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 528.11 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.90 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 552.13 587.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.12 575.10 Td (result ) Tj ET Q q 0 0 0 rg BT 84.23 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.91 575.10 Td (misstatements ) Tj ET Q q 0 0 0 rg BT 152.47 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.70 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.93 575.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 214.81 575.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 245.32 575.10 Td (restatements ) Tj ET Q q 0 0 0 rg BT 297.20 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.43 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.66 575.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 359.54 575.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 406.15 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 412.48 575.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 443.26 575.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.93 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.16 575.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 491.17 575.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 515.56 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 525.79 575.10 Td (an ) Tj ET Q q 0 0 0 rg BT 537.12 575.10 Td (otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (material ) Tj ET Q q 0 0 0 rg BT 72.07 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.81 563.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 123.66 563.10 Td (ef) Tj ET Q q 0 0 0 rg BT 131.25 563.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 149.54 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.85 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.49 563.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 219.19 563.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 265.54 563.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.82 563.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 335.74 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 347.38 563.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 384.58 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.33 563.10 Td (could ) Tj ET Q q 0 0 0 rg BT 427.85 563.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 453.37 563.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 492.78 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.53 563.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 548.82 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 559.91 563.10 Td (lose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 82.36 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.64 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.47 551.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 144.29 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.77 551.10 Td (results. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 55.17 527.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 73.24 527.10 Td (management ) Tj ET Q q 0 0 0 rg BT 129.07 527.10 Td (ef) Tj ET Q q 0 0 0 rg BT 136.66 527.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 158.05 527.10 Td (may ) Tj ET Q q 0 0 0 rg BT 177.77 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 193.61 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 205.55 527.10 Td (ef) Tj ET Q q 0 0 0 rg BT 213.13 527.10 Td (fective. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 503.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.64 503.10 Td (e ) Tj ET Q q 0 0 0 rg BT 73.70 503.10 Td (could ) Tj ET Q q 0 0 0 rg BT 98.54 503.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 121.70 503.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 167.10 503.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 193.61 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.67 503.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.62 503.10 Td (business ) Tj ET Q q 0 0 0 rg BT 263.13 503.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 307.41 503.10 Td (could ) Tj ET Q q 0 0 0 rg BT 332.25 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 344.31 503.10 Td (disrupted ) Tj ET Q q 0 0 0 rg BT 384.15 503.10 Td (if ) Tj ET Q q 0 0 0 rg BT 392.88 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 407.16 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 421.98 503.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 451.26 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.66 503.10 Td (ef) Tj ET Q q 0 0 0 rg BT 469.25 503.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 506.85 503.10 Td (identify) Tj ET Q q 0 0 0 rg BT 537.30 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 542.42 503.10 Td (manage, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (monitor) Tj ET Q q 0 0 0 rg BT 67.26 491.10 Td (, ) Tj ET Q q 0 0 0 rg BT 72.03 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.73 491.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 123.77 491.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.01 491.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 184.67 491.10 Td (such ) Tj ET Q q 0 0 0 rg BT 205.27 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.86 491.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 240.89 491.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 260.66 491.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 292.36 491.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 309.61 491.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 329.37 491.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 378.84 491.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 398.61 491.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 434.76 491.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 454.53 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.23 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 494.05 491.10 Td (market-related ) Tj ET Q q 0 0 0 rg BT 554.61 491.10 Td (risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.52 479.10 Td (well ) Tj ET Q q 0 0 0 rg BT 65.92 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 76.44 479.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 123.60 479.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 144.68 479.10 Td (related ) Tj ET Q q 0 0 0 rg BT 174.07 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.04 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.55 479.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 238.13 479.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 266.15 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.77 479.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 324.67 479.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 342.41 479.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 359.60 479.10 Td (management ) Tj ET Q q 0 0 0 rg BT 412.88 479.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 448.67 479.10 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 497.22 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.84 479.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 558.79 479.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (not ) Tj ET Q q 0 0 0 rg BT 50.85 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 62.37 467.10 Td (suf) Tj ET Q q 0 0 0 rg BT 74.41 467.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 102.02 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.88 467.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 145.05 467.10 Td (all ) Tj ET Q q 0 0 0 rg BT 157.12 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.53 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.82 467.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 202.78 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 216.52 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 230.80 467.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 265.64 467.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 277.99 467.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 312.84 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.13 467.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 348.09 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 361.83 467.10 Td (have ) Tj ET Q q 0 0 0 rg BT 382.78 467.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 423.17 467.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.91 467.10 Td (mitigation, ) Tj ET Q q 0 0 0 rg BT 482.59 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.00 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.85 467.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 536.03 467.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 57.59 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 68.07 455.10 Td (which ) Tj ET Q q 0 0 0 rg BT 95.20 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 109.56 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 129.47 455.10 Td (become ) Tj ET Q q 0 0 0 rg BT 163.27 455.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 194.29 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.76 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.68 455.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 248.75 455.10 Td (Expansion ) Tj ET Q q 0 0 0 rg BT 293.67 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.70 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.72 455.10 Td (business ) Tj ET Q q 0 0 0 rg BT 357.31 455.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 396.11 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 416.02 455.10 Td (also ) Tj ET Q q 0 0 0 rg BT 434.83 455.10 Td (result ) Tj ET Q q 0 0 0 rg BT 459.75 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.22 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.25 455.10 Td (being ) Tj ET Q q 0 0 0 rg BT 511.16 455.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 546.63 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 557.11 455.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.49 443.10 Td (we ) Tj ET Q q 0 0 0 rg BT 67.65 443.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.02 443.10 Td (not ) Tj ET Q q 0 0 0 rg BT 104.29 443.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 149.00 443.10 Td (been ) Tj ET Q q 0 0 0 rg BT 170.38 443.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 205.64 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.91 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 226.74 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 246.45 443.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 281.70 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.52 443.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 336.12 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.39 443.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.09 443.10 Td (types ) Tj ET Q q 0 0 0 rg BT 399.69 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.52 443.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 431.90 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.84 443.10 Td (we ) Tj ET Q q 0 0 0 rg BT 462.99 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 482.70 443.10 Td (not ) Tj ET Q q 0 0 0 rg BT 497.98 443.10 Td (ef) Tj ET Q q 0 0 0 rg BT 505.57 443.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 543.04 443.10 Td (identify) Tj ET Q q 0 0 0 rg BT 573.50 443.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (manage, ) Tj ET Q q 0 0 0 rg BT 72.09 431.10 Td (monitor) Tj ET Q q 0 0 0 rg BT 103.36 431.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.36 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.30 431.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 160.57 431.10 Td (these ) Tj ET Q q 0 0 0 rg BT 183.61 431.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 205.00 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.83 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.66 431.10 Td (business ) Tj ET Q q 0 0 0 rg BT 268.06 431.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 300.55 431.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 335.25 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 346.08 431.10 Td (increases. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 44.15 407.10 Td (e ) Tj ET Q q 0 0 0 rg BT 51.09 407.10 Td (could ) Tj ET Q q 0 0 0 rg BT 76.37 407.10 Td (be ) Tj ET Q q 0 0 0 rg BT 88.30 407.10 Td (harmed ) Tj ET Q q 0 0 0 rg BT 122.47 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 134.41 407.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 184.14 407.10 Td (or ) Tj ET Q q 0 0 0 rg BT 195.53 407.10 Td (fraud ) Tj ET Q q 0 0 0 rg BT 220.81 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 239.43 407.10 Td (is ) Tj ET Q q 0 0 0 rg BT 248.60 407.10 Td (dif) Tj ET Q q 0 0 0 rg BT 259.53 407.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 283.70 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.97 407.10 Td (detect. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 383.10 Td (e ) Tj ET Q q 0 0 0 rg BT 70.15 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 85.44 383.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 121.28 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.14 383.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 154.11 383.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 187.73 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.59 383.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 247.77 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 260.84 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 277.25 383.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 325.59 383.10 Td (contractors ) Tj ET Q q 0 0 0 rg BT 373.09 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 387.83 383.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 406.74 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 418.15 383.10 Td (other ) Tj ET Q q 0 0 0 rg BT 441.77 383.10 Td (third ) Tj ET Q q 0 0 0 rg BT 463.74 383.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 493.47 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 514.33 383.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 542.40 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 557.14 383.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 92.02 371.10 Td (For ) Tj ET Q q 0 0 0 rg BT 108.33 371.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 147.12 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.87 371.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 208.05 371.10 Td (could ) Tj ET Q q 0 0 0 rg BT 232.68 371.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 265.63 371.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 320.25 371.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 372.93 371.10 Td (use ) Tj ET Q q 0 0 0 rg BT 388.68 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 404.42 371.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 430.17 371.10 Td (improperly ) Tj ET Q q 0 0 0 rg BT 477.02 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 487.77 371.10 Td (without ) Tj ET Q q 0 0 0 rg BT 520.74 371.10 Td (authorization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 69.98 359.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 108.41 359.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 148.79 359.10 Td (use ) Tj ET Q q 0 0 0 rg BT 163.89 359.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 213.42 359.10 Td (information ) Tj ET Q q 0 0 0 rg BT 262.41 359.10 Td (for ) Tj ET Q q 0 0 0 rg BT 275.85 359.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 314.28 359.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 354.10 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.21 359.10 Td (mis-record ) Tj ET Q q 0 0 0 rg BT 409.30 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 419.40 359.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 460.06 359.10 Td (try ) Tj ET Q q 0 0 0 rg BT 472.94 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.49 359.10 Td (hide ) Tj ET Q q 0 0 0 rg BT 501.48 359.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 539.91 359.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.77 347.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 71.32 347.10 Td (This ) Tj ET Q q 0 0 0 rg BT 91.42 347.10 Td (type ) Tj ET Q q 0 0 0 rg BT 110.97 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.63 347.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 170.06 347.10 Td (could ) Tj ET Q q 0 0 0 rg BT 194.60 347.10 Td (also ) Tj ET Q q 0 0 0 rg BT 213.04 347.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 237.57 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.68 347.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 273.34 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 287.32 347.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 320.75 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 334.73 347.10 Td (others ) Tj ET Q q 0 0 0 rg BT 361.50 347.10 Td (through ) Tj ET Q q 0 0 0 rg BT 394.94 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 410.60 347.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 456.81 347.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 493.57 347.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 534.03 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 538.69 347.10 Td (This ) Tj ET Q q 0 0 0 rg BT 558.80 347.10 Td (type ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.39 335.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 94.55 335.10 Td (can ) Tj ET Q q 0 0 0 rg BT 110.48 335.10 Td (be ) Tj ET Q q 0 0 0 rg BT 121.98 335.10 Td (dif) Tj ET Q q 0 0 0 rg BT 132.91 335.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 156.07 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.90 335.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 191.83 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.33 335.10 Td (if ) Tj ET Q q 0 0 0 rg BT 216.49 335.10 Td (not ) Tj ET Q q 0 0 0 rg BT 231.33 335.10 Td (prevented ) Tj ET Q q 0 0 0 rg BT 272.81 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.20 335.10 Td (detected ) Tj ET Q q 0 0 0 rg BT 318.56 335.10 Td (could ) Tj ET Q q 0 0 0 rg BT 342.84 335.10 Td (result ) Tj ET Q q 0 0 0 rg BT 367.11 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.95 335.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 405.11 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 415.49 335.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 467.52 335.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 497.90 335.10 Td (against ) Tj ET Q q 0 0 0 rg BT 528.29 335.10 Td (us ) Tj ET Q q 0 0 0 rg BT 539.24 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 549.62 335.10 Td (losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 85.34 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.33 323.10 Td (misconduct ) Tj ET Q q 0 0 0 rg BT 138.93 323.10 Td (by ) Tj ET Q q 0 0 0 rg BT 151.43 323.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 199.19 323.10 Td (contractors, ) Tj ET Q q 0 0 0 rg BT 248.61 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.44 323.10 Td (others ) Tj ET Q q 0 0 0 rg BT 286.37 323.10 Td (could ) Tj ET Q q 0 0 0 rg BT 311.08 323.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 341.91 323.10 Td (us ) Tj ET Q q 0 0 0 rg BT 353.29 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.57 323.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 389.96 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.78 323.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 444.38 323.10 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 484.09 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.02 323.10 Td (seriously ) Tj ET Q q 0 0 0 rg BT 539.63 323.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 562.67 323.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 81.54 311.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 99.59 311.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 134.31 311.10 Td (may ) Tj ET Q q 0 0 0 rg BT 154.03 311.10 Td (not ) Tj ET Q q 0 0 0 rg BT 169.31 311.10 Td (be ) Tj ET Q q 0 0 0 rg BT 181.24 311.10 Td (ef) Tj ET Q q 0 0 0 rg BT 188.83 311.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 218.53 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.81 311.10 Td (detecting ) Tj ET Q q 0 0 0 rg BT 267.96 311.10 Td (this ) Tj ET Q q 0 0 0 rg BT 284.91 311.10 Td (type ) Tj ET Q q 0 0 0 rg BT 304.63 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.46 311.10 Td (activity) Tj ET Q q 0 0 0 rg BT 344.80 311.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (Inadvertent ) Tj ET Q q 0 0 0 rg BT 87.39 287.10 Td (errors, ) Tj ET Q q 0 0 0 rg BT 118.50 287.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 164.07 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 179.90 287.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 220.45 287.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 249.06 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.01 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.40 287.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 345.46 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.40 287.10 Td (information ) Tj ET Q q 0 0 0 rg BT 410.46 287.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 459.07 287.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 496.29 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 522.68 287.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 555.17 287.10 Td (us ) Tj ET Q q 0 0 0 rg BT 568.24 287.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 75.73 275.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 96.29 275.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 138.52 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 149.91 275.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 195.19 275.10 Td (action. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.98 251.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 119.66 251.10 Td (contractors ) Tj ET Q q 0 0 0 rg BT 166.51 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 180.60 251.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 198.85 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.61 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 232.58 251.10 Td (third ) Tj ET Q q 0 0 0 rg BT 253.89 251.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 282.97 251.10 Td (with ) Tj ET Q q 0 0 0 rg BT 303.17 251.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 330.59 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 344.68 251.10 Td (have ) Tj ET Q q 0 0 0 rg BT 365.98 251.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 419.51 251.10 Td (may ) Tj ET Q q 0 0 0 rg BT 439.15 251.10 Td (make ) Tj ET Q q 0 0 0 rg BT 463.23 251.10 Td (inadvertent ) Tj ET Q q 0 0 0 rg BT 510.63 251.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 536.38 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 553.80 251.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 67.48 239.10 Td (us ) Tj ET Q q 0 0 0 rg BT 79.52 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.46 239.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 128.59 239.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 158.13 239.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 189.89 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.37 239.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 254.50 239.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 288.25 239.10 Td (These ) Tj ET Q q 0 0 0 rg BT 315.28 239.10 Td (types ) Tj ET Q q 0 0 0 rg BT 339.54 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.02 239.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 377.50 239.10 Td (could ) Tj ET Q q 0 0 0 rg BT 402.87 239.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 437.95 239.10 Td (but ) Tj ET Q q 0 0 0 rg BT 453.89 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 469.25 239.10 Td (not ) Tj ET Q q 0 0 0 rg BT 485.18 239.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 516.66 239.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 530.09 239.10 Td (mistakes ) Tj ET Q q 0 0 0 rg BT 568.24 239.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (executing, ) Tj ET Q q 0 0 0 rg BT 80.07 227.10 Td (recording, ) Tj ET Q q 0 0 0 rg BT 123.58 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.60 227.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 173.95 227.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 224.41 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 238.76 227.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 261.44 227.10 Td (into ) Tj ET Q q 0 0 0 rg BT 279.69 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 294.05 227.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 334.51 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 345.54 227.10 Td (with ) Tj ET Q q 0 0 0 rg BT 366.01 227.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 397.02 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.49 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 433.51 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 447.87 227.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 481.66 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 496.01 227.10 Td (others. ) Tj ET Q q 0 0 0 rg BT 525.64 227.10 Td (Errors ) Tj ET Q q 0 0 0 rg BT 553.33 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.80 227.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 101.67 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.91 215.10 Td (information ) Tj ET Q q 0 0 0 rg BT 163.03 215.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 210.37 215.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 247.44 215.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 296.44 215.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 331.02 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.36 215.10 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 397.63 215.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.87 215.10 Td (other ) Tj ET Q q 0 0 0 rg BT 432.32 215.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 480.21 215.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 514.79 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.13 215.10 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (could ) Tj ET Q q 0 0 0 rg BT 59.98 203.10 Td (also ) Tj ET Q q 0 0 0 rg BT 77.86 203.10 Td (interrupt ) Tj ET Q q 0 0 0 rg BT 114.06 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.16 203.10 Td (business ) Tj ET Q q 0 0 0 rg BT 164.81 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 174.91 203.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 205.00 203.10 Td (us ) Tj ET Q q 0 0 0 rg BT 215.66 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.21 203.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.95 203.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 290.11 203.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 320.48 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 330.58 203.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 382.31 203.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 414.91 203.10 Td (Errors ) Tj ET Q q 0 0 0 rg BT 441.66 203.10 Td (could ) Tj ET Q q 0 0 0 rg BT 465.65 203.10 Td (also ) Tj ET Q q 0 0 0 rg BT 483.52 203.10 Td (result ) Tj ET Q q 0 0 0 rg BT 507.50 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.05 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.03 203.10 Td (inadvertent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 79.51 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.81 191.10 Td (mortgage-borrower ) Tj ET Q q 0 0 0 rg BT 171.52 191.10 Td (non-public ) Tj ET Q q 0 0 0 rg BT 217.81 191.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 254.65 191.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 307.33 191.10 Td (Inadvertent ) Tj ET Q q 0 0 0 rg BT 355.83 191.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 382.12 191.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 412.85 191.10 Td (us ) Tj ET Q q 0 0 0 rg BT 424.71 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.46 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.64 191.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 468.60 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.90 191.10 Td (material ) Tj ET Q q 0 0 0 rg BT 515.63 191.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 542.48 191.10 Td (until ) Tj ET Q q 0 0 0 rg BT 563.79 191.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 61.62 179.10 Td (are ) Tj ET Q q 0 0 0 rg BT 76.12 179.10 Td (detected ) Tj ET Q q 0 0 0 rg BT 111.73 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.46 179.10 Td (remedied ) Tj ET Q q 0 0 0 rg BT 167.96 179.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 189.70 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.77 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.28 179.10 Td (incurrence ) Tj ET Q q 0 0 0 rg BT 258.77 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.40 179.10 Td (any ) Tj ET Q q 0 0 0 rg BT 286.13 179.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 306.33 179.10 Td (The ) Tj ET Q q 0 0 0 rg BT 324.17 179.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 341.46 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.09 179.10 Td (errors ) Tj ET Q q 0 0 0 rg BT 377.71 179.10 Td (may ) Tj ET Q q 0 0 0 rg BT 397.22 179.10 Td (be ) Tj ET Q q 0 0 0 rg BT 408.96 179.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 439.01 179.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.96 179.10 Td (business ) Tj ET Q q 0 0 0 rg BT 489.15 179.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 527.55 179.10 Td (that ) Tj ET Q q 0 0 0 rg BT 544.84 179.10 Td (are ) Tj ET Q q 0 0 0 rg BT 559.34 179.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.77 167.10 Td (us ) Tj ET Q q 0 0 0 rg BT 62.77 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 74.21 167.10 Td (have ) Tj ET Q q 0 0 0 rg BT 96.20 167.10 Td (non-standardized ) Tj ET Q q 0 0 0 rg BT 168.17 167.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 195.99 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 210.76 167.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 234.41 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.85 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.29 167.10 Td (business ) Tj ET Q q 0 0 0 rg BT 299.29 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.39 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 332.16 167.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.48 167.10 Td (expanding, ) Tj ET Q q 0 0 0 rg BT 394.75 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 406.18 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 420.95 167.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 444.60 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.04 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.48 167.10 Td (business ) Tj ET Q q 0 0 0 rg BT 509.48 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 527.58 167.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 546.24 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 559.35 167.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 81.26 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.09 155.10 Td (on ) Tj ET Q q 0 0 0 rg BT 104.59 155.10 Td (third ) Tj ET Q q 0 0 0 rg BT 125.98 155.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 155.14 155.10 Td (that ) Tj ET Q q 0 0 0 rg BT 172.63 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 186.79 155.10 Td (have ) Tj ET Q q 0 0 0 rg BT 208.17 155.10 Td (only ) Tj ET Q q 0 0 0 rg BT 228.45 155.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 263.15 155.10 Td (established ) Tj ET Q q 0 0 0 rg BT 310.08 155.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 363.69 155.10 Td (with. ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 55.17 731.25 Td (business ) Tj ET Q q 0 0 0 rg BT 92.69 731.25 Td (may ) Tj ET Q q 0 0 0 rg BT 112.41 731.25 Td (be ) Tj ET Q q 0 0 0 rg BT 124.34 731.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 165.16 731.25 Td (af) Tj ET Q q 0 0 0 rg BT 173.31 731.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 200.23 731.25 Td (if ) Tj ET Q q 0 0 0 rg BT 208.84 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.79 731.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 271.08 731.25 Td (is ) Tj ET Q q 0 0 0 rg BT 280.25 731.25 Td (harmed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.57 707.25 Td (business ) Tj ET Q q 0 0 0 rg BT 109.49 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 119.18 707.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.53 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 161.33 707.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 206.56 707.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 257.34 707.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 281.76 707.25 Td (If ) Tj ET Q q 0 0 0 rg BT 291.44 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 306.12 707.25 Td (fail, ) Tj ET Q q 0 0 0 rg BT 324.97 707.25 Td (or ) Tj ET Q q 0 0 0 rg BT 336.32 707.25 Td (appear ) Tj ET Q q 0 0 0 rg BT 365.99 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 376.79 707.25 Td (fail, ) Tj ET Q q 0 0 0 rg BT 395.64 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.44 707.25 Td (address ) Tj ET Q q 0 0 0 rg BT 439.45 707.25 Td (various ) Tj ET Q q 0 0 0 rg BT 471.92 707.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 498.83 707.25 Td (that ) Tj ET Q q 0 0 0 rg BT 516.85 707.25 Td (may ) Tj ET Q q 0 0 0 rg BT 537.09 707.25 Td (af) Tj ET Q q 0 0 0 rg BT 544.67 707.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 562.68 707.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 81.22 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 96.73 695.25 Td (business ) Tj ET Q q 0 0 0 rg BT 132.80 695.25 Td (could ) Tj ET Q q 0 0 0 rg BT 157.20 695.25 Td (be ) Tj ET Q q 0 0 0 rg BT 168.82 695.25 Td (harmed. ) Tj ET Q q 0 0 0 rg BT 203.49 695.25 Td (Issues ) Tj ET Q q 0 0 0 rg BT 230.11 695.25 Td (could ) Tj ET Q q 0 0 0 rg BT 254.51 695.25 Td (include ) Tj ET Q q 0 0 0 rg BT 286.12 695.25 Td (real ) Tj ET Q q 0 0 0 rg BT 303.29 695.25 Td (or ) Tj ET Q q 0 0 0 rg BT 313.80 695.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 354.84 695.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 376.45 695.25 Td (or ) Tj ET Q q 0 0 0 rg BT 386.96 695.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 430.24 695.25 Td (violations ) Tj ET Q q 0 0 0 rg BT 471.86 695.25 Td (or ) Tj ET Q q 0 0 0 rg BT 482.37 695.25 Td (be ) Tj ET Q q 0 0 0 rg BT 493.99 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.39 695.25 Td (result ) Tj ET Q q 0 0 0 rg BT 532.78 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.29 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 549.91 695.25 Td (failure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 48.78 683.25 Td (governance, ) Tj ET Q q 0 0 0 rg BT 102.37 683.25 Td (risk-management, ) Tj ET Q q 0 0 0 rg BT 179.30 683.25 Td (technology) Tj ET Q q 0 0 0 rg BT 223.08 683.25 Td (, ) Tj ET Q q 0 0 0 rg BT 230.58 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 243.92 683.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 293.08 683.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 329.65 683.25 Td (, ) Tj ET Q q 0 0 0 rg BT 337.16 683.25 Td (market ) Tj ET Q q 0 0 0 rg BT 369.93 683.25 Td (rumors ) Tj ET Q q 0 0 0 rg BT 403.26 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.70 683.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 451.58 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 464.92 683.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 508.78 683.25 Td (association ) Tj ET Q q 0 0 0 rg BT 558.22 683.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 94.47 671.25 Td (whose ) Tj ET Q q 0 0 0 rg BT 121.86 671.25 Td (own ) Tj ET Q q 0 0 0 rg BT 140.91 671.25 Td (reputation ) Tj ET Q q 0 0 0 rg BT 183.29 671.25 Td (is ) Tj ET Q q 0 0 0 rg BT 191.79 671.25 Td (under ) Tj ET Q q 0 0 0 rg BT 216.40 671.25 Td (question ) Tj ET Q q 0 0 0 rg BT 252.12 671.25 Td (could ) Tj ET Q q 0 0 0 rg BT 276.17 671.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 298.55 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 313.71 671.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 351.94 671.25 Td (Lawsuits ) Tj ET Q q 0 0 0 rg BT 389.88 671.25 Td (brought ) Tj ET Q q 0 0 0 rg BT 422.82 671.25 Td (against ) Tj ET Q q 0 0 0 rg BT 452.98 671.25 Td (us ) Tj ET Q q 0 0 0 rg BT 463.70 671.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 477.20 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.25 671.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 533.08 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.24 671.25 Td (lawsuits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (brought ) Tj ET Q q 0 0 0 rg BT 68.79 659.25 Td (against ) Tj ET Q q 0 0 0 rg BT 98.80 659.25 Td (us\), ) Tj ET Q q 0 0 0 rg BT 115.20 659.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 142.98 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.99 659.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 193.55 659.25 Td (misconduct, ) Tj ET Q q 0 0 0 rg BT 243.83 659.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 271.62 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.63 659.25 Td (wrongful ) Tj ET Q q 0 0 0 rg BT 319.97 659.25 Td (termination, ) Tj ET Q q 0 0 0 rg BT 370.25 659.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 402.47 659.25 Td (publicity) Tj ET Q q 0 0 0 rg BT 437.37 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 441.55 659.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 477.67 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.68 659.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 521.29 659.25 Td (ethical ) Tj ET Q q 0 0 0 rg BT 549.62 659.25 Td (issues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.71 647.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 75.18 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 85.33 647.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 122.70 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.29 647.25 Td (security ) Tj ET Q q 0 0 0 rg BT 171.33 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.03 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 197.74 647.25 Td (information ) Tj ET Q q 0 0 0 rg BT 247.33 647.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 294.14 647.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 328.19 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 338.89 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 349.05 647.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 379.19 647.25 Td (non-public ) Tj ET Q q 0 0 0 rg BT 424.89 647.25 Td (personal ) Tj ET Q q 0 0 0 rg BT 461.15 647.25 Td (information ) Tj ET Q q 0 0 0 rg BT 510.73 647.25 Td (could ) Tj ET Q q 0 0 0 rg BT 535.33 647.25 Td (also ) Tj ET Q q 0 0 0 rg BT 553.81 647.25 Td (cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 80.59 635.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 130.72 635.25 Td (damages. ) Tj ET Q q 0 0 0 rg BT 170.58 635.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 192.96 635.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 243.09 635.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 276.56 635.25 Td (could ) Tj ET Q q 0 0 0 rg BT 301.15 635.25 Td (result ) Tj ET Q q 0 0 0 rg BT 325.75 635.25 Td (not ) Tj ET Q q 0 0 0 rg BT 340.90 635.25 Td (only ) Tj ET Q q 0 0 0 rg BT 361.05 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 371.21 635.25 Td (an ) Tj ET Q q 0 0 0 rg BT 383.02 635.25 Td (immediate ) Tj ET Q q 0 0 0 rg BT 427.60 635.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.96 635.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 485.40 635.25 Td (but ) Tj ET Q q 0 0 0 rg BT 500.55 635.25 Td (could ) Tj ET Q q 0 0 0 rg BT 525.14 635.25 Td (also ) Tj ET Q q 0 0 0 rg BT 543.63 635.25 Td (result ) Tj ET Q q 0 0 0 rg BT 568.22 635.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 42.94 623.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 61.00 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 71.83 623.25 Td (business ) Tj ET Q q 0 0 0 rg BT 108.22 623.25 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 164.33 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.04 623.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 207.09 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 217.37 623.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 238.75 623.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 270.40 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.34 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.05 623.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.11 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.38 623.25 Td (access ) Tj ET Q q 0 0 0 rg BT 368.42 623.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 404.81 623.25 Td (through ) Tj ET Q q 0 0 0 rg BT 438.42 623.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 482.58 623.25 Td (facilities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 57.23 599.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 99.01 599.25 Td (results ) Tj ET Q q 0 0 0 rg BT 130.80 599.25 Td (are ) Tj ET Q q 0 0 0 rg BT 148.69 599.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 199.35 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.47 599.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 258.46 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.36 599.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 323.12 599.25 Td (with ) Tj ET Q q 0 0 0 rg BT 345.47 599.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 388.35 599.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 428.44 599.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 479.11 599.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 524.23 599.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 547.67 599.25 Td (related ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (conventions ) Tj ET Q q 0 0 0 rg BT 88.05 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.22 587.25 Td (interpretations\), ) Tj ET Q q 0 0 0 rg BT 175.23 587.25 Td (or ) Tj ET Q q 0 0 0 rg BT 186.72 587.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 212.10 587.25 Td (, ) Tj ET Q q 0 0 0 rg BT 217.21 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.38 587.25 Td (are ) Tj ET Q q 0 0 0 rg BT 251.32 587.25 Td (based ) Tj ET Q q 0 0 0 rg BT 277.25 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 290.42 587.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 330.80 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.97 587.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 402.71 587.25 Td (made ) Tj ET Q q 0 0 0 rg BT 427.53 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.48 587.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 488.29 587.25 Td (with ) Tj ET Q q 0 0 0 rg BT 508.68 587.25 Td (those ) Tj ET Q q 0 0 0 rg BT 532.96 587.25 Td (principles, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (conventions, ) Tj ET Q q 0 0 0 rg BT 91.27 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.14 575.25 Td (interpretations. ) Tj ET Q q 0 0 0 rg BT 176.53 575.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 236.25 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.34 575.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 287.34 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.98 575.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 341.19 575.25 Td (we ) Tj ET Q q 0 0 0 rg BT 355.61 575.25 Td (are ) Tj ET Q q 0 0 0 rg BT 372.26 575.25 Td (required ) Tj ET Q q 0 0 0 rg BT 410.58 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.67 575.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 463.89 575.25 Td (as ) Tj ET Q q 0 0 0 rg BT 476.09 575.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.41 575.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 511.07 575.25 Td (is ) Tj ET Q q 0 0 0 rg BT 521.05 575.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 550.48 575.25 Td (by ) Tj ET Q q 0 0 0 rg BT 563.23 575.25 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 96.28 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.11 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 124.07 563.25 Td (income ) Tj ET Q q 0 0 0 rg BT 156.56 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 167.40 563.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 217.11 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 237.40 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.67 563.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 289.08 563.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 327.12 563.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 350.73 563.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 378.79 563.25 Td (than ) Tj ET Q q 0 0 0 rg BT 400.19 563.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 425.58 563.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 53.59 539.25 Td (r) Tj ET Q q 0 0 0 rg BT 57.11 539.25 Td (eported ) Tj ET Q q 0 0 0 rg BT 89.13 539.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 114.50 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.97 539.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.00 539.25 Td (r) Tj ET Q q 0 0 0 rg BT 156.52 539.25 Td (esults ) Tj ET Q q 0 0 0 rg BT 180.77 539.25 Td (differ ) Tj ET Q q 0 0 0 rg BT 203.91 539.25 Td (fr) Tj ET Q q 0 0 0 rg BT 210.21 539.25 Td (om ) Tj ET Q q 0 0 0 rg BT 223.91 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.60 539.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 268.50 539.25 Td (income ) Tj ET Q q 0 0 0 rg BT 298.86 539.25 Td (r) Tj ET Q q 0 0 0 rg BT 302.38 539.25 Td (esults ) Tj ET Q q 0 0 0 rg BT 326.63 539.25 Td (that ) Tj ET Q q 0 0 0 rg BT 343.66 539.25 Td (drive ) Tj ET Q q 0 0 0 rg BT 365.68 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 381.05 539.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 416.96 539.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 465.11 539.25 Td (r) Tj ET Q q 0 0 0 rg BT 468.63 539.25 Td (equir) Tj ET Q q 0 0 0 rg BT 489.36 539.25 Td (ements ) Tj ET Q q 0 0 0 rg BT 518.61 539.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 537.58 539.25 Td (ther) Tj ET Q q 0 0 0 rg BT 553.32 539.25 Td (efor) Tj ET Q q 0 0 0 rg BT 569.06 539.25 Td (e, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 52.39 527.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 77.76 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.26 527.25 Td (r) Tj ET Q q 0 0 0 rg BT 83.78 527.25 Td (esults ) Tj ET Q q 0 0 0 rg BT 109.06 527.25 Td (may ) Tj ET Q q 0 0 0 rg BT 128.22 527.25 Td (not ) Tj ET Q q 0 0 0 rg BT 143.50 527.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.43 527.25 Td (an ) Tj ET Q q 0 0 0 rg BT 167.93 527.25 Td (accurate ) Tj ET Q q 0 0 0 rg BT 205.42 527.25 Td (indicator ) Tj ET Q q 0 0 0 rg BT 244.58 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.86 527.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 286.80 527.25 Td (income ) Tj ET Q q 0 0 0 rg BT 318.17 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.67 527.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 372.61 527.25 Td (distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 92.77 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 97.88 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.70 503.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 159.73 503.25 Td (income ) Tj ET Q q 0 0 0 rg BT 191.76 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 206.03 503.25 Td (report ) Tj ET Q q 0 0 0 rg BT 232.51 503.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 265.65 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.03 503.25 Td (an ) Tj ET Q q 0 0 0 rg BT 288.07 503.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 334.56 503.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 356.60 503.25 Td (will ) Tj ET Q q 0 0 0 rg BT 374.76 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 386.80 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.62 503.25 Td (same ) Tj ET Q q 0 0 0 rg BT 424.77 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 439.03 503.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 465.88 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.49 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.53 503.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 500.35 503.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 541.00 503.25 Td (although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.87 491.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 79.64 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.63 491.25 Td (this ) Tj ET Q q 0 0 0 rg BT 107.73 491.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 155.93 491.25 Td (over ) Tj ET Q q 0 0 0 rg BT 176.36 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.23 491.25 Td (life ) Tj ET Q q 0 0 0 rg BT 207.21 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.20 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.07 491.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 255.17 491.25 Td (could ) Tj ET Q q 0 0 0 rg BT 280.04 491.25 Td (be ) Tj ET Q q 0 0 0 rg BT 292.13 491.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 335.33 491.25 Td (dif) Tj ET Q q 0 0 0 rg BT 346.25 491.25 Td (ferent. ) Tj ET Q q 0 0 0 rg BT 374.53 491.25 Td (There ) Tj ET Q q 0 0 0 rg BT 400.51 491.25 Td (are, ) Tj ET Q q 0 0 0 rg BT 417.87 491.25 Td (however) Tj ET Q q 0 0 0 rg BT 451.90 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 457.05 491.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 486.91 491.25 Td (permanent ) Tj ET Q q 0 0 0 rg BT 531.77 491.25 Td (dif) Tj ET Q q 0 0 0 rg BT 542.70 491.25 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.60 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 59.64 479.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 107.01 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.16 479.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 146.19 479.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 184.11 479.25 Td (under ) Tj ET Q q 0 0 0 rg BT 208.70 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.74 479.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 265.10 479.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 310.79 479.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 352.05 479.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 383.31 479.25 Td (for ) Tj ET Q q 0 0 0 rg BT 396.79 479.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 423.65 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 425.47 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.73 479.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 455.78 479.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 493.15 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.41 479.25 Td (these ) Tj ET Q q 0 0 0 rg BT 531.78 479.25 Td (dif) Tj ET Q q 0 0 0 rg BT 542.71 479.25 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (could ) Tj ET Q q 0 0 0 rg BT 60.01 467.25 Td (be ) Tj ET Q q 0 0 0 rg BT 71.23 467.25 Td (material. ) Tj ET Q q 0 0 0 rg BT 108.15 467.25 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 132.44 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.45 467.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 178.23 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.35 467.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 215.21 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.00 467.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 252.67 467.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 287.77 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 297.34 467.25 Td (any ) Tj ET Q q 0 0 0 rg BT 313.57 467.25 Td (given ) Tj ET Q q 0 0 0 rg BT 337.57 467.25 Td (period ) Tj ET Q q 0 0 0 rg BT 364.91 467.25 Td (may ) Tj ET Q q 0 0 0 rg BT 383.92 467.25 Td (not ) Tj ET Q q 0 0 0 rg BT 398.48 467.25 Td (be ) Tj ET Q q 0 0 0 rg BT 409.71 467.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 450.93 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.05 467.25 Td (future ) Tj ET Q q 0 0 0 rg BT 486.72 467.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 523.50 467.25 Td (distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (A) Tj ET Q q 0 0 0 rg BT 42.67 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 45.17 455.25 Td (further ) Tj ET Q q 0 0 0 rg BT 74.87 455.25 Td (explanation ) Tj ET Q q 0 0 0 rg BT 124.02 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.85 455.25 Td (dif) Tj ET Q q 0 0 0 rg BT 145.78 455.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 181.58 455.25 Td (between ) Tj ET Q q 0 0 0 rg BT 217.39 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 233.22 455.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 260.07 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.57 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.51 455.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 310.88 455.25 Td (income ) Tj ET Q q 0 0 0 rg BT 342.81 455.25 Td (is ) Tj ET Q q 0 0 0 rg BT 351.98 455.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 392.79 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.07 455.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 407.50 455.25 Td (Management) Tj ET Q q 0 0 0 rg BT 461.75 455.25 Td (s ) Tj ET Q q 0 0 0 rg BT 468.14 455.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 514.53 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 531.85 455.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 568.23 455.25 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 77.38 443.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 119.89 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 137.39 443.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 168.77 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.05 443.25 Td (Operations,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.55 443.25 Td ( ) Tj ET Q q 0 0 0 rg BT 233.49 443.25 Td (which ) Tj ET Q q 0 0 0 rg BT 260.43 443.25 Td (is ) Tj ET Q q 0 0 0 rg BT 269.60 443.25 Td (set ) Tj ET Q q 0 0 0 rg BT 283.21 443.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 305.15 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 315.42 443.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 334.03 443.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 345.69 443.25 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 374.02 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.85 443.25 Td (this ) Tj ET Q q 0 0 0 rg BT 401.24 443.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 433.18 443.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 462.90 443.25 Td (on ) Tj ET Q q 0 0 0 rg BT 475.40 443.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 499.57 443.25 Td (10-K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.47 419.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 112.28 419.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 149.19 419.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 197.22 419.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 251.34 419.25 Td (are ) Tj ET Q q 0 0 0 rg BT 265.46 419.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 312.36 419.25 Td (under ) Tj ET Q q 0 0 0 rg BT 337.04 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.18 419.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 373.21 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 375.13 419.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 389.26 419.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 409.51 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.86 419.25 Td (are ) Tj ET Q q 0 0 0 rg BT 439.99 419.25 Td (based ) Tj ET Q q 0 0 0 rg BT 464.67 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 476.59 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.83 419.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 513.87 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 515.79 419.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 546.58 419.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (as ) Tj ET Q q 0 0 0 rg BT 46.12 407.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 88.44 407.25 Td (for ) Tj ET Q q 0 0 0 rg BT 101.90 407.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.91 407.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 153.25 407.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 189.49 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.06 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.07 407.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 245.95 407.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 282.73 407.25 Td (Code. ) Tj ET Q q 0 0 0 rg BT 308.14 407.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 325.48 407.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 351.71 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 361.84 407.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 400.84 407.25 Td (may ) Tj ET Q q 0 0 0 rg BT 419.85 407.25 Td (also ) Tj ET Q q 0 0 0 rg BT 437.75 407.25 Td (decide ) Tj ET Q q 0 0 0 rg BT 465.64 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.21 407.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 514.77 407.25 Td (more ) Tj ET Q q 0 0 0 rg BT 537.11 407.25 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (than ) Tj ET Q q 0 0 0 rg BT 55.25 395.25 Td (required ) Tj ET Q q 0 0 0 rg BT 90.60 395.25 Td (based ) Tj ET Q q 0 0 0 rg BT 115.41 395.25 Td (on ) Tj ET Q q 0 0 0 rg BT 127.44 395.25 Td (these ) Tj ET Q q 0 0 0 rg BT 150.02 395.25 Td (determinations. ) Tj ET Q q 0 0 0 rg BT 213.99 395.25 Td (One ) Tj ET Q q 0 0 0 rg BT 232.68 395.25 Td (should ) Tj ET Q q 0 0 0 rg BT 261.39 395.25 Td (not ) Tj ET Q q 0 0 0 rg BT 276.20 395.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 304.33 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 321.36 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 336.73 395.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 370.96 395.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 397.82 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 399.85 395.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 435.77 395.25 Td (will ) Tj ET Q q 0 0 0 rg BT 453.36 395.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 477.05 395.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 523.51 395.25 Td (distributions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (as ) Tj ET Q q 0 0 0 rg BT 47.72 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.32 383.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 91.14 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.86 383.25 Td (Directors) Tj ET Q q 0 0 0 rg BT 142.66 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.04 383.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 184.42 383.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 233.92 383.25 Td (decisions, ) Tj ET Q q 0 0 0 rg BT 277.03 383.25 Td (permanent ) Tj ET Q q 0 0 0 rg BT 322.61 383.25 Td (dif) Tj ET Q q 0 0 0 rg BT 333.54 383.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 370.23 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 381.40 383.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 408.25 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.64 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.46 383.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.07 383.25 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 494.83 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.65 383.25 Td (even ) Tj ET Q q 0 0 0 rg BT 534.91 383.25 Td (temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (dif) Tj ET Q q 0 0 0 rg BT 46.93 371.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 82.73 371.25 Td (may ) Tj ET Q q 0 0 0 rg BT 102.45 371.25 Td (result ) Tj ET Q q 0 0 0 rg BT 127.17 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.45 371.25 Td (material ) Tj ET Q q 0 0 0 rg BT 172.70 371.25 Td (dif) Tj ET Q q 0 0 0 rg BT 183.63 371.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 219.44 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 229.72 371.25 Td (these ) Tj ET Q q 0 0 0 rg BT 252.76 371.25 Td (balances. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (Over ) Tj ET Q q 0 0 0 rg BT 57.90 347.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 79.52 347.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 125.86 347.25 Td (principles, ) Tj ET Q q 0 0 0 rg BT 170.26 347.25 Td (conventions, ) Tj ET Q q 0 0 0 rg BT 222.43 347.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 246.84 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.75 347.25 Td (interpr) Tj ET Q q 0 0 0 rg BT 291.15 347.25 Td (etations ) Tj ET Q q 0 0 0 rg BT 324.73 347.25 Td (may ) Tj ET Q q 0 0 0 rg BT 343.29 347.25 Td (change, ) Tj ET Q q 0 0 0 rg BT 376.58 347.25 Td (which ) Tj ET Q q 0 0 0 rg BT 402.37 347.25 Td (could ) Tj ET Q q 0 0 0 rg BT 426.49 347.25 Td (affect ) Tj ET Q q 0 0 0 rg BT 450.61 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 466.41 347.25 Td (r) Tj ET Q q 0 0 0 rg BT 469.93 347.25 Td (eported ) Tj ET Q q 0 0 0 rg BT 502.38 347.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 527.75 347.25 Td ( ) Tj ET Q q 0 0 0 rg BT 529.66 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 546.56 347.25 Td (taxable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 73.50 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.00 335.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 143.77 335.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.27 335.25 Td (equity) Tj ET Q q 0 0 0 rg BT 170.15 335.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 102.87 311.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 124.53 311.25 Td (for ) Tj ET Q q 0 0 0 rg BT 138.41 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.84 311.25 Td (various ) Tj ET Q q 0 0 0 rg BT 184.50 311.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 215.60 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.14 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 241.69 311.25 Td (business ) Tj ET Q q 0 0 0 rg BT 277.80 311.25 Td (change ) Tj ET Q q 0 0 0 rg BT 308.34 311.25 Td (from ) Tj ET Q q 0 0 0 rg BT 329.99 311.25 Td (time ) Tj ET Q q 0 0 0 rg BT 349.98 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.98 311.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 382.47 311.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 419.13 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.13 311.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 455.24 311.25 Td (, ) Tj ET Q q 0 0 0 rg BT 459.96 311.25 Td (or ) Tj ET Q q 0 0 0 rg BT 470.51 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.95 311.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 522.13 311.25 Td (interpretation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.54 299.25 Td (these ) Tj ET Q q 0 0 0 rg BT 69.30 299.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 115.38 299.25 Td (principles, ) Tj ET Q q 0 0 0 rg BT 159.53 299.25 Td (can ) Tj ET Q q 0 0 0 rg BT 175.62 299.25 Td (af) Tj ET Q q 0 0 0 rg BT 183.21 299.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.40 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 215.95 299.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 251.47 299.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 285.62 299.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 324.21 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.86 299.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 393.99 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.21 299.25 Td (equity) Tj ET Q q 0 0 0 rg BT 420.55 299.25 Td (. ) Tj ET Q q 0 0 0 rg BT 425.26 299.25 Td (In ) Tj ET Q q 0 0 0 rg BT 435.80 299.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 473.29 299.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 507.71 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.70 299.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 532.13 299.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 57.99 287.25 Td (or ) Tj ET Q q 0 0 0 rg BT 68.88 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.65 287.25 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 143.96 287.25 Td (thereof ) Tj ET Q q 0 0 0 rg BT 174.83 287.25 Td (could ) Tj ET Q q 0 0 0 rg BT 199.60 287.25 Td (af) Tj ET Q q 0 0 0 rg BT 207.19 287.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 224.73 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 240.61 287.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 272.04 287.25 Td (income ) Tj ET Q q 0 0 0 rg BT 304.02 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.01 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 336.90 287.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 374.45 287.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 423.11 287.25 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 480.37 287.25 Td (Predicting ) Tj ET Q q 0 0 0 rg BT 524.03 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.02 287.25 Td (planning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.16 275.25 Td (these ) Tj ET Q q 0 0 0 rg BT 73.21 275.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 107.91 275.25 Td (can ) Tj ET Q q 0 0 0 rg BT 124.29 275.25 Td (be ) Tj ET Q q 0 0 0 rg BT 136.23 275.25 Td (dif) Tj ET Q q 0 0 0 rg BT 147.16 275.25 Td (ficult. ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (32) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (W) Tj ET Q q 0 0 0 rg BT 44.15 731.25 Td (e ) Tj ET Q q 0 0 0 rg BT 50.70 731.25 Td (have ) Tj ET Q q 0 0 0 rg BT 72.25 731.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 102.67 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.56 731.25 Td (be ) Tj ET Q q 0 0 0 rg BT 124.11 731.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 148.44 731.25 Td (as ) Tj ET Q q 0 0 0 rg BT 159.44 731.25 Td (a ) Tj ET Q q 0 0 0 rg BT 166.55 731.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 192.00 731.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 212.17 731.25 Td (as ) Tj ET Q q 0 0 0 rg BT 223.17 731.25 Td (such, ) Tj ET Q q 0 0 0 rg BT 247.24 731.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.68 731.25 Td (required ) Tj ET Q q 0 0 0 rg BT 299.79 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 309.68 731.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 331.22 731.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 362.22 731.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 382.11 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.56 731.25 Td (order ) Tj ET Q q 0 0 0 rg BT 416.89 731.25 Td (to ) Tj ET Q q 0 0 0 rg BT 426.78 731.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 466.13 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 482.69 731.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 508.14 731.25 Td (status. ) Tj ET Q q 0 0 0 rg BT 536.66 731.25 Td (This ) Tj ET Q q 0 0 0 rg BT 557.11 731.25 Td (adds ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (complexity ) Tj ET Q q 0 0 0 rg BT 82.93 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.99 719.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 123.49 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.77 719.25 Td (running ) Tj ET Q q 0 0 0 rg BT 170.18 719.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.14 719.25 Td (business ) Tj ET Q q 0 0 0 rg BT 224.65 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.71 719.25 Td (exposes ) Tj ET Q q 0 0 0 rg BT 276.87 719.25 Td (us ) Tj ET Q q 0 0 0 rg BT 288.83 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 299.11 719.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 343.28 719.25 Td (risks. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (Failur) Tj ET Q q 0 0 0 rg BT 61.19 695.25 Td (e ) Tj ET Q q 0 0 0 rg BT 67.85 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.86 695.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 107.86 695.25 Td (as ) Tj ET Q q 0 0 0 rg BT 118.97 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 126.20 695.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 147.13 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.35 695.25 Td (could ) Tj ET Q q 0 0 0 rg BT 173.80 695.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 214.34 695.25 Td (affect ) Tj ET Q q 0 0 0 rg BT 238.78 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 254.90 695.25 Td (net ) Tj ET Q q 0 0 0 rg BT 269.34 695.25 Td (income ) Tj ET Q q 0 0 0 rg BT 300.44 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.67 695.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 354.33 695.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 407.12 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.35 695.25 Td (could ) Tj ET Q q 0 0 0 rg BT 448.79 695.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 489.33 695.25 Td (affect ) Tj ET Q q 0 0 0 rg BT 513.77 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.22 695.25 Td (value ) Tj ET Q q 0 0 0 rg BT 552.10 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 562.10 695.25 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (common ) Tj ET Q q 0 0 0 rg BT 72.38 683.25 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 659.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.73 659.25 Td (have ) Tj ET Q q 0 0 0 rg BT 89.26 659.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 119.23 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 128.66 659.25 Td (be ) Tj ET Q q 0 0 0 rg BT 139.76 659.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 163.07 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 173.05 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 179.15 659.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 201.18 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.84 659.25 Td (for ) Tj ET Q q 0 0 0 rg BT 216.15 659.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 245.56 659.25 Td (income ) Tj ET Q q 0 0 0 rg BT 276.65 659.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 290.52 659.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 327.73 659.25 Td (for ) Tj ET Q q 0 0 0 rg BT 341.05 659.25 Td (all ) Tj ET Q q 0 0 0 rg BT 352.70 659.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 366.57 659.25 Td (years ) Tj ET Q q 0 0 0 rg BT 389.32 659.25 Td (since ) Tj ET Q q 0 0 0 rg BT 411.52 659.25 Td (1994. ) Tj ET Q q 0 0 0 rg BT 435.68 659.25 Td (However) Tj ET Q q 0 0 0 rg BT 471.93 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 476.08 659.25 Td (many ) Tj ET Q q 0 0 0 rg BT 499.96 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.94 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.81 659.25 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.48 647.25 Td (qualification ) Tj ET Q q 0 0 0 rg BT 103.84 647.25 Td (as ) Tj ET Q q 0 0 0 rg BT 114.99 647.25 Td (a ) Tj ET Q q 0 0 0 rg BT 122.25 647.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 144.29 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.11 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 162.14 647.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 190.51 647.25 Td (technical ) Tj ET Q q 0 0 0 rg BT 229.42 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.68 647.25 Td (complex ) Tj ET Q q 0 0 0 rg BT 283.94 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.20 647.25 Td (require ) Tj ET Q q 0 0 0 rg BT 332.34 647.25 Td (an ) Tj ET Q q 0 0 0 rg BT 344.60 647.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 379.63 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.79 647.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 431.92 647.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 453.62 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.88 647.25 Td (an ) Tj ET Q q 0 0 0 rg BT 483.13 647.25 Td (application ) Tj ET Q q 0 0 0 rg BT 530.38 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.54 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 556.57 647.25 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 91.15 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 101.87 635.25 Td (those ) Tj ET Q q 0 0 0 rg BT 125.92 635.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 147.74 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 158.46 635.25 Td (situations ) Tj ET Q q 0 0 0 rg BT 199.74 635.25 Td (where ) Tj ET Q q 0 0 0 rg BT 227.11 635.25 Td (there ) Tj ET Q q 0 0 0 rg BT 250.04 635.25 Td (is ) Tj ET Q q 0 0 0 rg BT 259.65 635.25 Td (only ) Tj ET Q q 0 0 0 rg BT 280.38 635.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 311.65 635.25 Td (judicial ) Tj ET Q q 0 0 0 rg BT 344.58 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.96 635.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 422.11 635.25 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 463.44 635.25 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 488.88 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 503.49 635.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 533.08 635.25 Td (assure ) Tj ET Q q 0 0 0 rg BT 561.02 635.25 Td (you ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.55 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.33 623.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 101.98 623.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 139.53 623.25 Td (Service ) Tj ET Q q 0 0 0 rg BT 172.07 623.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 190.17 623.25 Td (IRS\) ) Tj ET Q q 0 0 0 rg BT 220.50 623.25 Td (or ) Tj ET Q q 0 0 0 rg BT 231.39 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 238.39 623.25 Td (court ) Tj ET Q q 0 0 0 rg BT 261.49 623.25 Td (would ) Tj ET Q q 0 0 0 rg BT 289.05 623.25 Td (agree ) Tj ET Q q 0 0 0 rg BT 313.26 623.25 Td (with ) Tj ET Q q 0 0 0 rg BT 333.59 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 349.48 623.25 Td (conclusion ) Tj ET Q q 0 0 0 rg BT 395.37 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 412.92 623.25 Td (we ) Tj ET Q q 0 0 0 rg BT 427.14 623.25 Td (have ) Tj ET Q q 0 0 0 rg BT 448.57 623.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 486.67 623.25 Td (as ) Tj ET Q q 0 0 0 rg BT 497.56 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 504.56 623.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 526.60 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 529.15 623.25 Td (historically) Tj ET Q q 0 0 0 rg BT 573.50 623.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (or ) Tj ET Q q 0 0 0 rg BT 47.27 611.25 Td (that ) Tj ET Q q 0 0 0 rg BT 65.20 611.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 100.35 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.07 611.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.34 611.25 Td (business ) Tj ET Q q 0 0 0 rg BT 164.17 611.25 Td (or ) Tj ET Q q 0 0 0 rg BT 175.44 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.59 611.25 Td (law ) Tj ET Q q 0 0 0 rg BT 207.97 611.25 Td (will ) Tj ET Q q 0 0 0 rg BT 226.47 611.25 Td (not ) Tj ET Q q 0 0 0 rg BT 242.19 611.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 267.33 611.25 Td (us ) Tj ET Q q 0 0 0 rg BT 279.16 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.88 611.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 306.15 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.86 611.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 348.13 611.25 Td (as ) Tj ET Q q 0 0 0 rg BT 359.40 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 366.78 611.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 388.81 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 391.75 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 402.47 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.63 611.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 446.94 611.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 502.37 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.08 611.25 Td (an ) Tj ET Q q 0 0 0 rg BT 525.46 611.25 Td (environment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (where ) Tj ET Q q 0 0 0 rg BT 62.45 599.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 87.79 599.25 Td (may ) Tj ET Q q 0 0 0 rg BT 107.03 599.25 Td (quickly ) Tj ET Q q 0 0 0 rg BT 139.04 599.25 Td (change ) Tj ET Q q 0 0 0 rg BT 169.38 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.17 599.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 205.35 599.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 241.80 599.25 Td (planning ) Tj ET Q q 0 0 0 rg BT 278.82 599.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.49 599.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 340.60 599.25 Td (with ) Tj ET Q q 0 0 0 rg BT 360.40 599.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 382.43 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 384.45 599.25 Td (qualification ) Tj ET Q q 0 0 0 rg BT 437.01 599.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 458.46 599.25 Td (may ) Tj ET Q q 0 0 0 rg BT 477.70 599.25 Td (be ) Tj ET Q q 0 0 0 rg BT 489.15 599.25 Td (disrupted. ) Tj ET Q q 0 0 0 rg BT 530.89 599.25 Td (If ) Tj ET Q q 0 0 0 rg BT 539.57 599.25 Td (we ) Tj ET Q q 0 0 0 rg BT 553.25 599.25 Td (failed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.80 587.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 76.14 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 86.49 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 92.94 587.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 114.98 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.00 587.25 Td (for ) Tj ET Q q 0 0 0 rg BT 130.68 587.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 160.45 587.25 Td (income ) Tj ET Q q 0 0 0 rg BT 191.90 587.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 206.14 587.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 243.71 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.16 587.25 Td (did ) Tj ET Q q 0 0 0 rg BT 274.96 587.25 Td (not ) Tj ET Q q 0 0 0 rg BT 289.75 587.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 311.21 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.44 587.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 379.66 587.25 Td (for ) Tj ET Q q 0 0 0 rg BT 393.34 587.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 430.35 587.25 Td (relief, ) Tj ET Q q 0 0 0 rg BT 455.96 587.25 Td (we ) Tj ET Q q 0 0 0 rg BT 469.64 587.25 Td (would ) Tj ET Q q 0 0 0 rg BT 496.66 587.25 Td (be ) Tj ET Q q 0 0 0 rg BT 508.12 587.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 538.46 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 548.26 587.25 Td (federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (income ) Tj ET Q q 0 0 0 rg BT 68.97 575.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 84.73 575.25 Td (at ) Tj ET Q q 0 0 0 rg BT 95.48 575.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 127.34 575.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 168.63 575.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 191.05 575.25 Td (on ) Tj ET Q q 0 0 0 rg BT 204.59 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 221.46 575.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 256.93 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.91 575.25 Td (we ) Tj ET Q q 0 0 0 rg BT 290.11 575.25 Td (would ) Tj ET Q q 0 0 0 rg BT 318.64 575.25 Td (not ) Tj ET Q q 0 0 0 rg BT 334.96 575.25 Td (be ) Tj ET Q q 0 0 0 rg BT 347.94 575.25 Td (allowed ) Tj ET Q q 0 0 0 rg BT 383.13 575.25 Td (a ) Tj ET Q q 0 0 0 rg BT 391.11 575.25 Td (deduction ) Tj ET Q q 0 0 0 rg BT 434.08 575.25 Td (for ) Tj ET Q q 0 0 0 rg BT 449.28 575.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 502.83 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 514.14 575.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 568.22 575.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (computing ) Tj ET Q q 0 0 0 rg BT 81.74 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 98.04 563.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 129.87 563.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 164.77 563.25 Td (In ) Tj ET Q q 0 0 0 rg BT 176.07 563.25 Td (such ) Tj ET Q q 0 0 0 rg BT 197.37 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 204.77 563.25 Td (case, ) Tj ET Q q 0 0 0 rg BT 227.45 563.25 Td (we ) Tj ET Q q 0 0 0 rg BT 242.07 563.25 Td (may ) Tj ET Q q 0 0 0 rg BT 262.25 563.25 Td (need ) Tj ET Q q 0 0 0 rg BT 284.10 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.84 563.25 Td (borrow ) Tj ET Q q 0 0 0 rg BT 326.69 563.25 Td (money ) Tj ET Q q 0 0 0 rg BT 356.87 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 368.17 563.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 385.02 563.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 411.32 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 422.06 563.25 Td (order ) Tj ET Q q 0 0 0 rg BT 446.13 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.87 563.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 474.28 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.46 563.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 512.98 563.25 Td (due, ) Tj ET Q q 0 0 0 rg BT 532.88 563.25 Td (even ) Tj ET Q q 0 0 0 rg BT 554.72 563.25 Td (if ) Tj ET Q q 0 0 0 rg BT 563.80 563.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (market ) Tj ET Q q 0 0 0 rg BT 66.36 551.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 110.61 551.25 Td (are ) Tj ET Q q 0 0 0 rg BT 125.41 551.25 Td (not ) Tj ET Q q 0 0 0 rg BT 140.78 551.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 181.13 551.25 Td (for ) Tj ET Q q 0 0 0 rg BT 195.38 551.25 Td (such ) Tj ET Q q 0 0 0 rg BT 216.30 551.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 238.33 551.25 Td (or ) Tj ET Q q 0 0 0 rg BT 249.25 551.25 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 299.90 551.25 Td (In ) Tj ET Q q 0 0 0 rg BT 310.82 551.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 348.68 551.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 376.28 551.25 Td (we ) Tj ET Q q 0 0 0 rg BT 390.53 551.25 Td (are ) Tj ET Q q 0 0 0 rg BT 405.33 551.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 437.91 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 448.28 551.25 Td (relief ) Tj ET Q q 0 0 0 rg BT 471.96 551.25 Td (under ) Tj ET Q q 0 0 0 rg BT 497.32 551.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 541.00 551.25 Td (statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 83.14 539.25 Td (we ) Tj ET Q q 0 0 0 rg BT 97.77 539.25 Td (could ) Tj ET Q q 0 0 0 rg BT 122.96 539.25 Td (not ) Tj ET Q q 0 0 0 rg BT 138.71 539.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 160.55 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.30 539.25 Td (be ) Tj ET Q q 0 0 0 rg BT 183.71 539.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 208.34 539.25 Td (as ) Tj ET Q q 0 0 0 rg BT 219.64 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 227.05 539.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 249.09 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.06 539.25 Td (for ) Tj ET Q q 0 0 0 rg BT 266.69 539.25 Td (four ) Tj ET Q q 0 0 0 rg BT 286.32 539.25 Td (years ) Tj ET Q q 0 0 0 rg BT 310.39 539.25 Td (thereafter) Tj ET Q q 0 0 0 rg BT 348.14 539.25 Td (. ) Tj ET Q q 0 0 0 rg BT 353.61 539.25 Td (Failure ) Tj ET Q q 0 0 0 rg BT 384.91 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.66 539.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 426.95 539.25 Td (as ) Tj ET Q q 0 0 0 rg BT 438.25 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 445.66 539.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 467.70 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.67 539.25 Td (could ) Tj ET Q q 0 0 0 rg BT 495.86 539.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 537.15 539.25 Td (af) Tj ET Q q 0 0 0 rg BT 544.73 539.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 562.69 539.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 73.50 527.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 126.00 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.94 527.25 Td (could ) Tj ET Q q 0 0 0 rg BT 167.66 527.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 208.47 527.25 Td (af) Tj ET Q q 0 0 0 rg BT 216.06 527.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 233.54 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.26 527.25 Td (value ) Tj ET Q q 0 0 0 rg BT 272.42 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.25 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 299.08 527.25 Td (common ) Tj ET Q q 0 0 0 rg BT 336.57 527.25 Td (stock. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (Maintaining ) Tj ET Q q 0 0 0 rg BT 87.82 503.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 108.75 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 111.13 503.25 Td (status ) Tj ET Q q 0 0 0 rg BT 136.85 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.23 503.25 Td (avoiding ) Tj ET Q q 0 0 0 rg BT 191.61 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.21 503.25 Td (generation ) Tj ET Q q 0 0 0 rg BT 251.91 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.07 503.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 289.99 503.25 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 329.03 503.25 Td (income ) Tj ET Q q 0 0 0 rg BT 360.29 503.25 Td (at ) Tj ET Q q 0 0 0 rg BT 370.45 503.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 410.05 503.25 Td (T) Tj ET Q q 0 0 0 rg BT 415.06 503.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 435.50 503.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 453.15 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.53 503.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 501.23 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.39 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.66 503.25 Td (subsidiaries ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 54.77 491.25 Td (r) Tj ET Q q 0 0 0 rg BT 58.29 491.25 Td (educe ) Tj ET Q q 0 0 0 rg BT 83.72 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.73 491.25 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 139.60 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.72 491.25 Td (could ) Tj ET Q q 0 0 0 rg BT 181.05 491.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 201.50 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 217.50 491.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 245.17 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.06 491.25 Td (pursue ) Tj ET Q q 0 0 0 rg BT 284.39 491.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 314.83 491.25 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 372.78 491.25 Td (Failur) Tj ET Q q 0 0 0 rg BT 397.96 491.25 Td (e ) Tj ET Q q 0 0 0 rg BT 404.52 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.41 491.25 Td (appr) Tj ET Q q 0 0 0 rg BT 432.93 491.25 Td (opriately ) Tj ET Q q 0 0 0 rg BT 471.15 491.25 Td (structur) Tj ET Q q 0 0 0 rg BT 502.44 491.25 Td (e ) Tj ET Q q 0 0 0 rg BT 509.00 491.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.00 491.25 Td (business ) Tj ET Q q 0 0 0 rg BT 561.01 491.25 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 87.95 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.23 479.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 129.60 479.25 Td (with ) Tj ET Q q 0 0 0 rg BT 149.33 479.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 170.17 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.67 479.25 Td (r) Tj ET Q q 0 0 0 rg BT 191.19 479.25 Td (egulations ) Tj ET Q q 0 0 0 rg BT 235.36 479.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 280.07 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.35 479.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 310.54 479.25 Td (s ) Tj ET Q q 0 0 0 rg BT 316.93 479.25 Td (could ) Tj ET Q q 0 0 0 rg BT 341.64 479.25 Td (have ) Tj ET Q q 0 0 0 rg BT 363.02 479.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 396.62 479.25 Td (consequences. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 455.25 Td (o ) Tj ET Q q 0 0 0 rg BT 67.03 455.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 104.63 455.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 126.67 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 129.29 455.25 Td (status, ) Tj ET Q q 0 0 0 rg BT 157.18 455.25 Td (we ) Tj ET Q q 0 0 0 rg BT 171.46 455.25 Td (must ) Tj ET Q q 0 0 0 rg BT 193.53 455.25 Td (follow ) Tj ET Q q 0 0 0 rg BT 222.25 455.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 252.07 455.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 274.13 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.18 455.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 313.23 455.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 343.05 455.25 Td (tests. ) Tj ET Q q 0 0 0 rg BT 365.95 455.25 Td (In ) Tj ET Q q 0 0 0 rg BT 376.90 455.25 Td (doing ) Tj ET Q q 0 0 0 rg BT 402.29 455.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 416.30 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 432.25 455.25 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 474.30 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.70 455.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 518.41 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.36 455.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.72 443.25 Td (be ) Tj ET Q q 0 0 0 rg BT 67.66 443.25 Td (reduced. ) Tj ET Q q 0 0 0 rg BT 104.30 443.25 Td (For ) Tj ET Q q 0 0 0 rg BT 120.69 443.25 Td (instance: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 419.25 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 123.21 419.25 Td (with ) Tj ET Q q 0 0 0 rg BT 143.89 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.00 419.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 181.04 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 183.93 419.25 Td (income ) Tj ET Q q 0 0 0 rg BT 216.26 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.59 419.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 255.92 419.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 280.76 419.25 Td (or ) Tj ET Q q 0 0 0 rg BT 291.98 419.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 339.86 419.25 Td (about ) Tj ET Q q 0 0 0 rg BT 364.97 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.08 419.25 Td (application ) Tj ET Q q 0 0 0 rg BT 427.40 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.63 419.25 Td (those ) Tj ET Q q 0 0 0 rg BT 462.63 419.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 484.96 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.64 419.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 525.73 419.25 Td (investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 407.25 Td (may ) Tj ET Q q 0 0 0 rg BT 91.37 407.25 Td (result ) Tj ET Q q 0 0 0 rg BT 115.75 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.68 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 141.17 407.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 173.88 407.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 223.82 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.75 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 249.24 407.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 280.27 407.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 302.30 407.25 Td ( ) Tj ET Q q 0 0 0 rg BT 304.46 407.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 353.83 407.25 Td (\(where ) Tj ET Q q 0 0 0 rg BT 383.75 407.25 Td (any ) Tj ET Q q 0 0 0 rg BT 400.35 407.25 Td (income ) Tj ET Q q 0 0 0 rg BT 431.94 407.25 Td (they ) Tj ET Q q 0 0 0 rg BT 451.31 407.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 485.68 407.25 Td (is ) Tj ET Q q 0 0 0 rg BT 494.50 407.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 524.99 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.92 407.25 Td (corporate-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 395.25 Td (level ) Tj ET Q q 0 0 0 rg BT 94.13 395.25 Td (taxation\) ) Tj ET Q q 0 0 0 rg BT 132.38 395.25 Td (when ) Tj ET Q q 0 0 0 rg BT 156.74 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 171.10 395.25 Td (would ) Tj ET Q q 0 0 0 rg BT 198.80 395.25 Td (prefer ) Tj ET Q q 0 0 0 rg BT 225.36 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 235.84 395.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 256.32 395.25 Td (those ) Tj ET Q q 0 0 0 rg BT 280.13 395.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 330.60 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 341.08 395.25 Td (an ) Tj ET Q q 0 0 0 rg BT 353.22 395.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 378.69 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 396.39 395.25 Td (is ) Tj ET Q q 0 0 0 rg BT 405.76 395.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 430.12 395.25 Td (as ) Tj ET Q q 0 0 0 rg BT 441.15 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 448.28 395.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 470.32 395.25 Td ( ) Tj ET Q q 0 0 0 rg BT 473.02 395.25 Td (\(where ) Tj ET Q q 0 0 0 rg BT 503.48 395.25 Td (they ) Tj ET Q q 0 0 0 rg BT 523.40 395.25 Td (would ) Tj ET Q q 0 0 0 rg BT 551.10 395.25 Td (not ) Tj ET Q q 0 0 0 rg BT 566.58 395.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 383.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 102.83 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.10 383.25 Td (corporate-level ) Tj ET Q q 0 0 0 rg BT 176.12 383.25 Td (taxation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 359.25 Td (Compliance ) Tj ET Q q 0 0 0 rg BT 122.82 359.25 Td (with ) Tj ET Q q 0 0 0 rg BT 143.10 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.82 359.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 179.85 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 182.35 359.25 Td (income ) Tj ET Q q 0 0 0 rg BT 214.29 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.22 359.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 253.16 359.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 275.10 359.25 Td (may ) Tj ET Q q 0 0 0 rg BT 294.82 359.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 316.21 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.93 359.25 Td (type ) Tj ET Q q 0 0 0 rg BT 350.64 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.47 359.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 388.41 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.24 359.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 439.50 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 450.33 359.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 485.05 359.25 Td (that ) Tj ET Q q 0 0 0 rg BT 502.54 359.25 Td (we ) Tj ET Q q 0 0 0 rg BT 516.70 359.25 Td (can ) Tj ET Q q 0 0 0 rg BT 533.08 359.25 Td (undertake.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 335.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.16 335.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 118.33 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 128.72 335.25 Td (own ) Tj ET Q q 0 0 0 rg BT 148.55 335.25 Td (non-real ) Tj ET Q q 0 0 0 rg BT 184.48 335.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 209.85 335.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 235.79 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.84 335.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 272.66 335.25 Td (non-real ) Tj ET Q q 0 0 0 rg BT 308.59 335.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 333.96 335.25 Td (related ) Tj ET Q q 0 0 0 rg BT 363.78 335.25 Td (income ) Tj ET Q q 0 0 0 rg BT 395.82 335.25 Td (is ) Tj ET Q q 0 0 0 rg BT 405.10 335.25 Td (limited, ) Tj ET Q q 0 0 0 rg BT 438.54 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.59 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.42 335.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 492.47 335.25 Td (for ) Tj ET Q q 0 0 0 rg BT 506.74 335.25 Td (classifying ) Tj ET Q q 0 0 0 rg BT 552.68 335.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.87 323.25 Td (income ) Tj ET Q q 0 0 0 rg BT 120.74 323.25 Td (are ) Tj ET Q q 0 0 0 rg BT 135.39 323.25 Td (complicated. ) Tj ET Q q 0 0 0 rg BT 189.19 323.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 207.18 323.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 235.16 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.38 323.25 Td (own ) Tj ET Q q 0 0 0 rg BT 265.03 323.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 292.46 323.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 328.23 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.44 323.25 Td (other ) Tj ET Q q 0 0 0 rg BT 361.42 323.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 392.74 323.25 Td (is ) Tj ET Q q 0 0 0 rg BT 401.84 323.25 Td (also ) Tj ET Q q 0 0 0 rg BT 420.39 323.25 Td (limited. ) Tj ET Q q 0 0 0 rg BT 453.65 323.25 Td (If ) Tj ET Q q 0 0 0 rg BT 462.75 323.25 Td (we ) Tj ET Q q 0 0 0 rg BT 476.85 323.25 Td (fail ) Tj ET Q q 0 0 0 rg BT 492.61 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.82 323.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 535.25 323.25 Td (with ) Tj ET Q q 0 0 0 rg BT 555.46 323.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 311.25 Td (limits, ) Tj ET Q q 0 0 0 rg BT 99.57 311.25 Td (we ) Tj ET Q q 0 0 0 rg BT 113.51 311.25 Td (may ) Tj ET Q q 0 0 0 rg BT 133.02 311.25 Td (be ) Tj ET Q q 0 0 0 rg BT 144.74 311.25 Td (forced ) Tj ET Q q 0 0 0 rg BT 172.56 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.63 311.25 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 219.90 311.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 259.38 311.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 309.44 311.25 Td (on ) Tj ET Q q 0 0 0 rg BT 321.73 311.25 Td (short ) Tj ET Q q 0 0 0 rg BT 344.01 311.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 370.73 311.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.02 311.25 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 433.05 311.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 457.56 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 467.62 311.25 Td (order ) Tj ET Q q 0 0 0 rg BT 491.00 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.07 311.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 538.34 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 553.96 311.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 575.99 311.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 299.25 Td (status.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 275.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 275.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.39 275.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 126.91 275.25 Td (use ) Tj ET Q q 0 0 0 rg BT 142.55 275.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 173.73 275.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 195.77 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 198.08 275.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 247.61 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.71 275.25 Td (own ) Tj ET Q q 0 0 0 rg BT 277.24 275.25 Td (non-real ) Tj ET Q q 0 0 0 rg BT 312.87 275.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 337.95 275.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 363.59 275.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.34 275.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 410.97 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.06 275.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 459.48 275.25 Td (that ) Tj ET Q q 0 0 0 rg BT 476.78 275.25 Td (may ) Tj ET Q q 0 0 0 rg BT 496.31 275.25 Td (give ) Tj ET Q q 0 0 0 rg BT 515.84 275.25 Td (rise ) Tj ET Q q 0 0 0 rg BT 532.60 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 542.69 275.25 Td (non-real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 263.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 96.69 263.25 Td (related ) Tj ET Q q 0 0 0 rg BT 125.81 263.25 Td (income ) Tj ET Q q 0 0 0 rg BT 157.16 263.25 Td (under ) Tj ET Q q 0 0 0 rg BT 181.85 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.99 263.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 218.03 263.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.95 263.25 Td (rules. ) Tj ET Q q 0 0 0 rg BT 243.81 263.25 Td (However) Tj ET Q q 0 0 0 rg BT 280.06 263.25 Td (, ) Tj ET Q q 0 0 0 rg BT 284.48 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 299.73 263.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 327.21 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.90 263.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 362.71 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 372.41 263.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 403.21 263.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 425.24 263.25 Td ( ) Tj ET Q q 0 0 0 rg BT 427.16 263.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 476.30 263.25 Td (is ) Tj ET Q q 0 0 0 rg BT 484.89 263.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 515.14 263.25 Td (under ) Tj ET Q q 0 0 0 rg BT 539.83 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 553.97 263.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 576.01 263.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 251.25 Td (rules. ) Tj ET Q q 0 0 0 rg BT 96.33 251.25 Td (No ) Tj ET Q q 0 0 0 rg BT 110.94 251.25 Td (more ) Tj ET Q q 0 0 0 rg BT 133.87 251.25 Td (than ) Tj ET Q q 0 0 0 rg BT 153.47 251.25 Td (25% ) Tj ET Q q 0 0 0 rg BT 174.19 251.25 Td (\(20% ) Tj ET Q q 0 0 0 rg BT 198.24 251.25 Td (for ) Tj ET Q q 0 0 0 rg BT 212.29 251.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 243.55 251.25 Td (years ) Tj ET Q q 0 0 0 rg BT 267.03 251.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 309.42 251.25 Td (after ) Tj ET Q q 0 0 0 rg BT 330.12 251.25 Td (December ) Tj ET Q q 0 0 0 rg BT 373.59 251.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 388.48 251.25 Td (2017\) ) Tj ET Q q 0 0 0 rg BT 414.20 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.92 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.52 251.25 Td (value ) Tj ET Q q 0 0 0 rg BT 463.56 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.28 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 490.00 251.25 Td (total ) Tj ET Q q 0 0 0 rg BT 510.16 251.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 550.31 251.25 Td (can ) Tj ET Q q 0 0 0 rg BT 566.58 251.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 239.25 Td (represented ) Tj ET Q q 0 0 0 rg BT 120.56 239.25 Td (by ) Tj ET Q q 0 0 0 rg BT 133.04 239.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 173.28 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.09 239.25 Td (one ) Tj ET Q q 0 0 0 rg BT 201.01 239.25 Td (or ) Tj ET Q q 0 0 0 rg BT 211.81 239.25 Td (more ) Tj ET Q q 0 0 0 rg BT 234.84 239.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 266.19 239.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 288.23 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 290.70 239.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 342.90 239.25 Td (Maintaining ) Tj ET Q q 0 0 0 rg BT 394.26 239.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 442.83 239.25 Td (with ) Tj ET Q q 0 0 0 rg BT 463.08 239.25 Td (this ) Tj ET Q q 0 0 0 rg BT 480.01 239.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 501.38 239.25 Td (could ) Tj ET Q q 0 0 0 rg BT 526.07 239.25 Td (require ) Tj ET Q q 0 0 0 rg BT 556.87 239.25 Td (us ) Tj ET Q q 0 0 0 rg BT 568.24 239.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 227.25 Td (constrain ) Tj ET Q q 0 0 0 rg BT 111.16 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.87 227.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 156.70 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.53 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 183.36 227.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 214.73 227.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 236.77 227.25 Td ( ) Tj ET Q q 0 0 0 rg BT 239.27 227.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 288.99 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.27 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.98 227.25 Td (future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 203.25 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 108.27 203.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 150.11 203.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 172.15 203.25 Td ( ) Tj ET Q q 0 0 0 rg BT 175.10 203.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 213.04 203.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 262.10 203.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 317.25 203.25 Td (could ) Tj ET Q q 0 0 0 rg BT 342.42 203.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 372.01 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.29 203.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 421.53 203.25 Td (. ) Tj ET Q q 0 0 0 rg BT 426.77 203.25 Td (W) Tj ET Q q 0 0 0 rg BT 435.40 203.25 Td (e ) Tj ET Q q 0 0 0 rg BT 442.79 203.25 Td (may ) Tj ET Q q 0 0 0 rg BT 462.96 203.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 483.11 203.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 522.16 203.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 544.19 203.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.14 203.25 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 191.25 Td (income ) Tj ET Q q 0 0 0 rg BT 104.37 191.25 Td (due ) Tj ET Q q 0 0 0 rg BT 121.75 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 132.47 191.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 161.53 191.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 190.02 191.25 Td (character ) Tj ET Q q 0 0 0 rg BT 229.59 191.25 Td (mismatches ) Tj ET Q q 0 0 0 rg BT 279.74 191.25 Td (between ) Tj ET Q q 0 0 0 rg BT 316.00 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.15 191.25 Td (computation ) Tj ET Q q 0 0 0 rg BT 384.08 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.36 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 411.63 191.25 Td (income ) Tj ET Q q 0 0 0 rg BT 444.00 191.25 Td (for ) Tj ET Q q 0 0 0 rg BT 458.60 191.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.76 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.14 191.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 537.95 191.25 Td (purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 179.25 Td (Earning ) Tj ET Q q 0 0 0 rg BT 106.67 179.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 145.79 179.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 167.83 179.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.85 179.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 202.74 179.25 Td (income ) Tj ET Q q 0 0 0 rg BT 235.19 179.25 Td (could ) Tj ET Q q 0 0 0 rg BT 260.43 179.25 Td (necessitate ) Tj ET Q q 0 0 0 rg BT 306.76 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 323.11 179.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 352.79 179.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 381.64 179.25 Td (incurring ) Tj ET Q q 0 0 0 rg BT 421.31 179.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 444.05 179.25 Td (or ) Tj ET Q q 0 0 0 rg BT 455.40 179.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 485.63 179.25 Td (new ) Tj ET Q q 0 0 0 rg BT 505.31 179.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 533.33 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 544.12 179.25 Td (order ) Tj ET Q q 0 0 0 rg BT 568.24 179.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 167.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 92.83 167.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 130.33 167.25 Td (distributions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 143.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 143.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.52 143.25 Td (could ) Tj ET Q q 0 0 0 rg BT 112.18 143.25 Td (be ) Tj ET Q q 0 0 0 rg BT 124.07 143.25 Td (viewed ) Tj ET Q q 0 0 0 rg BT 155.39 143.25 Td (as ) Tj ET Q q 0 0 0 rg BT 166.17 143.25 Td (a ) Tj ET Q q 0 0 0 rg BT 173.05 143.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 208.79 143.25 Td (with ) Tj ET Q q 0 0 0 rg BT 229.02 143.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 259.78 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 270.00 143.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 299.65 143.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 349.86 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.74 143.25 Td (become ) Tj ET Q q 0 0 0 rg BT 400.28 143.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.05 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.28 143.25 Td (a ) Tj ET Q q 0 0 0 rg BT 448.16 143.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 473.94 143.25 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 517.48 143.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 563.80 143.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 131.25 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 131.25 Td (other ) Tj ET Q q 0 0 0 rg BT 105.88 131.25 Td (entity-level ) Tj ET Q q 0 0 0 rg BT 153.91 131.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 176.96 131.25 Td (on ) Tj ET Q q 0 0 0 rg BT 189.46 131.25 Td (income ) Tj ET Q q 0 0 0 rg BT 221.39 131.25 Td (from ) Tj ET Q q 0 0 0 rg BT 243.33 131.25 Td (such ) Tj ET Q q 0 0 0 rg BT 264.16 131.25 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 109.13 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.00 107.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 146.09 107.25 Td (we ) Tj ET Q q 0 0 0 rg BT 160.40 107.25 Td (must ) Tj ET Q q 0 0 0 rg BT 182.49 107.25 Td (follow ) Tj ET Q q 0 0 0 rg BT 211.25 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.34 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.20 107.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 263.63 107.25 Td (we ) Tj ET Q q 0 0 0 rg BT 277.94 107.25 Td (must ) Tj ET Q q 0 0 0 rg BT 300.04 107.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 328.79 107.25 Td (to ) Tj ET Q q 0 0 0 rg BT 339.22 107.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 376.86 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 392.84 107.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 414.88 107.25 Td ( ) Tj ET Q q 0 0 0 rg BT 417.53 107.25 Td (status ) Tj ET Q q 0 0 0 rg BT 442.95 107.25 Td (may ) Tj ET Q q 0 0 0 rg BT 462.82 107.25 Td (change, ) Tj ET Q q 0 0 0 rg BT 496.28 107.25 Td (or ) Tj ET Q q 0 0 0 rg BT 507.26 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.13 107.25 Td (interpretation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 95.25 Td (these ) Tj ET Q q 0 0 0 rg BT 69.88 95.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 91.82 95.25 Td (and ) Tj ET Q q 0 0 0 rg BT 108.75 95.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 129.03 95.25 Td (by ) Tj ET Q q 0 0 0 rg BT 141.53 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.25 95.25 Td (IRS ) Tj ET Q q 0 0 0 rg BT 174.31 95.25 Td (may ) Tj ET Q q 0 0 0 rg BT 194.03 95.25 Td (change. ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.96 731.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 102.86 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.82 731.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 144.77 731.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 164.62 731.10 Td (has ) Tj ET Q q 0 0 0 rg BT 180.58 731.10 Td (been ) Tj ET Q q 0 0 0 rg BT 202.08 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.49 731.10 Td (not ) Tj ET Q q 0 0 0 rg BT 227.90 731.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 264.39 731.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 293.11 731.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 332.41 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 364.47 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 374.31 731.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 415.08 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 420.84 731.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 440.97 731.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 458.86 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.93 731.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 505.76 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.72 731.10 Td (its ) Tj ET Q q 0 0 0 rg BT 528.80 731.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.72 719.10 Td (would ) Tj ET Q q 0 0 0 rg BT 81.45 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 93.62 719.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 125.22 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 136.28 719.10 Td (unrelated ) Tj ET Q q 0 0 0 rg BT 176.21 719.10 Td (business ) Tj ET Q q 0 0 0 rg BT 212.83 719.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 244.43 719.10 Td (income ) Tj ET Q q 0 0 0 rg BT 276.59 719.10 Td (\(UBTI\) ) Tj ET Q q 0 0 0 rg BT 318.19 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.69 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 344.75 719.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 392.46 719.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 447.63 719.10 Td (Achieving ) Tj ET Q q 0 0 0 rg BT 492.01 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 509.19 719.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 529.13 719.10 Td (has ) Tj ET Q q 0 0 0 rg BT 545.19 719.10 Td (limited, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.87 707.10 Td (may ) Tj ET Q q 0 0 0 rg BT 72.52 707.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 109.39 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.60 707.10 Td (limit, ) Tj ET Q q 0 0 0 rg BT 143.42 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.19 707.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 201.06 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.27 707.10 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 248.70 707.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 278.34 707.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 328.54 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.30 707.10 Td (has ) Tj ET Q q 0 0 0 rg BT 355.06 707.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 389.15 707.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 401.86 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.73 707.10 Td (may ) Tj ET Q q 0 0 0 rg BT 438.38 707.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 475.25 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.46 707.10 Td (result ) Tj ET Q q 0 0 0 rg BT 510.11 707.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 522.82 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 538.59 707.10 Td (having ) Tj ET Q q 0 0 0 rg BT 568.24 707.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 64.72 695.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 93.97 695.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 143.79 695.10 Td (through ) Tj ET Q q 0 0 0 rg BT 176.96 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.45 695.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 214.38 695.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 236.42 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.47 695.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 278.93 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 283.49 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 309.98 695.10 Td (would ) Tj ET Q q 0 0 0 rg BT 337.04 695.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 365.74 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.01 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 394.28 695.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 424.11 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 436.16 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 458.76 695.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 508.58 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 520.64 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.91 695.10 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 50.73 683.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 90.47 683.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 124.08 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 136.60 683.10 Td (such ) Tj ET Q q 0 0 0 rg BT 157.44 683.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 197.90 683.10 Td (. ) Tj ET Q q 0 0 0 rg BT 202.92 683.10 Td (Despite ) Tj ET Q q 0 0 0 rg BT 235.98 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.83 683.10 Td (ef) Tj ET Q q 0 0 0 rg BT 259.42 683.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 280.27 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.56 683.10 Td (do ) Tj ET Q q 0 0 0 rg BT 303.08 683.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 316.99 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 331.16 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 350.90 683.10 Td (not ) Tj ET Q q 0 0 0 rg BT 366.19 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 378.15 683.10 Td (able ) Tj ET Q q 0 0 0 rg BT 397.32 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.62 683.10 Td (avoid ) Tj ET Q q 0 0 0 rg BT 432.35 683.10 Td (creating ) Tj ET Q q 0 0 0 rg BT 467.07 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.92 683.10 Td (distributing ) Tj ET Q q 0 0 0 rg BT 526.55 683.10 Td (UBTI ) Tj ET Q q 0 0 0 rg BT 552.39 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 562.69 683.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (shareholders. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (T) Tj ET Q q 0 0 0 rg BT 40.64 647.10 Td (o ) Tj ET Q q 0 0 0 rg BT 48.51 647.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 86.94 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.71 647.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 124.63 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.50 647.10 Td (status, ) Tj ET Q q 0 0 0 rg BT 156.21 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.19 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 189.73 647.10 Td (be ) Tj ET Q q 0 0 0 rg BT 202.04 647.10 Td (for) Tj ET Q q 0 0 0 rg BT 213.33 647.10 Td (ced ) Tj ET Q q 0 0 0 rg BT 230.08 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.73 647.10 Td (borr) Tj ET Q q 0 0 0 rg BT 258.14 647.10 Td (ow ) Tj ET Q q 0 0 0 rg BT 272.68 647.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 297.23 647.10 Td (during ) Tj ET Q q 0 0 0 rg BT 326.77 647.10 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 377.96 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 408.60 647.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 455.64 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.51 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.60 647.10 Td (unavailability ) Tj ET Q q 0 0 0 rg BT 547.02 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.67 647.10 Td (such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 66.27 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 78.76 635.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 119.58 635.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 144.30 635.10 Td (at ) Tj ET Q q 0 0 0 rg BT 154.57 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.29 635.10 Td (desir) Tj ET Q q 0 0 0 rg BT 188.92 635.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 200.85 635.10 Td (times, ) Tj ET Q q 0 0 0 rg BT 226.95 635.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.34 635.10 Td (at ) Tj ET Q q 0 0 0 rg BT 248.61 635.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 264.16 635.10 Td (may ) Tj ET Q q 0 0 0 rg BT 283.32 635.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 308.58 635.10 Td (us ) Tj ET Q q 0 0 0 rg BT 319.97 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.24 635.10 Td (curtail ) Tj ET Q q 0 0 0 rg BT 359.40 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.79 635.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 421.05 635.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 459.64 635.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 488.81 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.08 635.10 Td (dispose ) Tj ET Q q 0 0 0 rg BT 531.58 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.85 635.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 568.24 635.10 Td (at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (inopportune ) Tj ET Q q 0 0 0 rg BT 87.43 623.10 Td (times, ) Tj ET Q q 0 0 0 rg BT 113.58 623.10 Td (which ) Tj ET Q q 0 0 0 rg BT 140.01 623.10 Td (could ) Tj ET Q q 0 0 0 rg BT 164.76 623.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 205.62 623.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 230.38 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.81 623.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.90 623.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 327.72 623.10 Td (r) Tj ET Q q 0 0 0 rg BT 331.24 623.10 Td (esults ) Tj ET Q q 0 0 0 rg BT 356.56 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.88 623.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 414.70 623.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 435.57 623.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 455.34 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.88 623.10 Td (per ) Tj ET Q q 0 0 0 rg BT 488.75 623.10 Td (shar) Tj ET Q q 0 0 0 rg BT 506.16 623.10 Td (e ) Tj ET Q q 0 0 0 rg BT 513.14 623.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 545.13 623.10 Td (price ) Tj ET Q q 0 0 0 rg BT 568.22 623.10 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.39 611.10 Td (common ) Tj ET Q q 0 0 0 rg BT 88.77 611.10 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 587.10 Td (o ) Tj ET Q q 0 0 0 rg BT 66.89 587.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 97.69 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.49 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.41 587.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 136.88 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 141.86 587.10 Td (we ) Tj ET Q q 0 0 0 rg BT 155.99 587.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 195.67 587.10 Td (must ) Tj ET Q q 0 0 0 rg BT 217.59 587.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 257.84 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.10 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 283.90 587.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 336.92 587.10 Td (at ) Tj ET Q q 0 0 0 rg BT 346.61 587.10 Td (least ) Tj ET Q q 0 0 0 rg BT 367.41 587.10 Td (90% ) Tj ET Q q 0 0 0 rg BT 388.21 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.02 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.83 587.10 Td (net ) Tj ET Q q 0 0 0 rg BT 429.52 587.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 460.87 587.10 Td (income ) Tj ET Q q 0 0 0 rg BT 492.77 587.10 Td (each ) Tj ET Q q 0 0 0 rg BT 513.57 587.10 Td (year ) Tj ET Q q 0 0 0 rg BT 533.25 587.10 Td (\(excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (any ) Tj ET Q q 0 0 0 rg BT 52.77 575.10 Td (net ) Tj ET Q q 0 0 0 rg BT 67.31 575.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 96.29 575.10 Td (gains\), ) Tj ET Q q 0 0 0 rg BT 125.56 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.33 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.32 575.10 Td (will ) Tj ET Q q 0 0 0 rg BT 174.20 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 185.97 575.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 216.63 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.73 575.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 257.38 575.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 297.46 575.10 Td (income ) Tj ET Q q 0 0 0 rg BT 329.22 575.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 352.10 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.21 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.75 575.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 403.51 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 420.84 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 434.83 575.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 474.93 575.10 Td (less ) Tj ET Q q 0 0 0 rg BT 492.26 575.10 Td (than ) Tj ET Q q 0 0 0 rg BT 511.81 575.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 537.46 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.12 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 563.78 575.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 67.25 563.10 Td (income ) Tj ET Q q 0 0 0 rg BT 99.06 563.10 Td (each ) Tj ET Q q 0 0 0 rg BT 119.75 563.10 Td (year) Tj ET Q q 0 0 0 rg BT 136.41 563.10 Td (. ) Tj ET Q q 0 0 0 rg BT 141.29 563.10 Td (In ) Tj ET Q q 0 0 0 rg BT 152.00 563.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 189.65 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.69 563.10 Td (will ) Tj ET Q q 0 0 0 rg BT 221.62 563.10 Td (be ) Tj ET Q q 0 0 0 rg BT 233.44 563.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 264.14 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.30 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 281.11 563.10 Td (4% ) Tj ET Q q 0 0 0 rg BT 296.82 563.10 Td (nondeductible ) Tj ET Q q 0 0 0 rg BT 355.85 563.10 Td (excise ) Tj ET Q q 0 0 0 rg BT 383.21 563.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 397.81 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 410.18 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.78 563.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 459.65 563.10 Td (if ) Tj ET Q q 0 0 0 rg BT 468.14 563.10 Td (any) Tj ET Q q 0 0 0 rg BT 481.93 563.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.81 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 499.18 563.10 Td (which ) Tj ET Q q 0 0 0 rg BT 526.00 563.10 Td (distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (we ) Tj ET Q q 0 0 0 rg BT 51.17 551.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 69.12 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 80.41 551.10 Td (any ) Tj ET Q q 0 0 0 rg BT 98.36 551.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 135.73 551.10 Td (year ) Tj ET Q q 0 0 0 rg BT 156.45 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 172.17 551.10 Td (less ) Tj ET Q q 0 0 0 rg BT 190.68 551.10 Td (than ) Tj ET Q q 0 0 0 rg BT 211.41 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.13 551.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 247.31 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.15 551.10 Td (85% ) Tj ET Q q 0 0 0 rg BT 281.00 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.84 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.68 551.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 347.06 551.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 382.51 551.10 Td (95% ) Tj ET Q q 0 0 0 rg BT 404.35 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.19 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.03 551.10 Td (net ) Tj ET Q q 0 0 0 rg BT 448.76 551.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 478.92 551.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 506.04 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.99 551.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 550.83 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 551.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 91.24 539.10 Td (income ) Tj ET Q q 0 0 0 rg BT 123.14 539.10 Td (from ) Tj ET Q q 0 0 0 rg BT 145.04 539.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 166.95 539.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 192.83 539.10 Td (T) Tj ET Q q 0 0 0 rg BT 198.24 539.10 Td (o ) Tj ET Q q 0 0 0 rg BT 205.71 539.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 243.17 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.96 539.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 281.00 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.46 539.10 Td (status ) Tj ET Q q 0 0 0 rg BT 308.71 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.61 539.10 Td (avoid ) Tj ET Q q 0 0 0 rg BT 350.29 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.98 539.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 401.88 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.67 539.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 442.89 539.10 Td (income ) Tj ET Q q 0 0 0 rg BT 474.79 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.70 539.10 Td (excise ) Tj ET Q q 0 0 0 rg BT 519.15 539.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 544.66 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 558.79 539.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (need ) Tj ET Q q 0 0 0 rg BT 57.92 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 68.74 527.10 Td (borrow ) Tj ET Q q 0 0 0 rg BT 100.67 527.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 125.94 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.76 527.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 159.24 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.50 527.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 196.53 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.58 527.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 248.74 527.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 306.48 527.10 Td (even ) Tj ET Q q 0 0 0 rg BT 328.40 527.10 Td (if ) Tj ET Q q 0 0 0 rg BT 337.56 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.82 527.10 Td (then-prevailing ) Tj ET Q q 0 0 0 rg BT 416.95 527.10 Td (market ) Tj ET Q q 0 0 0 rg BT 447.76 527.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 492.47 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 507.72 527.10 Td (not ) Tj ET Q q 0 0 0 rg BT 523.54 527.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 564.34 527.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 515.10 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 109.42 515.10 Td (These ) Tj ET Q q 0 0 0 rg BT 135.79 515.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 179.95 515.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 205.22 515.10 Td (could ) Tj ET Q q 0 0 0 rg BT 229.93 515.10 Td (result ) Tj ET Q q 0 0 0 rg BT 254.65 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 276.59 515.10 Td (dif) Tj ET Q q 0 0 0 rg BT 287.52 515.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 323.32 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.60 515.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 362.21 515.10 Td (between ) Tj ET Q q 0 0 0 rg BT 398.02 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.74 515.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 439.11 515.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 468.81 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.64 515.10 Td (income ) Tj ET Q q 0 0 0 rg BT 511.57 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.51 515.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 567.68 515.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (income ) Tj ET Q q 0 0 0 rg BT 68.29 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.81 503.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 113.42 503.10 Td (income ) Tj ET Q q 0 0 0 rg BT 145.71 503.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.78 503.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 201.69 503.10 Td (For ) Tj ET Q q 0 0 0 rg BT 218.44 503.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 257.67 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 272.18 503.10 Td (may ) Tj ET Q q 0 0 0 rg BT 292.25 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 304.55 503.10 Td (required ) Tj ET Q q 0 0 0 rg BT 340.72 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.36 503.10 Td (accrue ) Tj ET Q q 0 0 0 rg BT 380.30 503.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 412.59 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.88 503.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 466.63 503.10 Td (income ) Tj ET Q q 0 0 0 rg BT 498.92 503.10 Td (on ) Tj ET Q q 0 0 0 rg BT 511.77 503.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 552.39 503.10 Td (loans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (MBS, ) Tj ET Q q 0 0 0 rg BT 62.52 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 79.86 491.10 Td (other ) Tj ET Q q 0 0 0 rg BT 103.31 491.10 Td (types ) Tj ET Q q 0 0 0 rg BT 127.31 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.54 491.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 158.66 491.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 199.32 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.55 491.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 246.78 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.46 491.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 277.57 491.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 318.23 491.10 Td (before ) Tj ET Q q 0 0 0 rg BT 346.67 491.10 Td (we ) Tj ET Q q 0 0 0 rg BT 361.23 491.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 392.99 491.10 Td (any ) Tj ET Q q 0 0 0 rg BT 410.33 491.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 451.55 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.78 491.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 495.12 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 506.35 491.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 544.79 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 557.69 491.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 65.09 479.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 83.90 479.10 Td (access ) Tj ET Q q 0 0 0 rg BT 112.69 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.73 479.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 169.75 479.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 203.00 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.59 479.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 244.50 479.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 280.52 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.78 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 301.48 479.10 Td (number ) Tj ET Q q 0 0 0 rg BT 335.29 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.87 479.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 379.84 479.10 Td (including ) Tj ET Q q 0 0 0 rg BT 420.87 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.35 479.10 Td (market) Tj ET Q q 0 0 0 rg BT 466.89 479.10 Td (s ) Tj ET Q q 0 0 0 rg BT 474.04 479.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 519.50 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.09 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 547.67 479.10 Td (growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (potential, ) Tj ET Q q 0 0 0 rg BT 75.74 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 91.32 467.10 Td (current ) Tj ET Q q 0 0 0 rg BT 121.89 467.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 141.36 467.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 169.43 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.90 467.10 Td (market ) Tj ET Q q 0 0 0 rg BT 213.92 467.10 Td (price ) Tj ET Q q 0 0 0 rg BT 236.15 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.73 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.31 467.10 Td (common ) Tj ET Q q 0 0 0 rg BT 299.56 467.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 325.42 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.11 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.69 467.10 Td (current ) Tj ET Q q 0 0 0 rg BT 388.26 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.95 467.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 442.19 467.10 Td (future ) Tj ET Q q 0 0 0 rg BT 468.31 467.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 506.78 467.10 Td (W) Tj ET Q q 0 0 0 rg BT 515.42 467.10 Td (e ) Tj ET Q q 0 0 0 rg BT 522.11 467.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 551.01 467.10 Td (assure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.10 Td (you ) Tj ET Q q 0 0 0 rg BT 52.99 455.10 Td (that ) Tj ET Q q 0 0 0 rg BT 69.98 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 83.64 455.10 Td (will ) Tj ET Q q 0 0 0 rg BT 101.19 455.10 Td (have ) Tj ET Q q 0 0 0 rg BT 122.06 455.10 Td (access ) Tj ET Q q 0 0 0 rg BT 149.59 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.37 455.10 Td (such ) Tj ET Q q 0 0 0 rg BT 179.69 455.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 208.34 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 220.33 455.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 260.08 455.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 284.29 455.10 Td (at ) Tj ET Q q 0 0 0 rg BT 293.50 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.71 455.10 Td (desired ) Tj ET Q q 0 0 0 rg BT 338.59 455.10 Td (times, ) Tj ET Q q 0 0 0 rg BT 364.75 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.07 455.10 Td (at ) Tj ET Q q 0 0 0 rg BT 384.28 455.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 398.77 455.10 Td (which ) Tj ET Q q 0 0 0 rg BT 425.20 455.10 Td (may ) Tj ET Q q 0 0 0 rg BT 444.42 455.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 468.62 455.10 Td (us ) Tj ET Q q 0 0 0 rg BT 479.50 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.28 455.10 Td (curtail ) Tj ET Q q 0 0 0 rg BT 516.81 455.10 Td (our ) Tj ET Q q 0 0 0 rg BT 532.14 455.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 74.56 443.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 102.57 443.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.80 443.10 Td (dispose ) Tj ET Q q 0 0 0 rg BT 145.26 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.05 443.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 181.84 443.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.52 443.10 Td (inopportune ) Tj ET Q q 0 0 0 rg BT 242.31 443.10 Td (times, ) Tj ET Q q 0 0 0 rg BT 268.93 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.83 443.10 Td (could ) Tj ET Q q 0 0 0 rg BT 310.51 443.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 351.28 443.10 Td (af) Tj ET Q q 0 0 0 rg BT 358.87 443.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 376.31 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.10 443.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 429.54 443.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 472.28 443.10 Td (results ) Tj ET Q q 0 0 0 rg BT 500.85 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.64 443.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 558.25 443.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 56.83 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 73.77 431.10 Td (per ) Tj ET Q q 0 0 0 rg BT 89.04 431.10 Td (share ) Tj ET Q q 0 0 0 rg BT 112.64 431.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 143.46 431.10 Td (price ) Tj ET Q q 0 0 0 rg BT 165.95 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.78 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.61 431.10 Td (common ) Tj ET Q q 0 0 0 rg BT 230.10 431.10 Td (stock. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 79.05 407.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 113.20 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 125.14 407.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 145.33 407.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 154.22 407.10 Td (including ) Tj ET Q q 0 0 0 rg BT 194.50 407.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 208.39 407.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 248.65 407.10 Td (do ) Tj ET Q q 0 0 0 rg BT 261.15 407.10 Td (not ) Tj ET Q q 0 0 0 rg BT 276.43 407.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 306.70 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 320.87 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.59 407.10 Td (r) Tj ET Q q 0 0 0 rg BT 339.11 407.10 Td (educed ) Tj ET Q q 0 0 0 rg BT 369.93 407.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 384.64 407.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 407.14 407.10 Td (available ) Tj ET Q q 0 0 0 rg BT 446.85 407.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.02 407.10 Td (some ) Tj ET Q q 0 0 0 rg BT 484.08 407.10 Td (dividends. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (Qualified ) Tj ET Q q 0 0 0 rg BT 98.30 383.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 143.72 383.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 176.91 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.79 383.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 239.42 383.10 Td (that ) Tj ET Q q 0 0 0 rg BT 256.51 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.82 383.10 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 319.86 383.10 Td (trusts ) Tj ET Q q 0 0 0 rg BT 343.63 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.16 383.10 Td (estates ) Tj ET Q q 0 0 0 rg BT 388.91 383.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 428.21 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 442.52 383.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 472.94 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.82 383.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 497.13 383.10 Td (at ) Tj ET Q q 0 0 0 rg BT 506.44 383.10 Td (preferential ) Tj ET Q q 0 0 0 rg BT 554.62 383.10 Td (rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 68.25 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.28 371.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 108.86 371.10 Td (exceptions, ) Tj ET Q q 0 0 0 rg BT 156.37 371.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 197.51 371.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 230.85 371.10 Td (by ) Tj ET Q q 0 0 0 rg BT 243.10 371.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 264.62 371.10 Td (s ) Tj ET Q q 0 0 0 rg BT 270.77 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.22 371.10 Td (not ) Tj ET Q q 0 0 0 rg BT 300.25 371.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 332.49 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 346.41 371.10 Td (these ) Tj ET Q q 0 0 0 rg BT 369.20 371.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 403.10 371.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 424.23 371.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.92 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.38 371.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 486.50 371.10 Td (at ) Tj ET Q q 0 0 0 rg BT 495.97 371.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 532.09 371.10 Td (income ) Tj ET Q q 0 0 0 rg BT 563.78 371.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 59.63 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 77.60 359.10 Td (more ) Tj ET Q q 0 0 0 rg BT 100.58 359.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 140.76 359.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 162.07 359.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 205.58 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.79 359.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 246.53 359.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 286.72 359.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 324.69 359.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 366.00 359.10 Td (could ) Tj ET Q q 0 0 0 rg BT 390.65 359.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 415.28 359.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 453.82 359.10 Td (who ) Tj ET Q q 0 0 0 rg BT 473.47 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 488.10 359.10 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 537.48 359.10 Td (trusts ) Tj ET Q q 0 0 0 rg BT 561.57 359.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (estates ) Tj ET Q q 0 0 0 rg BT 64.93 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.98 347.10 Td (perceive ) Tj ET Q q 0 0 0 rg BT 111.12 347.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 161.17 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 171.22 347.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 192.74 347.10 Td (s ) Tj ET Q q 0 0 0 rg BT 198.90 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.96 347.10 Td (be ) Tj ET Q q 0 0 0 rg BT 220.67 347.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 260.70 347.10 Td (less ) Tj ET Q q 0 0 0 rg BT 277.98 347.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 317.45 347.10 Td (than ) Tj ET Q q 0 0 0 rg BT 336.94 347.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 386.99 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.04 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.53 347.10 Td (stocks ) Tj ET Q q 0 0 0 rg BT 438.81 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.41 347.10 Td (non-REIT) Tj ET Q q 0 0 0 rg BT 489.78 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.05 347.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 544.31 347.10 Td (that ) Tj ET Q q 0 0 0 rg BT 561.58 347.10 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 79.89 335.10 Td (which ) Tj ET Q q 0 0 0 rg BT 106.83 335.10 Td (could ) Tj ET Q q 0 0 0 rg BT 131.54 335.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 172.36 335.10 Td (af) Tj ET Q q 0 0 0 rg BT 179.95 335.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 197.43 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.15 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 236.30 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.13 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.85 335.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 289.34 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.17 335.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 321.69 335.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 330.58 335.10 Td (including ) Tj ET Q q 0 0 0 rg BT 370.85 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.57 335.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 413.06 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.89 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.72 335.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 468.87 335.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 54.01 311.10 Td (failur) Tj ET Q q 0 0 0 rg BT 75.86 311.10 Td (e ) Tj ET Q q 0 0 0 rg BT 83.30 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.09 311.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 135.42 311.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 160.10 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 172.00 311.10 Td (MBS ) Tj ET Q q 0 0 0 rg BT 194.44 311.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 225.77 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.55 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.56 311.10 Td (r) Tj ET Q q 0 0 0 rg BT 248.08 311.10 Td (epur) Tj ET Q q 0 0 0 rg BT 266.04 311.10 Td (chase ) Tj ET Q q 0 0 0 rg BT 291.81 311.10 Td (agr) Tj ET Q q 0 0 0 rg BT 305.33 311.10 Td (eement ) Tj ET Q q 0 0 0 rg BT 336.65 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.55 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.56 311.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 401.22 311.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 422.01 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.79 311.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 463.57 311.10 Td (as ) Tj ET Q q 0 0 0 rg BT 475.47 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.47 311.10 Td (r) Tj ET Q q 0 0 0 rg BT 486.99 311.10 Td (eal ) Tj ET Q q 0 0 0 rg BT 502.21 311.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 528.54 311.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 551.55 311.10 Td (would ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 76.82 299.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 101.53 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.92 299.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 145.97 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.25 299.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 186.52 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 197.91 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.41 299.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 225.78 299.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (When ) Tj ET Q q 0 0 0 rg BT 80.40 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 94.59 275.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 117.10 275.10 Td (into ) Tj ET Q q 0 0 0 rg BT 135.18 275.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 179.36 275.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 219.65 275.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 276.04 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.35 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.09 275.10 Td (form ) Tj ET Q q 0 0 0 rg BT 323.05 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.91 275.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 379.74 275.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 430.30 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 444.48 275.10 Td (will ) Tj ET Q q 0 0 0 rg BT 462.57 275.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 478.98 275.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 508.71 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.56 275.10 Td (our ) Tj ET Q q 0 0 0 rg BT 535.42 275.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 561.28 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 571.58 275.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 88.64 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.18 263.10 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 167.84 263.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 189.93 263.10 Td (into ) Tj ET Q q 0 0 0 rg BT 207.59 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 219.14 263.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 262.89 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.77 263.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 318.18 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.50 263.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 351.28 263.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 379.06 263.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.70 263.10 Td (e ) Tj ET Q q 0 0 0 rg BT 394.25 263.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 425.22 263.10 Td (that ) Tj ET Q q 0 0 0 rg BT 442.32 263.10 Td (we ) Tj ET Q q 0 0 0 rg BT 456.09 263.10 Td (will ) Tj ET Q q 0 0 0 rg BT 473.75 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 485.30 263.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 514.61 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.37 263.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 548.26 263.10 Td (federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (income ) Tj ET Q q 0 0 0 rg BT 68.22 251.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 83.22 251.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 121.56 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.67 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.68 251.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 175.45 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.57 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.57 251.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 227.69 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 245.47 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 260.46 251.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.46 251.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 306.57 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.69 251.10 Td (any ) Tj ET Q q 0 0 0 rg BT 334.91 251.10 Td (such ) Tj ET Q q 0 0 0 rg BT 356.03 251.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 404.35 251.10 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 471.58 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 489.36 251.10 Td (such ) Tj ET Q q 0 0 0 rg BT 510.47 251.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 558.79 251.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 69.13 239.10 Td (record ) Tj ET Q q 0 0 0 rg BT 97.25 239.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 141.50 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.42 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.23 239.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 193.15 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.52 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.32 239.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 271.44 239.10 Td (during ) Tj ET Q q 0 0 0 rg BT 300.14 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.95 239.10 Td (term ) Tj ET Q q 0 0 0 rg BT 335.86 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.78 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.59 239.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 408.32 239.10 Td (It ) Tj ET Q q 0 0 0 rg BT 417.01 239.10 Td (is ) Tj ET Q q 0 0 0 rg BT 426.27 239.10 Td (possible, ) Tj ET Q q 0 0 0 rg BT 464.14 239.10 Td (however) Tj ET Q q 0 0 0 rg BT 498.17 239.10 Td (, ) Tj ET Q q 0 0 0 rg BT 503.26 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 520.84 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.65 239.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 553.80 239.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (assert ) Tj ET Q q 0 0 0 rg BT 61.27 227.10 Td (that ) Tj ET Q q 0 0 0 rg BT 78.76 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.92 227.10 Td (did ) Tj ET Q q 0 0 0 rg BT 108.20 227.10 Td (not ) Tj ET Q q 0 0 0 rg BT 123.48 227.10 Td (own ) Tj ET Q q 0 0 0 rg BT 143.20 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.92 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 183.75 227.10 Td (during ) Tj ET Q q 0 0 0 rg BT 212.36 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.07 227.10 Td (term ) Tj ET Q q 0 0 0 rg BT 247.90 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.73 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.45 227.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 319.25 227.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 365.89 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.17 227.10 Td (which ) Tj ET Q q 0 0 0 rg BT 403.11 227.10 Td (case ) Tj ET Q q 0 0 0 rg BT 422.82 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 436.98 227.10 Td (could ) Tj ET Q q 0 0 0 rg BT 461.69 227.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 477.52 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.80 227.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 518.62 227.10 Td (as ) Tj ET Q q 0 0 0 rg BT 529.45 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 536.39 227.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 557.87 227.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.06 203.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.06 203.10 Td (although ) Tj ET Q q 0 0 0 rg BT 140.79 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 155.18 203.10 Td (no ) Tj ET Q q 0 0 0 rg BT 167.91 203.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 196.18 203.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 234.45 203.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 284.38 203.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 329.86 203.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 353.70 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.87 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 385.25 203.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 404.65 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.60 203.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 456.21 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.27 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.33 203.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 533.26 203.10 Td (mezzanine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 55.99 191.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 93.76 191.10 Td (during ) Tj ET Q q 0 0 0 rg BT 122.65 191.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 147.92 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.48 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.47 191.10 Td (past ) Tj ET Q q 0 0 0 rg BT 192.35 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 206.79 191.10 Td (have ) Tj ET Q q 0 0 0 rg BT 228.44 191.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 271.76 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.98 191.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 323.95 191.10 Td (as ) Tj ET Q q 0 0 0 rg BT 335.06 191.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 385.61 191.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 435.58 191.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 481.11 191.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 506.88 191.10 Td (At ) Tj ET Q q 0 0 0 rg BT 519.65 191.10 Td (December ) Tj ET Q q 0 0 0 rg BT 563.51 191.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 58.38 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 72.43 179.10 Td (had ) Tj ET Q q 0 0 0 rg BT 89.25 179.10 Td (one ) Tj ET Q q 0 0 0 rg BT 106.07 179.10 Td (such ) Tj ET Q q 0 0 0 rg BT 126.78 179.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 146.38 179.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 189.31 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.47 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.18 179.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 261.44 179.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 301.32 179.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 353.13 179.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 398.27 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 421.76 179.10 Td (are ) Tj ET Q q 0 0 0 rg BT 436.35 179.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 459.84 179.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 492.76 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 505.14 179.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 532.52 179.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 568.23 179.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 43.41 167.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 91.37 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.67 167.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 133.97 167.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 168.06 167.10 Td (company ) Tj ET Q q 0 0 0 rg BT 207.68 167.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.65 167.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 259.17 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.47 167.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 311.76 167.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 335.85 167.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 386.02 167.10 Td (real ) Tj ET Q q 0 0 0 rg BT 403.98 167.10 Td (estate. ) Tj ET Q q 0 0 0 rg BT 432.21 167.10 Td (In ) Tj ET Q q 0 0 0 rg BT 443.51 167.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 481.47 167.10 Td (Procedure ) Tj ET Q q 0 0 0 rg BT 524.98 167.10 Td (2003-65, ) Tj ET Q q 0 0 0 rg BT 563.79 167.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 53.64 155.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 91.27 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.79 155.10 Td (safe ) Tj ET Q q 0 0 0 rg BT 115.97 155.10 Td (harbor ) Tj ET Q q 0 0 0 rg BT 144.14 155.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 180.66 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.52 155.10 Td (which ) Tj ET Q q 0 0 0 rg BT 217.04 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 223.56 155.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 268.39 155.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 290.18 155.10 Td (if ) Tj ET Q q 0 0 0 rg BT 298.37 155.10 Td (it ) Tj ET Q q 0 0 0 rg BT 306.01 155.10 Td (meets ) Tj ET Q q 0 0 0 rg BT 331.42 155.10 Td (each ) Tj ET Q q 0 0 0 rg BT 351.81 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.22 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.52 155.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 430.80 155.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 471.75 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.61 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.91 155.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 532.97 155.10 Td (Procedure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (will ) Tj ET Q q 0 0 0 rg BT 53.87 143.10 Td (be ) Tj ET Q q 0 0 0 rg BT 65.62 143.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 95.13 143.10 Td (by ) Tj ET Q q 0 0 0 rg BT 107.44 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.97 143.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 139.84 143.10 Td (as ) Tj ET Q q 0 0 0 rg BT 150.48 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.23 143.10 Td (real ) Tj ET Q q 0 0 0 rg BT 174.53 143.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 199.60 143.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 221.35 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 235.32 143.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 273.19 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.83 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.36 143.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 320.39 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.70 143.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 344.45 143.10 Td (tests, ) Tj ET Q q 0 0 0 rg BT 367.04 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.79 143.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 415.54 143.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 447.83 143.10 Td (from ) Tj ET Q q 0 0 0 rg BT 469.58 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.11 143.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 529.17 143.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 548.70 143.10 Td (will ) Tj ET Q q 0 0 0 rg BT 566.57 143.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 65.26 131.10 Td (as ) Tj ET Q q 0 0 0 rg BT 75.64 131.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 118.80 131.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 158.61 131.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 190.10 131.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.81 131.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 241.42 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.80 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.07 131.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 288.11 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.16 131.10 Td (75% ) Tj ET Q q 0 0 0 rg BT 310.54 131.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 333.71 131.10 Td (income ) Tj ET Q q 0 0 0 rg BT 365.20 131.10 Td (test. ) Tj ET Q q 0 0 0 rg BT 383.18 131.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 423.02 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.29 131.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 474.32 131.10 Td (Procedure ) Tj ET Q q 0 0 0 rg BT 516.91 131.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 553.41 131.10 Td (a ) Tj ET Q q 0 0 0 rg BT 559.90 131.10 Td (safe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (harbor ) Tj ET Q q 0 0 0 rg BT 64.43 119.10 Td (on ) Tj ET Q q 0 0 0 rg BT 76.76 119.10 Td (which ) Tj ET Q q 0 0 0 rg BT 103.52 119.10 Td (taxpayers ) Tj ET Q q 0 0 0 rg BT 144.17 119.10 Td (may ) Tj ET Q q 0 0 0 rg BT 163.71 119.10 Td (rely) Tj ET Q q 0 0 0 rg BT 178.61 119.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.44 119.10 Td (it ) Tj ET Q q 0 0 0 rg BT 191.33 119.10 Td (does ) Tj ET Q q 0 0 0 rg BT 211.99 119.10 Td (not ) Tj ET Q q 0 0 0 rg BT 227.09 119.10 Td (prescribe ) Tj ET Q q 0 0 0 rg BT 266.07 119.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 287.84 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.50 119.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 345.82 119.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 360.37 119.10 Td (law) Tj ET Q q 0 0 0 rg BT 374.15 119.10 Td (. ) Tj ET Q q 0 0 0 rg BT 378.81 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.45 119.10 Td (e ) Tj ET Q q 0 0 0 rg BT 394.22 119.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 425.42 119.10 Td (that ) Tj ET Q q 0 0 0 rg BT 442.75 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.29 119.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 502.37 119.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 525.81 119.10 Td (that ) Tj ET Q q 0 0 0 rg BT 543.13 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 557.12 119.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 65.49 107.10 Td (as ) Tj ET Q q 0 0 0 rg BT 76.12 107.10 Td (real ) Tj ET Q q 0 0 0 rg BT 93.40 107.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 118.45 107.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 144.07 107.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 183.57 107.10 Td (met ) Tj ET Q q 0 0 0 rg BT 200.86 107.10 Td (all ) Tj ET Q q 0 0 0 rg BT 213.14 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.77 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.28 107.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 292.77 107.10 Td (for ) Tj ET Q q 0 0 0 rg BT 306.72 107.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 340.66 107.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.95 107.10 Td (this ) Tj ET Q q 0 0 0 rg BT 369.69 107.10 Td (safe ) Tj ET Q q 0 0 0 rg BT 388.08 107.10 Td (harbor) Tj ET Q q 0 0 0 rg BT 413.78 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 418.57 107.10 Td (however) Tj ET Q q 0 0 0 rg BT 452.60 107.10 Td (, ) Tj ET Q q 0 0 0 rg BT 457.39 107.10 Td (there ) Tj ET Q q 0 0 0 rg BT 479.67 107.10 Td (can ) Tj ET Q q 0 0 0 rg BT 495.84 107.10 Td (be ) Tj ET Q q 0 0 0 rg BT 507.57 107.10 Td (no ) Tj ET Q q 0 0 0 rg BT 519.86 107.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 561.02 107.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.79 95.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 70.92 95.10 Td (will ) Tj ET Q q 0 0 0 rg BT 90.04 95.10 Td (not ) Tj ET Q q 0 0 0 rg BT 106.39 95.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 148.27 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.06 95.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 179.84 95.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 221.17 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.07 95.10 Td (these ) Tj ET Q q 0 0 0 rg BT 257.19 95.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 303.50 95.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 330.68 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.69 95.10 Td (if ) Tj ET Q q 0 0 0 rg BT 358.37 95.10 Td (such ) Tj ET Q q 0 0 0 rg BT 380.27 95.10 Td (a ) Tj ET Q q 0 0 0 rg BT 388.28 95.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 430.16 95.10 Td (were ) Tj ET Q q 0 0 0 rg BT 453.15 95.10 Td (sustained, ) Tj ET Q q 0 0 0 rg BT 496.44 95.10 Td (we ) Tj ET Q q 0 0 0 rg BT 511.67 95.10 Td (could ) Tj ET Q q 0 0 0 rg BT 537.46 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.80 95.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 95.14 83.10 Td (be ) Tj ET Q q 0 0 0 rg BT 107.08 83.10 Td (required ) Tj ET Q q 0 0 0 rg BT 142.89 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.17 83.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 170.11 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.05 83.10 Td (penalty ) Tj ET Q q 0 0 0 rg BT 208.98 83.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 223.70 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.53 83.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 250.36 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.63 83.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 291.46 83.10 Td (as ) Tj ET Q q 0 0 0 rg BT 302.29 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.23 83.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 330.70 83.10 Td (. ) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (34) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 73.50 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.78 731.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.50 731.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 121.00 731.10 Td (could ) Tj ET Q q 0 0 0 rg BT 145.71 731.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 186.53 731.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 211.24 731.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 231.43 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 237.82 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.32 731.10 Td (could ) Tj ET Q q 0 0 0 rg BT 280.04 731.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 320.85 731.10 Td (affect ) Tj ET Q q 0 0 0 rg BT 345.57 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.28 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 384.44 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.72 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.11 731.10 Td (common ) Tj ET Q q 0 0 0 rg BT 447.49 731.10 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.09 707.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 94.07 707.10 Td (addressing ) Tj ET Q q 0 0 0 rg BT 139.38 707.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 169.67 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 201.65 707.10 Td (taxation ) Tj ET Q q 0 0 0 rg BT 236.40 707.10 Td (are ) Tj ET Q q 0 0 0 rg BT 251.15 707.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 294.80 707.10 Td (under ) Tj ET Q q 0 0 0 rg BT 320.11 707.10 Td (review ) Tj ET Q q 0 0 0 rg BT 349.85 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 362.40 707.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 395.49 707.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 433.03 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.35 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.10 707.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 501.74 707.10 Td (process ) Tj ET Q q 0 0 0 rg BT 534.28 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 551.26 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.80 707.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 53.86 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 70.59 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.11 695.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 105.19 695.10 Td (Department ) Tj ET Q q 0 0 0 rg BT 154.68 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.31 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.66 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 185.41 695.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 214.19 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 218.48 695.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 238.00 695.10 Td (such ) Tj ET Q q 0 0 0 rg BT 258.63 695.10 Td (future ) Tj ET Q q 0 0 0 rg BT 284.80 695.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 319.30 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.38 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.89 695.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 390.62 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 401.25 695.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 415.76 695.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 436.39 695.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 479.77 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.85 695.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 511.37 695.10 Td (s ) Tj ET Q q 0 0 0 rg BT 517.56 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 528.18 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.26 695.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (related ) Tj ET Q q 0 0 0 rg BT 66.11 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.01 683.10 Td (products ) Tj ET Q q 0 0 0 rg BT 141.36 683.10 Td (could ) Tj ET Q q 0 0 0 rg BT 166.49 683.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 211.05 683.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 241.18 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.42 683.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 301.99 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 313.23 683.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 342.79 683.10 Td (any ) Tj ET Q q 0 0 0 rg BT 360.14 683.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 410.26 683.10 Td (advantages ) Tj ET Q q 0 0 0 rg BT 457.59 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 472.17 683.10 Td (may ) Tj ET Q q 0 0 0 rg BT 492.30 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 514.09 683.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 546.98 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 557.67 683.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 58.04 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 60.54 671.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 94.42 671.10 Td (either ) Tj ET Q q 0 0 0 rg BT 119.68 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.51 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 157.45 671.10 Td (could ) Tj ET Q q 0 0 0 rg BT 182.17 671.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 211.31 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.03 671.10 Td (value ) Tj ET Q q 0 0 0 rg BT 250.18 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.01 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.84 671.10 Td (common ) Tj ET Q q 0 0 0 rg BT 314.34 671.10 Td (stock. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 53.92 647.10 Td (application ) Tj ET Q q 0 0 0 rg BT 102.39 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.09 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.23 647.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 143.37 647.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 164.63 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.33 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 192.14 647.10 Td (business ) Tj ET Q q 0 0 0 rg BT 228.96 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 238.55 647.10 Td (complicated, ) Tj ET Q q 0 0 0 rg BT 292.84 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.76 647.10 Td (we ) Tj ET Q q 0 0 0 rg BT 324.79 647.10 Td (may ) Tj ET Q q 0 0 0 rg BT 344.38 647.10 Td (not ) Tj ET Q q 0 0 0 rg BT 360.07 647.10 Td (interpr) Tj ET Q q 0 0 0 rg BT 387.48 647.10 Td (et ) Tj ET Q q 0 0 0 rg BT 397.62 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.54 647.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 440.68 647.10 Td (some ) Tj ET Q q 0 0 0 rg BT 464.15 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.85 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.99 647.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 512.91 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.83 647.10 Td (r) Tj ET Q q 0 0 0 rg BT 534.35 647.10 Td (egulations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (corr) Tj ET Q q 0 0 0 rg BT 52.85 635.10 Td (ectly) Tj ET Q q 0 0 0 rg BT 71.17 635.10 Td (. ) Tj ET Q q 0 0 0 rg BT 76.39 635.10 Td (In ) Tj ET Q q 0 0 0 rg BT 87.44 635.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 126.00 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 139.82 635.10 Td (may ) Tj ET Q q 0 0 0 rg BT 159.20 635.10 Td (not ) Tj ET Q q 0 0 0 rg BT 174.70 635.10 Td (make ) Tj ET Q q 0 0 0 rg BT 198.52 635.10 Td (all ) Tj ET Q q 0 0 0 rg BT 211.80 635.10 Td (available ) Tj ET Q q 0 0 0 rg BT 251.73 635.10 Td (elections, ) Tj ET Q q 0 0 0 rg BT 292.49 635.10 Td (which ) Tj ET Q q 0 0 0 rg BT 319.10 635.10 Td (could ) Tj ET Q q 0 0 0 rg BT 344.03 635.10 Td (r) Tj ET Q q 0 0 0 rg BT 347.55 635.10 Td (esult ) Tj ET Q q 0 0 0 rg BT 369.16 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.66 635.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.27 635.10 Td (not ) Tj ET Q q 0 0 0 rg BT 411.77 635.10 Td (being ) Tj ET Q q 0 0 0 rg BT 436.70 635.10 Td (able ) Tj ET Q q 0 0 0 rg BT 456.64 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.14 635.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 487.63 635.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 517.56 635.10 Td (fr) Tj ET Q q 0 0 0 rg BT 523.86 635.10 Td (om ) Tj ET Q q 0 0 0 rg BT 538.80 635.10 Td (available ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 80.96 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 91.48 623.10 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 126.71 623.10 Td (Furthermor) Tj ET Q q 0 0 0 rg BT 173.56 623.10 Td (e, ) Tj ET Q q 0 0 0 rg BT 182.13 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.98 623.10 Td (elections, ) Tj ET Q q 0 0 0 rg BT 235.65 623.10 Td (interpr) Tj ET Q q 0 0 0 rg BT 263.06 623.10 Td (etations ) Tj ET Q q 0 0 0 rg BT 296.36 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.99 623.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 364.06 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 376.80 623.10 Td (do ) Tj ET Q q 0 0 0 rg BT 388.43 623.10 Td (make ) Tj ET Q q 0 0 0 rg BT 411.16 623.10 Td (could ) Tj ET Q q 0 0 0 rg BT 435.01 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 446.08 623.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 478.25 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 489.32 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.16 623.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 519.23 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.64 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 539.71 623.10 Td (incorr) Tj ET Q q 0 0 0 rg BT 564.34 623.10 Td (ect ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.50 611.10 Td (could ) Tj ET Q q 0 0 0 rg BT 78.22 611.10 Td (have ) Tj ET Q q 0 0 0 rg BT 99.59 611.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 133.19 611.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 166.80 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.30 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 195.69 611.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 221.06 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.56 611.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 261.06 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.56 611.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 323.83 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 336.33 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 352.72 611.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 373.65 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.15 611.10 Td (status. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.17 587.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 103.89 587.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 140.50 587.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 163.23 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 182.07 587.10 Td (change ) Tj ET Q q 0 0 0 rg BT 212.01 587.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 239.18 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.02 587.10 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 308.51 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.46 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.30 587.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 353.37 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.43 587.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 415.48 587.10 Td (by ) Tj ET Q q 0 0 0 rg BT 427.11 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.95 587.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 458.13 587.10 Td (may ) Tj ET Q q 0 0 0 rg BT 476.97 587.10 Td (change. ) Tj ET Q q 0 0 0 rg BT 509.41 587.10 Td (In ) Tj ET Q q 0 0 0 rg BT 519.37 587.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (where ) Tj ET Q q 0 0 0 rg BT 62.32 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.43 575.10 Td (application ) Tj ET Q q 0 0 0 rg BT 122.75 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.97 575.10 Td (these ) Tj ET Q q 0 0 0 rg BT 155.41 575.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 176.74 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.07 575.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 239.39 575.10 Td (af) Tj ET Q q 0 0 0 rg BT 246.98 575.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 276.63 575.10 Td (our ) Tj ET Q q 0 0 0 rg BT 291.85 575.10 Td (business ) Tj ET Q q 0 0 0 rg BT 327.64 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 336.20 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 350.87 575.10 Td (clear) Tj ET Q q 0 0 0 rg BT 369.89 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 374.28 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 387.83 575.10 Td (may ) Tj ET Q q 0 0 0 rg BT 406.94 575.10 Td (have ) Tj ET Q q 0 0 0 rg BT 427.71 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.38 575.10 Td (interpret ) Tj ET Q q 0 0 0 rg BT 473.14 575.10 Td (them ) Tj ET Q q 0 0 0 rg BT 495.03 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.36 575.10 Td (their ) Tj ET Q q 0 0 0 rg BT 531.57 575.10 Td (application ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.87 563.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 59.20 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.84 563.10 Td (e ) Tj ET Q q 0 0 0 rg BT 74.36 563.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 94.22 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.53 563.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 136.71 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.13 563.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 178.11 563.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 192.42 563.10 Td (advisors ) Tj ET Q q 0 0 0 rg BT 227.84 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.70 563.10 Td (arriving ) Tj ET Q q 0 0 0 rg BT 271.45 563.10 Td (at ) Tj ET Q q 0 0 0 rg BT 280.76 563.10 Td (these ) Tj ET Q q 0 0 0 rg BT 303.39 563.10 Td (interpretations, ) Tj ET Q q 0 0 0 rg BT 365.74 563.10 Td (but ) Tj ET Q q 0 0 0 rg BT 380.61 563.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.03 563.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 455.88 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 475.19 563.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 500.04 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.91 563.10 Td (be ) Tj ET Q q 0 0 0 rg BT 521.44 563.10 Td (wrong, ) Tj ET Q q 0 0 0 rg BT 551.58 563.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (could ) Tj ET Q q 0 0 0 rg BT 60.72 551.10 Td (have ) Tj ET Q q 0 0 0 rg BT 82.09 551.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 115.13 551.10 Td (consequences. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.79 527.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 86.24 527.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 126.81 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.48 527.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 180.72 527.10 Td (distributions, ) Tj ET Q q 0 0 0 rg BT 235.46 527.10 Td (which ) Tj ET Q q 0 0 0 rg BT 262.14 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 276.58 527.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 313.25 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.27 527.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 344.94 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.39 527.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 381.43 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.67 527.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 432.02 527.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 488.96 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.40 527.10 Td (based ) Tj ET Q q 0 0 0 rg BT 528.41 527.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.43 527.10 Td (lar) Tj ET Q q 0 0 0 rg BT 548.79 527.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 560.47 527.10 Td (part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.28 515.10 Td (our ) Tj ET Q q 0 0 0 rg BT 63.89 515.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 99.49 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.10 515.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 141.25 515.10 Td (income ) Tj ET Q q 0 0 0 rg BT 172.96 515.10 Td (which ) Tj ET Q q 0 0 0 rg BT 199.68 515.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 235.28 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.78 515.10 Td (application ) Tj ET Q q 0 0 0 rg BT 296.49 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.21 515.10 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 369.35 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.96 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.68 515.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 416.72 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.33 515.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 441.83 515.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 463.55 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.26 515.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 529.31 515.10 Td (While ) Tj ET Q q 0 0 0 rg BT 556.02 515.10 Td (there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 51.09 503.10 Td (some ) Tj ET Q q 0 0 0 rg BT 75.08 503.10 Td (relief ) Tj ET Q q 0 0 0 rg BT 99.05 503.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 143.60 503.10 Td (should ) Tj ET Q q 0 0 0 rg BT 173.15 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 187.69 503.10 Td (incorrectly ) Tj ET Q q 0 0 0 rg BT 233.88 503.10 Td (interpret ) Tj ET Q q 0 0 0 rg BT 270.63 503.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 300.71 503.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 323.03 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.35 503.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 390.16 503.10 Td (we ) Tj ET Q q 0 0 0 rg BT 404.70 503.10 Td (may ) Tj ET Q q 0 0 0 rg BT 424.80 503.10 Td (not ) Tj ET Q q 0 0 0 rg BT 440.46 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 452.78 503.10 Td (able ) Tj ET Q q 0 0 0 rg BT 472.31 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.97 503.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 504.74 503.10 Td (take ) Tj ET Q q 0 0 0 rg BT 524.27 503.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 567.68 503.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.25 491.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 106.12 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.25 491.10 Td (this ) Tj ET Q q 0 0 0 rg BT 140.40 491.10 Td (could ) Tj ET Q q 0 0 0 rg BT 165.32 491.10 Td (have ) Tj ET Q q 0 0 0 rg BT 186.89 491.10 Td (an ) Tj ET Q q 0 0 0 rg BT 199.03 491.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 232.27 491.10 Td (ef) Tj ET Q q 0 0 0 rg BT 239.85 491.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 257.54 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 270.24 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 286.27 491.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 308.30 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.00 491.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 338.98 491.10 Td (In ) Tj ET Q q 0 0 0 rg BT 350.01 491.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 387.98 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 404.01 491.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 430.87 491.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.57 491.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 470.14 491.10 Td (include ) Tj ET Q q 0 0 0 rg BT 502.28 491.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 517.19 491.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 561.56 491.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 70.06 479.10 Td (based ) Tj ET Q q 0 0 0 rg BT 95.24 479.10 Td (on ) Tj ET Q q 0 0 0 rg BT 107.65 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.39 479.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 163.01 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.75 479.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 205.04 479.10 Td (income ) Tj ET Q q 0 0 0 rg BT 236.88 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.73 479.10 Td (should ) Tj ET Q q 0 0 0 rg BT 282.81 479.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.55 479.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 338.17 479.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 363.35 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.53 479.10 Td (be ) Tj ET Q q 0 0 0 rg BT 385.38 479.10 Td (wrong, ) Tj ET Q q 0 0 0 rg BT 415.84 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 429.91 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 454.54 479.10 Td (have ) Tj ET Q q 0 0 0 rg BT 475.83 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.01 479.10 Td (make ) Tj ET Q q 0 0 0 rg BT 510.08 479.10 Td (an ) Tj ET Q q 0 0 0 rg BT 521.93 479.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 568.22 479.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 467.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 66.55 467.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 110.72 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 127.66 467.10 Td (this ) Tj ET Q q 0 0 0 rg BT 144.60 467.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 190.99 467.10 Td (could ) Tj ET Q q 0 0 0 rg BT 215.70 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 227.64 467.10 Td (material. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 57.07 443.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 99.25 443.10 Td (about ) Tj ET Q q 0 0 0 rg BT 126.99 443.10 Td (raising, ) Tj ET Q q 0 0 0 rg BT 162.79 443.10 Td (managing, ) Tj ET Q q 0 0 0 rg BT 211.37 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.33 443.10 Td (distributing ) Tj ET Q q 0 0 0 rg BT 283.53 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.38 443.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 334.55 443.10 Td (may ) Tj ET Q q 0 0 0 rg BT 356.17 443.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 398.88 443.10 Td (af) Tj ET Q q 0 0 0 rg BT 407.03 443.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 426.41 443.10 Td (our ) Tj ET Q q 0 0 0 rg BT 445.27 443.10 Td (business ) Tj ET Q q 0 0 0 rg BT 484.68 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.64 443.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 546.27 443.10 Td (results. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 94.90 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 111.85 431.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 143.26 431.10 Td (may ) Tj ET Q q 0 0 0 rg BT 162.97 431.10 Td (be ) Tj ET Q q 0 0 0 rg BT 174.91 431.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 205.74 431.10 Td (if ) Tj ET Q q 0 0 0 rg BT 214.35 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 227.96 431.10 Td (are ) Tj ET Q q 0 0 0 rg BT 243.79 431.10 Td (not ) Tj ET Q q 0 0 0 rg BT 259.63 431.10 Td (able ) Tj ET Q q 0 0 0 rg BT 279.34 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.62 431.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 312.12 431.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 356.30 431.10 Td (capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 407.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.40 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 83.93 407.10 Td (required ) Tj ET Q q 0 0 0 rg BT 119.57 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.67 407.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 169.77 407.10 Td (at ) Tj ET Q q 0 0 0 rg BT 179.31 407.10 Td (least ) Tj ET Q q 0 0 0 rg BT 199.96 407.10 Td (90% ) Tj ET Q q 0 0 0 rg BT 220.61 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.26 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.92 407.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 268.95 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.27 407.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 302.47 407.10 Td (income ) Tj ET Q q 0 0 0 rg BT 334.23 407.10 Td (as ) Tj ET Q q 0 0 0 rg BT 344.88 407.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 386.09 407.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.19 407.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 451.38 407.10 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 476.21 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 490.19 407.10 Td (do ) Tj ET Q q 0 0 0 rg BT 502.51 407.10 Td (not ) Tj ET Q q 0 0 0 rg BT 517.62 407.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 557.14 407.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.98 395.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 79.30 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.85 395.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 115.38 395.10 Td (all ) Tj ET Q q 0 0 0 rg BT 128.14 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.24 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.23 395.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 190.87 395.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 232.50 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 245.27 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.37 395.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 283.40 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.17 395.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 305.88 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.42 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.63 395.10 Td (lar) Tj ET Q q 0 0 0 rg BT 333.99 395.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 346.20 395.10 Td (extent, ) Tj ET Q q 0 0 0 rg BT 375.90 395.10 Td (we ) Tj ET Q q 0 0 0 rg BT 390.33 395.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 408.64 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 421.41 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.51 395.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 465.83 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.37 395.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 498.02 395.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 527.44 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.98 395.10 Td (grow) Tj ET Q q 0 0 0 rg BT 557.88 395.10 Td (. ) Tj ET Q q 0 0 0 rg BT 562.95 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 571.59 395.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (may ) Tj ET Q q 0 0 0 rg BT 56.91 383.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 79.47 383.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 109.81 383.10 Td (through ) Tj ET Q q 0 0 0 rg BT 144.61 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.51 383.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 198.08 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.10 383.10 Td (new ) Tj ET Q q 0 0 0 rg BT 230.45 383.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 259.13 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.15 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.17 383.10 Td (common ) Tj ET Q q 0 0 0 rg BT 326.85 383.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 354.15 383.10 Td (either ) Tj ET Q q 0 0 0 rg BT 380.60 383.10 Td (through ) Tj ET Q q 0 0 0 rg BT 415.40 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 432.42 383.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 458.87 383.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 483.67 383.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 522.89 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.02 383.10 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 89.96 371.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 109.49 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 120.13 371.10 Td (through ) Tj ET Q q 0 0 0 rg BT 153.55 371.10 Td (public ) Tj ET Q q 0 0 0 rg BT 180.86 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.50 371.10 Td (private ) Tj ET Q q 0 0 0 rg BT 221.58 371.10 Td (of) Tj ET Q q 0 0 0 rg BT 229.73 371.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 262.14 371.10 Td (W) Tj ET Q q 0 0 0 rg BT 270.78 371.10 Td (e ) Tj ET Q q 0 0 0 rg BT 277.53 371.10 Td (may ) Tj ET Q q 0 0 0 rg BT 297.06 371.10 Td (also ) Tj ET Q q 0 0 0 rg BT 315.48 371.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 336.67 371.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 365.63 371.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.94 371.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 408.59 371.10 Td (other ) Tj ET Q q 0 0 0 rg BT 431.45 371.10 Td (types ) Tj ET Q q 0 0 0 rg BT 454.87 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.52 371.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 508.09 371.10 Td (such ) Tj ET Q q 0 0 0 rg BT 528.73 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 539.38 371.10 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 62.98 359.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 111.33 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 123.02 359.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 180.80 359.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 203.89 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.58 359.10 Td (other ) Tj ET Q q 0 0 0 rg BT 239.50 359.10 Td (types ) Tj ET Q q 0 0 0 rg BT 263.98 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.67 359.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 296.26 359.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 339.15 359.10 Td (As ) Tj ET Q q 0 0 0 rg BT 353.63 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.33 359.10 Td (January1, ) Tj ET Q q 0 0 0 rg BT 409.79 359.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 435.66 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 450.69 359.10 Td (had ) Tj ET Q q 0 0 0 rg BT 468.50 359.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 529.62 359.10 Td (103million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (unissued ) Tj ET Q q 0 0 0 rg BT 73.50 347.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 100.98 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.81 347.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.41 347.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 180.11 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.26 347.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 230.63 347.10 Td (under ) Tj ET Q q 0 0 0 rg BT 255.90 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.72 347.10 Td (charter ) Tj ET Q q 0 0 0 rg BT 301.97 347.10 Td (\(although ) Tj ET Q q 0 0 0 rg BT 342.79 347.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 403.05 347.10 Td ($34million ) Tj ET Q q 0 0 0 rg BT 451.93 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.76 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 485.80 347.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 513.29 347.10 Td (are ) Tj ET Q q 0 0 0 rg BT 527.99 347.10 Td (reserved ) Tj ET Q q 0 0 0 rg BT 564.35 347.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 72.80 335.10 Td (under ) Tj ET Q q 0 0 0 rg BT 98.50 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.75 335.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.68 335.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 201.14 335.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 227.68 335.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 265.60 335.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 320.18 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.54 335.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 361.58 335.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 400.04 335.10 Td (plan, ) Tj ET Q q 0 0 0 rg BT 422.68 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.05 335.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 489.64 335.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 537.55 335.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 561.58 335.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 92.71 323.10 Td (notes\). ) Tj ET Q q 0 0 0 rg BT 121.79 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 139.64 323.10 Td (number ) Tj ET Q q 0 0 0 rg BT 172.49 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.13 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.76 323.10 Td (unissued ) Tj ET Q q 0 0 0 rg BT 236.07 323.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 263.36 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.00 323.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 297.41 323.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 341.92 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 355.88 323.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 392.06 323.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 437.69 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.44 323.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 465.63 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.94 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.46 323.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 524.76 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.39 323.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 564.35 323.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (can ) Tj ET Q q 0 0 0 rg BT 52.93 311.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 74.87 311.10 Td (through ) Tj ET Q q 0 0 0 rg BT 109.03 311.10 Td (issuances ) Tj ET Q q 0 0 0 rg BT 149.86 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.24 311.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 189.29 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.68 311.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 224.84 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 236.23 311.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 277.05 311.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 325.09 311.10 Td (into, ) Tj ET Q q 0 0 0 rg BT 346.20 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.59 311.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 415.05 311.10 Td (for) Tj ET Q q 0 0 0 rg BT 426.31 311.10 Td (, ) Tj ET Q q 0 0 0 rg BT 431.87 311.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 459.92 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.30 311.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 497.97 311.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 526.02 311.10 Td (we ) Tj ET Q q 0 0 0 rg BT 540.74 311.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 561.57 311.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 68.08 299.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 106.27 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 128.92 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.47 299.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 199.22 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.21 299.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 246.18 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.61 299.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 307.02 299.10 Td (number ) Tj ET Q q 0 0 0 rg BT 340.78 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.32 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.87 299.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 397.07 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.06 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 424.60 299.10 Td (charter) Tj ET Q q 0 0 0 rg BT 451.81 299.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.81 299.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 481.41 299.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 511.83 299.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 536.15 299.10 Td (change ) Tj ET Q q 0 0 0 rg BT 567.68 299.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 80.62 287.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 101.36 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 121.53 287.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 143.38 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.67 287.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 188.18 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.92 287.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 220.76 287.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 265.93 287.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 302.77 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.06 287.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 342.02 287.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 371.63 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 382.91 287.10 Td (could ) Tj ET Q q 0 0 0 rg BT 408.09 287.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 429.94 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.23 287.10 Td (future ) Tj ET Q q 0 0 0 rg BT 473.07 287.10 Td (use ) Tj ET Q q 0 0 0 rg BT 489.35 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.64 287.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 515.82 287.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 542.67 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.41 287.10 Td (of) Tj ET Q q 0 0 0 rg BT 561.56 287.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (income ) Tj ET Q q 0 0 0 rg BT 67.93 275.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 82.65 275.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 129.59 275.10 Td (if ) Tj ET Q q 0 0 0 rg BT 138.20 275.10 Td (we ) Tj ET Q q 0 0 0 rg BT 152.36 275.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 173.74 275.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 218.45 275.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 254.84 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.67 275.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 293.16 275.10 Td (capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.29 251.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 103.52 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 118.15 251.10 Td (may ) Tj ET Q q 0 0 0 rg BT 138.32 251.10 Td (not ) Tj ET Q q 0 0 0 rg BT 154.06 251.10 Td (be ) Tj ET Q q 0 0 0 rg BT 166.46 251.10 Td (able ) Tj ET Q q 0 0 0 rg BT 186.08 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 196.81 251.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 218.65 251.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 248.26 251.10 Td (at ) Tj ET Q q 0 0 0 rg BT 258.44 251.10 Td (times ) Tj ET Q q 0 0 0 rg BT 283.07 251.10 Td (when ) Tj ET Q q 0 0 0 rg BT 307.69 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 322.31 251.10 Td (need ) Tj ET Q q 0 0 0 rg BT 344.14 251.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 373.75 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.05 251.10 Td (see ) Tj ET Q q 0 0 0 rg BT 400.77 251.10 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 456.51 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.25 251.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 494.09 251.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 526.21 251.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 552.50 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 251.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (same ) Tj ET Q q 0 0 0 rg BT 59.37 239.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 89.41 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.23 239.10 Td (could ) Tj ET Q q 0 0 0 rg BT 132.27 239.10 Td (make ) Tj ET Q q 0 0 0 rg BT 156.75 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.79 239.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 202.95 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.43 239.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 268.03 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.64 239.10 Td (real ) Tj ET Q q 0 0 0 rg BT 296.45 239.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 322.04 239.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 345.97 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.24 239.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 403.83 239.10 Td (attractive, ) Tj ET Q q 0 0 0 rg BT 446.35 239.10 Td (such ) Tj ET Q q 0 0 0 rg BT 467.51 239.10 Td (as ) Tj ET Q q 0 0 0 rg BT 478.66 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.71 239.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 541.52 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 552.67 239.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.92 227.10 Td (distressed ) Tj ET Q q 0 0 0 rg BT 99.85 227.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 131.21 227.10 Td (who ) Tj ET Q q 0 0 0 rg BT 150.92 227.10 Td (need ) Tj ET Q q 0 0 0 rg BT 172.28 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.55 227.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 220.02 227.10 Td (them ) Tj ET Q q 0 0 0 rg BT 242.50 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 252.21 227.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 286.34 227.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 315.20 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.12 227.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 379.59 227.10 Td (about ) Tj ET Q q 0 0 0 rg BT 404.29 227.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 429.54 227.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 449.53 227.10 Td (housing, ) Tj ET Q q 0 0 0 rg BT 486.18 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.10 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.81 227.10 Td (economy) Tj ET Q q 0 0 0 rg BT 553.81 227.10 Td (, ) Tj ET Q q 0 0 0 rg BT 558.80 227.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 57.82 215.10 Td (investors) Tj ET Q q 0 0 0 rg BT 96.52 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.45 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.82 215.10 Td (lenders) Tj ET Q q 0 0 0 rg BT 148.28 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.22 215.10 Td (willingness ) Tj ET Q q 0 0 0 rg BT 199.70 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.41 215.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 243.89 215.10 Td (us ) Tj ET Q q 0 0 0 rg BT 255.71 215.10 Td (with ) Tj ET Q q 0 0 0 rg BT 276.42 215.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 319.34 215.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 348.93 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.86 215.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 387.01 215.10 Td (that ) Tj ET Q q 0 0 0 rg BT 404.93 215.10 Td (are ) Tj ET Q q 0 0 0 rg BT 420.07 215.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 460.75 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.46 215.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 485.79 215.10 Td (if ) Tj ET Q q 0 0 0 rg BT 494.83 215.10 Td (at ) Tj ET Q q 0 0 0 rg BT 504.97 215.10 Td (all. ) Tj ET Q q 0 0 0 rg BT 520.19 215.10 Td (There ) Tj ET Q q 0 0 0 rg BT 546.44 215.10 Td (may ) Tj ET Q q 0 0 0 rg BT 566.58 215.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (other ) Tj ET Q q 0 0 0 rg BT 59.25 203.10 Td (reasons ) Tj ET Q q 0 0 0 rg BT 91.94 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 106.30 203.10 Td (are ) Tj ET Q q 0 0 0 rg BT 121.21 203.10 Td (not ) Tj ET Q q 0 0 0 rg BT 136.69 203.10 Td (able ) Tj ET Q q 0 0 0 rg BT 156.05 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.53 203.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 188.11 203.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 217.46 203.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 237.10 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 248.13 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 255.27 203.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 282.69 203.10 Td (may ) Tj ET Q q 0 0 0 rg BT 302.61 203.10 Td (not ) Tj ET Q q 0 0 0 rg BT 318.09 203.10 Td (be ) Tj ET Q q 0 0 0 rg BT 330.23 203.10 Td (able ) Tj ET Q q 0 0 0 rg BT 349.58 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.06 203.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 392.19 203.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 423.22 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.70 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.73 203.10 Td (business ) Tj ET Q q 0 0 0 rg BT 486.33 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.47 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.95 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 529.98 203.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 567.68 203.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 64.60 191.10 Td (If ) Tj ET Q q 0 0 0 rg BT 74.04 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.47 191.10 Td (are ) Tj ET Q q 0 0 0 rg BT 103.45 191.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 132.88 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.43 191.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 165.08 191.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 194.50 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.71 191.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 243.36 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.46 191.10 Td (business ) Tj ET Q q 0 0 0 rg BT 296.13 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.34 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 329.44 191.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 367.21 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.31 191.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 431.35 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.46 191.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 478.56 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 498.55 191.10 Td (be ) Tj ET Q q 0 0 0 rg BT 510.76 191.10 Td (limited, ) Tj ET Q q 0 0 0 rg BT 544.36 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 558.79 191.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 58.08 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 69.07 179.10 Td (for) Tj ET Q q 0 0 0 rg BT 80.55 179.10 Td (go ) Tj ET Q q 0 0 0 rg BT 93.76 179.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 134.16 179.10 Td (business ) Tj ET Q q 0 0 0 rg BT 171.26 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.90 179.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 235.99 179.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 294.47 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.12 179.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.66 179.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.63 179.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 408.93 179.10 Td (may ) Tj ET Q q 0 0 0 rg BT 429.36 179.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 465.32 179.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 518.51 179.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 551.70 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 562.69 179.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 65.15 167.10 Td (base. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 143.10 Td (o ) Tj ET Q q 0 0 0 rg BT 67.74 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.28 143.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 111.04 143.10 Td (we ) Tj ET Q q 0 0 0 rg BT 126.02 143.10 Td (have ) Tj ET Q q 0 0 0 rg BT 148.22 143.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 178.20 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 196.52 143.10 Td (is ) Tj ET Q q 0 0 0 rg BT 206.51 143.10 Td (available ) Tj ET Q q 0 0 0 rg BT 245.93 143.10 Td (for ) Tj ET Q q 0 0 0 rg BT 260.91 143.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 310.62 143.10 Td (we ) Tj ET Q q 0 0 0 rg BT 325.61 143.10 Td (have ) Tj ET Q q 0 0 0 rg BT 347.81 143.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 373.90 143.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 416.66 143.10 Td (over ) Tj ET Q q 0 0 0 rg BT 437.75 143.10 Td (how ) Tj ET Q q 0 0 0 rg BT 458.30 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.41 143.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 496.62 143.10 Td (that ) Tj ET Q q 0 0 0 rg BT 514.94 143.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 544.91 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 562.68 143.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 88.89 131.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.69 131.10 Td (other ) Tj ET Q q 0 0 0 rg BT 128.59 131.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 167.06 131.10 Td (will ) Tj ET Q q 0 0 0 rg BT 184.97 131.10 Td (be ) Tj ET Q q 0 0 0 rg BT 196.77 131.10 Td (relying ) Tj ET Q q 0 0 0 rg BT 227.45 131.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.81 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.38 131.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 294.52 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.20 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.89 131.10 Td (management ) Tj ET Q q 0 0 0 rg BT 374.34 131.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 415.01 131.10 Td (its ) Tj ET Q q 0 0 0 rg BT 426.82 131.10 Td (use. ) Tj ET Q q 0 0 0 rg BT 444.83 131.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.24 131.10 Td (o ) Tj ET Q q 0 0 0 rg BT 457.60 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.17 131.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 498.97 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 512.98 131.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 539.23 131.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 568.23 131.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 119.10 Td (business ) Tj ET Q q 0 0 0 rg BT 88.22 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 99.05 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.33 119.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 146.83 119.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 175.16 119.10 Td (we ) Tj ET Q q 0 0 0 rg BT 189.32 119.10 Td (may ) Tj ET Q q 0 0 0 rg BT 209.03 119.10 Td (not ) Tj ET Q q 0 0 0 rg BT 224.31 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 236.25 119.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 279.85 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.13 119.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 331.50 119.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 371.75 119.10 Td (returns. ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Conducting ) Tj ET Q q 0 0 0 rg BT 86.07 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 102.24 731.25 Td (business ) Tj ET Q q 0 0 0 rg BT 138.97 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 149.03 731.25 Td (a ) Tj ET Q q 0 0 0 rg BT 155.75 731.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 189.70 731.25 Td (so ) Tj ET Q q 0 0 0 rg BT 200.30 731.25 Td (that ) Tj ET Q q 0 0 0 rg BT 218.14 731.25 Td (we ) Tj ET Q q 0 0 0 rg BT 230.97 731.25 Td (are ) Tj ET Q q 0 0 0 rg BT 246.01 731.25 Td (exempt ) Tj ET Q q 0 0 0 rg BT 277.17 731.25 Td (from ) Tj ET Q q 0 0 0 rg BT 298.88 731.25 Td (registration ) Tj ET Q q 0 0 0 rg BT 348.39 731.25 Td (under) Tj ET Q q 0 0 0 rg BT 372.29 731.25 Td (, ) Tj ET Q q 0 0 0 rg BT 376.51 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.85 731.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 452.78 731.25 Td (with, ) Tj ET Q q 0 0 0 rg BT 474.78 731.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.28 731.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 536.55 731.25 Td (Company ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 53.03 719.25 Td (may ) Tj ET Q q 0 0 0 rg BT 73.39 719.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 104.30 719.25 Td (our ) Tj ET Q q 0 0 0 rg BT 121.90 719.25 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 163.92 719.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.63 719.25 Td (could ) Tj ET Q q 0 0 0 rg BT 208.55 719.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 230.58 719.25 Td (our ) Tj ET Q q 0 0 0 rg BT 248.18 719.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 276.87 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 287.80 719.25 Td (pursue ) Tj ET Q q 0 0 0 rg BT 319.28 719.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 351.31 719.25 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 410.95 719.25 Td (At ) Tj ET Q q 0 0 0 rg BT 423.54 719.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.46 719.25 Td (same ) Tj ET Q q 0 0 0 rg BT 463.71 719.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 487.13 719.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 518.05 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 528.98 719.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 568.24 719.25 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 67.39 707.25 Td (for ) Tj ET Q q 0 0 0 rg BT 82.11 707.25 Td (exemption ) Tj ET Q q 0 0 0 rg BT 127.38 707.25 Td (from ) Tj ET Q q 0 0 0 rg BT 149.88 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.16 707.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 213.22 707.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 254.79 707.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 271.18 707.25 Td (could ) Tj ET Q q 0 0 0 rg BT 296.46 707.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 337.27 707.25 Td (af) Tj ET Q q 0 0 0 rg BT 345.42 707.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 362.91 707.25 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 80.68 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.60 683.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 140.72 683.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 180.93 683.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 199.56 683.25 Td (an ) Tj ET Q q 0 0 0 rg BT 210.70 683.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 256.27 683.25 Td (company ) Tj ET Q q 0 0 0 rg BT 294.62 683.25 Td (is ) Tj ET Q q 0 0 0 rg BT 302.99 683.25 Td (required ) Tj ET Q q 0 0 0 rg BT 338.00 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.47 683.25 Td (register ) Tj ET Q q 0 0 0 rg BT 379.15 683.25 Td (with ) Tj ET Q q 0 0 0 rg BT 398.62 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.53 683.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 432.57 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.70 683.25 Td (is ) Tj ET Q q 0 0 0 rg BT 457.06 683.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 487.08 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.56 683.25 Td (extensive ) Tj ET Q q 0 0 0 rg BT 536.01 683.25 Td (restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.41 671.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 99.15 671.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 132.66 671.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 180.07 671.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 213.58 671.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 226.83 671.25 Td (among ) Tj ET Q q 0 0 0 rg BT 257.02 671.25 Td (other ) Tj ET Q q 0 0 0 rg BT 280.54 671.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 310.46 671.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.20 671.25 Td (methods, ) Tj ET Q q 0 0 0 rg BT 390.56 671.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 447.12 671.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 476.74 671.25 Td (structure, ) Tj ET Q q 0 0 0 rg BT 517.20 671.25 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 561.56 671.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 85.53 659.25 Td (with ) Tj ET Q q 0 0 0 rg BT 105.08 659.25 Td (af) Tj ET Q q 0 0 0 rg BT 112.67 659.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 144.15 659.25 Td (However) Tj ET Q q 0 0 0 rg BT 180.40 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 184.67 659.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 229.21 659.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 268.19 659.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 303.27 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 312.82 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.81 659.25 Td (business ) Tj ET Q q 0 0 0 rg BT 362.47 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.57 659.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 412.10 659.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 455.53 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.74 659.25 Td (other ) Tj ET Q q 0 0 0 rg BT 494.05 659.25 Td (liens ) Tj ET Q q 0 0 0 rg BT 514.71 659.25 Td (on ) Tj ET Q q 0 0 0 rg BT 526.48 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 542.69 659.25 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.48 647.25 Td (real ) Tj ET Q q 0 0 0 rg BT 62.16 647.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 86.63 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 100.53 647.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 139.43 647.25 Td (exempt ) Tj ET Q q 0 0 0 rg BT 170.57 647.25 Td (from ) Tj ET Q q 0 0 0 rg BT 191.70 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.62 647.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 259.52 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.55 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.47 647.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 329.60 647.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 369.81 647.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 388.32 647.25 Td (W) Tj ET Q q 0 0 0 rg BT 396.96 647.25 Td (e ) Tj ET Q q 0 0 0 rg BT 403.10 647.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 433.67 647.25 Td (that ) Tj ET Q q 0 0 0 rg BT 450.37 647.25 Td (we ) Tj ET Q q 0 0 0 rg BT 463.73 647.25 Td (have ) Tj ET Q q 0 0 0 rg BT 484.30 647.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 527.09 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 542.12 647.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (so ) Tj ET Q q 0 0 0 rg BT 46.51 635.25 Td (that ) Tj ET Q q 0 0 0 rg BT 63.13 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 76.41 635.25 Td (are ) Tj ET Q q 0 0 0 rg BT 90.24 635.25 Td (not ) Tj ET Q q 0 0 0 rg BT 104.64 635.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 134.58 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.98 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.82 635.25 Td (registration ) Tj ET Q q 0 0 0 rg BT 204.98 635.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 258.81 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.76 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.60 635.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 328.65 635.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 368.80 635.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 387.36 635.25 Td (In ) Tj ET Q q 0 0 0 rg BT 397.31 635.25 Td (order ) Tj ET Q q 0 0 0 rg BT 420.03 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.43 635.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 465.49 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 474.89 635.25 Td (do ) Tj ET Q q 0 0 0 rg BT 486.51 635.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 499.52 635.25 Td (however) Tj ET Q q 0 0 0 rg BT 533.55 635.25 Td (, ) Tj ET Q q 0 0 0 rg BT 537.67 635.25 Td (Redwood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.81 623.25 Td (each ) Tj ET Q q 0 0 0 rg BT 75.49 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.18 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.88 623.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 154.46 623.25 Td (must ) Tj ET Q q 0 0 0 rg BT 177.28 623.25 Td (either ) Tj ET Q q 0 0 0 rg BT 203.41 623.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 236.20 623.25 Td (so ) Tj ET Q q 0 0 0 rg BT 248.46 623.25 Td (as ) Tj ET Q q 0 0 0 rg BT 260.16 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.30 623.25 Td (fall ) Tj ET Q q 0 0 0 rg BT 287.99 623.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 320.25 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.83 623.25 Td (definition ) Tj ET Q q 0 0 0 rg BT 378.08 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 389.77 623.25 Td (an ) Tj ET Q q 0 0 0 rg BT 402.58 623.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 449.83 623.25 Td (company ) Tj ET Q q 0 0 0 rg BT 489.85 623.25 Td (under ) Tj ET Q q 0 0 0 rg BT 515.99 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.57 623.25 Td (Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 77.19 611.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 94.59 611.25 Td (or ) Tj ET Q q 0 0 0 rg BT 105.88 611.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 134.95 611.25 Td (its ) Tj ET Q q 0 0 0 rg BT 147.36 611.25 Td (own ) Tj ET Q q 0 0 0 rg BT 167.54 611.25 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 208.83 611.25 Td (under ) Tj ET Q q 0 0 0 rg BT 234.56 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.73 611.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 297.13 611.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 338.32 611.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 358.22 611.25 Td (For ) Tj ET Q q 0 0 0 rg BT 375.07 611.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 414.41 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 425.14 611.25 Td (avoid ) Tj ET Q q 0 0 0 rg BT 450.32 611.25 Td (being ) Tj ET Q q 0 0 0 rg BT 475.50 611.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 508.44 611.25 Td (as ) Tj ET Q q 0 0 0 rg BT 519.73 611.25 Td (an ) Tj ET Q q 0 0 0 rg BT 532.13 611.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (company) Tj ET Q q 0 0 0 rg BT 72.01 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 76.88 599.25 Td (an ) Tj ET Q q 0 0 0 rg BT 88.68 599.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 113.83 599.25 Td (may ) Tj ET Q q 0 0 0 rg BT 133.41 599.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 154.67 599.25 Td (its ) Tj ET Q q 0 0 0 rg BT 166.49 599.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 210.52 599.25 Td (or ) Tj ET Q q 0 0 0 rg BT 221.22 599.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 258.04 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.74 599.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 314.99 599.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 355.12 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.27 599.25 Td (less ) Tj ET Q q 0 0 0 rg BT 382.64 599.25 Td (than ) Tj ET Q q 0 0 0 rg BT 402.23 599.25 Td (40% ) Tj ET Q q 0 0 0 rg BT 422.93 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.63 599.25 Td (its ) Tj ET Q q 0 0 0 rg BT 445.45 599.25 Td (total ) Tj ET Q q 0 0 0 rg BT 465.59 599.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 493.79 599.25 Td (In ) Tj ET Q q 0 0 0 rg BT 504.49 599.25 Td (order ) Tj ET Q q 0 0 0 rg BT 527.96 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 538.10 599.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 566.58 599.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 76.20 587.25 Td (from ) Tj ET Q q 0 0 0 rg BT 97.52 587.25 Td (being ) Tj ET Q q 0 0 0 rg BT 121.61 587.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 153.48 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 163.68 587.25 Td (an ) Tj ET Q q 0 0 0 rg BT 175.00 587.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.76 587.25 Td (company) Tj ET Q q 0 0 0 rg BT 256.76 587.25 Td (, ) Tj ET Q q 0 0 0 rg BT 261.14 587.25 Td (other ) Tj ET Q q 0 0 0 rg BT 283.57 587.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 316.83 587.25 Td (among ) Tj ET Q q 0 0 0 rg BT 345.92 587.25 Td (other ) Tj ET Q q 0 0 0 rg BT 368.34 587.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 397.17 587.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 434.04 587.25 Td (at ) Tj ET Q q 0 0 0 rg BT 443.13 587.25 Td (least ) Tj ET Q q 0 0 0 rg BT 463.33 587.25 Td (55% ) Tj ET Q q 0 0 0 rg BT 483.54 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.75 587.25 Td (their ) Tj ET Q q 0 0 0 rg BT 513.95 587.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.16 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 548.81 587.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 80.14 575.25 Td (real ) Tj ET Q q 0 0 0 rg BT 98.16 575.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 123.96 575.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 150.33 575.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 168.91 575.25 Td (55% ) Tj ET Q q 0 0 0 rg BT 190.28 575.25 Td (Requirement\) ) Tj ET Q q 0 0 0 rg BT 248.29 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.77 575.25 Td (also ) Tj ET Q q 0 0 0 rg BT 284.91 575.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 322.94 575.25 Td (an ) Tj ET Q q 0 0 0 rg BT 335.41 575.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 378.44 575.25 Td (25% ) Tj ET Q q 0 0 0 rg BT 399.81 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 411.17 575.25 Td (their ) Tj ET Q q 0 0 0 rg BT 432.53 575.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 458.90 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.71 575.25 Td (such ) Tj ET Q q 0 0 0 rg BT 491.08 575.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 535.22 575.25 Td (real ) Tj ET Q q 0 0 0 rg BT 553.24 575.25 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 61.57 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 72.14 563.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 101.58 563.25 Td (other ) Tj ET Q q 0 0 0 rg BT 124.36 563.25 Td (types ) Tj ET Q q 0 0 0 rg BT 147.71 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.27 563.25 Td (real ) Tj ET Q q 0 0 0 rg BT 175.50 563.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 231.03 563.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 256.60 563.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 274.38 563.25 Td (25% ) Tj ET Q q 0 0 0 rg BT 294.95 563.25 Td (Requirement\). ) Tj ET Q q 0 0 0 rg BT 354.67 563.25 Td (Rapid ) Tj ET Q q 0 0 0 rg BT 380.79 563.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 415.24 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 425.26 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.71 563.25 Td (values ) Tj ET Q q 0 0 0 rg BT 467.49 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.06 563.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 503.63 563.25 Td (we ) Tj ET Q q 0 0 0 rg BT 517.53 563.25 Td (own, ) Tj ET Q q 0 0 0 rg BT 539.49 563.25 Td (however) Tj ET Q q 0 0 0 rg BT 573.52 563.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (can ) Tj ET Q q 0 0 0 rg BT 52.38 551.25 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 82.66 551.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 104.59 551.25 Td (ef) Tj ET Q q 0 0 0 rg BT 112.18 551.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 133.01 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.29 551.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 177.45 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 193.28 551.25 Td (business ) Tj ET Q q 0 0 0 rg BT 229.67 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.95 551.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 261.88 551.25 Td (these ) Tj ET Q q 0 0 0 rg BT 284.93 551.25 Td (requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (If ) Tj ET Q q 0 0 0 rg BT 63.18 527.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 104.04 527.25 Td (or ) Tj ET Q q 0 0 0 rg BT 114.89 527.25 Td (one ) Tj ET Q q 0 0 0 rg BT 131.85 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.71 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 158.56 527.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 208.30 527.25 Td (fell ) Tj ET Q q 0 0 0 rg BT 224.15 527.25 Td (within ) Tj ET Q q 0 0 0 rg BT 252.23 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.97 527.25 Td (definition ) Tj ET Q q 0 0 0 rg BT 308.37 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.23 527.25 Td (an ) Tj ET Q q 0 0 0 rg BT 331.19 527.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.59 527.25 Td (company ) Tj ET Q q 0 0 0 rg BT 416.77 527.25 Td (under ) Tj ET Q q 0 0 0 rg BT 442.07 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.81 527.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 503.76 527.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 544.62 527.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 561.58 527.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 60.74 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 70.50 515.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 100.80 515.25 Td (for ) Tj ET Q q 0 0 0 rg BT 114.44 515.25 Td (an ) Tj ET Q q 0 0 0 rg BT 125.85 515.25 Td (exclusion ) Tj ET Q q 0 0 0 rg BT 166.16 515.25 Td (or ) Tj ET Q q 0 0 0 rg BT 176.46 515.25 Td (exemption, ) Tj ET Q q 0 0 0 rg BT 223.15 515.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 265.40 515.25 Td (for ) Tj ET Q q 0 0 0 rg BT 279.04 515.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 317.39 515.25 Td (if ) Tj ET Q q 0 0 0 rg BT 325.48 515.25 Td (it ) Tj ET Q q 0 0 0 rg BT 333.01 515.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 357.75 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 367.51 515.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 388.92 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.11 515.25 Td (55% ) Tj ET Q q 0 0 0 rg BT 423.42 515.25 Td (Requirement ) Tj ET Q q 0 0 0 rg BT 477.05 515.25 Td (or ) Tj ET Q q 0 0 0 rg BT 487.36 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.55 515.25 Td (25% ) Tj ET Q q 0 0 0 rg BT 521.86 515.25 Td (Requirement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 50.38 503.25 Td (could, ) Tj ET Q q 0 0 0 rg BT 77.82 503.25 Td (among ) Tj ET Q q 0 0 0 rg BT 107.75 503.25 Td (other ) Tj ET Q q 0 0 0 rg BT 131.02 503.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 160.69 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 172.85 503.25 Td (required ) Tj ET Q q 0 0 0 rg BT 208.88 503.25 Td (either ) Tj ET Q q 0 0 0 rg BT 234.36 503.25 Td (\(i\)to ) Tj ET Q q 0 0 0 rg BT 256.80 503.25 Td (change ) Tj ET Q q 0 0 0 rg BT 287.84 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.77 503.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 335.48 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 345.98 503.25 Td (which ) Tj ET Q q 0 0 0 rg BT 373.13 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 387.51 503.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 421.89 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 437.94 503.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 482.31 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.81 503.25 Td (avoid ) Tj ET Q q 0 0 0 rg BT 517.75 503.25 Td (being ) Tj ET Q q 0 0 0 rg BT 542.68 503.25 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.46 491.25 Td (register ) Tj ET Q q 0 0 0 rg BT 79.13 491.25 Td (as ) Tj ET Q q 0 0 0 rg BT 90.15 491.25 Td (an ) Tj ET Q q 0 0 0 rg BT 102.27 491.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 148.84 491.25 Td (company ) Tj ET Q q 0 0 0 rg BT 188.18 491.25 Td (or ) Tj ET Q q 0 0 0 rg BT 199.19 491.25 Td (\(ii\)to ) Tj ET Q q 0 0 0 rg BT 224.37 491.25 Td (register ) Tj ET Q q 0 0 0 rg BT 257.04 491.25 Td (as ) Tj ET Q q 0 0 0 rg BT 268.06 491.25 Td (an ) Tj ET Q q 0 0 0 rg BT 280.18 491.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 326.75 491.25 Td (company) Tj ET Q q 0 0 0 rg BT 362.75 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 367.94 491.25 Td (either ) Tj ET Q q 0 0 0 rg BT 393.38 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.40 491.25 Td (which ) Tj ET Q q 0 0 0 rg BT 431.52 491.25 Td (could ) Tj ET Q q 0 0 0 rg BT 456.42 491.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 497.42 491.25 Td (af) Tj ET Q q 0 0 0 rg BT 505.01 491.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 522.68 491.25 Td (us ) Tj ET Q q 0 0 0 rg BT 534.26 491.25 Td (by) Tj ET Q q 0 0 0 rg BT 543.61 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 548.79 491.25 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (other ) Tj ET Q q 0 0 0 rg BT 59.02 479.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 88.44 479.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 127.57 479.25 Td (us ) Tj ET Q q 0 0 0 rg BT 138.93 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.19 479.25 Td (dispose ) Tj ET Q q 0 0 0 rg BT 181.66 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.46 479.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 222.14 479.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.94 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 258.74 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 269.00 479.25 Td (change ) Tj ET Q q 0 0 0 rg BT 299.78 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.47 479.25 Td (structure ) Tj ET Q q 0 0 0 rg BT 351.93 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.74 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 378.54 479.25 Td (business ) Tj ET Q q 0 0 0 rg BT 414.90 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 425.16 479.25 Td (ways ) Tj ET Q q 0 0 0 rg BT 448.18 479.25 Td (that ) Tj ET Q q 0 0 0 rg BT 465.65 479.25 Td (we ) Tj ET Q q 0 0 0 rg BT 479.78 479.25 Td (may ) Tj ET Q q 0 0 0 rg BT 499.47 479.25 Td (not ) Tj ET Q q 0 0 0 rg BT 514.72 479.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 546.07 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 556.32 479.25 Td (be ) Tj ET Q q 0 0 0 rg BT 568.23 479.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 52.26 467.25 Td (best ) Tj ET Q q 0 0 0 rg BT 71.31 467.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 110.07 467.25 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 157.43 467.25 Td (or ) Tj ET Q q 0 0 0 rg BT 168.70 467.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 212.72 467.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 247.87 467.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 281.34 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.05 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.21 467.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 354.57 467.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 395.75 467.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 413.12 467.25 Td (or ) Tj ET Q q 0 0 0 rg BT 424.39 467.25 Td (which ) Tj ET Q q 0 0 0 rg BT 451.76 467.25 Td (af) Tj ET Q q 0 0 0 rg BT 459.35 467.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 477.27 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.53 467.25 Td (ef) Tj ET Q q 0 0 0 rg BT 501.12 467.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 522.38 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.10 467.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 564.36 467.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (exclusions ) Tj ET Q q 0 0 0 rg BT 80.14 455.25 Td (or ) Tj ET Q q 0 0 0 rg BT 90.39 455.25 Td (exemptions, ) Tj ET Q q 0 0 0 rg BT 140.92 455.25 Td (including ) Tj ET Q q 0 0 0 rg BT 180.62 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 195.87 455.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 223.34 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 233.04 455.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 264.96 455.25 Td (with ) Tj ET Q q 0 0 0 rg BT 284.66 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.80 455.25 Td (55% ) Tj ET Q q 0 0 0 rg BT 319.06 455.25 Td (Requirement ) Tj ET Q q 0 0 0 rg BT 372.63 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.99 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.13 455.25 Td (25% ) Tj ET Q q 0 0 0 rg BT 423.38 455.25 Td (Requirement, ) Tj ET Q q 0 0 0 rg BT 479.46 455.25 Td (could ) Tj ET Q q 0 0 0 rg BT 503.60 455.25 Td (also ) Tj ET Q q 0 0 0 rg BT 521.63 455.25 Td (result ) Tj ET Q q 0 0 0 rg BT 545.77 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 555.47 455.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 69.04 443.25 Td (ef) Tj ET Q q 0 0 0 rg BT 76.63 443.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 98.00 443.25 Td (on ) Tj ET Q q 0 0 0 rg BT 110.50 443.25 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (If ) Tj ET Q q 0 0 0 rg BT 63.69 419.25 Td (we ) Tj ET Q q 0 0 0 rg BT 78.38 419.25 Td (were ) Tj ET Q q 0 0 0 rg BT 100.84 419.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 134.96 419.25 Td (an ) Tj ET Q q 0 0 0 rg BT 147.43 419.25 Td (unregistered ) Tj ET Q q 0 0 0 rg BT 199.88 419.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 246.80 419.25 Td (company) Tj ET Q q 0 0 0 rg BT 282.80 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 288.33 419.25 Td (we ) Tj ET Q q 0 0 0 rg BT 303.02 419.25 Td (could ) Tj ET Q q 0 0 0 rg BT 328.27 419.25 Td (be ) Tj ET Q q 0 0 0 rg BT 340.74 419.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 372.09 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.90 419.25 Td (monetary ) Tj ET Q q 0 0 0 rg BT 423.69 419.25 Td (penalties ) Tj ET Q q 0 0 0 rg BT 462.26 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.73 419.25 Td (injunctive ) Tj ET Q q 0 0 0 rg BT 522.75 419.25 Td (relief ) Tj ET Q q 0 0 0 rg BT 546.88 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 564.34 419.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (could ) Tj ET Q q 0 0 0 rg BT 60.50 407.25 Td (be ) Tj ET Q q 0 0 0 rg BT 72.23 407.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 101.17 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.24 407.25 Td (enforce ) Tj ET Q q 0 0 0 rg BT 143.50 407.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 181.88 407.25 Td (with ) Tj ET Q q 0 0 0 rg BT 201.94 407.25 Td (third ) Tj ET Q q 0 0 0 rg BT 223.12 407.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 252.06 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.78 407.25 Td (third ) Tj ET Q q 0 0 0 rg BT 289.96 407.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 318.90 407.25 Td (could ) Tj ET Q q 0 0 0 rg BT 343.40 407.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 363.46 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.52 407.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 400.80 407.25 Td (rescission ) Tj ET Q q 0 0 0 rg BT 442.53 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 453.15 407.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 503.20 407.25 Td (undertaken ) Tj ET Q q 0 0 0 rg BT 549.91 407.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.83 395.25 Td (period ) Tj ET Q q 0 0 0 rg BT 78.98 395.25 Td (we ) Tj ET Q q 0 0 0 rg BT 93.25 395.25 Td (were ) Tj ET Q q 0 0 0 rg BT 115.29 395.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 148.99 395.25 Td (an ) Tj ET Q q 0 0 0 rg BT 161.04 395.25 Td (unregistered ) Tj ET Q q 0 0 0 rg BT 213.07 395.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 259.56 395.25 Td (company) Tj ET Q q 0 0 0 rg BT 295.57 395.25 Td (, ) Tj ET Q q 0 0 0 rg BT 300.68 395.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 328.29 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.11 395.25 Td (court ) Tj ET Q q 0 0 0 rg BT 366.27 395.25 Td (found ) Tj ET Q q 0 0 0 rg BT 392.21 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 409.81 395.25 Td (under ) Tj ET Q q 0 0 0 rg BT 435.19 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.01 395.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 511.76 395.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 564.34 395.25 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (denial ) Tj ET Q q 0 0 0 rg BT 63.11 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 74.11 383.25 Td (rescission\) ) Tj ET Q q 0 0 0 rg BT 119.56 383.25 Td (would ) Tj ET Q q 0 0 0 rg BT 147.23 383.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 182.11 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 189.23 383.25 Td (more ) Tj ET Q q 0 0 0 rg BT 212.45 383.25 Td (equitable ) Tj ET Q q 0 0 0 rg BT 251.77 383.25 Td (result ) Tj ET Q q 0 0 0 rg BT 276.67 383.25 Td (than ) Tj ET Q q 0 0 0 rg BT 296.56 383.25 Td (no ) Tj ET Q q 0 0 0 rg BT 309.23 383.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 361.88 383.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 376.21 383.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 399.43 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.44 383.25 Td (rescission\) ) Tj ET Q q 0 0 0 rg BT 455.88 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.00 383.25 Td (would ) Tj ET Q q 0 0 0 rg BT 500.67 383.25 Td (not ) Tj ET Q q 0 0 0 rg BT 516.12 383.25 Td (be ) Tj ET Q q 0 0 0 rg BT 528.24 383.25 Td (inconsistent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (with ) Tj ET Q q 0 0 0 rg BT 56.28 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 71.00 371.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 117.93 371.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.76 371.25 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (An ) Tj ET Q q 0 0 0 rg BT 50.62 347.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 71.90 347.25 Td (r) Tj ET Q q 0 0 0 rg BT 75.42 347.25 Td (eview) Tj ET Q q 0 0 0 rg BT 97.44 347.25 Td (, ) Tj ET Q q 0 0 0 rg BT 103.45 347.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 140.29 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.57 347.25 Td (201) Tj ET Q q 0 0 0 rg BT 165.83 347.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 176.84 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.12 347.25 Td (one ) Tj ET Q q 0 0 0 rg BT 206.07 347.25 Td (section ) Tj ET Q q 0 0 0 rg BT 237.90 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.19 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.91 347.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 311.74 347.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 353.32 347.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 370.15 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.66 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.38 347.25 Td (r) Tj ET Q q 0 0 0 rg BT 407.90 347.25 Td (egulations ) Tj ET Q q 0 0 0 rg BT 453.08 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.58 347.25 Td (r) Tj ET Q q 0 0 0 rg BT 475.10 347.25 Td (egulatory ) Tj ET Q q 0 0 0 rg BT 516.94 347.25 Td (interpr) Tj ET Q q 0 0 0 rg BT 544.34 347.25 Td (etations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (pr) Tj ET Q q 0 0 0 rg BT 44.52 335.25 Td (omulgated ) Tj ET Q q 0 0 0 rg BT 89.40 335.25 Td (ther) Tj ET Q q 0 0 0 rg BT 105.14 335.25 Td (eunder ) Tj ET Q q 0 0 0 rg BT 135.58 335.25 Td (that ) Tj ET Q q 0 0 0 rg BT 153.80 335.25 Td (we ) Tj ET Q q 0 0 0 rg BT 167.57 335.25 Td (r) Tj ET Q q 0 0 0 rg BT 171.09 335.25 Td (ely ) Tj ET Q q 0 0 0 rg BT 185.41 335.25 Td (on ) Tj ET Q q 0 0 0 rg BT 198.08 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.52 335.25 Td (exempt ) Tj ET Q q 0 0 0 rg BT 239.51 335.25 Td (us ) Tj ET Q q 0 0 0 rg BT 251.06 335.25 Td (fr) Tj ET Q q 0 0 0 rg BT 257.36 335.25 Td (om ) Tj ET Q q 0 0 0 rg BT 272.25 335.25 Td (r) Tj ET Q q 0 0 0 rg BT 275.77 335.25 Td (egistration ) Tj ET Q q 0 0 0 rg BT 321.77 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.44 335.25 Td (r) Tj ET Q q 0 0 0 rg BT 342.96 335.25 Td (egulation ) Tj ET Q q 0 0 0 rg BT 383.40 335.25 Td (as ) Tj ET Q q 0 0 0 rg BT 394.96 335.25 Td (an ) Tj ET Q q 0 0 0 rg BT 407.62 335.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 453.05 335.25 Td (company ) Tj ET Q q 0 0 0 rg BT 491.82 335.25 Td (under ) Tj ET Q q 0 0 0 rg BT 517.81 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.69 335.25 Td (Investment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 76.38 323.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 91.92 323.25 Td (could ) Tj ET Q q 0 0 0 rg BT 116.34 323.25 Td (eventually ) Tj ET Q q 0 0 0 rg BT 159.64 323.25 Td (r) Tj ET Q q 0 0 0 rg BT 163.17 323.25 Td (esult ) Tj ET Q q 0 0 0 rg BT 184.26 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.25 323.25 Td (legislative ) Tj ET Q q 0 0 0 rg BT 237.56 323.25 Td (or ) Tj ET Q q 0 0 0 rg BT 248.66 323.25 Td (r) Tj ET Q q 0 0 0 rg BT 252.18 323.25 Td (egulatory ) Tj ET Q q 0 0 0 rg BT 292.72 323.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 330.20 323.25 Td (which ) Tj ET Q q 0 0 0 rg BT 356.30 323.25 Td (could ) Tj ET Q q 0 0 0 rg BT 380.73 323.25 Td (r) Tj ET Q q 0 0 0 rg BT 384.25 323.25 Td (equir) Tj ET Q q 0 0 0 rg BT 404.98 323.25 Td (e ) Tj ET Q q 0 0 0 rg BT 411.63 323.25 Td (us ) Tj ET Q q 0 0 0 rg BT 422.74 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 432.72 323.25 Td (change ) Tj ET Q q 0 0 0 rg BT 463.81 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 479.92 323.25 Td (business ) Tj ET Q q 0 0 0 rg BT 516.02 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 533.23 323.25 Td (operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 311.25 Td (or) Tj ET Q q 0 0 0 rg BT 54.80 311.25 Td (der ) Tj ET Q q 0 0 0 rg BT 70.63 311.25 Td (for ) Tj ET Q q 0 0 0 rg BT 84.80 311.25 Td (us ) Tj ET Q q 0 0 0 rg BT 96.19 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.47 311.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 143.40 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.68 311.25 Td (r) Tj ET Q q 0 0 0 rg BT 157.20 311.25 Td (ely ) Tj ET Q q 0 0 0 rg BT 171.36 311.25 Td (on ) Tj ET Q q 0 0 0 rg BT 183.86 311.25 Td (that ) Tj ET Q q 0 0 0 rg BT 201.91 311.25 Td (exemption ) Tj ET Q q 0 0 0 rg BT 245.51 311.25 Td (or ) Tj ET Q q 0 0 0 rg BT 256.90 311.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 289.95 311.25 Td (without ) Tj ET Q q 0 0 0 rg BT 322.45 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.17 311.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 366.88 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.16 311.25 Td (that ) Tj ET Q q 0 0 0 rg BT 395.21 311.25 Td (exemption. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.00 287.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.47 287.25 Td (August ) Tj ET Q q 0 0 0 rg BT 91.11 287.25 Td (201) Tj ET Q q 0 0 0 rg BT 105.74 287.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 115.99 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.96 287.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 152.05 287.25 Td (published ) Tj ET Q q 0 0 0 rg BT 193.68 287.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.87 287.25 Td (Concept ) Tj ET Q q 0 0 0 rg BT 236.94 287.25 Td (Release ) Tj ET Q q 0 0 0 rg BT 270.79 287.25 Td (within ) Tj ET Q q 0 0 0 rg BT 299.09 287.25 Td (which ) Tj ET Q q 0 0 0 rg BT 326.28 287.25 Td (it ) Tj ET Q q 0 0 0 rg BT 334.58 287.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 373.98 287.25 Td (interpretive ) Tj ET Q q 0 0 0 rg BT 422.82 287.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 449.46 287.25 Td (under ) Tj ET Q q 0 0 0 rg BT 474.98 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.94 287.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 537.12 287.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 52.93 275.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 85.97 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 96.24 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.95 275.25 Td (status ) Tj ET Q q 0 0 0 rg BT 136.22 275.25 Td (under ) Tj ET Q q 0 0 0 rg BT 161.49 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.20 275.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 223.13 275.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 263.96 275.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 280.89 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.71 275.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 336.97 275.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.46 275.25 Td (are ) Tj ET Q q 0 0 0 rg BT 369.16 275.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 404.97 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.24 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.95 275.25 Td (business ) Tj ET Q q 0 0 0 rg BT 466.34 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.16 275.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 517.42 275.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 561.57 275.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (mortgage-related ) Tj ET Q q 0 0 0 rg BT 108.23 263.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 158.83 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.20 263.25 Td (that ) Tj ET Q q 0 0 0 rg BT 196.12 263.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 215.60 263.25 Td (on ) Tj ET Q q 0 0 0 rg BT 229.53 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.68 263.25 Td (exemption ) Tj ET Q q 0 0 0 rg BT 291.83 263.25 Td (set ) Tj ET Q q 0 0 0 rg BT 306.87 263.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 330.24 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 341.95 263.25 Td (Section3\(c\)\(5\)\(C\) ) Tj ET Q q 0 0 0 rg BT 419.46 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 431.73 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.88 263.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 496.24 263.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 538.19 263.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 556.56 263.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 90.31 251.25 Td (under ) Tj ET Q q 0 0 0 rg BT 115.18 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.50 251.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 176.04 251.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 216.56 251.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 235.14 251.25 Td (Among ) Tj ET Q q 0 0 0 rg BT 267.24 251.25 Td (other ) Tj ET Q q 0 0 0 rg BT 289.89 251.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 318.94 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.26 251.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 353.71 251.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 395.24 251.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.12 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.44 251.25 Td (Concept ) Tj ET Q q 0 0 0 rg BT 454.87 251.25 Td (Release ) Tj ET Q q 0 0 0 rg BT 488.07 251.25 Td (that ) Tj ET Q q 0 0 0 rg BT 505.17 251.25 Td (it ) Tj ET Q q 0 0 0 rg BT 512.83 251.25 Td (was ) Tj ET Q q 0 0 0 rg BT 530.48 251.25 Td (concerned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.47 239.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 83.16 239.25 Td (types ) Tj ET Q q 0 0 0 rg BT 106.74 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.55 239.25 Td (mortgage-related ) Tj ET Q q 0 0 0 rg BT 188.33 239.25 Td (pools ) Tj ET Q q 0 0 0 rg BT 212.48 239.25 Td (today ) Tj ET Q q 0 0 0 rg BT 237.17 239.25 Td (appear ) Tj ET Q q 0 0 0 rg BT 266.30 239.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.56 239.25 Td (resemble ) Tj ET Q q 0 0 0 rg BT 315.13 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.39 239.25 Td (many ) Tj ET Q q 0 0 0 rg BT 350.08 239.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 384.77 239.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 431.13 239.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 476.38 239.25 Td (such ) Tj ET Q q 0 0 0 rg BT 497.19 239.25 Td (as ) Tj ET Q q 0 0 0 rg BT 508.00 239.25 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 553.79 239.25 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.22 227.25 Td (may ) Tj ET Q q 0 0 0 rg BT 71.21 227.25 Td (not ) Tj ET Q q 0 0 0 rg BT 85.77 227.25 Td (be ) Tj ET Q q 0 0 0 rg BT 96.99 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.99 227.25 Td (kinds ) Tj ET Q q 0 0 0 rg BT 134.44 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.55 227.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 189.09 227.25 Td (that ) Tj ET Q q 0 0 0 rg BT 205.87 227.25 Td (were ) Tj ET Q q 0 0 0 rg BT 227.07 227.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 263.29 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.85 227.25 Td (be ) Tj ET Q q 0 0 0 rg BT 284.06 227.25 Td (excluded ) Tj ET Q q 0 0 0 rg BT 321.94 227.25 Td (from ) Tj ET Q q 0 0 0 rg BT 343.16 227.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 385.48 227.25 Td (under ) Tj ET Q q 0 0 0 rg BT 410.03 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.02 227.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 470.24 227.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 510.51 227.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 526.73 227.25 Td (by ) Tj ET Q q 0 0 0 rg BT 538.51 227.25 Td (Section3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (\(c\)\(5\)\(C\). ) Tj ET Q q 0 0 0 rg BT 80.69 215.25 Td (T) Tj ET Q q 0 0 0 rg BT 86.10 215.25 Td (o ) Tj ET Q q 0 0 0 rg BT 92.89 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.90 215.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 133.13 215.25 Td (we ) Tj ET Q q 0 0 0 rg BT 146.58 215.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 163.92 215.25 Td (on ) Tj ET Q q 0 0 0 rg BT 175.71 215.25 Td (Section3\(c\)\(5\)\(C\) ) Tj ET Q q 0 0 0 rg BT 251.09 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.21 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.22 215.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 321.44 215.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 361.73 215.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 377.96 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 387.53 215.25 Td (exempt ) Tj ET Q q 0 0 0 rg BT 418.75 215.25 Td (us ) Tj ET Q q 0 0 0 rg BT 429.44 215.25 Td (from ) Tj ET Q q 0 0 0 rg BT 450.67 215.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 493.00 215.25 Td (under ) Tj ET Q q 0 0 0 rg BT 517.56 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.57 215.25 Td (Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 76.78 203.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 96.15 203.25 Td (we ) Tj ET Q q 0 0 0 rg BT 110.24 203.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 141.54 203.25 Td (that ) Tj ET Q q 0 0 0 rg BT 158.97 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 174.73 203.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 208.80 203.25 Td (is ) Tj ET Q q 0 0 0 rg BT 217.90 203.25 Td (proper) Tj ET Q q 0 0 0 rg BT 243.45 203.25 Td (. ) Tj ET Q q 0 0 0 rg BT 248.38 203.25 Td (However) Tj ET Q q 0 0 0 rg BT 284.63 203.25 Td (, ) Tj ET Q q 0 0 0 rg BT 289.56 203.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 331.98 203.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 352.75 203.25 Td (review ) Tj ET Q q 0 0 0 rg BT 382.39 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.26 203.25 Td (action ) Tj ET Q q 0 0 0 rg BT 426.12 203.25 Td (could ) Tj ET Q q 0 0 0 rg BT 450.77 203.25 Td (eventually ) Tj ET Q q 0 0 0 rg BT 494.85 203.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 513.94 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 524.15 203.25 Td (legislative ) Tj ET Q q 0 0 0 rg BT 567.68 203.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 80.44 191.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 116.00 191.25 Td (that ) Tj ET Q q 0 0 0 rg BT 134.34 191.25 Td (could ) Tj ET Q q 0 0 0 rg BT 159.91 191.25 Td (af) Tj ET Q q 0 0 0 rg BT 167.50 191.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 185.83 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 202.51 191.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 231.42 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 242.54 191.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 261.44 191.25 Td (on ) Tj ET Q q 0 0 0 rg BT 274.79 191.25 Td (that ) Tj ET Q q 0 0 0 rg BT 293.13 191.25 Td (exemption ) Tj ET Q q 0 0 0 rg BT 338.70 191.25 Td (or ) Tj ET Q q 0 0 0 rg BT 350.38 191.25 Td (could ) Tj ET Q q 0 0 0 rg BT 375.94 191.25 Td (eventually ) Tj ET Q q 0 0 0 rg BT 420.94 191.25 Td (require ) Tj ET Q q 0 0 0 rg BT 452.61 191.25 Td (us ) Tj ET Q q 0 0 0 rg BT 464.85 191.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.98 191.25 Td (change ) Tj ET Q q 0 0 0 rg BT 507.64 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 524.32 191.25 Td (business ) Tj ET Q q 0 0 0 rg BT 561.56 191.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 80.52 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 91.17 179.25 Td (order ) Tj ET Q q 0 0 0 rg BT 115.14 179.25 Td (for ) Tj ET Q q 0 0 0 rg BT 129.66 179.25 Td (us ) Tj ET Q q 0 0 0 rg BT 141.42 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.07 179.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 189.37 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.02 179.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 218.43 179.25 Td (on ) Tj ET Q q 0 0 0 rg BT 231.30 179.25 Td (that ) Tj ET Q q 0 0 0 rg BT 249.16 179.25 Td (exemption. ) Tj ET Q q 0 0 0 rg BT 296.74 179.25 Td (Even ) Tj ET Q q 0 0 0 rg BT 320.15 179.25 Td (if ) Tj ET Q q 0 0 0 rg BT 329.13 179.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.22 179.25 Td (SEC) Tj ET Q q 0 0 0 rg BT 365.33 179.25 Td (s ) Tj ET Q q 0 0 0 rg BT 372.09 179.25 Td (review ) Tj ET Q q 0 0 0 rg BT 402.17 179.25 Td (of ) Tj ET Q q 0 0 0 rg BT 413.37 179.25 Td (this ) Tj ET Q q 0 0 0 rg BT 430.68 179.25 Td (exemption ) Tj ET Q q 0 0 0 rg BT 475.76 179.25 Td (does ) Tj ET Q q 0 0 0 rg BT 496.96 179.25 Td (not ) Tj ET Q q 0 0 0 rg BT 512.60 179.25 Td (eventually ) Tj ET Q q 0 0 0 rg BT 557.12 179.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (these ) Tj ET Q q 0 0 0 rg BT 58.82 167.25 Td (ef) Tj ET Q q 0 0 0 rg BT 66.41 167.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 87.57 167.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.85 167.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 113.51 167.25 Td (in ) Tj ET Q q 0 0 0 rg BT 123.57 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.07 167.25 Td (interim, ) Tj ET Q q 0 0 0 rg BT 171.73 167.25 Td (while ) Tj ET Q q 0 0 0 rg BT 196.22 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.71 167.25 Td (SEC) Tj ET Q q 0 0 0 rg BT 231.83 167.25 Td (s ) Tj ET Q q 0 0 0 rg BT 238.00 167.25 Td (Concept ) Tj ET Q q 0 0 0 rg BT 273.60 167.25 Td (Release ) Tj ET Q q 0 0 0 rg BT 306.98 167.25 Td (is ) Tj ET Q q 0 0 0 rg BT 315.92 167.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 367.37 167.25 Td (any ) Tj ET Q q 0 0 0 rg BT 384.08 167.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 431.34 167.25 Td (created ) Tj ET Q q 0 0 0 rg BT 462.48 167.25 Td (by ) Tj ET Q q 0 0 0 rg BT 474.76 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.25 167.25 Td (SEC) Tj ET Q q 0 0 0 rg BT 510.37 167.25 Td (s ) Tj ET Q q 0 0 0 rg BT 516.54 167.25 Td (review ) Tj ET Q q 0 0 0 rg BT 546.03 167.25 Td (process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (could ) Tj ET Q q 0 0 0 rg BT 61.13 155.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 105.70 155.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 135.82 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.96 155.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 179.42 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.67 155.25 Td (companies, ) Tj ET Q q 0 0 0 rg BT 238.85 155.25 Td (such ) Tj ET Q q 0 0 0 rg BT 260.09 155.25 Td (as ) Tj ET Q q 0 0 0 rg BT 271.34 155.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 285.64 155.25 Td (that ) Tj ET Q q 0 0 0 rg BT 303.55 155.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 322.02 155.25 Td (on ) Tj ET Q q 0 0 0 rg BT 334.93 155.25 Td (this ) Tj ET Q q 0 0 0 rg BT 352.29 155.25 Td (exemption ) Tj ET Q q 0 0 0 rg BT 397.42 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.11 155.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 429.91 155.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 461.97 155.25 Td (borrow ) Tj ET Q q 0 0 0 rg BT 493.77 155.25 Td (money) Tj ET Q q 0 0 0 rg BT 520.34 155.25 Td (, ) Tj ET Q q 0 0 0 rg BT 525.75 155.25 Td (or ) Tj ET Q q 0 0 0 rg BT 537.00 155.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 568.23 155.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 65.70 143.25 Td (other ) Tj ET Q q 0 0 0 rg BT 88.75 143.25 Td (types ) Tj ET Q q 0 0 0 rg BT 112.36 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.19 143.25 Td (business ) Tj ET Q q 0 0 0 rg BT 159.58 143.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 212.34 143.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.28 143.25 Td (could ) Tj ET Q q 0 0 0 rg BT 264.00 143.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 308.15 143.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 337.86 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.69 143.25 Td (business ) Tj ET Q q 0 0 0 rg BT 390.08 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 407.02 143.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.50 143.25 Td (results. ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (36) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 82.12 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 93.23 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 110.46 731.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 143.24 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.57 731.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 192.13 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.47 731.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 255.47 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.58 731.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 309.92 731.25 Td (law ) Tj ET Q q 0 0 0 rg BT 327.14 731.25 Td (may ) Tj ET Q q 0 0 0 rg BT 347.13 731.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 368.80 731.25 Td (a ) Tj ET Q q 0 0 0 rg BT 376.58 731.25 Td (change ) Tj ET Q q 0 0 0 rg BT 409.35 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.47 731.25 Td (control ) Tj ET Q q 0 0 0 rg BT 452.69 731.25 Td (or ) Tj ET Q q 0 0 0 rg BT 464.36 731.25 Td (deter ) Tj ET Q q 0 0 0 rg BT 487.68 731.25 Td (a ) Tj ET Q q 0 0 0 rg BT 495.46 731.25 Td (takeover ) Tj ET Q q 0 0 0 rg BT 533.22 731.25 Td (that ) Tj ET Q q 0 0 0 rg BT 552.11 731.25 Td (might ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 77.95 719.25 Td (result ) Tj ET Q q 0 0 0 rg BT 103.79 719.25 Td (in ) Tj ET Q q 0 0 0 rg BT 114.63 719.25 Td (a ) Tj ET Q q 0 0 0 rg BT 122.13 719.25 Td (premium ) Tj ET Q q 0 0 0 rg BT 161.85 719.25 Td (price ) Tj ET Q q 0 0 0 rg BT 184.90 719.25 Td (being ) Tj ET Q q 0 0 0 rg BT 210.18 719.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 230.46 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.74 719.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.69 719.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 313.53 719.25 Td (for ) Tj ET Q q 0 0 0 rg BT 328.26 719.25 Td (their ) Tj ET Q q 0 0 0 rg BT 350.20 719.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 379.38 719.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.22 719.25 Td (Redwood. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (In ) Tj ET Q q 0 0 0 rg BT 65.11 695.25 Td (order ) Tj ET Q q 0 0 0 rg BT 88.99 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 99.55 695.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 137.33 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 153.44 695.25 Td (status ) Tj ET Q q 0 0 0 rg BT 179.00 695.25 Td (as ) Tj ET Q q 0 0 0 rg BT 190.11 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.33 695.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 218.81 695.25 Td (, ) Tj ET Q q 0 0 0 rg BT 224.09 695.25 Td (not ) Tj ET Q q 0 0 0 rg BT 239.65 695.25 Td (more ) Tj ET Q q 0 0 0 rg BT 262.98 695.25 Td (than ) Tj ET Q q 0 0 0 rg BT 282.98 695.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 304.09 695.25 Td (in ) Tj ET Q q 0 0 0 rg BT 314.65 695.25 Td (value ) Tj ET Q q 0 0 0 rg BT 339.09 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.20 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 366.31 695.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 415.76 695.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 445.19 695.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.08 695.25 Td (may ) Tj ET Q q 0 0 0 rg BT 489.08 695.25 Td (be ) Tj ET Q q 0 0 0 rg BT 501.30 695.25 Td (owned, ) Tj ET Q q 0 0 0 rg BT 533.25 695.25 Td (actually ) Tj ET Q q 0 0 0 rg BT 567.68 695.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (constructively) Tj ET Q q 0 0 0 rg BT 92.00 683.25 Td (, ) Tj ET Q q 0 0 0 rg BT 96.34 683.25 Td (by ) Tj ET Q q 0 0 0 rg BT 108.18 683.25 Td (five ) Tj ET Q q 0 0 0 rg BT 125.56 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 135.73 683.25 Td (fewer ) Tj ET Q q 0 0 0 rg BT 160.33 683.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 206.61 683.25 Td (\(defined ) Tj ET Q q 0 0 0 rg BT 241.76 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.38 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.44 683.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 298.37 683.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 335.19 683.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 358.14 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 367.76 683.25 Td (include ) Tj ET Q q 0 0 0 rg BT 399.03 683.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 428.07 683.25 Td (entities\). ) Tj ET Q q 0 0 0 rg BT 464.62 683.25 Td (In ) Tj ET Q q 0 0 0 rg BT 474.79 683.25 Td (order ) Tj ET Q q 0 0 0 rg BT 497.72 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 507.34 683.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 536.94 683.25 Td (us ) Tj ET Q q 0 0 0 rg BT 547.67 683.25 Td (against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.45 671.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 69.69 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.25 671.25 Td (losing ) Tj ET Q q 0 0 0 rg BT 108.93 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.50 671.25 Td (status ) Tj ET Q q 0 0 0 rg BT 151.51 671.25 Td (as ) Tj ET Q q 0 0 0 rg BT 163.08 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 170.75 671.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 192.79 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 196.02 671.25 Td (due ) Tj ET Q q 0 0 0 rg BT 213.70 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.71 671.25 Td (concentration ) Tj ET Q q 0 0 0 rg BT 282.36 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.93 671.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 338.82 671.25 Td (among ) Tj ET Q q 0 0 0 rg BT 369.27 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.84 671.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 439.61 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.28 671.25 Td (for ) Tj ET Q q 0 0 0 rg BT 472.18 671.25 Td (other ) Tj ET Q q 0 0 0 rg BT 495.96 671.25 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 531.69 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 548.25 671.25 Td (charter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 76.59 659.25 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 115.54 659.25 Td (any ) Tj ET Q q 0 0 0 rg BT 133.37 659.25 Td (single ) Tj ET Q q 0 0 0 rg BT 160.64 659.25 Td (shareholder) Tj ET Q q 0 0 0 rg BT 206.89 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.78 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 224.50 659.25 Td (any ) Tj ET Q q 0 0 0 rg BT 242.33 659.25 Td (group ) Tj ET Q q 0 0 0 rg BT 269.05 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.77 659.25 Td (af) Tj ET Q q 0 0 0 rg BT 288.36 659.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 320.07 659.25 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 376.49 659.25 Td (from ) Tj ET Q q 0 0 0 rg BT 399.32 659.25 Td (beneficially ) Tj ET Q q 0 0 0 rg BT 449.91 659.25 Td (owning ) Tj ET Q q 0 0 0 rg BT 483.30 659.25 Td (more ) Tj ET Q q 0 0 0 rg BT 507.24 659.25 Td (than ) Tj ET Q q 0 0 0 rg BT 527.84 659.25 Td (9.8% ) Tj ET Q q 0 0 0 rg BT 552.06 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 659.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 85.06 647.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 112.44 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.17 647.25 Td (any ) Tj ET Q q 0 0 0 rg BT 140.00 647.25 Td (class ) Tj ET Q q 0 0 0 rg BT 161.83 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.56 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 188.28 647.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 214.28 647.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 241.68 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.40 647.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 284.23 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.96 647.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 334.56 647.25 Td (waives ) Tj ET Q q 0 0 0 rg BT 364.72 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 375.45 647.25 Td (modifies ) Tj ET Q q 0 0 0 rg BT 412.83 647.25 Td (this ) Tj ET Q q 0 0 0 rg BT 429.68 647.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 473.73 647.25 Td (limit. ) Tj ET Q q 0 0 0 rg BT 497.34 647.25 Td (This ) Tj ET Q q 0 0 0 rg BT 517.52 647.25 Td (limitation ) Tj ET Q q 0 0 0 rg BT 558.80 647.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (have ) Tj ET Q q 0 0 0 rg BT 57.21 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 71.77 635.25 Td (ef) Tj ET Q q 0 0 0 rg BT 79.35 635.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 96.68 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.34 635.25 Td (precluding ) Tj ET Q q 0 0 0 rg BT 152.44 635.25 Td (an ) Tj ET Q q 0 0 0 rg BT 164.22 635.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 210.44 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.10 635.25 Td (control ) Tj ET Q q 0 0 0 rg BT 251.76 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.43 635.25 Td (us ) Tj ET Q q 0 0 0 rg BT 273.66 635.25 Td (by ) Tj ET Q q 0 0 0 rg BT 286.00 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 292.77 635.25 Td (third ) Tj ET Q q 0 0 0 rg BT 313.99 635.25 Td (party ) Tj ET Q q 0 0 0 rg BT 336.88 635.25 Td (without ) Tj ET Q q 0 0 0 rg BT 369.77 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.32 635.25 Td (consent ) Tj ET Q q 0 0 0 rg BT 417.21 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.87 635.25 Td (our ) Tj ET Q q 0 0 0 rg BT 443.54 635.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 470.31 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.98 635.25 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 523.02 635.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 540.91 635.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 567.69 635.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 75.41 623.25 Td (has ) Tj ET Q q 0 0 0 rg BT 90.94 623.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 123.13 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 129.78 623.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 160.31 623.25 Td (number ) Tj ET Q q 0 0 0 rg BT 193.06 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.59 623.25 Td (waivers ) Tj ET Q q 0 0 0 rg BT 236.90 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.88 623.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 296.86 623.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 335.17 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.15 623.25 Td (own ) Tj ET Q q 0 0 0 rg BT 364.58 623.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 391.77 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.75 623.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 430.06 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.59 623.25 Td (this ) Tj ET Q q 0 0 0 rg BT 457.24 623.25 Td (9.8% ) Tj ET Q q 0 0 0 rg BT 480.28 623.25 Td (limit, ) Tj ET Q q 0 0 0 rg BT 503.87 623.25 Td (which ) Tj ET Q q 0 0 0 rg BT 530.51 623.25 Td (waivers ) Tj ET Q q 0 0 0 rg BT 563.82 623.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 66.78 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 77.00 611.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 106.66 611.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 131.32 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.21 611.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 194.83 611.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 212.83 611.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 239.72 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.50 611.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 290.16 611.25 Td (may ) Tj ET Q q 0 0 0 rg BT 309.82 611.25 Td (amend ) Tj ET Q q 0 0 0 rg BT 338.93 611.25 Td (these ) Tj ET Q q 0 0 0 rg BT 361.92 611.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 396.04 611.25 Td (waivers ) Tj ET Q q 0 0 0 rg BT 429.59 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.82 611.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 468.37 611.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 510.81 611.25 Td (share ) Tj ET Q q 0 0 0 rg BT 534.36 611.25 Td (ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 599.25 Td (may ) Tj ET Q q 0 0 0 rg BT 66.55 599.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 89.59 599.25 Td (waivers ) Tj ET Q q 0 0 0 rg BT 123.19 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.47 599.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 175.96 599.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 229.00 599.25 Td (at ) Tj ET Q q 0 0 0 rg BT 238.71 599.25 Td (any ) Tj ET Q q 0 0 0 rg BT 255.65 599.25 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 86.12 575.25 Td (other ) Tj ET Q q 0 0 0 rg BT 109.34 575.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 153.70 575.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 195.25 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 205.71 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 221.72 575.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 252.16 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.28 575.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 300.29 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.41 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.87 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.77 575.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 384.33 575.25 Td (General ) Tj ET Q q 0 0 0 rg BT 418.66 575.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 469.67 575.25 Td (Law ) Tj ET Q q 0 0 0 rg BT 490.12 575.25 Td (\(MGCL\) ) Tj ET Q q 0 0 0 rg BT 537.23 575.25 Td (may ) Tj ET Q q 0 0 0 rg BT 557.13 575.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.15 563.25 Td (ef) Tj ET Q q 0 0 0 rg BT 58.74 563.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 76.65 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.92 563.25 Td (discouraging ) Tj ET Q q 0 0 0 rg BT 142.50 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 149.87 563.25 Td (third ) Tj ET Q q 0 0 0 rg BT 171.69 563.25 Td (party ) Tj ET Q q 0 0 0 rg BT 195.17 563.25 Td (from ) Tj ET Q q 0 0 0 rg BT 217.54 563.25 Td (making ) Tj ET Q q 0 0 0 rg BT 250.47 563.25 Td (an ) Tj ET Q q 0 0 0 rg BT 262.84 563.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 309.65 563.25 Td (proposal ) Tj ET Q q 0 0 0 rg BT 347.03 563.25 Td (for ) Tj ET Q q 0 0 0 rg BT 361.62 563.25 Td (us ) Tj ET Q q 0 0 0 rg BT 373.44 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.81 563.25 Td (may ) Tj ET Q q 0 0 0 rg BT 410.96 563.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 449.98 563.25 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 479.02 563.25 Td (a ) Tj ET Q q 0 0 0 rg BT 486.39 563.25 Td (change ) Tj ET Q q 0 0 0 rg BT 517.64 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.35 563.25 Td (control. ) Tj ET Q q 0 0 0 rg BT 562.11 563.25 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 74.85 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 90.66 551.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 120.90 551.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 156.70 551.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 200.85 551.25 Td (granting ) Tj ET Q q 0 0 0 rg BT 236.66 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 252.47 551.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 279.39 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.20 551.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 329.89 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.58 551.25 Td (authority ) Tj ET Q q 0 0 0 rg BT 383.17 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 393.43 551.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 415.91 551.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 455.02 551.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 478.61 551.25 Td (from ) Tj ET Q q 0 0 0 rg BT 500.53 551.25 Td (time ) Tj ET Q q 0 0 0 rg BT 520.79 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 531.04 551.25 Td (time ) Tj ET Q q 0 0 0 rg BT 551.30 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 568.22 551.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 73.29 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.81 539.25 Td (terms, ) Tj ET Q q 0 0 0 rg BT 114.83 539.25 Td (preferences, ) Tj ET Q q 0 0 0 rg BT 165.70 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.44 539.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 207.52 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.15 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.67 539.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 271.60 539.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 295.01 539.25 Td (without ) Tj ET Q q 0 0 0 rg BT 327.87 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.38 539.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 379.67 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.30 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.93 539.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 461.26 539.25 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 505.79 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 515.87 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 531.50 539.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 561.56 539.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.53 527.25 Td (MGCL) Tj ET Q q 0 0 0 rg BT 79.05 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.37 527.25 Td (also ) Tj ET Q q 0 0 0 rg BT 99.79 527.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 129.87 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.51 527.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 198.64 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.95 527.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 228.82 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.91 527.25 Td (remove ) Tj ET Q q 0 0 0 rg BT 271.21 527.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 308.51 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.26 527.25 Td (fill ) Tj ET Q q 0 0 0 rg BT 339.24 527.25 Td (vacancies ) Tj ET Q q 0 0 0 rg BT 380.42 527.25 Td (on ) Tj ET Q q 0 0 0 rg BT 392.73 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 408.38 527.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 435.13 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.78 527.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 485.30 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.05 527.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 532.13 527.25 Td (unsolicited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (share ) Tj ET Q q 0 0 0 rg BT 59.76 515.25 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 112.51 515.25 Td (These ) Tj ET Q q 0 0 0 rg BT 139.05 515.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 183.39 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.49 515.25 Td (others ) Tj ET Q q 0 0 0 rg BT 227.60 515.25 Td (may ) Tj ET Q q 0 0 0 rg BT 247.48 515.25 Td (deter ) Tj ET Q q 0 0 0 rg BT 270.13 515.25 Td (of) Tj ET Q q 0 0 0 rg BT 278.28 515.25 Td (fers ) Tj ET Q q 0 0 0 rg BT 295.94 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.38 515.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 338.47 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.47 515.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 378.24 515.25 Td (or ) Tj ET Q q 0 0 0 rg BT 389.24 515.25 Td (lar) Tj ET Q q 0 0 0 rg BT 399.61 515.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 411.71 515.25 Td (blocks ) Tj ET Q q 0 0 0 rg BT 440.48 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.48 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 467.48 515.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 491.25 515.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 513.92 515.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 538.80 515.25 Td (attractive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.24 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 62.04 503.25 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 117.54 503.25 Td (thereby ) Tj ET Q q 0 0 0 rg BT 149.98 503.25 Td (limiting ) Tj ET Q q 0 0 0 rg BT 184.12 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.80 503.25 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 247.93 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.05 503.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 315.05 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.29 503.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 356.62 503.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.52 503.25 Td (premium ) Tj ET Q q 0 0 0 rg BT 402.09 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 416.21 503.25 Td (their ) Tj ET Q q 0 0 0 rg BT 437.00 503.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 464.45 503.25 Td (over ) Tj ET Q q 0 0 0 rg BT 484.68 503.25 Td (then-prevailing ) Tj ET Q q 0 0 0 rg BT 548.24 503.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (prices. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (The ) Tj ET Q q 0 0 0 rg BT 54.46 467.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 82.37 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 92.51 467.25 Td (take ) Tj ET Q q 0 0 0 rg BT 112.08 467.25 Td (action ) Tj ET Q q 0 0 0 rg BT 139.99 467.25 Td (against ) Tj ET Q q 0 0 0 rg BT 172.36 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.17 467.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 227.63 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 245.55 467.25 Td (of) Tj ET Q q 0 0 0 rg BT 253.70 467.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 278.82 467.25 Td (is ) Tj ET Q q 0 0 0 rg BT 287.85 467.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 318.53 467.25 Td (by ) Tj ET Q q 0 0 0 rg BT 330.33 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 347.14 467.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 379.49 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.41 467.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 427.55 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 445.46 467.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 490.05 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.74 467.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 543.65 467.25 Td (law ) Tj ET Q q 0 0 0 rg BT 560.46 467.25 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (we ) Tj ET Q q 0 0 0 rg BT 49.78 455.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.68 455.25 Td (\(or) Tj ET Q q 0 0 0 rg BT 81.35 455.25 Td (, ) Tj ET Q q 0 0 0 rg BT 86.52 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 97.54 455.25 Td (some ) Tj ET Q q 0 0 0 rg BT 121.32 455.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 148.16 455.25 Td (are ) Tj ET Q q 0 0 0 rg BT 164.16 455.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 204.61 455.25 Td (to\) ) Tj ET Q q 0 0 0 rg BT 218.40 455.25 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 262.74 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.87 455.25 Td (current ) Tj ET Q q 0 0 0 rg BT 313.10 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.34 455.25 Td (former ) Tj ET Q q 0 0 0 rg BT 362.35 455.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 401.13 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.37 455.25 Td (of) Tj ET Q q 0 0 0 rg BT 427.52 455.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 452.96 455.25 Td (against ) Tj ET Q q 0 0 0 rg BT 485.65 455.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 517.21 455.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 543.78 455.25 Td (relating ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 443.25 Td (their ) Tj ET Q q 0 0 0 rg BT 68.23 443.25 Td (service ) Tj ET Q q 0 0 0 rg BT 99.04 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.32 443.25 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.71 419.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 103.61 419.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 129.55 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.92 419.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 179.19 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.67 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 207.15 419.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 245.29 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.89 419.25 Td (of) Tj ET Q q 0 0 0 rg BT 271.04 419.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 296.40 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.33 419.25 Td (us ) Tj ET Q q 0 0 0 rg BT 319.38 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.97 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.90 419.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 401.59 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 416.41 419.25 Td (pecuniary ) Tj ET Q q 0 0 0 rg BT 458.99 419.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 497.13 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 508.06 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.43 419.25 Td (fullest ) Tj ET Q q 0 0 0 rg BT 551.58 419.25 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 76.70 407.25 Td (by ) Tj ET Q q 0 0 0 rg BT 89.07 407.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 130.32 407.25 Td (law) Tj ET Q q 0 0 0 rg BT 144.11 407.25 Td (. ) Tj ET Q q 0 0 0 rg BT 148.99 407.25 Td (In ) Tj ET Q q 0 0 0 rg BT 159.69 407.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 197.34 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 213.05 407.25 Td (charter ) Tj ET Q q 0 0 0 rg BT 243.18 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.99 407.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 290.70 407.25 Td (together ) Tj ET Q q 0 0 0 rg BT 325.84 407.25 Td (require ) Tj ET Q q 0 0 0 rg BT 356.53 407.25 Td (us ) Tj ET Q q 0 0 0 rg BT 367.79 407.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.95 407.25 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 421.43 407.25 Td (our ) Tj ET Q q 0 0 0 rg BT 437.13 407.25 Td (of) Tj ET Q q 0 0 0 rg BT 445.28 407.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 469.86 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.68 407.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 524.04 407.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 544.18 407.25 Td (those ) Tj ET Q q 0 0 0 rg BT 567.67 407.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 52.02 395.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 101.93 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.06 395.25 Td (af) Tj ET Q q 0 0 0 rg BT 126.65 395.25 Td (filiates\) ) Tj ET Q q 0 0 0 rg BT 159.89 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 170.36 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.27 395.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 228.51 395.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 255.64 395.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 296.65 395.25 Td (by ) Tj ET Q q 0 0 0 rg BT 309.34 395.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 350.91 395.25 Td (law ) Tj ET Q q 0 0 0 rg BT 368.05 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 378.52 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.43 395.25 Td (defense ) Tj ET Q q 0 0 0 rg BT 426.66 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.68 395.25 Td (any ) Tj ET Q q 0 0 0 rg BT 454.81 395.25 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 501.93 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.40 395.25 Td (which ) Tj ET Q q 0 0 0 rg BT 539.53 395.25 Td (he ) Tj ET Q q 0 0 0 rg BT 551.66 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 562.68 395.25 Td (she ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (is ) Tj ET Q q 0 0 0 rg BT 45.47 383.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 72.42 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 83.54 383.25 Td (threatened ) Tj ET Q q 0 0 0 rg BT 127.98 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.55 383.25 Td (be ) Tj ET Q q 0 0 0 rg BT 150.79 383.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 177.74 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.97 383.25 Td (party ) Tj ET Q q 0 0 0 rg BT 208.31 383.25 Td (because ) Tj ET Q q 0 0 0 rg BT 242.75 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.88 383.25 Td (his ) Tj ET Q q 0 0 0 rg BT 268.34 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 279.47 383.25 Td (her ) Tj ET Q q 0 0 0 rg BT 295.03 383.25 Td (service ) Tj ET Q q 0 0 0 rg BT 326.14 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.72 383.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 350.90 383.25 Td (In ) Tj ET Q q 0 0 0 rg BT 362.03 383.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 400.10 383.25 Td (we ) Tj ET Q q 0 0 0 rg BT 414.55 383.25 Td (have ) Tj ET Q q 0 0 0 rg BT 436.23 383.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 468.45 383.25 Td (into, ) Tj ET Q q 0 0 0 rg BT 489.30 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.53 383.25 Td (may ) Tj ET Q q 0 0 0 rg BT 526.54 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 537.12 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 552.13 383.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 58.06 371.25 Td (into, ) Tj ET Q q 0 0 0 rg BT 78.20 371.25 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 143.59 371.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 191.21 371.25 Td (with ) Tj ET Q q 0 0 0 rg BT 211.06 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 226.47 371.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 263.54 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.05 371.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 309.34 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.75 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 335.15 371.25 Td (of) Tj ET Q q 0 0 0 rg BT 343.30 371.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 367.59 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.11 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.40 371.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 435.47 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.99 371.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.27 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 491.68 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.97 371.25 Td (of) Tj ET Q q 0 0 0 rg BT 514.12 371.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 538.41 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.82 371.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.72 359.25 Td (our ) Tj ET Q q 0 0 0 rg BT 62.44 359.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 112.04 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.87 359.25 Td (af) Tj ET Q q 0 0 0 rg BT 136.46 359.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 166.06 359.25 Td (which ) Tj ET Q q 0 0 0 rg BT 192.89 359.25 Td (obligate ) Tj ET Q q 0 0 0 rg BT 227.49 359.25 Td (us ) Tj ET Q q 0 0 0 rg BT 238.77 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 248.94 359.25 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 292.43 359.25 Td (them ) Tj ET Q q 0 0 0 rg BT 314.81 359.25 Td (against ) Tj ET Q q 0 0 0 rg BT 345.53 359.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 375.12 359.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 401.40 359.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 434.33 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.50 359.25 Td (their ) Tj ET Q q 0 0 0 rg BT 465.21 359.25 Td (service ) Tj ET Q q 0 0 0 rg BT 495.92 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 506.09 359.25 Td (us ) Tj ET Q q 0 0 0 rg BT 517.37 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.19 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.80 359.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 58.50 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 69.33 347.25 Td (defense. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (Investing ) Tj ET Q q 0 0 0 rg BT 77.10 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 88.19 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 105.40 323.25 Td (common ) Tj ET Q q 0 0 0 rg BT 143.71 323.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 167.57 323.25 Td (may ) Tj ET Q q 0 0 0 rg BT 187.55 323.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 219.74 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 227.49 323.25 Td (high ) Tj ET Q q 0 0 0 rg BT 249.15 323.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 279.11 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.20 323.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 311.01 323.25 Td (Investors ) Tj ET Q q 0 0 0 rg BT 351.55 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.65 323.25 Td (our ) Tj ET Q q 0 0 0 rg BT 379.85 323.25 Td (common ) Tj ET Q q 0 0 0 rg BT 418.17 323.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 442.03 323.25 Td (may ) Tj ET Q q 0 0 0 rg BT 462.00 323.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 509.18 323.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 538.33 323.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 573.50 323.25 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 54.06 311.25 Td (poor ) Tj ET Q q 0 0 0 rg BT 75.45 311.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 108.97 311.25 Td (, ) Tj ET Q q 0 0 0 rg BT 113.97 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.04 311.25 Td (we ) Tj ET Q q 0 0 0 rg BT 145.64 311.25 Td (may ) Tj ET Q q 0 0 0 rg BT 165.36 311.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 195.63 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 212.58 311.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 253.97 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.81 311.25 Td (a ) Tj ET Q q 0 0 0 rg BT 272.31 311.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 302.57 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 313.40 311.25 Td (circumstances. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.25 Td (An ) Tj ET Q q 0 0 0 rg BT 68.80 287.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 115.26 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.62 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 141.53 287.25 Td (common ) Tj ET Q q 0 0 0 rg BT 179.10 287.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 202.79 287.25 Td (may ) Tj ET Q q 0 0 0 rg BT 222.59 287.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 255.16 287.25 Td (a ) Tj ET Q q 0 0 0 rg BT 262.18 287.25 Td (high ) Tj ET Q q 0 0 0 rg BT 282.54 287.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 311.77 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.67 287.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 342.75 287.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 391.42 287.25 Td (when ) Tj ET Q q 0 0 0 rg BT 415.66 287.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 457.67 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 468.02 287.25 Td (other ) Tj ET Q q 0 0 0 rg BT 491.15 287.25 Td (types ) Tj ET Q q 0 0 0 rg BT 514.84 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.75 287.25 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 60.21 275.25 Td (related ) Tj ET Q q 0 0 0 rg BT 89.40 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 99.16 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.35 275.25 Td (economy) Tj ET Q q 0 0 0 rg BT 149.36 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 153.84 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.04 275.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 205.00 275.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 241.14 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.45 275.25 Td (industry) Tj ET Q q 0 0 0 rg BT 288.58 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 293.06 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.37 275.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 347.02 275.25 Td (activity) Tj ET Q q 0 0 0 rg BT 376.36 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 380.84 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 396.15 275.25 Td (other ) Tj ET Q q 0 0 0 rg BT 418.68 275.25 Td (business ) Tj ET Q q 0 0 0 rg BT 454.55 275.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 495.13 275.25 Td (our ) Tj ET Q q 0 0 0 rg BT 510.45 275.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 547.41 275.25 Td (results, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.00 263.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 83.78 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.90 263.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 136.57 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 151.01 263.25 Td (distribute, ) Tj ET Q q 0 0 0 rg BT 194.07 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.07 263.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 241.84 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 252.40 263.25 Td (which ) Tj ET Q q 0 0 0 rg BT 279.63 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 294.07 263.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 328.51 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 344.63 263.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 383.80 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.03 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.03 263.25 Td (way ) Tj ET Q q 0 0 0 rg BT 435.47 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 449.92 263.25 Td (have ) Tj ET Q q 0 0 0 rg BT 471.58 263.25 Td (structured ) Tj ET Q q 0 0 0 rg BT 514.35 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 531.57 263.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 562.69 263.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 79.54 251.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 122.53 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 137.75 251.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 164.06 251.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 217.04 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.25 251.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.34 251.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 287.11 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.32 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.54 251.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 361.08 251.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 404.62 251.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 444.27 251.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 463.37 251.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 506.91 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.24 251.25 Td (repositioning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.43 239.25 Td (our ) Tj ET Q q 0 0 0 rg BT 61.87 239.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 111.17 239.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 151.04 239.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 170.36 239.25 Td (business\) ) Tj ET Q q 0 0 0 rg BT 209.68 239.25 Td (could ) Tj ET Q q 0 0 0 rg BT 234.00 239.25 Td (result ) Tj ET Q q 0 0 0 rg BT 258.32 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.20 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 274.75 239.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 314.61 239.25 Td (in, ) Tj ET Q q 0 0 0 rg BT 326.99 239.25 Td (or ) Tj ET Q q 0 0 0 rg BT 337.43 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.75 239.25 Td (elimination ) Tj ET Q q 0 0 0 rg BT 399.40 239.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 412.33 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.65 239.25 Td (value ) Tj ET Q q 0 0 0 rg BT 450.41 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.84 239.25 Td (our ) Tj ET Q q 0 0 0 rg BT 476.28 239.25 Td (common ) Tj ET Q q 0 0 0 rg BT 513.38 239.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 538.94 239.25 Td (The ) Tj ET Q q 0 0 0 rg BT 556.59 239.25 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.98 227.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 64.62 227.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 108.36 227.25 Td (with ) Tj ET Q q 0 0 0 rg BT 128.78 227.25 Td (an ) Tj ET Q q 0 0 0 rg BT 140.87 227.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 187.40 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.82 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 213.79 227.25 Td (common ) Tj ET Q q 0 0 0 rg BT 251.44 227.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 275.19 227.25 Td (may ) Tj ET Q q 0 0 0 rg BT 295.05 227.25 Td (not ) Tj ET Q q 0 0 0 rg BT 310.48 227.25 Td (be ) Tj ET Q q 0 0 0 rg BT 322.56 227.25 Td (suitable ) Tj ET Q q 0 0 0 rg BT 356.31 227.25 Td (for ) Tj ET Q q 0 0 0 rg BT 370.61 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.48 227.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 403.12 227.25 Td (tolerance ) Tj ET Q q 0 0 0 rg BT 442.41 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 453.38 227.25 Td (many ) Tj ET Q q 0 0 0 rg BT 478.25 227.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 519.50 227.25 Td (Investors ) Tj ET Q q 0 0 0 rg BT 558.81 227.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 81.14 215.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 112.96 215.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 142.57 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.84 215.25 Td (material ) Tj ET Q q 0 0 0 rg BT 193.44 215.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 221.66 215.25 Td (In ) Tj ET Q q 0 0 0 rg BT 231.83 215.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 268.94 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.99 215.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 313.15 215.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 344.98 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.15 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 370.32 215.25 Td (common ) Tj ET Q q 0 0 0 rg BT 407.15 215.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 430.09 215.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 449.97 215.25 Td (its ) Tj ET Q q 0 0 0 rg BT 461.26 215.25 Td (liquidity\) ) Tj ET Q q 0 0 0 rg BT 500.32 215.25 Td (may ) Tj ET Q q 0 0 0 rg BT 519.37 215.25 Td (be ) Tj ET Q q 0 0 0 rg BT 530.64 215.25 Td (insuf) Tj ET Q q 0 0 0 rg BT 550.46 215.25 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 203.25 Td (allow ) Tj ET Q q 0 0 0 rg BT 71.00 203.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 109.60 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 119.88 203.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 136.27 203.25 Td (their ) Tj ET Q q 0 0 0 rg BT 157.09 203.25 Td (common ) Tj ET Q q 0 0 0 rg BT 194.59 203.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 218.20 203.25 Td (when ) Tj ET Q q 0 0 0 rg BT 242.36 203.25 Td (they ) Tj ET Q q 0 0 0 rg BT 262.07 203.25 Td (want ) Tj ET Q q 0 0 0 rg BT 284.01 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.29 203.25 Td (or ) Tj ET Q q 0 0 0 rg BT 305.12 203.25 Td (at ) Tj ET Q q 0 0 0 rg BT 314.84 203.25 Td (a ) Tj ET Q q 0 0 0 rg BT 321.78 203.25 Td (price ) Tj ET Q q 0 0 0 rg BT 344.26 203.25 Td (they ) Tj ET Q q 0 0 0 rg BT 363.98 203.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 400.36 203.25 Td (reasonable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.14 179.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 111.10 179.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.46 179.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 158.77 179.25 Td (book ) Tj ET Q q 0 0 0 rg BT 181.36 179.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 208.10 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.13 179.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 266.60 179.25 Td (can ) Tj ET Q q 0 0 0 rg BT 283.07 179.25 Td (be ) Tj ET Q q 0 0 0 rg BT 295.09 179.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 327.67 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.70 179.25 Td (dif) Tj ET Q q 0 0 0 rg BT 355.63 179.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 379.32 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.68 179.25 Td (predict. ) Tj ET Q q 0 0 0 rg BT 422.54 179.25 Td (Investors ) Tj ET Q q 0 0 0 rg BT 461.78 179.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.15 179.25 Td (our ) Tj ET Q q 0 0 0 rg BT 488.07 179.25 Td (common ) Tj ET Q q 0 0 0 rg BT 525.65 179.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 549.35 179.25 Td (should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (not ) Tj ET Q q 0 0 0 rg BT 51.25 167.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 69.27 167.25 Td (on ) Tj ET Q q 0 0 0 rg BT 81.74 167.25 Td (our ) Tj ET Q q 0 0 0 rg BT 97.54 167.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 139.72 167.25 Td (projections, ) Tj ET Q q 0 0 0 rg BT 189.13 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 199.93 167.25 Td (predictions, ) Tj ET Q q 0 0 0 rg BT 249.33 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 260.13 167.25 Td (on ) Tj ET Q q 0 0 0 rg BT 272.60 167.25 Td (management) Tj ET Q q 0 0 0 rg BT 326.47 167.25 Td (s ) Tj ET Q q 0 0 0 rg BT 332.83 167.25 Td (beliefs ) Tj ET Q q 0 0 0 rg BT 361.96 167.25 Td (about ) Tj ET Q q 0 0 0 rg BT 386.64 167.25 Td (future ) Tj ET Q q 0 0 0 rg BT 412.99 167.25 Td (events. ) Tj ET Q q 0 0 0 rg BT 443.51 167.25 Td (In ) Tj ET Q q 0 0 0 rg BT 454.31 167.25 Td (particular) Tj ET Q q 0 0 0 rg BT 492.22 167.25 Td (, ) Tj ET Q q 0 0 0 rg BT 497.19 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.88 167.25 Td (sustainability ) Tj ET Q q 0 0 0 rg BT 567.68 167.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.80 155.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 88.15 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.06 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 120.86 155.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 141.10 155.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 165.79 155.25 Td (will ) Tj ET Q q 0 0 0 rg BT 183.82 155.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 215.17 155.25 Td (on ) Tj ET Q q 0 0 0 rg BT 227.64 155.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 269.54 155.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 301.72 155.25 Td (including ) Tj ET Q q 0 0 0 rg BT 341.97 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 357.77 155.25 Td (level ) Tj ET Q q 0 0 0 rg BT 379.67 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.47 155.25 Td (business ) Tj ET Q q 0 0 0 rg BT 426.83 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.74 155.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 490.10 155.25 Td (activity) Tj ET Q q 0 0 0 rg BT 519.44 155.25 Td (, ) Tj ET Q q 0 0 0 rg BT 524.41 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 540.21 155.25 Td (access ) Tj ET Q q 0 0 0 rg BT 568.22 155.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 55.33 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.88 143.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 98.98 143.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 141.36 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.69 143.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 185.56 143.25 Td (we ) Tj ET Q q 0 0 0 rg BT 199.34 143.25 Td (earn, ) Tj ET Q q 0 0 0 rg BT 221.15 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.48 143.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 267.59 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.14 143.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 312.36 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.80 143.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.68 143.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 376.18 143.25 Td (prepayments, ) Tj ET Q q 0 0 0 rg BT 431.88 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.21 143.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 480.53 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.97 143.25 Td (running ) Tj ET Q q 0 0 0 rg BT 524.19 143.25 Td (our ) Tj ET Q q 0 0 0 rg BT 539.63 143.25 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.25 131.25 Td (other ) Tj ET Q q 0 0 0 rg BT 74.61 131.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 106.13 131.25 Td (including ) Tj ET Q q 0 0 0 rg BT 145.72 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.75 131.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 176.57 131.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 205.59 131.25 Td (described ) Tj ET Q q 0 0 0 rg BT 245.72 131.25 Td (herein. ) Tj ET Q q 0 0 0 rg BT 274.62 131.25 Td (As ) Tj ET Q q 0 0 0 rg BT 287.54 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 293.80 131.25 Td (consequence, ) Tj ET Q q 0 0 0 rg BT 349.19 131.25 Td (although ) Tj ET Q q 0 0 0 rg BT 386.00 131.25 Td (we ) Tj ET Q q 0 0 0 rg BT 399.48 131.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 419.06 131.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.65 131.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 444.90 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 451.16 131.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 481.29 131.25 Td (common ) Tj ET Q q 0 0 0 rg BT 518.09 131.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 541.02 131.25 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.36 119.25 Td (is ) Tj ET Q q 0 0 0 rg BT 62.39 119.25 Td (sustainable, ) Tj ET Q q 0 0 0 rg BT 111.69 119.25 Td (we ) Tj ET Q q 0 0 0 rg BT 125.71 119.25 Td (may ) Tj ET Q q 0 0 0 rg BT 145.29 119.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 174.29 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.99 119.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 220.67 119.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 258.02 119.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 277.87 119.25 Td (or ) Tj ET Q q 0 0 0 rg BT 288.56 119.25 Td (stop ) Tj ET Q q 0 0 0 rg BT 307.59 119.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 337.17 119.25 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 380.92 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 391.06 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.64 119.25 Td (future ) Tj ET Q q 0 0 0 rg BT 431.88 119.25 Td (for ) Tj ET Q q 0 0 0 rg BT 445.90 119.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.71 119.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 482.83 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.52 119.25 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 528.21 119.25 Td (W) Tj ET Q q 0 0 0 rg BT 536.84 119.25 Td (e ) Tj ET Q q 0 0 0 rg BT 543.64 119.25 Td (may ) Tj ET Q q 0 0 0 rg BT 563.22 119.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 69.06 107.25 Td (public ) Tj ET Q q 0 0 0 rg BT 96.56 107.25 Td (warnings ) Tj ET Q q 0 0 0 rg BT 135.73 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.57 107.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 184.07 107.25 Td (reductions ) Tj ET Q q 0 0 0 rg BT 228.24 107.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 250.18 107.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.47 107.25 Td (their ) Tj ET Q q 0 0 0 rg BT 281.30 107.25 Td (occurrence. ) Tj ET Q q 0 0 0 rg BT 329.61 107.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 369.90 107.25 Td (we ) Tj ET Q q 0 0 0 rg BT 384.07 107.25 Td (have ) Tj ET Q q 0 0 0 rg BT 405.45 107.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 425.18 107.25 Td (special ) Tj ET Q q 0 0 0 rg BT 455.45 107.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 496.85 107.25 Td (in ) Tj ET Q q 0 0 0 rg BT 507.13 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.86 107.25 Td (past, ) Tj ET Q q 0 0 0 rg BT 542.98 107.25 Td (we ) Tj ET Q q 0 0 0 rg BT 557.15 107.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.25 Td (not ) Tj ET Q q 0 0 0 rg BT 51.19 95.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 70.83 95.25 Td (a ) Tj ET Q q 0 0 0 rg BT 77.68 95.25 Td (special ) Tj ET Q q 0 0 0 rg BT 107.86 95.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 145.27 95.25 Td (since ) Tj ET Q q 0 0 0 rg BT 168.24 95.25 Td (2007 ) Tj ET Q q 0 0 0 rg BT 190.65 95.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.51 95.25 Td (we ) Tj ET Q q 0 0 0 rg BT 221.58 95.25 Td (may ) Tj ET Q q 0 0 0 rg BT 241.21 95.25 Td (not ) Tj ET Q q 0 0 0 rg BT 256.41 95.25 Td (do ) Tj ET Q q 0 0 0 rg BT 268.83 95.25 Td (so ) Tj ET Q q 0 0 0 rg BT 280.13 95.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.33 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.96 95.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 333.75 95.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 370.61 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.80 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.43 95.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 427.85 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.59 95.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 479.89 95.25 Td (we ) Tj ET Q q 0 0 0 rg BT 493.97 95.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 534.16 95.25 Td (may ) Tj ET Q q 0 0 0 rg BT 553.79 95.25 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 83.25 Td (a ) Tj ET Q q 0 0 0 rg BT 53.22 83.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 93.48 83.25 Td (in ) Tj ET Q q 0 0 0 rg BT 103.76 83.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.48 83.25 Td (value ) Tj ET Q q 0 0 0 rg BT 142.63 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.46 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 169.29 83.25 Td (common ) Tj ET Q q 0 0 0 rg BT 206.79 83.25 Td (stock. ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (37) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (A) Tj ET Q q 0 0 0 rg BT 42.12 731.25 Td ( ) Tj ET Q q 0 0 0 rg BT 46.25 731.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 78.71 731.25 Td (number ) Tj ET Q q 0 0 0 rg BT 115.07 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.54 731.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 181.69 731.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 239.17 731.25 Td (own ) Tj ET Q q 0 0 0 rg BT 260.53 731.25 Td (a ) Tj ET Q q 0 0 0 rg BT 269.66 731.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 317.69 731.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 366.81 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.27 731.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.85 731.25 Td (common ) Tj ET Q q 0 0 0 rg BT 437.54 731.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 465.28 731.25 Td (which ) Tj ET Q q 0 0 0 rg BT 494.42 731.25 Td (could ) Tj ET Q q 0 0 0 rg BT 521.33 731.25 Td (have ) Tj ET Q q 0 0 0 rg BT 544.90 731.25 Td (adverse ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 95.16 719.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.44 719.25 Td (other ) Tj ET Q q 0 0 0 rg BT 129.61 719.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 162.67 719.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.50 719.25 Td (our ) Tj ET Q q 0 0 0 rg BT 190.45 719.25 Td (common ) Tj ET Q q 0 0 0 rg BT 228.51 719.25 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (As ) Tj ET Q q 0 0 0 rg BT 67.94 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.10 695.25 Td (February14, ) Tj ET Q q 0 0 0 rg BT 133.02 695.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 158.35 695.25 Td (based ) Tj ET Q q 0 0 0 rg BT 183.95 695.25 Td (on ) Tj ET Q q 0 0 0 rg BT 196.77 695.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 225.16 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 236.31 695.25 Td (Schedules ) Tj ET Q q 0 0 0 rg BT 279.69 695.25 Td (13D ) Tj ET Q q 0 0 0 rg BT 299.74 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.00 695.25 Td (13G ) Tj ET Q q 0 0 0 rg BT 337.05 695.25 Td (with ) Tj ET Q q 0 0 0 rg BT 357.66 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.70 695.25 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 396.37 695.25 Td (we ) Tj ET Q q 0 0 0 rg BT 410.86 695.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 442.55 695.25 Td (that ) Tj ET Q q 0 0 0 rg BT 460.38 695.25 Td (six ) Tj ET Q q 0 0 0 rg BT 474.87 695.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 525.48 695.25 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (each ) Tj ET Q q 0 0 0 rg BT 56.07 683.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 84.48 683.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 144.00 683.25 Td (5% ) Tj ET Q q 0 0 0 rg BT 159.08 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 169.17 683.25 Td (more ) Tj ET Q q 0 0 0 rg BT 191.47 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.55 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 216.64 683.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 265.06 683.25 Td (common ) Tj ET Q q 0 0 0 rg BT 301.81 683.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 324.67 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.86 683.25 Td (we ) Tj ET Q q 0 0 0 rg BT 354.28 683.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 384.90 683.25 Td (based ) Tj ET Q q 0 0 0 rg BT 409.43 683.25 Td (on ) Tj ET Q q 0 0 0 rg BT 421.18 683.25 Td (data ) Tj ET Q q 0 0 0 rg BT 439.59 683.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 475.78 683.25 Td (from ) Tj ET Q q 0 0 0 rg BT 496.97 683.25 Td (other ) Tj ET Q q 0 0 0 rg BT 519.27 683.25 Td (public ) Tj ET Q q 0 0 0 rg BT 546.02 683.25 Td (sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 56.00 671.25 Td (overall, ) Tj ET Q q 0 0 0 rg BT 88.77 671.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 139.06 671.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 192.10 671.25 Td (owned, ) Tj ET Q q 0 0 0 rg BT 223.77 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.06 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.78 671.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 292.65 671.25 Td (more ) Tj ET Q q 0 0 0 rg BT 315.70 671.25 Td (than ) Tj ET Q q 0 0 0 rg BT 335.43 671.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 356.27 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.10 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 382.94 671.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 432.11 671.25 Td (common ) Tj ET Q q 0 0 0 rg BT 469.62 671.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 495.73 671.25 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 550.72 671.25 Td (one ) Tj ET Q q 0 0 0 rg BT 567.67 671.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (more ) Tj ET Q q 0 0 0 rg BT 60.06 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 71.90 659.25 Td (these ) Tj ET Q q 0 0 0 rg BT 95.95 659.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 135.57 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 147.41 659.25 Td (other ) Tj ET Q q 0 0 0 rg BT 171.47 659.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 211.09 659.25 Td (could ) Tj ET Q q 0 0 0 rg BT 236.81 659.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 290.31 659.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 326.58 659.25 Td (their ) Tj ET Q q 0 0 0 rg BT 348.41 659.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 393.58 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.42 659.25 Td (our ) Tj ET Q q 0 0 0 rg BT 422.26 659.25 Td (common ) Tj ET Q q 0 0 0 rg BT 460.77 659.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 487.88 659.25 Td (including ) Tj ET Q q 0 0 0 rg BT 529.17 659.25 Td (through ) Tj ET Q q 0 0 0 rg BT 563.79 659.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 82.65 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.75 647.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 143.18 647.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 190.93 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 202.03 647.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 259.21 647.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 283.09 647.25 Td (into ) Tj ET Q q 0 0 0 rg BT 301.42 647.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 329.18 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.28 647.25 Td (common ) Tj ET Q q 0 0 0 rg BT 378.04 647.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 404.42 647.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 451.07 647.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 495.50 647.25 Td (stakes ) Tj ET Q q 0 0 0 rg BT 522.71 647.25 Td (held ) Tj ET Q q 0 0 0 rg BT 542.70 647.25 Td (by ) Tj ET Q q 0 0 0 rg BT 555.47 647.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 78.65 635.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 125.21 635.25 Td (or ) Tj ET Q q 0 0 0 rg BT 135.64 635.25 Td (other ) Tj ET Q q 0 0 0 rg BT 158.29 635.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 196.50 635.25 Td (could ) Tj ET Q q 0 0 0 rg BT 220.82 635.25 Td (have ) Tj ET Q q 0 0 0 rg BT 241.80 635.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 274.44 635.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 331.52 635.25 Td (for ) Tj ET Q q 0 0 0 rg BT 345.28 635.25 Td (other ) Tj ET Q q 0 0 0 rg BT 367.93 635.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 420.57 635.25 Td (because ) Tj ET Q q 0 0 0 rg BT 454.31 635.25 Td (each ) Tj ET Q q 0 0 0 rg BT 474.73 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.16 635.25 Td (these ) Tj ET Q q 0 0 0 rg BT 507.81 635.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 560.45 635.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (have ) Tj ET Q q 0 0 0 rg BT 57.41 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 64.39 623.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 109.13 623.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 148.87 623.25 Td (over ) Tj ET Q q 0 0 0 rg BT 169.18 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.93 623.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 220.90 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.76 623.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 263.73 623.25 Td (submitted ) Tj ET Q q 0 0 0 rg BT 305.71 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.03 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 323.00 623.25 Td (vote ) Tj ET Q q 0 0 0 rg BT 342.75 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.62 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 369.48 623.25 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 425.06 623.25 Td (including ) Tj ET Q q 0 0 0 rg BT 465.37 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.12 623.25 Td (election ) Tj ET Q q 0 0 0 rg BT 514.30 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.17 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 541.04 623.25 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.25 611.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 103.83 611.25 Td (involving ) Tj ET Q q 0 0 0 rg BT 144.97 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 152.23 611.25 Td (change ) Tj ET Q q 0 0 0 rg BT 183.35 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 193.94 611.25 Td (control. ) Tj ET Q q 0 0 0 rg BT 227.58 611.25 Td (In ) Tj ET Q q 0 0 0 rg BT 238.72 611.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 276.81 611.25 Td (should ) Tj ET Q q 0 0 0 rg BT 306.29 611.25 Td (any ) Tj ET Q q 0 0 0 rg BT 323.54 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.69 611.25 Td (these ) Tj ET Q q 0 0 0 rg BT 358.05 611.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 403.07 611.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 456.42 611.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 499.21 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 509.80 611.25 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 547.61 611.25 Td (all ) Tj ET Q q 0 0 0 rg BT 560.41 611.25 Td (or ) Tj ET Q q 0 0 0 rg BT 571.56 611.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 80.71 599.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 112.10 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.93 599.25 Td (their ) Tj ET Q q 0 0 0 rg BT 143.75 599.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 180.70 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.53 599.25 Td (our ) Tj ET Q q 0 0 0 rg BT 207.36 599.25 Td (common ) Tj ET Q q 0 0 0 rg BT 244.86 599.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 270.97 599.25 Td (it ) Tj ET Q q 0 0 0 rg BT 279.02 599.25 Td (could ) Tj ET Q q 0 0 0 rg BT 303.74 599.25 Td (have ) Tj ET Q q 0 0 0 rg BT 325.12 599.25 Td (an ) Tj ET Q q 0 0 0 rg BT 337.05 599.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 370.09 599.25 Td (ef) Tj ET Q q 0 0 0 rg BT 377.68 599.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 395.17 599.25 Td (on ) Tj ET Q q 0 0 0 rg BT 407.67 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.38 599.25 Td (market ) Tj ET Q q 0 0 0 rg BT 452.65 599.25 Td (price ) Tj ET Q q 0 0 0 rg BT 475.13 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.96 599.25 Td (our ) Tj ET Q q 0 0 0 rg BT 501.79 599.25 Td (common ) Tj ET Q q 0 0 0 rg BT 539.29 599.25 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.25 Td (Although, ) Tj ET Q q 0 0 0 rg BT 97.58 575.25 Td (under ) Tj ET Q q 0 0 0 rg BT 123.65 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.29 575.25 Td (charter) Tj ET Q q 0 0 0 rg BT 167.64 575.25 Td (, ) Tj ET Q q 0 0 0 rg BT 173.44 575.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 227.28 575.25 Td (are ) Tj ET Q q 0 0 0 rg BT 242.79 575.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 283.30 575.25 Td (precluded ) Tj ET Q q 0 0 0 rg BT 326.03 575.25 Td (from ) Tj ET Q q 0 0 0 rg BT 348.77 575.25 Td (beneficially ) Tj ET Q q 0 0 0 rg BT 399.27 575.25 Td (owning ) Tj ET Q q 0 0 0 rg BT 432.57 575.25 Td (more ) Tj ET Q q 0 0 0 rg BT 456.42 575.25 Td (than ) Tj ET Q q 0 0 0 rg BT 476.94 575.25 Td (9.8% ) Tj ET Q q 0 0 0 rg BT 501.08 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.71 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 529.34 575.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (common ) Tj ET Q q 0 0 0 rg BT 73.70 563.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 100.02 563.25 Td (our ) Tj ET Q q 0 0 0 rg BT 116.06 563.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 143.21 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.25 563.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 194.16 563.25 Td (may ) Tj ET Q q 0 0 0 rg BT 214.09 563.25 Td (amend ) Tj ET Q q 0 0 0 rg BT 243.45 563.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 277.83 563.25 Td (ownership-limitation ) Tj ET Q q 0 0 0 rg BT 364.41 563.25 Td (waivers ) Tj ET Q q 0 0 0 rg BT 398.22 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 409.26 563.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 432.52 563.25 Td (waivers ) Tj ET Q q 0 0 0 rg BT 466.32 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.81 563.25 Td (other ) Tj ET Q q 0 0 0 rg BT 500.07 563.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 553.31 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 563.80 563.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 64.87 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 75.15 551.25 Td (each ) Tj ET Q q 0 0 0 rg BT 95.96 551.25 Td (case ) Tj ET Q q 0 0 0 rg BT 115.66 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.94 551.25 Td (a ) Tj ET Q q 0 0 0 rg BT 132.87 551.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 165.36 551.25 Td (which ) Tj ET Q q 0 0 0 rg BT 192.29 551.25 Td (may ) Tj ET Q q 0 0 0 rg BT 212.00 551.25 Td (allow ) Tj ET Q q 0 0 0 rg BT 236.72 551.25 Td (for ) Tj ET Q q 0 0 0 rg BT 250.87 551.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 290.02 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.29 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.00 551.25 Td (concentration ) Tj ET Q q 0 0 0 rg BT 371.92 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.75 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.46 551.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 441.62 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.44 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 468.27 551.25 Td (common ) Tj ET Q q 0 0 0 rg BT 505.76 551.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 529.37 551.25 Td (held ) Tj ET Q q 0 0 0 rg BT 549.08 551.25 Td (by ) Tj ET Q q 0 0 0 rg BT 561.58 551.25 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 539.25 Td (more ) Tj ET Q q 0 0 0 rg BT 69.88 539.25 Td (shareholders. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 67.40 515.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 89.90 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.73 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 117.68 515.25 Td (common ) Tj ET Q q 0 0 0 rg BT 155.74 515.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 179.35 515.25 Td (by ) Tj ET Q q 0 0 0 rg BT 191.29 515.25 Td (us ) Tj ET Q q 0 0 0 rg BT 203.24 515.25 Td (or ) Tj ET Q q 0 0 0 rg BT 214.63 515.25 Td (by ) Tj ET Q q 0 0 0 rg BT 226.57 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 243.52 515.25 Td (of) Tj ET Q q 0 0 0 rg BT 251.67 515.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 276.94 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.00 515.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 333.61 515.25 Td (may ) Tj ET Q q 0 0 0 rg BT 353.33 515.25 Td (have ) Tj ET Q q 0 0 0 rg BT 375.27 515.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 408.87 515.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 468.03 515.25 Td (for ) Tj ET Q q 0 0 0 rg BT 482.75 515.25 Td (investors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 491.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.94 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 90.03 491.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 112.89 491.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 155.75 491.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 183.60 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.80 491.25 Td (common ) Tj ET Q q 0 0 0 rg BT 232.66 491.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 259.14 491.25 Td (or ) Tj ET Q q 0 0 0 rg BT 270.33 491.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 310.96 491.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 358.81 491.25 Td (into, ) Tj ET Q q 0 0 0 rg BT 379.73 491.25 Td (or ) Tj ET Q q 0 0 0 rg BT 390.93 491.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 448.20 491.25 Td (for) Tj ET Q q 0 0 0 rg BT 459.46 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 464.83 491.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 492.69 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.88 491.25 Td (common ) Tj ET Q q 0 0 0 rg BT 541.74 491.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 568.22 491.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (public ) Tj ET Q q 0 0 0 rg BT 63.84 479.25 Td (of) Tj ET Q q 0 0 0 rg BT 71.99 479.25 Td (ferings ) Tj ET Q q 0 0 0 rg BT 102.61 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.79 479.25 Td (private ) Tj ET Q q 0 0 0 rg BT 144.40 479.25 Td (placements, ) Tj ET Q q 0 0 0 rg BT 194.73 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.01 479.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 244.30 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.48 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 271.66 479.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 321.17 479.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 369.00 479.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 392.96 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 404.13 479.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 461.39 479.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 502.00 479.25 Td (may ) Tj ET Q q 0 0 0 rg BT 522.07 479.25 Td (convert ) Tj ET Q q 0 0 0 rg BT 554.90 479.25 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.31 467.25 Td (into ) Tj ET Q q 0 0 0 rg BT 94.41 467.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 121.95 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.82 467.25 Td (common ) Tj ET Q q 0 0 0 rg BT 170.36 467.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 196.52 467.25 Td (In ) Tj ET Q q 0 0 0 rg BT 207.39 467.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 245.21 467.25 Td (we ) Tj ET Q q 0 0 0 rg BT 259.42 467.25 Td (may ) Tj ET Q q 0 0 0 rg BT 279.18 467.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 301.72 467.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 344.26 467.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 371.80 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.67 467.25 Td (common ) Tj ET Q q 0 0 0 rg BT 420.21 467.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 443.87 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 454.19 467.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 503.38 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.71 467.25 Td (our ) Tj ET Q q 0 0 0 rg BT 529.58 467.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 554.89 467.25 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 74.78 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.46 455.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 130.70 455.25 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 185.60 455.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 206.06 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.74 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.77 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.34 455.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 292.07 455.25 Td (of) Tj ET Q q 0 0 0 rg BT 300.22 455.25 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 328.17 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.86 455.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 391.86 455.25 Td (under ) Tj ET Q q 0 0 0 rg BT 417.88 455.25 Td (our ) Tj ET Q q 0 0 0 rg BT 434.45 455.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 476.57 455.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 500.92 455.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 539.70 455.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 562.67 455.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 75.10 443.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 97.27 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 108.05 443.25 Td (other ) Tj ET Q q 0 0 0 rg BT 131.05 443.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 161.27 443.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 187.33 443.25 Td (including ) Tj ET Q q 0 0 0 rg BT 227.56 443.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 250.01 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.68 443.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 299.88 443.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 313.16 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 323.94 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 334.17 443.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 364.94 443.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 378.22 443.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 430.68 443.25 Td (on ) Tj ET Q q 0 0 0 rg BT 443.13 443.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 470.58 443.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 501.35 443.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 546.01 443.25 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (thereunder) Tj ET Q q 0 0 0 rg BT 78.20 431.25 Td (. ) Tj ET Q q 0 0 0 rg BT 82.72 431.25 Td (W) Tj ET Q q 0 0 0 rg BT 91.36 431.25 Td (e ) Tj ET Q q 0 0 0 rg BT 97.97 431.25 Td (are ) Tj ET Q q 0 0 0 rg BT 112.36 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 127.31 431.25 Td (required ) Tj ET Q q 0 0 0 rg BT 162.81 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.76 431.25 Td (of) Tj ET Q q 0 0 0 rg BT 180.91 431.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 194.19 431.25 Td (any ) Tj ET Q q 0 0 0 rg BT 210.80 431.25 Td (such ) Tj ET Q q 0 0 0 rg BT 231.31 431.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.47 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 268.43 431.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 302.27 431.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 354.98 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 367.16 431.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.78 431.25 Td (preemptive ) Tj ET Q q 0 0 0 rg BT 420.93 431.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 445.45 431.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 489.54 431.25 Td (it ) Tj ET Q q 0 0 0 rg BT 497.28 431.25 Td (may ) Tj ET Q q 0 0 0 rg BT 516.67 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 531.63 431.25 Td (be ) Tj ET Q q 0 0 0 rg BT 543.24 431.25 Td (possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.38 419.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 84.77 419.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 138.03 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 148.53 419.25 Td (participate ) Tj ET Q q 0 0 0 rg BT 193.45 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.95 419.25 Td (future ) Tj ET Q q 0 0 0 rg BT 230.55 419.25 Td (share ) Tj ET Q q 0 0 0 rg BT 254.37 419.25 Td (issuances, ) Tj ET Q q 0 0 0 rg BT 297.36 419.25 Td (which ) Tj ET Q q 0 0 0 rg BT 324.52 419.25 Td (may ) Tj ET Q q 0 0 0 rg BT 344.46 419.25 Td (dilute ) Tj ET Q q 0 0 0 rg BT 369.96 419.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 404.34 419.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 457.47 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 460.19 419.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 496.24 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.74 419.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 520.85 419.25 Td (In ) Tj ET Q q 0 0 0 rg BT 531.90 419.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 569.90 419.25 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (market ) Tj ET Q q 0 0 0 rg BT 65.64 407.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 114.16 407.25 Td (buy ) Tj ET Q q 0 0 0 rg BT 131.03 407.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 157.89 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.10 407.25 Td (common ) Tj ET Q q 0 0 0 rg BT 204.96 407.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 230.45 407.25 Td (or ) Tj ET Q q 0 0 0 rg BT 240.65 407.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.28 407.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 327.14 407.25 Td (into, ) Tj ET Q q 0 0 0 rg BT 347.07 407.25 Td (or ) Tj ET Q q 0 0 0 rg BT 357.27 407.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 413.55 407.25 Td (for) Tj ET Q q 0 0 0 rg BT 424.81 407.25 Td (, ) Tj ET Q q 0 0 0 rg BT 429.18 407.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 456.05 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 466.25 407.25 Td (common ) Tj ET Q q 0 0 0 rg BT 503.12 407.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 528.60 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 538.25 407.25 Td (issuances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (by ) Tj ET Q q 0 0 0 rg BT 48.21 395.25 Td (us ) Tj ET Q q 0 0 0 rg BT 59.30 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 69.29 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.71 395.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 112.29 395.25 Td (it ) Tj ET Q q 0 0 0 rg BT 120.06 395.25 Td (may ) Tj ET Q q 0 0 0 rg BT 139.48 395.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 168.33 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 178.87 395.25 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 218.28 395.25 Td (any ) Tj ET Q q 0 0 0 rg BT 234.92 395.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 276.56 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.10 395.25 Td (our ) Tj ET Q q 0 0 0 rg BT 302.63 395.25 Td (common ) Tj ET Q q 0 0 0 rg BT 339.83 395.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 363.15 395.25 Td (they ) Tj ET Q q 0 0 0 rg BT 382.57 395.25 Td (might ) Tj ET Q q 0 0 0 rg BT 408.11 395.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 449.19 395.25 Td (make ) Tj ET Q q 0 0 0 rg BT 473.06 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 483.04 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.46 395.25 Td (open ) Tj ET Q q 0 0 0 rg BT 519.11 395.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 551.58 395.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.80 383.25 Td (turn ) Tj ET Q q 0 0 0 rg BT 65.93 383.25 Td (could ) Tj ET Q q 0 0 0 rg BT 91.18 383.25 Td (have ) Tj ET Q q 0 0 0 rg BT 113.08 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.32 383.25 Td (ef) Tj ET Q q 0 0 0 rg BT 135.90 383.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 153.91 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.27 383.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 203.28 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.52 383.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 251.54 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.89 383.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 290.91 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 302.26 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 318.61 383.25 Td (common ) Tj ET Q q 0 0 0 rg BT 356.63 383.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 380.76 383.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 408.77 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.58 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.82 383.25 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 489.20 383.25 Td (which ) Tj ET Q q 0 0 0 rg BT 516.66 383.25 Td (could ) Tj ET Q q 0 0 0 rg BT 541.90 383.25 Td (have ) Tj ET Q q 0 0 0 rg BT 563.80 383.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 371.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 61.07 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 71.90 371.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 109.39 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.11 371.25 Td (market ) Tj ET Q q 0 0 0 rg BT 154.37 371.25 Td (price ) Tj ET Q q 0 0 0 rg BT 176.85 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.79 371.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 230.18 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.01 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.84 371.25 Td (common ) Tj ET Q q 0 0 0 rg BT 294.34 371.25 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (At ) Tj ET Q q 0 0 0 rg BT 66.44 347.25 Td (February19, ) Tj ET Q q 0 0 0 rg BT 119.98 347.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 144.93 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 160.70 347.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 198.13 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.01 347.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 255.76 347.25 Td (of) Tj ET Q q 0 0 0 rg BT 263.91 347.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 288.56 347.25 Td (beneficially ) Tj ET Q q 0 0 0 rg BT 338.20 347.25 Td (owned, ) Tj ET Q q 0 0 0 rg BT 369.81 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 380.03 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.69 347.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 438.49 347.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 498.69 347.25 Td (2% ) Tj ET Q q 0 0 0 rg BT 514.47 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.24 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 541.01 347.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 62.10 335.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 85.71 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.53 335.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 124.02 335.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.84 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 150.67 335.25 Td (common ) Tj ET Q q 0 0 0 rg BT 188.16 335.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 211.76 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 224.26 335.25 Td (these ) Tj ET Q q 0 0 0 rg BT 247.30 335.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 294.24 335.25 Td (are ) Tj ET Q q 0 0 0 rg BT 308.94 335.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 348.64 335.25 Td (required ) Tj ET Q q 0 0 0 rg BT 384.45 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.72 335.25 Td (be ) Tj ET Q q 0 0 0 rg BT 406.65 335.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 441.92 335.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 477.73 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 494.67 335.25 Td (are ) Tj ET Q q 0 0 0 rg BT 509.37 335.25 Td (tracked ) Tj ET Q q 0 0 0 rg BT 541.29 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 553.78 335.25 Td (many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.25 Td (market ) Tj ET Q q 0 0 0 rg BT 66.30 323.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 115.49 323.25 Td (as ) Tj ET Q q 0 0 0 rg BT 126.35 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.33 323.25 Td (factor ) Tj ET Q q 0 0 0 rg BT 159.18 323.25 Td (in ) Tj ET Q q 0 0 0 rg BT 169.49 323.25 Td (making ) Tj ET Q q 0 0 0 rg BT 202.02 323.25 Td (their ) Tj ET Q q 0 0 0 rg BT 222.88 323.25 Td (own ) Tj ET Q q 0 0 0 rg BT 242.64 323.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 289.06 323.25 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 330.75 323.25 Td (As ) Tj ET Q q 0 0 0 rg BT 344.40 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 351.37 323.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 378.62 323.25 Td (future ) Tj ET Q q 0 0 0 rg BT 405.04 323.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 427.01 323.25 Td (by ) Tj ET Q q 0 0 0 rg BT 439.55 323.25 Td (these ) Tj ET Q q 0 0 0 rg BT 462.63 323.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 509.61 323.25 Td (could ) Tj ET Q q 0 0 0 rg BT 534.36 323.25 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 311.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 61.07 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.79 311.25 Td (market ) Tj ET Q q 0 0 0 rg BT 106.05 311.25 Td (price ) Tj ET Q q 0 0 0 rg BT 128.54 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.37 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 155.20 311.25 Td (common ) Tj ET Q q 0 0 0 rg BT 192.69 311.25 Td (stock. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (There ) Tj ET Q q 0 0 0 rg BT 62.88 287.25 Td (is ) Tj ET Q q 0 0 0 rg BT 72.00 287.25 Td (a ) Tj ET Q q 0 0 0 rg BT 79.45 287.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 97.46 287.25 Td (that ) Tj ET Q q 0 0 0 rg BT 116.02 287.25 Td (you ) Tj ET Q q 0 0 0 rg BT 133.47 287.25 Td (may ) Tj ET Q q 0 0 0 rg BT 153.13 287.25 Td (not ) Tj ET Q q 0 0 0 rg BT 168.92 287.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 200.22 287.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 237.67 287.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 291.80 287.25 Td (or ) Tj ET Q q 0 0 0 rg BT 303.14 287.25 Td (that ) Tj ET Q q 0 0 0 rg BT 321.70 287.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 359.14 287.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 413.28 287.25 Td (may ) Tj ET Q q 0 0 0 rg BT 432.94 287.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 470.93 287.25 Td (over ) Tj ET Q q 0 0 0 rg BT 491.14 287.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 513.86 287.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 552.43 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 563.22 287.25 Td (the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 70.17 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.00 275.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 118.48 275.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 172.67 275.25 Td (we ) Tj ET Q q 0 0 0 rg BT 186.27 275.25 Td (pay) Tj ET Q q 0 0 0 rg BT 200.33 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 205.33 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 216.16 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.43 275.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 246.70 275.25 Td (characterization ) Tj ET Q q 0 0 0 rg BT 316.42 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.24 275.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 364.73 275.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 418.91 275.25 Td (we ) Tj ET Q q 0 0 0 rg BT 432.51 275.25 Td (pay) Tj ET Q q 0 0 0 rg BT 446.58 275.25 Td (, ) Tj ET Q q 0 0 0 rg BT 451.57 275.25 Td (or ) Tj ET Q q 0 0 0 rg BT 462.96 275.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.79 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.06 275.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 507.66 275.25 Td (at ) Tj ET Q q 0 0 0 rg BT 517.93 275.25 Td (which ) Tj ET Q q 0 0 0 rg BT 545.44 275.25 Td (holders ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.77 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 63.66 263.25 Td (common ) Tj ET Q q 0 0 0 rg BT 101.66 263.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 125.20 263.25 Td (are ) Tj ET Q q 0 0 0 rg BT 140.97 263.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 165.63 263.25 Td (on ) Tj ET Q q 0 0 0 rg BT 178.63 263.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 216.06 263.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 270.19 263.25 Td (we ) Tj ET Q q 0 0 0 rg BT 283.74 263.25 Td (pay) Tj ET Q q 0 0 0 rg BT 297.81 263.25 Td (, ) Tj ET Q q 0 0 0 rg BT 302.75 263.25 Td (may ) Tj ET Q q 0 0 0 rg BT 322.40 263.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 363.16 263.25 Td (af) Tj ET Q q 0 0 0 rg BT 371.31 263.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 388.73 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.95 263.25 Td (market ) Tj ET Q q 0 0 0 rg BT 435.27 263.25 Td (price ) Tj ET Q q 0 0 0 rg BT 458.26 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.03 263.25 Td (our ) Tj ET Q q 0 0 0 rg BT 485.92 263.25 Td (common ) Tj ET Q q 0 0 0 rg BT 523.92 263.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 547.46 263.25 Td (or ) Tj ET Q q 0 0 0 rg BT 558.79 263.25 Td (may ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (result ) Tj ET Q q 0 0 0 rg BT 61.84 251.25 Td (in ) Tj ET Q q 0 0 0 rg BT 72.68 251.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 105.74 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.57 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.52 251.25 Td (common ) Tj ET Q q 0 0 0 rg BT 171.58 251.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.19 251.25 Td (being ) Tj ET Q q 0 0 0 rg BT 220.47 251.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 245.18 251.25 Td (on ) Tj ET Q q 0 0 0 rg BT 258.25 251.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 295.74 251.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 349.93 251.25 Td (at ) Tj ET Q q 0 0 0 rg BT 360.21 251.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.71 251.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 397.44 251.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 416.05 251.25 Td (than ) Tj ET Q q 0 0 0 rg BT 437.45 251.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 471.62 251.25 Td (expected. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.21 227.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 109.86 227.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 162.52 227.25 Td (are ) Tj ET Q q 0 0 0 rg BT 177.39 227.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 205.59 227.25 Td (by ) Tj ET Q q 0 0 0 rg BT 218.25 227.25 Td (a ) Tj ET Q q 0 0 0 rg BT 225.35 227.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 255.77 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.76 227.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 299.12 227.25 Td (including ) Tj ET Q q 0 0 0 rg BT 339.55 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 355.54 227.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 397.09 227.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 434.74 227.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 483.51 227.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 538.37 227.25 Td (under ) Tj ET Q q 0 0 0 rg BT 563.80 227.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 58.04 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 60.50 215.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 75.19 215.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 95.98 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.89 215.25 Td (our ) Tj ET Q q 0 0 0 rg BT 128.69 215.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 150.72 215.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.19 215.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 184.53 215.25 Td (income ) Tj ET Q q 0 0 0 rg BT 216.43 215.25 Td (as ) Tj ET Q q 0 0 0 rg BT 227.23 215.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 270.22 215.25 Td (for ) Tj ET Q q 0 0 0 rg BT 284.35 215.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 299.04 215.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 337.05 215.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 373.96 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.21 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.89 215.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 432.45 215.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 469.90 215.25 Td (Code. ) Tj ET Q q 0 0 0 rg BT 495.80 215.25 Td (W) Tj ET Q q 0 0 0 rg BT 504.44 215.25 Td (e ) Tj ET Q q 0 0 0 rg BT 511.34 215.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 551.01 215.25 Td (intend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.66 203.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 87.32 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.98 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 114.19 203.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 167.61 203.25 Td (at ) Tj ET Q q 0 0 0 rg BT 177.71 203.25 Td (least ) Tj ET Q q 0 0 0 rg BT 198.92 203.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 220.13 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.34 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.55 203.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 269.59 203.25 Td ( ) Tj ET Q q 0 0 0 rg BT 272.47 203.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 304.23 203.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 339.04 203.25 Td (although ) Tj ET Q q 0 0 0 rg BT 376.92 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 393.13 203.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 429.33 203.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.19 203.25 Td (results ) Tj ET Q q 0 0 0 rg BT 496.18 203.25 Td (for ) Tj ET Q q 0 0 0 rg BT 510.73 203.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 537.58 203.25 Td ( ) Tj ET Q q 0 0 0 rg BT 540.46 203.25 Td (purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.72 191.25 Td (dif) Tj ET Q q 0 0 0 rg BT 66.64 191.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 80.24 191.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 123.28 191.25 Td (from ) Tj ET Q q 0 0 0 rg BT 145.22 191.25 Td (our ) Tj ET Q q 0 0 0 rg BT 161.05 191.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 183.08 191.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.58 191.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 216.96 191.25 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.23 167.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 95.07 167.25 Td (we ) Tj ET Q q 0 0 0 rg BT 109.08 167.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 155.85 167.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.52 167.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 202.17 167.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 239.51 167.25 Td (at ) Tj ET Q q 0 0 0 rg BT 249.07 167.25 Td (a ) Tj ET Q q 0 0 0 rg BT 255.85 167.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 273.17 167.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.85 167.25 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.35 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 308.69 167.25 Td (per ) Tj ET Q q 0 0 0 rg BT 323.80 167.25 Td (share ) Tj ET Q q 0 0 0 rg BT 347.24 167.25 Td (per ) Tj ET Q q 0 0 0 rg BT 362.35 167.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 393.00 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.78 167.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.90 167.25 Td (December ) Tj ET Q q 0 0 0 rg BT 463.33 167.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 485.67 167.25 Td (our ) Tj ET Q q 0 0 0 rg BT 501.34 167.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 528.12 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.79 167.25 Td (Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 82.31 155.25 Td (its ) Tj ET Q q 0 0 0 rg BT 94.75 155.25 Td (intention ) Tj ET Q q 0 0 0 rg BT 133.29 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.07 155.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 181.49 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.26 155.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 209.70 155.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 241.00 155.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 282.88 155.25 Td (during ) Tj ET Q q 0 0 0 rg BT 311.99 155.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 334.98 155.25 Td (at ) Tj ET Q q 0 0 0 rg BT 345.19 155.25 Td (a ) Tj ET Q q 0 0 0 rg BT 352.62 155.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 370.60 155.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.92 155.25 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.42 155.25 Td ( ) Tj ET Q q 0 0 0 rg BT 407.42 155.25 Td (per ) Tj ET Q q 0 0 0 rg BT 423.18 155.25 Td (share ) Tj ET Q q 0 0 0 rg BT 447.27 155.25 Td (per ) Tj ET Q q 0 0 0 rg BT 463.03 155.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 490.79 155.25 Td (. ) Tj ET Q q 0 0 0 rg BT 496.29 155.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 514.83 155.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 543.38 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 554.15 155.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 571.58 155.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 73.77 143.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.87 143.25 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.37 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.14 143.25 Td (per ) Tj ET Q q 0 0 0 rg BT 125.67 143.25 Td (share ) Tj ET Q q 0 0 0 rg BT 149.54 143.25 Td (per ) Tj ET Q q 0 0 0 rg BT 165.08 143.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 196.17 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.71 143.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 229.48 143.25 Td (may ) Tj ET Q q 0 0 0 rg BT 249.47 143.25 Td (be ) Tj ET Q q 0 0 0 rg BT 261.68 143.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 302.77 143.25 Td (af) Tj ET Q q 0 0 0 rg BT 310.35 143.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 337.55 143.25 Td (by ) Tj ET Q q 0 0 0 rg BT 350.32 143.25 Td (a ) Tj ET Q q 0 0 0 rg BT 357.53 143.25 Td (number ) Tj ET Q q 0 0 0 rg BT 390.84 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.94 143.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 434.42 143.25 Td (including ) Tj ET Q q 0 0 0 rg BT 474.96 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.95 143.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 507.72 143.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 537.70 143.25 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (herein. ) Tj ET Q q 0 0 0 rg BT 65.04 131.25 Td (These ) Tj ET Q q 0 0 0 rg BT 90.59 131.25 Td (same ) Tj ET Q q 0 0 0 rg BT 112.82 131.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 141.70 131.25 Td (may ) Tj ET Q q 0 0 0 rg BT 160.59 131.25 Td (af) Tj ET Q q 0 0 0 rg BT 168.18 131.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 184.84 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 199.85 131.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 227.08 131.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.53 131.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 252.65 131.25 Td (other ) Tj ET Q q 0 0 0 rg BT 274.87 131.25 Td (future ) Tj ET Q q 0 0 0 rg BT 300.42 131.25 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 343.49 131.25 Td (In ) Tj ET Q q 0 0 0 rg BT 353.49 131.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 390.44 131.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.90 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.79 131.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 439.90 131.25 Td (we ) Tj ET Q q 0 0 0 rg BT 453.24 131.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 494.89 131.25 Td (that ) Tj ET Q q 0 0 0 rg BT 511.56 131.25 Td (future ) Tj ET Q q 0 0 0 rg BT 537.12 131.25 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (would ) Tj ET Q q 0 0 0 rg BT 62.67 119.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 101.00 119.25 Td (a ) Tj ET Q q 0 0 0 rg BT 107.11 119.25 Td (return ) Tj ET Q q 0 0 0 rg BT 132.66 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.67 119.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 170.99 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.44 119.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 220.73 119.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 245.72 119.25 Td (than ) Tj ET Q q 0 0 0 rg BT 264.61 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.50 119.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 326.29 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.29 119.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 369.90 119.25 Td (we ) Tj ET Q q 0 0 0 rg BT 383.24 119.25 Td (may ) Tj ET Q q 0 0 0 rg BT 402.13 119.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 443.78 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.24 119.25 Td (discontinue ) Tj ET Q q 0 0 0 rg BT 501.01 119.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 537.68 119.25 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (until ) Tj ET Q q 0 0 0 rg BT 56.83 107.25 Td (such ) Tj ET Q q 0 0 0 rg BT 77.65 107.25 Td (time ) Tj ET Q q 0 0 0 rg BT 97.91 107.25 Td (that ) Tj ET Q q 0 0 0 rg BT 115.40 107.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 156.78 107.25 Td (would ) Tj ET Q q 0 0 0 rg BT 184.27 107.25 Td (again ) Tj ET Q q 0 0 0 rg BT 208.42 107.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 247.55 107.25 Td (a ) Tj ET Q q 0 0 0 rg BT 254.48 107.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 303.09 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 313.91 107.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 347.79 107.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 367.50 107.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 407.76 107.25 Td (or ) Tj ET Q q 0 0 0 rg BT 418.58 107.25 Td (elimination ) Tj ET Q q 0 0 0 rg BT 466.62 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.44 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.26 107.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 530.18 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.01 107.25 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 88.78 95.25 Td (would ) Tj ET Q q 0 0 0 rg BT 116.55 95.25 Td (not ) Tj ET Q q 0 0 0 rg BT 132.10 95.25 Td (only ) Tj ET Q q 0 0 0 rg BT 152.65 95.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 182.06 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.05 95.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 229.82 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.92 95.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 282.57 95.25 Td (you ) Tj ET Q q 0 0 0 rg BT 300.35 95.25 Td (would ) Tj ET Q q 0 0 0 rg BT 328.12 95.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 359.75 95.25 Td (as ) Tj ET Q q 0 0 0 rg BT 370.85 95.25 Td (a ) Tj ET Q q 0 0 0 rg BT 378.06 95.25 Td (holder ) Tj ET Q q 0 0 0 rg BT 406.38 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.48 95.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.58 95.25 Td (common ) Tj ET Q q 0 0 0 rg BT 471.35 95.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 497.73 95.25 Td (but ) Tj ET Q q 0 0 0 rg BT 513.28 95.25 Td (could ) Tj ET Q q 0 0 0 rg BT 538.26 95.25 Td (also ) Tj ET Q q 0 0 0 rg BT 557.14 95.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 83.25 Td (ef) Tj ET Q q 0 0 0 rg BT 58.30 83.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 75.79 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 86.62 83.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 124.11 83.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.82 83.25 Td (market ) Tj ET Q q 0 0 0 rg BT 169.09 83.25 Td (price ) Tj ET Q q 0 0 0 rg BT 191.57 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.40 83.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.23 83.25 Td (common ) Tj ET Q q 0 0 0 rg BT 255.73 83.25 Td (stock. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.60 731.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 88.64 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 97.91 731.10 Td (which ) Tj ET Q q 0 0 0 rg BT 124.40 731.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 155.89 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.27 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.65 731.10 Td (common ) Tj ET Q q 0 0 0 rg BT 218.70 731.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 241.86 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 256.12 731.10 Td (taxed ) Tj ET Q q 0 0 0 rg BT 279.83 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 291.88 731.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 332.82 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 346.53 731.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 363.02 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.51 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.78 731.10 Td (characterization ) Tj ET Q q 0 0 0 rg BT 459.68 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.06 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.44 731.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 526.38 731.10 Td (- ) Tj ET Q q 0 0 0 rg BT 531.76 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 542.14 731.10 Td (ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 69.65 719.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 98.02 719.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 123.35 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 133.40 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.56 719.10 Td (return ) Tj ET Q q 0 0 0 rg BT 165.16 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.21 719.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 203.58 719.10 Td (- ) Tj ET Q q 0 0 0 rg BT 208.63 719.10 Td (could ) Tj ET Q q 0 0 0 rg BT 232.57 719.10 Td (have ) Tj ET Q q 0 0 0 rg BT 253.16 719.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.32 719.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 293.26 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 304.98 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.91 719.10 Td (market ) Tj ET Q q 0 0 0 rg BT 348.40 719.10 Td (price ) Tj ET Q q 0 0 0 rg BT 370.10 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.15 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.20 719.10 Td (common ) Tj ET Q q 0 0 0 rg BT 431.92 719.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 457.25 719.10 Td (In ) Tj ET Q q 0 0 0 rg BT 467.30 719.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 504.29 719.10 Td (after ) Tj ET Q q 0 0 0 rg BT 524.33 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 537.71 719.10 Td (announce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.31 707.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 87.94 707.10 Td (characterization ) Tj ET Q q 0 0 0 rg BT 153.88 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.31 707.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 201.40 707.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 253.50 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.26 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 288.24 707.10 Td (paid, ) Tj ET Q q 0 0 0 rg BT 310.05 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.36 707.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 350.33 707.10 Td (characterization ) Tj ET Q q 0 0 0 rg BT 416.27 707.10 Td (\(and, ) Tj ET Q q 0 0 0 rg BT 438.64 707.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 479.32 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.63 707.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 510.72 707.10 Td (at ) Tj ET Q q 0 0 0 rg BT 520.03 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.57 707.10 Td (holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.27 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 61.54 695.10 Td (common ) Tj ET Q q 0 0 0 rg BT 98.48 695.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 121.52 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 135.67 695.10 Td (taxed ) Tj ET Q q 0 0 0 rg BT 159.27 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 171.21 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.36 695.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 222.30 695.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 274.24 695.10 Td (they ) Tj ET Q q 0 0 0 rg BT 293.40 695.10 Td (have ) Tj ET Q q 0 0 0 rg BT 314.22 695.10 Td (received\) ) Tj ET Q q 0 0 0 rg BT 353.35 695.10 Td (could ) Tj ET Q q 0 0 0 rg BT 377.50 695.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 397.21 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 418.59 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.86 695.10 Td (expectation, ) Tj ET Q q 0 0 0 rg BT 484.39 695.10 Td (including ) Tj ET Q q 0 0 0 rg BT 524.10 695.10 Td (due ) Tj ET Q q 0 0 0 rg BT 540.48 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.20 695.10 Td (errors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 71.21 683.10 Td (made ) Tj ET Q q 0 0 0 rg BT 95.87 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.65 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.87 683.10 Td (course ) Tj ET Q q 0 0 0 rg BT 150.97 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.30 683.10 Td (preparing ) Tj ET Q q 0 0 0 rg BT 203.62 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.96 683.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 260.71 683.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 275.93 683.10 Td (returns, ) Tj ET Q q 0 0 0 rg BT 309.20 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.54 683.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 355.75 683.10 Td (made ) Tj ET Q q 0 0 0 rg BT 380.40 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.19 683.10 Td (response ) Tj ET Q q 0 0 0 rg BT 429.18 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.96 683.10 Td (an ) Tj ET Q q 0 0 0 rg BT 452.40 683.10 Td (IRS ) Tj ET Q q 0 0 0 rg BT 470.97 683.10 Td (audit\), ) Tj ET Q q 0 0 0 rg BT 499.79 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 520.58 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.79 683.10 Td (result ) Tj ET Q q 0 0 0 rg BT 561.01 683.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 67.94 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.77 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 94.60 671.10 Td (common ) Tj ET Q q 0 0 0 rg BT 132.09 671.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 155.70 671.10 Td (could ) Tj ET Q q 0 0 0 rg BT 180.42 671.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 203.47 671.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 233.72 671.10 Td (income ) Tj ET Q q 0 0 0 rg BT 265.65 671.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 280.37 671.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 320.09 671.10 Td (than ) Tj ET Q q 0 0 0 rg BT 339.80 671.10 Td (expected. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 54.61 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 86.00 647.10 Td (price ) Tj ET Q q 0 0 0 rg BT 109.04 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.87 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 136.83 647.10 Td (common ) Tj ET Q q 0 0 0 rg BT 174.88 647.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.49 647.10 Td (could ) Tj ET Q q 0 0 0 rg BT 223.77 647.10 Td (be ) Tj ET Q q 0 0 0 rg BT 235.71 647.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 279.86 647.10 Td (af) Tj ET Q q 0 0 0 rg BT 288.01 647.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 314.93 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 326.87 647.10 Td (various ) Tj ET Q q 0 0 0 rg BT 359.93 647.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 393.26 647.10 Td (including ) Tj ET Q q 0 0 0 rg BT 435.22 647.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 461.61 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 493.00 647.10 Td (fluctuations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.52 623.10 Td (market ) Tj ET Q q 0 0 0 rg BT 103.25 623.10 Td (price ) Tj ET Q q 0 0 0 rg BT 126.21 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.51 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.81 623.10 Td (common ) Tj ET Q q 0 0 0 rg BT 191.77 623.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 215.85 623.10 Td (may ) Tj ET Q q 0 0 0 rg BT 236.04 623.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.45 623.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 293.07 623.10 Td (af) Tj ET Q q 0 0 0 rg BT 300.66 623.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 328.05 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 341.02 623.10 Td (various ) Tj ET Q q 0 0 0 rg BT 373.43 623.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 406.11 623.10 Td (which ) Tj ET Q q 0 0 0 rg BT 433.51 623.10 Td (change ) Tj ET Q q 0 0 0 rg BT 464.80 623.10 Td (from ) Tj ET Q q 0 0 0 rg BT 487.21 623.10 Td (time ) Tj ET Q q 0 0 0 rg BT 507.95 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.70 623.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 541.94 623.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 567.69 623.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 611.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 88.75 611.10 Td (are: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.05 587.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 116.42 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 127.25 587.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 173.62 587.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.10 587.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 253.88 587.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 309.40 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.34 587.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 366.60 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.54 587.10 Td (those ) Tj ET Q q 0 0 0 rg BT 407.15 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.98 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.81 587.10 Td (competitors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 563.10 Td (market ) Tj ET Q q 0 0 0 rg BT 120.31 563.10 Td (for ) Tj ET Q q 0 0 0 rg BT 134.47 563.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 164.74 563.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 205.01 563.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 232.51 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 245.01 563.10 Td (other ) Tj ET Q q 0 0 0 rg BT 268.05 563.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 289.57 563.10 Td (s ) Tj ET Q q 0 0 0 rg BT 295.96 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.90 563.10 Td (other ) Tj ET Q q 0 0 0 rg BT 335.95 563.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 385.66 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.49 563.10 Td (ours.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 109.11 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.57 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.46 539.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 167.12 539.10 Td (that ) Tj ET Q q 0 0 0 rg BT 184.79 539.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 223.58 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.69 539.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 281.13 539.10 Td (analysts ) Tj ET Q q 0 0 0 rg BT 316.02 539.10 Td (who ) Tj ET Q q 0 0 0 rg BT 335.92 539.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 369.14 539.10 Td (research ) Tj ET Q q 0 0 0 rg BT 405.13 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.58 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.47 539.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 482.00 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 494.68 539.10 Td (us ) Tj ET Q q 0 0 0 rg BT 506.25 539.10 Td (analyze ) Tj ET Q q 0 0 0 rg BT 539.46 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 554.35 539.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.66 527.10 Td (common ) Tj ET Q q 0 0 0 rg BT 136.16 527.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 109.89 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.12 503.10 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 195.67 503.10 Td (or ) Tj ET Q q 0 0 0 rg BT 207.45 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.68 503.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 260.46 503.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.89 503.10 Td (results ) Tj ET Q q 0 0 0 rg BT 328.45 503.10 Td (published ) Tj ET Q q 0 0 0 rg BT 370.79 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 384.25 503.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 425.46 503.10 Td (analysts ) Tj ET Q q 0 0 0 rg BT 461.13 503.10 Td (who ) Tj ET Q q 0 0 0 rg BT 481.81 503.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 515.81 503.10 Td (research ) Tj ET Q q 0 0 0 rg BT 552.57 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 563.80 503.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 491.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 123.36 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 135.86 491.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 149.75 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.58 491.10 Td (competitors, ) Tj ET Q q 0 0 0 rg BT 217.79 491.10 Td (or ) Tj ET Q q 0 0 0 rg BT 228.62 491.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.45 491.10 Td (industry) Tj ET Q q 0 0 0 rg BT 276.58 491.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 467.10 Td (General ) Tj ET Q q 0 0 0 rg BT 108.70 467.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 152.64 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.13 467.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.17 467.10 Td (market ) Tj ET Q q 0 0 0 rg BT 245.00 467.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 294.22 467.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 339.55 467.10 Td (among ) Tj ET Q q 0 0 0 rg BT 371.83 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 397.43 467.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 429.44 467.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 458.37 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.87 467.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 520.13 467.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 554.62 467.10 Td (rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (prepayments, ) Tj ET Q q 0 0 0 rg BT 128.09 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.03 455.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 170.30 455.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 223.32 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.26 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.97 455.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 289.13 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 303.29 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.01 455.10 Td (types ) Tj ET Q q 0 0 0 rg BT 341.61 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.44 455.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 378.27 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 392.43 455.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 412.71 455.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.54 455.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 449.93 455.10 Td (in.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (Proposals ) Tj ET Q q 0 0 0 rg BT 112.59 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.07 431.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 173.76 431.10 Td (change ) Tj ET Q q 0 0 0 rg BT 203.78 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.70 431.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 249.38 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.86 431.10 Td (which ) Tj ET Q q 0 0 0 rg BT 285.00 431.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.68 431.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 357.54 431.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 394.22 431.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 442.87 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.01 431.10 Td (related ) Tj ET Q q 0 0 0 rg BT 487.91 431.10 Td (industries, ) Tj ET Q q 0 0 0 rg BT 531.00 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.03 431.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 419.10 Td (products ) Tj ET Q q 0 0 0 rg BT 108.94 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 123.65 419.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 163.35 419.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.62 419.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 232.21 419.10 Td (law) Tj ET Q q 0 0 0 rg BT 245.99 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.99 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.82 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.54 419.10 Td (enactment ) Tj ET Q q 0 0 0 rg BT 320.13 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.96 419.10 Td (such ) Tj ET Q q 0 0 0 rg BT 351.79 419.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 392.62 419.10 Td (into ) Tj ET Q q 0 0 0 rg BT 410.68 419.10 Td (law ) Tj ET Q q 0 0 0 rg BT 427.62 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 438.45 419.10 Td (regulation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 96.30 395.10 Td (events ) Tj ET Q q 0 0 0 rg BT 123.38 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 133.23 395.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 191.41 395.10 Td (which ) Tj ET Q q 0 0 0 rg BT 217.37 395.10 Td (undermine ) Tj ET Q q 0 0 0 rg BT 261.67 395.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 307.06 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.37 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.11 395.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 366.62 395.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 399.81 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 409.67 395.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 450.08 395.10 Td (have ) Tj ET Q q 0 0 0 rg BT 470.48 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.45 395.10 Td (broad ) Tj ET Q q 0 0 0 rg BT 500.75 395.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 529.49 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 541.02 395.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 108.68 383.10 Td (such ) Tj ET Q q 0 0 0 rg BT 129.54 383.10 Td (as ) Tj ET Q q 0 0 0 rg BT 140.39 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.14 383.10 Td (sudden ) Tj ET Q q 0 0 0 rg BT 185.99 383.10 Td (instability ) Tj ET Q q 0 0 0 rg BT 228.52 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 239.37 383.10 Td (collapse ) Tj ET Q q 0 0 0 rg BT 274.66 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.52 383.10 Td (lar) Tj ET Q q 0 0 0 rg BT 295.89 383.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 307.85 383.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.36 383.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 392.33 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.19 383.10 Td (other ) Tj ET Q q 0 0 0 rg BT 426.26 383.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 471.00 383.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 523.51 383.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 561.58 383.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.28 371.10 Td (fraud ) Tj ET Q q 0 0 0 rg BT 105.88 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.71 371.10 Td (other ) Tj ET Q q 0 0 0 rg BT 139.75 371.10 Td (factors\), ) Tj ET Q q 0 0 0 rg BT 175.29 371.10 Td (terrorist ) Tj ET Q q 0 0 0 rg BT 209.45 371.10 Td (attacks, ) Tj ET Q q 0 0 0 rg BT 242.21 371.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 272.47 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.30 371.10 Td (man-made ) Tj ET Q q 0 0 0 rg BT 328.01 371.10 Td (disasters, ) Tj ET Q q 0 0 0 rg BT 367.44 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 378.27 371.10 Td (threatened ) Tj ET Q q 0 0 0 rg BT 422.42 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.25 371.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 459.62 371.10 Td (armed ) Tj ET Q q 0 0 0 rg BT 487.10 371.10 Td (conflicts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 108.81 347.10 Td (these ) Tj ET Q q 0 0 0 rg BT 131.69 347.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 181.23 347.10 Td (do ) Tj ET Q q 0 0 0 rg BT 193.56 347.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.66 347.10 Td (always ) Tj ET Q q 0 0 0 rg BT 238.76 347.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 263.29 347.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 296.16 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.27 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.81 347.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 358.12 347.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 410.97 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.63 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.17 347.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 481.27 347.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 509.15 347.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 532.58 347.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 558.79 347.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (be ) Tj ET Q q 0 0 0 rg BT 47.63 335.10 Td (af) Tj ET Q q 0 0 0 rg BT 55.22 335.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 83.84 335.10 Td (As ) Tj ET Q q 0 0 0 rg BT 97.15 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 103.77 335.10 Td (result ) Tj ET Q q 0 0 0 rg BT 128.18 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.70 335.10 Td (these ) Tj ET Q q 0 0 0 rg BT 161.44 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.06 335.10 Td (other ) Tj ET Q q 0 0 0 rg BT 200.80 335.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 232.69 335.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 270.99 335.10 Td (who ) Tj ET Q q 0 0 0 rg BT 290.40 335.10 Td (own ) Tj ET Q q 0 0 0 rg BT 309.81 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 325.33 335.10 Td (common ) Tj ET Q q 0 0 0 rg BT 362.52 335.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 385.81 335.10 Td (could ) Tj ET Q q 0 0 0 rg BT 410.22 335.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 455.71 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.34 335.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 498.94 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.91 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.31 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 547.16 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.68 335.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 84.88 323.10 Td (including ) Tj ET Q q 0 0 0 rg BT 125.16 323.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 165.96 323.10 Td (unrelated ) Tj ET Q q 0 0 0 rg BT 205.66 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.94 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.77 323.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 269.25 323.10 Td (results ) Tj ET Q q 0 0 0 rg BT 297.86 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 308.69 323.10 Td (prospects. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (ITEM1B. UNRESOL) Tj ET Q q 0 0 0 rg BT 129.27 293.10 Td (VED ST) Tj ET Q q 0 0 0 rg BT 164.37 293.10 Td (AFF) Tj ET Q q 0 0 0 rg BT 183.44 293.10 Td ( COMMENTS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (None. ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (ITEM2. PROPER) Tj ET Q q 0 0 0 rg BT 115.93 731.25 Td (TIES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.92 713.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 109.83 713.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 150.52 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.33 713.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 226.90 713.25 Td (of) Tj ET Q q 0 0 0 rg BT 235.05 713.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 252.41 713.25 Td (is ) Tj ET Q q 0 0 0 rg BT 261.45 713.25 Td (located ) Tj ET Q q 0 0 0 rg BT 292.69 713.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.84 713.25 Td (Mill ) Tj ET Q q 0 0 0 rg BT 322.27 713.25 Td (V) Tj ET Q q 0 0 0 rg BT 328.38 713.25 Td (alley) Tj ET Q q 0 0 0 rg BT 347.16 713.25 Td (, ) Tj ET Q q 0 0 0 rg BT 352.03 713.25 Td (California ) Tj ET Q q 0 0 0 rg BT 394.95 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.76 713.25 Td (we ) Tj ET Q q 0 0 0 rg BT 425.79 713.25 Td (have ) Tj ET Q q 0 0 0 rg BT 447.03 713.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 489.40 713.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 548.97 713.25 Td (of) Tj ET Q q 0 0 0 rg BT 557.12 713.25 Td (fices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (at ) Tj ET Q q 0 0 0 rg BT 45.67 701.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.33 701.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 98.88 701.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 123.00 701.25 Td (below) Tj ET Q q 0 0 0 rg BT 146.79 701.25 Td (.) Tj ET Q q 0 0 0 rg BT 151.61 701.25 Td (W) Tj ET Q q 0 0 0 rg BT 160.24 701.25 Td (e ) Tj ET Q q 0 0 0 rg BT 167.13 701.25 Td (do ) Tj ET Q q 0 0 0 rg BT 179.58 701.25 Td (not ) Tj ET Q q 0 0 0 rg BT 194.81 701.25 Td (own ) Tj ET Q q 0 0 0 rg BT 214.48 701.25 Td (any ) Tj ET Q q 0 0 0 rg BT 231.36 701.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 273.80 701.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.69 701.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 313.12 701.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.78 701.25 Td (space ) Tj ET Q q 0 0 0 rg BT 352.44 701.25 Td (we ) Tj ET Q q 0 0 0 rg BT 366.55 701.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 393.99 701.25 Td (for ) Tj ET Q q 0 0 0 rg BT 408.10 701.25 Td (our ) Tj ET Q q 0 0 0 rg BT 423.88 701.25 Td (of) Tj ET Q q 0 0 0 rg BT 432.03 701.25 Td (fices.) Tj ET Q q 0 0 0 rg BT 455.35 701.25 Td (Additional ) Tj ET Q q 0 0 0 rg BT 500.57 701.25 Td (information ) Tj ET Q q 0 0 0 rg BT 550.23 701.25 Td (on ) Tj ET Q q 0 0 0 rg BT 562.68 701.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 63.15 689.25 Td (is ) Tj ET Q q 0 0 0 rg BT 73.09 689.25 Td (included ) Tj ET Q q 0 0 0 rg BT 110.79 689.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.84 689.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 144.00 689.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.00 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.27 689.25 Td (to ) Tj ET Q q 0 0 0 rg BT 168.32 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.81 689.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 224.30 689.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 271.45 689.25 Td (within ) Tj ET Q q 0 0 0 rg BT 300.28 689.25 Td (this ) Tj ET Q q 0 0 0 rg BT 317.27 689.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 349.98 689.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 380.47 689.25 Td (on ) Tj ET Q q 0 0 0 rg BT 393.74 689.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 418.69 689.25 Td (10-K.) Tj ET Q q 0 0 0 rg BT 444.06 689.25 Td (The ) Tj ET Q q 0 0 0 rg BT 462.88 689.25 Td (following ) Tj ET Q q 0 0 0 rg BT 505.03 689.25 Td (table ) Tj ET Q q 0 0 0 rg BT 527.74 689.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 563.78 689.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 74.60 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.54 677.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 134.58 677.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 157.07 677.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 181.79 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.62 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 208.45 677.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 242.60 677.25 Td (of) Tj ET Q q 0 0 0 rg BT 250.75 677.25 Td (fices. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (Executive and ) Tj ET Q q 0 0 0 rg BT 96.73 653.25 Td (Administrative Of) Tj ET Q q 0 0 0 rg BT 170.17 653.25 Td (fice Locations and Lease Expirations) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 46.5 612.730078125 m 76.72265625 612.730078125 l s q 0 0 0 rg BT 46.50 613.98 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.20 621.98 Td (Lease ) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 515.55 612.730078125 m 552.44453125 612.730078125 l s q 0 0 0 rg BT 515.55 613.98 Td (Expiration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 600.32 Td (One Belvedere Place, Suite 300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 592.87 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 585.42 Td (Mill Valley, CA 94941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 562.32 Td (8310 South Valley Highway, Suite 425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 554.87 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 547.42 Td (Englewood, CO 80112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 524.32 Td (225 W. Washington St., Suite 1440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 517.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.50 510.32 Td (Chicago, IL 60606) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 464.25 Td (ITEM3. LEGAL) Tj ET Q q 0 0 0 rg BT 109.63 464.25 Td ( PROCEEDINGS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.25 Td (On ) Tj ET Q q 0 0 0 rg BT 69.14 446.25 Td (or ) Tj ET Q q 0 0 0 rg BT 80.38 446.25 Td (about ) Tj ET Q q 0 0 0 rg BT 105.51 446.25 Td (December ) Tj ET Q q 0 0 0 rg BT 149.51 446.25 Td (23, ) Tj ET Q q 0 0 0 rg BT 164.92 446.25 Td (2009, ) Tj ET Q q 0 0 0 rg BT 190.34 446.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.47 446.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 238.37 446.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 265.72 446.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 289.18 446.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 313.20 446.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.45 446.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 354.57 446.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 373.03 446.25 Td (FHLB-Seattle\) ) Tj ET Q q 0 0 0 rg BT 444.26 446.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 465.50 446.25 Td (a ) Tj ET Q q 0 0 0 rg BT 472.85 446.25 Td (complaint ) Tj ET Q q 0 0 0 rg BT 515.75 446.25 Td (in ) Tj ET Q q 0 0 0 rg BT 526.45 446.25 Td (the ) Tj ET Q q 0 0 0 rg BT 541.58 446.25 Td (Superior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 434.25 Td (Court ) Tj ET Q q 0 0 0 rg BT 61.63 434.25 Td (for ) Tj ET Q q 0 0 0 rg BT 76.14 434.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.20 434.25 Td (State ) Tj ET Q q 0 0 0 rg BT 114.05 434.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.02 434.25 Td (W) Tj ET Q q 0 0 0 rg BT 133.66 434.25 Td (ashington ) Tj ET Q q 0 0 0 rg BT 175.39 434.25 Td (\(case ) Tj ET Q q 0 0 0 rg BT 198.78 434.25 Td (number ) Tj ET Q q 0 0 0 rg BT 232.18 434.25 Td (09-2-46348-4 ) Tj ET Q q 0 0 0 rg BT 290.02 434.25 Td (SEA\) ) Tj ET Q q 0 0 0 rg BT 315.09 434.25 Td (against ) Tj ET Q q 0 0 0 rg BT 346.26 434.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 387.23 434.25 Td (T) Tj ET Q q 0 0 0 rg BT 392.99 434.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 413.34 434.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 433.96 434.25 Td (our ) Tj ET Q q 0 0 0 rg BT 450.14 434.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 490.60 434.25 Td (, ) Tj ET Q q 0 0 0 rg BT 495.94 434.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 531.01 434.25 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 422.25 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 73.67 422.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 90.77 422.25 Td (\(SRF\), ) Tj ET Q q 0 0 0 rg BT 128.44 422.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 145.48 422.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 161.75 422.25 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 193.58 422.25 Td (& ) Tj ET Q q 0 0 0 rg BT 203.19 422.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 221.69 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.96 422.25 Td (Mor) Tj ET Q q 0 0 0 rg BT 255.00 422.25 Td (gan ) Tj ET Q q 0 0 0 rg BT 271.27 422.25 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 303.10 422.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 333.81 422.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 341.48 422.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 358.58 422.25 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 407.90 422.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.24 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.29 422.25 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 488.66 422.25 Td (Defendants\) ) Tj ET Q q 0 0 0 rg BT 543.80 422.25 Td (alleging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 410.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.27 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 67.77 410.25 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 126.15 410.25 Td (Defendants ) Tj ET Q q 0 0 0 rg BT 173.96 410.25 Td (made ) Tj ET Q q 0 0 0 rg BT 197.89 410.25 Td (false ) Tj ET Q q 0 0 0 rg BT 219.05 410.25 Td (or ) Tj ET Q q 0 0 0 rg BT 229.65 410.25 Td (misleading ) Tj ET Q q 0 0 0 rg BT 275.81 410.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 320.30 410.25 Td (in ) Tj ET Q q 0 0 0 rg BT 330.36 410.25 Td (of) Tj ET Q q 0 0 0 rg BT 338.50 410.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 364.66 410.25 Td (materials ) Tj ET Q q 0 0 0 rg BT 403.59 410.25 Td (for ) Tj ET Q q 0 0 0 rg BT 417.52 410.25 Td (a ) Tj ET Q q 0 0 0 rg BT 424.24 410.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 464.28 410.25 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 518.22 410.25 Td (certificate ) Tj ET Q q 0 0 0 rg BT 560.46 410.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 398.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 70.58 398.25 Td (Certificate\) ) Tj ET Q q 0 0 0 rg BT 123.47 398.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 151.40 398.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.10 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.25 398.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 212.39 398.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 253.98 398.25 Td (T) Tj ET Q q 0 0 0 rg BT 259.74 398.25 Td (rust ) Tj ET Q q 0 0 0 rg BT 277.67 398.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 308.93 398.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 365.72 398.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 412.52 398.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 430.99 398.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 466.69 398.25 Td (RMBS\) ) Tj ET Q q 0 0 0 rg BT 505.18 398.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.54 398.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 566.01 398.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.13 386.25 Td (FHLB-Seattle. ) Tj ET Q q 0 0 0 rg BT 110.64 386.25 Td (Specifically) Tj ET Q q 0 0 0 rg BT 157.75 386.25 Td (, ) Tj ET Q q 0 0 0 rg BT 162.16 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.29 386.25 Td (complaint ) Tj ET Q q 0 0 0 rg BT 218.19 386.25 Td (alleges ) Tj ET Q q 0 0 0 rg BT 247.87 386.25 Td (that ) Tj ET Q q 0 0 0 rg BT 264.78 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.91 386.25 Td (alleged ) Tj ET Q q 0 0 0 rg BT 309.69 386.25 Td (misstatements ) Tj ET Q q 0 0 0 rg BT 368.26 386.25 Td (concern ) Tj ET Q q 0 0 0 rg BT 401.82 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.95 386.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 429.52 386.25 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 484.74 386.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 504.98 386.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.22 386.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 554.89 386.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.58 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 66.95 374.25 Td (appraisals ) Tj ET Q q 0 0 0 rg BT 109.08 374.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.55 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.92 374.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 176.05 374.25 Td (that ) Tj ET Q q 0 0 0 rg BT 193.19 374.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 225.87 374.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 249.13 374.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 294.05 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.41 374.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 338.89 374.25 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 371.33 374.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 385.14 374.25 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 430.04 374.25 Td (status ) Tj ET Q q 0 0 0 rg BT 454.96 374.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.44 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.80 374.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 524.43 374.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 538.24 374.25 Td (standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 362.25 Td (used ) Tj ET Q q 0 0 0 rg BT 57.24 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 67.94 362.25 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 114.17 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.30 362.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 155.82 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.17 362.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 187.75 362.25 Td (ratings ) Tj ET Q q 0 0 0 rg BT 217.88 362.25 Td (assigned ) Tj ET Q q 0 0 0 rg BT 255.23 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 265.92 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.05 362.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 311.18 362.25 Td (Certificate. ) Tj ET Q q 0 0 0 rg BT 358.58 362.25 Td (The ) Tj ET Q q 0 0 0 rg BT 377.04 362.25 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 436.06 362.25 Td (alleges ) Tj ET Q q 0 0 0 rg BT 466.74 362.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 495.75 362.25 Td (under ) Tj ET Q q 0 0 0 rg BT 521.44 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.57 362.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 350.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 53.02 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 63.74 350.25 Td (W) Tj ET Q q 0 0 0 rg BT 72.38 350.25 Td (ashington ) Tj ET Q q 0 0 0 rg BT 113.84 350.25 Td (\(Section ) Tj ET Q q 0 0 0 rg BT 149.74 350.25 Td (21.20.005, ) Tj ET Q q 0 0 0 rg BT 194.82 350.25 Td (et ) Tj ET Q q 0 0 0 rg BT 204.62 350.25 Td (seq.\) ) Tj ET Q q 0 0 0 rg BT 226.36 350.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.37 350.25 Td (seeks ) Tj ET Q q 0 0 0 rg BT 267.61 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.97 350.25 Td (rescind ) Tj ET Q q 0 0 0 rg BT 309.42 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.22 350.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 362.33 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.24 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.04 350.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 417.83 350.25 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 462.60 350.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.62 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 489.97 350.25 Td (collect ) Tj ET Q q 0 0 0 rg BT 519.20 350.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 551.21 350.25 Td (on ) Tj ET Q q 0 0 0 rg BT 563.79 350.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 338.25 Td (original ) Tj ET Q q 0 0 0 rg BT 69.43 338.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 107.30 338.25 Td (price ) Tj ET Q q 0 0 0 rg BT 129.61 338.25 Td (at ) Tj ET Q q 0 0 0 rg BT 139.16 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.71 338.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 191.03 338.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 222.79 338.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 240.11 338.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.77 338.25 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.10 338.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.42 338.25 Td (per ) Tj ET Q q 0 0 0 rg BT 281.52 338.25 Td (annum ) Tj ET Q q 0 0 0 rg BT 311.07 338.25 Td (from ) Tj ET Q q 0 0 0 rg BT 332.84 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.38 338.25 Td (date ) Tj ET Q q 0 0 0 rg BT 366.37 338.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.03 338.25 Td (original ) Tj ET Q q 0 0 0 rg BT 410.46 338.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 448.32 338.25 Td (\(net ) Tj ET Q q 0 0 0 rg BT 466.20 338.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.86 338.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 508.62 338.25 Td (received\) ) Tj ET Q q 0 0 0 rg BT 548.14 338.25 Td (as ) Tj ET Q q 0 0 0 rg BT 558.80 338.25 Td (well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 326.25 Td (as ) Tj ET Q q 0 0 0 rg BT 46.76 326.25 Td (attorneys) Tj ET Q q 0 0 0 rg BT 86.00 326.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.43 326.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 106.96 326.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.82 326.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 148.58 326.25 Td (The ) Tj ET Q q 0 0 0 rg BT 166.55 326.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 196.19 326.25 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 240.82 326.25 Td (was ) Tj ET Q q 0 0 0 rg BT 258.80 326.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 286.22 326.25 Td (with ) Tj ET Q q 0 0 0 rg BT 306.43 326.25 Td (an ) Tj ET Q q 0 0 0 rg BT 318.30 326.25 Td (original ) Tj ET Q q 0 0 0 rg BT 351.83 326.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 389.80 326.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 422.22 326.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.98 326.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.17 326.25 Td ($133 ) Tj ET Q q 0 0 0 rg BT 515.60 326.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.49 326.25 Td (, ) Tj ET Q q 0 0 0 rg BT 549.42 326.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 568.78 326.25 Td (at) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 314.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 95.23 314.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.23 314.25 Td (, ) Tj ET Q q 0 0 0 rg BT 120.89 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.25 314.25 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 195.51 314.25 Td (has ) Tj ET Q q 0 0 0 rg BT 211.99 314.25 Td (received ) Tj ET Q q 0 0 0 rg BT 249.00 314.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.91 314.25 Td ($122 ) Tj ET Q q 0 0 0 rg BT 333.06 314.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.95 314.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.10 314.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.59 314.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 415.28 314.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.87 314.25 Td ($1) Tj ET Q q 0 0 0 rg BT 442.50 314.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 450.65 314.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.54 314.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 314.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.17 314.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 526.76 314.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 568.23 314.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 302.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 67.67 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.35 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.92 302.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 125.49 302.25 Td (Certificate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.80 302.25 Td (As ) Tj ET Q q 0 0 0 rg BT 187.27 302.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.95 302.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 258.39 302.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.39 302.25 Td (, ) Tj ET Q q 0 0 0 rg BT 284.24 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.81 302.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 330.38 302.25 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 375.93 302.25 Td (had ) Tj ET Q q 0 0 0 rg BT 393.72 302.25 Td (a ) Tj ET Q q 0 0 0 rg BT 401.51 302.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 445.41 302.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 495.42 302.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 534.32 302.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 567.67 302.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.35 290.25 Td ($1) Tj ET Q q 0 0 0 rg BT 105.98 290.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 113.57 290.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.46 290.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.37 290.25 Td (The ) Tj ET Q q 0 0 0 rg BT 165.51 290.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 194.20 290.25 Td (were ) Tj ET Q q 0 0 0 rg BT 216.22 290.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 271.03 290.25 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 313.07 290.25 Td (for ) Tj ET Q q 0 0 0 rg BT 327.32 290.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 346.57 290.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.49 290.25 Td (personal ) Tj ET Q q 0 0 0 rg BT 393.96 290.25 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 442.10 290.25 Td (as ) Tj ET Q q 0 0 0 rg BT 453.03 290.25 Td (to ) Tj ET Q q 0 0 0 rg BT 463.40 290.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 504.13 290.25 Td (T) Tj ET Q q 0 0 0 rg BT 509.89 290.25 Td (rust ) Tj ET Q q 0 0 0 rg BT 527.48 290.25 Td (and ) Tj ET Q q 0 0 0 rg BT 544.51 290.25 Td (SRF) Tj ET Q q 0 0 0 rg BT 561.50 290.25 Td (. ) Tj ET Q q 0 0 0 rg BT 566.02 290.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.96 278.25 Td (time ) Tj ET Q q 0 0 0 rg BT 71.48 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.44 278.25 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 116.39 278.25 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 161.33 278.25 Td (was ) Tj ET Q q 0 0 0 rg BT 179.63 278.25 Td (issued, ) Tj ET Q q 0 0 0 rg BT 209.87 278.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 250.94 278.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 280.33 278.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.85 278.25 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 334.70 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.66 278.25 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 402.94 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.01 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.97 278.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 460.05 278.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 490.58 278.25 Td (for ) Tj ET Q q 0 0 0 rg BT 504.99 278.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 534.93 278.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 561.57 278.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 266.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 75.17 266.25 Td (they ) Tj ET Q q 0 0 0 rg BT 95.47 266.25 Td (might ) Tj ET Q q 0 0 0 rg BT 121.88 266.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 145.50 266.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.90 266.25 Td (a ) Tj ET Q q 0 0 0 rg BT 164.42 266.25 Td (result ) Tj ET Q q 0 0 0 rg BT 189.71 266.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.11 266.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 230.29 266.25 Td (made ) Tj ET Q q 0 0 0 rg BT 255.02 266.25 Td (against ) Tj ET Q q 0 0 0 rg BT 286.42 266.25 Td (them ) Tj ET Q q 0 0 0 rg BT 309.49 266.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 343.11 266.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.96 266.25 Td (this ) Tj ET Q q 0 0 0 rg BT 371.49 266.25 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 404.86 266.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 448.21 266.25 Td (without ) Tj ET Q q 0 0 0 rg BT 481.84 266.25 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 526.30 266.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 556.58 266.25 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 76.79 254.25 Td (The ) Tj ET Q q 0 0 0 rg BT 94.70 254.25 Td (FHLB-Seattle) Tj ET Q q 0 0 0 rg BT 153.58 254.25 Td (s ) Tj ET Q q 0 0 0 rg BT 159.83 254.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 188.30 254.25 Td (against ) Tj ET Q q 0 0 0 rg BT 218.98 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.56 254.25 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 286.46 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.15 254.25 Td (this ) Tj ET Q q 0 0 0 rg BT 313.96 254.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 344.11 254.25 Td (were ) Tj ET Q q 0 0 0 rg BT 365.90 254.25 Td (not ) Tj ET Q q 0 0 0 rg BT 381.04 254.25 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 422.85 254.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.65 254.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 469.77 254.25 Td (pending. ) Tj ET Q q 0 0 0 rg BT 506.85 254.25 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 553.09 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 254.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 72.93 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.76 242.25 Td (this ) Tj ET Q q 0 0 0 rg BT 100.71 242.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 141.82 242.25 Td (we ) Tj ET Q q 0 0 0 rg BT 155.98 242.25 Td (could ) Tj ET Q q 0 0 0 rg BT 180.70 242.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 203.74 242.25 Td (a ) Tj ET Q q 0 0 0 rg BT 210.68 242.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 228.74 242.25 Td (as ) Tj ET Q q 0 0 0 rg BT 239.57 242.25 Td (a ) Tj ET Q q 0 0 0 rg BT 246.51 242.25 Td (result ) Tj ET Q q 0 0 0 rg BT 271.23 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.06 242.25 Td (these ) Tj ET Q q 0 0 0 rg BT 305.11 242.25 Td (indemnities.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.25 Td (On ) Tj ET Q q 0 0 0 rg BT 69.19 218.25 Td (or ) Tj ET Q q 0 0 0 rg BT 80.49 218.25 Td (about ) Tj ET Q q 0 0 0 rg BT 105.67 218.25 Td (July ) Tj ET Q q 0 0 0 rg BT 125.31 218.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 140.78 218.25 Td (2010, ) Tj ET Q q 0 0 0 rg BT 166.04 218.25 Td (The ) Tj ET Q q 0 0 0 rg BT 184.55 218.25 Td (Charles ) Tj ET Q q 0 0 0 rg BT 218.07 218.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 252.70 218.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 303.99 218.25 Td (\(Schwab\) ) Tj ET Q q 0 0 0 rg BT 354.16 218.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 375.45 218.25 Td (a ) Tj ET Q q 0 0 0 rg BT 382.86 218.25 Td (complaint ) Tj ET Q q 0 0 0 rg BT 425.82 218.25 Td (in ) Tj ET Q q 0 0 0 rg BT 436.56 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 451.75 218.25 Td (Superior ) Tj ET Q q 0 0 0 rg BT 489.16 218.25 Td (Court ) Tj ET Q q 0 0 0 rg BT 514.90 218.25 Td (for ) Tj ET Q q 0 0 0 rg BT 529.53 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.72 218.25 Td (State ) Tj ET Q q 0 0 0 rg BT 567.68 218.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 206.25 Td (California ) Tj ET Q q 0 0 0 rg BT 78.31 206.25 Td (in ) Tj ET Q q 0 0 0 rg BT 87.86 206.25 Td (San ) Tj ET Q q 0 0 0 rg BT 104.63 206.25 Td (Francisco ) Tj ET Q q 0 0 0 rg BT 145.27 206.25 Td (\(case ) Tj ET Q q 0 0 0 rg BT 167.58 206.25 Td (number ) Tj ET Q q 0 0 0 rg BT 199.90 206.25 Td (CGC-10-501610\) ) Tj ET Q q 0 0 0 rg BT 272.22 206.25 Td (against ) Tj ET Q q 0 0 0 rg BT 302.31 206.25 Td (SRF ) Tj ET Q q 0 0 0 rg BT 321.87 206.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.31 206.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.08 206.25 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.08 206.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.85 206.25 Td (other ) Tj ET Q q 0 0 0 rg BT 372.17 206.25 Td (defendants ) Tj ET Q q 0 0 0 rg BT 417.25 206.25 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 466.58 206.25 Td (, ) Tj ET Q q 0 0 0 rg BT 470.84 206.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.83 206.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 522.70 206.25 Td (Defendants\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 194.25 Td (alleging ) Tj ET Q q 0 0 0 rg BT 70.70 194.25 Td (that ) Tj ET Q q 0 0 0 rg BT 88.18 194.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.89 194.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 137.04 194.25 Td (Defendants ) Tj ET Q q 0 0 0 rg BT 185.06 194.25 Td (made ) Tj ET Q q 0 0 0 rg BT 209.20 194.25 Td (false ) Tj ET Q q 0 0 0 rg BT 230.57 194.25 Td (or ) Tj ET Q q 0 0 0 rg BT 241.39 194.25 Td (misleading ) Tj ET Q q 0 0 0 rg BT 287.76 194.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.46 194.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.72 194.25 Td (of) Tj ET Q q 0 0 0 rg BT 350.87 194.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 377.24 194.25 Td (materials ) Tj ET Q q 0 0 0 rg BT 416.37 194.25 Td (for ) Tj ET Q q 0 0 0 rg BT 430.52 194.25 Td (various ) Tj ET Q q 0 0 0 rg BT 462.45 194.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 506.59 194.25 Td (mortgage-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.20 182.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 95.30 182.25 Td (or ) Tj ET Q q 0 0 0 rg BT 106.06 182.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 133.49 182.25 Td (by ) Tj ET Q q 0 0 0 rg BT 145.92 182.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.57 182.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 194.66 182.25 Td (Defendants. ) Tj ET Q q 0 0 0 rg BT 245.13 182.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 279.22 182.25 Td (alleged ) Tj ET Q q 0 0 0 rg BT 310.53 182.25 Td (only ) Tj ET Q q 0 0 0 rg BT 330.74 182.25 Td (a ) Tj ET Q q 0 0 0 rg BT 337.61 182.25 Td (claim ) Tj ET Q q 0 0 0 rg BT 362.25 182.25 Td (for ) Tj ET Q q 0 0 0 rg BT 376.34 182.25 Td (negligent ) Tj ET Q q 0 0 0 rg BT 415.99 182.25 Td (misrepresentation ) Tj ET Q q 0 0 0 rg BT 489.51 182.25 Td (under ) Tj ET Q q 0 0 0 rg BT 514.71 182.25 Td (California ) Tj ET Q q 0 0 0 rg BT 557.68 182.25 Td (state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 170.25 Td (law ) Tj ET Q q 0 0 0 rg BT 51.91 170.25 Td (against ) Tj ET Q q 0 0 0 rg BT 81.70 170.25 Td (SRF ) Tj ET Q q 0 0 0 rg BT 100.96 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.86 170.25 Td (sought ) Tj ET Q q 0 0 0 rg BT 145.00 170.25 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 192.56 170.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 229.02 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.92 170.25 Td (attorneys) Tj ET Q q 0 0 0 rg BT 284.16 170.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.63 170.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 303.20 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.10 170.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 340.57 170.25 Td (from ) Tj ET Q q 0 0 0 rg BT 361.48 170.25 Td (SRF) Tj ET Q q 0 0 0 rg BT 378.47 170.25 Td (. ) Tj ET Q q 0 0 0 rg BT 382.44 170.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 415.56 170.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 443.13 170.25 Td (that ) Tj ET Q q 0 0 0 rg BT 459.60 170.25 Td (SRF ) Tj ET Q q 0 0 0 rg BT 478.86 170.25 Td (made ) Tj ET Q q 0 0 0 rg BT 501.98 170.25 Td (false ) Tj ET Q q 0 0 0 rg BT 522.32 170.25 Td (or ) Tj ET Q q 0 0 0 rg BT 532.12 170.25 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 81.66 158.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.89 158.25 Td (of) Tj ET Q q 0 0 0 rg BT 101.04 158.25 Td (fering ) Tj ET Q q 0 0 0 rg BT 128.37 158.25 Td (materials ) Tj ET Q q 0 0 0 rg BT 168.48 158.25 Td (for ) Tj ET Q q 0 0 0 rg BT 183.59 158.25 Td (a ) Tj ET Q q 0 0 0 rg BT 191.48 158.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 232.69 158.25 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 287.81 158.25 Td (certificate ) Tj ET Q q 0 0 0 rg BT 331.22 158.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 350.22 158.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 389.77 158.25 Td (Certificate\) ) Tj ET Q q 0 0 0 rg BT 443.19 158.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 471.64 158.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.88 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.54 158.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 530.33 158.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 561.57 158.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 146.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 78.46 146.25 Td (by ) Tj ET Q q 0 0 0 rg BT 90.39 146.25 Td (Schwab. ) Tj ET Q q 0 0 0 rg BT 126.48 146.25 Td (Specifically) Tj ET Q q 0 0 0 rg BT 173.59 146.25 Td (, ) Tj ET Q q 0 0 0 rg BT 178.02 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.16 146.25 Td (complaint ) Tj ET Q q 0 0 0 rg BT 234.08 146.25 Td (alleges ) Tj ET Q q 0 0 0 rg BT 263.77 146.25 Td (that ) Tj ET Q q 0 0 0 rg BT 280.69 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.84 146.25 Td (misstatements ) Tj ET Q q 0 0 0 rg BT 353.43 146.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.01 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.16 146.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 411.42 146.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 441.14 146.25 Td (concern ) Tj ET Q q 0 0 0 rg BT 474.71 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.86 146.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 502.44 146.25 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 557.68 146.25 Td (ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 134.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.71 134.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 88.86 134.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 113.35 134.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.17 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.76 134.25 Td (appraisals ) Tj ET Q q 0 0 0 rg BT 190.13 134.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.84 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.44 134.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 260.81 134.25 Td (that ) Tj ET Q q 0 0 0 rg BT 279.18 134.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 313.10 134.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 337.59 134.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 383.75 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.35 134.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 431.06 134.25 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 464.74 134.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 479.78 134.25 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 525.91 134.25 Td (status ) Tj ET Q q 0 0 0 rg BT 552.07 134.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 134.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 122.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 80.37 122.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 93.91 122.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 133.56 122.25 Td (used ) Tj ET Q q 0 0 0 rg BT 153.77 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.43 122.25 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 208.63 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.73 122.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 248.22 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.54 122.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 278.08 122.25 Td (ratings ) Tj ET Q q 0 0 0 rg BT 307.18 122.25 Td (assigned ) Tj ET Q q 0 0 0 rg BT 343.50 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.17 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.26 122.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 400.81 122.25 Td (Certificate. ) Tj ET Q q 0 0 0 rg BT 447.39 122.25 Td (On ) Tj ET Q q 0 0 0 rg BT 461.49 122.25 Td (November ) Tj ET Q q 0 0 0 rg BT 505.58 122.25 Td (14, ) Tj ET Q q 0 0 0 rg BT 519.96 122.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 544.34 122.25 Td (Schwab ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 110.25 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 82.55 110.25 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 124.67 110.25 Td (with ) Tj ET Q q 0 0 0 rg BT 145.12 110.25 Td (prejudice ) Tj ET Q q 0 0 0 rg BT 184.99 110.25 Td (its ) Tj ET Q q 0 0 0 rg BT 197.11 110.25 Td (negligent ) Tj ET Q q 0 0 0 rg BT 236.99 110.25 Td (misrepresentation ) Tj ET Q q 0 0 0 rg BT 310.75 110.25 Td (claim, ) Tj ET Q q 0 0 0 rg BT 338.13 110.25 Td (which ) Tj ET Q q 0 0 0 rg BT 365.24 110.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 399.56 110.25 Td (in ) Tj ET Q q 0 0 0 rg BT 410.01 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.90 110.25 Td (dismissal ) Tj ET Q q 0 0 0 rg BT 464.80 110.25 Td (with ) Tj ET Q q 0 0 0 rg BT 485.24 110.25 Td (prejudice ) Tj ET Q q 0 0 0 rg BT 525.12 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 536.12 110.25 Td (SRF ) Tj ET Q q 0 0 0 rg BT 556.58 110.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.25 98.25 Td (action. ) Tj ET Q q 0 0 0 rg BT 80.99 98.25 Td (The ) Tj ET Q q 0 0 0 rg BT 99.57 98.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 134.26 98.25 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 179.48 98.25 Td (was ) Tj ET Q q 0 0 0 rg BT 198.07 98.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 226.10 98.25 Td (with ) Tj ET Q q 0 0 0 rg BT 246.90 98.25 Td (an ) Tj ET Q q 0 0 0 rg BT 259.37 98.25 Td (original ) Tj ET Q q 0 0 0 rg BT 293.51 98.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 332.08 98.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 365.10 98.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.46 98.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.25 98.25 Td ($15 ) Tj ET Q q 0 0 0 rg BT 455.28 98.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.17 98.25 Td (, ) Tj ET Q q 0 0 0 rg BT 489.70 98.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 509.67 98.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 98.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 86.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 86.25 Td (, ) Tj ET Q q 0 0 0 rg BT 61.01 86.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.27 86.25 Td ($14 ) Tj ET Q q 0 0 0 rg BT 138.78 86.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.67 86.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.18 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.02 86.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 219.07 86.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 86.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.01 86.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 248.52 86.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.41 86.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.92 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.76 86.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 322.70 86.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 363.53 86.25 Td (have ) Tj ET Q q 0 0 0 rg BT 384.91 86.25 Td (been ) Tj ET Q q 0 0 0 rg BT 406.30 86.25 Td (made ) Tj ET Q q 0 0 0 rg BT 430.46 86.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.75 86.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 471.57 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 482.41 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.13 86.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 531.30 86.25 Td (Certificate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.00 86.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 74.25 Td (As ) Tj ET Q q 0 0 0 rg BT 49.07 74.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.36 74.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 117.41 74.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.41 74.25 Td (, ) Tj ET Q q 0 0 0 rg BT 141.87 74.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.05 74.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 189.67 74.25 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 233.82 74.25 Td (had ) Tj ET Q q 0 0 0 rg BT 250.22 74.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.62 74.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 299.13 74.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 347.75 74.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 385.25 74.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 417.21 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.50 74.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.22 74.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 499.18 74.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.07 74.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.10 74.25 Td (At ) Tj ET Q q 0 0 0 rg BT 544.06 74.25 Td (the ) Tj ET Q q 0 0 0 rg BT 558.24 74.25 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.69 62.25 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 84.83 62.25 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 129.51 62.25 Td (was ) Tj ET Q q 0 0 0 rg BT 147.53 62.25 Td (issued, ) Tj ET Q q 0 0 0 rg BT 177.51 62.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 218.32 62.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 247.44 62.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.70 62.25 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 301.28 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.97 62.25 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 368.98 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.79 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.49 62.25 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 425.29 62.25 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 458.06 62.25 Td (which ) Tj ET Q q 0 0 0 rg BT 484.98 62.25 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 537.99 62.25 Td (were ) Tj ET Q q 0 0 0 rg BT 559.90 62.25 Td (also ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (named ) Tj ET Q q 0 0 0 rg BT 65.21 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 82.21 731.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 112.53 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 123.41 731.10 Td (defendants ) Tj ET Q q 0 0 0 rg BT 169.28 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.62 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.39 731.10 Td (action, ) Tj ET Q q 0 0 0 rg BT 223.88 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 238.10 731.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 267.86 731.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 294.30 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.30 731.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 349.95 731.10 Td (they ) Tj ET Q q 0 0 0 rg BT 369.73 731.10 Td (might ) Tj ET Q q 0 0 0 rg BT 395.62 731.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 418.72 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 429.61 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.60 731.10 Td (result ) Tj ET Q q 0 0 0 rg BT 461.37 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.26 731.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 500.92 731.10 Td (made ) Tj ET Q q 0 0 0 rg BT 525.13 731.10 Td (against ) Tj ET Q q 0 0 0 rg BT 556.01 731.10 Td (them ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 68.69 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.62 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 95.22 719.10 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 127.66 719.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 170.08 719.10 Td (without ) Tj ET Q q 0 0 0 rg BT 202.79 719.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 246.33 719.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 275.68 719.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 297.26 719.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 338.01 719.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 384.04 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.52 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.89 719.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 445.47 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.95 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 472.55 719.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 513.31 719.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 553.79 719.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 59.05 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 65.99 707.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 84.05 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 94.88 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.82 707.10 Td (result ) Tj ET Q q 0 0 0 rg BT 126.53 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.36 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 160.41 707.10 Td (indemnities.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 91.23 683.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 121.22 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.33 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.45 683.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 209.01 683.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 261.51 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 275.96 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 297.63 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.19 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.20 683.10 Td (past ) Tj ET Q q 0 0 0 rg BT 342.10 683.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 378.20 683.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 391.27 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.49 683.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 437.37 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.94 683.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 485.16 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.73 683.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 526.83 683.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 539.90 683.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 68.87 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.97 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.51 671.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 139.71 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.47 671.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 212.66 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.32 671.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 267.29 671.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 307.38 671.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 333.31 671.10 Td (In ) Tj ET Q q 0 0 0 rg BT 343.96 671.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 381.56 671.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 411.08 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.74 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.39 671.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 497.48 671.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 547.02 671.10 Td (have ) Tj ET Q q 0 0 0 rg BT 568.22 671.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.11 659.10 Td (past ) Tj ET Q q 0 0 0 rg BT 70.12 659.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 106.33 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.01 659.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 156.00 659.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 189.44 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.12 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.23 659.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 262.01 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.34 659.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 336.11 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.34 659.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 367.45 659.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 414.79 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 659.10 Td (other ) Tj ET Q q 0 0 0 rg BT 455.57 659.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 481.80 659.10 Td (through ) Tj ET Q q 0 0 0 rg BT 515.80 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.92 659.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 567.69 659.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 92.23 647.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 111.83 647.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 158.65 647.10 Td (\(commonly ) Tj ET Q q 0 0 0 rg BT 207.13 647.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 241.15 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.31 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 262.02 647.10 Td (CDO ) Tj ET Q q 0 0 0 rg BT 285.51 647.10 Td (transactions\). ) Tj ET Q q 0 0 0 rg BT 341.48 647.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 377.18 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.89 647.10 Td (this ) Tj ET Q q 0 0 0 rg BT 404.71 647.10 Td (involvement ) Tj ET Q q 0 0 0 rg BT 457.08 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.24 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.84 647.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 538.08 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.90 647.10 Td (CDO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 83.60 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.14 635.10 Td (could ) Tj ET Q q 0 0 0 rg BT 123.23 635.10 Td (become ) Tj ET Q q 0 0 0 rg BT 157.20 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.30 635.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 203.50 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.71 635.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 253.69 635.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 287.11 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.77 635.10 Td (these ) Tj ET Q q 0 0 0 rg BT 321.19 635.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 368.79 635.10 Td (including ) Tj ET Q q 0 0 0 rg BT 409.44 635.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 452.31 635.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 491.30 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.50 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.60 635.10 Td (type ) Tj ET Q q 0 0 0 rg BT 537.69 635.10 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 66.28 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.61 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.17 623.10 Td (could ) Tj ET Q q 0 0 0 rg BT 126.29 623.10 Td (also ) Tj ET Q q 0 0 0 rg BT 146.29 623.10 Td (become ) Tj ET Q q 0 0 0 rg BT 181.29 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.40 623.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 229.62 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.85 623.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 300.73 623.10 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 362.68 623.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 416.55 623.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 451.27 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.50 623.10 Td (lawsuits, ) Tj ET Q q 0 0 0 rg BT 502.68 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.02 623.10 Td (governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 80.49 611.10 Td (could ) Tj ET Q q 0 0 0 rg BT 104.99 611.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 131.15 611.10 Td (that ) Tj ET Q q 0 0 0 rg BT 148.42 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.36 611.10 Td (violated ) Tj ET Q q 0 0 0 rg BT 196.86 611.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 240.23 611.10 Td (law ) Tj ET Q q 0 0 0 rg BT 256.95 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 267.56 611.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 310.38 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.44 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.94 611.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 368.88 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.49 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.10 611.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 433.27 611.10 Td (As ) Tj ET Q q 0 0 0 rg BT 446.67 611.10 Td (an ) Tj ET Q q 0 0 0 rg BT 458.39 611.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 497.04 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.98 611.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 545.47 611.10 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (aware ) Tj ET Q q 0 0 0 rg BT 62.17 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 72.80 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.54 599.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 121.83 599.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 142.45 599.10 Td (by ) Tj ET Q q 0 0 0 rg BT 154.75 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.27 599.10 Td (State ) Tj ET Q q 0 0 0 rg BT 191.56 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.19 599.10 Td (California ) Tj ET Q q 0 0 0 rg BT 245.03 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 256.83 599.10 Td (April ) Tj ET Q q 0 0 0 rg BT 280.23 599.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 290.03 599.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 312.33 599.10 Td (against ) Tj ET Q q 0 0 0 rg BT 342.96 599.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 360.00 599.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 376.74 599.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 409.03 599.10 Td (& ) Tj ET Q q 0 0 0 rg BT 419.11 599.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 435.58 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.32 599.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.82 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.45 599.10 Td (its ) Tj ET Q q 0 0 0 rg BT 504.20 599.10 Td (af) Tj ET Q q 0 0 0 rg BT 511.79 599.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 541.30 599.10 Td (alleging, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (among ) Tj ET Q q 0 0 0 rg BT 67.23 587.10 Td (other ) Tj ET Q q 0 0 0 rg BT 91.78 587.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 122.74 587.10 Td (that ) Tj ET Q q 0 0 0 rg BT 141.74 587.10 Td (there ) Tj ET Q q 0 0 0 rg BT 165.73 587.10 Td (were ) Tj ET Q q 0 0 0 rg BT 189.17 587.10 Td (misleading ) Tj ET Q q 0 0 0 rg BT 237.06 587.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 283.28 587.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 326.16 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.95 587.10 Td (of) Tj ET Q q 0 0 0 rg BT 346.10 587.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 373.98 587.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 414.64 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.31 587.10 Td (28 ) Tj ET Q q 0 0 0 rg BT 444.32 587.10 Td (dif) Tj ET Q q 0 0 0 rg BT 455.25 587.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 482.57 587.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 524.34 587.10 Td (pass-through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 82.77 575.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 126.21 575.10 Td (by ) Tj ET Q q 0 0 0 rg BT 139.12 575.10 Td (various ) Tj ET Q q 0 0 0 rg BT 171.47 575.10 Td (California ) Tj ET Q q 0 0 0 rg BT 214.92 575.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 256.44 575.10 Td (including ) Tj ET Q q 0 0 0 rg BT 297.12 575.10 Td (various ) Tj ET Q q 0 0 0 rg BT 329.47 575.10 Td (California ) Tj ET Q q 0 0 0 rg BT 372.92 575.10 Td (public ) Tj ET Q q 0 0 0 rg BT 400.82 575.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 434.84 575.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 471.92 575.10 Td (from ) Tj ET Q q 0 0 0 rg BT 494.27 575.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 511.31 575.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 528.66 575.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 561.56 575.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (alleging ) Tj ET Q q 0 0 0 rg BT 70.65 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 88.08 563.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 105.12 563.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 122.00 563.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 154.43 563.10 Td (made ) Tj ET Q q 0 0 0 rg BT 178.53 563.10 Td (false ) Tj ET Q q 0 0 0 rg BT 199.84 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.61 563.10 Td (fraudulent ) Tj ET Q q 0 0 0 rg BT 254.14 563.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 282.68 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.90 563.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 339.21 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 359.43 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.08 563.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 392.07 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.83 563.10 Td (those ) Tj ET Q q 0 0 0 rg BT 426.38 563.10 Td (certificates. ) Tj ET Q q 0 0 0 rg BT 475.18 563.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 488.17 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.82 563.10 Td (28 ) Tj ET Q q 0 0 0 rg BT 515.26 563.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 555.46 563.10 Td (pass-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (through ) Tj ET Q q 0 0 0 rg BT 69.46 551.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 115.68 551.10 Td (that ) Tj ET Q q 0 0 0 rg BT 133.03 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 147.59 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.16 551.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.85 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.53 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.10 551.10 Td (complaint, ) Tj ET Q q 0 0 0 rg BT 262.95 551.10 Td (two ) Tj ET Q q 0 0 0 rg BT 280.31 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 294.87 551.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 329.44 551.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 369.56 551.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 423.58 551.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 469.79 551.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 497.15 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.28 551.10 Td (2004 ) Tj ET Q q 0 0 0 rg BT 529.64 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.43 551.10 Td (two ) Tj ET Q q 0 0 0 rg BT 563.79 551.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 70.27 539.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 110.08 539.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 163.79 539.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 209.70 539.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 236.75 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.58 539.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 271.13 539.10 Td (with ) Tj ET Q q 0 0 0 rg BT 290.96 539.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 321.33 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.16 539.10 Td (each ) Tj ET Q q 0 0 0 rg BT 351.52 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.90 539.10 Td (which ) Tj ET Q q 0 0 0 rg BT 388.39 539.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 434.30 539.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.68 539.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 509.50 539.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 549.96 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 554.51 539.10 Td (R) Tj ET Q q 0 0 0 rg BT 560.63 539.10 Td (WT) Tj ET Q q 0 0 0 rg BT 576.00 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 77.16 527.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 96.92 527.10 Td (was ) Tj ET Q q 0 0 0 rg BT 114.47 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.68 527.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 161.78 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.21 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.53 527.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 253.29 527.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 293.75 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 298.25 527.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 332.46 527.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 379.44 527.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 417.27 527.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 437.03 527.10 Td (was ) Tj ET Q q 0 0 0 rg BT 454.57 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.78 527.10 Td (depositor) Tj ET Q q 0 0 0 rg BT 505.45 527.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.50 527.10 Td (At ) Tj ET Q q 0 0 0 rg BT 521.49 527.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.70 527.10 Td (time ) Tj ET Q q 0 0 0 rg BT 555.47 527.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.10 Td (four ) Tj ET Q q 0 0 0 rg BT 54.77 515.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 89.09 515.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 128.96 515.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 182.73 515.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 228.69 515.10 Td (were ) Tj ET Q q 0 0 0 rg BT 250.23 515.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 279.84 515.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 314.16 515.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 361.26 515.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 399.20 515.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 416.58 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.12 515.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 473.41 515.10 Td (T) Tj ET Q q 0 0 0 rg BT 479.17 515.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 496.27 515.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 525.02 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.91 515.10 Td (indemnify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.60 503.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 103.52 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.23 503.10 Td (these ) Tj ET Q q 0 0 0 rg BT 137.16 503.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 183.40 503.10 Td (for ) Tj ET Q q 0 0 0 rg BT 197.45 503.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.03 503.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 253.30 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.13 503.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 308.61 503.10 Td (they ) Tj ET Q q 0 0 0 rg BT 328.21 503.10 Td (might ) Tj ET Q q 0 0 0 rg BT 353.92 503.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 376.85 503.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.57 503.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.39 503.10 Td (result ) Tj ET Q q 0 0 0 rg BT 418.99 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.70 503.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 458.19 503.10 Td (made ) Tj ET Q q 0 0 0 rg BT 482.23 503.10 Td (against ) Tj ET Q q 0 0 0 rg BT 512.93 503.10 Td (them ) Tj ET Q q 0 0 0 rg BT 535.31 503.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 568.24 503.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (these ) Tj ET Q q 0 0 0 rg BT 58.70 491.10 Td (certificates, ) Tj ET Q q 0 0 0 rg BT 107.22 491.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 149.65 491.10 Td (without ) Tj ET Q q 0 0 0 rg BT 182.36 491.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 225.91 491.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 255.27 491.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 276.86 491.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 317.61 491.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 363.65 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.13 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.51 491.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 425.10 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.59 491.10 Td (this ) Tj ET Q q 0 0 0 rg BT 452.19 491.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 492.96 491.10 Td (we ) Tj ET Q q 0 0 0 rg BT 506.78 491.10 Td (could ) Tj ET Q q 0 0 0 rg BT 531.15 491.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 553.85 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 560.45 491.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.83 479.10 Td (a ) Tj ET Q q 0 0 0 rg BT 53.77 479.10 Td (result ) Tj ET Q q 0 0 0 rg BT 78.49 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.32 479.10 Td (these ) Tj ET Q q 0 0 0 rg BT 112.36 479.10 Td (indemnities.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.52 455.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 113.68 455.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.65 455.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 160.76 455.10 Td (, ) Tj ET Q q 0 0 0 rg BT 166.46 455.10 Td (we ) Tj ET Q q 0 0 0 rg BT 181.31 455.10 Td (review ) Tj ET Q q 0 0 0 rg BT 211.71 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.12 455.10 Td (need ) Tj ET Q q 0 0 0 rg BT 249.19 455.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.04 455.10 Td (any ) Tj ET Q q 0 0 0 rg BT 281.67 455.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 300.42 455.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 352.49 455.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 388.44 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.07 455.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 444.26 455.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 480.21 455.10 Td (when, ) Tj ET Q q 0 0 0 rg BT 507.56 455.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.53 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 455.10 Td (opinion ) Tj ET Q q 0 0 0 rg BT 567.69 455.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 91.27 443.10 Td (it ) Tj ET Q q 0 0 0 rg BT 98.52 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 106.87 443.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 143.54 443.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.23 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 166.35 443.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 193.58 443.10 Td (would ) Tj ET Q q 0 0 0 rg BT 220.26 443.10 Td (result ) Tj ET Q q 0 0 0 rg BT 244.17 443.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.63 443.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.76 443.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 292.55 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.68 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.58 443.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 354.26 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.28 443.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 384.02 443.10 Td (if ) Tj ET Q q 0 0 0 rg BT 391.82 443.10 Td (any) Tj ET Q q 0 0 0 rg BT 405.61 443.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.79 443.10 Td (can ) Tj ET Q q 0 0 0 rg BT 425.36 443.10 Td (be ) Tj ET Q q 0 0 0 rg BT 436.48 443.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 481.48 443.10 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 523.62 443.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 573.52 443.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.39 431.10 Td (record ) Tj ET Q q 0 0 0 rg BT 78.65 431.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 126.35 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 140.74 431.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 181.79 431.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 225.60 431.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 258.87 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.38 431.10 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 338.75 431.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 365.37 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.53 431.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 421.36 431.10 Td (if ) Tj ET Q q 0 0 0 rg BT 430.20 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.36 431.10 Td (when ) Tj ET Q q 0 0 0 rg BT 471.75 431.10 Td (such ) Tj ET Q q 0 0 0 rg BT 492.81 431.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 529.43 431.10 Td (are ) Tj ET Q q 0 0 0 rg BT 544.36 431.10 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 48.17 419.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 88.66 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.27 419.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 142.42 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.92 419.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.43 419.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 199.49 419.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.99 419.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 248.27 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.65 419.10 Td (due.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.58 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.28 419.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.45 419.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 351.71 419.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.71 419.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.38 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.77 419.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 431.80 419.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 463.97 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.48 419.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 492.21 419.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 543.25 419.10 Td (reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (established ) Tj ET Q q 0 0 0 rg BT 82.17 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.69 407.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 121.74 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.81 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.77 407.10 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 203.61 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.78 407.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 253.18 407.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 291.03 407.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 322.20 407.10 Td (described ) Tj ET Q q 0 0 0 rg BT 362.25 407.10 Td (above ) Tj ET Q q 0 0 0 rg BT 387.87 407.10 Td (was) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.42 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.16 407.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 416.90 407.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.79 407.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 458.54 407.10 Td (e ) Tj ET Q q 0 0 0 rg BT 464.72 407.10 Td (review ) Tj ET Q q 0 0 0 rg BT 493.66 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 508.73 407.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 546.58 407.10 Td (matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (each ) Tj ET Q q 0 0 0 rg BT 57.03 395.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 88.05 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.54 395.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 125.69 395.10 Td (these ) Tj ET Q q 0 0 0 rg BT 148.95 395.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 167.22 395.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 218.80 395.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 254.27 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.42 395.10 Td (make ) Tj ET Q q 0 0 0 rg BT 295.79 395.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 346.27 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.76 395.10 Td (these ) Tj ET Q q 0 0 0 rg BT 380.01 395.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 417.98 395.10 Td (upwards ) Tj ET Q q 0 0 0 rg BT 454.57 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.61 395.10 Td (downwards, ) Tj ET Q q 0 0 0 rg BT 516.93 395.10 Td (as ) Tj ET Q q 0 0 0 rg BT 527.97 395.10 Td (appropriate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 383.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 93.74 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 114.02 383.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 140.87 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.37 383.10 Td (based ) Tj ET Q q 0 0 0 rg BT 168.64 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.14 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.97 383.10 Td (review) Tj ET Q q 0 0 0 rg BT 223.53 383.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.34 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.57 359.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 114.45 359.10 Td (course ) Tj ET Q q 0 0 0 rg BT 142.56 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.90 359.10 Td (any ) Tj ET Q q 0 0 0 rg BT 169.35 359.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 207.46 359.10 Td (matter) Tj ET Q q 0 0 0 rg BT 232.61 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.12 359.10 Td (including ) Tj ET Q q 0 0 0 rg BT 276.90 359.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 306.11 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.45 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.67 359.10 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 402.07 359.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 436.02 359.10 Td (we ) Tj ET Q q 0 0 0 rg BT 449.69 359.10 Td (have ) Tj ET Q q 0 0 0 rg BT 470.57 359.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 505.90 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.34 359.10 Td (may ) Tj ET Q q 0 0 0 rg BT 541.57 359.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.13 347.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 76.81 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 86.94 347.10 Td (formal ) Tj ET Q q 0 0 0 rg BT 115.95 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.64 347.10 Td (informal ) Tj ET Q q 0 0 0 rg BT 163.43 347.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 206.88 347.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 275.34 347.10 Td (with ) Tj ET Q q 0 0 0 rg BT 295.47 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.04 347.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 338.74 347.10 Td (fs. ) Tj ET Q q 0 0 0 rg BT 350.82 347.10 Td (Settlement ) Tj ET Q q 0 0 0 rg BT 395.95 347.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 464.40 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 478.42 347.10 Td (have ) Tj ET Q q 0 0 0 rg BT 499.65 347.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 535.32 347.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.46 347.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.75 335.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 76.93 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.23 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.42 335.10 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 175.78 335.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 214.86 335.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 247.27 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.45 335.10 Td (one ) Tj ET Q q 0 0 0 rg BT 279.86 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.16 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.35 335.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 336.53 335.10 Td (that ) Tj ET Q q 0 0 0 rg BT 354.50 335.10 Td (have ) Tj ET Q q 0 0 0 rg BT 376.35 335.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 410.98 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.73 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 438.03 335.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 496.54 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.29 335.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 545.26 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 560.45 335.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 87.30 323.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 122.48 323.10 Td (described ) Tj ET Q q 0 0 0 rg BT 163.22 323.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 191.85 323.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.48 323.10 Td (e ) Tj ET Q q 0 0 0 rg BT 207.35 323.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 236.43 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.29 323.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 277.91 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 295.33 323.10 Td (any ) Tj ET Q q 0 0 0 rg BT 312.20 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.95 323.10 Td (these ) Tj ET Q q 0 0 0 rg BT 345.92 323.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 377.78 323.10 Td (will ) Tj ET Q q 0 0 0 rg BT 395.76 323.10 Td (be ) Tj ET Q q 0 0 0 rg BT 407.62 323.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 443.93 323.10 Td (through ) Tj ET Q q 0 0 0 rg BT 477.46 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.32 323.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 527.84 323.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 549.71 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 559.91 323.10 Td (trial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.88 311.10 Td (we ) Tj ET Q q 0 0 0 rg BT 66.98 311.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 96.08 311.10 Td (be ) Tj ET Q q 0 0 0 rg BT 107.96 311.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 137.61 311.10 Td (that ) Tj ET Q q 0 0 0 rg BT 155.05 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.71 311.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 212.14 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.92 311.10 Td (these ) Tj ET Q q 0 0 0 rg BT 245.91 311.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 280.28 311.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 314.93 311.10 Td (through ) Tj ET Q q 0 0 0 rg BT 348.48 311.10 Td (trial ) Tj ET Q q 0 0 0 rg BT 367.03 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.80 311.10 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 423.85 311.10 Td (will ) Tj ET Q q 0 0 0 rg BT 441.85 311.10 Td (not ) Tj ET Q q 0 0 0 rg BT 457.07 311.10 Td (have ) Tj ET Q q 0 0 0 rg BT 478.39 311.10 Td (a ) Tj ET Q q 0 0 0 rg BT 485.27 311.10 Td (material ) Tj ET Q q 0 0 0 rg BT 520.47 311.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 553.45 311.10 Td (ef) Tj ET Q q 0 0 0 rg BT 561.04 311.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 299.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.33 299.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 101.81 299.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 142.08 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 152.91 299.10 Td (results ) Tj ET Q q 0 0 0 rg BT 181.52 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.35 299.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 236.51 299.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.79 299.10 Td (any ) Tj ET Q q 0 0 0 rg BT 263.72 299.10 Td (future ) Tj ET Q q 0 0 0 rg BT 290.10 299.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Future ) Tj ET Q q 0 0 0 rg BT 81.97 275.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 139.38 275.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 182.35 275.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 224.21 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.40 275.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 281.26 275.10 Td (pre-trial ) Tj ET Q q 0 0 0 rg BT 315.33 275.10 Td (motions ) Tj ET Q q 0 0 0 rg BT 349.42 275.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 381.82 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.47 275.10 Td (these ) Tj ET Q q 0 0 0 rg BT 413.88 275.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 447.67 275.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 476.74 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.94 275.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 528.79 275.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.21 263.10 Td (documents ) Tj ET Q q 0 0 0 rg BT 97.30 263.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 129.61 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.15 263.10 Td (these ) Tj ET Q q 0 0 0 rg BT 161.47 263.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 192.67 263.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 216.10 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.20 263.10 Td (through ) Tj ET Q q 0 0 0 rg BT 259.07 263.10 Td (pre-trial ) Tj ET Q q 0 0 0 rg BT 293.04 263.10 Td (discovery\), ) Tj ET Q q 0 0 0 rg BT 339.52 263.10 Td (new ) Tj ET Q q 0 0 0 rg BT 357.94 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.04 263.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 409.80 263.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 452.67 263.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 520.53 263.10 Td (with ) Tj ET Q q 0 0 0 rg BT 540.08 263.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 568.78 263.10 Td (fs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 69.00 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 79.23 251.10 Td (these ) Tj ET Q q 0 0 0 rg BT 102.23 251.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 136.62 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 147.40 251.10 Td (resolutions ) Tj ET Q q 0 0 0 rg BT 193.74 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.52 251.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 234.75 251.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 263.31 251.10 Td (against ) Tj ET Q q 0 0 0 rg BT 294.09 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.09 251.10 Td (defendants ) Tj ET Q q 0 0 0 rg BT 362.86 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.09 251.10 Td (these ) Tj ET Q q 0 0 0 rg BT 396.09 251.10 Td (matters\) ) Tj ET Q q 0 0 0 rg BT 431.31 251.10 Td (could ) Tj ET Q q 0 0 0 rg BT 455.98 251.10 Td (result ) Tj ET Q q 0 0 0 rg BT 480.65 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.88 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.66 251.10 Td (concluding ) Tj ET Q q 0 0 0 rg BT 553.55 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.78 251.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (future ) Tj ET Q q 0 0 0 rg BT 61.72 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 71.33 239.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 108.17 239.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.00 239.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 167.40 239.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 218.11 239.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 252.71 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.88 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.50 239.10 Td (disclose ) Tj ET Q q 0 0 0 rg BT 306.56 239.10 Td (an ) Tj ET Q q 0 0 0 rg BT 317.83 239.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 353.00 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.17 239.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 408.32 239.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 442.94 239.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 468.67 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.29 239.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 506.23 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.40 239.10 Td (our ) Tj ET Q q 0 0 0 rg BT 531.57 239.10 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 71.06 227.10 Td (with ) Tj ET Q q 0 0 0 rg BT 91.15 227.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 121.77 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.86 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 154.71 227.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 188.95 227.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 206.81 227.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 232.98 227.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 259.18 227.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.27 227.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 309.89 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.97 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.50 227.10 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 406.19 227.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 444.61 227.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 476.35 227.10 Td (may ) Tj ET Q q 0 0 0 rg BT 495.87 227.10 Td (be ) Tj ET Q q 0 0 0 rg BT 507.61 227.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 550.46 227.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (than ) Tj ET Q q 0 0 0 rg BT 55.66 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 70.31 215.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 111.61 215.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 144.05 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.82 215.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 172.82 215.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 224.13 215.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 259.33 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.42 215.10 Td (have ) Tj ET Q q 0 0 0 rg BT 294.74 215.10 Td (established ) Tj ET Q q 0 0 0 rg BT 341.61 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.83 215.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 382.58 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.35 215.10 Td (these ) Tj ET Q q 0 0 0 rg BT 416.34 215.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 454.89 215.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 489.26 215.10 Td (including ) Tj ET Q q 0 0 0 rg BT 529.47 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.69 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 554.34 215.10 Td (event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (that ) Tj ET Q q 0 0 0 rg BT 52.92 203.10 Td (any ) Tj ET Q q 0 0 0 rg BT 69.28 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.53 203.10 Td (these ) Tj ET Q q 0 0 0 rg BT 102.00 203.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 133.36 203.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 170.82 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.52 203.10 Td (trial ) Tj ET Q q 0 0 0 rg BT 198.55 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.91 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.05 203.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 257.75 203.10 Td (f ) Tj ET Q q 0 0 0 rg BT 263.00 203.10 Td (prevails. ) Tj ET Q q 0 0 0 rg BT 299.08 203.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 323.77 203.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 352.90 203.10 Td (that ) Tj ET Q q 0 0 0 rg BT 369.82 203.10 Td (could ) Tj ET Q q 0 0 0 rg BT 393.96 203.10 Td (result ) Tj ET Q q 0 0 0 rg BT 418.10 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.80 203.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.05 203.10 Td (concluding ) Tj ET Q q 0 0 0 rg BT 489.41 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.11 203.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 536.03 203.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 53.75 191.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 104.81 191.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 139.75 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.27 191.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 185.78 191.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 227.96 191.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 273.46 191.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 308.43 191.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 337.01 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 347.52 191.10 Td (could ) Tj ET Q q 0 0 0 rg BT 371.93 191.10 Td (result ) Tj ET Q q 0 0 0 rg BT 396.33 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.30 191.10 Td (our ) Tj ET Q q 0 0 0 rg BT 421.82 191.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 447.88 191.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 473.95 191.10 Td (with ) Tj ET Q q 0 0 0 rg BT 493.92 191.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 524.42 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.39 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.79 191.10 Td (above-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 81.56 179.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 121.05 179.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 153.86 179.10 Td (being ) Tj ET Q q 0 0 0 rg BT 179.45 179.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 223.37 179.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 252.29 179.10 Td (than ) Tj ET Q q 0 0 0 rg BT 272.89 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.48 179.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 330.72 179.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 364.10 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.80 179.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 394.74 179.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 446.99 179.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 483.13 179.10 Td (we ) Tj ET Q q 0 0 0 rg BT 498.17 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 520.42 179.10 Td (established ) Tj ET Q q 0 0 0 rg BT 568.23 179.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 66.27 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.55 167.10 Td (these ) Tj ET Q q 0 0 0 rg BT 99.05 167.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 137.11 167.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 168.50 167.10 Td (include ) Tj ET Q q 0 0 0 rg BT 199.89 167.10 Td (that: ) Tj ET Q q 0 0 0 rg BT 219.61 167.10 Td (there ) Tj ET Q q 0 0 0 rg BT 241.55 167.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.71 167.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 299.88 167.10 Td (factual ) Tj ET Q q 0 0 0 rg BT 329.03 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.42 167.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 366.81 167.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 392.66 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.39 167.10 Td (be ) Tj ET Q q 0 0 0 rg BT 413.78 167.10 Td (resolved; ) Tj ET Q q 0 0 0 rg BT 452.39 167.10 Td (information ) Tj ET Q q 0 0 0 rg BT 501.55 167.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 537.94 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 548.22 167.10 Td (rulings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (made ) Tj ET Q q 0 0 0 rg BT 59.75 155.10 Td (during ) Tj ET Q q 0 0 0 rg BT 87.95 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.26 155.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 137.14 155.10 Td (could ) Tj ET Q q 0 0 0 rg BT 161.45 155.10 Td (af) Tj ET Q q 0 0 0 rg BT 169.04 155.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.12 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.43 155.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 255.30 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 269.05 155.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 315.01 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.44 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.75 155.10 Td (available ) Tj ET Q q 0 0 0 rg BT 377.93 155.10 Td (remedies; ) Tj ET Q q 0 0 0 rg BT 418.90 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.43 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 449.19 155.10 Td (may ) Tj ET Q q 0 0 0 rg BT 468.50 155.10 Td (have ) Tj ET Q q 0 0 0 rg BT 489.47 155.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 531.56 155.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 73.26 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 83.86 143.10 Td (indemnity ) Tj ET Q q 0 0 0 rg BT 127.24 143.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 178.10 143.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 241.45 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.71 143.10 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 305.68 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.95 143.10 Td (other ) Tj ET Q q 0 0 0 rg BT 346.32 143.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 393.56 143.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 438.05 143.10 Td (with ) Tj ET Q q 0 0 0 rg BT 458.65 143.10 Td (other ) Tj ET Q q 0 0 0 rg BT 482.02 143.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 511.50 143.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 544.87 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 555.47 143.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 74.61 131.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 106.54 131.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.04 131.10 Td (could ) Tj ET Q q 0 0 0 rg BT 148.75 131.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 184.01 131.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.84 131.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 237.33 131.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 101.10 Td (ITEM4. MINE SAFETY) Tj ET Q q 0 0 0 rg BT 143.97 101.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 71.50 83.10 Td (applicable. ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 731.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (ITEM5. ) Tj ET Q q 0 0 0 rg BT 76.52 713.25 Td (MARKET) Tj ET Q q 0 0 0 rg BT 121.34 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.20 713.25 Td (FOR ) Tj ET Q q 0 0 0 rg BT 150.16 713.25 Td (REGISTRANTS ) Tj ET Q q 0 0 0 rg BT 229.04 713.25 Td (COMMON ) Tj ET Q q 0 0 0 rg BT 281.77 713.25 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 320.30 713.25 Td (, ) Tj ET Q q 0 0 0 rg BT 326.66 713.25 Td (RELA) Tj ET Q q 0 0 0 rg BT 353.70 713.25 Td (TED ) Tj ET Q q 0 0 0 rg BT 378.11 713.25 Td (ST) Tj ET Q q 0 0 0 rg BT 390.16 713.25 Td (OCKHOLDER ) Tj ET Q q 0 0 0 rg BT 460.14 713.25 Td (MA) Tj ET Q q 0 0 0 rg BT 476.05 713.25 Td (TTERS, ) Tj ET Q q 0 0 0 rg BT 514.35 713.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 539.87 713.25 Td (ISSUER ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (PURCHASES ) Tj ET Q q 0 0 0 rg BT 99.07 701.25 Td (OF) Tj ET Q q 0 0 0 rg BT 112.58 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.08 701.25 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 154.16 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.66 701.25 Td (SECURITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.88 683.25 Td (common ) Tj ET Q q 0 0 0 rg BT 109.21 683.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 132.65 683.25 Td (is ) Tj ET Q q 0 0 0 rg BT 141.65 683.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 165.65 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.42 683.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 209.73 683.25 Td (on ) Tj ET Q q 0 0 0 rg BT 222.07 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.61 683.25 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 265.06 683.25 Td (under ) Tj ET Q q 0 0 0 rg BT 290.16 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.71 683.25 Td (symbol ) Tj ET Q q 0 0 0 rg BT 336.49 683.25 Td (R) Tj ET Q q 0 0 0 rg BT 342.61 683.25 Td (WT) Tj ET Q q 0 0 0 rg BT 357.41 683.25 Td (. ) Tj ET Q q 0 0 0 rg BT 361.73 683.25 Td (At ) Tj ET Q q 0 0 0 rg BT 374.06 683.25 Td (February ) Tj ET Q q 0 0 0 rg BT 412.49 683.25 Td (13, ) Tj ET Q q 0 0 0 rg BT 427.32 683.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 452.15 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 467.81 683.25 Td (common ) Tj ET Q q 0 0 0 rg BT 505.14 683.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 528.58 683.25 Td (was ) Tj ET Q q 0 0 0 rg BT 546.46 683.25 Td (held ) Tj ET Q q 0 0 0 rg BT 566.01 683.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.54 671.25 Td (693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.54 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.33 671.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 146.55 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.67 671.25 Td (record ) Tj ET Q q 0 0 0 rg BT 185.99 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 203.22 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.22 671.25 Td (total ) Tj ET Q q 0 0 0 rg BT 238.78 671.25 Td (number ) Tj ET Q q 0 0 0 rg BT 272.11 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.23 671.25 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 325.43 671.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 378.76 671.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 412.11 671.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 436.00 671.25 Td (through ) Tj ET Q q 0 0 0 rg BT 469.89 671.25 Td (depository ) Tj ET Q q 0 0 0 rg BT 514.90 671.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 560.45 671.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.26 659.25 Td (19,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.76 659.25 Td (. ) Tj ET Q q 0 0 0 rg BT 128.21 659.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.71 659.25 Td (February20, ) Tj ET Q q 0 0 0 rg BT 194.31 659.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.31 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 219.31 659.25 Td (there ) Tj ET Q q 0 0 0 rg BT 241.79 659.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.72 659.25 Td (76,923,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.72 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 311.22 659.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 338.71 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.54 659.25 Td (common ) Tj ET Q q 0 0 0 rg BT 387.04 659.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 410.64 659.25 Td (outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.75 635.25 Td (high ) Tj ET Q q 0 0 0 rg BT 91.73 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 108.37 635.25 Td (low ) Tj ET Q q 0 0 0 rg BT 125.57 635.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 147.21 635.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 173.29 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.82 635.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 211.02 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.55 635.25 Td (our ) Tj ET Q q 0 0 0 rg BT 237.08 635.25 Td (common ) Tj ET Q q 0 0 0 rg BT 274.28 635.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 300.09 635.25 Td (as ) Tj ET Q q 0 0 0 rg BT 310.62 635.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 346.14 635.25 Td (by ) Tj ET Q q 0 0 0 rg BT 358.34 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.76 635.25 Td (Bloomber) Tj ET Q q 0 0 0 rg BT 412.57 635.25 Td (g ) Tj ET Q q 0 0 0 rg BT 419.78 635.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 459.19 635.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 494.16 635.25 Td (service, ) Tj ET Q q 0 0 0 rg BT 527.18 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.82 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 558.24 635.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 77.39 623.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 113.75 623.25 Td (on ) Tj ET Q q 0 0 0 rg BT 126.25 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 142.08 623.25 Td (common ) Tj ET Q q 0 0 0 rg BT 179.57 623.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 203.18 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 217.34 623.25 Td (each ) Tj ET Q q 0 0 0 rg BT 238.16 623.25 Td (full ) Tj ET Q q 0 0 0 rg BT 254.54 623.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 293.14 623.25 Td (period ) Tj ET Q q 0 0 0 rg BT 321.19 623.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.79 623.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.79 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 372.29 623.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.23 623.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.23 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.73 623.25 Td (were ) Tj ET Q q 0 0 0 rg BT 433.66 623.25 Td (as ) Tj ET Q q 0 0 0 rg BT 444.49 623.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 565.75 160.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 565.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 565.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 565.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 565.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 565.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 565.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 565.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 565.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 565.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 565.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 565.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 537.75 160.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 537.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 537.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 537.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 537.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 537.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 537.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 537.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 537.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 537.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 537.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 537.75 60.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 481.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 481.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 481.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 481.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 481.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 481.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 481.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 453.75 160.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 453.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 453.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 453.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 453.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 453.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 453.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 453.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 453.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 453.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 453.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 453.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 425.75 160.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 425.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 425.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 425.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 425.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 425.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 425.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 425.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 425.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 425.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 425.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 425.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 588.75 m 256.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 588.75 m 260.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 588.75 m 320.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 588.75 m 384.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 588.75 m 388.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 588.75 m 448.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 588.75 m 452.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 588.75 m 512.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 588.75 m 516.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 588.75 m 576.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 565.75 m 256.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 565.75 m 320.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 565.75 m 384.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 565.75 m 448.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 565.75 m 512.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 565.75 m 576.5 565.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.75 591.48 Td (Stock Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.30 591.48 Td (Common Dividends Declared) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 570.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.40 570.43 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.55 570.43 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.45 579.48 Td (Record) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 569.48 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.05 579.48 Td (Payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 569.48 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.55 579.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.55 569.48 Td (Shar) Tj ET Q q 0 0 0 rg BT 489.93 569.48 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.50 579.48 Td (Dividend) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.50 569.48 Td (T) Tj ET Q q 0 0 0 rg BT 541.43 569.48 Td (ype) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 39 554.91259765625 m 172.2275390625 554.91259765625 l s q 0 0 0 rg BT 39.00 556.48 Td (Year Ended December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 542.32 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 542.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 542.32 Td (16.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 542.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 542.32 Td (13.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.20 542.32 Td (12/15/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.20 542.32 Td (12/29/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 542.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 542.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 542.32 Td (Regular) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 528.32 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 528.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 528.32 Td (15.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 528.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 528.32 Td (13.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 528.32 Td (9/15/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.70 528.32 Td (9/30/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 528.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 528.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 528.32 Td (Regular) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 514.32 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 514.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 514.32 Td (14.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 514.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 514.32 Td (12.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 514.32 Td (6/16/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.70 514.32 Td (6/30/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 514.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 514.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 514.32 Td (Regular) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 500.32 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 500.32 Td (13.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 500.32 Td (9.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 500.32 Td (3/16/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.70 500.32 Td (3/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 500.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 500.32 Td (Regular) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 39 470.91259765625 m 172.2275390625 470.91259765625 l s q 0 0 0 rg BT 39.00 472.48 Td (Year Ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 458.32 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 458.32 Td (14.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 458.32 Td (12.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.20 458.32 Td (12/17/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.20 458.32 Td (12/29/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 458.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 458.32 Td (Regular) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 444.32 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 444.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 444.32 Td (16.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 444.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 444.32 Td (13.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 444.32 Td (9/15/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.70 444.32 Td (9/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 444.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 444.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 444.32 Td (Regular) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 430.32 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 430.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 430.32 Td (18.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 430.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 430.32 Td (15.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 430.32 Td (6/16/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.70 430.32 Td (6/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 430.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 430.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 430.32 Td (Regular) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 416.32 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 416.32 Td (20.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 416.32 Td (17.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.70 416.32 Td (3/17/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.70 416.32 Td (3/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 416.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 416.32 Td (Regular) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 388.25 Td (All ) Tj ET Q q 0 0 0 rg BT 69.45 388.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 107.11 388.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 159.78 388.25 Td (are ) Tj ET Q q 0 0 0 rg BT 174.66 388.25 Td (made ) Tj ET Q q 0 0 0 rg BT 198.98 388.25 Td (with ) Tj ET Q q 0 0 0 rg BT 219.42 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.31 388.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 289.73 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.73 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.62 388.25 Td (board ) Tj ET Q q 0 0 0 rg BT 341.05 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.05 388.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 389.70 388.25 Td (at ) Tj ET Q q 0 0 0 rg BT 399.59 388.25 Td (its ) Tj ET Q q 0 0 0 rg BT 411.70 388.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 453.80 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.91 388.25 Td (will ) Tj ET Q q 0 0 0 rg BT 489.13 388.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 520.68 388.25 Td (on ) Tj ET Q q 0 0 0 rg BT 533.35 388.25 Td (such ) Tj ET Q q 0 0 0 rg BT 554.34 388.25 Td (items ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 376.25 Td (as ) Tj ET Q q 0 0 0 rg BT 47.24 376.25 Td (our ) Tj ET Q q 0 0 0 rg BT 63.47 376.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 90.33 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.24 376.25 Td (net ) Tj ET Q q 0 0 0 rg BT 108.36 376.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 143.20 376.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 165.24 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 168.14 376.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 199.92 376.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 239.21 376.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 277.09 376.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 320.27 376.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 373.71 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.94 376.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 406.98 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.89 376.25 Td (status, ) Tj ET Q q 0 0 0 rg BT 438.07 376.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.42 376.25 Td (other ) Tj ET Q q 0 0 0 rg BT 478.87 376.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 508.98 376.25 Td (that ) Tj ET Q q 0 0 0 rg BT 526.89 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 376.25 Td (board ) Tj ET Q q 0 0 0 rg BT 567.68 376.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 364.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 73.07 364.25 Td (may ) Tj ET Q q 0 0 0 rg BT 92.36 364.25 Td (deem ) Tj ET Q q 0 0 0 rg BT 116.10 364.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 150.38 364.25 Td (from ) Tj ET Q q 0 0 0 rg BT 171.90 364.25 Td (time ) Tj ET Q q 0 0 0 rg BT 191.75 364.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.61 364.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 223.81 364.25 Td (The ) Tj ET Q q 0 0 0 rg BT 241.44 364.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 272.96 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.37 364.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.78 364.25 Td (common ) Tj ET Q q 0 0 0 rg BT 335.85 364.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 359.04 364.25 Td (share ) Tj ET Q q 0 0 0 rg BT 382.22 364.25 Td (proportionally ) Tj ET Q q 0 0 0 rg BT 441.51 364.25 Td (on ) Tj ET Q q 0 0 0 rg BT 453.59 364.25 Td (a ) Tj ET Q q 0 0 0 rg BT 460.11 364.25 Td (per ) Tj ET Q q 0 0 0 rg BT 474.96 364.25 Td (share ) Tj ET Q q 0 0 0 rg BT 498.14 364.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 520.22 364.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.08 364.25 Td (all ) Tj ET Q q 0 0 0 rg BT 542.15 364.25 Td (declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 352.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 77.67 352.25 Td (on ) Tj ET Q q 0 0 0 rg BT 90.46 352.25 Td (common ) Tj ET Q q 0 0 0 rg BT 128.24 352.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 154.01 352.25 Td (As ) Tj ET Q q 0 0 0 rg BT 167.91 352.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 204.01 352.25 Td (on ) Tj ET Q q 0 0 0 rg BT 216.80 352.25 Td (our ) Tj ET Q q 0 0 0 rg BT 232.91 352.25 Td (Current ) Tj ET Q q 0 0 0 rg BT 266.24 352.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 296.24 352.25 Td (on ) Tj ET Q q 0 0 0 rg BT 309.03 352.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 333.48 352.25 Td (8-K ) Tj ET Q q 0 0 0 rg BT 351.82 352.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.60 352.25 Td (January31, ) Tj ET Q q 0 0 0 rg BT 413.49 352.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.49 352.25 Td (, ) Tj ET Q q 0 0 0 rg BT 438.77 352.25 Td (for ) Tj ET Q q 0 0 0 rg BT 453.22 352.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 491.00 352.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 543.79 352.25 Td (made ) Tj ET Q q 0 0 0 rg BT 568.23 352.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 340.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 340.25 Td (, ) Tj ET Q q 0 0 0 rg BT 61.23 340.25 Td (we ) Tj ET Q q 0 0 0 rg BT 75.62 340.25 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.45 340.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.78 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 130.51 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.57 340.25 Td (our ) Tj ET Q q 0 0 0 rg BT 157.64 340.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 199.25 340.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 219.20 340.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.71 340.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.71 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.45 340.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.96 340.25 Td (be ) Tj ET Q q 0 0 0 rg BT 275.13 340.25 Td (characterized ) Tj ET Q q 0 0 0 rg BT 331.14 340.25 Td (as ) Tj ET Q q 0 0 0 rg BT 342.21 340.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 378.81 340.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 413.48 340.25 Td (None ) Tj ET Q q 0 0 0 rg BT 437.87 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.93 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.88 340.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 501.61 340.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 554.35 340.25 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 328.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.28 328.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.28 328.25 Td ( ) Tj ET Q q 0 0 0 rg BT 68.78 328.25 Td (are ) Tj ET Q q 0 0 0 rg BT 83.49 328.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 121.52 328.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.80 328.25 Td (be ) Tj ET Q q 0 0 0 rg BT 143.73 328.25 Td (characterized ) Tj ET Q q 0 0 0 rg BT 199.52 328.25 Td (for ) Tj ET Q q 0 0 0 rg BT 213.68 328.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 243.93 328.25 Td (income ) Tj ET Q q 0 0 0 rg BT 275.87 328.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 290.58 328.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 328.64 328.25 Td (as ) Tj ET Q q 0 0 0 rg BT 339.47 328.25 Td (return ) Tj ET Q q 0 0 0 rg BT 365.84 328.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.67 328.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 405.82 328.25 Td (or ) Tj ET Q q 0 0 0 rg BT 416.65 328.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 458.59 328.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 487.74 328.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 507.46 328.25 Td (dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.25 Td (During ) Tj ET Q q 0 0 0 rg BT 84.72 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.33 308.25 Td (year ) Tj ET Q q 0 0 0 rg BT 118.92 308.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.19 308.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 203.67 308.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.67 308.25 Td (, ) Tj ET Q q 0 0 0 rg BT 228.56 308.25 Td (we ) Tj ET Q q 0 0 0 rg BT 242.61 308.25 Td (did ) Tj ET Q q 0 0 0 rg BT 257.77 308.25 Td (not ) Tj ET Q q 0 0 0 rg BT 272.94 308.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 289.22 308.25 Td (any ) Tj ET Q q 0 0 0 rg BT 306.05 308.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 333.43 308.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 373.59 308.25 Td (that ) Tj ET Q q 0 0 0 rg BT 390.97 308.25 Td (were ) Tj ET Q q 0 0 0 rg BT 412.79 308.25 Td (not ) Tj ET Q q 0 0 0 rg BT 427.96 308.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 469.77 308.25 Td (under ) Tj ET Q q 0 0 0 rg BT 494.93 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.54 308.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 550.84 308.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 567.66 308.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 296.25 Td (1933, ) Tj ET Q q 0 0 0 rg BT 61.10 296.25 Td (as ) Tj ET Q q 0 0 0 rg BT 72.02 296.25 Td (amended. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.21 296.25 Td (In ) Tj ET Q q 0 0 0 rg BT 124.13 296.25 Td (February ) Tj ET Q q 0 0 0 rg BT 162.83 296.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 187.92 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 203.85 296.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 230.88 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.81 296.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 281.61 296.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 321.41 296.25 Td (an ) Tj ET Q q 0 0 0 rg BT 333.45 296.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 388.80 296.25 Td (for ) Tj ET Q q 0 0 0 rg BT 403.06 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.87 296.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 463.77 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.69 296.25 Td (up ) Tj ET Q q 0 0 0 rg BT 487.29 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 497.66 296.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 520.26 296.25 Td (million ) Tj ET Q q 0 0 0 rg BT 551.74 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 296.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 284.25 Td (common ) Tj ET Q q 0 0 0 rg BT 74.39 284.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 98.89 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.72 284.25 Td (also ) Tj ET Q q 0 0 0 rg BT 136.22 284.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 181.82 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.43 284.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 244.13 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.85 284.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 305.91 284.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 326.52 284.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 370.18 284.25 Td (including ) Tj ET Q q 0 0 0 rg BT 411.35 284.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 459.72 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 477.55 284.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 535.36 284.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 558.22 284.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 272.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 90.99 272.25 Td (replaced ) Tj ET Q q 0 0 0 rg BT 127.07 272.25 Td (all ) Tj ET Q q 0 0 0 rg BT 139.30 272.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 175.96 272.25 Td (share ) Tj ET Q q 0 0 0 rg BT 199.29 272.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 244.82 272.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 268.15 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.82 272.25 Td (has ) Tj ET Q q 0 0 0 rg BT 300.38 272.25 Td (no ) Tj ET Q q 0 0 0 rg BT 312.60 272.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 355.37 272.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 376.59 272.25 Td (This ) Tj ET Q q 0 0 0 rg BT 396.60 272.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 442.13 272.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 497.11 272.25 Td (does ) Tj ET Q q 0 0 0 rg BT 517.67 272.25 Td (not ) Tj ET Q q 0 0 0 rg BT 532.67 272.25 Td (obligate ) Tj ET Q q 0 0 0 rg BT 567.11 272.25 Td (us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.98 260.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 79.60 260.25 Td (any ) Tj ET Q q 0 0 0 rg BT 97.23 260.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 131.52 260.25 Td (number ) Tj ET Q q 0 0 0 rg BT 165.27 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.79 260.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 204.98 260.25 Td (or ) Tj ET Q q 0 0 0 rg BT 216.51 260.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 259.97 260.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 288.16 260.25 Td (this ) Tj ET Q q 0 0 0 rg BT 305.80 260.25 Td (authorization, ) Tj ET Q q 0 0 0 rg BT 364.26 260.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.45 260.25 Td (or ) Tj ET Q q 0 0 0 rg BT 403.97 260.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 444.94 260.25 Td (may ) Tj ET Q q 0 0 0 rg BT 465.35 260.25 Td (be ) Tj ET Q q 0 0 0 rg BT 477.99 260.25 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 529.49 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 540.46 260.25 Td (privately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 248.25 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 80.59 248.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 109.08 248.25 Td (open ) Tj ET Q q 0 0 0 rg BT 131.45 248.25 Td (market ) Tj ET Q q 0 0 0 rg BT 162.16 248.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 215.36 248.25 Td (including ) Tj ET Q q 0 0 0 rg BT 256.07 248.25 Td (under ) Tj ET Q q 0 0 0 rg BT 281.78 248.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 305.83 248.25 Td (complying ) Tj ET Q q 0 0 0 rg BT 351.54 248.25 Td (with ) Tj ET Q q 0 0 0 rg BT 372.26 248.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 394.09 248.25 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 425.36 248.25 Td (under ) Tj ET Q q 0 0 0 rg BT 451.06 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.22 248.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 508.59 248.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 550.31 248.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 567.69 248.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 236.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 61.29 236.25 Td (as ) Tj ET Q q 0 0 0 rg BT 72.41 236.25 Td (amended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.00 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.79 236.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 141.57 236.25 Td (this ) Tj ET Q q 0 0 0 rg BT 158.81 236.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 214.36 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.59 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 238.81 236.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 276.04 236.25 Td (share ) Tj ET Q q 0 0 0 rg BT 299.93 236.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 346.03 236.25 Td (authorization, ) Tj ET Q q 0 0 0 rg BT 404.07 236.25 Td (during ) Tj ET Q q 0 0 0 rg BT 432.97 236.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.98 236.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.19 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 467.98 236.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.64 236.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.52 236.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.52 236.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 224.25 Td (we ) Tj ET Q q 0 0 0 rg BT 49.19 224.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.03 224.25 Td (1,943,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.03 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 140.56 224.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 167.08 224.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.28 224.25 Td ($25 ) Tj ET Q q 0 0 0 rg BT 196.81 224.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.70 224.25 Td (. ) Tj ET Q q 0 0 0 rg BT 229.40 224.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.93 224.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 298.54 224.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.54 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 322.58 224.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.87 224.25 Td ($86 ) Tj ET Q q 0 0 0 rg BT 398.40 224.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.29 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.82 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.69 224.25 Td (this ) Tj ET Q q 0 0 0 rg BT 454.67 224.25 Td (current ) Tj ET Q q 0 0 0 rg BT 484.51 224.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 538.80 224.25 Td (remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 212.25 Td (available ) Tj ET Q q 0 0 0 rg BT 74.59 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 88.75 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.47 212.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 149.27 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.10 212.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 187.59 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.42 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.25 212.25 Td (common ) Tj ET Q q 0 0 0 rg BT 251.75 212.25 Td (stock.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 56.58 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 74.91 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 116.59 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 138.80 731.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 174.91 731.10 Td (information ) Tj ET Q q 0 0 0 rg BT 224.91 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 237.70 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.70 731.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 280.47 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.59 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.70 731.10 Td (common ) Tj ET Q q 0 0 0 rg BT 345.48 731.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 369.37 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 387.15 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 401.60 731.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 444.92 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 456.04 731.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 497.70 731.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 534.91 731.10 Td (during ) Tj ET Q q 0 0 0 rg BT 563.80 731.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (three ) Tj ET Q q 0 0 0 rg BT 58.49 719.10 Td (months ) Tj ET Q q 0 0 0 rg BT 90.43 719.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.81 719.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 175.39 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.39 719.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 620.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 620.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 620.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 620.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 620.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 620.60 101.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 590.60 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 590.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 590.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 590.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 590.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 590.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 590.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 590.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 590.60 101.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 620.6 m 227.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 620.6 m 302.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 620.6 m 364.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 620.6 m 468.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 620.6 m 575.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 620.6 m 302.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 620.6 m 364.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 620.6 m 468.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 620.6 m 575.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 575.6 m 302.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 561.6 m 302.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 559.6 m 302.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 575.6 m 468.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 561.6 m 468.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 559.6 m 468.5 559.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.60 655.28 Td (Total Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.70 645.28 Td (of Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.20 635.28 Td (Purchased or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.55 625.28 Td (Acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.60 645.28 Td (A) Tj ET Q q 0 0 0 rg BT 324.08 645.28 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.50 635.28 Td (Price per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.60 625.28 Td (Shar) Tj ET Q q 0 0 0 rg BT 331.98 625.28 Td (e Paid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.70 665.28 Td (Total Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.25 655.28 Td (Shares Purchased as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.35 645.28 Td (Part of Publicly) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.70 635.28 Td (Announced Plans or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.95 625.28 Td (Programs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 685.28 Td (Maximum Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.80 675.28 Td (\(or approximate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 665.28 Td (dollar value\) of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 655.28 Td (Shares that May Yet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.85 645.28 Td (be Purchased under) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 635.28 Td (the Plans or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.45 625.28 Td (Programs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 625.05 Td (\(In Thousands, except Per Share Data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 610.27 Td (October 1, 2016-October 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 610.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 610.27 Td (13.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 610.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 610.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 610.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 595.27 Td (November 1, 2016-November 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 595.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 595.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 595.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 595.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 595.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 595.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 580.27 Td (December 1, 2016-December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 580.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 580.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 580.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 580.27 Td (86,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 565.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 565.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 565.27 Td (13.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 565.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 103.78 533.10 Td (with ) Tj ET Q q 0 0 0 rg BT 123.57 533.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 153.90 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.69 533.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 221.25 533.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 244.37 533.10 Td (under ) Tj ET Q q 0 0 0 rg BT 269.15 533.10 Td (which ) Tj ET Q q 0 0 0 rg BT 295.61 533.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 322.62 533.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 362.39 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.74 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.97 533.10 Td (registrant ) Tj ET Q q 0 0 0 rg BT 426.75 533.10 Td (are ) Tj ET Q q 0 0 0 rg BT 440.97 533.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 485.18 533.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.86 533.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 534.75 533.10 Td (is ) Tj ET Q q 0 0 0 rg BT 543.43 533.10 Td (set ) Tj ET Q q 0 0 0 rg BT 556.56 533.10 Td (forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 521.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 64.89 521.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 76.55 521.10 Td (Item12 ) Tj ET Q q 0 0 0 rg BT 109.87 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.70 521.10 Td (this ) Tj ET Q q 0 0 0 rg BT 137.10 521.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 169.04 521.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 198.75 521.10 Td (on ) Tj ET Q q 0 0 0 rg BT 211.25 521.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 235.42 521.10 Td (10-K.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (The ) Tj ET Q q 0 0 0 rg BT 73.20 713.25 Td (following ) Tj ET Q q 0 0 0 rg BT 115.74 713.25 Td (graph ) Tj ET Q q 0 0 0 rg BT 142.16 713.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 178.58 713.25 Td (a ) Tj ET Q q 0 0 0 rg BT 186.67 713.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 234.75 713.25 Td (total ) Tj ET Q q 0 0 0 rg BT 256.18 713.25 Td (return ) Tj ET Q q 0 0 0 rg BT 283.71 713.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 334.01 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.00 713.25 Td (our ) Tj ET Q q 0 0 0 rg BT 362.98 713.25 Td (common ) Tj ET Q q 0 0 0 rg BT 401.63 713.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 428.89 713.25 Td (over ) Tj ET Q q 0 0 0 rg BT 450.31 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.18 713.25 Td (last ) Tj ET Q q 0 0 0 rg BT 483.72 713.25 Td (five ) Tj ET Q q 0 0 0 rg BT 502.92 713.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 530.17 713.25 Td (to ) Tj ET Q q 0 0 0 rg BT 541.60 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 557.47 713.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 576.00 713.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (Composite-500 ) Tj ET Q q 0 0 0 rg BT 99.66 701.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 124.43 701.25 Td (Index ) Tj ET Q q 0 0 0 rg BT 149.20 701.25 Td (and ) Tj ET Q q 0 0 0 rg BT 165.63 701.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.84 701.25 Td (National ) Tj ET Q q 0 0 0 rg BT 215.83 701.25 Td (Association ) Tj ET Q q 0 0 0 rg BT 265.04 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.36 701.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 295.68 701.25 Td (Estate ) Tj ET Q q 0 0 0 rg BT 322.11 701.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 368.40 701.25 Td (T) Tj ET Q q 0 0 0 rg BT 374.15 701.25 Td (rusts, ) Tj ET Q q 0 0 0 rg BT 397.54 701.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 414.80 701.25 Td (\(NAREIT\) ) Tj ET Q q 0 0 0 rg BT 468.99 701.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.87 701.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 531.90 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 533.90 701.25 Td (index. ) Tj ET Q q 0 0 0 rg BT 560.46 701.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (total ) Tj ET Q q 0 0 0 rg BT 56.64 689.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 87.28 689.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 115.69 689.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 139.67 689.25 Td (price ) Tj ET Q q 0 0 0 rg BT 162.52 689.25 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 214.81 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.12 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.21 689.25 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 301.73 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 312.93 689.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 354.69 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 369.22 689.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.42 689.25 Td (common ) Tj ET Q q 0 0 0 rg BT 423.29 689.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 447.27 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.58 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 479.11 689.25 Td (each ) Tj ET Q q 0 0 0 rg BT 500.30 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.50 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.59 689.25 Td (comparative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (indices, ) Tj ET Q q 0 0 0 rg BT 69.61 677.25 Td (assuming ) Tj ET Q q 0 0 0 rg BT 110.18 677.25 Td (that ) Tj ET Q q 0 0 0 rg BT 127.96 677.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 150.75 677.25 Td (was ) Tj ET Q q 0 0 0 rg BT 169.09 677.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 205.20 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.76 677.25 Td (each ) Tj ET Q q 0 0 0 rg BT 236.87 677.25 Td (on ) Tj ET Q q 0 0 0 rg BT 249.65 677.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 308.52 677.25 Td (201) Tj ET Q q 0 0 0 rg BT 323.15 677.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 333.24 677.25 Td (The ) Tj ET Q q 0 0 0 rg BT 351.57 677.25 Td (information ) Tj ET Q q 0 0 0 rg BT 401.57 677.25 Td (has ) Tj ET Q q 0 0 0 rg BT 417.69 677.25 Td (been ) Tj ET Q q 0 0 0 rg BT 439.35 677.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 476.57 677.25 Td (from ) Tj ET Q q 0 0 0 rg BT 498.80 677.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 531.58 677.25 Td (believed ) Tj ET Q q 0 0 0 rg BT 568.24 677.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (be ) Tj ET Q q 0 0 0 rg BT 47.35 665.25 Td (reliable; ) Tj ET Q q 0 0 0 rg BT 82.01 665.25 Td (but ) Tj ET Q q 0 0 0 rg BT 96.70 665.25 Td (neither ) Tj ET Q q 0 0 0 rg BT 126.37 665.25 Td (its ) Tj ET Q q 0 0 0 rg BT 137.73 665.25 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 175.16 665.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 190.40 665.25 Td (its ) Tj ET Q q 0 0 0 rg BT 201.75 665.25 Td (completeness ) Tj ET Q q 0 0 0 rg BT 257.53 665.25 Td (is ) Tj ET Q q 0 0 0 rg BT 266.11 665.25 Td (guaranteed. ) Tj ET Q q 0 0 0 rg BT 314.24 665.25 Td (The ) Tj ET Q q 0 0 0 rg BT 331.70 665.25 Td (total ) Tj ET Q q 0 0 0 rg BT 351.38 665.25 Td (return ) Tj ET Q q 0 0 0 rg BT 377.17 665.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 429.60 665.25 Td (shown ) Tj ET Q q 0 0 0 rg BT 457.62 665.25 Td (on ) Tj ET Q q 0 0 0 rg BT 469.53 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.65 665.25 Td (graph ) Tj ET Q q 0 0 0 rg BT 508.33 665.25 Td (is ) Tj ET Q q 0 0 0 rg BT 516.91 665.25 Td (not ) Tj ET Q q 0 0 0 rg BT 531.59 665.25 Td (necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 77.93 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.76 653.25 Td (future ) Tj ET Q q 0 0 0 rg BT 115.14 653.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 168.16 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.99 653.25 Td (our ) Tj ET Q q 0 0 0 rg BT 194.82 653.25 Td (common ) Tj ET Q q 0 0 0 rg BT 232.31 653.25 Td (stock.) Tj ET Q /GS0 gs q 400.00 0 0 315.00 119.50 321.25 cm /I19 Do Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 290.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 290.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 290.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 290.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 290.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 290.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 290.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 290.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 260.75 190.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 260.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 260.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 260.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 260.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 260.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 260.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 260.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 290.75 m 281.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 290.75 m 340.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 290.75 m 399.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 290.75 m 458.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 290.75 m 517.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 290.75 m 576.5 290.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.75 294.48 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 294.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 294.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 294.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.50 294.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.50 294.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 281.32 Td (Redwood Trust, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 280.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 280.42 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 280.42 Td (217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 280.42 Td (234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 280.42 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 280.42 Td (211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 266.32 Td (NAREIT Mortgage REIT Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 265.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 265.42 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 265.42 Td (118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 265.42 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 265.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 265.42 Td (155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 251.32 Td (S&P Composite-500 Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 250.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 250.42 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 250.42 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 250.42 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 250.42 Td (177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 250.42 Td (198) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 200.64 740.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 216.84 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 222.77 740.25 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 722.25 Td (The ) Tj ET Q q 0 0 0 rg BT 84.70 722.25 Td (following ) Tj ET Q q 0 0 0 rg BT 125.24 722.25 Td (selected ) Tj ET Q q 0 0 0 rg BT 159.09 722.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 195.73 722.25 Td (data ) Tj ET Q q 0 0 0 rg BT 214.04 722.25 Td (are ) Tj ET Q q 0 0 0 rg BT 227.90 722.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 265.09 722.25 Td (in ) Tj ET Q q 0 0 0 rg BT 274.52 722.25 Td (their ) Tj ET Q q 0 0 0 rg BT 294.50 722.25 Td (entirety ) Tj ET Q q 0 0 0 rg BT 326.69 722.25 Td (by) Tj ET Q q 0 0 0 rg BT 336.04 722.25 Td (, ) Tj ET Q q 0 0 0 rg BT 340.20 722.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.29 722.25 Td (should ) Tj ET Q q 0 0 0 rg BT 384.61 722.25 Td (be ) Tj ET Q q 0 0 0 rg BT 395.70 722.25 Td (read ) Tj ET Q q 0 0 0 rg BT 414.56 722.25 Td (in ) Tj ET Q q 0 0 0 rg BT 423.99 722.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 472.86 722.25 Td (with, ) Tj ET Q q 0 0 0 rg BT 494.79 722.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.66 722.25 Td (more ) Tj ET Q q 0 0 0 rg BT 530.86 722.25 Td (detailed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 710.25 Td (information ) Tj ET Q q 0 0 0 rg BT 98.92 710.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 139.99 710.25 Td (in ) Tj ET Q q 0 0 0 rg BT 149.97 710.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.39 710.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 219.37 710.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 258.79 710.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 304.87 710.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.51 710.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 347.05 710.25 Td (thereto ) Tj ET Q q 0 0 0 rg BT 377.01 710.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.66 710.25 Td (Management) Tj ET Q q 0 0 0 rg BT 448.64 710.25 Td (s ) Tj ET Q q 0 0 0 rg BT 454.73 710.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 500.83 710.25 Td (and ) Tj ET Q q 0 0 0 rg BT 516.98 710.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 554.19 710.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 698.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 88.76 698.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 130.82 698.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.31 698.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 178.81 698.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.19 698.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 235.12 698.25 Td (included ) Tj ET Q q 0 0 0 rg BT 271.61 698.25 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 313.64 698.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.47 698.25 Td (this ) Tj ET Q q 0 0 0 rg BT 339.52 698.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 371.01 698.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 400.28 698.25 Td (on ) Tj ET Q q 0 0 0 rg BT 412.33 698.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 436.05 698.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 458.65 698.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.14 698.25 Td (in ) Tj ET Q q 0 0 0 rg BT 484.98 698.25 Td (our ) Tj ET Q q 0 0 0 rg BT 499.90 698.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.40 698.25 Td (Reports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 686.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.77 686.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 85.72 686.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 108.54 686.25 Td (as ) Tj ET Q q 0 0 0 rg BT 119.15 686.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.75 686.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.47 686.25 Td (for ) Tj ET Q q 0 0 0 rg BT 160.40 686.25 Td (each ) Tj ET Q q 0 0 0 rg BT 180.99 686.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.60 686.25 Td (the ) Tj ET Q q 0 0 0 rg BT 206.09 686.25 Td (years ) Tj ET Q q 0 0 0 rg BT 229.46 686.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 255.61 686.25 Td (December ) Tj ET Q q 0 0 0 rg BT 298.97 686.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.74 686.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.74 686.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.52 686.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.52 686.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.29 686.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.29 686.25 Td (, ) Tj ET Q q 0 0 0 rg BT 388.07 686.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.78 686.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.78 686.25 Td (. ) Tj ET Q q 0 0 0 rg BT 429.55 686.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 461.26 686.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 497.42 686.25 Td (for ) Tj ET Q q 0 0 0 rg BT 511.36 686.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 533.07 686.25 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 674.25 Td (have ) Tj ET Q q 0 0 0 rg BT 70.88 674.25 Td (been ) Tj ET Q q 0 0 0 rg BT 92.25 674.25 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 140.29 674.25 Td (to ) Tj ET Q q 0 0 0 rg BT 150.56 674.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 186.94 674.25 Td (to ) Tj ET Q q 0 0 0 rg BT 197.22 674.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.94 674.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.94 674.25 Td ( ) Tj ET Q q 0 0 0 rg BT 234.44 674.25 Td (presentation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 647.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 647.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 647.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 647.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 647.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 647.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 647.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 647.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 647.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 647.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 647.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 621.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 621.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 621.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 621.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 621.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 621.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 621.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 621.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 621.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 621.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 621.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 595.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 595.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 595.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 595.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 595.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 595.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 595.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 569.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 569.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 569.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 569.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 569.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 569.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 569.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 543.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 543.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 543.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 543.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 543.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 543.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 543.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 517.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 517.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 517.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 517.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 517.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 517.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 517.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 517.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 517.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 517.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 517.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 491.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 491.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 491.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 491.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 491.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 491.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 491.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 491.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 491.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 491.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 491.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 465.75 198.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 465.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 465.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 465.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 465.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 465.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 438.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 438.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 438.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 438.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 438.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 438.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 412.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 412.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 412.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 412.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 412.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 412.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 386.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 386.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 386.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 386.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 386.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 386.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 386.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 386.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 386.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 386.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 386.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 360.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 360.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 360.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 360.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 360.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 360.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 360.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 360.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 360.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 360.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 360.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 334.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 334.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 334.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 334.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 334.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 334.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 334.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 334.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 334.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 334.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 308.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 308.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 308.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 308.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 308.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 308.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 271.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 271.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 271.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 271.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 271.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 271.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 271.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 245.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 245.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 245.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 245.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 245.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 245.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 245.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 219.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 219.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 219.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 219.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 219.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 219.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 219.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 219.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 219.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 219.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 219.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 193.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 193.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 193.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 193.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 193.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 193.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 193.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 193.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 193.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 193.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 193.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 167.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 167.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 167.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 167.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 167.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 167.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 167.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 167.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 167.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 167.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 167.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 141.75 198.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.00 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 141.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 141.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 141.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 141.75 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 141.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 141.75 59.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 647.75 m 248 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 647.75 m 311 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 647.75 m 374 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 647.75 m 437 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 647.75 m 500 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 647.75 m 563 647.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 608.75 m 311 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 608.75 m 374 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 608.75 m 437 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 608.75 m 500 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 608.75 m 563 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 608.75 m 311 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 582.75 m 311 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 582.75 m 374 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 582.75 m 437 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 582.75 m 500 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 582.75 m 563 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 582.75 m 311 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 491.75 m 311 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 491.75 m 374 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 491.75 m 437 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 491.75 m 500 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 491.75 m 563 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 451.75 m 374 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 451.75 m 437 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 451.75 m 500 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 451.75 m 563 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 451.75 m 311 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 451.75 m 374 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 451.75 m 437 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 451.75 m 500 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 451.75 m 563 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 425.75 m 311 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 425.75 m 374 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 425.75 m 437 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 425.75 m 500 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 425.75 m 563 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 411.75 m 311 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 413.75 m 311 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 411.75 m 374 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 413.75 m 374 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 411.75 m 437 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 413.75 m 437 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 411.75 m 500 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 413.75 m 500 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 411.75 m 563 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 413.75 m 563 413.75 l s BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 651.82 Td (\(In Thousands, except Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.00 651.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.00 651.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 651.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 651.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 651.48 Td (2012) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 638.82 Td (Selected Statement of Operations Data:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 625.66 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 625.32 Td (246,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 625.32 Td (259,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 625.32 Td (242,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 625.32 Td (226,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 625.32 Td (231,384) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 612.66 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.30 612.32 Td (\(88,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 612.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.30 612.37 Td (\(95,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 612.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.30 612.37 Td (\(87,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 612.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 612.37 Td (\(80,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 612.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.30 612.37 Td (\(120,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 612.32 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 599.82 Td (Net Inter) Tj ET Q q 0 0 0 rg BT 89.52 599.82 Td (est Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 599.32 Td (157,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 599.32 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 599.32 Td (154,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 599.32 Td (145,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 599.32 Td (110,679) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 586.66 Td (Reversal of \(provision for\) loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 586.32 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 586.32 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 586.37 Td (\(961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 586.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 586.37 Td (\(4,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 586.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 586.37 Td (\(3,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 586.32 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 573.82 Td (Net Inter) Tj ET Q q 0 0 0 rg BT 89.52 573.82 Td (est Income after) Tj ET Q q 0 0 0 rg BT 154.77 573.82 Td ( Pr) Tj ET Q q 0 0 0 rg BT 166.99 573.82 Td (ovision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 573.32 Td (164,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 573.32 Td (163,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 573.32 Td (153,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 573.32 Td (140,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 573.32 Td (107,031) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 560.82 Td (Non-inter) Tj ET Q q 0 0 0 rg BT 91.91 560.82 Td (est Income) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 547.66 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 547.32 Td (38,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 547.32 Td (10,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 547.32 Td (34,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 547.32 Td (102,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 547.32 Td (36,593) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 534.66 Td (Mortgage servicing rights income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 534.32 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.30 534.37 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 534.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 534.37 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 534.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 534.32 Td (20,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 534.37 Td (\(1,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 534.32 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 521.66 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.30 521.32 Td (\(28,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.30 521.37 Td (\(21,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.30 521.37 Td (\(10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 521.37 Td (\(5,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 521.32 Td (1,539) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 508.66 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 508.32 Td (6,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 508.32 Td (3,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 508.32 Td (1,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 508.32 Td () Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 495.66 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 495.32 Td (28,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 495.32 Td (36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 495.32 Td (15,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 495.32 Td (25,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 495.32 Td (54,921) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 70.50 482.66 Td (Total non-interest income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 482.32 Td (58,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 482.32 Td (25,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 482.32 Td (37,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 482.32 Td (142,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 482.32 Td (91,662) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 469.66 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.30 469.32 Td (\(88,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.30 469.37 Td (\(97,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.30 469.37 Td (\(90,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 469.37 Td (\(86,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 469.37 Td (\(65,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 469.32 Td (\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 456.66 Td (Other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 456.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 456.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 456.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 456.37 Td (\(12,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 456.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 456.32 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 442.82 Td (Net Income befor) Tj ET Q q 0 0 0 rg BT 123.03 442.82 Td (e Pr) Tj ET Q q 0 0 0 rg BT 139.47 442.82 Td (ovision for) Tj ET Q q 0 0 0 rg BT 182.31 442.82 Td ( Income ) Tj ET Q q 0 0 0 rg BT 216.97 442.82 Td (T) Tj ET Q q 0 0 0 rg BT 222.43 442.82 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 442.32 Td (134,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 442.32 Td (91,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 442.32 Td (101,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 442.32 Td (184,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 442.32 Td (133,060) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 429.66 Td (\(Provision for\) benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.30 429.32 Td (\(3,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 429.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 429.32 Td (10,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 429.37 Td (\(744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 429.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 429.37 Td (\(10,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 429.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 429.37 Td (\(1,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 429.32 Td (\)) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 416.82 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 416.32 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 416.32 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 416.32 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 416.32 Td (173,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 416.32 Td (131,769) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 403.66 Td (Average common shares basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.10 403.32 Td (76,747,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.10 403.32 Td (82,945,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.10 403.32 Td (82,837,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.10 403.32 Td (81,985,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.10 403.32 Td (79,529,950) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 390.66 Td (Earnings per share basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 390.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 390.32 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 390.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 390.32 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 390.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 390.32 Td (1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 390.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 390.32 Td (2.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 390.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 390.32 Td (1.61) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 377.66 Td (A) Tj ET Q q 0 0 0 rg BT 58.66 377.66 Td (verage common shares diluted ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 183.97 381.97 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.10 377.32 Td (97,909,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.10 377.32 Td (84,518,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.10 377.32 Td (85,098,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.10 377.32 Td (93,694,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.10 377.32 Td (80,673,682) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 364.66 Td (Earnings per share diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 364.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 364.32 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 364.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 364.32 Td (1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 364.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 364.32 Td (1.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 364.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 364.32 Td (1.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 364.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 364.32 Td (1.59) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 351.66 Td (Regular dividends declared per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 351.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 351.32 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 351.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 351.32 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 351.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 351.32 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 351.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 351.32 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 351.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 351.32 Td (1.00) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 338.82 Td (Selected Balance Sheet Data:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 325.66 Td (Earning assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 325.32 Td (5,240,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 325.32 Td (5,976,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 325.32 Td (5,753,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 325.32 Td (4,519,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 325.32 Td (4,343,628) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 312.66 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 312.32 Td (5,483,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 312.32 Td (6,220,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 312.32 Td (5,902,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 312.32 Td (4,595,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 312.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 312.32 Td (4,434,805) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 299.66 Td (Short-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 299.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 299.32 Td (791,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 299.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 299.32 Td (1,855,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 299.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 299.32 Td (1,793,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 299.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 299.32 Td (862,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 299.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 299.32 Td (551,918) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 286.66 Td (Asset-backed securities issued ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 277.16 Td ( Resecuritization, net ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 137.71 281.47 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 276.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 276.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 276.42 Td (44,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 276.42 Td (94,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 276.42 Td (164,012) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 262.66 Td (Asset-backed securities issued, net Commercial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 262.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 262.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 262.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 262.32 Td (52,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 262.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 262.32 Td (81,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 262.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 262.32 Td (150,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 262.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 262.32 Td (167,352) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 249.66 Td (Asset-backed securities issued, net Sequoia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 249.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 249.32 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 249.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 249.32 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 249.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 249.32 Td (1,416,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 249.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 249.32 Td (1,692,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 249.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 249.32 Td (2,190,480) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 236.66 Td (Long-term debt, net ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 130.59 240.97 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 236.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 236.32 Td (2,620,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 236.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 236.32 Td (2,027,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 236.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 236.32 Td (1,180,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 236.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 236.32 Td (467,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 236.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 236.32 Td (138,304) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 223.66 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 223.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 223.32 Td (4,334,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 223.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 223.32 Td (5,073,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 223.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 223.32 Td (4,646,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 223.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 223.32 Td (3,349,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 223.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 223.32 Td (3,294,641) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 210.66 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 210.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 210.32 Td (1,149,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 210.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 210.32 Td (1,146,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 210.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 210.32 Td (1,256,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 210.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 210.32 Td (1,245,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 210.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 210.32 Td (1,140,164) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 197.66 Td (Number of common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.10 197.32 Td (76,834,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.10 197.32 Td (78,162,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.10 197.32 Td (83,443,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.10 197.32 Td (82,504,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.10 197.32 Td (81,716,416) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 184.66 Td (Book value per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 184.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 184.32 Td (14.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 184.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 184.32 Td (14.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 184.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 184.32 Td (15.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 184.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 184.32 Td (15.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 184.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 184.32 Td (13.95) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 52.50 171.82 Td (Other Selected Data:) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 158.66 Td (A) Tj ET Q q 0 0 0 rg BT 58.66 158.66 Td (verage assets ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 110.88 162.97 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 158.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 158.32 Td (5,893,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 158.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 158.32 Td (6,015,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 158.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 158.32 Td (5,356,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 158.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 158.32 Td (4,904,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 158.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 158.32 Td (5,318,442) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 145.66 Td (A) Tj ET Q q 0 0 0 rg BT 58.66 145.66 Td (verage debt and ) Tj ET Q q 0 0 0 rg BT 120.64 145.66 Td (ABS issued outstanding ) Tj ET Q BT /F1 9.50 Tf ET BT /F1 6.17 Tf ET q 0 0 0 rg BT 214.33 149.97 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 145.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 145.32 Td (4,617,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 145.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 145.32 Td (4,505,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 145.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 145.32 Td (3,871,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 145.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 145.32 Td (3,571,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 145.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.10 145.32 Td (4,130,216) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 132.66 Td (Average stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 132.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.10 132.32 Td (1,112,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 132.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 132.32 Td (1,240,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 132.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.10 132.32 Td (1,250,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.50 132.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 132.32 Td (1,200,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 132.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 132.32 Td (987,330) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 52.50 119.66 Td (Net income/average stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 119.32 Td (11.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 119.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 119.32 Td (8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 119.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 119.32 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 119.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 119.32 Td (14.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 119.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 119.32 Td (13.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 119.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 102.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 102.45 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 96.75 102.45 Td (average ) Tj ET Q q 0 0 0 rg BT 126.97 102.45 Td (common ) Tj ET Q q 0 0 0 rg BT 160.72 102.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 185.46 102.45 Td (for ) Tj ET Q q 0 0 0 rg BT 198.20 102.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 218.45 102.45 Td (and ) Tj ET Q q 0 0 0 rg BT 233.70 102.45 Td (2013 ) Tj ET Q q 0 0 0 rg BT 253.95 102.45 Td (include ) Tj ET Q q 0 0 0 rg BT 282.69 102.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 309.42 102.45 Td (convertible ) Tj ET Q q 0 0 0 rg BT 352.15 102.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 373.40 102.45 Td (that ) Tj ET Q q 0 0 0 rg BT 389.14 102.45 Td (were ) Tj ET Q q 0 0 0 rg BT 408.88 102.45 Td (determined ) Tj ET Q q 0 0 0 rg BT 451.61 102.45 Td (to ) Tj ET Q q 0 0 0 rg BT 460.86 102.45 Td (be ) Tj ET Q q 0 0 0 rg BT 471.61 102.45 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 501.35 102.45 Td (for ) Tj ET Q q 0 0 0 rg BT 514.10 102.45 Td (those ) Tj ET Q q 0 0 0 rg BT 535.35 102.45 Td (years.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 87.45 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 87.45 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.09 87.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.16 87.45 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.16 87.45 Td (, ) Tj ET Q q 0 0 0 rg BT 155.00 87.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 177.84 87.45 Td (2014, ) Tj ET Q q 0 0 0 rg BT 200.68 87.45 Td (2013, ) Tj ET Q q 0 0 0 rg BT 223.52 87.45 Td (and ) Tj ET Q q 0 0 0 rg BT 239.11 87.45 Td (2012, ) Tj ET Q q 0 0 0 rg BT 261.38 87.45 Td (Asset-backed ) Tj ET Q q 0 0 0 rg BT 312.45 87.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 349.02 87.45 Td (issued, ) Tj ET Q q 0 0 0 rg BT 376.37 87.45 Td (net ) Tj ET Q q 0 0 0 rg BT 389.95 87.45 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.53 87.45 Td ($0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.53 87.45 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.91 87.45 Td ($542) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.91 87.45 Td (, ) Tj ET Q q 0 0 0 rg BT 460.75 87.45 Td ($2,360, ) Tj ET Q q 0 0 0 rg BT 490.34 87.45 Td ($4,683, ) Tj ET Q q 0 0 0 rg BT 519.93 87.45 Td (and ) Tj ET Q q 0 0 0 rg BT 535.52 87.45 Td ($8,097, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 76.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 110.40 76.65 Td (, ) Tj ET Q q 0 0 0 rg BT 114.75 76.65 Td (of ) Tj ET Q q 0 0 0 rg BT 124.35 76.65 Td (deferred ) Tj ET Q q 0 0 0 rg BT 156.44 76.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 174.04 76.65 Td (issuance ) Tj ET Q q 0 0 0 rg BT 206.63 76.65 Td (costs, ) Tj ET Q q 0 0 0 rg BT 228.99 76.65 Td (and ) Tj ET Q q 0 0 0 rg BT 244.09 76.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 281.68 76.65 Td (debt, ) Tj ET Q q 0 0 0 rg BT 301.54 76.65 Td (net ) Tj ET Q q 0 0 0 rg BT 314.64 76.65 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 347.73 76.65 Td ($7,081) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.48 76.65 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.84 76.65 Td ($10,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 406.09 76.65 Td (, ) Tj ET Q q 0 0 0 rg BT 410.44 76.65 Td ($13,690, ) Tj ET Q q 0 0 0 rg BT 444.05 76.65 Td ($8,770, ) Tj ET Q q 0 0 0 rg BT 473.16 76.65 Td (and ) Tj ET Q q 0 0 0 rg BT 488.26 76.65 Td ($1,196, ) Tj ET Q q 0 0 0 rg BT 517.36 76.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.26 76.65 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 65.85 Td (of ) Tj ET Q q 0 0 0 rg BT 77.25 65.85 Td (deferred ) Tj ET Q q 0 0 0 rg BT 109.47 65.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 127.22 65.85 Td (issuance ) Tj ET Q q 0 0 0 rg BT 159.96 65.85 Td (costs. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 52.05 Td (\(3\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 52.05 Td (A) Tj ET Q q 0 0 0 rg BT 73.33 52.05 Td (verage ) Tj ET Q q 0 0 0 rg BT 99.56 52.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.81 52.05 Td (and ) Tj ET Q q 0 0 0 rg BT 137.56 52.05 Td (A) Tj ET Q q 0 0 0 rg BT 143.39 52.05 Td (verage ) Tj ET Q q 0 0 0 rg BT 169.62 52.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 187.37 52.05 Td (and ) Tj ET Q q 0 0 0 rg BT 202.11 52.05 Td (ABS ) Tj ET Q q 0 0 0 rg BT 221.87 52.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 246.62 52.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 290.87 52.05 Td (presented ) Tj ET Q q 0 0 0 rg BT 327.60 52.05 Td (above ) Tj ET Q q 0 0 0 rg BT 351.34 52.05 Td (do ) Tj ET Q q 0 0 0 rg BT 362.59 52.05 Td (not ) Tj ET Q q 0 0 0 rg BT 376.34 52.05 Td (include ) Tj ET Q q 0 0 0 rg BT 405.08 52.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 437.31 52.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 473.55 52.05 Td (issuance ) Tj ET Q q 0 0 0 rg BT 506.29 52.05 Td (costs.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 58.49 731.25 Td (7. ) Tj ET Q q 0 0 0 rg BT 68.49 731.25 Td (Management) Tj ET Q q 0 0 0 rg BT 127.55 731.25 Td (s ) Tj ET Q q 0 0 0 rg BT 133.94 731.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 181.45 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 199.53 731.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 238.15 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.98 731.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 291.48 731.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 336.78 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.40 731.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 389.01 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.84 731.25 Td (Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 710.25 Td (INTRODUCTION ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.25 Td (Management) Tj ET Q q 0 0 0 rg BT 108.98 689.25 Td (s ) Tj ET Q q 0 0 0 rg BT 114.82 689.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 160.66 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.61 689.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 213.56 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.84 689.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 263.00 689.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 304.95 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.34 689.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 352.73 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.01 689.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 408.83 689.25 Td (\(MD&A\) ) Tj ET Q q 0 0 0 rg BT 457.43 689.25 Td (is ) Tj ET Q q 0 0 0 rg BT 466.05 689.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 502.43 689.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.15 689.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 544.65 689.25 Td (a ) Tj ET Q q 0 0 0 rg BT 551.03 689.25 Td (reader ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.29 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 63.59 677.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 101.53 677.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 146.70 677.25 Td (with ) Tj ET Q q 0 0 0 rg BT 167.45 677.25 Td (a ) Tj ET Q q 0 0 0 rg BT 174.85 677.25 Td (narrative ) Tj ET Q q 0 0 0 rg BT 213.34 677.25 Td (from ) Tj ET Q q 0 0 0 rg BT 235.74 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.92 677.25 Td (perspective ) Tj ET Q q 0 0 0 rg BT 299.42 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 310.71 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 327.00 677.25 Td (management ) Tj ET Q q 0 0 0 rg BT 381.06 677.25 Td (on ) Tj ET Q q 0 0 0 rg BT 394.02 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 410.31 677.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 448.25 677.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 491.49 677.25 Td (results ) Tj ET Q q 0 0 0 rg BT 520.56 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.86 677.25 Td (operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 72.39 665.25 Td (and ) Tj ET Q q 0 0 0 rg BT 89.33 665.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.03 665.25 Td (other ) Tj ET Q q 0 0 0 rg BT 142.08 665.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 171.79 665.25 Td (that ) Tj ET Q q 0 0 0 rg BT 189.28 665.25 Td (may ) Tj ET Q q 0 0 0 rg BT 209.00 665.25 Td (af) Tj ET Q q 0 0 0 rg BT 216.59 665.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 234.07 665.25 Td (our ) Tj ET Q q 0 0 0 rg BT 249.90 665.25 Td (future ) Tj ET Q q 0 0 0 rg BT 276.28 665.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 307.39 665.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 325.44 665.25 Td (MD&A) Tj ET Q q 0 0 0 rg BT 356.00 665.25 Td ( ) Tj ET Q q 0 0 0 rg BT 358.50 665.25 Td (is ) Tj ET Q q 0 0 0 rg BT 367.67 665.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 408.49 665.25 Td (in ) Tj ET Q q 0 0 0 rg BT 418.76 665.25 Td (six ) Tj ET Q q 0 0 0 rg BT 432.93 665.25 Td (main ) Tj ET Q q 0 0 0 rg BT 455.43 665.25 Td (sections: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.50 647.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 647.25 Td (Overview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.50 629.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 629.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 94.95 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.78 629.25 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.50 611.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 611.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 102.72 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.66 611.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 151.04 611.25 Td (Resources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.50 593.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 593.25 Td (Of) Tj ET Q q 0 0 0 rg BT 73.37 593.25 Td (f ) Tj ET Q q 0 0 0 rg BT 79.20 593.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 113.90 593.25 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 138.07 593.25 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 197.21 593.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.15 593.25 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 263.30 593.25 Td (Obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.50 575.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 575.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 94.94 575.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 144.09 575.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 178.26 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.20 575.25 Td (Estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.50 557.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 557.25 Td (New ) Tj ET Q q 0 0 0 rg BT 83.83 557.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 132.99 557.25 Td (Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.81 533.25 Td (MD&A) Tj ET Q q 0 0 0 rg BT 102.37 533.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.63 533.25 Td (should ) Tj ET Q q 0 0 0 rg BT 133.57 533.25 Td (be ) Tj ET Q q 0 0 0 rg BT 145.26 533.25 Td (read ) Tj ET Q q 0 0 0 rg BT 164.73 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 174.77 533.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 224.24 533.25 Td (with ) Tj ET Q q 0 0 0 rg BT 244.28 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.76 533.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 313.79 533.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 353.27 533.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 399.41 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.11 533.25 Td (related ) Tj ET Q q 0 0 0 rg BT 445.57 533.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 471.16 533.25 Td (included ) Tj ET Q q 0 0 0 rg BT 507.86 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.90 533.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 536.27 533.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 547.69 533.25 Td (Item8, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 75.86 521.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 122.39 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.47 521.25 Td (Supplementary ) Tj ET Q q 0 0 0 rg BT 202.66 521.25 Td (Data ) Tj ET Q q 0 0 0 rg BT 224.18 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.16 521.25 Td (this ) Tj ET Q q 0 0 0 rg BT 251.67 521.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 283.76 521.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 313.62 521.25 Td (on ) Tj ET Q q 0 0 0 rg BT 326.27 521.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 350.58 521.25 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 376.28 521.25 Td (References ) Tj ET Q q 0 0 0 rg BT 423.34 521.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 450.97 521.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.40 521.25 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 513.75 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.61 521.25 Td (company) Tj ET Q q 0 0 0 rg BT 569.06 521.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (we, ) Tj ET Q q 0 0 0 rg BT 60.84 509.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 82.91 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.15 509.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.16 509.25 Td (include ) Tj ET Q q 0 0 0 rg BT 154.39 509.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 194.40 509.25 Td (T) Tj ET Q q 0 0 0 rg BT 200.15 509.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 219.45 509.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 236.52 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.76 509.25 Td (its ) Tj ET Q q 0 0 0 rg BT 264.01 509.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 316.36 509.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 367.88 509.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 394.68 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.70 509.25 Td (context ) Tj ET Q q 0 0 0 rg BT 439.93 509.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 480.61 509.25 Td (requires. ) Tj ET Q q 0 0 0 rg BT 516.99 509.25 Td (The ) Tj ET Q q 0 0 0 rg BT 534.34 509.25 Td (discussion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 47.63 497.25 Td (this ) Tj ET Q q 0 0 0 rg BT 65.94 497.25 Td (MD&A) Tj ET Q q 0 0 0 rg BT 96.50 497.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.35 497.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 137.53 497.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 206.93 497.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 252.99 497.25 Td (that ) Tj ET Q q 0 0 0 rg BT 271.84 497.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 305.69 497.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 352.32 497.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 375.07 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.36 497.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 450.80 497.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 470.21 497.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 497.94 497.25 Td (results ) Tj ET Q q 0 0 0 rg BT 527.90 497.25 Td (could ) Tj ET Q q 0 0 0 rg BT 553.97 497.25 Td (dif) Tj ET Q q 0 0 0 rg BT 564.90 497.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 77.93 485.25 Td (from ) Tj ET Q q 0 0 0 rg BT 98.77 485.25 Td (those ) Tj ET Q q 0 0 0 rg BT 121.27 485.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 166.54 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.71 485.25 Td (these ) Tj ET Q q 0 0 0 rg BT 197.66 485.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 230.70 485.25 Td (looking ) Tj ET Q q 0 0 0 rg BT 262.66 485.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 306.26 485.25 Td (as ) Tj ET Q q 0 0 0 rg BT 315.99 485.25 Td (a ) Tj ET Q q 0 0 0 rg BT 321.83 485.25 Td (result ) Tj ET Q q 0 0 0 rg BT 345.44 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.17 485.25 Td (various ) Tj ET Q q 0 0 0 rg BT 386.00 485.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 417.10 485.25 Td (such ) Tj ET Q q 0 0 0 rg BT 436.83 485.25 Td (as ) Tj ET Q q 0 0 0 rg BT 446.56 485.25 Td (those ) Tj ET Q q 0 0 0 rg BT 469.06 485.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 508.79 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.96 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.58 485.25 Td (Cautionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (Statement ) Tj ET Q q 0 0 0 rg BT 78.49 473.25 Td (in ) Tj ET Q q 0 0 0 rg BT 88.77 473.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 107.38 473.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 117.38 473.25 Td (Item1,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 145.70 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.20 473.25 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.20 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.70 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.64 473.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.92 473.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 231.53 473.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 241.53 473.25 Td (Item1A, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.57 473.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 299.29 473.25 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.40 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 332.90 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.73 473.25 Td (this ) Tj ET Q q 0 0 0 rg BT 360.13 473.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 392.06 473.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 421.78 473.25 Td (on ) Tj ET Q q 0 0 0 rg BT 434.28 473.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 458.45 473.25 Td (10-K. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (OVER) Tj ET Q q 0 0 0 rg BT 64.54 443.25 Td (VIEW) Tj ET Q q 0 0 0 rg BT 92.14 443.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (Our) Tj ET Q q 0 0 0 rg BT 53.60 419.25 Td ( Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 399.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 93.92 399.25 Td (T) Tj ET Q q 0 0 0 rg BT 99.68 399.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 118.90 399.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 138.38 399.25 Td (together ) Tj ET Q q 0 0 0 rg BT 172.86 399.25 Td (with ) Tj ET Q q 0 0 0 rg BT 192.35 399.25 Td (its ) Tj ET Q q 0 0 0 rg BT 203.52 399.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 254.95 399.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 286.66 399.25 Td (on ) Tj ET Q q 0 0 0 rg BT 298.38 399.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 336.76 399.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.25 399.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 389.62 399.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.78 399.25 Td (other ) Tj ET Q q 0 0 0 rg BT 428.04 399.25 Td (real ) Tj ET Q q 0 0 0 rg BT 444.74 399.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 469.22 399.25 Td (related ) Tj ET Q q 0 0 0 rg BT 498.14 399.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 523.19 399.25 Td (and ) Tj ET Q q 0 0 0 rg BT 539.34 399.25 Td (engaging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 387.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.59 387.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 85.17 387.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 119.20 387.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 159.48 387.25 Td (W) Tj ET Q q 0 0 0 rg BT 168.12 387.25 Td (e ) Tj ET Q q 0 0 0 rg BT 174.37 387.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 193.96 387.25 Td (to ) Tj ET Q q 0 0 0 rg BT 203.55 387.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 229.25 387.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.84 387.25 Td (real ) Tj ET Q q 0 0 0 rg BT 255.64 387.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 310.75 387.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 335.89 387.25 Td (that ) Tj ET Q q 0 0 0 rg BT 352.70 387.25 Td (have ) Tj ET Q q 0 0 0 rg BT 373.39 387.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.42 387.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 424.23 387.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.82 387.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 469.50 387.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 508.51 387.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 528.09 387.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 548.23 387.25 Td (returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 375.25 Td (over ) Tj ET Q q 0 0 0 rg BT 56.61 375.25 Td (time ) Tj ET Q q 0 0 0 rg BT 77.23 375.25 Td (and ) Tj ET Q q 0 0 0 rg BT 94.51 375.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.14 375.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 141.84 375.25 Td (income ) Tj ET Q q 0 0 0 rg BT 174.12 375.25 Td (through ) Tj ET Q q 0 0 0 rg BT 208.07 375.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.25 375.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 264.85 375.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 299.92 375.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 341.36 375.25 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.53 375.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.53 375.25 Td (, ) Tj ET Q q 0 0 0 rg BT 397.88 375.25 Td (we ) Tj ET Q q 0 0 0 rg BT 412.38 375.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 449.65 375.25 Td (our ) Tj ET Q q 0 0 0 rg BT 465.82 375.25 Td (business ) Tj ET Q q 0 0 0 rg BT 502.56 375.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.18 375.25 Td (three ) Tj ET Q q 0 0 0 rg BT 536.01 375.25 Td (segments: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 363.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 83.49 363.25 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 136.82 363.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 184.31 363.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 225.68 363.25 Td (Banking, ) Tj ET Q q 0 0 0 rg BT 264.57 363.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.51 363.25 Td (Commercial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.11 345.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 106.32 345.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 138.87 345.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.76 345.25 Td (income ) Tj ET Q q 0 0 0 rg BT 181.75 345.25 Td (are ) Tj ET Q q 0 0 0 rg BT 196.52 345.25 Td (net ) Tj ET Q q 0 0 0 rg BT 211.29 345.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 243.29 345.25 Td (income ) Tj ET Q q 0 0 0 rg BT 275.28 345.25 Td (from ) Tj ET Q q 0 0 0 rg BT 297.28 345.25 Td (our ) Tj ET Q q 0 0 0 rg BT 313.17 345.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 359.61 345.25 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 401.05 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.05 345.25 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 468.37 345.25 Td (income ) Tj ET Q q 0 0 0 rg BT 500.36 345.25 Td (from ) Tj ET Q q 0 0 0 rg BT 522.36 345.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.25 345.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 333.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 71.57 333.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 113.52 333.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 131.32 333.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 164.11 333.25 Td (income ) Tj ET Q q 0 0 0 rg BT 196.89 333.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 231.92 333.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.60 333.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.17 333.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 291.96 333.25 Td (income ) Tj ET Q q 0 0 0 rg BT 324.75 333.25 Td (we ) Tj ET Q q 0 0 0 rg BT 339.76 333.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 360.33 333.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.68 333.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.81 333.25 Td (less ) Tj ET Q q 0 0 0 rg BT 443.16 333.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.73 333.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 491.52 333.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 527.08 333.25 Td (we ) Tj ET Q q 0 0 0 rg BT 542.10 333.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 566.00 333.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 321.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 77.50 321.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.90 321.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.52 321.25 Td (other ) Tj ET Q q 0 0 0 rg BT 144.25 321.25 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 187.15 321.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 220.32 321.25 Td (from ) Tj ET Q q 0 0 0 rg BT 242.94 321.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 283.88 321.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 319.28 321.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 358.56 321.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 393.41 321.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.92 321.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.32 321.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 445.72 321.25 Td (we ) Tj ET Q q 0 0 0 rg BT 460.56 321.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 481.51 321.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.47 321.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 529.51 321.25 Td (through ) Tj ET Q q 0 0 0 rg BT 563.80 321.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 309.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 82.63 309.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.71 309.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 117.56 309.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.75 309.25 Td (their ) Tj ET Q q 0 0 0 rg BT 155.82 309.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 203.00 309.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 221.30 309.25 Td (or ) Tj ET Q q 0 0 0 rg BT 232.37 309.25 Td (securitization. ) Tj ET Q q 0 0 0 rg BT 291.49 309.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 332.36 309.25 Td (T) Tj ET Q q 0 0 0 rg BT 338.12 309.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 358.37 309.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 376.38 309.25 Td (has ) Tj ET Q q 0 0 0 rg BT 392.46 309.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 423.52 309.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.04 309.25 Td (be ) Tj ET Q q 0 0 0 rg BT 446.23 309.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 470.63 309.25 Td (as ) Tj ET Q q 0 0 0 rg BT 481.71 309.25 Td (a ) Tj ET Q q 0 0 0 rg BT 488.89 309.25 Td (real ) Tj ET Q q 0 0 0 rg BT 506.62 309.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 532.13 309.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 297.25 Td (trust ) Tj ET Q q 0 0 0 rg BT 56.63 297.25 Td (\(REIT\). ) Tj ET Q q 0 0 0 rg BT 99.52 297.25 Td (W) Tj ET Q q 0 0 0 rg BT 108.16 297.25 Td (e ) Tj ET Q q 0 0 0 rg BT 115.45 297.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 155.50 297.25 Td (refer) Tj ET Q q 0 0 0 rg BT 173.96 297.25 Td (, ) Tj ET Q q 0 0 0 rg BT 179.31 297.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 225.31 297.25 Td (, ) Tj ET Q q 0 0 0 rg BT 230.66 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.28 297.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 282.25 297.25 Td (T) Tj ET Q q 0 0 0 rg BT 288.01 297.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 308.36 297.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 326.48 297.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.76 297.25 Td (those ) Tj ET Q q 0 0 0 rg BT 367.72 297.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.90 297.25 Td (its ) Tj ET Q q 0 0 0 rg BT 391.19 297.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 441.26 297.25 Td (that ) Tj ET Q q 0 0 0 rg BT 459.10 297.25 Td (are ) Tj ET Q q 0 0 0 rg BT 474.16 297.25 Td (not ) Tj ET Q q 0 0 0 rg BT 489.78 297.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 520.96 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 531.58 297.25 Td (subsidiary-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 285.25 Td (level ) Tj ET Q q 0 0 0 rg BT 58.29 285.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 98.90 285.25 Td (income ) Tj ET Q q 0 0 0 rg BT 131.18 285.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 146.25 285.25 Td (as ) Tj ET Q q 0 0 0 rg BT 157.44 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.95 285.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 206.46 285.25 Td (or ) Tj ET Q q 0 0 0 rg BT 217.64 285.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.26 285.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 259.74 285.25 Td (. ) Tj ET Q q 0 0 0 rg BT 269.32 285.25 Td (W) Tj ET Q q 0 0 0 rg BT 277.96 285.25 Td (e ) Tj ET Q q 0 0 0 rg BT 285.25 285.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 325.31 285.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 347.03 285.25 Td (to ) Tj ET Q q 0 0 0 rg BT 357.66 285.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 407.73 285.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.92 285.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 459.90 285.25 Td (T) Tj ET Q q 0 0 0 rg BT 465.65 285.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 486.01 285.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 504.13 285.25 Td (that ) Tj ET Q q 0 0 0 rg BT 521.98 285.25 Td (are ) Tj ET Q q 0 0 0 rg BT 537.04 285.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 568.22 285.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 273.25 Td (subsidiary-level ) Tj ET Q q 0 0 0 rg BT 102.37 273.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 142.63 273.25 Td (income ) Tj ET Q q 0 0 0 rg BT 174.56 273.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 189.28 273.25 Td (as ) Tj ET Q q 0 0 0 rg BT 200.11 273.25 Td (our ) Tj ET Q q 0 0 0 rg BT 220.38 273.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.64 273.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 314.79 273.25 Td (or ) Tj ET Q q 0 0 0 rg BT 325.62 273.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.89 273.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 377.26 273.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 399.30 273.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.80 273.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 455.96 273.25 Td (or ) Tj ET Q q 0 0 0 rg BT 466.79 273.25 Td (TRS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 249.25 Td (For additional information on our business, refer to Part I, Item1, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.22 249.25 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.22 249.25 Td ( of this ) Tj ET Q q 0 0 0 rg BT 383.95 249.25 Td (Annual Report on Form 10-K. ) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 742.25 Td (Business Update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 718.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.89 718.25 Td (had ) Tj ET Q q 0 0 0 rg BT 87.15 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 94.41 718.25 Td (very ) Tj ET Q q 0 0 0 rg BT 114.99 718.25 Td (productive ) Tj ET Q q 0 0 0 rg BT 160.57 718.25 Td (year ) Tj ET Q q 0 0 0 rg BT 180.60 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 191.19 718.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 216.31 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 224.94 718.25 Td (e ) Tj ET Q q 0 0 0 rg BT 232.20 718.25 Td (finished ) Tj ET Q q 0 0 0 rg BT 267.23 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.27 718.25 Td (year ) Tj ET Q q 0 0 0 rg BT 302.29 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 312.89 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 320.14 718.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 347.96 718.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 385.76 718.25 Td (position ) Tj ET Q q 0 0 0 rg BT 420.80 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.06 718.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 479.74 718.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 519.75 718.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 550.34 718.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 706.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 89.54 706.25 Td (after ) Tj ET Q q 0 0 0 rg BT 110.85 706.25 Td (making ) Tj ET Q q 0 0 0 rg BT 143.85 706.25 Td (some ) Tj ET Q q 0 0 0 rg BT 167.96 706.25 Td (dif) Tj ET Q q 0 0 0 rg BT 178.89 706.25 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 205.49 706.25 Td (but ) Tj ET Q q 0 0 0 rg BT 221.27 706.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 263.14 706.25 Td (modifications ) Tj ET Q q 0 0 0 rg BT 321.13 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.91 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 348.24 706.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 379.24 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 384.74 706.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 408.30 706.25 Td (importantly) Tj ET Q q 0 0 0 rg BT 454.32 706.25 Td (, ) Tj ET Q q 0 0 0 rg BT 459.82 706.25 Td (we ) Tj ET Q q 0 0 0 rg BT 474.48 706.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 501.35 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.57 706.25 Td (year ) Tj ET Q q 0 0 0 rg BT 536.78 706.25 Td (with ) Tj ET Q q 0 0 0 rg BT 557.56 706.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 694.25 Td (more ) Tj ET Q q 0 0 0 rg BT 59.05 694.25 Td (focused, ) Tj ET Q q 0 0 0 rg BT 95.15 694.25 Td (capable, ) Tj ET Q q 0 0 0 rg BT 130.68 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.62 694.25 Td (ef) Tj ET Q q 0 0 0 rg BT 155.20 694.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 183.25 694.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 229.63 694.25 Td (platform ) Tj ET Q q 0 0 0 rg BT 266.56 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 284.06 694.25 Td (is ) Tj ET Q q 0 0 0 rg BT 293.23 694.25 Td (well ) Tj ET Q q 0 0 0 rg BT 312.94 694.25 Td (positioned ) Tj ET Q q 0 0 0 rg BT 357.11 694.25 Td (to ) Tj ET Q q 0 0 0 rg BT 367.39 694.25 Td (respond ) Tj ET Q q 0 0 0 rg BT 401.55 694.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.83 694.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 446.53 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 456.81 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.53 694.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 511.79 694.25 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 670.25 Td (ithin ) Tj ET Q q 0 0 0 rg BT 83.77 670.25 Td (this ) Tj ET Q q 0 0 0 rg BT 100.61 670.25 Td (update, ) Tj ET Q q 0 0 0 rg BT 132.15 670.25 Td (we ) Tj ET Q q 0 0 0 rg BT 146.21 670.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 177.49 670.25 Td (our ) Tj ET Q q 0 0 0 rg BT 193.21 670.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 220.03 670.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 266.30 670.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 298.69 670.25 Td (as ) Tj ET Q q 0 0 0 rg BT 309.41 670.25 Td (well ) Tj ET Q q 0 0 0 rg BT 329.02 670.25 Td (as ) Tj ET Q q 0 0 0 rg BT 339.74 670.25 Td (our ) Tj ET Q q 0 0 0 rg BT 355.46 670.25 Td (progress ) Tj ET Q q 0 0 0 rg BT 391.74 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.91 670.25 Td (expanding ) Tj ET Q q 0 0 0 rg BT 445.96 670.25 Td (our ) Tj ET Q q 0 0 0 rg BT 461.68 670.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 489.63 670.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 529.79 670.25 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 658.25 Td (franchise. ) Tj ET Q q 0 0 0 rg BT 77.32 658.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.22 658.25 Td (, ) Tj ET Q q 0 0 0 rg BT 132.51 658.25 Td (we ) Tj ET Q q 0 0 0 rg BT 146.96 658.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 180.30 658.25 Td (our ) Tj ET Q q 0 0 0 rg BT 196.42 658.25 Td (thoughts ) Tj ET Q q 0 0 0 rg BT 233.66 658.25 Td (on ) Tj ET Q q 0 0 0 rg BT 246.45 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.46 658.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 292.00 658.25 Td (legislative ) Tj ET Q q 0 0 0 rg BT 335.89 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.12 658.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 397.01 658.25 Td (landscape ) Tj ET Q q 0 0 0 rg BT 439.22 658.25 Td (following ) Tj ET Q q 0 0 0 rg BT 480.90 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.90 658.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 523.12 658.25 Td (change ) Tj ET Q q 0 0 0 rg BT 554.22 658.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 646.25 Td (Presidential ) Tj ET Q q 0 0 0 rg BT 85.71 646.25 Td (administrations, ) Tj ET Q q 0 0 0 rg BT 152.37 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.31 646.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.14 646.25 Td (company ) Tj ET Q q 0 0 0 rg BT 224.30 646.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 257.35 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.29 646.25 Td (key ) Tj ET Q q 0 0 0 rg BT 291.23 646.25 Td (goals ) Tj ET Q q 0 0 0 rg BT 314.84 646.25 Td (for ) Tj ET Q q 0 0 0 rg BT 329.00 646.25 Td (2017.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 622.25 Td (Investment Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 63.26 598.25 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 98.70 598.25 Td (deploying ) Tj ET Q q 0 0 0 rg BT 140.83 598.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.28 598.25 Td (available ) Tj ET Q q 0 0 0 rg BT 194.50 598.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 223.27 598.25 Td (at ) Tj ET Q q 0 0 0 rg BT 232.62 598.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 271.94 598.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 301.84 598.25 Td (is ) Tj ET Q q 0 0 0 rg BT 310.63 598.25 Td (at ) Tj ET Q q 0 0 0 rg BT 319.98 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.32 598.25 Td (forefront ) Tj ET Q q 0 0 0 rg BT 371.98 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.44 598.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.90 598.25 Td (priorities ) Tj ET Q q 0 0 0 rg BT 436.13 598.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.03 598.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 470.66 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.22 598.25 Td (we ) Tj ET Q q 0 0 0 rg BT 501.01 598.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 530.90 598.25 Td (focused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 586.25 Td (on ) Tj ET Q q 0 0 0 rg BT 48.92 586.25 Td (new ) Tj ET Q q 0 0 0 rg BT 68.49 586.25 Td (and ) Tj ET Q q 0 0 0 rg BT 85.84 586.25 Td (innovative ) Tj ET Q q 0 0 0 rg BT 130.97 586.25 Td (ways ) Tj ET Q q 0 0 0 rg BT 154.44 586.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.13 586.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 191.93 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.63 586.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 228.30 586.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 246.22 586.25 Td (on ) Tj ET Q q 0 0 0 rg BT 259.13 586.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 303.70 586.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 330.01 586.25 Td (Through ) Tj ET Q q 0 0 0 rg BT 367.37 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.50 586.25 Td (first ) Tj ET Q q 0 0 0 rg BT 401.52 586.25 Td (eight ) Tj ET Q q 0 0 0 rg BT 424.43 586.25 Td (weeks ) Tj ET Q q 0 0 0 rg BT 452.34 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 463.58 586.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 489.00 586.25 Td (we ) Tj ET Q q 0 0 0 rg BT 503.57 586.25 Td (have ) Tj ET Q q 0 0 0 rg BT 525.36 586.25 Td (deployed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 574.25 Td ($123 ) Tj ET Q q 0 0 0 rg BT 58.30 574.25 Td (million ) Tj ET Q q 0 0 0 rg BT 89.49 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.12 574.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 129.07 574.25 Td (into ) Tj ET Q q 0 0 0 rg BT 146.93 574.25 Td (new ) Tj ET Q q 0 0 0 rg BT 165.89 574.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 215.96 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.70 574.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 263.87 574.25 Td (that ) Tj ET Q q 0 0 0 rg BT 281.17 574.25 Td (we ) Tj ET Q q 0 0 0 rg BT 295.13 574.25 Td (will ) Tj ET Q q 0 0 0 rg BT 312.98 574.25 Td (be ) Tj ET Q q 0 0 0 rg BT 324.72 574.25 Td (able ) Tj ET Q q 0 0 0 rg BT 343.68 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.75 574.25 Td (deploy ) Tj ET Q q 0 0 0 rg BT 383.27 574.25 Td (our ) Tj ET Q q 0 0 0 rg BT 398.90 574.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 441.74 574.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 470.14 574.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.09 574.25 Td (on ) Tj ET Q q 0 0 0 rg BT 511.39 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 518.13 574.25 Td (disciplined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.50 562.25 Td (prudent ) Tj ET Q q 0 0 0 rg BT 87.10 562.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 110.16 562.25 Td (across ) Tj ET Q q 0 0 0 rg BT 138.20 562.25 Td (a ) Tj ET Q q 0 0 0 rg BT 145.70 562.25 Td (broad ) Tj ET Q q 0 0 0 rg BT 171.52 562.25 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 211.23 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.62 562.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 278.45 562.25 Td (over ) Tj ET Q q 0 0 0 rg BT 299.28 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.55 562.25 Td (course ) Tj ET Q q 0 0 0 rg BT 343.71 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.09 562.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 380.65 562.25 Td (Comments ) Tj ET Q q 0 0 0 rg BT 427.04 562.25 Td (from ) Tj ET Q q 0 0 0 rg BT 449.54 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.81 562.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 500.07 562.25 Td (confirmed ) Tj ET Q q 0 0 0 rg BT 544.22 562.25 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.76 550.25 Td (reasury ) Tj ET Q q 0 0 0 rg BT 73.43 550.25 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 113.43 550.25 Td (that ) Tj ET Q q 0 0 0 rg BT 130.67 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.13 550.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 175.12 550.25 Td (government ) Tj ET Q q 0 0 0 rg BT 225.13 550.25 Td (will ) Tj ET Q q 0 0 0 rg BT 242.93 550.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 267.95 550.25 Td (move ) Tj ET Q q 0 0 0 rg BT 292.41 550.25 Td (toward ) Tj ET Q q 0 0 0 rg BT 322.42 550.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 359.65 550.25 Td (its ) Tj ET Q q 0 0 0 rg BT 371.34 550.25 Td (role ) Tj ET Q q 0 0 0 rg BT 389.13 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.15 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.61 550.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 453.62 550.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 487.52 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.20 550.25 Td (its ) Tj ET Q q 0 0 0 rg BT 515.90 550.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 554.24 550.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.25 Td (mortgage-related ) Tj ET Q q 0 0 0 rg BT 106.80 538.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 132.06 538.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 149.56 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 164.27 538.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 206.76 538.25 Td (with ) Tj ET Q q 0 0 0 rg BT 227.04 538.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.87 538.25 Td (desire ) Tj ET Q q 0 0 0 rg BT 269.25 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 279.53 538.25 Td (deploy ) Tj ET Q q 0 0 0 rg BT 309.24 538.25 Td (more ) Tj ET Q q 0 0 0 rg BT 332.29 538.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.44 538.25 Td (into ) Tj ET Q q 0 0 0 rg BT 379.50 538.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 404.76 538.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.26 538.25 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.25 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 98.59 514.25 Td (with ) Tj ET Q q 0 0 0 rg BT 118.72 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.30 514.25 Td (past ) Tj ET Q q 0 0 0 rg BT 151.77 514.25 Td (few ) Tj ET Q q 0 0 0 rg BT 169.12 514.25 Td (quarters, ) Tj ET Q q 0 0 0 rg BT 206.19 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.76 514.25 Td (economics ) Tj ET Q q 0 0 0 rg BT 265.89 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.58 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.15 514.25 Td (private-label ) Tj ET Q q 0 0 0 rg BT 344.04 514.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 374.19 514.25 Td (market ) Tj ET Q q 0 0 0 rg BT 404.32 514.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 441.11 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.25 514.25 Td (be ) Tj ET Q q 0 0 0 rg BT 463.05 514.25 Td (attractive, ) Tj ET Q q 0 0 0 rg BT 505.10 514.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.90 514.25 Td (we ) Tj ET Q q 0 0 0 rg BT 535.92 514.25 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.25 Td (it ) Tj ET Q q 0 0 0 rg BT 43.80 502.25 Td (will ) Tj ET Q q 0 0 0 rg BT 61.60 502.25 Td (result ) Tj ET Q q 0 0 0 rg BT 86.05 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.07 502.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 123.86 502.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 159.98 502.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 196.11 502.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.13 502.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 230.87 502.25 Td (as ) Tj ET Q q 0 0 0 rg BT 241.44 502.25 Td (well ) Tj ET Q q 0 0 0 rg BT 260.90 502.25 Td (as ) Tj ET Q q 0 0 0 rg BT 271.47 502.25 Td (a ) Tj ET Q q 0 0 0 rg BT 278.15 502.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 308.14 502.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 340.38 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.95 502.25 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 399.85 502.25 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 429.88 502.25 Td (available ) Tj ET Q q 0 0 0 rg BT 468.21 502.25 Td (for ) Tj ET Q q 0 0 0 rg BT 482.11 502.25 Td (investment. ) Tj ET Q q 0 0 0 rg BT 530.57 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 539.21 502.25 Td (e ) Tj ET Q q 0 0 0 rg BT 545.89 502.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 490.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 64.35 490.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 106.04 490.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 161.07 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.10 490.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 197.25 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.28 490.25 Td (GSE-issued ) Tj ET Q q 0 0 0 rg BT 256.76 490.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 296.78 490.25 Td (that ) Tj ET Q q 0 0 0 rg BT 314.03 490.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 346.82 490.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 371.84 490.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 389.10 490.25 Td (on ) Tj ET Q q 0 0 0 rg BT 401.35 490.25 Td (both ) Tj ET Q q 0 0 0 rg BT 421.39 490.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 476.96 490.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 520.87 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 537.56 490.25 Td (multi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 478.25 Td (family ) Tj ET Q q 0 0 0 rg BT 64.91 478.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 107.71 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.30 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.32 478.25 Td (private ) Tj ET Q q 0 0 0 rg BT 163.90 478.25 Td (sector) Tj ET Q q 0 0 0 rg BT 187.22 478.25 Td (. ) Tj ET Q q 0 0 0 rg BT 192.53 478.25 Td (In ) Tj ET Q q 0 0 0 rg BT 203.67 478.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 239.26 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 249.85 478.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 267.66 478.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 301.00 478.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 351.58 478.25 Td (for ) Tj ET Q q 0 0 0 rg BT 366.05 478.25 Td (newly-originated ) Tj ET Q q 0 0 0 rg BT 437.17 478.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 463.59 478.25 Td (we ) Tj ET Q q 0 0 0 rg BT 478.06 478.25 Td (are ) Tj ET Q q 0 0 0 rg BT 493.07 478.25 Td (seeing ) Tj ET Q q 0 0 0 rg BT 521.43 478.25 Td (a ) Tj ET Q q 0 0 0 rg BT 528.68 478.25 Td (growing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 466.25 Td (market ) Tj ET Q q 0 0 0 rg BT 65.69 466.25 Td (for ) Tj ET Q q 0 0 0 rg BT 79.27 466.25 Td (GSE-issued ) Tj ET Q q 0 0 0 rg BT 128.42 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.79 466.25 Td (bank-issued ) Tj ET Q q 0 0 0 rg BT 194.48 466.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 254.16 466.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 284.40 466.25 Td (by ) Tj ET Q q 0 0 0 rg BT 296.33 466.25 Td (non-traditional ) Tj ET Q q 0 0 0 rg BT 357.68 466.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 382.79 466.25 Td (As ) Tj ET Q q 0 0 0 rg BT 395.83 466.25 Td (we ) Tj ET Q q 0 0 0 rg BT 409.42 466.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 444.65 466.25 Td (these ) Tj ET Q q 0 0 0 rg BT 467.12 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.49 466.25 Td (other ) Tj ET Q q 0 0 0 rg BT 505.96 466.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 528.42 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 538.13 466.25 Td (invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.77 454.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 83.36 454.25 Td (we ) Tj ET Q q 0 0 0 rg BT 97.46 454.25 Td (will ) Tj ET Q q 0 0 0 rg BT 115.46 454.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 152.34 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.56 454.25 Td (optimize ) Tj ET Q q 0 0 0 rg BT 199.99 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 215.76 454.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 252.65 454.25 Td (through ) Tj ET Q q 0 0 0 rg BT 286.20 454.25 Td (ef) Tj ET Q q 0 0 0 rg BT 293.79 454.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 321.77 454.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 355.32 454.25 Td (channels ) Tj ET Q q 0 0 0 rg BT 392.75 454.25 Td (that ) Tj ET Q q 0 0 0 rg BT 410.18 454.25 Td (include ) Tj ET Q q 0 0 0 rg BT 442.06 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.83 454.25 Td ($2 ) Tj ET Q q 0 0 0 rg BT 470.27 454.25 Td (billion ) Tj ET Q q 0 0 0 rg BT 498.83 454.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 524.03 454.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 554.79 454.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 442.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 83.20 442.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 110.14 442.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 133.19 442.25 Td (Bank ) Tj ET Q q 0 0 0 rg BT 156.80 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.63 442.25 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 205.95 442.25 Td (as ) Tj ET Q q 0 0 0 rg BT 216.78 442.25 Td (well ) Tj ET Q q 0 0 0 rg BT 236.50 442.25 Td (as ) Tj ET Q q 0 0 0 rg BT 247.33 442.25 Td (traditional ) Tj ET Q q 0 0 0 rg BT 290.93 442.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 336.73 442.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 373.66 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 393.94 442.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 443.64 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.12 442.25 Td (institutions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 418.25 Td (Residential Mortgage Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 73.73 394.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 103.47 394.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 149.31 394.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 191.25 394.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 227.65 394.25 Td (business ) Tj ET Q q 0 0 0 rg BT 265.73 394.25 Td (had ) Tj ET Q q 0 0 0 rg BT 284.35 394.25 Td (a ) Tj ET Q q 0 0 0 rg BT 292.97 394.25 Td (productive ) Tj ET Q q 0 0 0 rg BT 339.92 394.25 Td (start ) Tj ET Q q 0 0 0 rg BT 361.31 394.25 Td (in ) Tj ET Q q 0 0 0 rg BT 373.28 394.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 399.96 394.25 Td (as ) Tj ET Q q 0 0 0 rg BT 412.47 394.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 448.87 394.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 484.71 394.25 Td (for ) Tj ET Q q 0 0 0 rg BT 500.55 394.25 Td (higher) Tj ET Q q 0 0 0 rg BT 525.90 394.25 Td (-yielding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 382.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 86.32 382.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 127.19 382.25 Td (to ) Tj ET Q q 0 0 0 rg BT 137.51 382.25 Td (drive ) Tj ET Q q 0 0 0 rg BT 160.61 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.37 382.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 207.99 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 216.63 382.25 Td (e ) Tj ET Q q 0 0 0 rg BT 223.61 382.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 267.81 382.25 Td (three ) Tj ET Q q 0 0 0 rg BT 290.34 382.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 346.75 382.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 397.06 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.39 382.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 432.43 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 449.42 382.25 Td (have ) Tj ET Q q 0 0 0 rg BT 470.84 382.25 Td (already ) Tj ET Q q 0 0 0 rg BT 502.81 382.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 547.00 382.25 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.25 Td (through ) Tj ET Q q 0 0 0 rg BT 68.54 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.18 370.25 Td (first ) Tj ET Q q 0 0 0 rg BT 99.72 370.25 Td (two ) Tj ET Q q 0 0 0 rg BT 116.15 370.25 Td (months ) Tj ET Q q 0 0 0 rg BT 147.02 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.78 370.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 180.39 370.25 Td (All ) Tj ET Q q 0 0 0 rg BT 194.60 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.36 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 219.12 370.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 244.97 370.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 304.16 370.25 Td (have ) Tj ET Q q 0 0 0 rg BT 324.46 370.25 Td (been ) Tj ET Q q 0 0 0 rg BT 344.77 370.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 374.51 370.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 413.15 370.25 Td (by ) Tj ET Q q 0 0 0 rg BT 424.58 370.25 Td (30-year) Tj ET Q q 0 0 0 rg BT 454.72 370.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.64 370.25 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 498.93 370.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 521.47 370.25 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.25 Td (through ) Tj ET Q q 0 0 0 rg BT 69.07 358.25 Td (our ) Tj ET Q q 0 0 0 rg BT 84.36 358.25 Td (traditional ) Tj ET Q q 0 0 0 rg BT 127.42 358.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 152.70 358.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 180.22 358.25 Td (program, ) Tj ET Q q 0 0 0 rg BT 218.55 358.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 258.84 358.25 Td (Select, ) Tj ET Q q 0 0 0 rg BT 287.74 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.13 358.25 Td (are ) Tj ET Q q 0 0 0 rg BT 318.30 358.25 Td (not ) Tj ET Q q 0 0 0 rg BT 333.04 358.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 363.32 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.06 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.24 358.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 404.20 358.25 Td (retention ) Tj ET Q q 0 0 0 rg BT 441.70 358.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 463.10 358.25 Td (set ) Tj ET Q q 0 0 0 rg BT 476.16 358.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 497.56 358.25 Td (under ) Tj ET Q q 0 0 0 rg BT 522.29 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.47 358.25 Td (Dodd-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.25 Td (Frank ) Tj ET Q q 0 0 0 rg BT 61.28 346.25 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 322.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.93 322.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 105.22 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.86 322.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 145.59 322.25 Td (that ) Tj ET Q q 0 0 0 rg BT 162.44 322.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.63 322.25 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 244.45 322.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 284.64 322.25 Td (Choice ) Tj ET Q q 0 0 0 rg BT 314.82 322.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 333.90 322.25 Td (program ) Tj ET Q q 0 0 0 rg BT 369.63 322.25 Td (will ) Tj ET Q q 0 0 0 rg BT 387.04 322.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 425.55 322.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.62 322.25 Td (most ) Tj ET Q q 0 0 0 rg BT 460.93 322.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 505.00 322.25 Td (area ) Tj ET Q q 0 0 0 rg BT 523.50 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 533.68 322.25 Td (growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.27 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.21 310.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 94.37 310.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 138.63 310.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 179.01 310.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 213.83 310.25 Td (business ) Tj ET Q q 0 0 0 rg BT 250.33 310.25 Td (going ) Tj ET Q q 0 0 0 rg BT 275.72 310.25 Td (forward. ) Tj ET Q q 0 0 0 rg BT 312.48 310.25 Td (Currently) Tj ET Q q 0 0 0 rg BT 350.15 310.25 Td (, ) Tj ET Q q 0 0 0 rg BT 355.26 310.25 Td (over ) Tj ET Q q 0 0 0 rg BT 375.64 310.25 Td (70% ) Tj ET Q q 0 0 0 rg BT 396.58 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.52 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 423.46 310.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 443.28 310.25 Td (sellers ) Tj ET Q q 0 0 0 rg BT 471.44 310.25 Td (are ) Tj ET Q q 0 0 0 rg BT 486.25 310.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 539.40 310.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 310.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 298.25 Td (Choice ) Tj ET Q q 0 0 0 rg BT 67.25 298.25 Td (program ) Tj ET Q q 0 0 0 rg BT 104.06 298.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.43 298.25 Td (over ) Tj ET Q q 0 0 0 rg BT 142.13 298.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 163.39 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.65 298.25 Td (these ) Tj ET Q q 0 0 0 rg BT 198.12 298.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 218.27 298.25 Td (sellers ) Tj ET Q q 0 0 0 rg BT 246.75 298.25 Td (have ) Tj ET Q q 0 0 0 rg BT 268.55 298.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 300.91 298.25 Td (into ) Tj ET Q q 0 0 0 rg BT 319.39 298.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 376.76 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 387.47 298.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 404.29 298.25 Td (us ) Tj ET Q q 0 0 0 rg BT 416.11 298.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 440.15 298.25 Td (under ) Tj ET Q q 0 0 0 rg BT 465.84 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.99 298.25 Td (Choice ) Tj ET Q q 0 0 0 rg BT 512.25 298.25 Td (program. ) Tj ET Q q 0 0 0 rg BT 550.91 298.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 286.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 77.21 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 86.78 286.25 Td (our ) Tj ET Q q 0 0 0 rg BT 101.89 286.25 Td (traditional ) Tj ET Q q 0 0 0 rg BT 144.78 286.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 169.89 286.25 Td (Select ) Tj ET Q q 0 0 0 rg BT 196.11 286.25 Td (program, ) Tj ET Q q 0 0 0 rg BT 234.28 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.28 286.25 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 315.04 286.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 337.93 286.25 Td (we ) Tj ET Q q 0 0 0 rg BT 351.38 286.25 Td (have ) Tj ET Q q 0 0 0 rg BT 372.04 286.25 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 416.87 286.25 Td (on ) Tj ET Q q 0 0 0 rg BT 428.66 286.25 Td (average, ) Tj ET Q q 0 0 0 rg BT 464.03 286.25 Td (have ) Tj ET Q q 0 0 0 rg BT 484.69 286.25 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 539.79 286.25 Td (ratios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 274.25 Td (about ) Tj ET Q q 0 0 0 rg BT 60.73 274.25 Td (six ) Tj ET Q q 0 0 0 rg BT 74.91 274.25 Td (points ) Tj ET Q q 0 0 0 rg BT 101.88 274.25 Td (higher) Tj ET Q q 0 0 0 rg BT 127.02 274.25 Td (, ) Tj ET Q q 0 0 0 rg BT 132.04 274.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 157.31 274.25 Td (scores ) Tj ET Q q 0 0 0 rg BT 184.82 274.25 Td (about ) Tj ET Q q 0 0 0 rg BT 209.55 274.25 Td (30 ) Tj ET Q q 0 0 0 rg BT 222.06 274.25 Td (points ) Tj ET Q q 0 0 0 rg BT 249.02 274.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 274.31 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.26 274.25 Td (fewer ) Tj ET Q q 0 0 0 rg BT 316.53 274.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 342.38 274.25 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 379.60 274.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 429.50 274.25 Td (, ) Tj ET Q q 0 0 0 rg BT 434.51 274.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 460.91 274.25 Td (on ) Tj ET Q q 0 0 0 rg BT 473.43 274.25 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 540.91 274.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 262.25 Td (average ) Tj ET Q q 0 0 0 rg BT 69.48 262.25 Td (about ) Tj ET Q q 0 0 0 rg BT 94.09 262.25 Td (125 ) Tj ET Q q 0 0 0 rg BT 111.48 262.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 133.87 262.25 Td (points ) Tj ET Q q 0 0 0 rg BT 160.71 262.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 188.65 262.25 Td (than ) Tj ET Q q 0 0 0 rg BT 208.26 262.25 Td (on ) Tj ET Q q 0 0 0 rg BT 220.65 262.25 Td (traditional ) Tj ET Q q 0 0 0 rg BT 264.14 262.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 289.86 262.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 313.36 262.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 356.29 262.25 Td (under ) Tj ET Q q 0 0 0 rg BT 381.45 262.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.18 262.25 Td (Select ) Tj ET Q q 0 0 0 rg BT 424.00 262.25 Td (program. ) Tj ET Q q 0 0 0 rg BT 462.60 262.25 Td (Thus ) Tj ET Q q 0 0 0 rg BT 484.99 262.25 Td (far) Tj ET Q q 0 0 0 rg BT 495.69 262.25 Td (, ) Tj ET Q q 0 0 0 rg BT 500.58 262.25 Td (our ) Tj ET Q q 0 0 0 rg BT 516.31 262.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 550.35 262.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 250.25 Td (the ) Tj ET Q q 0 0 0 rg BT 49.47 250.25 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 115.69 250.25 Td (program ) Tj ET Q q 0 0 0 rg BT 150.82 250.25 Td (has ) Tj ET Q q 0 0 0 rg BT 165.40 250.25 Td (been ) Tj ET Q q 0 0 0 rg BT 185.53 250.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.56 250.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 209.70 250.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.17 250.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 245.53 250.25 Td (to ) Tj ET Q q 0 0 0 rg BT 254.56 250.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 280.26 250.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 298.72 250.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 336.09 250.25 Td (in ) Tj ET Q q 0 0 0 rg BT 345.12 250.25 Td (order ) Tj ET Q q 0 0 0 rg BT 367.47 250.25 Td (to ) Tj ET Q q 0 0 0 rg BT 376.50 250.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 412.18 250.25 Td (refining ) Tj ET Q q 0 0 0 rg BT 445.09 250.25 Td (our ) Tj ET Q q 0 0 0 rg BT 459.67 250.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 504.81 250.25 Td (characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.77 238.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 85.44 238.25 Td (parameters. ) Tj ET Q q 0 0 0 rg BT 135.14 238.25 Td (In ) Tj ET Q q 0 0 0 rg BT 146.80 238.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 170.41 238.25 Td (we ) Tj ET Q q 0 0 0 rg BT 185.41 238.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 217.62 238.25 Td (it ) Tj ET Q q 0 0 0 rg BT 226.51 238.25 Td (will ) Tj ET Q q 0 0 0 rg BT 245.40 238.25 Td (make ) Tj ET Q q 0 0 0 rg BT 270.39 238.25 Td (sense ) Tj ET Q q 0 0 0 rg BT 295.39 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.51 238.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 327.62 238.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 352.07 238.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 395.94 238.25 Td (under ) Tj ET Q q 0 0 0 rg BT 422.04 238.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.71 238.25 Td (Choice ) Tj ET Q q 0 0 0 rg BT 470.37 238.25 Td (program ) Tj ET Q q 0 0 0 rg BT 507.59 238.25 Td (for ) Tj ET Q q 0 0 0 rg BT 522.58 238.25 Td (long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 226.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 84.88 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 95.71 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.99 226.25 Td (securitize ) Tj ET Q q 0 0 0 rg BT 146.80 226.25 Td (these ) Tj ET Q q 0 0 0 rg BT 169.85 226.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 195.96 226.25 Td (enabling ) Tj ET Q q 0 0 0 rg BT 232.89 226.25 Td (us ) Tj ET Q q 0 0 0 rg BT 244.28 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 254.56 226.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 279.82 226.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 319.52 226.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 359.78 226.25 Td (for ) Tj ET Q q 0 0 0 rg BT 373.94 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 389.77 226.25 Td (portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 202.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 76.37 202.25 Td (expanded-prime ) Tj ET Q q 0 0 0 rg BT 144.12 202.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 168.00 202.25 Td (increasing ) Tj ET Q q 0 0 0 rg BT 211.87 202.25 Td (as ) Tj ET Q q 0 0 0 rg BT 222.98 202.25 Td (a ) Tj ET Q q 0 0 0 rg BT 230.19 202.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 276.27 202.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.37 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 303.48 202.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 331.81 202.25 Td (volume, ) Tj ET Q q 0 0 0 rg BT 367.08 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.30 202.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 440.94 202.25 Td (execution ) Tj ET Q q 0 0 0 rg BT 482.59 202.25 Td (improving ) Tj ET Q q 0 0 0 rg BT 527.03 202.25 Td (in ) Tj ET Q q 0 0 0 rg BT 537.58 202.25 Td (recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 190.25 Td (quarters, ) Tj ET Q q 0 0 0 rg BT 73.10 190.25 Td (our ) Tj ET Q q 0 0 0 rg BT 88.83 190.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 130.65 190.25 Td (expectation ) Tj ET Q q 0 0 0 rg BT 179.14 190.25 Td (is ) Tj ET Q q 0 0 0 rg BT 188.20 190.25 Td (that ) Tj ET Q q 0 0 0 rg BT 205.59 190.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 229.10 190.25 Td (mar) Tj ET Q q 0 0 0 rg BT 244.46 190.25 Td (gins ) Tj ET Q q 0 0 0 rg BT 263.53 190.25 Td (for ) Tj ET Q q 0 0 0 rg BT 277.58 190.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.30 190.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 321.26 190.25 Td (business ) Tj ET Q q 0 0 0 rg BT 357.54 190.25 Td (will ) Tj ET Q q 0 0 0 rg BT 375.49 190.25 Td (on ) Tj ET Q q 0 0 0 rg BT 387.89 190.25 Td (average ) Tj ET Q q 0 0 0 rg BT 421.36 190.25 Td (be ) Tj ET Q q 0 0 0 rg BT 433.20 190.25 Td (above ) Tj ET Q q 0 0 0 rg BT 459.47 190.25 Td (our ) Tj ET Q q 0 0 0 rg BT 475.19 190.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 512.02 190.25 Td (expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 178.25 Td (50-75 ) Tj ET Q q 0 0 0 rg BT 72.66 178.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 95.16 178.25 Td (points.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 742.25 Td (Federal Legislative and Regulatory Landscape) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 718.25 Td (e ) Tj ET Q q 0 0 0 rg BT 70.41 718.25 Td (have ) Tj ET Q q 0 0 0 rg BT 92.63 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 100.40 718.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 128.74 718.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 161.51 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.62 718.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 232.61 718.25 Td (how ) Tj ET Q q 0 0 0 rg BT 253.17 718.25 Td (any ) Tj ET Q q 0 0 0 rg BT 270.95 718.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 309.27 718.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 344.82 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 355.93 718.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 377.05 718.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 402.04 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.82 718.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 464.25 718.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 498.69 718.25 Td (under ) Tj ET Q q 0 0 0 rg BT 524.79 718.25 Td (President ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.76 706.25 Td (rump's ) Tj ET Q q 0 0 0 rg BT 71.06 706.25 Td (Administration ) Tj ET Q q 0 0 0 rg BT 134.82 706.25 Td (will ) Tj ET Q q 0 0 0 rg BT 153.58 706.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 184.00 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.42 706.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 240.39 706.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 273.16 706.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 314.14 706.25 Td (we ) Tj ET Q q 0 0 0 rg BT 329.01 706.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 358.87 706.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 389.84 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.27 706.25 Td (impact, ) Tj ET Q q 0 0 0 rg BT 438.18 706.25 Td (if ) Tj ET Q q 0 0 0 rg BT 447.50 706.25 Td (any) Tj ET Q q 0 0 0 rg BT 461.29 706.25 Td (, ) Tj ET Q q 0 0 0 rg BT 467.00 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.53 706.25 Td (these ) Tj ET Q q 0 0 0 rg BT 502.29 706.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 537.70 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 548.69 706.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 694.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 75.07 694.25 Td (we ) Tj ET Q q 0 0 0 rg BT 89.41 694.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 120.96 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 138.63 694.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 169.06 694.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 212.28 694.25 Td (will ) Tj ET Q q 0 0 0 rg BT 230.52 694.25 Td (trend ) Tj ET Q q 0 0 0 rg BT 253.74 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.20 694.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.32 694.25 Td (direction ) Tj ET Q q 0 0 0 rg BT 309.54 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 327.21 694.25 Td (favors ) Tj ET Q q 0 0 0 rg BT 354.88 694.25 Td (private ) Tj ET Q q 0 0 0 rg BT 385.32 694.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 414.65 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 431.77 694.25 Td (reduces ) Tj ET Q q 0 0 0 rg BT 464.98 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.88 694.25 Td (government's ) Tj ET Q q 0 0 0 rg BT 536.01 694.25 Td (role ) Tj ET Q q 0 0 0 rg BT 554.24 694.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.70 682.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 90.94 682.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 123.51 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 132.15 682.25 Td (e ) Tj ET Q q 0 0 0 rg BT 139.07 682.25 Td (are ) Tj ET Q q 0 0 0 rg BT 153.76 682.25 Td (optimistic ) Tj ET Q q 0 0 0 rg BT 196.24 682.25 Td (about ) Tj ET Q q 0 0 0 rg BT 220.94 682.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 248.42 682.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 283.10 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.36 682.25 Td (current ) Tj ET Q q 0 0 0 rg BT 324.16 682.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 361.62 682.25 Td (services ) Tj ET Q q 0 0 0 rg BT 396.31 682.25 Td (regulation ) Tj ET Q q 0 0 0 rg BT 439.34 682.25 Td (under ) Tj ET Q q 0 0 0 rg BT 464.59 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.29 682.25 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 530.10 682.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 547.02 682.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 670.25 Td (are ) Tj ET Q q 0 0 0 rg BT 51.90 670.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 91.13 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 102.60 670.25 Td (include ) Tj ET Q q 0 0 0 rg BT 135.73 670.25 Td (governance ) Tj ET Q q 0 0 0 rg BT 185.51 670.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 221.41 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.89 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.80 670.25 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 293.60 670.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 334.51 670.25 Td (Protection ) Tj ET Q q 0 0 0 rg BT 379.31 670.25 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 411.88 670.25 Td (\(CFPB\) ) Tj ET Q q 0 0 0 rg BT 446.70 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 464.83 670.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 506.85 670.25 Td (clarity ) Tj ET Q q 0 0 0 rg BT 536.09 670.25 Td (on ) Tj ET Q q 0 0 0 rg BT 549.79 670.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 658.25 Td (application ) Tj ET Q q 0 0 0 rg BT 82.04 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.09 658.25 Td (meaning ) Tj ET Q q 0 0 0 rg BT 134.14 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.09 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.92 658.25 Td (agency) Tj ET Q q 0 0 0 rg BT 189.01 658.25 Td (s ) Tj ET Q q 0 0 0 rg BT 194.52 658.25 Td (many ) Tj ET Q q 0 0 0 rg BT 218.35 658.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 264.39 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.45 658.25 Td (pronouncements. ) Tj ET Q q 0 0 0 rg BT 350.54 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 359.17 658.25 Td (e ) Tj ET Q q 0 0 0 rg BT 365.23 658.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 395.71 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.54 658.25 Td (change ) Tj ET Q q 0 0 0 rg BT 439.47 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 448.86 658.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 491.57 658.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 514.85 658.25 Td (will ) Tj ET Q q 0 0 0 rg BT 532.02 658.25 Td (remove ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 646.25 Td (barriers ) Tj ET Q q 0 0 0 rg BT 69.31 646.25 Td (that ) Tj ET Q q 0 0 0 rg BT 87.09 646.25 Td (have ) Tj ET Q q 0 0 0 rg BT 108.74 646.25 Td (kept ) Tj ET Q q 0 0 0 rg BT 128.74 646.25 Td (lar) Tj ET Q q 0 0 0 rg BT 139.10 646.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 151.32 646.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 191.31 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.42 646.25 Td (private ) Tj ET Q q 0 0 0 rg BT 232.96 646.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 262.39 646.25 Td (from ) Tj ET Q q 0 0 0 rg BT 284.60 646.25 Td (reentering ) Tj ET Q q 0 0 0 rg BT 327.91 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.91 646.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 383.45 646.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 416.49 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.71 646.25 Td (will ) Tj ET Q q 0 0 0 rg BT 452.04 646.25 Td (actively ) Tj ET Q q 0 0 0 rg BT 486.47 646.25 Td (begin ) Tj ET Q q 0 0 0 rg BT 511.46 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.02 646.25 Td (shrink ) Tj ET Q q 0 0 0 rg BT 549.79 646.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 634.25 Td (government) Tj ET Q q 0 0 0 rg BT 86.54 634.25 Td (s ) Tj ET Q q 0 0 0 rg BT 92.93 634.25 Td (role ) Tj ET Q q 0 0 0 rg BT 110.98 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 121.26 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.98 634.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 176.24 634.25 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 610.25 Td (While ) Tj ET Q q 0 0 0 rg BT 81.91 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.60 610.25 Td (trend ) Tj ET Q q 0 0 0 rg BT 121.62 610.25 Td (looks ) Tj ET Q q 0 0 0 rg BT 146.76 610.25 Td (positive, ) Tj ET Q q 0 0 0 rg BT 184.40 610.25 Td (we ) Tj ET Q q 0 0 0 rg BT 199.53 610.25 Td (are ) Tj ET Q q 0 0 0 rg BT 215.21 610.25 Td (realistic ) Tj ET Q q 0 0 0 rg BT 250.33 610.25 Td (about ) Tj ET Q q 0 0 0 rg BT 276.02 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.71 610.25 Td (speed ) Tj ET Q q 0 0 0 rg BT 317.96 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.76 610.25 Td (change. ) Tj ET Q q 0 0 0 rg BT 363.80 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 382.05 610.25 Td (Administration ) Tj ET Q q 0 0 0 rg BT 446.08 610.25 Td (has ) Tj ET Q q 0 0 0 rg BT 462.88 610.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 491.35 610.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 534.81 610.25 Td (Orders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 598.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 73.15 598.25 Td (to ) Tj ET Q q 0 0 0 rg BT 83.63 598.25 Td (begin ) Tj ET Q q 0 0 0 rg BT 108.56 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.49 598.25 Td (process ) Tj ET Q q 0 0 0 rg BT 156.19 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.23 598.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 211.04 598.25 Td (reform, ) Tj ET Q q 0 0 0 rg BT 243.46 598.25 Td (however ) Tj ET Q q 0 0 0 rg BT 280.60 598.25 Td (those ) Tj ET Q q 0 0 0 rg BT 304.42 598.25 Td (Orders ) Tj ET Q q 0 0 0 rg BT 334.34 598.25 Td (do ) Tj ET Q q 0 0 0 rg BT 347.05 598.25 Td (not ) Tj ET Q q 0 0 0 rg BT 362.54 598.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 387.47 598.25 Td (to ) Tj ET Q q 0 0 0 rg BT 397.96 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.89 598.25 Td (many ) Tj ET Q q 0 0 0 rg BT 437.82 598.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 489.40 598.25 Td (regulators ) Tj ET Q q 0 0 0 rg BT 532.10 598.25 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 598.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 586.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 83.99 586.25 Td (for ) Tj ET Q q 0 0 0 rg BT 98.09 586.25 Td (implementing ) Tj ET Q q 0 0 0 rg BT 156.08 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.74 586.25 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 221.52 586.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 240.72 586.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 285.08 586.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 330.29 586.25 Td (reform ) Tj ET Q q 0 0 0 rg BT 359.94 586.25 Td (may ) Tj ET Q q 0 0 0 rg BT 379.60 586.25 Td (not ) Tj ET Q q 0 0 0 rg BT 394.82 586.25 Td (be ) Tj ET Q q 0 0 0 rg BT 406.70 586.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 450.79 586.25 Td (until ) Tj ET Q q 0 0 0 rg BT 471.57 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.69 586.25 Td (Administration ) Tj ET Q q 0 0 0 rg BT 548.68 586.25 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 574.25 Td (its ) Tj ET Q q 0 0 0 rg BT 48.24 574.25 Td (of) Tj ET Q q 0 0 0 rg BT 56.39 574.25 Td (ficials ) Tj ET Q q 0 0 0 rg BT 83.61 574.25 Td (in ) Tj ET Q q 0 0 0 rg BT 94.18 574.25 Td (place ) Tj ET Q q 0 0 0 rg BT 118.07 574.25 Td (at ) Tj ET Q q 0 0 0 rg BT 128.07 574.25 Td (those ) Tj ET Q q 0 0 0 rg BT 151.97 574.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 195.86 574.25 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 235.57 574.25 Td (or ) Tj ET Q q 0 0 0 rg BT 246.69 574.25 Td (Congress ) Tj ET Q q 0 0 0 rg BT 286.70 574.25 Td (has ) Tj ET Q q 0 0 0 rg BT 302.82 574.25 Td (passed ) Tj ET Q q 0 0 0 rg BT 332.27 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 339.50 574.25 Td (law ) Tj ET Q q 0 0 0 rg BT 356.73 574.25 Td (amending ) Tj ET Q q 0 0 0 rg BT 398.96 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.96 574.25 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 465.02 574.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 484.75 574.25 Td (Both ) Tj ET Q q 0 0 0 rg BT 506.99 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.11 574.25 Td (those ) Tj ET Q q 0 0 0 rg BT 542.01 574.25 Td (steps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 562.25 Td (appear ) Tj ET Q q 0 0 0 rg BT 65.85 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 76.83 562.25 Td (be ) Tj ET Q q 0 0 0 rg BT 89.48 562.25 Td (underway) Tj ET Q q 0 0 0 rg BT 128.26 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 133.96 562.25 Td (In ) Tj ET Q q 0 0 0 rg BT 145.49 562.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 183.97 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.39 562.25 Td (new ) Tj ET Q q 0 0 0 rg BT 219.03 562.25 Td (T) Tj ET Q q 0 0 0 rg BT 224.78 562.25 Td (reasury ) Tj ET Q q 0 0 0 rg BT 257.42 562.25 Td (Secretary ) Tj ET Q q 0 0 0 rg BT 298.38 562.25 Td (has ) Tj ET Q q 0 0 0 rg BT 314.91 562.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 357.54 562.25 Td (a ) Tj ET Q q 0 0 0 rg BT 365.19 562.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 393.39 562.25 Td (desire ) Tj ET Q q 0 0 0 rg BT 420.47 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.46 562.25 Td (move ) Tj ET Q q 0 0 0 rg BT 456.88 562.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 491.73 562.25 Td (with ) Tj ET Q q 0 0 0 rg BT 512.71 562.25 Td (GSE ) Tj ET Q q 0 0 0 rg BT 534.81 562.25 Td (reform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.25 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 82.78 550.25 Td (which ) Tj ET Q q 0 0 0 rg BT 109.83 550.25 Td (may ) Tj ET Q q 0 0 0 rg BT 129.66 550.25 Td (result ) Tj ET Q q 0 0 0 rg BT 154.50 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 164.89 550.25 Td (private ) Tj ET Q q 0 0 0 rg BT 195.27 550.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 224.54 550.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 252.15 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.98 550.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 299.03 550.25 Td (role ) Tj ET Q q 0 0 0 rg BT 317.20 550.25 Td (as ) Tj ET Q q 0 0 0 rg BT 328.14 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.97 550.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 377.81 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 388.20 550.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 428.58 550.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 453.96 550.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 473.89 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 482.53 550.25 Td (e ) Tj ET Q q 0 0 0 rg BT 489.58 550.25 Td (welcome ) Tj ET Q q 0 0 0 rg BT 528.29 550.25 Td (all ) Tj ET Q q 0 0 0 rg BT 540.90 550.25 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 63.50 538.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 121.54 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.48 538.25 Td (we ) Tj ET Q q 0 0 0 rg BT 152.64 538.25 Td (will ) Tj ET Q q 0 0 0 rg BT 170.69 538.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 190.96 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.24 538.25 Td (position ) Tj ET Q q 0 0 0 rg BT 235.97 538.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 276.80 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 287.07 538.25 Td (take ) Tj ET Q q 0 0 0 rg BT 306.23 538.25 Td (advantage ) Tj ET Q q 0 0 0 rg BT 349.26 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.09 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 538.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 430.08 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 447.58 538.25 Td (open ) Tj ET Q q 0 0 0 rg BT 469.52 538.25 Td (up.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 514.25 Td (2017 Outlook) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 490.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 75.85 490.25 Td (a ) Tj ET Q q 0 0 0 rg BT 82.55 490.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 124.24 490.25 Td (view) Tj ET Q q 0 0 0 rg BT 143.03 490.25 Td (, ) Tj ET Q q 0 0 0 rg BT 147.79 490.25 Td (we ) Tj ET Q q 0 0 0 rg BT 161.71 490.25 Td (are ) Tj ET Q q 0 0 0 rg BT 176.17 490.25 Td (confident ) Tj ET Q q 0 0 0 rg BT 216.19 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.23 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 241.82 490.25 Td (business ) Tj ET Q q 0 0 0 rg BT 277.97 490.25 Td (model ) Tj ET Q q 0 0 0 rg BT 305.22 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.92 490.25 Td (our ) Tj ET Q q 0 0 0 rg BT 337.51 490.25 Td (future ) Tj ET Q q 0 0 0 rg BT 363.64 490.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 394.23 490.25 Td (prospects. ) Tj ET Q q 0 0 0 rg BT 436.60 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 445.23 490.25 Td (e ) Tj ET Q q 0 0 0 rg BT 451.93 490.25 Td (see ) Tj ET Q q 0 0 0 rg BT 466.96 490.25 Td (private ) Tj ET Q q 0 0 0 rg BT 496.98 490.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 525.89 490.25 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 478.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 80.53 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.06 478.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 124.56 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.75 478.25 Td (becoming ) Tj ET Q q 0 0 0 rg BT 181.94 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.91 478.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 227.09 478.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 258.28 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.36 478.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 292.88 478.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 309.63 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 319.16 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.13 478.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 372.65 478.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 408.17 478.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 458.07 478.25 Td (, ) Tj ET Q q 0 0 0 rg BT 462.32 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 471.85 478.25 Td (a ) Tj ET Q q 0 0 0 rg BT 478.04 478.25 Td (low-yield ) Tj ET Q q 0 0 0 rg BT 518.12 478.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 466.25 Td (world, ) Tj ET Q q 0 0 0 rg BT 64.29 466.25 Td (having ) Tj ET Q q 0 0 0 rg BT 93.97 466.25 Td (a ) Tj ET Q q 0 0 0 rg BT 100.87 466.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 141.09 466.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 175.77 466.25 Td (platform ) Tj ET Q q 0 0 0 rg BT 212.66 466.25 Td (that ) Tj ET Q q 0 0 0 rg BT 230.11 466.25 Td (serves ) Tj ET Q q 0 0 0 rg BT 257.56 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.80 466.25 Td (both ) Tj ET Q q 0 0 0 rg BT 288.04 466.25 Td (create ) Tj ET Q q 0 0 0 rg BT 314.36 466.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 364.60 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.50 466.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 417.82 466.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 436.38 466.25 Td (is ) Tj ET Q q 0 0 0 rg BT 445.51 466.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.40 466.25 Td (key ) Tj ET Q q 0 0 0 rg BT 469.30 466.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 518.97 466.25 Td (advantage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.25 Td (Focusing ) Tj ET Q q 0 0 0 rg BT 93.08 442.25 Td (on ) Tj ET Q q 0 0 0 rg BT 105.48 442.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 130.39 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.13 442.25 Td (number ) Tj ET Q q 0 0 0 rg BT 179.08 442.25 Td (one ) Tj ET Q q 0 0 0 rg BT 195.92 442.25 Td (priority ) Tj ET Q q 0 0 0 rg BT 228.32 442.25 Td (is ) Tj ET Q q 0 0 0 rg BT 237.40 442.25 Td (ef) Tj ET Q q 0 0 0 rg BT 244.99 442.25 Td (ficiently ) Tj ET Q q 0 0 0 rg BT 280.71 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.56 442.25 Td (attractively ) Tj ET Q q 0 0 0 rg BT 344.94 442.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 384.01 442.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.75 442.25 Td (available ) Tj ET Q q 0 0 0 rg BT 438.24 442.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 469.80 442.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 487.76 442.25 Td (business ) Tj ET Q q 0 0 0 rg BT 524.06 442.25 Td (entails ) Tj ET Q q 0 0 0 rg BT 552.57 442.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 430.25 Td (irregular ) Tj ET Q q 0 0 0 rg BT 72.12 430.25 Td (pace ) Tj ET Q q 0 0 0 rg BT 92.13 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 105.48 430.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 133.83 430.25 Td (deployment ) Tj ET Q q 0 0 0 rg BT 182.73 430.25 Td (that ) Tj ET Q q 0 0 0 rg BT 199.42 430.25 Td (doesn't ) Tj ET Q q 0 0 0 rg BT 229.03 430.25 Td (always ) Tj ET Q q 0 0 0 rg BT 258.49 430.25 Td (align ) Tj ET Q q 0 0 0 rg BT 280.18 430.25 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 317.41 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 336.88 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.79 430.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 388.58 430.25 Td (run-rate ) Tj ET Q q 0 0 0 rg BT 421.92 430.25 Td (metrics ) Tj ET Q q 0 0 0 rg BT 453.05 430.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 489.73 430.25 Td (used ) Tj ET Q q 0 0 0 rg BT 509.75 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 523.11 430.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.24 430.25 Td (publicly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 418.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 63.52 418.25 Td (company) Tj ET Q q 0 0 0 rg BT 99.52 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 104.55 418.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 127.65 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.51 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.26 418.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 179.12 418.25 Td (we ) Tj ET Q q 0 0 0 rg BT 193.31 418.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 225.27 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 236.13 418.25 Td (create ) Tj ET Q q 0 0 0 rg BT 262.52 418.25 Td (have ) Tj ET Q q 0 0 0 rg BT 283.93 418.25 Td (long ) Tj ET Q q 0 0 0 rg BT 304.24 418.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 346.76 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.73 418.25 Td (are ) Tj ET Q q 0 0 0 rg BT 378.47 418.25 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 409.90 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.21 418.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 450.22 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.19 418.25 Td (may ) Tj ET Q q 0 0 0 rg BT 486.94 418.25 Td (not ) Tj ET Q q 0 0 0 rg BT 502.25 418.25 Td (be ) Tj ET Q q 0 0 0 rg BT 514.22 418.25 Td (consistently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.25 Td (available ) Tj ET Q q 0 0 0 rg BT 74.04 406.25 Td (or ) Tj ET Q q 0 0 0 rg BT 84.32 406.25 Td (attractively ) Tj ET Q q 0 0 0 rg BT 131.25 406.25 Td (priced. ) Tj ET Q q 0 0 0 rg BT 160.55 406.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 204.41 406.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 248.57 406.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 287.72 406.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 317.44 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 327.17 406.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 349.12 406.25 Td (will ) Tj ET Q q 0 0 0 rg BT 366.63 406.25 Td (lar) Tj ET Q q 0 0 0 rg BT 377.00 406.25 Td (gely ) Tj ET Q q 0 0 0 rg BT 396.16 406.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 426.99 406.25 Td (on ) Tj ET Q q 0 0 0 rg BT 438.95 406.25 Td (our ) Tj ET Q q 0 0 0 rg BT 454.23 406.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 481.73 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.46 406.25 Td (deploy ) Tj ET Q q 0 0 0 rg BT 520.63 406.25 Td (our ) Tj ET Q q 0 0 0 rg BT 535.91 406.25 Td (excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 394.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 65.15 394.25 Td (in ) Tj ET Q q 0 0 0 rg BT 75.43 394.25 Td (an ) Tj ET Q q 0 0 0 rg BT 87.37 394.25 Td (ef) Tj ET Q q 0 0 0 rg BT 94.96 394.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 123.00 394.25 Td (but ) Tj ET Q q 0 0 0 rg BT 138.28 394.25 Td (prudent ) Tj ET Q q 0 0 0 rg BT 171.32 394.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 203.81 394.25 Td (while ) Tj ET Q q 0 0 0 rg BT 228.52 394.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 278.79 394.25 Td (our ) Tj ET Q q 0 0 0 rg BT 294.62 394.25 Td (long-term, ) Tj ET Q q 0 0 0 rg BT 339.06 394.25 Td (value-driven ) Tj ET Q q 0 0 0 rg BT 392.09 394.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 431.23 394.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.51 394.25 Td (investing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.25 Td (Aside ) Tj ET Q q 0 0 0 rg BT 79.67 370.25 Td (from ) Tj ET Q q 0 0 0 rg BT 101.45 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 117.12 370.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 151.11 370.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 197.33 370.25 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 242.71 370.25 Td (we ) Tj ET Q q 0 0 0 rg BT 256.71 370.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 285.14 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 300.81 370.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 344.80 370.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 384.90 370.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 419.46 370.25 Td (business ) Tj ET Q q 0 0 0 rg BT 455.69 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.81 370.25 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 521.47 370.25 Td (contribute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.99 358.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 82.07 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.06 358.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 116.77 358.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 134.53 358.25 Td (team ) Tj ET Q q 0 0 0 rg BT 156.17 358.25 Td (is ) Tj ET Q q 0 0 0 rg BT 165.05 358.25 Td (already ) Tj ET Q q 0 0 0 rg BT 196.68 358.25 Td (of) Tj ET Q q 0 0 0 rg BT 204.83 358.25 Td (f ) Tj ET Q q 0 0 0 rg BT 210.37 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 220.36 358.25 Td (a ) Tj ET Q q 0 0 0 rg BT 227.00 358.25 Td (solid ) Tj ET Q q 0 0 0 rg BT 248.66 358.25 Td (start ) Tj ET Q q 0 0 0 rg BT 268.08 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 278.07 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.50 358.25 Td (year ) Tj ET Q q 0 0 0 rg BT 311.91 358.25 Td (having ) Tj ET Q q 0 0 0 rg BT 341.34 358.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 385.20 358.25 Td (two ) Tj ET Q q 0 0 0 rg BT 402.40 358.25 Td (profitable ) Tj ET Q q 0 0 0 rg BT 443.49 358.25 Td (securitizations, ) Tj ET Q q 0 0 0 rg BT 505.95 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.60 358.25 Td (is ) Tj ET Q q 0 0 0 rg BT 531.48 358.25 Td (seeking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.71 346.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 86.30 346.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 129.23 346.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 186.03 346.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 236.73 346.25 Td (- ) Tj ET Q q 0 0 0 rg BT 243.00 346.25 Td (something ) Tj ET Q q 0 0 0 rg BT 287.60 346.25 Td (we ) Tj ET Q q 0 0 0 rg BT 302.19 346.25 Td (would ) Tj ET Q q 0 0 0 rg BT 330.13 346.25 Td (not ) Tj ET Q q 0 0 0 rg BT 345.84 346.25 Td (have ) Tj ET Q q 0 0 0 rg BT 367.66 346.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 414.46 346.25 Td (as ) Tj ET Q q 0 0 0 rg BT 425.73 346.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 460.86 346.25 Td (as ) Tj ET Q q 0 0 0 rg BT 472.13 346.25 Td (December ) Tj ET Q q 0 0 0 rg BT 516.15 346.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 539.09 346.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 346.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 334.25 Td (wake ) Tj ET Q q 0 0 0 rg BT 59.67 334.25 Td (of ) Tj ET Q q 0 0 0 rg BT 70.58 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.37 334.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 117.38 334.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 134.94 334.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 173.63 334.25 Td (that ) Tj ET Q q 0 0 0 rg BT 191.20 334.25 Td (followed ) Tj ET Q q 0 0 0 rg BT 229.32 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.11 334.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 264.47 334.25 Td (presidential ) Tj ET Q q 0 0 0 rg BT 313.70 334.25 Td (election. ) Tj ET Q q 0 0 0 rg BT 350.24 334.25 Td (W) Tj ET Q q 0 0 0 rg BT 358.88 334.25 Td (e ) Tj ET Q q 0 0 0 rg BT 365.89 334.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 402.90 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.25 334.25 Td (feel ) Tj ET Q q 0 0 0 rg BT 430.81 334.25 Td (very ) Tj ET Q q 0 0 0 rg BT 451.16 334.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 485.40 334.25 Td (about ) Tj ET Q q 0 0 0 rg BT 510.19 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 526.10 334.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 554.22 334.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.25 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 76.42 322.25 Td (on ) Tj ET Q q 0 0 0 rg BT 88.53 322.25 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 143.42 322.25 Td (that ) Tj ET Q q 0 0 0 rg BT 160.53 322.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 181.52 322.25 Td (in ) Tj ET Q q 0 0 0 rg BT 191.41 322.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.74 322.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 238.12 322.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.56 322.25 Td (well ) Tj ET Q q 0 0 0 rg BT 267.89 322.25 Td (as ) Tj ET Q q 0 0 0 rg BT 278.33 322.25 Td (those ) Tj ET Q q 0 0 0 rg BT 301.55 322.25 Td (we ) Tj ET Q q 0 0 0 rg BT 315.33 322.25 Td (can ) Tj ET Q q 0 0 0 rg BT 331.32 322.25 Td (create ) Tj ET Q q 0 0 0 rg BT 357.29 322.25 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 397.18 322.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.07 322.25 Td (order ) Tj ET Q q 0 0 0 rg BT 430.28 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 440.17 322.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 476.15 322.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 518.25 322.25 Td (net ) Tj ET Q q 0 0 0 rg BT 532.58 322.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.25 Td (income ) Tj ET Q q 0 0 0 rg BT 67.93 310.25 Td (that ) Tj ET Q q 0 0 0 rg BT 85.43 310.25 Td (translates ) Tj ET Q q 0 0 0 rg BT 125.69 310.25 Td (into ) Tj ET Q q 0 0 0 rg BT 143.75 310.25 Td (compelling, ) Tj ET Q q 0 0 0 rg BT 193.74 310.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 235.67 310.25 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 284.82 310.25 Td (value. ) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 731.25 Td ( Financial Overview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (This ) Tj ET Q q 0 0 0 rg BT 74.09 707.25 Td (section ) Tj ET Q q 0 0 0 rg BT 104.72 707.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 140.35 707.25 Td (an ) Tj ET Q q 0 0 0 rg BT 152.10 707.25 Td (overview ) Tj ET Q q 0 0 0 rg BT 191.62 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.26 707.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.89 707.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.89 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.20 707.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 277.49 707.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 307.90 707.25 Td (A) Tj ET Q q 0 0 0 rg BT 314.57 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.88 707.25 Td (detailed ) Tj ET Q q 0 0 0 rg BT 350.84 707.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 394.82 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.45 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 421.09 707.25 Td (results ) Tj ET Q q 0 0 0 rg BT 449.51 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.15 707.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 504.11 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 513.09 707.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 553.71 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 563.80 707.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (next ) Tj ET Q q 0 0 0 rg BT 55.72 695.25 Td (section ) Tj ET Q q 0 0 0 rg BT 86.54 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.37 695.25 Td (this ) Tj ET Q q 0 0 0 rg BT 114.32 695.25 Td (MD&A. ) Tj ET Q q 0 0 0 rg BT 150.25 695.25 Td (The ) Tj ET Q q 0 0 0 rg BT 168.30 695.25 Td (following ) Tj ET Q q 0 0 0 rg BT 209.69 695.25 Td (table ) Tj ET Q q 0 0 0 rg BT 231.62 695.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 266.89 695.25 Td (selected ) Tj ET Q q 0 0 0 rg BT 301.59 695.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.07 695.25 Td (highlights ) Tj ET Q q 0 0 0 rg BT 381.58 695.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.51 695.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.51 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 426.01 695.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.95 695.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.95 695.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 671.25 Td (able 1 Selected Financial Highlights ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 621.75 332.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 621.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 621.75 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 621.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 621.75 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 591.75 332.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 591.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 591.75 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 591.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 591.75 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 561.75 332.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 561.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 561.75 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 561.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 561.75 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 636.75 m 471.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 636.75 m 475.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 636.75 m 575.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 621.75 m 367.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 636.75 m 471.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 621.75 m 471.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 636.75 m 475.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 636.75 m 575.5 636.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 621.75 m 575.5 621.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 641.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.60 641.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 626.43 Td (\(In Thousands, except per Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 626.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 626.43 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 611.42 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 611.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 611.42 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 611.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 611.42 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 596.42 Td (Net income per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 596.42 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 596.42 Td (1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 581.42 Td (GAAP return on equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 581.42 Td (11.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 581.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 581.42 Td (8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 581.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 566.42 Td (REIT taxable income per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 566.42 Td (1.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 566.42 Td (1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 551.42 Td (Dividends per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 551.42 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 551.42 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 536.42 Td (Book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 536.42 Td (14.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 536.42 Td (14.67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 508.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.11 508.25 Td (net ) Tj ET Q q 0 0 0 rg BT 86.88 508.25 Td (income ) Tj ET Q q 0 0 0 rg BT 118.86 508.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 159.17 508.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 508.25 Td ($131 ) Tj ET Q q 0 0 0 rg BT 192.06 508.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.95 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.50 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.83 508.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 256.39 508.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.38 508.25 Td ($102 ) Tj ET Q q 0 0 0 rg BT 300.93 508.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.83 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 332.38 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.71 508.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 367.76 508.25 Td (In ) Tj ET Q q 0 0 0 rg BT 378.65 508.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 403.70 508.25 Td (after ) Tj ET Q q 0 0 0 rg BT 424.57 508.25 Td (incurring ) Tj ET Q q 0 0 0 rg BT 463.78 508.25 Td ($10 ) Tj ET Q q 0 0 0 rg BT 481.33 508.25 Td (million ) Tj ET Q q 0 0 0 rg BT 512.78 508.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.66 508.25 Td (char) Tj ET Q q 0 0 0 rg BT 540.69 508.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 556.57 508.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.66 496.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 104.19 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.96 496.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.73 496.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 174.82 496.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 223.91 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.79 496.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 290.42 496.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 330.63 496.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 365.28 496.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 411.88 496.25 Td (we ) Tj ET Q q 0 0 0 rg BT 425.98 496.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 467.28 496.25 Td (an ) Tj ET Q q 0 0 0 rg BT 479.15 496.25 Td (1) Tj ET Q q 0 0 0 rg BT 483.78 496.25 Td (1.8% ) Tj ET Q q 0 0 0 rg BT 507.05 496.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 533.91 496.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.35 496.25 Td (Return ) Tj ET Q q 0 0 0 rg BT 566.00 496.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 484.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 65.79 484.25 Td (\(ROE\), ) Tj ET Q q 0 0 0 rg BT 98.07 484.25 Td (grew ) Tj ET Q q 0 0 0 rg BT 121.18 484.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 148.04 484.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.16 484.25 Td (book ) Tj ET Q q 0 0 0 rg BT 174.28 484.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 201.56 484.25 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 255.77 484.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.22 484.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.88 484.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 329.54 484.25 Td (by ) Tj ET Q q 0 0 0 rg BT 342.67 484.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 380.77 484.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 425.55 484.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 471.98 484.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 494.82 484.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.38 484.25 Td (freed-up ) Tj ET Q q 0 0 0 rg BT 549.36 484.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 472.25 Td (internally ) Tj ET Q q 0 0 0 rg BT 76.82 472.25 Td (for ) Tj ET Q q 0 0 0 rg BT 90.98 472.25 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 145.13 472.25 Td (through ) Tj ET Q q 0 0 0 rg BT 178.74 472.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.46 472.25 Td (profitable ) Tj ET Q q 0 0 0 rg BT 234.83 472.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 252.88 472.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.71 472.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.54 472.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 329.23 472.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 374.48 472.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 394.20 472.25 Td (portfolio.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 448.25 Td (Book ) Tj ET Q q 0 0 0 rg BT 60.17 448.25 Td (V) Tj ET Q q 0 0 0 rg BT 65.73 448.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 86.01 448.25 Td (per ) Tj ET Q q 0 0 0 rg BT 101.84 448.25 Td (Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.66 427.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.41 427.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.41 427.25 Td (, ) Tj ET Q q 0 0 0 rg BT 150.57 427.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.57 427.25 Td (book ) Tj ET Q q 0 0 0 rg BT 189.23 427.25 Td (value ) Tj ET Q q 0 0 0 rg BT 213.55 427.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.77 427.25 Td ($1.15 ) Tj ET Q q 0 0 0 rg BT 256.93 427.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.04 427.25 Td (, ) Tj ET Q q 0 0 0 rg BT 288.21 427.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.20 427.25 Td ($14.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.70 427.25 Td ( ) Tj ET Q q 0 0 0 rg BT 329.36 427.25 Td (per ) Tj ET Q q 0 0 0 rg BT 344.80 427.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 371.06 427.25 Td (an ) Tj ET Q q 0 0 0 rg BT 383.16 427.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 418.58 427.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.68 427.25 Td ($14.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.18 427.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.84 427.25 Td (per ) Tj ET Q q 0 0 0 rg BT 486.28 427.25 Td (share ) Tj ET Q q 0 0 0 rg BT 510.04 427.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 427.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 415.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 415.25 Td (. ) Tj ET Q q 0 0 0 rg BT 60.82 415.25 Td (The ) Tj ET Q q 0 0 0 rg BT 78.87 415.25 Td (following ) Tj ET Q q 0 0 0 rg BT 120.25 415.25 Td (table ) Tj ET Q q 0 0 0 rg BT 142.19 415.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 159.69 415.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 181.63 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.34 415.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 231.05 415.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.33 415.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.16 415.25 Td (book ) Tj ET Q q 0 0 0 rg BT 279.66 415.25 Td (value ) Tj ET Q q 0 0 0 rg BT 303.81 415.25 Td (per ) Tj ET Q q 0 0 0 rg BT 319.08 415.25 Td (share ) Tj ET Q q 0 0 0 rg BT 342.68 415.25 Td (for ) Tj ET Q q 0 0 0 rg BT 356.84 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.56 415.25 Td (year ) Tj ET Q q 0 0 0 rg BT 391.26 415.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.64 415.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 476.22 415.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.22 415.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 391.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 391.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 391.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 68.41 391.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.91 391.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 114.53 391.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.37 391.25 Td (Book ) Tj ET Q q 0 0 0 rg BT 149.54 391.25 Td (V) Tj ET Q q 0 0 0 rg BT 155.10 391.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 175.38 391.25 Td (per ) Tj ET Q q 0 0 0 rg BT 191.21 391.25 Td (Share ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 352.75 436.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 352.75 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 326.75 436.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 326.75 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 300.75 436.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 300.75 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 274.75 436.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 274.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 274.75 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 248.75 436.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 248.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 248.75 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 222.75 436.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 222.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 222.75 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 196.75 436.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 196.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 196.75 100.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 352.75 m 576.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 352.75 m 472.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 352.75 m 576.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 274.75 m 576.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 196.75 m 576.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 184.75 m 576.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 182.75 m 576.5 182.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.90 371.43 Td (Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 357.43 Td (\(In Dollars, per share basis\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 357.43 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 343.32 Td (Beginning book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 343.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 343.32 Td (14.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 330.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 330.32 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 317.32 Td (Changes in unrealized gains on securities, net from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 304.32 Td (Realized gains recognized in net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 304.32 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 304.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 291.32 Td (Amortization income recognized in net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 291.32 Td (\(0.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 291.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 278.32 Td (Mark-to-market adjustments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 278.32 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 265.32 Td (Total change in unrealized gains on securities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 265.32 Td (\(0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 265.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 252.32 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 252.32 Td (\(1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 252.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 239.32 Td (Share repurchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 239.32 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 226.32 Td (Equity compensation, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 226.32 Td (\(0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 226.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 213.32 Td (Changes in unrealized losses on derivatives hedging long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 213.32 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 200.32 Td (Other, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 200.32 Td (0.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 187.48 Td (Ending Book Value per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 187.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 187.32 Td (14.96) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.10 163.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 98.96 163.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.51 163.25 Td (book ) Tj ET Q q 0 0 0 rg BT 124.06 163.25 Td (value ) Tj ET Q q 0 0 0 rg BT 148.26 163.25 Td (per ) Tj ET Q q 0 0 0 rg BT 163.58 163.25 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.23 163.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.99 163.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.54 163.25 Td ($0.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.04 163.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.59 163.25 Td (per ) Tj ET Q q 0 0 0 rg BT 267.90 163.25 Td (share ) Tj ET Q q 0 0 0 rg BT 291.55 163.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.88 163.25 Td ($14.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.38 163.25 Td ( ) Tj ET Q q 0 0 0 rg BT 331.93 163.25 Td (per ) Tj ET Q q 0 0 0 rg BT 347.25 163.25 Td (share ) Tj ET Q q 0 0 0 rg BT 370.90 163.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.56 163.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.56 163.25 Td (. ) Tj ET Q q 0 0 0 rg BT 424.42 163.25 Td (This ) Tj ET Q q 0 0 0 rg BT 444.75 163.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 480.06 163.25 Td (was ) Tj ET Q q 0 0 0 rg BT 498.16 163.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 537.92 163.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 566.02 163.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 151.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.72 151.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 87.99 151.25 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 130.91 151.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.63 151.25 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 186.52 151.25 Td (an ) Tj ET Q q 0 0 0 rg BT 198.34 151.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 233.49 151.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.66 151.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.26 151.25 Td (value ) Tj ET Q q 0 0 0 rg BT 282.31 151.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.03 151.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 324.85 151.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 342.23 151.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 388.49 151.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 423.10 151.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.82 151.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 480.64 151.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 502.75 151.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.58 151.25 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 151.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 556.56 151.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 139.25 Td (share ) Tj ET Q q 0 0 0 rg BT 59.24 139.25 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 111.07 139.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 146.53 139.25 Td (of) Tj ET Q q 0 0 0 rg BT 154.68 139.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 171.26 139.25 Td (by ) Tj ET Q q 0 0 0 rg BT 183.40 139.25 Td (a ) Tj ET Q q 0 0 0 rg BT 189.97 139.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 220.99 139.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.90 139.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 274.68 139.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 297.93 139.25 Td (on ) Tj ET Q q 0 0 0 rg BT 310.07 139.25 Td (our ) Tj ET Q q 0 0 0 rg BT 325.54 139.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.44 139.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 405.07 139.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.65 139.25 Td (net ) Tj ET Q q 0 0 0 rg BT 436.00 139.25 Td (dilution ) Tj ET Q q 0 0 0 rg BT 469.26 139.25 Td (from ) Tj ET Q q 0 0 0 rg BT 490.83 139.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 517.97 139.25 Td (compensation.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (While ) Tj ET Q q 0 0 0 rg BT 80.60 731.10 Td (many ) Tj ET Q q 0 0 0 rg BT 104.99 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.49 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.99 731.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 181.87 731.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 202.92 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 242.85 731.10 Td (appreciated ) Tj ET Q q 0 0 0 rg BT 291.10 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.05 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 324.88 731.10 Td (during ) Tj ET Q q 0 0 0 rg BT 353.16 731.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 377.83 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.21 731.10 Td (net ) Tj ET Q q 0 0 0 rg BT 406.60 731.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 450.41 731.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 473.69 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 495.30 731.10 Td (these ) Tj ET Q q 0 0 0 rg BT 518.02 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 557.95 731.10 Td (\(i.e., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 49.71 719.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.64 719.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 91.54 719.10 Td (between ) Tj ET Q q 0 0 0 rg BT 126.35 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.06 719.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 157.66 719.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 179.15 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.08 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.79 719.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 224.16 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 247.30 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.13 719.10 Td (these ) Tj ET Q q 0 0 0 rg BT 279.16 719.10 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 321.75 719.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 357.11 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.94 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.64 719.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 409.90 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 430.83 719.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 463.99 719.10 Td (mark-to-market ) Tj ET Q q 0 0 0 rg BT 528.23 719.10 Td (adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 53.33 707.10 Td (more ) Tj ET Q q 0 0 0 rg BT 75.65 707.10 Td (than ) Tj ET Q q 0 0 0 rg BT 94.64 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 102.79 707.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 119.01 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 130.79 707.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 166.45 707.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 218.76 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 249.97 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 263.41 707.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 300.16 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.60 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 335.92 707.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 377.96 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.07 707.10 Td (well ) Tj ET Q q 0 0 0 rg BT 407.06 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 417.17 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.16 707.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 475.13 707.10 Td (into ) Tj ET Q q 0 0 0 rg BT 492.47 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 523.68 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.78 707.10 Td (previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 80.14 695.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 106.25 695.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 143.74 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 165.68 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.40 695.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 202.34 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.17 695.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 242.87 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.70 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 276.75 695.10 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 674.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.17 674.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.17 674.10 Td (, ) Tj ET Q q 0 0 0 rg BT 110.51 674.10 Td (we ) Tj ET Q q 0 0 0 rg BT 125.01 674.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 157.83 674.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.00 674.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 197.95 674.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 244.09 674.10 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 303.58 674.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.20 674.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 360.34 674.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.94 674.10 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 436.28 674.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.17 674.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.01 674.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 495.84 674.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.01 674.10 Td (common ) Tj ET Q q 0 0 0 rg BT 544.84 674.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 568.79 674.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 662.10 Td (an ) Tj ET Q q 0 0 0 rg BT 47.94 662.10 Td (average ) Tj ET Q q 0 0 0 rg BT 81.52 662.10 Td (price ) Tj ET Q q 0 0 0 rg BT 104.01 662.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.84 662.10 Td ($12.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.34 662.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.84 662.10 Td (per ) Tj ET Q q 0 0 0 rg BT 160.11 662.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 186.21 662.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 229.80 662.10 Td (book ) Tj ET Q q 0 0 0 rg BT 252.30 662.10 Td (value ) Tj ET Q q 0 0 0 rg BT 276.45 662.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.95 662.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.95 662.10 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.45 662.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.95 662.10 Td (per ) Tj ET Q q 0 0 0 rg BT 329.22 662.10 Td (share. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 69.62 638.10 Td (Allocation Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (This ) Tj ET Q q 0 0 0 rg BT 74.37 617.10 Td (section ) Tj ET Q q 0 0 0 rg BT 105.29 617.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 142.32 617.10 Td (an ) Tj ET Q q 0 0 0 rg BT 154.35 617.10 Td (overview ) Tj ET Q q 0 0 0 rg BT 194.15 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.07 617.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.00 617.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 250.24 617.10 Td (position ) Tj ET Q q 0 0 0 rg BT 285.06 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.09 617.10 Td (how ) Tj ET Q q 0 0 0 rg BT 321.91 617.10 Td (it ) Tj ET Q q 0 0 0 rg BT 330.05 617.10 Td (was ) Tj ET Q q 0 0 0 rg BT 348.20 617.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 386.88 617.10 Td (at ) Tj ET Q q 0 0 0 rg BT 396.69 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.50 617.10 Td (end ) Tj ET Q q 0 0 0 rg BT 428.53 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.45 617.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 463.97 617.10 Td (A) Tj ET Q q 0 0 0 rg BT 470.64 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.24 617.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 507.48 617.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 551.74 617.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 617.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 72.39 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.33 605.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 118.48 605.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 158.74 605.10 Td (is ) Tj ET Q q 0 0 0 rg BT 167.91 605.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 205.96 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.23 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.95 605.10 Td (similarly ) Tj ET Q q 0 0 0 rg BT 269.00 605.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 292.05 605.10 Td (section ) Tj ET Q q 0 0 0 rg BT 322.88 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.71 605.10 Td (this ) Tj ET Q q 0 0 0 rg BT 350.66 605.10 Td (MD&A) Tj ET Q q 0 0 0 rg BT 381.22 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.72 605.10 Td (that ) Tj ET Q q 0 0 0 rg BT 401.21 605.10 Td (follows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 584.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.48 584.10 Td (use ) Tj ET Q q 0 0 0 rg BT 85.20 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.04 584.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 144.43 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.16 584.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 182.55 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.39 584.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 239.54 584.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 281.38 584.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 300.99 584.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 331.16 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 345.22 584.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 394.26 584.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 415.53 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.71 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.44 584.10 Td (capital\) ) Tj ET Q q 0 0 0 rg BT 477.69 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.87 584.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 508.60 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.33 584.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 562.94 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 571.58 584.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (also ) Tj ET Q q 0 0 0 rg BT 54.46 572.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 81.81 572.10 Td (various ) Tj ET Q q 0 0 0 rg BT 113.60 572.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 139.29 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.98 572.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 206.19 572.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 250.20 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.99 572.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 308.78 572.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 328.35 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.49 572.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 370.27 572.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 399.83 572.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 449.96 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.75 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.88 572.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 522.00 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 537.68 572.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.62 560.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 76.11 560.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 120.05 560.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 143.45 560.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 175.46 560.10 Td (-sale. ) Tj ET Q q 0 0 0 rg BT 198.96 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.60 560.10 Td (e ) Tj ET Q q 0 0 0 rg BT 214.33 560.10 Td (do ) Tj ET Q q 0 0 0 rg BT 226.62 560.10 Td (not ) Tj ET Q q 0 0 0 rg BT 241.68 560.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 277.85 560.10 Td (this ) Tj ET Q q 0 0 0 rg BT 294.59 560.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 350.73 560.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 370.24 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 380.86 560.10 Td ("capital" ) Tj ET Q q 0 0 0 rg BT 417.96 560.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 437.19 560.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 478.07 560.10 Td (it ) Tj ET Q q 0 0 0 rg BT 485.91 560.10 Td (is ) Tj ET Q q 0 0 0 rg BT 494.87 560.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 535.48 560.10 Td (separately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (from ) Tj ET Q q 0 0 0 rg BT 58.49 548.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 97.63 548.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 127.33 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.16 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.43 548.10 Td (table ) Tj ET Q q 0 0 0 rg BT 175.92 548.10 Td (below) Tj ET Q q 0 0 0 rg BT 199.71 548.10 Td (. ) Tj ET Q q 0 0 0 rg BT 205.04 548.10 Td (The ) Tj ET Q q 0 0 0 rg BT 223.64 548.10 Td (following ) Tj ET Q q 0 0 0 rg BT 265.57 548.10 Td (table ) Tj ET Q q 0 0 0 rg BT 288.06 548.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 323.88 548.10 Td (how ) Tj ET Q q 0 0 0 rg BT 344.15 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.54 548.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.24 548.10 Td (was ) Tj ET Q q 0 0 0 rg BT 408.84 548.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 447.98 548.10 Td (between ) Tj ET Q q 0 0 0 rg BT 484.35 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.29 548.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 561.56 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 82.38 536.10 Td (types ) Tj ET Q q 0 0 0 rg BT 105.99 536.10 Td (at ) Tj ET Q q 0 0 0 rg BT 115.71 536.10 Td (December ) Tj ET Q q 0 0 0 rg BT 159.29 536.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.29 536.10 Td (2016.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 512.10 Td (able 3 Capital ) Tj ET Q q 0 0 0 rg BT 108.04 512.10 Td (Allocation Summary ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 446.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 446.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 446.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 446.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 446.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 446.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 416.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 416.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 416.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 416.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 416.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 386.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 386.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 386.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 386.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 386.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 356.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 356.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 356.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 356.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 356.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 326.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 326.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 326.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 326.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 326.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 446.6 m 263.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 446.6 m 341.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 446.6 m 419.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 446.6 m 497.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 446.6 m 575.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 356.6 m 497.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 356.6 m 341.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 356.6 m 419.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 356.6 m 497.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 356.6 m 575.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 311.6 m 497.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 311.6 m 497.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 297.6 m 497.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 295.6 m 497.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 311.6 m 575.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 297.6 m 575.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 295.6 m 575.5 295.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 485.28 Td (At December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 451.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.70 451.28 Td (Fair Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 461.28 Td (Collateralized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.70 451.28 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.70 461.28 Td (Allocated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 451.28 Td (Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.45 461.28 Td (% of Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.15 451.28 Td (Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 436.28 Td (Residential investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 421.27 Td (Residential loans/FHLB Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 421.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 421.27 Td (2,304,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 421.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 421.32 Td (\(1,999,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 421.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 421.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 421.27 Td (304,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 421.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 421.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 406.27 Td (Residential securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 406.27 Td (926,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 406.32 Td (\(305,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 406.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 406.27 Td (620,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 406.27 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 406.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 391.27 Td (Mortgage servicing rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 391.27 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 391.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 391.27 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 391.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 391.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 376.27 Td (Other assets/\(other liabilities\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 376.27 Td (168,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 376.32 Td (\(43,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 376.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 376.27 Td (125,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 376.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 376.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 361.27 Td (Cash and liquidity capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 361.27 Td (333,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 361.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 361.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 346.28 Td (Total residential investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 346.27 Td (3,518,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 346.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 346.32 Td (\(2,349,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 346.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 346.27 Td (1,503,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 346.27 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 346.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 331.28 Td (Commer) Tj ET Q q 0 0 0 rg BT 75.58 331.28 Td (cial investments ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 146.13 335.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 331.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 331.27 Td (97,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 331.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 331.32 Td (\(38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 331.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 331.27 Td (96,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 331.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 331.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 316.28 Td (Residential mortgage banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 316.27 Td (170,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 316.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 316.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 301.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 301.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 301.27 Td (1,770,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 301.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 301.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 280.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 280.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 86.74 280.30 Td ($74 ) Tj ET Q q 0 0 0 rg BT 102.49 280.30 Td (million ) Tj ET Q q 0 0 0 rg BT 130.74 280.30 Td (of ) Tj ET Q q 0 0 0 rg BT 140.49 280.30 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 188.23 280.30 Td (securities, ) Tj ET Q q 0 0 0 rg BT 226.72 280.30 Td ($18 ) Tj ET Q q 0 0 0 rg BT 242.47 280.30 Td (million ) Tj ET Q q 0 0 0 rg BT 270.72 280.30 Td (of ) Tj ET Q q 0 0 0 rg BT 280.47 280.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 322.21 280.30 Td (grade ) Tj ET Q q 0 0 0 rg BT 344.45 280.30 Td (CMBS, ) Tj ET Q q 0 0 0 rg BT 373.96 280.30 Td (and ) Tj ET Q q 0 0 0 rg BT 389.21 280.30 Td ($3 ) Tj ET Q q 0 0 0 rg BT 400.46 280.30 Td (million ) Tj ET Q q 0 0 0 rg BT 428.71 280.30 Td (of ) Tj ET Q q 0 0 0 rg BT 438.46 280.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 483.18 280.30 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 523.91 280.30 Td (loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 256.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.09 256.30 Td (total ) Tj ET Q q 0 0 0 rg BT 92.40 256.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 121.58 256.30 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.67 256.30 Td ($1.77 ) Tj ET Q q 0 0 0 rg BT 164.71 256.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.82 256.30 Td ( ) Tj ET Q q 0 0 0 rg BT 193.35 256.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.11 256.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 261.73 256.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.73 256.30 Td (, ) Tj ET Q q 0 0 0 rg BT 286.76 256.30 Td (and ) Tj ET Q q 0 0 0 rg BT 303.74 256.30 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.71 256.30 Td ($1.15 ) Tj ET Q q 0 0 0 rg BT 365.74 256.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.85 256.30 Td ( ) Tj ET Q q 0 0 0 rg BT 394.39 256.30 Td (of ) Tj ET Q q 0 0 0 rg BT 405.26 256.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 432.79 256.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 461.97 256.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.95 256.30 Td ($0.62 ) Tj ET Q q 0 0 0 rg BT 503.98 256.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 256.30 Td ( ) Tj ET Q q 0 0 0 rg BT 532.63 256.30 Td (of ) Tj ET Q q 0 0 0 rg BT 543.50 256.30 Td (the ) Tj ET Q q 0 0 0 rg BT 558.25 256.30 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 244.30 Td ($2.62 ) Tj ET Q q 0 0 0 rg BT 60.50 244.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.62 244.30 Td ( ) Tj ET Q q 0 0 0 rg BT 88.62 244.30 Td (of ) Tj ET Q q 0 0 0 rg BT 98.95 244.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 140.39 244.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 159.61 244.30 Td (on ) Tj ET Q q 0 0 0 rg BT 171.61 244.30 Td (our ) Tj ET Q q 0 0 0 rg BT 186.95 244.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 239.49 244.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 272.03 244.30 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 296.93 244.30 Td (This ) Tj ET Q q 0 0 0 rg BT 316.72 244.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 347.61 244.30 Td (of ) Tj ET Q q 0 0 0 rg BT 357.94 244.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 399.38 244.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 418.60 244.30 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.03 244.30 Td ($140 ) Tj ET Q q 0 0 0 rg BT 477.04 244.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 244.30 Td ( ) Tj ET Q q 0 0 0 rg BT 507.93 244.30 Td (of ) Tj ET Q q 0 0 0 rg BT 518.27 244.30 Td (trust-preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 232.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.44 232.30 Td (due ) Tj ET Q q 0 0 0 rg BT 93.56 232.30 Td (in ) Tj ET Q q 0 0 0 rg BT 104.02 232.30 Td (2037, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.19 232.30 Td ($288 ) Tj ET Q q 0 0 0 rg BT 151.87 232.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.76 232.30 Td ( ) Tj ET Q q 0 0 0 rg BT 183.44 232.30 Td (of ) Tj ET Q q 0 0 0 rg BT 194.45 232.30 Td (convertible ) Tj ET Q q 0 0 0 rg BT 242.11 232.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 262.00 232.30 Td (due ) Tj ET Q q 0 0 0 rg BT 279.12 232.30 Td (in ) Tj ET Q q 0 0 0 rg BT 289.58 232.30 Td (2018, ) Tj ET Q q 0 0 0 rg BT 314.75 232.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.87 232.30 Td ($201 ) Tj ET Q q 0 0 0 rg BT 354.55 232.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.44 232.30 Td ( ) Tj ET Q q 0 0 0 rg BT 386.12 232.30 Td (of ) Tj ET Q q 0 0 0 rg BT 397.13 232.30 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 454.22 232.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 474.11 232.30 Td (due ) Tj ET Q q 0 0 0 rg BT 491.23 232.30 Td (in ) Tj ET Q q 0 0 0 rg BT 501.68 232.30 Td (2019. ) Tj ET Q q 0 0 0 rg BT 526.67 232.30 Td (This ) Tj ET Q q 0 0 0 rg BT 547.13 232.30 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 220.30 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 220.30 Td (long-term ) Tj ET Q q 0 0 0 rg BT 88.76 220.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.48 220.30 Td (has ) Tj ET Q q 0 0 0 rg BT 124.31 220.30 Td (a ) Tj ET Q q 0 0 0 rg BT 131.25 220.30 Td (weighted-average ) Tj ET Q q 0 0 0 rg BT 204.82 220.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 223.43 220.30 Td (of ) Tj ET Q q 0 0 0 rg BT 234.26 220.30 Td (6.0% ) Tj ET Q q 0 0 0 rg BT 257.59 220.30 Td (per ) Tj ET Q q 0 0 0 rg BT 272.86 220.30 Td (annum.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.30 Td (Of ) Tj ET Q q 0 0 0 rg BT 66.36 199.30 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 199.30 Td ($1.77 ) Tj ET Q q 0 0 0 rg BT 105.81 199.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.92 199.30 Td ( ) Tj ET Q q 0 0 0 rg BT 133.73 199.30 Td (of ) Tj ET Q q 0 0 0 rg BT 143.87 199.30 Td (total ) Tj ET Q q 0 0 0 rg BT 163.45 199.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 191.91 199.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.93 199.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 258.82 199.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.82 199.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.13 199.30 Td ($1.60 ) Tj ET Q q 0 0 0 rg BT 307.44 199.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.55 199.30 Td ( ) Tj ET Q q 0 0 0 rg BT 335.36 199.30 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.83 199.30 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.16 199.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 372.30 199.30 Td (was ) Tj ET Q q 0 0 0 rg BT 389.66 199.30 Td (allocated ) Tj ET Q q 0 0 0 rg BT 427.55 199.30 Td (to ) Tj ET Q q 0 0 0 rg BT 437.14 199.30 Td (our ) Tj ET Q q 0 0 0 rg BT 452.28 199.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 501.86 199.30 Td (with ) Tj ET Q q 0 0 0 rg BT 521.45 199.30 Td (the ) Tj ET Q q 0 0 0 rg BT 535.47 199.30 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 187.30 Td ($170 ) Tj ET Q q 0 0 0 rg BT 58.50 187.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.39 187.30 Td ( ) Tj ET Q q 0 0 0 rg BT 89.89 187.30 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.05 187.30 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.38 187.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 128.21 187.30 Td (allocated ) Tj ET Q q 0 0 0 rg BT 166.80 187.30 Td (to ) Tj ET Q q 0 0 0 rg BT 177.08 187.30 Td (our ) Tj ET Q q 0 0 0 rg BT 192.91 187.30 Td (residential ) Tj ET Q q 0 0 0 rg BT 237.06 187.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 277.32 187.30 Td (banking ) Tj ET Q q 0 0 0 rg BT 312.04 187.30 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.30 Td (During ) Tj ET Q q 0 0 0 rg BT 85.27 163.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 110.71 163.30 Td (we ) Tj ET Q q 0 0 0 rg BT 125.31 163.30 Td (deployed ) Tj ET Q q 0 0 0 rg BT 164.91 163.30 Td ($419 ) Tj ET Q q 0 0 0 rg BT 187.85 163.30 Td (million ) Tj ET Q q 0 0 0 rg BT 219.68 163.30 Td (of ) Tj ET Q q 0 0 0 rg BT 230.95 163.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 260.54 163.30 Td (into ) Tj ET Q q 0 0 0 rg BT 279.04 163.30 Td (new ) Tj ET Q q 0 0 0 rg BT 298.64 163.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 349.36 163.30 Td (\(including ) Tj ET Q q 0 0 0 rg BT 393.40 163.30 Td (common ) Tj ET Q q 0 0 0 rg BT 431.34 163.30 Td (share ) Tj ET Q q 0 0 0 rg BT 455.38 163.30 Td (repurchases\). ) Tj ET Q q 0 0 0 rg BT 510.70 163.30 Td (A) Tj ET Q q 0 0 0 rg BT 517.37 163.30 Td ( ) Tj ET Q q 0 0 0 rg BT 520.31 163.30 Td (component ) Tj ET Q q 0 0 0 rg BT 567.68 163.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 151.30 Td (our ) Tj ET Q q 0 0 0 rg BT 51.56 151.30 Td (allocated ) Tj ET Q q 0 0 0 rg BT 89.87 151.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 118.75 151.30 Td (in ) Tj ET Q q 0 0 0 rg BT 128.75 151.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.20 151.30 Td (table ) Tj ET Q q 0 0 0 rg BT 164.86 151.30 Td (above ) Tj ET Q q 0 0 0 rg BT 190.96 151.30 Td (is ) Tj ET Q q 0 0 0 rg BT 199.86 151.30 Td ("cash ) Tj ET Q q 0 0 0 rg BT 223.93 151.30 Td (and ) Tj ET Q q 0 0 0 rg BT 240.60 151.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 276.72 151.30 Td (capital," ) Tj ET Q q 0 0 0 rg BT 312.18 151.30 Td (which ) Tj ET Q q 0 0 0 rg BT 338.84 151.30 Td (represents ) Tj ET Q q 0 0 0 rg BT 381.61 151.30 Td (a ) Tj ET Q q 0 0 0 rg BT 388.27 151.30 Td (combination ) Tj ET Q q 0 0 0 rg BT 440.49 151.30 Td (of ) Tj ET Q q 0 0 0 rg BT 451.04 151.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 479.92 151.30 Td (available ) Tj ET Q q 0 0 0 rg BT 518.24 151.30 Td (for ) Tj ET Q q 0 0 0 rg BT 532.12 151.30 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 139.30 Td (and ) Tj ET Q q 0 0 0 rg BT 53.14 139.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 70.83 139.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 100.18 139.30 Td (held ) Tj ET Q q 0 0 0 rg BT 120.09 139.30 Td (for ) Tj ET Q q 0 0 0 rg BT 134.45 139.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 171.04 139.30 Td (management ) Tj ET Q q 0 0 0 rg BT 224.82 139.30 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 264.98 139.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.67 139.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 336.45 139.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.45 139.30 Td (, ) Tj ET Q q 0 0 0 rg BT 361.65 139.30 Td (we ) Tj ET Q q 0 0 0 rg BT 376.01 139.30 Td (estimate ) Tj ET Q q 0 0 0 rg BT 412.03 139.30 Td (that ) Tj ET Q q 0 0 0 rg BT 429.72 139.30 Td (our ) Tj ET Q q 0 0 0 rg BT 445.74 139.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 475.09 139.30 Td (available ) Tj ET Q q 0 0 0 rg BT 513.88 139.30 Td (for ) Tj ET Q q 0 0 0 rg BT 528.23 139.30 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 127.30 Td (was ) Tj ET Q q 0 0 0 rg BT 54.05 127.30 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.31 127.30 Td ($270 ) Tj ET Q q 0 0 0 rg BT 136.81 127.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.70 127.30 Td (. ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (RESUL) Tj ET Q q 0 0 0 rg BT 68.43 731.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 96.67 731.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 133.43 731.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.94 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.77 711.25 Td (first ) Tj ET Q q 0 0 0 rg BT 98.49 711.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 129.42 711.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.36 711.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 165.47 711.25 Td (we ) Tj ET Q q 0 0 0 rg BT 179.75 711.25 Td (began ) Tj ET Q q 0 0 0 rg BT 206.24 711.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.63 711.25 Td (present ) Tj ET Q q 0 0 0 rg BT 248.12 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.95 711.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 297.76 711.25 Td (in ) Tj ET Q q 0 0 0 rg BT 308.16 711.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.64 711.25 Td (value ) Tj ET Q q 0 0 0 rg BT 348.91 711.25 Td (of ) Tj ET Q q 0 0 0 rg BT 359.85 711.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 389.67 711.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 440.05 711.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.11 711.25 Td (their ) Tj ET Q q 0 0 0 rg BT 478.04 711.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 521.75 711.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 568.23 711.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.50 699.25 Td (new ) Tj ET Q q 0 0 0 rg BT 71.44 699.25 Td (line ) Tj ET Q q 0 0 0 rg BT 89.72 699.25 Td (item ) Tj ET Q q 0 0 0 rg BT 110.77 699.25 Td ("Investment ) Tj ET Q q 0 0 0 rg BT 162.57 699.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.73 699.25 Td (value ) Tj ET Q q 0 0 0 rg BT 204.66 699.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 242.65 699.25 Td (net" ) Tj ET Q q 0 0 0 rg BT 262.23 699.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.51 699.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.12 699.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 345.95 699.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 391.44 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.05 699.25 Td (income ) Tj ET Q q 0 0 0 rg BT 435.77 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.49 699.25 Td (began ) Tj ET Q q 0 0 0 rg BT 480.64 699.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.70 699.25 Td (present ) Tj ET Q q 0 0 0 rg BT 523.86 699.25 Td (income ) Tj ET Q q 0 0 0 rg BT 556.58 699.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 687.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.13 687.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 110.72 687.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 149.19 687.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.34 687.25 Td ("Mortgage ) Tj ET Q q 0 0 0 rg BT 204.66 687.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 239.25 687.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 280.22 687.25 Td (net" ) Tj ET Q q 0 0 0 rg BT 298.89 687.25 Td (on ) Tj ET Q q 0 0 0 rg BT 311.26 687.25 Td (our ) Tj ET Q q 0 0 0 rg BT 326.96 687.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 379.87 687.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 424.45 687.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.15 687.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 468.93 687.25 Td (All ) Tj ET Q q 0 0 0 rg BT 484.08 687.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 505.89 687.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 537.69 687.25 Td (presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 675.25 Td (have ) Tj ET Q q 0 0 0 rg BT 57.38 675.25 Td (been ) Tj ET Q q 0 0 0 rg BT 78.75 675.25 Td (conformed ) Tj ET Q q 0 0 0 rg BT 124.57 675.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.85 675.25 Td (this ) Tj ET Q q 0 0 0 rg BT 151.80 675.25 Td (new ) Tj ET Q q 0 0 0 rg BT 170.96 675.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 222.33 675.25 Td (for ) Tj ET Q q 0 0 0 rg BT 236.49 675.25 Td (consistency ) Tj ET Q q 0 0 0 rg BT 285.64 675.25 Td (of ) Tj ET Q q 0 0 0 rg BT 296.47 675.25 Td (comparison.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 655.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 655.25 Td (, ) Tj ET Q q 0 0 0 rg BT 108.10 655.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.57 655.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.49 655.25 Td (second ) Tj ET Q q 0 0 0 rg BT 160.95 655.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 190.97 655.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.99 655.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 225.19 655.25 Td (we ) Tj ET Q q 0 0 0 rg BT 238.55 655.25 Td (began ) Tj ET Q q 0 0 0 rg BT 264.12 655.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.59 655.25 Td (specifically ) Tj ET Q q 0 0 0 rg BT 321.38 655.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 354.18 655.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 399.75 655.25 Td (used ) Tj ET Q q 0 0 0 rg BT 419.78 655.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.25 655.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 454.83 655.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.85 655.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 507.65 655.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.12 655.25 Td (market ) Tj ET Q q 0 0 0 rg BT 546.58 655.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 643.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 53.04 643.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 70.09 643.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 113.23 643.25 Td (with ) Tj ET Q q 0 0 0 rg BT 133.06 643.25 Td (our ) Tj ET Q q 0 0 0 rg BT 148.44 643.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 171.62 643.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 223.49 643.25 Td (As ) Tj ET Q q 0 0 0 rg BT 236.65 643.25 Td (a ) Tj ET Q q 0 0 0 rg BT 243.14 643.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 269.91 643.25 Td (in ) Tj ET Q q 0 0 0 rg BT 279.74 643.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.00 643.25 Td (second ) Tj ET Q q 0 0 0 rg BT 323.82 643.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 354.19 643.25 Td (of ) Tj ET Q q 0 0 0 rg BT 364.57 643.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 389.12 643.25 Td (we ) Tj ET Q q 0 0 0 rg BT 402.83 643.25 Td (began ) Tj ET Q q 0 0 0 rg BT 428.76 643.25 Td (to ) Tj ET Q q 0 0 0 rg BT 438.59 643.25 Td (include ) Tj ET Q q 0 0 0 rg BT 470.07 643.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.34 643.25 Td (change ) Tj ET Q q 0 0 0 rg BT 514.71 643.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.54 643.25 Td (market ) Tj ET Q q 0 0 0 rg BT 554.35 643.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 631.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.18 631.25 Td (these ) Tj ET Q q 0 0 0 rg BT 70.57 631.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 117.29 631.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.91 631.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.97 631.25 Td (line ) Tj ET Q q 0 0 0 rg BT 160.81 631.25 Td (item ) Tj ET Q q 0 0 0 rg BT 181.43 631.25 Td ("MSR ) Tj ET Q q 0 0 0 rg BT 209.48 631.25 Td (income ) Tj ET Q q 0 0 0 rg BT 241.76 631.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 269.33 631.25 Td (net." ) Tj ET Q q 0 0 0 rg BT 290.35 631.25 Td (As ) Tj ET Q q 0 0 0 rg BT 304.31 631.25 Td (we ) Tj ET Q q 0 0 0 rg BT 318.81 631.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 363.87 631.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 402.81 631.25 Td (our ) Tj ET Q q 0 0 0 rg BT 418.99 631.25 Td (market ) Tj ET Q q 0 0 0 rg BT 449.60 631.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 481.88 631.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 499.71 631.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 517.55 631.25 Td (on ) Tj ET Q q 0 0 0 rg BT 530.40 631.25 Td (a ) Tj ET Q q 0 0 0 rg BT 537.68 631.25 Td (portfolio-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 619.25 Td (wide ) Tj ET Q q 0 0 0 rg BT 57.94 619.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 80.44 619.25 Td (and ) Tj ET Q q 0 0 0 rg BT 97.38 619.25 Td (did ) Tj ET Q q 0 0 0 rg BT 112.66 619.25 Td (not ) Tj ET Q q 0 0 0 rg BT 127.93 619.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 174.86 619.25 Td (rely ) Tj ET Q q 0 0 0 rg BT 192.90 619.25 Td (on ) Tj ET Q q 0 0 0 rg BT 205.40 619.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 251.78 619.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.05 619.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 288.43 619.25 Td (our ) Tj ET Q q 0 0 0 rg BT 304.26 619.25 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 334.28 619.25 Td (we ) Tj ET Q q 0 0 0 rg BT 348.44 619.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 377.59 619.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 413.97 619.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 435.91 619.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 467.85 619.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.12 619.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.84 619.25 Td (current ) Tj ET Q q 0 0 0 rg BT 523.66 619.25 Td (presentation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.25 Td (Additional ) Tj ET Q q 0 0 0 rg BT 99.21 599.25 Td (information ) Tj ET Q q 0 0 0 rg BT 148.86 599.25 Td (on ) Tj ET Q q 0 0 0 rg BT 161.30 599.25 Td (these ) Tj ET Q q 0 0 0 rg BT 184.28 599.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 218.93 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 228.04 599.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 266.02 599.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.24 599.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 297.56 599.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.56 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 305.00 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.77 599.25 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.54 599.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 356.75 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.97 599.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 422.74 599.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 464.06 599.25 Td (Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.39 599.25 Td ( ) Tj ET Q q 0 0 0 rg BT 509.83 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.04 599.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 538.59 599.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 550.19 599.25 Td (Item8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 587.25 Td (this ) Tj ET Q q 0 0 0 rg BT 63.23 587.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 95.17 587.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 124.88 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 137.38 587.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 161.55 587.25 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.25 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 567.25 Td (ithin ) Tj ET Q q 0 0 0 rg BT 83.96 567.25 Td (this ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.00 567.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 132.48 567.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.85 567.25 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.85 567.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.45 567.25 Td (section, ) Tj ET Q q 0 0 0 rg BT 223.86 567.25 Td (we ) Tj ET Q q 0 0 0 rg BT 238.11 567.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 271.25 567.25 Td (commentary ) Tj ET Q q 0 0 0 rg BT 323.83 567.25 Td (that ) Tj ET Q q 0 0 0 rg BT 341.41 567.25 Td (compares ) Tj ET Q q 0 0 0 rg BT 382.32 567.25 Td (results ) Tj ET Q q 0 0 0 rg BT 411.02 567.25 Td (year) Tj ET Q q 0 0 0 rg BT 428.03 567.25 Td (-over) Tj ET Q q 0 0 0 rg BT 448.92 567.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 472.05 567.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.31 567.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.31 567.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.40 567.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.40 567.25 Td (, ) Tj ET Q q 0 0 0 rg BT 536.49 567.25 Td (and ) Tj ET Q q 0 0 0 rg BT 553.52 567.25 Td (2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 555.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 59.47 555.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 85.71 555.25 Td (include ) Tj ET Q q 0 0 0 rg BT 118.06 555.25 Td ("changes" ) Tj ET Q q 0 0 0 rg BT 161.34 555.25 Td (columns ) Tj ET Q q 0 0 0 rg BT 198.14 555.25 Td (that ) Tj ET Q q 0 0 0 rg BT 216.05 555.25 Td (show ) Tj ET Q q 0 0 0 rg BT 240.07 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.20 555.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 292.00 555.25 Td (by ) Tj ET Q q 0 0 0 rg BT 304.92 555.25 Td (which ) Tj ET Q q 0 0 0 rg BT 332.27 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.40 555.25 Td (year's ) Tj ET Q q 0 0 0 rg BT 373.21 555.25 Td (results ) Tj ET Q q 0 0 0 rg BT 402.23 555.25 Td (are ) Tj ET Q q 0 0 0 rg BT 417.35 555.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 448.02 555.25 Td (or ) Tj ET Q q 0 0 0 rg BT 459.26 555.25 Td (less ) Tj ET Q q 0 0 0 rg BT 477.17 555.25 Td (than ) Tj ET Q q 0 0 0 rg BT 497.30 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.43 555.25 Td (results ) Tj ET Q q 0 0 0 rg BT 541.45 555.25 Td (from ) Tj ET Q q 0 0 0 rg BT 563.80 555.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 543.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 57.52 543.25 Td (year) Tj ET Q q 0 0 0 rg BT 74.17 543.25 Td (. ) Tj ET Q q 0 0 0 rg BT 78.75 543.25 Td (Unless ) Tj ET Q q 0 0 0 rg BT 108.06 543.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 149.01 543.25 Td (specified, ) Tj ET Q q 0 0 0 rg BT 189.69 543.25 Td (references ) Tj ET Q q 0 0 0 rg BT 232.84 543.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.70 543.25 Td (this ) Tj ET Q q 0 0 0 rg BT 259.23 543.25 Td (section ) Tj ET Q q 0 0 0 rg BT 289.63 543.25 Td (to ) Tj ET Q q 0 0 0 rg BT 299.49 543.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 338.22 543.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.63 543.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 389.01 543.25 Td (in ) Tj ET Q q 0 0 0 rg BT 398.87 543.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 420.95 543.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 441.90 543.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.76 543.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.05 543.25 Td (change ) Tj ET Q q 0 0 0 rg BT 496.45 543.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.31 543.25 Td (results ) Tj ET Q q 0 0 0 rg BT 534.50 543.25 Td (from ) Tj ET Q q 0 0 0 rg BT 556.01 543.25 Td (2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 531.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 531.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 71.28 531.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.22 531.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 127.36 531.25 Td (or ) Tj ET Q q 0 0 0 rg BT 138.19 531.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 179.00 531.25 Td (in ) Tj ET Q q 0 0 0 rg BT 189.28 531.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 211.78 531.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 233.14 531.25 Td (to ) Tj ET Q q 0 0 0 rg BT 243.42 531.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.14 531.25 Td (change ) Tj ET Q q 0 0 0 rg BT 288.95 531.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.23 531.25 Td (results ) Tj ET Q q 0 0 0 rg BT 327.84 531.25 Td (for ) Tj ET Q q 0 0 0 rg BT 342.00 531.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 364.50 531.25 Td (to ) Tj ET Q q 0 0 0 rg BT 374.78 531.25 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 511.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 511.25 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 511.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.35 511.25 Td (components ) Tj ET Q q 0 0 0 rg BT 236.18 511.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.01 511.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.84 511.25 Td (net ) Tj ET Q q 0 0 0 rg BT 277.55 511.25 Td (income ) Tj ET Q q 0 0 0 rg BT 309.49 511.25 Td (for ) Tj ET Q q 0 0 0 rg BT 323.65 511.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.37 511.25 Td (years ) Tj ET Q q 0 0 0 rg BT 361.96 511.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.34 511.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.92 511.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.92 511.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.92 511.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.92 511.25 Td (, ) Tj ET Q q 0 0 0 rg BT 496.92 511.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.86 511.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.86 511.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 487.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 487.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 487.25 Td (4 ) Tj ET Q q 0 0 0 rg BT 68.41 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.91 487.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 92.85 487.25 Td (Income ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 438.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 438.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 438.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 438.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 438.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 438.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 408.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 408.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 408.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 408.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 408.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 408.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 379.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 379.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 379.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 379.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 379.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 379.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 349.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 349.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 349.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 349.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 349.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 349.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 319.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 319.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 319.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 319.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 319.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 319.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 289.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 289.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 289.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 289.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 289.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 289.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 259.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 259.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 259.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 259.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 259.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 259.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 229.75 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 229.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 229.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 229.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 229.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 229.75 51.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 452.75 m 349.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 452.75 m 353.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 452.75 m 405.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 452.75 m 409.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 452.75 m 461.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 476.75 m 465.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 452.75 m 520.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 452.75 m 524.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 452.75 m 575.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 438.75 m 293.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 452.75 m 349.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 438.75 m 349.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 452.75 m 353.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 452.75 m 405.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 438.75 m 405.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 452.75 m 409.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 452.75 m 461.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 438.75 m 461.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 452.75 m 465.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 452.75 m 520.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 438.75 m 520.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 452.75 m 575.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 438.75 m 575.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 438.75 m 461.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 438.75 m 465.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 438.75 m 520.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 438.75 m 575.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 423.75 m 465.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 408.75 m 520.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 408.75 m 575.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 408.75 m 349.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 408.75 m 405.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 408.75 m 461.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 408.75 m 465.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 393.75 m 465.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 379.75 m 465.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 364.75 m 465.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 349.75 m 465.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 334.75 m 465.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 304.75 m 349.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 304.75 m 405.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 304.75 m 461.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 319.75 m 465.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 304.75 m 520.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 304.75 m 575.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 304.75 m 405.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 304.75 m 461.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 304.75 m 465.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 289.75 m 465.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 274.75 m 520.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 274.75 m 575.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 274.75 m 349.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 274.75 m 405.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 274.75 m 461.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 274.75 m 465.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 244.75 m 349.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 259.75 m 465.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 244.75 m 349.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 230.75 m 349.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 228.75 m 349.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 244.75 m 405.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 230.75 m 405.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 228.75 m 405.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 244.75 m 461.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 230.75 m 461.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 228.75 m 461.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 244.75 m 465.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 244.75 m 520.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 230.75 m 520.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 228.75 m 520.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 244.75 m 575.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 230.75 m 575.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 228.75 m 575.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 228.75 m 349.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 230.75 m 349.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 228.75 m 405.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 230.75 m 405.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 228.75 m 461.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 230.75 m 461.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 229.75 m 465.5 214.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.60 457.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 457.43 Td (Changes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 443.20 Td (\(In Thousands, except per Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 443.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 443.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 443.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 443.43 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.30 443.43 Td ('15/'14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 428.43 Td (Net Interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.10 428.42 Td (157,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 428.42 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.10 428.42 Td (154,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 428.47 Td (\(5,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 428.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 428.42 Td (8,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 413.42 Td (Reversal of \(provision for\) loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 413.42 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 413.42 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 413.47 Td (\(961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 413.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 413.42 Td (6,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 413.42 Td (1,316) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 398.43 Td (Net Interest Income After Provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.10 398.42 Td (164,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 398.42 Td (163,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.10 398.42 Td (153,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 398.42 Td (1,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 398.42 Td (10,258) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 384.43 Td (Non-interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 369.42 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 369.42 Td (38,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 369.42 Td (10,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 369.42 Td (34,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 369.42 Td (27,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 369.42 Td (\(24,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 369.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 354.42 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 354.42 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.80 354.47 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 354.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 354.47 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 354.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 354.42 Td (18,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 354.42 Td (339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 339.42 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.80 339.47 Td (\(28,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.80 339.47 Td (\(21,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 339.47 Td (\(10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 339.47 Td (\(7,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 339.42 Td (\(11,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 324.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 324.42 Td (6,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 324.42 Td (3,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 324.42 Td (1,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 324.42 Td (3,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 324.42 Td (1,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 309.42 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 309.42 Td (28,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 309.42 Td (36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 309.42 Td (15,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 309.47 Td (\(8,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 309.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 309.42 Td (20,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 294.42 Td (Total non-interest income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 294.42 Td (58,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 294.42 Td (25,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 294.42 Td (37,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 294.42 Td (33,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 294.42 Td (\(12,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 294.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 279.42 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.80 279.47 Td (\(88,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 279.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.80 279.47 Td (\(97,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 279.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 279.47 Td (\(90,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 279.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 279.42 Td (8,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 279.42 Td (\(7,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 279.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 264.43 Td (Net income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.10 264.42 Td (134,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 264.42 Td (91,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.10 264.42 Td (101,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 264.42 Td (43,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 264.42 Td (\(9,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 264.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 249.42 Td (\(Provision for\) benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 249.47 Td (\(3,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 249.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 249.42 Td (10,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 249.47 Td (\(744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 249.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 249.47 Td (\(14,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 249.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 249.42 Td (11,090) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 234.43 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.10 234.42 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 234.42 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.10 234.42 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 234.42 Td (29,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 234.42 Td (1,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 219.42 Td (Diluted earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 219.42 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 219.42 Td (1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 219.42 Td (1.15) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (Net Inter) Tj ET Q q 0 0 0 rg BT 71.45 185.25 Td (est Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.77 167.25 Td ($6 ) Tj ET Q q 0 0 0 rg BT 83.99 167.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.88 167.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.10 167.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.51 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.74 167.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.73 167.25 Td (net ) Tj ET Q q 0 0 0 rg BT 176.17 167.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 207.83 167.25 Td (income ) Tj ET Q q 0 0 0 rg BT 239.48 167.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.48 167.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.48 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 271.70 167.25 Td (was ) Tj ET Q q 0 0 0 rg BT 289.47 167.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 328.91 167.25 Td (due ) Tj ET Q q 0 0 0 rg BT 345.56 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.56 167.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 380.55 167.25 Td (average ) Tj ET Q q 0 0 0 rg BT 413.86 167.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 450.50 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.05 167.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 503.54 167.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 552.41 167.25 Td (loans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.76 155.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 102.28 155.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 125.72 155.25 Td (during ) Tj ET Q q 0 0 0 rg BT 154.15 155.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 178.81 155.25 Td (The ) Tj ET Q q 0 0 0 rg BT 196.68 155.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 233.42 155.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.52 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.06 155.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 294.81 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.46 155.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 345.55 155.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 379.53 155.25 Td (from ) Tj ET Q q 0 0 0 rg BT 401.29 155.25 Td (net ) Tj ET Q q 0 0 0 rg BT 415.83 155.25 Td (dispositions, ) Tj ET Q q 0 0 0 rg BT 468.44 155.25 Td (as ) Tj ET Q q 0 0 0 rg BT 479.10 155.25 Td (we ) Tj ET Q q 0 0 0 rg BT 493.08 155.25 Td (reallocated ) Tj ET Q q 0 0 0 rg BT 539.26 155.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 568.24 155.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 87.25 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 98.50 143.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 143.62 143.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 172.65 143.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 199.47 143.25 Td (The ) Tj ET Q q 0 0 0 rg BT 218.49 143.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 256.38 143.25 Td (in ) Tj ET Q q 0 0 0 rg BT 267.63 143.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 317.76 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.67 143.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 386.33 143.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 407.02 143.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 444.92 143.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 480.05 143.25 Td (from ) Tj ET Q q 0 0 0 rg BT 502.96 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.64 143.25 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 567.67 143.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 80.78 131.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 130.56 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.13 131.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 198.45 131.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 239.34 131.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 274.69 131.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 319.47 131.25 Td (during ) Tj ET Q q 0 0 0 rg BT 348.71 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.05 131.25 Td (first ) Tj ET Q q 0 0 0 rg BT 383.29 131.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 414.73 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.19 131.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 449.31 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 466.88 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.22 131.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 500.90 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.35 131.25 Td (our ) Tj ET Q q 0 0 0 rg BT 528.81 131.25 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 80.73 119.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 99.93 119.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 136.90 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.66 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.86 119.25 Td (second ) Tj ET Q q 0 0 0 rg BT 190.60 119.25 Td (half ) Tj ET Q q 0 0 0 rg BT 208.13 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.44 119.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 242.78 119.25 Td (This ) Tj ET Q q 0 0 0 rg BT 262.54 119.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 292.28 119.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 328.67 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.43 119.25 Td (net ) Tj ET Q q 0 0 0 rg BT 352.63 119.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.04 119.25 Td (income ) Tj ET Q q 0 0 0 rg BT 415.46 119.25 Td (was ) Tj ET Q q 0 0 0 rg BT 432.99 119.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 468.29 119.25 Td (of) Tj ET Q q 0 0 0 rg BT 476.44 119.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 492.86 119.25 Td (by ) Tj ET Q q 0 0 0 rg BT 504.84 119.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 532.36 119.25 Td (net ) Tj ET Q q 0 0 0 rg BT 546.56 119.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (income ) Tj ET Q q 0 0 0 rg BT 68.96 107.25 Td (from ) Tj ET Q q 0 0 0 rg BT 91.93 107.25 Td (a ) Tj ET Q q 0 0 0 rg BT 99.90 107.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 128.98 107.25 Td (average ) Tj ET Q q 0 0 0 rg BT 163.59 107.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 197.66 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.52 107.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 254.70 107.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 279.33 107.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 311.34 107.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 362.08 107.25 Td (by ) Tj ET Q q 0 0 0 rg BT 375.61 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 392.47 107.25 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 457.66 107.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 502.30 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.27 107.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 558.22 107.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.25 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 70.73 95.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 109.88 95.25 Td (during ) Tj ET Q q 0 0 0 rg BT 138.49 95.25 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.56 77.25 Td ($9 ) Tj ET Q q 0 0 0 rg BT 85.57 77.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.46 77.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.48 77.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 153.24 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 164.03 77.25 Td (net ) Tj ET Q q 0 0 0 rg BT 179.26 77.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 211.71 77.25 Td (income ) Tj ET Q q 0 0 0 rg BT 244.16 77.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.95 77.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.95 77.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.96 77.25 Td (was ) Tj ET Q q 0 0 0 rg BT 296.52 77.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 336.75 77.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 385.30 77.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.09 77.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 424.65 77.25 Td (average ) Tj ET Q q 0 0 0 rg BT 458.75 77.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 496.18 77.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.53 77.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 531.65 77.25 Td (at ) Tj ET Q q 0 0 0 rg BT 541.88 77.25 Td (both ) Tj ET Q q 0 0 0 rg BT 562.67 77.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 65.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 84.13 65.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 135.60 65.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.18 65.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 201.32 65.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 243.34 65.25 Td (Banking ) Tj ET Q q 0 0 0 rg BT 280.37 65.25 Td (segments. ) Tj ET Q q 0 0 0 rg BT 323.00 65.25 Td (These ) Tj ET Q q 0 0 0 rg BT 350.02 65.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 389.81 65.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.73 65.25 Td (net ) Tj ET Q q 0 0 0 rg BT 416.09 65.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 448.67 65.25 Td (income ) Tj ET Q q 0 0 0 rg BT 481.25 65.25 Td (were ) Tj ET Q q 0 0 0 rg BT 503.82 65.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 540.28 65.25 Td (of) Tj ET Q q 0 0 0 rg BT 548.43 65.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 566.02 65.25 Td (by ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 61.35 731.10 Td (average ) Tj ET Q q 0 0 0 rg BT 95.02 731.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 132.03 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.94 731.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 185.79 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 196.70 731.10 Td (well ) Tj ET Q q 0 0 0 rg BT 216.50 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 227.41 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 239.43 731.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 274.77 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.13 731.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 317.15 731.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 351.94 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 373.96 731.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 414.30 731.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 462.43 731.10 Td (during ) Tj ET Q q 0 0 0 rg BT 491.12 731.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 516.21 731.10 Td (including ) Tj ET Q q 0 0 0 rg BT 556.56 731.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 92.91 719.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 112.63 719.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 140.13 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.40 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.12 719.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 192.06 719.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 222.88 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.71 719.10 Td (2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 99.27 695.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 123.99 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 136.49 695.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 171.19 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.47 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 196.19 695.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 228.12 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 260.05 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 269.22 695.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 307.27 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.55 695.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.27 695.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 354.21 695.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 373.28 695.10 Td (est ) Tj ET Q q 0 0 0 rg BT 386.89 695.10 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.32 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.26 695.10 Td (section ) Tj ET Q q 0 0 0 rg BT 454.08 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.58 695.10 Td (follows. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (Reversal of Pr) Tj ET Q q 0 0 0 rg BT 93.39 665.10 Td (ovision for Loan Losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 645.10 Td ( ) Tj ET Q q 0 0 0 rg BT 55.53 645.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.72 645.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 107.12 645.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.54 645.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.40 645.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 163.70 645.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.67 645.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 213.09 645.10 Td (for ) Tj ET Q q 0 0 0 rg BT 226.40 645.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 245.26 645.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 270.80 645.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.22 645.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 301.87 645.10 Td (was ) Tj ET Q q 0 0 0 rg BT 319.07 645.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 357.92 645.10 Td (due ) Tj ET Q q 0 0 0 rg BT 374.01 645.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.43 645.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.29 645.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 459.47 645.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.44 645.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.42 645.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 533.26 645.10 Td (mezzanine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 633.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.81 633.10 Td (to ) Tj ET Q q 0 0 0 rg BT 70.29 633.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 102.30 633.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 123.88 633.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 179.35 633.10 Td (at ) Tj ET Q q 0 0 0 rg BT 189.27 633.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.19 633.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 229.66 633.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.69 633.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 259.51 633.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.54 633.10 Td (market ) Tj ET Q q 0 0 0 rg BT 301.01 633.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.49 633.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.41 633.10 Td (second ) Tj ET Q q 0 0 0 rg BT 356.88 633.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 387.90 633.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.94 633.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 424.14 633.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 461.28 633.10 Td (we ) Tj ET Q q 0 0 0 rg BT 475.64 633.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 523.32 633.10 Td (an ) Tj ET Q q 0 0 0 rg BT 535.47 633.10 Td (allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 621.10 Td (was ) Tj ET Q q 0 0 0 rg BT 53.94 621.10 Td (no ) Tj ET Q q 0 0 0 rg BT 66.33 621.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 94.27 621.10 Td (required ) Tj ET Q q 0 0 0 rg BT 129.98 621.10 Td (for ) Tj ET Q q 0 0 0 rg BT 144.03 621.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 621.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 184.11 621.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 229.28 621.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 253.88 621.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 294.59 621.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 316.42 621.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.14 621.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.86 621.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 392.45 621.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 437.59 621.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 461.09 621.10 Td (is ) Tj ET Q q 0 0 0 rg BT 470.15 621.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 508.09 621.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.26 621.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.87 621.10 Td (") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 536.95 621.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 568.23 621.10 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 609.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 83.50 609.10 Td (by ) Tj ET Q q 0 0 0 rg BT 95.44 609.10 Td (Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.32 609.10 Td (" ) Tj ET Q q 0 0 0 rg BT 135.90 609.10 Td (section ) Tj ET Q q 0 0 0 rg BT 166.72 609.10 Td (that ) Tj ET Q q 0 0 0 rg BT 184.22 609.10 Td (follows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 102.45 589.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.58 589.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.26 589.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 165.60 589.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.76 589.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 198.11 589.10 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 233.78 589.10 Td (on ) Tj ET Q q 0 0 0 rg BT 246.13 589.10 Td (January ) Tj ET Q q 0 0 0 rg BT 279.57 589.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 289.42 589.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 314.27 589.10 Td (we ) Tj ET Q q 0 0 0 rg BT 328.27 589.10 Td (no ) Tj ET Q q 0 0 0 rg BT 340.62 589.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 368.51 589.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 415.29 589.10 Td (a ) Tj ET Q q 0 0 0 rg BT 422.07 589.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 462.20 589.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.20 589.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 495.77 589.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 522.00 589.10 Td (on ) Tj ET Q q 0 0 0 rg BT 534.35 589.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 577.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 60.27 577.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 92.28 577.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 142.65 577.10 Td (at ) Tj ET Q q 0 0 0 rg BT 153.03 577.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 206.73 577.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 242.11 577.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 274.15 577.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.65 577.10 Td (these ) Tj ET Q q 0 0 0 rg BT 309.35 577.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 333.62 577.10 Td (are ) Tj ET Q q 0 0 0 rg BT 348.99 577.10 Td (now ) Tj ET Q q 0 0 0 rg BT 369.38 577.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 400.29 577.10 Td (at ) Tj ET Q q 0 0 0 rg BT 410.67 577.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 427.71 577.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 454.33 577.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 500.26 577.10 Td (information ) Tj ET Q q 0 0 0 rg BT 550.64 577.10 Td (on ) Tj ET Q q 0 0 0 rg BT 563.80 577.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 565.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 73.50 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.77 565.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 106.28 565.10 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 142.11 565.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.28 565.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 189.33 565.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.60 565.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.32 565.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.76 565.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 250.15 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.42 565.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 316.26 565.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 350.98 565.10 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.53 565.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.47 565.10 Td (section ) Tj ET Q q 0 0 0 rg BT 419.29 565.10 Td (that ) Tj ET Q q 0 0 0 rg BT 436.79 565.10 Td (follows. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 535.10 Td (Mortgage Banking ) Tj ET Q q 0 0 0 rg BT 113.58 535.10 Td (Activities, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 517.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 86.76 517.10 Td (from ) Tj ET Q q 0 0 0 rg BT 108.97 517.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 149.50 517.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 184.49 517.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 225.87 517.10 Td (net ) Tj ET Q q 0 0 0 rg BT 240.85 517.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 276.95 517.10 Td (results ) Tj ET Q q 0 0 0 rg BT 305.83 517.10 Td (from ) Tj ET Q q 0 0 0 rg BT 328.04 517.10 Td (our ) Tj ET Q q 0 0 0 rg BT 344.15 517.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 388.57 517.10 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 416.90 517.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 457.43 517.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 492.42 517.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 536.85 517.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 556.56 517.10 Td (prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 505.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.77 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 59.98 505.10 Td (second ) Tj ET Q q 0 0 0 rg BT 89.74 505.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 120.05 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.38 505.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 154.87 505.10 Td (results ) Tj ET Q q 0 0 0 rg BT 182.97 505.10 Td (from ) Tj ET Q q 0 0 0 rg BT 204.41 505.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.73 505.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 263.37 505.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 312.02 505.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.45 505.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 377.65 505.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 417.40 505.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 451.61 505.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 497.62 505.10 Td (The ) Tj ET Q q 0 0 0 rg BT 515.16 505.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 549.91 505.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 493.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 58.47 493.10 Td (was ) Tj ET Q q 0 0 0 rg BT 76.49 493.10 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 137.28 493.10 Td (due ) Tj ET Q q 0 0 0 rg BT 154.19 493.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.44 493.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 192.45 493.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 216.04 493.10 Td (mar) Tj ET Q q 0 0 0 rg BT 231.40 493.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 250.54 493.10 Td (from ) Tj ET Q q 0 0 0 rg BT 272.45 493.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.25 493.10 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 316.28 493.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 360.40 493.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 400.63 493.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 435.32 493.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 473.89 493.10 Td (on ) Tj ET Q q 0 0 0 rg BT 486.36 493.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 516.60 493.10 Td (volume, ) Tj ET Q q 0 0 0 rg BT 551.56 493.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 481.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 70.98 481.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.08 481.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.84 481.10 Td ($32 ) Tj ET Q q 0 0 0 rg BT 108.16 481.10 Td (million ) Tj ET Q q 0 0 0 rg BT 140.37 481.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 176.45 481.10 Td (from ) Tj ET Q q 0 0 0 rg BT 199.21 481.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 224.79 481.10 Td (This ) Tj ET Q q 0 0 0 rg BT 245.89 481.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 281.97 481.10 Td (was ) Tj ET Q q 0 0 0 rg BT 300.84 481.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 337.48 481.10 Td (of) Tj ET Q q 0 0 0 rg BT 345.63 481.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 363.39 481.10 Td (by ) Tj ET Q q 0 0 0 rg BT 376.71 481.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.47 481.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 397.79 481.10 Td (million ) Tj ET Q q 0 0 0 rg BT 430.01 481.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 462.20 481.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.30 481.10 Td (income ) Tj ET Q q 0 0 0 rg BT 506.06 481.10 Td (from ) Tj ET Q q 0 0 0 rg BT 528.82 481.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 469.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.26 469.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 110.98 469.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 149.58 469.10 Td (for ) Tj ET Q q 0 0 0 rg BT 163.74 469.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 188.74 469.10 Td (as ) Tj ET Q q 0 0 0 rg BT 199.57 469.10 Td (we ) Tj ET Q q 0 0 0 rg BT 213.73 469.10 Td (wound ) Tj ET Q q 0 0 0 rg BT 243.45 469.10 Td (down ) Tj ET Q q 0 0 0 rg BT 268.17 469.10 Td (those ) Tj ET Q q 0 0 0 rg BT 291.78 469.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 335.94 469.10 Td (during ) Tj ET Q q 0 0 0 rg BT 364.54 469.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.26 469.10 Td (first ) Tj ET Q q 0 0 0 rg BT 397.87 469.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 428.69 469.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.52 469.10 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.41 445.10 Td ($24 ) Tj ET Q q 0 0 0 rg BT 90.27 445.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.16 445.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.02 445.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 159.30 445.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.94 445.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.94 445.10 Td (, ) Tj ET Q q 0 0 0 rg BT 195.30 445.10 Td (as ) Tj ET Q q 0 0 0 rg BT 206.49 445.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 248.78 445.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.42 445.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.42 445.10 Td (, ) Tj ET Q q 0 0 0 rg BT 284.78 445.10 Td (was ) Tj ET Q q 0 0 0 rg BT 303.19 445.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 343.26 445.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 391.66 445.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.30 445.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 427.93 445.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 468.56 445.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 503.63 445.10 Td (income ) Tj ET Q q 0 0 0 rg BT 535.93 445.10 Td (from ) Tj ET Q q 0 0 0 rg BT 558.23 445.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 433.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.75 433.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 95.82 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.68 433.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 162.30 433.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 202.49 433.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 237.13 433.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 283.71 433.10 Td (which ) Tj ET Q q 0 0 0 rg BT 310.57 433.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 352.40 433.10 Td ($13 ) Tj ET Q q 0 0 0 rg BT 369.82 433.10 Td (million ) Tj ET Q q 0 0 0 rg BT 401.14 433.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.00 433.10 Td ($1) Tj ET Q q 0 0 0 rg BT 427.63 433.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 435.05 433.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 468.86 433.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 516.52 433.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.44 433.10 Td (In ) Tj ET Q q 0 0 0 rg BT 532.20 433.10 Td (both ) Tj ET Q q 0 0 0 rg BT 552.40 433.10 Td (cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 421.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 56.24 421.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 74.82 421.10 Td (mar) Tj ET Q q 0 0 0 rg BT 90.18 421.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 109.88 421.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 146.78 421.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 187.02 421.10 Td (due ) Tj ET Q q 0 0 0 rg BT 204.49 421.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.29 421.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 256.07 421.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 306.87 421.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.33 421.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 352.91 421.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 388.15 421.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 427.28 421.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 465.30 421.10 Td (from ) Tj ET Q q 0 0 0 rg BT 487.77 421.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 528.55 421.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 561.01 421.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 409.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 74.61 409.10 Td (during ) Tj ET Q q 0 0 0 rg BT 103.22 409.10 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 391.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.96 391.10 Td (more ) Tj ET Q q 0 0 0 rg BT 85.80 391.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 119.74 391.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 154.25 391.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.39 391.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 213.89 391.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.96 391.10 Td (this ) Tj ET Q q 0 0 0 rg BT 240.70 391.10 Td (line ) Tj ET Q q 0 0 0 rg BT 257.98 391.10 Td (item ) Tj ET Q q 0 0 0 rg BT 278.05 391.10 Td (by ) Tj ET Q q 0 0 0 rg BT 290.34 391.10 Td (business ) Tj ET Q q 0 0 0 rg BT 326.53 391.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 362.14 391.10 Td (is ) Tj ET Q q 0 0 0 rg BT 371.11 391.10 Td (included ) Tj ET Q q 0 0 0 rg BT 407.83 391.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.90 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.41 391.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.85 391.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 468.03 391.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.10 391.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 525.39 391.10 Td (b) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.39 391.10 Td (y ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 537.69 391.10 Td (Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.56 391.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 379.10 Td (section ) Tj ET Q q 0 0 0 rg BT 66.83 379.10 Td (that ) Tj ET Q q 0 0 0 rg BT 84.32 379.10 Td (follows. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 349.10 Td (MSR Income \(Loss\), Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 331.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 77.58 331.10 Td (income ) Tj ET Q q 0 0 0 rg BT 109.47 331.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 136.65 331.10 Td (net ) Tj ET Q q 0 0 0 rg BT 151.33 331.10 Td (is ) Tj ET Q q 0 0 0 rg BT 160.46 331.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 204.57 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.36 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.04 331.10 Td (net ) Tj ET Q q 0 0 0 rg BT 244.71 331.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 259.38 331.10 Td (income ) Tj ET Q q 0 0 0 rg BT 291.27 331.10 Td (we ) Tj ET Q q 0 0 0 rg BT 305.39 331.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 325.05 331.10 Td (from ) Tj ET Q q 0 0 0 rg BT 346.95 331.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.74 331.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 386.32 331.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 439.05 331.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 473.72 331.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.95 331.10 Td (their ) Tj ET Q q 0 0 0 rg BT 504.74 331.10 Td (market ) Tj ET Q q 0 0 0 rg BT 534.96 331.10 Td (value ) Tj ET Q q 0 0 0 rg BT 559.07 331.10 Td (and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 319.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 78.31 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.40 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.93 319.10 Td (second ) Tj ET Q q 0 0 0 rg BT 133.02 319.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 163.65 319.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.29 319.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 199.11 319.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 233.63 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.72 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.25 319.10 Td (market ) Tj ET Q q 0 0 0 rg BT 288.33 319.10 Td (value ) Tj ET Q q 0 0 0 rg BT 312.30 319.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.94 319.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 369.13 319.10 Td (used ) Tj ET Q q 0 0 0 rg BT 389.77 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.87 319.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 426.06 319.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.70 319.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 480.12 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.21 319.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 521.96 319.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 539.26 319.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 556.57 319.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 307.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 307.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 75.45 307.10 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 78.50 289.10 Td (net ) Tj ET Q q 0 0 0 rg BT 94.10 289.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 134.13 289.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 149.71 289.10 Td (income ) Tj ET Q q 0 0 0 rg BT 182.53 289.10 Td (before ) Tj ET Q q 0 0 0 rg BT 211.44 289.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.04 289.10 Td (ef) Tj ET Q q 0 0 0 rg BT 234.62 289.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 252.99 289.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.69 289.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 300.28 289.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.44 289.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 344.25 289.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 366.50 289.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.32 289.10 Td (other ) Tj ET Q q 0 0 0 rg BT 408.24 289.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 461.07 289.10 Td (was ) Tj ET Q q 0 0 0 rg BT 480.00 289.10 Td ($13 ) Tj ET Q q 0 0 0 rg BT 498.38 289.10 Td (million ) Tj ET Q q 0 0 0 rg BT 530.65 289.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.80 289.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 567.68 289.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 277.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 78.08 277.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.51 277.10 Td ($14 ) Tj ET Q q 0 0 0 rg BT 106.16 277.10 Td (million ) Tj ET Q q 0 0 0 rg BT 137.71 277.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.14 277.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 170.79 277.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.89 277.10 Td ($8 ) Tj ET Q q 0 0 0 rg BT 200.54 277.10 Td (million ) Tj ET Q q 0 0 0 rg BT 232.09 277.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.52 277.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 267.48 277.10 Td (These ) Tj ET Q q 0 0 0 rg BT 294.01 277.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 330.55 277.10 Td (were ) Tj ET Q q 0 0 0 rg BT 352.63 277.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 392.50 277.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 420.70 277.10 Td (by ) Tj ET Q q 0 0 0 rg BT 433.35 277.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.23 277.10 Td (average ) Tj ET Q q 0 0 0 rg BT 481.96 277.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 519.04 277.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.02 277.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 553.79 277.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 265.10 Td (serviced ) Tj ET Q q 0 0 0 rg BT 71.82 265.10 Td (each ) Tj ET Q q 0 0 0 rg BT 92.63 265.10 Td (year) Tj ET Q q 0 0 0 rg BT 109.44 265.10 Td (, ) Tj ET Q q 0 0 0 rg BT 114.44 265.10 Td (which ) Tj ET Q q 0 0 0 rg BT 141.38 265.10 Td (were ) Tj ET Q q 0 0 0 rg BT 163.30 265.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 203.56 265.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 246.06 265.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.34 265.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 278.84 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.78 265.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 320.78 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.71 265.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.99 265.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 370.49 265.10 Td (was ) Tj ET Q q 0 0 0 rg BT 388.54 265.10 Td (almost ) Tj ET Q q 0 0 0 rg BT 417.71 265.10 Td (half ) Tj ET Q q 0 0 0 rg BT 435.76 265.10 Td (that ) Tj ET Q q 0 0 0 rg BT 453.25 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.08 265.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 489.08 265.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.33 247.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 102.32 247.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.88 247.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 136.79 247.10 Td (income ) Tj ET Q q 0 0 0 rg BT 169.00 247.10 Td (from ) Tj ET Q q 0 0 0 rg BT 191.23 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.22 247.10 Td (net ) Tj ET Q q 0 0 0 rg BT 221.22 247.10 Td (ef) Tj ET Q q 0 0 0 rg BT 228.81 247.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 246.58 247.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.69 247.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 292.68 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.24 247.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 355.47 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.69 247.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 394.35 247.10 Td (was ) Tj ET Q q 0 0 0 rg BT 412.69 247.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 447.13 247.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 459.92 247.10 Td (million ) Tj ET Q q 0 0 0 rg BT 491.59 247.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.15 247.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 524.93 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.15 247.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 235.10 Td ($18 ) Tj ET Q q 0 0 0 rg BT 53.64 235.10 Td (million ) Tj ET Q q 0 0 0 rg BT 85.16 235.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.24 235.10 Td ($12 ) Tj ET Q q 0 0 0 rg BT 119.87 235.10 Td (million ) Tj ET Q q 0 0 0 rg BT 151.40 235.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.81 235.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 184.45 235.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.52 235.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 226.66 235.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 274.32 235.10 Td (. ) Tj ET Q q 0 0 0 rg BT 278.88 235.10 Td (As ) Tj ET Q q 0 0 0 rg BT 292.62 235.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 333.59 235.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 362.60 235.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 384.68 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.09 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.94 235.10 Td (second ) Tj ET Q q 0 0 0 rg BT 440.35 235.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 471.30 235.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.26 235.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 507.40 235.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 531.16 235.10 Td (income ) Tj ET Q q 0 0 0 rg BT 563.23 235.10 Td (did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 223.10 Td (not ) Tj ET Q q 0 0 0 rg BT 51.20 223.10 Td (include ) Tj ET Q q 0 0 0 rg BT 83.06 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.71 223.10 Td (ef) Tj ET Q q 0 0 0 rg BT 105.29 223.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 122.71 223.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.46 223.10 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 165.98 223.10 Td (The ) Tj ET Q q 0 0 0 rg BT 183.95 223.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 210.27 223.10 Td (in ) Tj ET Q q 0 0 0 rg BT 220.47 223.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 242.90 223.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.76 223.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 282.19 223.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 321.83 223.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 349.79 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.43 223.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 400.73 223.10 Td (change ) Tj ET Q q 0 0 0 rg BT 431.47 223.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.67 223.10 Td (market ) Tj ET Q q 0 0 0 rg BT 471.86 223.10 Td (value ) Tj ET Q q 0 0 0 rg BT 495.94 223.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.70 223.10 Td (our ) Tj ET Q q 0 0 0 rg BT 522.45 223.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 549.89 223.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.46 211.10 Td (first ) Tj ET Q q 0 0 0 rg BT 68.82 211.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 99.38 211.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.96 211.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 132.20 211.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.89 211.10 Td (all ) Tj ET Q q 0 0 0 rg BT 161.13 211.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.70 211.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 196.45 211.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 233.69 211.10 Td (from ) Tj ET Q q 0 0 0 rg BT 255.38 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.84 211.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 306.50 211.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.52 211.10 Td (market ) Tj ET Q q 0 0 0 rg BT 346.53 211.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 378.21 211.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 399.33 211.10 Td (during ) Tj ET Q q 0 0 0 rg BT 427.69 211.10 Td (those ) Tj ET Q q 0 0 0 rg BT 451.04 211.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 485.07 211.10 Td (The ) Tj ET Q q 0 0 0 rg BT 502.86 211.10 Td (of) Tj ET Q q 0 0 0 rg BT 511.01 211.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 543.25 211.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 199.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.48 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.40 199.10 Td (value ) Tj ET Q q 0 0 0 rg BT 85.76 199.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.79 199.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.82 199.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.96 199.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 186.54 199.10 Td (that ) Tj ET Q q 0 0 0 rg BT 204.24 199.10 Td (ef) Tj ET Q q 0 0 0 rg BT 211.83 199.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 249.51 199.10 Td (served ) Tj ET Q q 0 0 0 rg BT 278.31 199.10 Td (as ) Tj ET Q q 0 0 0 rg BT 289.34 199.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 319.81 199.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.29 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.21 199.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 372.93 199.10 Td (during ) Tj ET Q q 0 0 0 rg BT 401.74 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.66 199.10 Td (first ) Tj ET Q q 0 0 0 rg BT 435.47 199.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 466.49 199.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.52 199.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 500.23 199.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.37 199.10 Td (all ) Tj ET Q q 0 0 0 rg BT 530.06 199.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.10 199.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 563.80 199.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 187.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 76.82 187.10 Td (in ) Tj ET Q q 0 0 0 rg BT 87.09 187.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 134.03 187.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 150.40 187.10 Td (value ) Tj ET Q q 0 0 0 rg BT 174.56 187.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 211.77 187.10 Td (net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 99.81 169.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 125.05 169.10 Td (on ) Tj ET Q q 0 0 0 rg BT 138.09 169.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.45 169.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 201.37 169.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.18 169.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 240.23 169.10 Td (is ) Tj ET Q q 0 0 0 rg BT 249.93 169.10 Td (included ) Tj ET Q q 0 0 0 rg BT 287.40 169.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.21 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.46 169.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 361.48 169.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 412.84 169.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 444.76 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.13 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.38 169.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 475.82 169.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 507.74 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.55 169.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 566.58 169.10 Td (by) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 157.10 Td (Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.88 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.82 157.10 Td (section ) Tj ET Q q 0 0 0 rg BT 107.64 157.10 Td (that ) Tj ET Q q 0 0 0 rg BT 125.14 157.10 Td (follows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 157.64 157.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 127.10 Td (Investment Fair V) Tj ET Q q 0 0 0 rg BT 107.09 127.10 Td (alue Changes, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 101.07 109.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 117.57 109.10 Td (value ) Tj ET Q q 0 0 0 rg BT 141.86 109.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 179.20 109.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 196.55 109.10 Td (is ) Tj ET Q q 0 0 0 rg BT 205.85 109.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 245.69 109.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 289.98 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.94 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.79 109.10 Td (change ) Tj ET Q q 0 0 0 rg BT 346.74 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.15 109.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 373.66 109.10 Td (values ) Tj ET Q q 0 0 0 rg BT 401.84 109.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.80 109.10 Td (our ) Tj ET Q q 0 0 0 rg BT 428.76 109.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 473.04 109.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 496.78 109.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 528.79 109.10 Td (-investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.53 97.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 91.05 97.10 Td (with ) Tj ET Q q 0 0 0 rg BT 111.93 97.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 140.58 97.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 191.73 97.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.16 97.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 255.14 97.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 296.00 97.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 336.85 97.10 Td (as ) Tj ET Q q 0 0 0 rg BT 348.28 97.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 382.20 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.74 97.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 432.26 97.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 450.35 97.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 481.21 97.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 525.40 97.10 Td (with ) Tj ET Q q 0 0 0 rg BT 546.27 97.10 Td (each ) Tj ET Q q 0 0 0 rg BT 567.68 97.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 85.10 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 85.10 Td (investments.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (During ) Tj ET Q q 0 0 0 rg BT 85.31 731.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 110.80 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.00 731.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 162.86 731.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 209.73 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.59 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 251.23 731.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 286.42 731.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 326.62 731.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 361.26 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 383.68 731.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 424.97 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.73 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.93 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.80 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 492.44 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.75 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.07 731.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 544.16 731.10 Td (held ) Tj ET Q q 0 0 0 rg BT 564.36 731.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 81.32 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.19 719.10 Td (their ) Tj ET Q q 0 0 0 rg BT 116.95 719.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 159.48 719.10 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 191.08 719.10 Td (These ) Tj ET Q q 0 0 0 rg BT 216.39 719.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 256.13 719.10 Td (were ) Tj ET Q q 0 0 0 rg BT 276.99 719.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 315.64 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.29 719.10 Td (result ) Tj ET Q q 0 0 0 rg BT 352.94 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.71 719.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 396.36 719.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 417.79 719.10 Td (due ) Tj ET Q q 0 0 0 rg BT 433.66 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.88 719.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 473.75 719.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 490.17 719.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 527.71 719.10 Td (experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 83.26 707.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.13 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 120.84 707.10 Td (well ) Tj ET Q q 0 0 0 rg BT 141.43 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 153.13 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 175.95 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.54 707.10 Td (write-of) Tj ET Q q 0 0 0 rg BT 223.56 707.10 Td (f ) Tj ET Q q 0 0 0 rg BT 230.27 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.97 707.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 281.45 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 304.26 707.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 324.85 707.10 Td (repayments. ) Tj ET Q q 0 0 0 rg BT 376.58 707.10 Td (These ) Tj ET Q q 0 0 0 rg BT 403.83 707.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 445.51 707.10 Td (were ) Tj ET Q q 0 0 0 rg BT 468.31 707.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 505.00 707.10 Td (of) Tj ET Q q 0 0 0 rg BT 513.15 707.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 530.97 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 544.34 707.10 Td (positive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 75.71 695.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 110.42 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.25 695.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 152.07 695.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 192.34 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 209.83 695.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 249.54 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 271.47 695.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 300.07 695.10 Td (tightening ) Tj ET Q q 0 0 0 rg BT 343.12 695.10 Td (during ) Tj ET Q q 0 0 0 rg BT 371.73 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.45 695.10 Td (year) Tj ET Q q 0 0 0 rg BT 403.10 695.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.62 677.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 109.42 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.93 677.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 160.09 677.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.27 677.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.44 677.10 Td (value ) Tj ET Q q 0 0 0 rg BT 246.39 677.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 280.89 677.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 320.40 677.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 354.35 677.10 Td (from ) Tj ET Q q 0 0 0 rg BT 376.08 677.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 416.68 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.75 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.26 677.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 457.43 677.10 Td (value ) Tj ET Q q 0 0 0 rg BT 481.38 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.01 677.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.63 677.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 538.25 677.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.76 665.10 Td (well ) Tj ET Q q 0 0 0 rg BT 66.40 665.10 Td (as ) Tj ET Q q 0 0 0 rg BT 77.16 665.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 111.80 665.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 134.23 665.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.31 665.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.07 665.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 204.26 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.13 665.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 253.13 665.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 302.77 665.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 328.81 665.10 Td (In ) Tj ET Q q 0 0 0 rg BT 339.56 665.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 377.26 665.10 Td (during ) Tj ET Q q 0 0 0 rg BT 405.80 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.44 665.10 Td (first ) Tj ET Q q 0 0 0 rg BT 438.98 665.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 469.72 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.48 665.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 505.40 665.10 Td (this ) Tj ET Q q 0 0 0 rg BT 522.28 665.10 Td (line ) Tj ET Q q 0 0 0 rg BT 539.70 665.10 Td (item ) Tj ET Q q 0 0 0 rg BT 559.90 665.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (included ) Tj ET Q q 0 0 0 rg BT 72.49 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.76 653.10 Td (change ) Tj ET Q q 0 0 0 rg BT 117.13 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.97 653.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 142.90 653.10 Td (value ) Tj ET Q q 0 0 0 rg BT 166.61 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.00 653.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 206.25 653.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 231.64 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.13 653.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 294.06 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 307.78 653.10 Td (used ) Tj ET Q q 0 0 0 rg BT 328.16 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.00 653.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 363.93 653.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.32 653.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 408.89 653.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.27 653.10 Td (we ) Tj ET Q q 0 0 0 rg BT 432.99 653.10 Td (did ) Tj ET Q q 0 0 0 rg BT 447.82 653.10 Td (not ) Tj ET Q q 0 0 0 rg BT 462.66 653.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 486.93 653.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.76 653.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 544.91 653.10 Td (identify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 82.37 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 96.53 641.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 131.25 641.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 158.76 641.10 Td (until ) Tj ET Q q 0 0 0 rg BT 179.60 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.32 641.10 Td (second ) Tj ET Q q 0 0 0 rg BT 224.58 641.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 255.40 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.23 641.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 98.46 623.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 122.37 623.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.06 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.08 623.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 194.65 623.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 210.22 623.10 Td (value ) Tj ET Q q 0 0 0 rg BT 233.57 623.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 267.46 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 275.82 623.10 Td (included ) Tj ET Q q 0 0 0 rg BT 311.95 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.42 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.33 623.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 382.01 623.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 432.02 623.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 462.60 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.62 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.53 623.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.97 623.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 521.55 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.02 623.10 Td (Operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.44 611.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 47.94 611.10 Td (Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.82 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.75 611.10 Td (section ) Tj ET Q q 0 0 0 rg BT 119.58 611.10 Td (that ) Tj ET Q q 0 0 0 rg BT 137.07 611.10 Td (follows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 169.57 611.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (Other Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 80.07 563.10 Td (income ) Tj ET Q q 0 0 0 rg BT 112.80 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.88 563.10 Td (both ) Tj ET Q q 0 0 0 rg BT 144.96 563.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 168.26 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.00 563.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 209.30 563.10 Td (was ) Tj ET Q q 0 0 0 rg BT 228.15 563.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 268.66 563.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 313.61 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.24 563.10 Td (income ) Tj ET Q q 0 0 0 rg BT 357.98 563.10 Td (from ) Tj ET Q q 0 0 0 rg BT 380.72 563.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 399.02 563.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 431.75 563.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 488.92 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 509.99 563.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 540.51 563.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 561.58 563.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 68.63 551.10 Td (Mac. ) Tj ET Q q 0 0 0 rg BT 90.99 551.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.84 551.10 Td (income ) Tj ET Q q 0 0 0 rg BT 147.36 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.22 551.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 179.31 551.10 Td (was ) Tj ET Q q 0 0 0 rg BT 196.94 551.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 236.24 551.10 Td (related ) Tj ET Q q 0 0 0 rg BT 265.53 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.39 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 281.91 551.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 321.76 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.63 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 347.04 551.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 385.23 551.10 Td (reserve. ) Tj ET Q q 0 0 0 rg BT 418.53 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 436.17 551.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 448.25 551.10 Td (million ) Tj ET Q q 0 0 0 rg BT 479.23 551.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 514.07 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.93 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 546.56 551.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 539.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 68.78 539.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 108.49 539.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 142.65 539.10 Td (from ) Tj ET Q q 0 0 0 rg BT 164.58 539.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 182.08 539.10 Td (share ) Tj ET Q q 0 0 0 rg BT 205.68 539.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 255.95 539.10 Td (that ) Tj ET Q q 0 0 0 rg BT 273.44 539.10 Td (were ) Tj ET Q q 0 0 0 rg BT 295.37 539.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 339.52 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 349.80 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.52 539.10 Td (second ) Tj ET Q q 0 0 0 rg BT 394.78 539.10 Td (half ) Tj ET Q q 0 0 0 rg BT 412.83 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.66 539.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 448.66 539.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (Realized Gains, Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (For ) Tj ET Q q 0 0 0 rg BT 69.71 491.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 94.04 491.10 Td (we ) Tj ET Q q 0 0 0 rg BT 107.52 491.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 140.98 491.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 163.91 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.07 491.10 Td ($28 ) Tj ET Q q 0 0 0 rg BT 190.89 491.10 Td (million, ) Tj ET Q q 0 0 0 rg BT 224.10 491.10 Td (which ) Tj ET Q q 0 0 0 rg BT 250.37 491.10 Td (included ) Tj ET Q q 0 0 0 rg BT 286.62 491.10 Td ($23 ) Tj ET Q q 0 0 0 rg BT 303.44 491.10 Td (million ) Tj ET Q q 0 0 0 rg BT 334.16 491.10 Td (from ) Tj ET Q q 0 0 0 rg BT 355.42 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.46 491.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 386.83 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.98 491.10 Td ($253 ) Tj ET Q q 0 0 0 rg BT 418.81 491.10 Td (million ) Tj ET Q q 0 0 0 rg BT 449.52 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.27 491.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 479.44 491.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 519.02 491.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.29 491.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 547.11 491.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.10 Td (from ) Tj ET Q q 0 0 0 rg BT 58.01 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.80 479.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 90.91 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.82 479.10 Td ($218 ) Tj ET Q q 0 0 0 rg BT 124.39 479.10 Td (million ) Tj ET Q q 0 0 0 rg BT 155.85 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.75 479.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 216.52 479.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 261.84 479.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 288.02 479.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 305.03 479.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 328.71 479.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 366.25 479.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 479.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.60 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.17 479.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.18 479.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.18 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.75 479.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 478.53 479.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 512.76 479.10 Td (from ) Tj ET Q q 0 0 0 rg BT 534.77 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.56 479.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 567.67 479.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td ($366 ) Tj ET Q q 0 0 0 rg BT 58.50 467.10 Td (million ) Tj ET Q q 0 0 0 rg BT 89.89 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.83 467.10 Td ($440 ) Tj ET Q q 0 0 0 rg BT 129.33 467.10 Td (million ) Tj ET Q q 0 0 0 rg BT 160.72 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.00 467.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 191.84 467.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 232.11 467.10 Td (during ) Tj ET Q q 0 0 0 rg BT 260.72 467.10 Td (each ) Tj ET Q q 0 0 0 rg BT 281.53 467.10 Td (year) Tj ET Q q 0 0 0 rg BT 298.34 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.34 467.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 351.00 467.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 99.92 449.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 125.27 449.10 Td (on ) Tj ET Q q 0 0 0 rg BT 138.41 449.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 173.19 449.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 197.44 449.10 Td (is ) Tj ET Q q 0 0 0 rg BT 207.26 449.10 Td (included ) Tj ET Q q 0 0 0 rg BT 244.83 449.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.75 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.11 449.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 319.24 449.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 370.71 449.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 402.74 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.21 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.57 449.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.01 449.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 466.04 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.96 449.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 525.10 449.10 Td (by ) Tj ET Q q 0 0 0 rg BT 537.68 449.10 Td (Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.56 449.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (section ) Tj ET Q q 0 0 0 rg BT 66.83 437.10 Td (that ) Tj ET Q q 0 0 0 rg BT 84.32 437.10 Td (follows. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (Operating Expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.76 389.10 Td ($9 ) Tj ET Q q 0 0 0 rg BT 85.97 389.10 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.08 389.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.49 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.70 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.70 389.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 207.67 389.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 246.98 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.97 389.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 281.19 389.10 Td (was ) Tj ET Q q 0 0 0 rg BT 299.95 389.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 340.38 389.10 Td (due ) Tj ET Q q 0 0 0 rg BT 358.03 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.02 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.45 389.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 438.76 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.30 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.84 389.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 511.71 389.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 561.57 389.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 86.42 377.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 127.40 377.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 162.84 377.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 207.71 377.10 Td (during ) Tj ET Q q 0 0 0 rg BT 237.04 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.48 377.10 Td (first ) Tj ET Q q 0 0 0 rg BT 271.81 377.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 303.34 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 314.89 377.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 340.61 377.10 Td (which ) Tj ET Q q 0 0 0 rg BT 368.27 377.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 403.15 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.15 377.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.81 377.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 447.79 377.10 Td (run-rate ) Tj ET Q q 0 0 0 rg BT 482.66 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.21 377.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 536.03 377.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 74.57 365.10 Td (for ) Tj ET Q q 0 0 0 rg BT 88.70 365.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 111.18 365.10 Td (included ) Tj ET Q q 0 0 0 rg BT 148.08 365.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 165.55 365.10 Td (million ) Tj ET Q q 0 0 0 rg BT 196.92 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.72 365.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 261.29 365.10 Td (char) Tj ET Q q 0 0 0 rg BT 278.31 365.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 294.11 365.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 329.90 365.10 Td (during ) Tj ET Q q 0 0 0 rg BT 358.48 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.17 365.10 Td (first ) Tj ET Q q 0 0 0 rg BT 391.75 365.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 422.54 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.34 365.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 458.31 365.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 501.89 365.10 Td (these ) Tj ET Q q 0 0 0 rg BT 524.91 365.10 Td (restructuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (related ) Tj ET Q q 0 0 0 rg BT 65.36 353.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 106.11 353.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 146.03 353.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 184.28 353.10 Td (were ) Tj ET Q q 0 0 0 rg BT 205.87 353.10 Td ($78 ) Tj ET Q q 0 0 0 rg BT 223.02 353.10 Td (million ) Tj ET Q q 0 0 0 rg BT 254.07 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.00 353.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 288.50 353.10 Td (The ) Tj ET Q q 0 0 0 rg BT 306.20 353.10 Td ($7 ) Tj ET Q q 0 0 0 rg BT 318.36 353.10 Td (million ) Tj ET Q q 0 0 0 rg BT 349.40 353.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 384.31 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.24 353.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 434.16 353.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 472.42 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.35 353.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 504.50 353.10 Td (was ) Tj ET Q q 0 0 0 rg BT 522.21 353.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 561.58 353.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 341.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 88.77 341.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 111.27 341.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 154.86 341.10 Td (with ) Tj ET Q q 0 0 0 rg BT 175.14 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.86 341.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 232.90 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.73 341.10 Td (our ) Tj ET Q q 0 0 0 rg BT 259.56 341.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 303.71 341.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.65 341.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 370.35 341.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 410.61 341.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 445.33 341.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 489.49 341.10 Td (during ) Tj ET Q q 0 0 0 rg BT 518.09 341.10 Td (that ) Tj ET Q q 0 0 0 rg BT 535.59 341.10 Td (year) Tj ET Q q 0 0 0 rg BT 552.25 341.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.71 323.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 91.87 323.10 Td (1) Tj ET Q q 0 0 0 rg BT 96.13 323.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.13 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.40 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.00 323.10 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.60 323.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 154.65 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.70 323.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 220.31 323.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 261.46 323.10 Td (Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.79 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.06 323.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.11 323.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 335.49 323.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 346.92 323.10 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 375.02 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.62 323.10 Td (this ) Tj ET Q q 0 0 0 rg BT 401.84 323.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 433.55 323.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 463.04 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 475.31 323.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 499.26 323.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 522.08 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 536.01 323.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 60.71 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.54 311.10 Td (these ) Tj ET Q q 0 0 0 rg BT 94.59 311.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 148.18 311.10 Td (char) Tj ET Q q 0 0 0 rg BT 165.21 311.10 Td (ges. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (\(Pr) Tj ET Q q 0 0 0 rg BT 48.96 281.10 Td (ovision for\) Benefit Fr) Tj ET Q q 0 0 0 rg BT 138.29 281.10 Td (om Income T) Tj ET Q q 0 0 0 rg BT 189.59 281.10 Td (axes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.12 263.10 Td (income ) Tj ET Q q 0 0 0 rg BT 102.12 263.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 124.23 263.10 Td (result ) Tj ET Q q 0 0 0 rg BT 148.01 263.10 Td (almost ) Tj ET Q q 0 0 0 rg BT 176.24 263.10 Td (entirely ) Tj ET Q q 0 0 0 rg BT 208.35 263.10 Td (from ) Tj ET Q q 0 0 0 rg BT 229.35 263.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 260.90 263.10 Td (at ) Tj ET Q q 0 0 0 rg BT 269.69 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 284.58 263.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 315.02 263.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 337.05 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.62 263.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 389.90 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 415.90 263.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 454.68 263.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 489.57 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.47 263.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 543.79 263.10 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 74.13 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.60 251.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 113.76 251.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 166.07 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 176.43 251.10 Td (well ) Tj ET Q q 0 0 0 rg BT 195.68 251.10 Td (as ) Tj ET Q q 0 0 0 rg BT 206.05 251.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 235.28 251.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 281.20 251.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 315.45 251.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 356.08 251.10 Td (During ) Tj ET Q q 0 0 0 rg BT 386.44 251.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 410.98 251.10 Td (we ) Tj ET Q q 0 0 0 rg BT 424.67 251.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 461.68 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 468.15 251.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 482.40 251.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 522.22 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.58 251.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 544.61 251.10 Td (million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 75.80 239.10 Td (related ) Tj ET Q q 0 0 0 rg BT 105.59 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.95 239.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 152.42 239.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 179.27 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.86 239.10 Td (income ) Tj ET Q q 0 0 0 rg BT 213.88 239.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 243.11 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 252.92 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.53 239.10 Td (TRS ) Tj ET Q q 0 0 0 rg BT 288.46 239.10 Td (during ) Tj ET Q q 0 0 0 rg BT 317.15 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.74 239.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 365.37 239.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 383.51 239.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 398.31 239.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 438.68 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.04 239.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 471.63 239.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 511.42 239.10 Td (from ) Tj ET Q q 0 0 0 rg BT 533.44 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.25 239.10 Td (release ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.10 227.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 85.09 227.10 Td (allowances ) Tj ET Q q 0 0 0 rg BT 131.29 227.10 Td (we ) Tj ET Q q 0 0 0 rg BT 144.73 227.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 188.72 227.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 234.92 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 246.70 227.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 275.67 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.78 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.88 227.10 Td (net ) Tj ET Q q 0 0 0 rg BT 314.87 227.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 349.96 227.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 363.95 227.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 391.42 227.10 Td (The ) Tj ET Q q 0 0 0 rg BT 408.75 227.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 438.28 227.10 Td (from ) Tj ET Q q 0 0 0 rg BT 459.50 227.10 Td (income ) Tj ET Q q 0 0 0 rg BT 490.71 227.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 513.03 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.58 227.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 544.36 227.10 Td (resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.89 215.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 84.75 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.21 215.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 113.55 215.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 154.87 215.10 Td (at ) Tj ET Q q 0 0 0 rg BT 164.54 215.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.15 215.10 Td (TRS, ) Tj ET Q q 0 0 0 rg BT 203.45 215.10 Td (which ) Tj ET Q q 0 0 0 rg BT 230.34 215.10 Td (was ) Tj ET Q q 0 0 0 rg BT 248.35 215.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 282.45 215.10 Td (by ) Tj ET Q q 0 0 0 rg BT 294.91 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 301.80 215.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 341.47 215.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 384.46 215.10 Td (we ) Tj ET Q q 0 0 0 rg BT 398.58 215.10 Td (established ) Tj ET Q q 0 0 0 rg BT 445.47 215.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.92 215.10 Td (certain ) Tj 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299.50 435.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 435.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 435.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 435.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 435.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 435.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 435.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 435.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 435.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 435.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 435.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 409.75 121.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 409.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 409.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 409.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 409.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 409.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 409.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 409.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 409.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 409.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 409.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 383.75 121.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 383.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 383.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 383.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 383.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 383.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 383.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 383.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 383.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.50 383.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 543.50 383.75 33.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 654.75 m 206.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 654.75 m 210.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 654.75 m 258.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 654.75 m 262.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 654.75 m 295.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 654.75 m 299.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 654.75 m 344.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 654.75 m 348.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 654.75 m 399.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 654.75 m 403.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 654.75 m 438.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 654.75 m 442.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 654.75 m 487.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 654.75 m 491.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 654.75 m 539.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 654.75 m 543.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 654.75 m 576.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 654.75 m 206.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 642.75 m 206.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 642.75 m 210.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 642.75 m 258.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 642.75 m 262.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 642.75 m 295.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 654.75 m 344.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 642.75 m 344.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 642.75 m 348.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 642.75 m 399.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 642.75 m 403.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 642.75 m 438.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 654.75 m 442.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 654.75 m 487.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 642.75 m 487.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 654.75 m 491.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 642.75 m 491.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 654.75 m 539.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 642.75 m 539.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 654.75 m 543.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 642.75 m 543.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 654.75 m 576.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 642.75 m 576.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 609.75 m 157.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 642.75 m 206.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 609.75 m 206.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 642.75 m 258.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 609.75 m 258.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 642.75 m 295.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 609.75 m 295.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 609.75 m 344.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 642.75 m 399.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 609.75 m 399.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 642.75 m 438.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 609.75 m 438.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 642.75 m 487.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 609.75 m 487.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 642.75 m 491.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 642.75 m 539.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 609.75 m 539.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539.5 642.75 m 543.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 642.75 m 576.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 543.5 609.75 m 576.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 487.75 m 206.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 487.75 m 344.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 487.75 m 487.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 487.75 m 206.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 487.75 m 344.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 487.75 m 487.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 396.75 m 206.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 396.75 m 344.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 396.75 m 487.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 396.75 m 206.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 383.75 m 206.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 383.75 m 344.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 396.75 m 487.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 383.75 m 487.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 383.75 m 206.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 371.75 m 206.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 369.75 m 206.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 383.75 m 344.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 371.75 m 344.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 369.75 m 344.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 383.75 m 487.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 371.75 m 487.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 369.75 m 487.5 369.75 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 319.70 659.09 Td (Years Ended December 31,) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 219.50 646.49 Td (2016) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 360.00 646.49 Td (2015) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 500.50 646.49 Td (2014) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 614.09 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 169.40 631.09 Td (Interest) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 168.85 622.59 Td (Income/) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 165.55 614.09 Td (\(Expense\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.30 621.98 Td ( ) Tj ET Q q 0 0 0 rg BT 220.86 621.98 Td (A) Tj ET Q q 0 0 0 rg BT 226.04 621.98 Td (verage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.40 613.98 Td ( Balance ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 248.51 617.61 Td (\(1\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 268.95 614.09 Td (Yield) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 307.40 631.09 Td (Interest) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 306.85 622.59 Td (Income/) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 303.55 614.09 Td (\(Expense\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 357.85 622.59 Td ( ) Tj ET Q q 0 0 0 rg BT 359.51 622.59 Td (A) Tj ET Q q 0 0 0 rg BT 365.01 622.59 Td (verage ) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 351.60 614.09 Td ( Balance ) Tj ET Q BT /F2 8.50 Tf ET BT /F2 5.52 Tf ET q 0 0 0 rg BT 388.90 617.94 Td (\(1\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 410.95 614.09 Td (Yield) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 450.40 631.09 Td (Interest) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 449.85 622.59 Td (Income/) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 446.55 614.09 Td (\(Expense\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 621.98 Td ( ) Tj ET Q q 0 0 0 rg BT 501.86 621.98 Td (A) Tj ET Q q 0 0 0 rg BT 507.04 621.98 Td (verage ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.40 613.98 Td ( Balance ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 529.51 617.61 Td (\(1\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 549.95 614.09 Td (Yield) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 601.09 Td (Interest Income) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 588.11 Td (Residential loans, held-for-sale) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.00 588.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 588.01 Td (33,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.00 588.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 588.01 Td (908,353) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 588.01 Td (3.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 588.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 588.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 588.01 Td (47,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.00 588.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 588.01 Td (1,289,684) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 588.01 Td (3.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 588.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.00 588.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 588.01 Td (38,679) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 588.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 588.01 Td (993,089) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.25 588.01 Td (3.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 588.01 Td (%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 574.61 Td (Residential loans - HFI at ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 566.11 Td (Redwood ) Tj ET Q BT /F1 8.50 Tf ET BT /F1 5.52 Tf ET q 0 0 0 rg BT 73.71 569.96 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 566.21 Td (85,147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 566.21 Td (2,193,619) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 566.21 Td (3.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 566.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 566.21 Td (42,680) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 566.21 Td (1,107,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 566.21 Td (3.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 566.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.75 566.21 Td (4,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 566.21 Td (118,792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.25 566.21 Td (3.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 566.21 Td (%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 552.61 Td (Residential loans - HFI at ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 544.11 Td (Sequoia ) Tj ET Q BT /F1 8.50 Tf ET BT /F1 5.52 Tf ET q 0 0 0 rg BT 68.51 547.96 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 544.21 Td (19,537) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 544.21 Td (882,079) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 544.21 Td (2.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 544.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 544.21 Td (24,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 544.21 Td (1,224,857) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 544.21 Td (2.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 544.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 544.21 Td (25,786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 544.21 Td (1,604,556) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.25 544.21 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 544.21 Td (%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 531.11 Td (Commercial loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 531.01 Td (30,496) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 531.01 Td (258,041) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.75 531.01 Td (11.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 531.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 531.01 Td (46,933) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 531.01 Td (504,685) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 531.01 Td (9.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 531.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 531.01 Td (47,567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 531.01 Td (530,514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.25 531.01 Td (9.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 531.01 Td (%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 518.11 Td (Trading securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 518.01 Td (22,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 518.01 Td (299,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 518.01 Td (7.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 518.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 518.01 Td (17,613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 518.01 Td (150,372) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.75 518.01 Td (11.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 518.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.25 518.01 Td (22,893) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 518.01 Td (136,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.75 518.01 Td (16.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 518.01 Td (%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 505.11 Td (Available-for-sale securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 505.01 Td (54,389) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 505.01 Td (530,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.75 505.01 Td (10.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 505.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.25 505.01 Td (79,835) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 505.01 Td (886,966) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 505.01 Td (9.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 505.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 505.01 Td (102,589) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 505.01 Td (1,308,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.25 505.01 Td (7.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 505.01 Td (%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 492.11 Td (Other interest income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.75 492.01 Td (1,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 492.01 Td (294,830) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 492.01 Td (0.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 492.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 327.50 492.01 Td (336) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 492.01 Td (225,292) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 492.01 Td (0.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 492.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 492.01 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 492.01 Td (156,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.50 492.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 492.01 Td (%) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 479.09 Td (Total interest income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.75 479.01 Td (246,355) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 479.01 Td (5,367,191) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 479.01 Td (4.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.50 479.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 479.01 Td (259,432) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 479.01 Td (5,389,459) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.25 479.01 Td (4.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.50 479.01 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 479.01 Td (242,070) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 479.01 Td (4,847,874) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.25 479.01 Td (5.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 479.01 Td (%) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 466.09 Td (Interest Expense) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 453.11 Td (Short-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.25 453.01 Td (\(22,287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 453.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 453.01 Td (1,089,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 453.01 Td (\(2.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.50 453.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.25 453.01 Td (\(30,572) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 453.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 453.01 Td (1,671,184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 453.01 Td (\(1.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 453.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 453.01 Td (\(25,990) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 453.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 453.01 Td (1,522,965) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.25 453.01 Td (\(1.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 565.50 453.01 Td (\)%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 440.11 Td (ABS issued - Redwood) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 179.75 440.01 Td (\(1,632) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 440.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.25 440.01 Td (21,159) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 440.01 Td (\(7.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.50 440.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.75 440.01 Td (\(5,822) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 440.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.25 440.01 Td (87,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 440.01 Td (\(6.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 440.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 440.01 Td (\(10,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 440.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 440.01 Td (190,694) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.25 440.01 Td (\(5.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 565.50 440.01 Td (\)%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 427.11 Td (ABS issued - Sequoia) Tj ET Q BT /F1 8.50 Tf ET BT /F1 5.52 Tf ET q 0 0 0 rg BT 113.38 430.96 Td ( \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.25 427.01 Td (\(13,103) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 427.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 427.01 Td (861,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 427.01 Td (\(1.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.50 427.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.25 427.01 Td (\(15,647) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 427.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 427.01 Td (1,164,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 427.01 Td (\(1.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 427.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 427.01 Td (\(20,844) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 427.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 427.01 Td (1,541,282) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.25 427.01 Td (\(1.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 565.50 427.01 Td (\)%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 414.11 Td (Long-term debt - FHLBC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.25 414.01 Td (\(11,579) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 414.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 414.01 Td (1,980,971) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 414.01 Td (\(0.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.50 414.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.75 414.01 Td (\(2,848) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 414.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 414.01 Td (894,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 414.01 Td (\(0.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 414.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.50 414.01 Td (\(265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 414.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.25 414.01 Td (99,945) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.25 414.01 Td (\(0.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 565.50 414.01 Td (\)%) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 39.00 401.11 Td (Long-term debt - other) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.25 401.01 Td (\(39,927) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 401.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.75 401.01 Td (665,453) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 401.01 Td (\(6.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.50 401.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.25 401.01 Td (\(40,994) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 401.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.75 401.01 Td (686,354) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 401.01 Td (\(6.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 401.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 401.01 Td (\(29,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 401.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.75 401.01 Td (516,518) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.25 401.01 Td (\(5.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 565.50 401.01 Td (\)%) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 388.09 Td (Total interest expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.25 388.01 Td (\(88,528) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 388.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.00 388.01 Td (4,617,955) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 388.01 Td (\(1.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.50 388.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.25 388.01 Td (\(95,883) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 388.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 388.01 Td (4,505,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 388.01 Td (\(2.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.50 388.01 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 388.01 Td (\(87,463) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.00 388.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 388.01 Td (3,871,404) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.25 388.01 Td (\(2.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 565.50 388.01 Td (\)%) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 375.09 Td (Net Interest Income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 164.00 375.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.75 375.01 Td (157,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.00 375.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 375.01 Td (163,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.00 375.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.75 375.01 Td (154,607) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 360.45 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 349.65 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 349.65 Td (A) Tj ET Q q 0 0 0 rg BT 64.33 349.65 Td (verage ) Tj ET Q q 0 0 0 rg BT 90.88 349.65 Td (balances ) Tj ET Q q 0 0 0 rg BT 124.43 349.65 Td (for ) Tj ET Q q 0 0 0 rg BT 137.49 349.65 Td (residential ) Tj ET Q q 0 0 0 rg BT 177.54 349.65 Td (and ) Tj ET Q q 0 0 0 rg BT 193.10 349.65 Td (commercial ) Tj ET Q q 0 0 0 rg BT 238.14 349.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 259.71 349.65 Td (held-for) Tj ET Q q 0 0 0 rg BT 288.51 349.65 Td (-sale, ) Tj ET Q q 0 0 0 rg BT 310.32 349.65 Td (residential ) Tj ET Q q 0 0 0 rg BT 350.37 349.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 371.94 349.65 Td (held-for) Tj ET Q q 0 0 0 rg BT 400.74 349.65 Td (-investment ) Tj ET Q q 0 0 0 rg BT 445.80 349.65 Td (and ) Tj ET Q q 0 0 0 rg BT 461.36 349.65 Td (trading ) Tj ET Q q 0 0 0 rg BT 489.42 349.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 525.97 349.65 Td (are ) Tj ET Q q 0 0 0 rg BT 539.53 349.65 Td (calculated ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 338.85 Td (based ) Tj ET Q q 0 0 0 rg BT 80.80 338.85 Td (upon ) Tj ET Q q 0 0 0 rg BT 100.60 338.85 Td (carrying ) Tj ET Q q 0 0 0 rg BT 132.39 338.85 Td (values, ) Tj ET Q q 0 0 0 rg BT 159.44 338.85 Td (which ) Tj ET Q q 0 0 0 rg BT 183.24 338.85 Td (represent ) Tj ET Q q 0 0 0 rg BT 218.02 338.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 254.32 338.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 268.61 338.85 Td (values. ) Tj ET Q q 0 0 0 rg BT 295.26 338.85 Td (A) Tj ET Q q 0 0 0 rg BT 301.09 338.85 Td (verage ) Tj ET Q q 0 0 0 rg BT 326.88 338.85 Td (balances ) Tj ET Q q 0 0 0 rg BT 359.67 338.85 Td (for ) Tj ET Q q 0 0 0 rg BT 371.96 338.85 Td (available-for) Tj ET Q q 0 0 0 rg BT 417.76 338.85 Td (-sale ) Tj ET Q q 0 0 0 rg BT 436.55 338.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 472.34 338.85 Td (and ) Tj ET Q q 0 0 0 rg BT 487.14 338.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 504.44 338.85 Td (are ) Tj ET Q q 0 0 0 rg BT 517.23 338.85 Td (calculated ) Tj ET Q q 0 0 0 rg BT 555.51 338.85 Td (based ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 328.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 78.75 328.05 Td (amortized ) Tj ET Q q 0 0 0 rg BT 116.98 328.05 Td (historical ) Tj ET Q q 0 0 0 rg BT 152.72 328.05 Td (cost, ) Tj ET Q q 0 0 0 rg BT 171.72 328.05 Td (except ) Tj ET Q q 0 0 0 rg BT 197.46 328.05 Td (for ) Tj ET Q q 0 0 0 rg BT 209.70 328.05 Td (ABS ) Tj ET Q q 0 0 0 rg BT 229.46 328.05 Td (issued-Sequoia, ) Tj ET Q q 0 0 0 rg BT 288.45 328.05 Td (which ) Tj ET Q q 0 0 0 rg BT 312.70 328.05 Td (is ) Tj ET Q q 0 0 0 rg BT 320.95 328.05 Td (based ) Tj ET Q q 0 0 0 rg BT 343.69 328.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 363.94 328.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 378.68 328.05 Td (value.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 311.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 87.00 311.25 Td (income ) Tj ET Q q 0 0 0 rg BT 115.01 311.25 Td (from ) Tj ET Q q 0 0 0 rg BT 134.01 311.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 173.01 311.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 193.53 311.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 222.33 311.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 266.34 311.25 Td (\("HFI"\) ) Tj ET Q q 0 0 0 rg BT 295.69 311.25 Td (at ) Tj ET Q q 0 0 0 rg BT 303.70 311.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 339.71 311.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 369.21 311.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 389.73 311.25 Td (HFI ) Tj ET Q q 0 0 0 rg BT 405.74 311.25 Td (at ) Tj ET Q q 0 0 0 rg BT 413.75 311.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 460.75 311.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 491.26 311.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 521.02 311.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 549.52 311.25 Td (income ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 300.45 Td (from ) Tj ET Q q 0 0 0 rg BT 78.77 300.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 119.03 300.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 140.80 300.45 Td (- ) Tj ET Q q 0 0 0 rg BT 146.57 300.45 Td (HFI ) Tj ET Q q 0 0 0 rg BT 163.84 300.45 Td (at ) Tj ET Q q 0 0 0 rg BT 173.11 300.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 204.88 300.45 Td (and ) Tj ET Q q 0 0 0 rg BT 220.65 300.45 Td (the ) Tj ET Q q 0 0 0 rg BT 234.41 300.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.68 300.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 295.44 300.45 Td (from ) Tj ET Q q 0 0 0 rg BT 315.09 300.45 Td (ABS ) Tj ET Q q 0 0 0 rg BT 335.37 300.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 360.65 300.45 Td (- ) Tj ET Q q 0 0 0 rg BT 366.42 300.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 398.18 300.45 Td (represent ) Tj ET Q q 0 0 0 rg BT 433.94 300.45 Td (activity ) Tj ET Q q 0 0 0 rg BT 463.70 300.45 Td (from ) Tj ET Q q 0 0 0 rg BT 483.97 300.45 Td (our ) Tj ET Q q 0 0 0 rg BT 498.74 300.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 547.00 300.45 Td (Sequoia ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 289.65 Td (entities.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.41 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 114.15 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 136.44 731.10 Td (details ) Tj ET Q q 0 0 0 rg BT 165.41 731.10 Td (how ) Tj ET Q q 0 0 0 rg BT 185.49 731.10 Td (net ) Tj ET Q q 0 0 0 rg BT 200.56 731.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 232.85 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 265.15 731.10 Td (changed ) Tj ET Q q 0 0 0 rg BT 301.32 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 314.18 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.48 731.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 374.88 731.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 397.74 731.10 Td (as ) Tj ET Q q 0 0 0 rg BT 408.93 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 416.22 731.10 Td (result ) Tj ET Q q 0 0 0 rg BT 441.30 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.49 731.10 Td (changes ) 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 338.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 338.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 647.6 m 280.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 647.6 m 284.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 647.6 m 339.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 647.6 m 343.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 647.6 m 398.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 647.6 m 457.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 647.6 m 461.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 647.6 m 516.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 647.6 m 520.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 647.6 m 575.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 647.6 m 280.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 632.6 m 280.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 632.6 m 284.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 632.6 m 339.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 632.6 m 343.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 632.6 m 398.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 647.6 m 457.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 632.6 m 457.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 632.6 m 461.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 632.6 m 516.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 632.6 m 520.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 632.6 m 575.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 617.6 m 221.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 632.6 m 280.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 617.6 m 280.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 632.6 m 339.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 617.6 m 339.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 632.6 m 398.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 617.6 m 398.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 632.6 m 457.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 617.6 m 457.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 632.6 m 461.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 632.6 m 516.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 617.6 m 516.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 632.6 m 520.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 632.6 m 575.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 617.6 m 575.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 617.6 m 221.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 617.6 m 280.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 617.6 m 339.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 617.6 m 398.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 617.6 m 457.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 617.6 m 516.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 617.6 m 575.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 473.6 m 280.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 473.6 m 339.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 473.6 m 457.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 473.6 m 516.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 473.6 m 280.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 473.6 m 339.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 473.6 m 398.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 473.6 m 457.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 473.6 m 516.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 473.6 m 575.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 368.6 m 280.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 368.6 m 339.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 368.6 m 457.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 368.6 m 516.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 368.6 m 280.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 368.6 m 339.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 368.6 m 398.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 368.6 m 457.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 368.6 m 516.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 368.6 m 575.5 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 338.6 m 398.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 324.6 m 398.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 322.6 m 398.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 338.6 m 575.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 324.6 m 575.5 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 322.6 m 575.5 322.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 666.28 Td (Change in Net Interest Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.90 652.28 Td (For the Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 637.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.50 637.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 637.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 622.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.25 622.28 Td (Volume) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.50 622.28 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.55 622.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.25 622.28 Td (Volume) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 622.28 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.55 622.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 608.28 Td (Net Interest Income for the Beginning of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 598.28 Td (the Year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 598.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 598.27 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 598.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 598.27 Td (154,607) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 583.28 Td (Impact of Changes in Interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 568.27 Td (Residential loans - HFS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 568.27 Td (\(13,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 568.32 Td (\(139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 568.27 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 568.32 Td (\(14,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 568.27 Td (11,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 568.32 Td (\(3,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 568.27 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 568.27 Td (8,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 553.27 Td (Residential loans - HFI at Redwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 553.27 Td (41,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 553.27 Td (619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 553.27 Td (42,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 553.27 Td (37,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 553.27 Td (872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 553.27 Td (38,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 538.27 Td (Residential loans - HFI at Sequoia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.80 538.27 Td (\(6,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 538.27 Td (1,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.80 538.32 Td (\(5,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 538.32 Td (\(6,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 538.27 Td (5,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 538.27 Td (\(972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 523.27 Td (Commercial loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 523.27 Td (\(22,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 523.27 Td (6,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 523.32 Td (\(16,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 523.32 Td (\(1,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 523.27 Td (760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 523.27 Td (\(634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 508.27 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 508.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 508.27 Td (17,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.80 508.32 Td (\(12,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 508.27 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 508.27 Td (4,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 508.27 Td (2,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 508.32 Td (\(7,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 508.27 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 508.27 Td (\(5,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 493.27 Td (Available-for-sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 493.27 Td (\(32,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 493.27 Td (6,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 493.32 Td (\(25,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 493.32 Td (\(33,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 493.27 Td (10,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 493.27 Td (\(22,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 478.27 Td (Other Interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 478.27 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 478.27 Td (742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 478.27 Td (846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 478.27 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 478.27 Td (232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 478.27 Td (264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 463.27 Td (Net changes in interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 463.27 Td (\(16,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 463.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 463.27 Td (3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 463.32 Td (\(13,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 463.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 463.27 Td (10,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 463.27 Td (6,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 463.27 Td (17,362) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 448.28 Td (Impact of Changes in Interest Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 433.27 Td (Short-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 433.27 Td (10,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.80 433.32 Td (\(2,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 433.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 433.27 Td (8,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 433.32 Td (\(2,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 433.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 433.32 Td (\(2,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 433.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 433.27 Td (\(4,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 433.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 418.27 Td (ABS issued - Redwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 418.27 Td (4,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 418.32 Td (\(232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 418.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 418.27 Td (4,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 418.27 Td (5,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 418.32 Td (\(1,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 418.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 418.27 Td (4,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 403.27 Td (ABS issued - Sequoia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 403.27 Td (4,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.80 403.32 Td (\(1,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 403.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 403.27 Td (2,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 403.27 Td (5,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 403.27 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 403.27 Td (5,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 388.27 Td (Long-term debt - FHLBC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.80 388.27 Td (\(3,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.80 388.32 Td (\(5,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.80 388.32 Td (\(8,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 388.32 Td (\(2,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 388.32 Td (\(476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 388.27 Td (\(2,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 373.27 Td (Long-term debt - Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 373.27 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 373.32 Td (\(181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 373.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 373.27 Td (1,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 373.32 Td (\(9,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 373.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 373.32 Td (\(1,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 373.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 373.27 Td (\(11,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 373.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 358.27 Td (Net changes in interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 358.27 Td (16,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.80 358.32 Td (\(9,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 358.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 358.27 Td (7,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 358.32 Td (\(3,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 358.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 358.32 Td (\(4,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 358.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 358.27 Td (\(8,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 358.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 343.27 Td (Net changes in interest income and expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 343.27 Td (465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.80 343.32 Td (\(6,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 343.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.80 343.32 Td (\(5,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 343.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 343.27 Td (6,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 343.27 Td (2,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 343.27 Td (8,942) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 328.28 Td (Net Interest Income for the Year Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 328.27 Td (157,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 328.27 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.06 295.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.46 295.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.40 295.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.68 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.41 295.10 Td (components ) Tj ET Q q 0 0 0 rg BT 236.25 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.09 295.10 Td (net ) Tj ET Q q 0 0 0 rg BT 261.81 295.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 293.76 295.10 Td (income ) Tj ET Q q 0 0 0 rg BT 325.70 295.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.22 295.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 374.05 295.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.22 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.95 295.10 Td (years ) Tj ET Q q 0 0 0 rg BT 426.56 295.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.95 295.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 511.54 295.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.54 295.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.56 295.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.56 295.10 Td (, ) Tj ET Q q 0 0 0 rg BT 561.57 295.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 283.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 283.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 259.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 259.10 Td (able 7 Net Interest Income by Segment) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 218.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 218.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 218.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 218.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 218.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 218.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 218.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 218.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 218.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 218.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 218.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 218.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 188.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 188.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 188.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 188.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 188.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 188.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 188.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 158.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 158.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 158.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 158.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 158.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 158.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 158.60 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 233.60000000000002 m 328.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 233.60000000000002 m 332.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 233.60000000000002 m 390.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 233.60000000000002 m 394.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 233.60000000000002 m 452.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 248.60000000000002 m 456.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 233.60000000000002 m 513.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 233.60000000000002 m 517.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 233.60000000000002 m 575.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 218.60000000000002 m 266.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 218.60000000000002 m 328.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 218.60000000000002 m 390.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 218.60000000000002 m 452.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 233.60000000000002 m 456.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 233.60000000000002 m 513.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 218.60000000000002 m 513.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 233.60000000000002 m 575.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 218.60000000000002 m 575.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 218.60000000000002 m 456.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 203.60000000000002 m 456.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 188.60000000000002 m 456.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 173.60000000000002 m 456.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 143.60000000000002 m 390.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 143.60000000000002 m 452.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 158.60000000000002 m 456.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 143.60000000000002 m 513.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 143.60000000000002 m 575.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 143.60000000000002 m 328.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 129.60000000000002 m 328.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 127.60000000000002 m 328.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 143.60000000000002 m 390.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 129.60000000000002 m 390.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 127.60000000000002 m 390.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 143.60000000000002 m 452.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 129.60000000000002 m 452.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 127.60000000000002 m 452.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 143.60000000000002 m 456.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 143.60000000000002 m 513.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 129.60000000000002 m 513.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 127.60000000000002 m 513.5 127.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 143.60000000000002 m 575.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 129.60000000000002 m 575.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 127.60000000000002 m 575.5 127.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.60 238.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 238.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 223.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.00 223.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 223.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 223.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.30 223.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 223.28 Td ('15/'14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 208.28 Td (Net Interest Income by Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 193.27 Td (Residential Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 193.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 193.27 Td (141,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 193.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 193.27 Td (124,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 193.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 193.27 Td (98,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 193.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 193.27 Td (17,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 193.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 193.27 Td (25,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 178.27 Td (Residential Mortgage Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 178.27 Td (19,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 178.27 Td (35,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 178.27 Td (45,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 178.32 Td (\(15,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 178.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 178.27 Td (\(10,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 178.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 163.27 Td (Commercial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 163.27 Td (27,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 163.27 Td (33,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 163.27 Td (31,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 163.32 Td (\(5,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 163.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 163.27 Td (1,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 148.27 Td (Corporate/Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.80 148.32 Td (\(31,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 148.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 148.32 Td (\(28,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 148.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 148.32 Td (\(21,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 148.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 148.32 Td (\(2,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 148.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 148.27 Td (\(7,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 148.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 133.28 Td (Net Interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 133.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 133.27 Td (157,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 133.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 133.27 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 133.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 133.27 Td (154,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 133.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 133.32 Td (\(5,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 133.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 133.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 133.27 Td (8,942) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 99.21 105.10 Td (details ) Tj ET Q q 0 0 0 rg BT 127.75 105.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 168.50 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.15 105.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 221.69 105.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 264.11 105.10 Td (net ) Tj ET Q q 0 0 0 rg BT 278.76 105.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 310.63 105.10 Td (income ) Tj ET Q q 0 0 0 rg BT 342.50 105.10 Td (at ) Tj ET Q q 0 0 0 rg BT 352.15 105.10 Td (each ) Tj ET Q q 0 0 0 rg BT 372.91 105.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 408.67 105.10 Td (are ) Tj ET Q q 0 0 0 rg BT 423.31 105.10 Td (included ) Tj ET Q q 0 0 0 rg BT 460.18 105.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.39 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.04 105.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.48 105.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 520.80 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.02 105.10 Td (Operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 93.10 Td (by ) Tj ET Q q 0 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Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.59 731.10 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 141.16 731.10 Td (line ) Tj ET Q q 0 0 0 rg BT 159.19 731.10 Td (item ) Tj ET Q q 0 0 0 rg BT 180.00 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.82 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.07 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 228.55 731.10 Td (above ) Tj ET Q q 0 0 0 rg BT 255.46 731.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 291.83 731.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 324.30 731.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 359.54 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 389.78 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 400.60 731.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 443.07 731.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 463.33 731.10 Td (not ) Tj ET Q q 0 0 0 rg BT 479.15 731.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 512.73 731.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 551.85 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 562.67 731.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 76.22 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.65 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 108.87 719.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 141.30 719.10 Td (income ) Tj ET Q q 0 0 0 rg BT 173.74 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 196.17 719.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 249.72 719.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 284.93 719.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 319.10 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 337.64 719.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 350.64 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 382.53 719.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 419.95 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.73 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 445.94 719.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 478.38 719.10 Td (income ) Tj ET Q q 0 0 0 rg BT 510.81 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 533.25 719.10 Td (Corporate/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 61.57 707.10 Td (during ) Tj ET Q q 0 0 0 rg BT 90.48 707.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 113.28 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 131.63 707.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 171.64 707.10 Td (due ) Tj ET Q q 0 0 0 rg BT 188.88 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.46 707.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 225.03 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 240.05 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 272.28 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 304.51 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.75 707.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 380.09 707.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 415.11 707.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 449.29 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 460.42 707.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 484.33 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.91 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 518.26 707.10 Td (securitizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 77.23 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.81 695.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 103.05 695.10 Td (down. ) Tj ET Q q 0 0 0 rg BT 129.44 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 146.79 695.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 183.00 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.58 695.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 214.38 695.10 Td (was ) Tj ET Q q 0 0 0 rg BT 231.73 695.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 270.74 695.10 Td (due ) Tj ET Q q 0 0 0 rg BT 286.98 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.55 695.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 338.34 695.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 369.58 695.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 403.58 695.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 438.70 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 448.27 695.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 470.07 695.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 506.87 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 528.11 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.12 695.10 Td (issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.49 683.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 93.63 683.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 116.91 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.85 683.10 Td (late ) Tj ET Q q 0 0 0 rg BT 143.44 683.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 168.10 683.10 Td (Details ) Tj ET Q q 0 0 0 rg BT 198.59 683.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 239.07 683.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 291.77 683.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 326.15 683.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 357.20 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 371.56 683.10 Td (included ) Tj ET Q q 0 0 0 rg BT 408.16 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.10 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.48 683.10 Td (") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.56 683.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 467.61 683.10 Td (fr) Tj ET Q q 0 0 0 rg BT 473.91 683.10 Td (om ) Tj ET Q q 0 0 0 rg BT 488.29 683.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 543.79 683.10 Td (Sequoia ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.55 671.10 Td (" ) Tj ET Q q 0 0 0 rg BT 73.13 671.10 Td (section ) Tj ET Q q 0 0 0 rg BT 103.96 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 121.45 671.10 Td (follows. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (Specific ) Tj ET Q q 0 0 0 rg BT 71.26 647.10 Td (Borrowing ) Tj ET Q q 0 0 0 rg BT 118.23 647.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.27 627.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.87 627.10 Td (table ) Tj ET Q q 0 0 0 rg BT 136.03 627.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.51 627.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.45 627.10 Td (net ) Tj ET Q q 0 0 0 rg BT 201.39 627.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.54 627.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 251.25 627.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 280.06 627.10 Td (between ) Tj ET Q q 0 0 0 rg BT 316.10 627.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.04 627.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 353.75 627.10 Td (on ) Tj ET Q q 0 0 0 rg BT 366.47 627.10 Td (unsecuritized ) Tj ET Q q 0 0 0 rg BT 422.50 627.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 446.33 627.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.49 627.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 503.97 627.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.13 627.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.07 627.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 556.00 627.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 615.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 615.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.55 615.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 105.70 615.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 125.42 615.10 Td (used ) Tj ET Q q 0 0 0 rg BT 146.25 615.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.53 615.10 Td (part ) Tj ET Q q 0 0 0 rg BT 174.57 615.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.85 615.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 216.78 615.10 Td (each ) Tj ET Q q 0 0 0 rg BT 237.59 615.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 283.97 615.10 Td (type ) Tj ET Q q 0 0 0 rg BT 303.69 615.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.41 615.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 371.99 615.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.99 615.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 591.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 591.10 Td (able 8 Interest Expense Specific Borrowing Costs ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 548.60 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 548.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 548.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 518.60 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 518.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 518.60 96.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 548.6 m 375.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 548.6 m 475.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 548.6 m 575.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 518.6 m 475.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 504.6 m 475.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 502.6 m 475.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 518.6 m 575.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 504.6 m 575.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 502.6 m 575.5 502.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 553.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.75 563.28 Td (Residential Loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.30 553.28 Td (Held-for-Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.10 563.28 Td (Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.15 553.28 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 538.27 Td (Asset yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 538.27 Td (3.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 538.27 Td (4.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 523.27 Td (Short-term debt yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 523.27 Td (2.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 523.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 523.27 Td (1.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 523.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 508.28 Td (Net Spread) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 508.27 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 508.27 Td (2.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 484.10 Td (For ) Tj ET Q q 0 0 0 rg BT 71.23 484.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 114.56 484.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 159.57 484.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.91 484.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 217.91 484.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 240.96 484.10 Td (including ) Tj ET Q q 0 0 0 rg BT 282.08 484.10 Td (information ) Tj ET Q q 0 0 0 rg BT 332.63 484.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 374.28 484.10 Td (mar) Tj ET Q q 0 0 0 rg BT 389.65 484.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 405.77 484.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 461.31 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.09 484.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.41 484.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 563.23 484.10 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 472.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 40.44 472.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 63.67 472.10 Td (Relating ) Tj ET Q q 0 0 0 rg BT 99.68 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.59 472.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 131.15 472.10 Td (Incurr) Tj ET Q q 0 0 0 rg BT 156.33 472.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 167.90 472.10 Td (under ) Tj ET Q q 0 0 0 rg BT 193.35 472.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 223.00 472.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 240.68 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.80 472.10 Td (Long-T) Tj ET Q q 0 0 0 rg BT 286.34 472.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 304.02 472.10 Td (Borr) Tj ET Q q 0 0 0 rg BT 322.54 472.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 349.11 472.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.88 472.10 Td (" ) Tj ET Q q 0 0 0 rg BT 393.09 472.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.99 472.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.34 472.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 455.58 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.70 472.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 504.83 472.10 Td (Resour) Tj ET Q q 0 0 0 rg BT 532.79 472.10 Td (ces ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.69 472.10 Td (section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 460.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 460.10 Td (this ) Tj ET Q q 0 0 0 rg BT 63.78 460.10 Td (MD&A. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 430.10 Td (Results of Operations by Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 412.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.36 412.10 Td (report ) Tj ET Q q 0 0 0 rg BT 95.53 412.10 Td (on ) Tj ET Q q 0 0 0 rg BT 107.81 412.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.43 412.10 Td (business ) Tj ET Q q 0 0 0 rg BT 159.61 412.10 Td (using ) Tj ET Q q 0 0 0 rg BT 183.56 412.10 Td (three ) Tj ET Q q 0 0 0 rg BT 205.84 412.10 Td (distinct ) Tj ET Q q 0 0 0 rg BT 237.57 412.10 Td (segments: ) Tj ET Q q 0 0 0 rg BT 279.85 412.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 327.13 412.10 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 380.24 412.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 427.51 412.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 468.68 412.10 Td (Banking, ) Tj ET Q q 0 0 0 rg BT 507.35 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.08 412.10 Td (Commercial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 400.10 Td (For ) Tj ET Q q 0 0 0 rg BT 52.63 400.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 95.36 400.10 Td (information ) Tj ET Q q 0 0 0 rg BT 145.31 400.10 Td (on ) Tj ET Q q 0 0 0 rg BT 158.05 400.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.12 400.10 Td (segments, ) Tj ET Q q 0 0 0 rg BT 216.57 400.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 238.18 400.10 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.69 400.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 270.32 400.10 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.32 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.06 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.57 400.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 312.42 400.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 324.32 400.10 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 352.88 400.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.06 400.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 388.90 400.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 397.47 400.10 Td (Item1 ) Tj ET Q q 0 0 0 rg BT 426.04 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.10 400.10 Td (this ) Tj ET Q q 0 0 0 rg BT 453.69 400.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 485.86 400.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 515.82 400.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.56 400.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 552.96 400.10 Td (10-K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 388.10 Td (The ) Tj ET Q q 0 0 0 rg BT 54.64 388.10 Td (following ) Tj ET Q q 0 0 0 rg BT 96.62 388.10 Td (table ) Tj ET Q q 0 0 0 rg BT 119.15 388.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 155.01 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.32 388.10 Td (results ) Tj ET Q q 0 0 0 rg BT 199.52 388.10 Td (from ) Tj ET Q q 0 0 0 rg BT 222.05 388.10 Td (each ) Tj ET Q q 0 0 0 rg BT 243.46 388.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.88 388.10 Td (these ) Tj ET Q q 0 0 0 rg BT 278.52 388.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 318.83 388.10 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 363.57 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.44 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.86 388.10 Td (net ) Tj ET Q q 0 0 0 rg BT 406.17 388.10 Td (income ) Tj ET Q q 0 0 0 rg BT 438.70 388.10 Td (for ) Tj ET Q q 0 0 0 rg BT 453.45 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.76 388.10 Td (years ) Tj ET Q q 0 0 0 rg BT 492.96 388.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 388.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 376.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 376.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 376.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 376.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.00 376.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.94 376.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.94 376.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 352.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 352.10 Td (able 8a Segment Results Summary) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 305.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 305.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 305.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 305.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 305.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 305.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 275.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 275.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 275.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 275.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 275.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 275.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 245.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 245.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 245.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 245.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 245.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 245.60 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 320.6 m 328.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 320.6 m 332.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 320.6 m 390.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 320.6 m 394.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 320.6 m 452.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 335.6 m 456.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 320.6 m 513.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 320.6 m 517.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 320.6 m 575.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 305.6 m 266.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 305.6 m 328.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 305.6 m 390.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 305.6 m 452.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 320.6 m 456.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 320.6 m 513.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 305.6 m 513.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 320.6 m 517.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 320.6 m 575.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 305.6 m 575.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 305.6 m 456.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 290.6 m 456.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 275.6 m 456.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 260.6 m 456.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 230.60000000000002 m 390.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 230.60000000000002 m 452.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 245.60000000000002 m 456.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 230.60000000000002 m 513.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 230.60000000000002 m 575.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 230.60000000000002 m 328.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 216.60000000000002 m 328.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 214.60000000000002 m 328.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 230.60000000000002 m 390.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 216.60000000000002 m 390.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 214.60000000000002 m 390.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 230.60000000000002 m 452.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 216.60000000000002 m 452.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 214.60000000000002 m 452.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 230.60000000000002 m 456.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 230.60000000000002 m 513.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 216.60000000000002 m 513.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 214.60000000000002 m 513.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 230.60000000000002 m 575.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 216.60000000000002 m 575.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 214.60000000000002 m 575.5 214.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.60 325.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 325.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 310.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.00 310.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 310.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 310.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.30 310.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 310.28 Td ('15/'14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 295.28 Td (Segment Contribution from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 280.27 Td (Residential Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 280.27 Td (146,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 280.27 Td (136,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 280.27 Td (96,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 280.27 Td (10,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 280.27 Td (39,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 265.27 Td (Residential Mortgage Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 265.27 Td (35,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 265.27 Td (4,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 265.27 Td (27,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 265.27 Td (30,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 265.27 Td (\(23,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 265.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 250.27 Td (Commercial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 250.27 Td (38,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 250.27 Td (26,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 250.27 Td (33,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 250.27 Td (11,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 250.27 Td (\(7,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 250.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 235.27 Td (Corporate/Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.80 235.32 Td (\(88,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 235.32 Td (\(64,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 235.32 Td (\(57,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 235.32 Td (\(24,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 235.27 Td (\(7,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 235.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 220.28 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 220.27 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 220.27 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 220.27 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 220.27 Td (29,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 220.27 Td (1,519) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.79 192.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.92 192.10 Td (sections ) Tj ET Q q 0 0 0 rg BT 147.39 192.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 180.18 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.86 192.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 220.76 192.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 264.67 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.25 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.71 192.10 Td (results ) Tj ET Q q 0 0 0 rg BT 318.06 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.64 192.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 372.54 192.10 Td (at ) Tj ET Q q 0 0 0 rg BT 382.00 192.10 Td (each ) Tj ET Q q 0 0 0 rg BT 402.56 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.14 192.10 Td (our ) Tj ET Q q 0 0 0 rg BT 428.71 192.10 Td (three ) Tj ET Q q 0 0 0 rg BT 450.94 192.10 Td (business ) Tj ET Q q 0 0 0 rg BT 487.08 192.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 526.54 192.10 Td (for ) Tj ET Q q 0 0 0 rg BT 540.45 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 554.91 192.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 180.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.69 180.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.58 180.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.58 180.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.89 180.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.89 180.10 Td (, ) Tj ET Q q 0 0 0 rg BT 172.20 180.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.44 180.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.44 180.10 Td (. ) Tj ET Q q 0 0 0 rg BT 214.55 180.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.91 180.10 Td ($24 ) Tj ET Q q 0 0 0 rg BT 250.72 180.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.61 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.42 180.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 319.64 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.23 180.10 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 398.57 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.16 180.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 431.96 180.10 Td (was ) Tj ET Q q 0 0 0 rg BT 450.33 180.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 490.35 180.10 Td (due ) Tj ET Q q 0 0 0 rg BT 507.59 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.18 180.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 535.99 180.10 Td (million ) Tj ET Q q 0 0 0 rg BT 567.69 180.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 168.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 89.37 168.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 111.64 168.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 148.89 168.10 Td (at ) Tj ET Q q 0 0 0 rg BT 158.38 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.87 168.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 212.89 168.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 237.10 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 247.70 168.10 Td (well ) Tj ET Q q 0 0 0 rg BT 267.19 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 277.80 168.10 Td (a ) Tj ET Q q 0 0 0 rg BT 284.51 168.10 Td ($6 ) Tj ET Q q 0 0 0 rg BT 296.78 168.10 Td (million ) Tj ET Q q 0 0 0 rg BT 327.95 168.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 364.63 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.68 168.10 Td (income ) Tj ET Q q 0 0 0 rg BT 406.39 168.10 Td (from ) Tj ET Q q 0 0 0 rg BT 428.10 168.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 480.92 168.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 515.41 168.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 546.56 168.10 Td (\(details ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.32 156.10 Td (which ) Tj ET Q q 0 0 0 rg BT 74.74 156.10 Td (are ) Tj ET Q q 0 0 0 rg BT 89.94 156.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 131.25 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.02 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.22 156.10 Td ("Results ) Tj ET Q q 0 0 0 rg BT 193.74 156.10 Td (from ) Tj ET Q q 0 0 0 rg BT 216.17 156.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 271.93 156.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 307.13 156.10 Td (Entities" ) Tj ET Q q 0 0 0 rg BT 344.75 156.10 Td (section ) Tj ET Q q 0 0 0 rg BT 376.07 156.10 Td (that ) Tj ET Q q 0 0 0 rg BT 394.05 156.10 Td (follows\) ) Tj ET Q q 0 0 0 rg BT 430.37 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.79 156.10 Td (a ) Tj ET Q q 0 0 0 rg BT 455.22 156.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 468.21 156.10 Td (million ) Tj ET Q q 0 0 0 rg BT 500.08 156.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 537.49 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.25 156.10 Td (benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 144.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.94 144.10 Td (income ) Tj ET Q q 0 0 0 rg BT 89.87 144.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 112.92 144.10 Td (that ) Tj ET Q q 0 0 0 rg BT 130.41 144.10 Td (were ) Tj ET Q q 0 0 0 rg BT 152.34 144.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 189.82 144.10 Td (at ) Tj ET Q q 0 0 0 rg BT 199.54 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.25 144.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 254.51 144.10 Td (level ) Tj ET Q q 0 0 0 rg BT 276.44 144.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.72 144.10 Td (2015.) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (56) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 36 729.68505859375 m 172.1181640625 729.68505859375 l s q 0 0 0 rg BT 36.00 731.25 Td (Residential Investments Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.89 707.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 119.22 707.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 169.89 707.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 205.55 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 214.56 707.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 254.12 707.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 298.11 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.78 707.25 Td (our ) Tj ET Q q 0 0 0 rg BT 324.45 707.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 361.79 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.46 707.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 416.45 707.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 456.55 707.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 480.00 707.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 512.01 707.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 561.56 707.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 73.24 695.25 Td (through ) Tj ET Q q 0 0 0 rg BT 107.17 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.21 695.25 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 159.76 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 175.90 695.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 220.37 695.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 260.96 695.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 301.27 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.53 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.68 695.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 358.62 695.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 405.32 695.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 445.63 695.25 Td (For ) Tj ET Q q 0 0 0 rg BT 462.34 695.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 498.49 695.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 537.96 695.25 Td (purposes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 64.85 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 74.82 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 89.80 683.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 123.66 683.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 149.75 683.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 179.72 683.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 219.13 683.25 Td (were ) Tj ET Q q 0 0 0 rg BT 240.20 683.25 Td (included ) Tj ET Q q 0 0 0 rg BT 276.28 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 285.70 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 300.68 683.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 347.31 683.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 387.84 683.25 Td (Banking ) Tj ET Q q 0 0 0 rg BT 423.37 683.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 458.34 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.42 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 489.40 683.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 538.24 683.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (were ) Tj ET Q q 0 0 0 rg BT 58.19 671.25 Td (included ) Tj ET Q q 0 0 0 rg BT 95.39 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.93 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 122.02 671.25 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 174.21 671.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 212.19 671.25 Td (As ) Tj ET Q q 0 0 0 rg BT 226.07 671.25 Td (such, ) Tj ET Q q 0 0 0 rg BT 249.66 671.25 Td (they ) Tj ET Q q 0 0 0 rg BT 269.64 671.25 Td (are ) Tj ET Q q 0 0 0 rg BT 284.61 671.25 Td (excluded ) Tj ET Q q 0 0 0 rg BT 323.47 671.25 Td (from ) Tj ET Q q 0 0 0 rg BT 345.67 671.25 Td (any ) Tj ET Q q 0 0 0 rg BT 362.87 671.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 399.52 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.72 671.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 442.81 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 453.35 671.25 Td (this ) Tj ET Q q 0 0 0 rg BT 470.56 671.25 Td (section ) Tj ET Q q 0 0 0 rg BT 501.65 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.85 671.25 Td (may ) Tj ET Q q 0 0 0 rg BT 538.83 671.25 Td (not ) Tj ET Q q 0 0 0 rg BT 554.37 671.25 Td (agree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (with ) Tj ET Q q 0 0 0 rg BT 56.28 659.25 Td (similarly ) Tj ET Q q 0 0 0 rg BT 94.33 659.25 Td (titled ) Tj ET Q q 0 0 0 rg BT 117.38 659.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 153.77 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.71 659.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 196.53 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.81 659.25 Td (our ) Tj ET Q q 0 0 0 rg BT 222.64 659.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 275.68 659.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.16 659.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 357.88 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.81 659.25 Td (footnotes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.19 639.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.72 639.25 Td (table ) Tj ET Q q 0 0 0 rg BT 135.80 639.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.21 639.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.07 639.25 Td (components ) Tj ET Q q 0 0 0 rg BT 237.04 639.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.01 639.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 283.98 639.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 335.50 639.25 Td (for ) Tj ET Q q 0 0 0 rg BT 349.81 639.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.67 639.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 412.30 639.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 463.27 639.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 499.24 639.25 Td (for ) Tj ET Q q 0 0 0 rg BT 513.54 639.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.40 639.25 Td (years ) Tj ET Q q 0 0 0 rg BT 552.14 639.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 627.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 627.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 627.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.58 627.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.58 627.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.58 627.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.52 627.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.52 627.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 603.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 603.25 Td (able 9 Residential Investments Segment Contribution ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 554.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 554.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 554.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 554.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 554.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 554.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 554.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 524.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 524.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 524.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 524.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 524.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 524.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 524.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 494.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 494.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 494.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 494.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 494.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 494.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 494.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 464.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 464.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 464.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 464.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 464.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 464.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 464.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 434.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 434.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 434.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 434.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 434.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 434.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 434.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 404.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 404.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 404.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 404.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 404.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 404.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 374.75 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 374.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 374.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 374.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 374.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 374.75 51.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 568.75 m 355.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 568.75 m 359.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 568.75 m 408.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 568.75 m 412.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 568.75 m 461.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 568.75 m 520.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 568.75 m 524.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 568.75 m 575.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 554.75 m 301.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 568.75 m 355.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 554.75 m 355.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 568.75 m 359.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 568.75 m 408.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 554.75 m 408.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 568.75 m 412.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 568.75 m 461.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 554.75 m 461.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 568.75 m 465.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 568.75 m 520.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 554.75 m 520.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 568.75 m 575.5 568.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 554.75 m 575.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 554.75 m 408.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 554.75 m 461.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 554.75 m 465.5 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 554.75 m 520.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 554.75 m 575.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 524.75 m 355.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 524.75 m 408.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 524.75 m 461.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 539.75 m 465.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 524.75 m 520.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 524.75 m 575.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 524.75 m 355.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 524.75 m 408.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 524.75 m 461.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 524.75 m 465.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 524.75 m 520.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 524.75 m 575.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 509.75 m 465.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 494.75 m 465.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 479.75 m 465.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 464.75 m 465.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 434.75 m 461.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 449.75 m 465.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 434.75 m 355.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 434.75 m 408.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 434.75 m 461.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 434.75 m 465.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 434.75 m 520.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 434.75 m 575.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 404.75 m 355.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 404.75 m 408.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 404.75 m 461.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 419.75 m 465.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 404.75 m 520.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 404.75 m 575.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 404.75 m 408.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 404.75 m 461.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 404.75 m 465.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 374.75 m 355.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 374.75 m 408.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 374.75 m 461.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 389.75 m 465.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 374.75 m 520.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 374.75 m 575.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 374.75 m 355.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 360.75 m 355.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 358.75 m 355.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 374.75 m 408.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 360.75 m 408.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 358.75 m 408.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 374.75 m 461.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 360.75 m 461.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 358.75 m 461.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 374.75 m 465.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 374.75 m 520.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 360.75 m 520.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 358.75 m 520.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 374.75 m 575.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 360.75 m 575.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 358.75 m 575.5 358.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.60 573.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 573.43 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 559.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 559.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.50 559.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.50 559.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.30 559.43 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.30 559.43 Td ('15/'14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 544.42 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 544.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 544.42 Td (160,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 544.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 544.42 Td (135,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 544.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.10 544.42 Td (110,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 544.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 544.42 Td (24,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 544.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 544.42 Td (24,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 529.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 529.47 Td (\(18,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 529.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 529.47 Td (\(11,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 529.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 529.47 Td (\(11,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 529.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 529.47 Td (\(7,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 529.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 529.42 Td (644) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 514.43 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 514.42 Td (141,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 514.42 Td (124,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 514.42 Td (98,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 514.42 Td (17,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 514.42 Td (25,606) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 499.43 Td (Non-interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 484.42 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 484.42 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 484.47 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 484.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 484.47 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 484.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 484.42 Td (18,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 484.42 Td (339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 469.42 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 469.47 Td (\(26,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 469.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 469.47 Td (\(20,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 469.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 469.47 Td (\(9,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 469.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 469.47 Td (\(6,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 469.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 469.42 Td (\(10,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 469.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 454.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 454.42 Td (6,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 454.42 Td (3,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 454.42 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 454.42 Td (2,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 454.42 Td (3,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 439.42 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 439.42 Td (22,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 439.42 Td (36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 439.42 Td (13,777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 439.47 Td (\(13,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 439.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 439.42 Td (22,592) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 424.43 Td (Total non-interest income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 424.42 Td (15,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 424.42 Td (15,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 424.42 Td (519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 424.42 Td (444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 424.42 Td (15,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 409.42 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.80 409.47 Td (\(9,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 409.47 Td (\(4,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 409.47 Td (\(3,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 409.47 Td (\(4,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 409.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 409.42 Td (\(665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 409.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 394.43 Td (Segment contribution before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 394.42 Td (148,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 394.42 Td (135,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 394.42 Td (95,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 394.42 Td (13,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 394.42 Td (39,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 379.42 Td (\(Provision for\) benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.80 379.47 Td (\(1,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 379.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 379.42 Td (847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 379.42 Td (1,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 379.47 Td (\(2,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 379.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 379.42 Td (\(493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 379.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 364.43 Td (Total Segment Contribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 364.42 Td (146,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 364.42 Td (136,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 364.42 Td (96,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 364.42 Td (10,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 364.42 Td (39,479) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 336.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.35 336.25 Td (following ) Tj ET Q q 0 0 0 rg BT 114.05 336.25 Td (table ) Tj ET Q q 0 0 0 rg BT 136.29 336.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.86 336.25 Td (our ) Tj ET Q q 0 0 0 rg BT 188.00 336.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 222.46 336.25 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 264.15 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.29 336.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 321.98 336.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 348.12 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 358.70 336.25 Td (our ) Tj ET Q q 0 0 0 rg BT 374.84 336.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 422.63 336.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 473.77 336.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 509.90 336.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 336.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 324.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 324.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 324.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.02 324.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.02 324.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 300.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 300.25 Td (able 10 Residential Investments) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 263.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 263.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 263.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 263.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 263.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 263.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 263.75 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 233.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 233.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 233.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 233.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 233.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 233.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 233.75 88.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 263.75 m 285.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 263.75 m 384.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 263.75 m 483.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 263.75 m 575.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 218.75 m 575.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 218.75 m 384.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 204.75 m 384.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 202.75 m 384.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 218.75 m 483.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 204.75 m 483.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 202.75 m 483.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 218.75 m 575.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 204.75 m 575.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 202.75 m 575.5 202.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 268.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.15 268.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.15 268.43 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.60 268.43 Td (Change) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 38.00 260.35 71.10 -9.09 re f /GS0 gs q 0 0 0 rg BT 38.00 253.42 Td (Residential loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.10 253.42 Td (held-for) Tj ET Q q 0 0 0 rg BT 141.11 253.42 Td (-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 253.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 253.42 Td (2,261,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 253.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 253.42 Td (1,791,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 253.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 253.42 Td (469,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 238.42 Td (Residential securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 238.42 Td (926,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 238.42 Td (1,028,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 238.42 Td (\(101,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 238.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 38.00 230.35 103.31 -9.09 re f /GS0 gs q 0 0 0 rg BT 38.00 223.42 Td (Mortgage servicing rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 223.42 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 223.42 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 223.42 Td (\(73,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 223.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 208.43 Td (Total Residential Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 208.42 Td (3,306,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 208.42 Td (3,011,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 208.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 208.42 Td (294,869) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 180.25 Td (Overview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.25 Td (During ) Tj ET Q q 0 0 0 rg BT 84.58 156.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.32 156.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.78 156.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.54 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.78 156.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.80 156.25 Td (our ) Tj ET Q q 0 0 0 rg BT 184.38 156.25 Td (total ) Tj ET Q q 0 0 0 rg BT 204.40 156.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 248.29 156.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 298.31 156.25 Td (was ) Tj ET Q q 0 0 0 rg BT 316.11 156.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.57 156.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 403.35 156.25 Td (to ) Tj ET Q q 0 0 0 rg BT 413.37 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.83 156.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 462.85 156.25 Td (of ) Tj ET Q q 0 0 0 rg BT 473.43 156.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 517.32 156.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 540.68 156.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 572.68 156.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 144.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 82.94 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.44 144.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 137.93 144.25 Td (through ) Tj ET Q q 0 0 0 rg BT 172.10 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.38 144.25 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 225.17 144.25 Td (as ) Tj ET Q q 0 0 0 rg BT 236.56 144.25 Td (our ) Tj ET Q q 0 0 0 rg BT 252.95 144.25 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 317.67 144.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 361.84 144.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 383.79 144.25 Td (utilized ) Tj ET Q q 0 0 0 rg BT 416.84 144.25 Td (its ) Tj ET Q q 0 0 0 rg BT 429.35 144.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 474.07 144.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 510.44 144.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.83 144.25 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 547.40 144.25 Td (billion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 132.25 Td (This ) Tj ET Q q 0 0 0 rg BT 56.73 132.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 92.43 132.25 Td (was ) Tj ET Q q 0 0 0 rg BT 110.92 132.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 147.19 132.25 Td (of) Tj ET Q q 0 0 0 rg BT 155.34 132.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 172.73 132.25 Td (by ) Tj ET Q q 0 0 0 rg BT 185.67 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 193.06 132.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 230.42 132.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.14 132.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.42 132.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 308.14 132.25 Td (in ) Tj ET Q q 0 0 0 rg BT 318.87 132.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 363.46 132.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 404.17 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.56 132.25 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 452.02 132.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 489.96 132.25 Td (from ) Tj ET Q q 0 0 0 rg BT 512.35 132.25 Td (net ) Tj ET Q q 0 0 0 rg BT 527.51 132.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 549.90 132.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 120.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 61.27 120.25 Td (For ) Tj ET Q q 0 0 0 rg BT 77.93 120.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 103.19 120.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.29 120.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 155.38 120.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 207.03 120.25 Td (from ) Tj ET Q q 0 0 0 rg BT 229.24 120.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 277.00 120.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 328.09 120.25 Td (was ) Tj ET Q q 0 0 0 rg BT 346.41 120.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 390.83 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.93 120.25 Td ($97 ) Tj ET Q q 0 0 0 rg BT 419.70 120.25 Td (million ) Tj ET Q q 0 0 0 rg BT 451.36 120.25 Td (from ) Tj ET Q q 0 0 0 rg BT 473.56 120.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 517.98 120.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 561.01 120.25 Td ($41 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 108.25 Td (million ) Tj ET Q q 0 0 0 rg BT 67.39 108.25 Td (from ) Tj ET Q q 0 0 0 rg BT 89.33 108.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 133.48 108.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 159.59 108.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.53 108.25 Td ($9 ) Tj ET Q q 0 0 0 rg BT 189.03 108.25 Td (million ) Tj ET Q q 0 0 0 rg BT 220.42 108.25 Td (from ) Tj ET Q q 0 0 0 rg BT 242.36 108.25 Td (MSRs.) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.61 731.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.39 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.00 731.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 168.93 731.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 188.42 731.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 238.48 731.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 279.62 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 291.34 731.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 330.81 731.10 Td (return ) Tj ET Q q 0 0 0 rg BT 356.97 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 369.25 731.10 Td (average ) Tj ET Q q 0 0 0 rg BT 402.61 731.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 431.54 731.10 Td (invested, ) Tj ET Q q 0 0 0 rg BT 469.65 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.36 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 500.30 731.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 528.68 731.10 Td (this ) Tj ET Q q 0 0 0 rg BT 545.40 731.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 568.23 731.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 72.80 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.83 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 103.65 719.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 141.01 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.16 719.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 175.50 719.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 215.65 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.35 719.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 264.25 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.95 719.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.08 719.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 356.86 719.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 386.99 719.10 Td (during ) Tj ET Q q 0 0 0 rg BT 415.47 719.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 440.34 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.92 719.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 487.82 719.10 Td (has ) Tj ET Q q 0 0 0 rg BT 503.52 719.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 543.64 719.10 Td (over ) Tj ET Q q 0 0 0 rg BT 563.78 719.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (last ) Tj ET Q q 0 0 0 rg BT 52.28 707.10 Td (two ) Tj ET Q q 0 0 0 rg BT 69.68 707.10 Td (quarters ) Tj ET Q q 0 0 0 rg BT 104.29 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 115.01 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 129.07 707.10 Td (redeployed ) Tj ET Q q 0 0 0 rg BT 175.89 707.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 204.94 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 226.78 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.39 707.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 259.33 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.06 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.79 707.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 335.38 707.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 380.53 707.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 400.15 707.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 439.86 707.10 Td (W) Tj ET Q q 0 0 0 rg BT 448.50 707.10 Td (e ) Tj ET Q q 0 0 0 rg BT 455.34 707.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 483.83 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.01 707.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 530.84 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.01 707.10 Td (redeploy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.09 695.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 89.49 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 111.80 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.00 695.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 178.07 695.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 223.69 695.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 243.78 695.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 266.08 695.10 Td (towards ) Tj ET Q q 0 0 0 rg BT 300.62 695.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 345.14 695.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 395.78 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.43 695.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 431.80 695.10 Td (In ) Tj ET Q q 0 0 0 rg BT 443.00 695.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 481.14 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 495.67 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.75 695.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 544.17 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 554.81 695.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 571.57 695.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 80.97 683.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 112.61 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.70 683.10 Td (our ) Tj ET Q q 0 0 0 rg BT 139.79 683.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 183.09 683.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 232.50 683.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 256.38 683.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 294.14 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.67 683.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 327.43 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.63 683.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 367.38 683.10 Td (any ) Tj ET Q q 0 0 0 rg BT 384.58 683.10 Td (such ) Tj ET Q q 0 0 0 rg BT 405.67 683.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 423.97 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 438.39 683.10 Td (will ) Tj ET Q q 0 0 0 rg BT 456.71 683.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 477.23 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.77 683.10 Td (redeploy ) Tj ET Q q 0 0 0 rg BT 525.51 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.49 683.10 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (into ) Tj ET Q q 0 0 0 rg BT 54.06 671.10 Td (higher) Tj ET Q q 0 0 0 rg BT 79.40 671.10 Td (-yielding ) Tj ET Q q 0 0 0 rg BT 118.01 671.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 139.31 671.10 Td (-eligible ) Tj ET Q q 0 0 0 rg BT 175.13 671.10 Td (investments. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 52.39 647.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.45 647.10 Td (est ) Tj ET Q q 0 0 0 rg BT 85.06 647.10 Td (Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 70.71 623.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 102.41 623.10 Td (income ) Tj ET Q q 0 0 0 rg BT 134.12 623.10 Td (from ) Tj ET Q q 0 0 0 rg BT 155.83 623.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 203.09 623.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 253.68 623.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 293.17 623.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 328.76 623.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 360.46 623.10 Td (income ) Tj ET Q q 0 0 0 rg BT 392.17 623.10 Td (from ) Tj ET Q q 0 0 0 rg BT 413.88 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.48 623.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 473.40 623.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 496.78 623.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 528.79 623.10 Td (-investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.76 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 68.42 611.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 112.39 611.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 154.98 611.10 Td (as ) Tj ET Q q 0 0 0 rg BT 165.63 611.10 Td (well ) Tj ET Q q 0 0 0 rg BT 185.17 611.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.82 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.36 611.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 253.78 611.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 285.54 611.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 320.07 611.10 Td (from ) Tj ET Q q 0 0 0 rg BT 341.83 611.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 385.81 611.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 407.85 611.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 442.40 611.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 492.78 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.03 611.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 530.80 611.10 Td (issued. ) Tj ET Q q 0 0 0 rg BT 560.46 611.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (following ) Tj ET Q q 0 0 0 rg BT 76.69 599.10 Td (table ) Tj ET Q q 0 0 0 rg BT 97.92 599.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 132.49 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.50 599.10 Td (components ) Tj ET Q q 0 0 0 rg BT 196.63 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.76 599.10 Td (net ) Tj ET Q q 0 0 0 rg BT 220.77 599.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 252.01 599.10 Td (income ) Tj ET Q q 0 0 0 rg BT 283.24 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.70 599.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.83 599.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 358.62 599.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 408.74 599.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 443.87 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 457.33 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.34 599.10 Td (years ) Tj ET Q q 0 0 0 rg BT 494.24 599.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 599.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 587.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 587.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 587.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.00 587.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.94 587.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.94 587.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 563.10 Td (able 1) Tj ET Q q 0 0 0 rg BT 65.36 563.10 Td (1 Net Interest Income \("NII"\) from Residential Investments ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 501.60 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 501.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 501.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 501.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 501.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 501.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 501.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 501.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 471.60 266.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 471.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 471.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 471.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 471.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 471.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 471.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 471.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 471.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 471.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 471.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 471.60 51.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 516.6 m 355.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 516.6 m 360.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 516.6 m 409.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 516.6 m 413.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 516.6 m 462.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 516.6 m 521.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 516.6 m 525.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 516.6 m 576.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 501.6 m 302.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 516.6 m 355.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 501.6 m 355.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 516.6 m 409.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 501.6 m 409.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 516.6 m 413.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 516.6 m 462.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 501.6 m 462.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 516.6 m 466.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 516.6 m 521.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 501.6 m 521.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 516.6 m 525.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 516.6 m 576.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 501.6 m 576.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 501.6 m 466.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 486.6 m 466.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 456.6 m 355.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 471.6 m 466.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 456.6 m 355.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 442.6 m 355.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 440.6 m 355.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 456.6 m 409.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 442.6 m 409.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 440.6 m 409.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 456.6 m 462.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 442.6 m 462.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 440.6 m 462.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 456.6 m 466.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 456.6 m 521.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 442.6 m 521.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 440.6 m 521.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 456.6 m 576.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 442.6 m 576.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 440.6 m 576.5 440.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.60 521.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.65 521.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 506.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.50 506.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 506.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 506.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 506.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.30 506.28 Td ('15/'14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 491.27 Td (Net interest income from HFI loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 491.27 Td (73,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 491.27 Td (39,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 491.27 Td (4,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 491.27 Td (33,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 491.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 491.27 Td (35,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 476.27 Td (Net interest income from securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 476.27 Td (67,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 476.27 Td (84,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 476.27 Td (94,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 476.32 Td (\(16,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 476.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 476.27 Td (\(10,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 476.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 461.27 Td (Other interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 461.27 Td (1,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 461.27 Td (305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 461.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 461.27 Td (705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 461.27 Td (246) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 446.28 Td (NII from Residential Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 446.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 446.27 Td (141,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 446.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.10 446.27 Td (124,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 446.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 446.27 Td (98,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 446.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 446.27 Td (17,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.00 446.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 446.27 Td (25,606) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.39 418.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 108.95 418.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.22 418.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.98 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.03 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.87 418.10 Td (net ) Tj ET Q q 0 0 0 rg BT 182.14 418.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 213.64 418.10 Td (income ) Tj ET Q q 0 0 0 rg BT 245.13 418.10 Td (from ) Tj ET Q q 0 0 0 rg BT 266.62 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.01 418.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 329.06 418.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 379.44 418.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 414.83 418.10 Td (was ) Tj ET Q q 0 0 0 rg BT 432.44 418.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 471.71 418.10 Td (due ) Tj ET Q q 0 0 0 rg BT 488.20 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.04 418.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 536.74 418.10 Td (in ) Tj ET Q q 0 0 0 rg BT 546.58 418.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.10 Td (income ) Tj ET Q q 0 0 0 rg BT 67.89 406.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 105.34 406.10 Td (from ) Tj ET Q q 0 0 0 rg BT 127.23 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.13 406.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 162.13 406.10 Td (average ) Tj ET Q q 0 0 0 rg BT 195.67 406.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 228.65 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.44 406.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 283.54 406.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 307.11 406.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 339.12 406.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 388.78 406.10 Td (by ) Tj ET Q q 0 0 0 rg BT 401.24 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.02 406.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 481.13 406.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 524.70 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.59 406.10 Td (financed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.55 394.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 91.56 394.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 130.98 394.10 Td (during ) Tj ET Q q 0 0 0 rg BT 159.87 394.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 184.94 394.10 Td (These ) Tj ET Q q 0 0 0 rg BT 211.60 394.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 251.02 394.10 Td (were ) Tj ET Q q 0 0 0 rg BT 273.22 394.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 309.32 394.10 Td (of) Tj ET Q q 0 0 0 rg BT 317.47 394.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 334.68 394.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.46 394.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 373.00 394.10 Td (net ) Tj ET Q q 0 0 0 rg BT 387.99 394.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.20 394.10 Td (income ) Tj ET Q q 0 0 0 rg BT 452.41 394.10 Td (from ) Tj ET Q q 0 0 0 rg BT 474.63 394.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 525.18 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.73 394.10 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 382.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 76.05 382.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 113.87 382.10 Td (from ) Tj ET Q q 0 0 0 rg BT 136.15 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 143.42 382.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 169.02 382.10 Td (average ) Tj ET Q q 0 0 0 rg BT 202.94 382.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 236.30 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.47 382.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 298.35 382.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 320.06 382.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.65 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.27 382.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.32 382.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.52 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.36 382.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.07 382.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 491.98 382.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.98 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.82 382.10 Td (as ) Tj ET Q q 0 0 0 rg BT 525.98 382.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 568.24 382.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 370.10 Td (same ) Tj ET Q q 0 0 0 rg BT 73.78 370.10 Td (period ) Tj ET Q q 0 0 0 rg BT 101.83 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.12 370.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 134.63 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 145.46 370.10 Td (we ) Tj ET Q q 0 0 0 rg BT 159.63 370.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 178.81 370.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 219.08 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.02 370.10 Td (reallocated ) Tj ET Q q 0 0 0 rg BT 282.39 370.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.55 370.10 Td (from ) Tj ET Q q 0 0 0 rg BT 333.49 370.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 373.76 370.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.04 370.10 Td (into ) Tj ET Q q 0 0 0 rg BT 442.11 370.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 461.83 370.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 512.11 370.10 Td (during ) Tj ET Q q 0 0 0 rg BT 540.73 370.10 Td (that ) Tj ET Q q 0 0 0 rg BT 558.23 370.10 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.59 340.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 106.39 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.21 340.10 Td (net ) Tj ET Q q 0 0 0 rg BT 130.48 340.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 161.95 340.10 Td (income ) Tj ET Q q 0 0 0 rg BT 193.43 340.10 Td (from ) Tj ET Q q 0 0 0 rg BT 214.92 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.29 340.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 273.99 340.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 323.80 340.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 360.84 340.10 Td (for ) Tj ET Q q 0 0 0 rg BT 374.55 340.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 396.59 340.10 Td (was ) Tj ET Q q 0 0 0 rg BT 414.19 340.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 453.45 340.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 501.03 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.85 340.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.34 340.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 544.93 340.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 328.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 69.05 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.89 328.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 103.52 328.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 135.53 328.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 185.25 328.10 Td (that ) Tj ET Q q 0 0 0 rg BT 202.77 328.10 Td (were ) Tj ET Q q 0 0 0 rg BT 224.71 328.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 261.65 328.10 Td (through ) Tj ET Q q 0 0 0 rg BT 295.27 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.01 328.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 347.25 328.10 Td (which ) Tj ET Q q 0 0 0 rg BT 374.21 328.10 Td (we ) Tj ET Q q 0 0 0 rg BT 388.39 328.10 Td (did ) Tj ET Q q 0 0 0 rg BT 403.68 328.10 Td (not ) Tj ET Q q 0 0 0 rg BT 418.97 328.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 443.71 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.00 328.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 480.40 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.70 328.10 Td (until ) Tj ET Q q 0 0 0 rg BT 511.55 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.28 328.10 Td (third ) Tj ET Q q 0 0 0 rg BT 547.69 328.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.39 316.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 72.72 316.10 Td (These ) Tj ET Q q 0 0 0 rg BT 99.65 316.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 139.35 316.10 Td (were ) Tj ET Q q 0 0 0 rg BT 161.84 316.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 198.21 316.10 Td (of) Tj ET Q q 0 0 0 rg BT 206.36 316.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 223.86 316.10 Td (by ) Tj ET Q q 0 0 0 rg BT 236.91 316.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.41 316.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 276.34 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.17 316.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 319.66 316.10 Td (income ) Tj ET Q q 0 0 0 rg BT 352.15 316.10 Td (from ) Tj ET Q q 0 0 0 rg BT 374.64 316.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 425.52 316.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 447.45 316.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 490.77 316.10 Td (due ) Tj ET Q q 0 0 0 rg BT 508.27 316.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.10 316.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 544.93 316.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 304.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 72.18 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 81.72 304.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 103.48 304.10 Td (as ) Tj ET Q q 0 0 0 rg BT 113.57 304.10 Td (we ) Tj ET Q q 0 0 0 rg BT 126.99 304.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 145.42 304.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 169.95 304.10 Td (yielding ) Tj ET Q q 0 0 0 rg BT 204.49 304.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 230.69 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.88 304.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 291.39 304.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 330.92 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.46 304.10 Td (order ) Tj ET Q q 0 0 0 rg BT 363.31 304.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.85 304.10 Td (redeploy ) Tj ET Q q 0 0 0 rg BT 409.60 304.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 440.51 304.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 479.48 304.10 Td (into ) Tj ET Q q 0 0 0 rg BT 496.80 304.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 528.81 304.10 Td (-investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 292.10 Td (loans.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (58) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 81.82 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.76 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 122.92 731.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 160.69 731.10 Td (net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.99 707.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.33 707.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.21 707.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.42 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.08 707.10 Td (components ) Tj ET Q q 0 0 0 rg BT 235.86 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.63 707.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 292.96 707.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 309.28 707.10 Td (value ) Tj ET Q q 0 0 0 rg BT 333.38 707.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 370.54 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 385.20 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 399.31 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.08 707.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 462.52 707.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 513.29 707.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 551.56 707.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 44.04 695.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 87.06 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.76 695.10 Td (market ) Tj ET Q q 0 0 0 rg BT 125.89 695.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 164.47 695.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 186.95 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.76 695.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 228.02 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 248.83 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.52 695.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 306.54 695.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 355.69 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.49 695.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 413.96 695.10 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 445.59 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 458.62 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.21 695.10 Td (years ) Tj ET Q q 0 0 0 rg BT 494.67 695.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 695.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 683.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 683.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.00 683.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.94 683.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.94 683.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 659.10 Td (able 12 Investment Fair V) Tj ET Q q 0 0 0 rg BT 155.37 659.10 Td (alue Changes, Net from Residential Investments) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 608.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 608.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 608.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 608.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 608.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 608.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 608.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 578.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 578.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 578.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 578.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 578.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 578.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 578.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 548.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 548.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 548.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 548.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 518.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 518.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 518.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 518.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 518.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 488.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 488.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 488.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 488.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 488.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 622.6 m 428.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 622.6 m 432.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 622.6 m 502.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 622.6 m 506.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 622.6 m 576.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 608.6 m 354.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 608.6 m 428.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 608.6 m 502.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 622.6 m 576.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 608.6 m 576.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 608.6 m 354.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 488.6 m 428.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 474.6 m 428.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 472.6 m 428.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 488.6 m 502.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 474.6 m 502.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 472.6 m 502.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 488.6 m 576.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 474.6 m 576.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 472.6 m 576.5 472.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.60 627.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 613.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.00 613.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.00 613.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.00 613.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 598.28 Td (Investment Fair Value Changes, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 583.27 Td ( Market valuation changes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 568.27 Td (Residential loans held-for) Tj ET Q q 0 0 0 rg BT 166.11 568.27 Td (-investment ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 215.82 572.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 568.32 Td (\(23,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 568.32 Td (\(6,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 568.27 Td (\(697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 553.27 Td (Trading securities - IOs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 553.32 Td (\(4,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 553.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 553.27 Td (955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 553.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 538.27 Td (Trading securities - other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 538.27 Td (13,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 538.32 Td (\(2,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 538.27 Td (\(358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 538.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 523.27 Td (Risk sharing investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 523.32 Td (\(1,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 523.32 Td (\(1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 523.27 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 508.27 Td (Risk management derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 508.32 Td (\(11,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 508.32 Td (\(9,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 508.27 Td (\(7,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 493.27 Td (Impairments on AFS securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 493.32 Td (\(368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.30 493.32 Td (\(246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 493.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 493.27 Td (\(565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 493.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 478.28 Td (Investment Fair Value Changes, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 478.32 Td (\(26,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 478.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 478.32 Td (\(20,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 478.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 478.27 Td (\(9,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 478.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 457.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 457.30 Td (Market valuation changes from residential loans held-for) Tj ET Q q 0 0 0 rg BT 258.75 457.30 Td (-investment above do not include loans at consolidated Sequoia entities, which are not ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 446.50 Td (included in this segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.50 Td (Market ) Tj ET Q q 0 0 0 rg BT 84.42 426.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 123.18 426.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 156.94 426.50 Td (included ) Tj ET Q q 0 0 0 rg BT 192.92 426.50 Td (in ) Tj ET Q q 0 0 0 rg BT 202.25 426.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 248.23 426.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 263.65 426.50 Td (value ) Tj ET Q q 0 0 0 rg BT 286.86 426.50 Td (changes, ) Tj ET Q q 0 0 0 rg BT 323.11 426.50 Td (net, ) Tj ET Q q 0 0 0 rg BT 339.38 426.50 Td (generally ) Tj ET Q q 0 0 0 rg BT 378.13 426.50 Td (result ) Tj ET Q q 0 0 0 rg BT 401.89 426.50 Td (from ) Tj ET Q q 0 0 0 rg BT 422.88 426.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 456.63 426.50 Td (in ) Tj ET Q q 0 0 0 rg BT 465.96 426.50 Td (the ) Tj ET Q q 0 0 0 rg BT 479.72 426.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 495.15 426.50 Td (value ) Tj ET Q q 0 0 0 rg BT 518.35 426.50 Td (of ) Tj ET Q q 0 0 0 rg BT 528.23 426.50 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 414.50 Td (and ) Tj ET Q q 0 0 0 rg BT 52.83 414.50 Td (their ) Tj ET Q q 0 0 0 rg BT 73.54 414.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 117.02 414.50 Td (hedges ) Tj ET Q q 0 0 0 rg BT 147.18 414.50 Td (due ) Tj ET Q q 0 0 0 rg BT 164.01 414.50 Td (to ) Tj ET Q q 0 0 0 rg BT 174.18 414.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 208.77 414.50 Td (in ) Tj ET Q q 0 0 0 rg BT 218.94 414.50 Td (market ) Tj ET Q q 0 0 0 rg BT 249.09 414.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 280.92 414.50 Td (rates, ) Tj ET Q q 0 0 0 rg BT 304.68 414.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 339.28 414.50 Td (in ) Tj ET Q q 0 0 0 rg BT 349.45 414.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 374.60 414.50 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 409.48 414.50 Td (and ) Tj ET Q q 0 0 0 rg BT 426.31 414.50 Td (reductions ) Tj ET Q q 0 0 0 rg BT 470.35 414.50 Td (in ) Tj ET Q q 0 0 0 rg BT 480.52 414.50 Td (the ) Tj ET Q q 0 0 0 rg BT 495.12 414.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 517.51 414.50 Td (of ) Tj ET Q q 0 0 0 rg BT 528.23 414.50 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 402.50 Td (due ) Tj ET Q q 0 0 0 rg BT 53.44 402.50 Td (to ) Tj ET Q q 0 0 0 rg BT 64.21 402.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 99.42 402.50 Td (in ) Tj ET Q q 0 0 0 rg BT 110.19 402.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 148.73 402.50 Td (balances. ) Tj ET Q q 0 0 0 rg BT 188.66 402.50 Td (For ) Tj ET Q q 0 0 0 rg BT 205.55 402.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 250.19 402.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 274.30 402.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 312.27 402.50 Td (at ) Tj ET Q q 0 0 0 rg BT 322.49 402.50 Td (a ) Tj ET Q q 0 0 0 rg BT 329.93 402.50 Td (premium ) Tj ET Q q 0 0 0 rg BT 369.03 402.50 Td (and ) Tj ET Q q 0 0 0 rg BT 386.46 402.50 Td (IO ) Tj ET Q q 0 0 0 rg BT 400.01 402.50 Td (securities, ) Tj ET Q q 0 0 0 rg BT 443.28 402.50 Td (a ) Tj ET Q q 0 0 0 rg BT 450.71 402.50 Td (reduction ) Tj ET Q q 0 0 0 rg BT 491.47 402.50 Td (in ) Tj ET Q q 0 0 0 rg BT 502.25 402.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 525.25 402.50 Td (occurs ) Tj ET Q q 0 0 0 rg BT 554.34 402.50 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 390.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 80.06 390.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 118.57 390.50 Td (is ) Tj ET Q q 0 0 0 rg BT 128.20 390.50 Td (repaid ) Tj ET Q q 0 0 0 rg BT 156.16 390.50 Td (or ) Tj ET Q q 0 0 0 rg BT 167.45 390.50 Td (written-of) Tj ET Q q 0 0 0 rg BT 207.26 390.50 Td (f, ) Tj ET Q q 0 0 0 rg BT 216.05 390.50 Td (which ) Tj ET Q q 0 0 0 rg BT 243.46 390.50 Td (results ) Tj ET Q q 0 0 0 rg BT 272.53 390.50 Td (in ) Tj ET Q q 0 0 0 rg BT 283.28 390.50 Td (a ) Tj ET Q q 0 0 0 rg BT 290.68 390.50 Td (decrease ) Tj ET Q q 0 0 0 rg BT 328.06 390.50 Td (in ) Tj ET Q q 0 0 0 rg BT 338.81 390.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 355.65 390.50 Td (value ) Tj ET Q q 0 0 0 rg BT 380.27 390.50 Td (from ) Tj ET Q q 0 0 0 rg BT 402.68 390.50 Td (the ) Tj ET Q q 0 0 0 rg BT 417.86 390.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 436.39 390.50 Td (of ) Tj ET Q q 0 0 0 rg BT 447.68 390.50 Td (premium. ) Tj ET Q q 0 0 0 rg BT 489.25 390.50 Td (In ) Tj ET Q q 0 0 0 rg BT 500.55 390.50 Td (addition, ) Tj ET Q q 0 0 0 rg BT 538.79 390.50 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 378.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 69.85 378.50 Td (from ) Tj ET Q q 0 0 0 rg BT 90.94 378.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 107.58 378.50 Td (management ) Tj ET Q q 0 0 0 rg BT 160.32 378.50 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 205.83 378.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 248.57 378.50 Td (with ) Tj ET Q q 0 0 0 rg BT 268.00 378.50 Td (our ) Tj ET Q q 0 0 0 rg BT 282.97 378.50 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 327.37 378.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 366.78 378.50 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 403.42 378.50 Td (are ) Tj ET Q q 0 0 0 rg BT 417.27 378.50 Td (included ) Tj ET Q q 0 0 0 rg BT 453.35 378.50 Td (in ) Tj ET Q q 0 0 0 rg BT 462.77 378.50 Td (this ) Tj ET Q q 0 0 0 rg BT 478.87 378.50 Td (line ) Tj ET Q q 0 0 0 rg BT 495.51 378.50 Td (item ) Tj ET Q q 0 0 0 rg BT 514.93 378.50 Td (while ) Tj ET Q q 0 0 0 rg BT 538.79 378.50 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 366.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.06 366.50 Td (of ) Tj ET Q q 0 0 0 rg BT 79.83 366.50 Td (AFS ) Tj ET Q q 0 0 0 rg BT 100.03 366.50 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 144.63 366.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.25 366.50 Td (are ) Tj ET Q q 0 0 0 rg BT 198.30 366.50 Td (reported ) Tj ET Q q 0 0 0 rg BT 233.47 366.50 Td (through ) Tj ET Q q 0 0 0 rg BT 266.02 366.50 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 321.19 366.50 Td (other ) Tj ET Q q 0 0 0 rg BT 343.58 366.50 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 405.97 366.50 Td (income ) Tj ET Q q 0 0 0 rg BT 437.25 366.50 Td (on ) Tj ET Q q 0 0 0 rg BT 449.11 366.50 Td (our ) Tj ET Q q 0 0 0 rg BT 464.29 366.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 516.68 366.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 549.07 366.50 Td (sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 354.50 Td (This ) Tj ET Q q 0 0 0 rg BT 56.28 354.50 Td (mismatch ) Tj ET Q q 0 0 0 rg BT 97.66 354.50 Td (can ) Tj ET Q q 0 0 0 rg BT 114.04 354.50 Td (create ) Tj ET Q q 0 0 0 rg BT 140.40 354.50 Td (periodic ) Tj ET Q q 0 0 0 rg BT 175.66 354.50 Td (volatility ) Tj ET Q q 0 0 0 rg BT 214.27 354.50 Td (in ) Tj ET Q q 0 0 0 rg BT 224.55 354.50 Td (this ) Tj ET Q q 0 0 0 rg BT 241.50 354.50 Td (line ) Tj ET Q q 0 0 0 rg BT 258.99 354.50 Td (item ) Tj ET Q q 0 0 0 rg BT 279.27 354.50 Td (as ) Tj ET Q q 0 0 0 rg BT 290.10 354.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 322.03 354.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 343.41 354.50 Td (change ) Tj ET Q q 0 0 0 rg BT 374.22 354.50 Td (each ) Tj ET Q q 0 0 0 rg BT 395.04 354.50 Td (quarter) Tj ET Q q 0 0 0 rg BT 422.80 354.50 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.50 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 334.50 Td (ithin ) Tj ET Q q 0 0 0 rg BT 84.36 334.50 Td (this ) Tj ET Q q 0 0 0 rg BT 101.80 334.50 Td (segment, ) Tj ET Q q 0 0 0 rg BT 140.61 334.50 Td (our ) Tj ET Q q 0 0 0 rg BT 156.93 334.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 201.57 334.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 225.67 334.50 Td (held-for) Tj ET Q q 0 0 0 rg BT 257.67 334.50 Td (-investment, ) Tj ET Q q 0 0 0 rg BT 310.37 334.50 Td (trading ) Tj ET Q q 0 0 0 rg BT 341.69 334.50 Td (securities, ) Tj ET Q q 0 0 0 rg BT 384.94 334.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 415.13 334.50 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 460.87 334.50 Td (securities, ) Tj ET Q q 0 0 0 rg BT 504.12 334.50 Td (MSR ) Tj ET Q q 0 0 0 rg BT 528.23 334.50 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.50 Td (and ) Tj ET Q q 0 0 0 rg BT 52.54 322.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 69.65 322.50 Td (sharing ) Tj ET Q q 0 0 0 rg BT 101.19 322.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 151.06 322.50 Td (are ) Tj ET Q q 0 0 0 rg BT 165.38 322.50 Td (all ) Tj ET Q q 0 0 0 rg BT 177.47 322.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 207.90 322.50 Td (to ) Tj ET Q q 0 0 0 rg BT 217.78 322.50 Td (market ) Tj ET Q q 0 0 0 rg BT 247.65 322.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 279.19 322.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 296.28 322.50 Td (risk. ) Tj ET Q q 0 0 0 rg BT 315.88 322.50 Td (Historically) Tj ET Q q 0 0 0 rg BT 362.44 322.50 Td (, ) Tj ET Q q 0 0 0 rg BT 367.05 322.50 Td (we ) Tj ET Q q 0 0 0 rg BT 380.81 322.50 Td (managed ) Tj ET Q q 0 0 0 rg BT 419.01 322.50 Td (our ) Tj ET Q q 0 0 0 rg BT 434.44 322.50 Td (exposure ) Tj ET Q q 0 0 0 rg BT 472.64 322.50 Td (to ) Tj ET Q q 0 0 0 rg BT 482.53 322.50 Td (market ) Tj ET Q q 0 0 0 rg BT 512.39 322.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.93 322.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 561.02 322.50 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.50 Td (for ) Tj ET Q q 0 0 0 rg BT 49.61 310.50 Td (these ) Tj ET Q q 0 0 0 rg BT 72.11 310.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 97.39 310.50 Td (on ) Tj ET Q q 0 0 0 rg BT 109.35 310.50 Td (an ) Tj ET Q q 0 0 0 rg BT 120.74 310.50 Td (enterprise-wide ) Tj ET Q q 0 0 0 rg BT 184.88 310.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 206.83 310.50 Td (and ) Tj ET Q q 0 0 0 rg BT 223.22 310.50 Td (relied ) Tj ET Q q 0 0 0 rg BT 247.94 310.50 Td (on ) Tj ET Q q 0 0 0 rg BT 259.89 310.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 289.05 310.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 314.33 310.50 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 334.33 310.50 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 361.84 310.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 384.90 310.50 Td (and ) Tj ET Q q 0 0 0 rg BT 401.29 310.50 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 428.80 310.50 Td (loan ) Tj ET Q q 0 0 0 rg BT 447.96 310.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 485.45 310.50 Td (commitments\) ) Tj ET Q q 0 0 0 rg BT 545.17 310.50 Td (to ) Tj ET Q q 0 0 0 rg BT 554.91 310.50 Td (serve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 298.50 Td (as ) Tj ET Q q 0 0 0 rg BT 46.77 298.50 Td (natural ) Tj ET Q q 0 0 0 rg BT 76.98 298.50 Td (hedges ) Tj ET Q q 0 0 0 rg BT 107.19 298.50 Td (to ) Tj ET Q q 0 0 0 rg BT 117.41 298.50 Td (other ) Tj ET Q q 0 0 0 rg BT 140.40 298.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.17 298.50 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 186.66 298.50 Td (IO ) Tj ET Q q 0 0 0 rg BT 199.66 298.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 239.87 298.50 Td (and ) Tj ET Q q 0 0 0 rg BT 256.75 298.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 274.19 298.50 Td (sharing ) Tj ET Q q 0 0 0 rg BT 306.07 298.50 Td (investments\) ) Tj ET Q q 0 0 0 rg BT 359.62 298.50 Td (that ) Tj ET Q q 0 0 0 rg BT 377.06 298.50 Td (change ) Tj ET Q q 0 0 0 rg BT 407.81 298.50 Td (in ) Tj ET Q q 0 0 0 rg BT 418.04 298.50 Td (value ) Tj ET Q q 0 0 0 rg BT 442.13 298.50 Td (inversely ) Tj ET Q q 0 0 0 rg BT 481.23 298.50 Td (as ) Tj ET Q q 0 0 0 rg BT 492.00 298.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 523.88 298.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 545.20 298.50 Td (change, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 286.50 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 286.50 Td (then ) Tj ET Q q 0 0 0 rg BT 72.66 286.50 Td (used ) Tj ET Q q 0 0 0 rg BT 93.49 286.50 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 139.86 286.50 Td (to ) Tj ET Q q 0 0 0 rg BT 150.14 286.50 Td (manage ) Tj ET Q q 0 0 0 rg BT 183.73 286.50 Td (our ) Tj ET Q q 0 0 0 rg BT 199.56 286.50 Td (net ) Tj ET Q q 0 0 0 rg BT 214.28 286.50 Td (exposure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.50 Td (In ) Tj ET Q q 0 0 0 rg BT 64.64 266.50 Td (the ) Tj ET Q q 0 0 0 rg BT 79.16 266.50 Td (second ) Tj ET Q q 0 0 0 rg BT 109.24 266.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 139.87 266.50 Td (of ) Tj ET Q q 0 0 0 rg BT 150.50 266.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 175.31 266.50 Td (we ) Tj ET Q q 0 0 0 rg BT 189.28 266.50 Td (began ) Tj ET Q q 0 0 0 rg BT 215.47 266.50 Td (to ) Tj ET Q q 0 0 0 rg BT 225.55 266.50 Td (specifically ) Tj ET Q q 0 0 0 rg BT 273.95 266.50 Td (identify ) Tj ET Q q 0 0 0 rg BT 307.36 266.50 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 353.54 266.50 Td (used ) Tj ET Q q 0 0 0 rg BT 374.18 266.50 Td (to ) Tj ET Q q 0 0 0 rg BT 384.27 266.50 Td (hedge ) Tj ET Q q 0 0 0 rg BT 410.46 266.50 Td (our ) Tj ET Q q 0 0 0 rg BT 426.09 266.50 Td (exposure ) Tj ET Q q 0 0 0 rg BT 464.50 266.50 Td (to ) Tj ET Q q 0 0 0 rg BT 474.59 266.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 506.33 266.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 523.62 266.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 540.93 266.50 Td (from ) Tj ET Q q 0 0 0 rg BT 562.68 266.50 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.50 Td (MSR ) Tj ET Q q 0 0 0 rg BT 58.90 254.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 108.44 254.50 Td (and ) Tj ET Q q 0 0 0 rg BT 124.66 254.50 Td (present ) Tj ET Q q 0 0 0 rg BT 155.31 254.50 Td (the ) Tj ET Q q 0 0 0 rg BT 169.30 254.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 203.28 254.50 Td (in ) Tj ET Q q 0 0 0 rg BT 212.83 254.50 Td (the ) Tj ET Q q 0 0 0 rg BT 226.82 254.50 Td (value ) Tj ET Q q 0 0 0 rg BT 250.25 254.50 Td (of ) Tj ET Q q 0 0 0 rg BT 260.36 254.50 Td (those ) Tj ET Q q 0 0 0 rg BT 283.24 254.50 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 328.88 254.50 Td (as ) Tj ET Q q 0 0 0 rg BT 338.99 254.50 Td (a ) Tj ET Q q 0 0 0 rg BT 345.20 254.50 Td (component ) Tj ET Q q 0 0 0 rg BT 391.41 254.50 Td (of ) Tj ET Q q 0 0 0 rg BT 401.51 254.50 Td (MSR ) Tj ET Q q 0 0 0 rg BT 424.41 254.50 Td (income ) Tj ET Q q 0 0 0 rg BT 455.62 254.50 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 482.11 254.50 Td (net, ) Tj ET Q q 0 0 0 rg BT 498.60 254.50 Td (on ) Tj ET Q q 0 0 0 rg BT 510.38 254.50 Td (our ) Tj ET Q q 0 0 0 rg BT 525.48 254.50 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 80.30 242.50 Td (of ) Tj ET Q q 0 0 0 rg BT 90.72 242.50 Td (income. ) Tj ET Q q 0 0 0 rg BT 124.74 242.50 Td (Prior ) Tj ET Q q 0 0 0 rg BT 146.83 242.50 Td (to ) Tj ET Q q 0 0 0 rg BT 156.70 242.50 Td (the ) Tj ET Q q 0 0 0 rg BT 171.00 242.50 Td (second ) Tj ET Q q 0 0 0 rg BT 200.86 242.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 231.27 242.50 Td (of ) Tj ET Q q 0 0 0 rg BT 241.68 242.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 266.27 242.50 Td (the ) Tj ET Q q 0 0 0 rg BT 280.58 242.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 314.88 242.50 Td (in ) Tj ET Q q 0 0 0 rg BT 324.74 242.50 Td (values ) Tj ET Q q 0 0 0 rg BT 352.38 242.50 Td (of ) Tj ET Q q 0 0 0 rg BT 362.80 242.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 412.66 242.50 Td (that ) Tj ET Q q 0 0 0 rg BT 429.74 242.50 Td (in ) Tj ET Q q 0 0 0 rg BT 439.61 242.50 Td (part ) Tj ET Q q 0 0 0 rg BT 457.25 242.50 Td (served ) Tj ET Q q 0 0 0 rg BT 485.43 242.50 Td (as ) Tj ET Q q 0 0 0 rg BT 495.85 242.50 Td (hedges ) Tj ET Q q 0 0 0 rg BT 525.71 242.50 Td (to ) Tj ET Q q 0 0 0 rg BT 535.58 242.50 Td (our ) Tj ET Q q 0 0 0 rg BT 551.00 242.50 Td (MSRs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 230.50 Td (were ) Tj ET Q q 0 0 0 rg BT 57.93 230.50 Td (presented ) Tj ET Q q 0 0 0 rg BT 98.74 230.50 Td (in ) Tj ET Q q 0 0 0 rg BT 109.02 230.50 Td (Investment ) Tj ET Q q 0 0 0 rg BT 155.96 230.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 172.33 230.50 Td (value ) Tj ET Q q 0 0 0 rg BT 196.49 230.50 Td (changes, ) Tj ET Q q 0 0 0 rg BT 233.70 230.50 Td (net, ) Tj ET Q q 0 0 0 rg BT 250.91 230.50 Td (on ) Tj ET Q q 0 0 0 rg BT 263.41 230.50 Td (our ) Tj ET Q q 0 0 0 rg BT 279.24 230.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 332.28 230.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 377.00 230.50 Td (of ) Tj ET Q q 0 0 0 rg BT 387.83 230.50 Td (income.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.84 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.02 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 134.74 731.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.81 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.31 731.10 Td (components ) Tj ET Q q 0 0 0 rg BT 234.93 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.56 731.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 291.73 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.90 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 331.85 731.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 366.35 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.42 731.10 Td (this ) Tj ET Q q 0 0 0 rg BT 393.16 731.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 431.28 731.10 Td (net ) Tj ET Q q 0 0 0 rg BT 445.78 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 459.74 731.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.25 731.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.45 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.75 731.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 731.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 719.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 695.10 Td (able 13 Components of Investment Fair V) Tj ET Q q 0 0 0 rg BT 220.38 695.10 Td (alue Changes, Net from Residential Investments) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 644.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 644.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 614.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 614.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 584.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 584.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 554.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 554.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 524.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 524.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 494.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 494.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 494.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 464.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 464.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 434.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 390.6 m 576.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 388.6 m 576.5 388.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.90 663.28 Td (Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 649.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 649.28 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 634.27 Td (Market valuation changes on:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 619.27 Td (Residential loans held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 604.27 Td (Change in fair value from the reduction of principal ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 260.65 608.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 604.27 Td (\(15,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 589.27 Td (Change in fair value from changes in interest rates and spreads ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 304.52 593.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 589.27 Td (\(7,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 589.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 574.27 Td (Total change in fair value of residential loans held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 574.27 Td (\(23,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 574.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 544.27 Td (Residential securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 529.27 Td (Change in fair value from the reduction of principal ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 260.65 533.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 529.27 Td (\(5,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 529.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 514.27 Td (Change in fair value from changes in interest rates and spreads ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 304.52 518.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 514.27 Td (12,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 499.27 Td (Total change in fair value of residential securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 499.27 Td (7,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 469.27 Td (Risk management derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 454.27 Td (Interest component of derivative expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 454.27 Td (\(8,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 454.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 439.27 Td (Change in fair value of derivatives from changes in interest rates ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 312.29 443.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 439.27 Td (\(2,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 439.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 424.27 Td (Total change in fair value of risk management derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 424.27 Td (\(11,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 424.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 394.28 Td (T) Tj ET Q q 0 0 0 rg BT 44.75 394.28 Td (otal Residential Investments Fair) Tj ET Q q 0 0 0 rg BT 185.95 394.28 Td ( ) Tj ET Q q 0 0 0 rg BT 188.27 394.28 Td (V) Tj ET Q q 0 0 0 rg BT 194.57 394.28 Td (alue Changes, Net ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 274.01 398.81 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 394.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 394.27 Td (\(26,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 373.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 373.30 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 85.75 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 99.00 373.30 Td (change ) Tj ET Q q 0 0 0 rg BT 126.74 373.30 Td (in ) Tj ET Q q 0 0 0 rg BT 136.00 373.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 150.75 373.30 Td (value ) Tj ET Q q 0 0 0 rg BT 172.49 373.30 Td (due ) Tj ET Q q 0 0 0 rg BT 187.75 373.30 Td (to ) Tj ET Q q 0 0 0 rg BT 197.00 373.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 231.25 373.30 Td (changes, ) Tj ET Q q 0 0 0 rg BT 264.74 373.30 Td (which ) Tj ET Q q 0 0 0 rg BT 289.00 373.30 Td (is ) Tj ET Q q 0 0 0 rg BT 297.26 373.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 335.99 373.30 Td (as ) Tj ET Q q 0 0 0 rg BT 345.74 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 359.00 373.30 Td (change ) Tj ET Q q 0 0 0 rg BT 386.74 373.30 Td (in ) Tj ET Q q 0 0 0 rg BT 396.00 373.30 Td (principal ) Tj ET Q q 0 0 0 rg BT 430.24 373.30 Td (on ) Tj ET Q q 0 0 0 rg BT 441.50 373.30 Td (a ) Tj ET Q q 0 0 0 rg BT 447.75 373.30 Td (given ) Tj ET Q q 0 0 0 rg BT 470.01 373.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 511.76 373.30 Td (during ) Tj ET Q q 0 0 0 rg BT 537.51 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 550.77 373.30 Td (period, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 362.50 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 93.25 362.50 Td (by ) Tj ET Q q 0 0 0 rg BT 104.50 362.50 Td (the ) Tj ET Q q 0 0 0 rg BT 117.74 362.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 137.49 362.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 165.22 362.50 Td (ending ) Tj ET Q q 0 0 0 rg BT 191.97 362.50 Td (price ) Tj ET Q q 0 0 0 rg BT 212.20 362.50 Td (or ) Tj ET Q q 0 0 0 rg BT 221.95 362.50 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 263.69 362.50 Td (price ) Tj ET Q q 0 0 0 rg BT 283.93 362.50 Td (for ) Tj ET Q q 0 0 0 rg BT 296.67 362.50 Td (that ) Tj ET Q q 0 0 0 rg BT 312.42 362.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 354.16 362.50 Td (in ) Tj ET Q q 0 0 0 rg BT 363.41 362.50 Td (percentage ) Tj ET Q q 0 0 0 rg BT 404.64 362.50 Td (terms.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 345.70 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 345.70 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 85.45 345.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 116.40 345.70 Td (in ) Tj ET Q q 0 0 0 rg BT 125.37 345.70 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 169.81 345.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 216.28 345.70 Td (and ) Tj ET Q q 0 0 0 rg BT 231.24 345.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 253.69 345.70 Td (spreads ) Tj ET Q q 0 0 0 rg BT 282.65 345.70 Td (on ) Tj ET Q q 0 0 0 rg BT 293.61 345.70 Td (our ) Tj ET Q q 0 0 0 rg BT 307.57 345.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 347.02 345.70 Td (loans, ) Tj ET Q q 0 0 0 rg BT 370.23 345.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 409.68 345.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 437.14 345.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 473.09 345.70 Td (and ) Tj ET Q q 0 0 0 rg BT 488.05 345.70 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 533.01 345.70 Td (investments ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 334.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.74 334.90 Td (due ) Tj ET Q q 0 0 0 rg BT 104.99 334.90 Td (to ) Tj ET Q q 0 0 0 rg BT 114.24 334.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 145.47 334.90 Td (in ) Tj ET Q q 0 0 0 rg BT 154.72 334.90 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 196.95 334.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 225.69 334.90 Td (rates. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 318.10 Td (\(3\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 318.10 Td (Reflects ) Tj ET Q q 0 0 0 rg BT 85.39 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.30 318.10 Td (change ) Tj ET Q q 0 0 0 rg BT 125.69 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.60 318.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 148.99 318.10 Td (value ) Tj ET Q q 0 0 0 rg BT 170.39 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.79 318.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.70 318.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 209.10 318.10 Td (management ) Tj ET Q q 0 0 0 rg BT 256.99 318.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 298.38 318.10 Td (that ) Tj ET Q q 0 0 0 rg BT 313.79 318.10 Td (are ) Tj ET Q q 0 0 0 rg BT 326.68 318.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 365.57 318.10 Td (with ) Tj ET Q q 0 0 0 rg BT 383.48 318.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 414.37 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.28 318.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 465.17 318.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 493.57 318.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 512.46 318.10 Td (during ) Tj ET Q q 0 0 0 rg BT 537.87 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 550.77 318.10 Td (period. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 301.30 Td (\(4\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 301.30 Td (T) Tj ET Q q 0 0 0 rg BT 58.87 301.30 Td (otal ) Tj ET Q q 0 0 0 rg BT 74.83 301.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 116.79 301.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.74 301.30 Td (value ) Tj ET Q q 0 0 0 rg BT 153.69 301.30 Td (changes, ) Tj ET Q q 0 0 0 rg BT 187.39 301.30 Td (net, ) Tj ET Q q 0 0 0 rg BT 203.10 301.30 Td (on ) Tj ET Q q 0 0 0 rg BT 214.56 301.30 Td (our ) Tj ET Q q 0 0 0 rg BT 229.02 301.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 276.97 301.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.92 301.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 351.37 301.30 Td (also ) Tj ET Q q 0 0 0 rg BT 368.33 301.30 Td (includes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.79 301.30 Td (negative) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.28 301.30 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.74 301.30 Td ($4 ) Tj ET Q q 0 0 0 rg BT 445.20 301.30 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.21 301.30 Td ( ) Tj ET Q q 0 0 0 rg BT 473.67 301.30 Td (of ) Tj ET Q q 0 0 0 rg BT 483.63 301.30 Td (market ) Tj ET Q q 0 0 0 rg BT 511.08 301.30 Td (valuation ) Tj ET Q q 0 0 0 rg BT 547.03 301.30 Td (changes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 290.50 Td (related ) Tj ET Q q 0 0 0 rg BT 81.17 290.50 Td (to ) Tj ET Q q 0 0 0 rg BT 90.87 290.50 Td (our ) Tj ET Q q 0 0 0 rg BT 105.56 290.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 151.24 290.50 Td (in ) Tj ET Q q 0 0 0 rg BT 160.94 290.50 Td (legacy ) Tj ET Q q 0 0 0 rg BT 187.11 290.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 235.29 290.50 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 266.98 290.50 Td (entities, ) Tj ET Q q 0 0 0 rg BT 297.91 290.50 Td (which ) Tj ET Q q 0 0 0 rg BT 322.60 290.50 Td (is ) Tj ET Q q 0 0 0 rg BT 331.30 290.50 Td (included ) Tj ET Q q 0 0 0 rg BT 364.98 290.50 Td (in ) Tj ET Q q 0 0 0 rg BT 374.67 290.50 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 436.34 290.50 Td (for ) Tj ET Q q 0 0 0 rg BT 449.53 290.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 482.21 290.50 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 520.14 290.50 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.83 290.50 Td (positive) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.33 290.50 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 567.02 290.50 Td ($3 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 279.70 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 80.00 279.70 Td ( ) Tj ET Q q 0 0 0 rg BT 81.62 279.70 Td (of ) Tj ET Q q 0 0 0 rg BT 90.73 279.70 Td (market ) Tj ET Q q 0 0 0 rg BT 117.33 279.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 152.44 279.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.04 279.70 Td (related ) Tj ET Q q 0 0 0 rg BT 209.14 279.70 Td (to ) Tj ET Q q 0 0 0 rg BT 217.75 279.70 Td (commercial ) Tj ET Q q 0 0 0 rg BT 261.85 279.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.45 279.70 Td (and ) Tj ET Q q 0 0 0 rg BT 312.06 279.70 Td (the ) Tj ET Q q 0 0 0 rg BT 324.67 279.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 363.27 279.70 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 406.62 279.70 Td (which ) Tj ET Q q 0 0 0 rg BT 430.23 279.70 Td (are ) Tj ET Q q 0 0 0 rg BT 442.83 279.70 Td (included ) Tj ET Q q 0 0 0 rg BT 475.44 279.70 Td (in ) Tj ET Q q 0 0 0 rg BT 484.05 279.70 Td (our ) Tj ET Q q 0 0 0 rg BT 497.66 279.70 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 543.76 279.70 Td (segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.70 Td (For ) Tj ET Q q 0 0 0 rg BT 69.60 255.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.53 255.70 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.74 255.70 Td ( ) Tj ET Q q 0 0 0 rg BT 102.45 255.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.04 255.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.84 255.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.84 255.70 Td (, ) Tj ET Q q 0 0 0 rg BT 210.05 255.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 253.42 255.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 302.90 255.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.49 255.70 Td (value ) Tj ET Q q 0 0 0 rg BT 341.86 255.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 375.78 255.70 Td (included ) Tj ET Q q 0 0 0 rg BT 411.93 255.70 Td ($32 ) Tj ET Q q 0 0 0 rg BT 428.64 255.70 Td (million ) Tj ET Q q 0 0 0 rg BT 459.25 255.70 Td (of ) Tj ET Q q 0 0 0 rg BT 469.29 255.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 504.87 255.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 543.80 255.70 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 243.70 Td (from ) Tj ET Q q 0 0 0 rg BT 57.60 243.70 Td (residential ) Tj ET Q q 0 0 0 rg BT 101.41 243.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 124.67 243.70 Td (held-for) Tj ET Q q 0 0 0 rg BT 156.68 243.70 Td (-investment ) Tj ET Q q 0 0 0 rg BT 206.05 243.70 Td (and ) Tj ET Q q 0 0 0 rg BT 222.65 243.70 Td (their ) Tj ET Q q 0 0 0 rg BT 243.13 243.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 286.38 243.70 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 334.91 243.70 Td (and ) Tj ET Q q 0 0 0 rg BT 351.51 243.70 Td ($6 ) Tj ET Q q 0 0 0 rg BT 363.67 243.70 Td (million ) Tj ET Q q 0 0 0 rg BT 394.72 243.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.20 243.70 Td (positive ) Tj ET Q q 0 0 0 rg BT 439.03 243.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 478.40 243.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 512.76 243.70 Td (from ) Tj ET Q q 0 0 0 rg BT 534.36 243.70 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 231.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 77.11 231.70 Td (and ) Tj ET Q q 0 0 0 rg BT 94.89 231.70 Td (their ) Tj ET Q q 0 0 0 rg BT 116.55 231.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 160.99 231.70 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 210.46 231.70 Td (The ) Tj ET Q q 0 0 0 rg BT 229.35 231.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 266.57 231.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 283.79 231.70 Td (values ) Tj ET Q q 0 0 0 rg BT 312.67 231.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 348.22 231.70 Td (from ) Tj ET Q q 0 0 0 rg BT 371.00 231.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 395.46 231.70 Td (and ) Tj ET Q q 0 0 0 rg BT 413.24 231.70 Td (their ) Tj ET Q q 0 0 0 rg BT 434.90 231.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 479.34 231.70 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 526.55 231.70 Td (during ) Tj ET Q q 0 0 0 rg BT 556.00 231.70 Td (2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 219.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 76.04 219.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 110.52 219.70 Td (from ) Tj ET Q q 0 0 0 rg BT 132.79 219.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 161.16 219.70 Td (hedging ) Tj ET Q q 0 0 0 rg BT 196.21 219.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 219.03 219.70 Td (due ) Tj ET Q q 0 0 0 rg BT 236.30 219.70 Td (to ) Tj ET Q q 0 0 0 rg BT 246.90 219.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 279.16 219.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 296.98 219.70 Td (volatility) Tj ET Q q 0 0 0 rg BT 332.44 219.70 Td (, ) Tj ET Q q 0 0 0 rg BT 337.76 219.70 Td (as ) Tj ET Q q 0 0 0 rg BT 348.92 219.70 Td (well ) Tj ET Q q 0 0 0 rg BT 368.96 219.70 Td (as ) Tj ET Q q 0 0 0 rg BT 380.12 219.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 398.51 219.70 Td (of ) Tj ET Q q 0 0 0 rg BT 409.67 219.70 Td (premium ) Tj ET Q q 0 0 0 rg BT 448.60 219.70 Td (from ) Tj ET Q q 0 0 0 rg BT 470.86 219.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 509.23 219.70 Td (repayments. ) Tj ET Q q 0 0 0 rg BT 560.45 219.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 207.70 Td (positive ) Tj ET Q q 0 0 0 rg BT 69.88 207.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 85.97 207.70 Td (value ) Tj ET Q q 0 0 0 rg BT 109.84 207.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 144.27 207.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 187.58 207.70 Td (with ) Tj ET Q q 0 0 0 rg BT 207.57 207.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 247.55 207.70 Td (during ) Tj ET Q q 0 0 0 rg BT 275.88 207.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 298.09 207.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 337.52 207.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 371.39 207.70 Td (from ) Tj ET Q q 0 0 0 rg BT 393.04 207.70 Td (tightening ) Tj ET Q q 0 0 0 rg BT 435.81 207.70 Td (spreads ) Tj ET Q q 0 0 0 rg BT 468.02 207.70 Td (on ) Tj ET Q q 0 0 0 rg BT 480.23 207.70 Td (our ) Tj ET Q q 0 0 0 rg BT 495.78 207.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 511.87 207.70 Td (value ) Tj ET Q q 0 0 0 rg BT 535.74 207.70 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 195.70 Td (which ) Tj ET Q q 0 0 0 rg BT 62.96 195.70 Td (benefited ) Tj ET Q q 0 0 0 rg BT 102.68 195.70 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 148.81 195.70 Td (and ) Tj ET Q q 0 0 0 rg BT 165.77 195.70 Td (were ) Tj ET Q q 0 0 0 rg BT 187.72 195.70 Td (partially ) Tj ET Q q 0 0 0 rg BT 223.56 195.70 Td (of) Tj ET Q q 0 0 0 rg BT 231.71 195.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 248.67 195.70 Td (by ) Tj ET Q q 0 0 0 rg BT 261.19 195.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 297.58 195.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 313.98 195.70 Td (value ) Tj ET Q q 0 0 0 rg BT 338.15 195.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 372.88 195.70 Td (resulting ) Tj ET Q q 0 0 0 rg BT 410.40 195.70 Td (from ) Tj ET Q q 0 0 0 rg BT 432.36 195.70 Td (the ) Tj ET Q q 0 0 0 rg BT 447.10 195.70 Td (reduction ) Tj ET Q q 0 0 0 rg BT 487.38 195.70 Td (of ) Tj ET Q q 0 0 0 rg BT 498.23 195.70 Td (principal, ) Tj ET Q q 0 0 0 rg BT 538.79 195.70 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 183.70 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 183.70 Td (IO ) Tj ET Q q 0 0 0 rg BT 61.55 183.70 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 101.18 159.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 117.79 159.70 Td (value ) Tj ET Q q 0 0 0 rg BT 142.19 159.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 177.14 159.70 Td (of ) Tj ET Q q 0 0 0 rg BT 188.21 159.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 224.83 159.70 Td ($20 ) Tj ET Q q 0 0 0 rg BT 242.57 159.70 Td (million ) Tj ET Q q 0 0 0 rg BT 274.20 159.70 Td (in ) Tj ET Q q 0 0 0 rg BT 284.72 159.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 307.46 159.70 Td (included ) Tj ET Q q 0 0 0 rg BT 344.64 159.70 Td ($12 ) Tj ET Q q 0 0 0 rg BT 362.38 159.70 Td (million ) Tj ET Q q 0 0 0 rg BT 394.01 159.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.08 159.70 Td (positive ) Tj ET Q q 0 0 0 rg BT 439.49 159.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 479.44 159.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 514.39 159.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 558.23 159.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 147.70 Td (hedges ) Tj ET Q q 0 0 0 rg BT 66.28 147.70 Td (of ) Tj ET Q q 0 0 0 rg BT 77.12 147.70 Td (our ) Tj ET Q q 0 0 0 rg BT 92.96 147.70 Td (MSR ) Tj ET Q q 0 0 0 rg BT 116.59 147.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 166.87 147.70 Td (\(prior ) Tj ET Q q 0 0 0 rg BT 192.15 147.70 Td (to ) Tj ET Q q 0 0 0 rg BT 202.44 147.70 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 248.82 147.70 Td (being ) Tj ET Q q 0 0 0 rg BT 273.55 147.70 Td (specifically ) Tj ET Q q 0 0 0 rg BT 322.15 147.70 Td (identified ) Tj ET Q q 0 0 0 rg BT 362.98 147.70 Td (for ) Tj ET Q q 0 0 0 rg BT 377.15 147.70 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 404.67 147.70 Td (in ) Tj ET Q q 0 0 0 rg BT 414.96 147.70 Td (the ) Tj ET Q q 0 0 0 rg BT 429.69 147.70 Td (second ) Tj ET Q q 0 0 0 rg BT 459.96 147.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 490.79 147.70 Td (of ) Tj ET Q q 0 0 0 rg BT 501.63 147.70 Td (2015\), ) Tj ET Q q 0 0 0 rg BT 529.97 147.70 Td ($1) Tj ET Q q 0 0 0 rg BT 539.60 147.70 Td (1 ) Tj ET Q q 0 0 0 rg BT 547.11 147.70 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 135.70 Td (of ) Tj ET Q q 0 0 0 rg BT 46.86 135.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 83.27 135.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 123.01 135.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 157.75 135.70 Td (attributable ) Tj ET Q q 0 0 0 rg BT 205.82 135.70 Td (to ) Tj ET Q q 0 0 0 rg BT 216.14 135.70 Td (reductions ) Tj ET Q q 0 0 0 rg BT 260.32 135.70 Td (in ) Tj ET Q q 0 0 0 rg BT 270.64 135.70 Td (the ) Tj ET Q q 0 0 0 rg BT 285.39 135.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 307.92 135.70 Td (of ) Tj ET Q q 0 0 0 rg BT 318.78 135.70 Td (IO ) Tj ET Q q 0 0 0 rg BT 331.87 135.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 372.16 135.70 Td (and ) Tj ET Q q 0 0 0 rg BT 389.14 135.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 412.78 135.70 Td (held ) Tj ET Q q 0 0 0 rg BT 432.53 135.70 Td (at ) Tj ET Q q 0 0 0 rg BT 442.28 135.70 Td (premiums, ) Tj ET Q q 0 0 0 rg BT 487.31 135.70 Td ($6 ) Tj ET Q q 0 0 0 rg BT 499.84 135.70 Td (million ) Tj ET Q q 0 0 0 rg BT 531.26 135.70 Td (of ) Tj ET Q q 0 0 0 rg BT 542.13 135.70 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 75.04 123.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 109.08 123.70 Td (for ) Tj ET Q q 0 0 0 rg BT 122.56 123.70 Td (hedges ) Tj ET Q q 0 0 0 rg BT 152.16 123.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.08 123.70 Td (with ) Tj ET Q q 0 0 0 rg BT 214.69 123.70 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 259.27 123.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 298.86 123.70 Td (\(where ) Tj ET Q q 0 0 0 rg BT 328.45 123.70 Td (the ) Tj ET Q q 0 0 0 rg BT 342.49 123.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.09 123.70 Td (were ) Tj ET Q q 0 0 0 rg BT 403.34 123.70 Td (marked-to-market ) Tj ET Q q 0 0 0 rg BT 477.36 123.70 Td (through ) Tj ET Q q 0 0 0 rg BT 510.30 123.70 Td (our ) Tj ET Q q 0 0 0 rg BT 525.46 123.70 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 111.70 Td (income ) Tj ET Q q 0 0 0 rg BT 67.60 111.70 Td (statements\), ) Tj ET Q q 0 0 0 rg BT 117.82 111.70 Td (and ) Tj ET Q q 0 0 0 rg BT 134.43 111.70 Td (negative ) Tj ET Q q 0 0 0 rg BT 170.47 111.70 Td ($15 ) Tj ET Q q 0 0 0 rg BT 187.64 111.70 Td (million ) Tj ET Q q 0 0 0 rg BT 218.70 111.70 Td (of ) Tj ET Q q 0 0 0 rg BT 229.20 111.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 268.58 111.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 302.96 111.70 Td (resulting ) Tj ET Q q 0 0 0 rg BT 340.13 111.70 Td (from ) Tj ET Q q 0 0 0 rg BT 361.73 111.70 Td (the ) Tj ET Q q 0 0 0 rg BT 376.12 111.70 Td (net ) Tj ET Q q 0 0 0 rg BT 390.51 111.70 Td (ef) Tj ET Q q 0 0 0 rg BT 398.10 111.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 415.25 111.70 Td (of ) Tj ET Q q 0 0 0 rg BT 425.75 111.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 460.13 111.70 Td (in ) Tj ET Q q 0 0 0 rg BT 470.08 111.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 495.01 111.70 Td (spreads ) Tj ET Q q 0 0 0 rg BT 527.17 111.70 Td (and ) Tj ET Q q 0 0 0 rg BT 543.78 111.70 Td (hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 99.70 Td (costs. ) Tj ET Q q 0 0 0 rg BT 60.83 99.70 Td (Market ) Tj ET Q q 0 0 0 rg BT 92.03 99.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 123.79 99.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 144.99 99.70 Td (were ) Tj ET Q q 0 0 0 rg BT 166.75 99.70 Td (highly ) Tj ET Q q 0 0 0 rg BT 194.63 99.70 Td (volatile ) Tj ET Q q 0 0 0 rg BT 226.95 99.70 Td (throughout ) Tj ET Q q 0 0 0 rg BT 273.16 99.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 297.99 99.70 Td (and ) Tj ET Q q 0 0 0 rg BT 314.75 99.70 Td (in ) Tj ET Q q 0 0 0 rg BT 324.86 99.70 Td (general, ) Tj ET Q q 0 0 0 rg BT 359.11 99.70 Td (this ) Tj ET Q q 0 0 0 rg BT 375.89 99.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 409.87 99.70 Td (in ) Tj ET Q q 0 0 0 rg BT 419.97 99.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 460.05 99.70 Td (hedging ) Tj ET Q q 0 0 0 rg BT 494.60 99.70 Td (costs ) Tj ET Q q 0 0 0 rg BT 516.92 99.70 Td (for ) Tj ET Q q 0 0 0 rg BT 530.91 99.70 Td (our ) Tj ET Q q 0 0 0 rg BT 546.57 99.70 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 87.70 Td (interest ) Tj ET Q q 0 0 0 rg BT 67.93 87.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 85.42 87.70 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 122.91 87.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.74 87.70 Td (that ) Tj ET Q q 0 0 0 rg BT 166.24 87.70 Td (we ) Tj ET Q q 0 0 0 rg BT 180.40 87.70 Td (hedge.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 101.21 731.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 140.08 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.18 731.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 187.82 731.10 Td ($9 ) Tj ET Q q 0 0 0 rg BT 200.60 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 232.26 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.81 731.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 265.58 731.10 Td (included ) Tj ET Q q 0 0 0 rg BT 302.79 731.10 Td ($12 ) Tj ET Q q 0 0 0 rg BT 320.56 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 352.23 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.33 731.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 397.77 731.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 437.75 731.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 472.73 731.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 516.60 731.10 Td (with ) Tj ET Q q 0 0 0 rg BT 537.15 731.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 567.69 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.34 719.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 76.47 719.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 129.75 719.10 Td ($1) Tj ET Q q 0 0 0 rg BT 139.38 719.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 147.39 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 179.29 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.62 719.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 227.50 719.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 267.72 719.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 302.94 719.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 351.48 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.27 719.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 406.93 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.72 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.94 719.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 455.95 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.29 719.10 Td (IO ) Tj ET Q q 0 0 0 rg BT 480.85 719.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 524.12 719.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 561.00 719.10 Td ($12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 66.83 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.10 707.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 116.25 707.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 150.39 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 163.99 707.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 193.69 707.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 236.73 707.10 Td (with ) Tj ET Q q 0 0 0 rg BT 256.44 707.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 301.13 707.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 343.33 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.71 707.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 393.31 707.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 405.25 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 436.07 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.34 707.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 485.49 707.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 519.64 707.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 556.57 707.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 65.43 695.10 Td (ef) Tj ET Q q 0 0 0 rg BT 73.02 695.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 90.51 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.34 695.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 136.04 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.32 695.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 171.59 695.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 204.08 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.01 695.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 255.73 695.10 Td (costs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 57.94 671.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 89.87 671.10 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 119.87 671.10 Td (net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 647.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 647.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 647.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.35 647.10 Td (components ) Tj ET Q q 0 0 0 rg BT 236.18 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.01 647.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 270.63 647.10 Td (income ) Tj ET Q q 0 0 0 rg BT 302.56 647.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 329.79 647.10 Td (net ) Tj ET Q q 0 0 0 rg BT 344.50 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.66 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.38 647.10 Td (years ) Tj ET Q q 0 0 0 rg BT 396.98 647.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.36 647.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 481.94 647.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.94 647.10 Td (, ) Tj ET Q q 0 0 0 rg BT 506.94 647.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 531.94 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.88 647.10 Td (2014. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 623.10 Td (able 14 MSR Income \(Loss\), net ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 582.60 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 582.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 582.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 582.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 582.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 582.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 542.60 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 542.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 542.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 542.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 542.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 542.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 502.60 218.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 502.60 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 502.60 60.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 502.60 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 502.60 59.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 502.60 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 502.60 60.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 502.60 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 502.60 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 502.60 59.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 502.60 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 502.60 60.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 450.60 218.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 450.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 450.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 450.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 450.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 450.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 597.6 m 317.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 597.6 m 321.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 597.6 m 380.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 597.6 m 384.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 597.6 m 444.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 597.6 m 511.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 597.6 m 515.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 597.6 m 575.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 582.6 m 253.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 582.6 m 317.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 582.6 m 380.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 597.6 m 444.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 582.6 m 444.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 597.6 m 448.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 597.6 m 511.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 582.6 m 511.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 597.6 m 575.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 582.6 m 575.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 582.6 m 317.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 582.6 m 380.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 582.6 m 444.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 582.6 m 448.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 582.6 m 511.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 582.6 m 575.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 567.6 m 448.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 527.6 m 317.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 527.6 m 380.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 527.6 m 444.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 542.6 m 448.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 527.6 m 511.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 527.6 m 575.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 527.6 m 448.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 502.6 m 448.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 450.6 m 317.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 465.6 m 448.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 450.6 m 317.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 435.6 m 317.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 450.6 m 380.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 435.6 m 380.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 450.6 m 444.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 435.6 m 444.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 450.6 m 448.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 450.6 m 511.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 435.6 m 511.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 450.6 m 575.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 435.6 m 575.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 412.6 m 317.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 410.6 m 317.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 412.6 m 380.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 410.6 m 380.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 412.6 m 444.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 410.6 m 444.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 435.6 m 448.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 412.6 m 511.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 410.6 m 511.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 412.6 m 575.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 410.6 m 575.5 410.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.10 602.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 602.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 587.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.00 587.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.50 587.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.00 587.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 587.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.80 587.28 Td ('15/'14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 572.27 Td (Net servicing fee income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 572.27 Td (34,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 572.27 Td (33,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 572.27 Td (17,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 572.27 Td (986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 572.27 Td (16,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 557.27 Td (Changes in fair value of MSR from the receipt of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 547.27 Td (expected cash flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.80 547.32 Td (\(21,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 547.32 Td (\(18,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 547.32 Td (\(8,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 547.32 Td (\(2,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 547.27 Td (\(10,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 532.27 Td (MSR provision for repurchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 532.27 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.30 532.32 Td (\(707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 532.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 532.32 Td (\(708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 532.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 532.27 Td (977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 532.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 517.27 Td (MSR income before the effect of changes in interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 507.27 Td (rates and other assumptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 507.27 Td (13,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 507.27 Td (14,239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 507.27 Td (8,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 507.32 Td (\(958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 507.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 507.27 Td (6,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 480.27 Td (Changes in fair value of MSR from interest rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 470.27 Td (other assumptions ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 113.00 474.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.80 470.32 Td (\(14,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.80 470.32 Td (\(5,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 470.32 Td (\(12,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 470.32 Td (\(9,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 470.27 Td (7,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 455.27 Td (Changes in fair value of associated derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 455.27 Td (15,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 455.32 Td (\(12,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 455.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 455.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 455.27 Td (28,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 455.27 Td (\(12,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 455.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 440.27 Td (Total net effect of changes in assumptions and rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 440.27 Td (1,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 440.32 Td (\(18,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 440.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 440.32 Td (\(12,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 440.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 440.27 Td (19,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 440.27 Td (\(5,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 440.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 416.28 Td (MSR Income \(Loss\), Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 416.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 416.27 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 416.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.80 416.32 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 416.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 416.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.80 416.32 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 416.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 416.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 416.27 Td (18,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 416.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 416.27 Td (339) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 395.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 395.30 Td (Primarily reflects changes in prepayment assumptions on our MSRs due to changes in benchmark interest rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.30 Td (MSR ) Tj ET Q q 0 0 0 rg BT 78.01 375.30 Td (income ) Tj ET Q q 0 0 0 rg BT 110.34 375.30 Td (before ) Tj ET Q q 0 0 0 rg BT 138.76 375.30 Td (the ) Tj ET Q q 0 0 0 rg BT 153.87 375.30 Td (ef) Tj ET Q q 0 0 0 rg BT 161.46 375.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 179.33 375.30 Td (of ) Tj ET Q q 0 0 0 rg BT 190.55 375.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 225.65 375.30 Td (in ) Tj ET Q q 0 0 0 rg BT 236.32 375.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 268.64 375.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 290.41 375.30 Td (and ) Tj ET Q q 0 0 0 rg BT 307.73 375.30 Td (other ) Tj ET Q q 0 0 0 rg BT 331.17 375.30 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 383.51 375.30 Td (was ) Tj ET Q q 0 0 0 rg BT 401.95 375.30 Td (consistent ) Tj ET Q q 0 0 0 rg BT 444.83 375.30 Td (in ) Tj ET Q q 0 0 0 rg BT 455.50 375.30 Td (2015 ) Tj ET Q q 0 0 0 rg BT 478.39 375.30 Td (and ) Tj ET Q q 0 0 0 rg BT 495.72 375.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 518.61 375.30 Td (as ) Tj ET Q q 0 0 0 rg BT 529.83 375.30 Td (the ) Tj ET Q q 0 0 0 rg BT 544.94 375.30 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 363.30 Td (balances ) Tj ET Q q 0 0 0 rg BT 72.77 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 83.44 363.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 106.89 363.30 Td (serviced ) Tj ET Q q 0 0 0 rg BT 142.54 363.30 Td (each ) Tj ET Q q 0 0 0 rg BT 163.20 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 173.87 363.30 Td (these ) Tj ET Q q 0 0 0 rg BT 196.76 363.30 Td (years ) Tj ET Q q 0 0 0 rg BT 220.20 363.30 Td (were ) Tj ET Q q 0 0 0 rg BT 241.97 363.30 Td (relatively ) Tj ET Q q 0 0 0 rg BT 282.07 363.30 Td (consistent, ) Tj ET Q q 0 0 0 rg BT 326.91 363.30 Td (and ) Tj ET Q q 0 0 0 rg BT 343.69 363.30 Td (was ) Tj ET Q q 0 0 0 rg BT 361.58 363.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 386.69 363.30 Td (in ) Tj ET Q q 0 0 0 rg BT 396.81 363.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 419.15 363.30 Td (due ) Tj ET Q q 0 0 0 rg BT 435.93 363.30 Td (to ) Tj ET Q q 0 0 0 rg BT 446.05 363.30 Td (a ) Tj ET Q q 0 0 0 rg BT 452.83 363.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 477.94 363.30 Td (average ) Tj ET Q q 0 0 0 rg BT 511.36 363.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 544.24 363.30 Td (of ) Tj ET Q q 0 0 0 rg BT 554.91 363.30 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 351.30 Td (serviced ) Tj ET Q q 0 0 0 rg BT 71.23 351.30 Td (that ) Tj ET Q q 0 0 0 rg BT 88.15 351.30 Td (year) Tj ET Q q 0 0 0 rg BT 104.80 351.30 Td (. ) Tj ET Q q 0 0 0 rg BT 109.08 351.30 Td (The ) Tj ET Q q 0 0 0 rg BT 126.55 351.30 Td (net ) Tj ET Q q 0 0 0 rg BT 140.68 351.30 Td (ef) Tj ET Q q 0 0 0 rg BT 148.27 351.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 165.17 351.30 Td (to ) Tj ET Q q 0 0 0 rg BT 174.87 351.30 Td (MSR ) Tj ET Q q 0 0 0 rg BT 197.91 351.30 Td (income ) Tj ET Q q 0 0 0 rg BT 229.26 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 238.96 351.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 260.88 351.30 Td (from ) Tj ET Q q 0 0 0 rg BT 282.23 351.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 316.36 351.30 Td (in ) Tj ET Q q 0 0 0 rg BT 326.05 351.30 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 377.42 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 393.78 351.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 414.57 351.30 Td (was ) Tj ET Q q 0 0 0 rg BT 432.04 351.30 Td (minimal ) Tj ET Q q 0 0 0 rg BT 467.29 351.30 Td (and ) Tj ET Q q 0 0 0 rg BT 483.64 351.30 Td (reflected ) Tj ET Q q 0 0 0 rg BT 520.53 351.30 Td (the ) Tj ET Q q 0 0 0 rg BT 534.67 351.30 Td (net ) Tj ET Q q 0 0 0 rg BT 548.80 351.30 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 46.14 339.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 80.16 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 89.75 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 103.78 339.30 Td (value ) Tj ET Q q 0 0 0 rg BT 127.25 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 137.40 339.30 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 164.22 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 180.47 339.30 Td (their ) Tj ET Q q 0 0 0 rg BT 200.61 339.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 243.52 339.30 Td (hedges ) Tj ET Q q 0 0 0 rg BT 273.10 339.30 Td (during ) Tj ET Q q 0 0 0 rg BT 301.02 339.30 Td (that ) Tj ET Q q 0 0 0 rg BT 317.83 339.30 Td (period, ) Tj ET Q q 0 0 0 rg BT 347.69 339.30 Td (which ) Tj ET Q q 0 0 0 rg BT 373.94 339.30 Td (were ) Tj ET Q q 0 0 0 rg BT 395.18 339.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 434.21 339.30 Td (driven ) Tj ET Q q 0 0 0 rg BT 461.57 339.30 Td (by ) Tj ET Q q 0 0 0 rg BT 473.38 339.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 507.40 339.30 Td (in ) Tj ET Q q 0 0 0 rg BT 516.99 339.30 Td (market ) Tj ET Q q 0 0 0 rg BT 546.57 339.30 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 327.30 Td (rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 307.30 Td (The ) Tj ET Q q 0 0 0 rg BT 72.00 307.30 Td (net ) Tj ET Q q 0 0 0 rg BT 86.66 307.30 Td (MSR ) Tj ET Q q 0 0 0 rg BT 110.23 307.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 128.24 307.30 Td (for ) Tj ET Q q 0 0 0 rg BT 142.35 307.30 Td (2015 ) Tj ET Q q 0 0 0 rg BT 164.80 307.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 204.46 307.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 238.57 307.30 Td (from ) Tj ET Q q 0 0 0 rg BT 260.45 307.30 Td (decreases ) Tj ET Q q 0 0 0 rg BT 301.21 307.30 Td (in ) Tj ET Q q 0 0 0 rg BT 311.43 307.30 Td (market ) Tj ET Q q 0 0 0 rg BT 341.65 307.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 373.53 307.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 394.85 307.30 Td (during ) Tj ET Q q 0 0 0 rg BT 423.41 307.30 Td (the ) Tj ET Q q 0 0 0 rg BT 438.08 307.30 Td (first ) Tj ET Q q 0 0 0 rg BT 456.63 307.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 487.40 307.30 Td (of ) Tj ET Q q 0 0 0 rg BT 498.18 307.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 523.13 307.30 Td (as ) Tj ET Q q 0 0 0 rg BT 533.90 307.30 Td (we ) Tj ET Q q 0 0 0 rg BT 548.01 307.30 Td (did ) Tj ET Q q 0 0 0 rg BT 563.24 307.30 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 295.30 Td (begin ) Tj ET Q q 0 0 0 rg BT 60.79 295.30 Td (to ) Tj ET Q q 0 0 0 rg BT 71.14 295.30 Td (identify ) Tj ET Q q 0 0 0 rg BT 104.82 295.30 Td (specific ) Tj ET Q q 0 0 0 rg BT 138.49 295.30 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 184.93 295.30 Td (for ) Tj ET Q q 0 0 0 rg BT 199.16 295.30 Td (hedging ) Tj ET Q q 0 0 0 rg BT 233.95 295.30 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 261.54 295.30 Td (until ) Tj ET Q q 0 0 0 rg BT 282.45 295.30 Td (the ) Tj ET Q q 0 0 0 rg BT 297.24 295.30 Td (second ) Tj ET Q q 0 0 0 rg BT 327.58 295.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 358.47 295.30 Td (of ) Tj ET Q q 0 0 0 rg BT 369.37 295.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 394.45 295.30 Td (During ) Tj ET Q q 0 0 0 rg BT 425.35 295.30 Td (the ) Tj ET Q q 0 0 0 rg BT 440.14 295.30 Td (first ) Tj ET Q q 0 0 0 rg BT 458.82 295.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 489.71 295.30 Td (of ) Tj ET Q q 0 0 0 rg BT 500.61 295.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 525.69 295.30 Td (we ) Tj ET Q q 0 0 0 rg BT 539.92 295.30 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 283.30 Td (our ) Tj ET Q q 0 0 0 rg BT 51.91 283.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 90.59 283.30 Td (to ) Tj ET Q q 0 0 0 rg BT 100.96 283.30 Td (market ) Tj ET Q q 0 0 0 rg BT 131.30 283.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 163.32 283.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 180.89 283.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 198.47 283.30 Td (for ) Tj ET Q q 0 0 0 rg BT 212.71 283.30 Td (our ) Tj ET Q q 0 0 0 rg BT 228.63 283.30 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 256.22 283.30 Td (on ) Tj ET Q q 0 0 0 rg BT 268.81 283.30 Td (an ) Tj ET Q q 0 0 0 rg BT 280.83 283.30 Td (enterprise-wide ) Tj ET Q q 0 0 0 rg BT 345.60 283.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 368.19 283.30 Td (and ) Tj ET Q q 0 0 0 rg BT 385.21 283.30 Td (the ) Tj ET Q q 0 0 0 rg BT 400.01 283.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 443.69 283.30 Td (hedging ) Tj ET Q q 0 0 0 rg BT 478.49 283.30 Td (of) Tj ET Q q 0 0 0 rg BT 486.63 283.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 503.66 283.30 Td (related ) Tj ET Q q 0 0 0 rg BT 533.44 283.30 Td (to ) Tj ET Q q 0 0 0 rg BT 543.80 283.30 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 271.30 Td (in ) Tj ET Q q 0 0 0 rg BT 46.30 271.30 Td (market ) Tj ET Q q 0 0 0 rg BT 76.58 271.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 108.53 271.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 129.93 271.30 Td (of ) Tj ET Q q 0 0 0 rg BT 140.78 271.30 Td (positive ) Tj ET Q q 0 0 0 rg BT 174.96 271.30 Td ($12 ) Tj ET Q q 0 0 0 rg BT 192.48 271.30 Td (million ) Tj ET Q q 0 0 0 rg BT 223.90 271.30 Td (during ) Tj ET Q q 0 0 0 rg BT 252.52 271.30 Td (that ) Tj ET Q q 0 0 0 rg BT 270.04 271.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 300.87 271.30 Td (is ) Tj ET Q q 0 0 0 rg BT 310.06 271.30 Td (presented ) Tj ET Q q 0 0 0 rg BT 350.90 271.30 Td (as ) Tj ET Q q 0 0 0 rg BT 361.75 271.30 Td (a ) Tj ET Q q 0 0 0 rg BT 368.71 271.30 Td (component ) Tj ET Q q 0 0 0 rg BT 415.66 271.30 Td (of ) Tj ET Q q 0 0 0 rg BT 426.51 271.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 473.46 271.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 489.86 271.30 Td (value ) Tj ET Q q 0 0 0 rg BT 514.03 271.30 Td (changes, ) Tj ET Q q 0 0 0 rg BT 551.26 271.30 Td (net ) Tj ET Q q 0 0 0 rg BT 566.00 271.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 259.30 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 259.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 104.87 259.30 Td (income ) Tj ET Q q 0 0 0 rg BT 136.81 259.30 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.30 Td (The ) Tj ET Q q 0 0 0 rg BT 71.99 239.30 Td (net ) Tj ET Q q 0 0 0 rg BT 86.65 239.30 Td (MSR ) Tj ET Q q 0 0 0 rg BT 110.22 239.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 128.22 239.30 Td (for ) Tj ET Q q 0 0 0 rg BT 142.32 239.30 Td (2014 ) Tj ET Q q 0 0 0 rg BT 164.77 239.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 204.42 239.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 238.52 239.30 Td (from ) Tj ET Q q 0 0 0 rg BT 260.40 239.30 Td (decreases ) Tj ET Q q 0 0 0 rg BT 301.15 239.30 Td (in ) Tj ET Q q 0 0 0 rg BT 311.37 239.30 Td (market ) Tj ET Q q 0 0 0 rg BT 341.58 239.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 373.45 239.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 394.77 239.30 Td (during ) Tj ET Q q 0 0 0 rg BT 423.32 239.30 Td (2014. ) Tj ET Q q 0 0 0 rg BT 447.73 239.30 Td (As ) Tj ET Q q 0 0 0 rg BT 461.28 239.30 Td (we ) Tj ET Q q 0 0 0 rg BT 475.39 239.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 513.92 239.30 Td (our ) Tj ET Q q 0 0 0 rg BT 529.70 239.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 568.24 239.30 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.30 Td (market ) Tj ET Q q 0 0 0 rg BT 66.38 227.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 98.44 227.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 116.05 227.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 133.67 227.30 Td (for ) Tj ET Q q 0 0 0 rg BT 147.95 227.30 Td (our ) Tj ET Q q 0 0 0 rg BT 163.90 227.30 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 191.54 227.30 Td (on ) Tj ET Q q 0 0 0 rg BT 204.16 227.30 Td (an ) Tj ET Q q 0 0 0 rg BT 216.22 227.30 Td (enterprise-wide ) Tj ET Q q 0 0 0 rg BT 281.03 227.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 303.65 227.30 Td (during ) Tj ET Q q 0 0 0 rg BT 332.38 227.30 Td (all ) Tj ET Q q 0 0 0 rg BT 345.00 227.30 Td (of ) Tj ET Q q 0 0 0 rg BT 355.95 227.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 381.07 227.30 Td (the ) Tj ET Q q 0 0 0 rg BT 395.91 227.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 439.62 227.30 Td ($12 ) Tj ET Q q 0 0 0 rg BT 457.24 227.30 Td (million ) Tj ET Q q 0 0 0 rg BT 488.75 227.30 Td (hedging ) Tj ET Q q 0 0 0 rg BT 523.59 227.30 Td (of) Tj ET Q q 0 0 0 rg BT 531.74 227.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 548.80 227.30 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.30 Td (to ) Tj ET Q q 0 0 0 rg BT 45.90 215.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 80.22 215.30 Td (in ) Tj ET Q q 0 0 0 rg BT 90.11 215.30 Td (market ) Tj ET Q q 0 0 0 rg BT 119.99 215.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 151.54 215.30 Td (rates ) Tj ET Q q 0 0 0 rg BT 172.54 215.30 Td (during ) Tj ET Q q 0 0 0 rg BT 200.76 215.30 Td (that ) Tj ET Q q 0 0 0 rg BT 217.88 215.30 Td (year ) Tj ET Q q 0 0 0 rg BT 237.20 215.30 Td (is ) Tj ET Q q 0 0 0 rg BT 245.99 215.30 Td (presented ) Tj ET Q q 0 0 0 rg BT 286.42 215.30 Td (as ) Tj ET Q q 0 0 0 rg BT 296.86 215.30 Td (a ) Tj ET Q q 0 0 0 rg BT 303.42 215.30 Td (component ) Tj ET Q q 0 0 0 rg BT 349.97 215.30 Td (of ) Tj ET Q q 0 0 0 rg BT 360.42 215.30 Td (Investment ) Tj ET Q q 0 0 0 rg BT 406.97 215.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.96 215.30 Td (value ) Tj ET Q q 0 0 0 rg BT 446.73 215.30 Td (changes, ) Tj ET Q q 0 0 0 rg BT 483.56 215.30 Td (net ) Tj ET Q q 0 0 0 rg BT 497.89 215.30 Td (on ) Tj ET Q q 0 0 0 rg BT 510.01 215.30 Td (our ) Tj ET Q q 0 0 0 rg BT 525.45 215.30 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.30 Td (income ) Tj ET Q q 0 0 0 rg BT 67.93 203.30 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 183.30 Td (Realized ) Tj ET Q q 0 0 0 rg BT 72.93 183.30 Td (Gains, ) Tj ET Q q 0 0 0 rg BT 101.83 183.30 Td (net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 165.30 Td (During ) Tj ET Q q 0 0 0 rg BT 84.11 165.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.11 165.30 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.32 165.30 Td (s ) Tj ET Q q 0 0 0 rg BT 120.99 165.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.65 165.30 Td (December ) Tj ET Q q 0 0 0 rg BT 189.51 165.30 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.79 165.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.79 165.30 Td (, ) Tj ET Q q 0 0 0 rg BT 228.08 165.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 252.36 165.30 Td (and ) Tj ET Q q 0 0 0 rg BT 268.58 165.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 292.86 165.30 Td (we ) Tj ET Q q 0 0 0 rg BT 306.30 165.30 Td (realized ) Tj ET Q q 0 0 0 rg BT 339.72 165.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 362.61 165.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.72 165.30 Td ($23 ) Tj ET Q q 0 0 0 rg BT 389.50 165.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 418.39 172.23 4.28 -9.09 re f /GS0 gs q 0 0 0 rg BT 418.39 165.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.68 165.30 Td ($36 ) Tj ET Q q 0 0 0 rg BT 439.46 165.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 468.35 172.23 20.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 468.35 165.30 Td (, ) Tj ET Q q 0 0 0 rg BT 472.63 165.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 488.85 172.23 45.67 -9.09 re f /GS0 gs q 0 0 0 rg BT 488.85 165.30 Td ($14 ) Tj ET Q q 0 0 0 rg BT 505.63 165.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 534.52 172.23 43.99 -9.09 re f /GS0 gs q 0 0 0 rg BT 534.52 165.30 Td (, ) Tj ET Q q 0 0 0 rg BT 538.80 165.30 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 36.00 160.23 62.05 -9.09 re f /GS0 gs q 0 0 0 rg BT 36.00 153.30 Td (from ) Tj ET Q q 0 0 0 rg BT 57.07 153.30 Td (the ) Tj ET Q q 0 0 0 rg BT 70.92 153.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 88.09 153.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.05 153.30 Td ($253 ) Tj ET Q q 0 0 0 rg BT 119.68 153.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 148.57 160.23 2.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 148.57 153.30 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.07 153.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.70 153.30 Td ($366 ) Tj ET Q q 0 0 0 rg BT 174.33 153.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.22 153.30 Td (, ) Tj ET Q q 0 0 0 rg BT 207.35 153.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.42 153.30 Td ($440 ) Tj ET Q q 0 0 0 rg BT 245.05 153.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.94 153.30 Td ( ) Tj ET Q q 0 0 0 rg BT 275.57 153.30 Td (of ) Tj ET Q q 0 0 0 rg BT 285.17 153.30 Td (AFS ) Tj ET Q q 0 0 0 rg BT 305.15 153.30 Td (securities, ) Tj ET Q q 0 0 0 rg BT 347.04 153.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 394.70 153.30 Td (. ) Tj ET Q q 0 0 0 rg BT 398.47 153.30 Td (Although ) Tj ET Q q 0 0 0 rg BT 437.88 153.30 Td (we ) Tj ET Q q 0 0 0 rg BT 451.17 153.30 Td (currently ) Tj ET Q q 0 0 0 rg BT 488.90 153.30 Td (expect ) Tj ET Q q 0 0 0 rg BT 516.62 153.30 Td (fewer ) Tj ET Q q 0 0 0 rg BT 541.01 153.30 Td (portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 141.30 Td (sales ) Tj ET Q q 0 0 0 rg BT 57.94 141.30 Td (and ) Tj ET Q q 0 0 0 rg BT 74.88 141.30 Td (realized ) Tj ET Q q 0 0 0 rg BT 109.02 141.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 132.63 141.30 Td (in ) Tj ET Q q 0 0 0 rg BT 142.90 141.30 Td (2017 ) Tj ET Q q 0 0 0 rg BT 165.40 141.30 Td (relative ) Tj ET Q q 0 0 0 rg BT 197.88 141.30 Td (to ) Tj ET Q q 0 0 0 rg BT 208.16 141.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 233.16 141.30 Td (we ) Tj ET Q q 0 0 0 rg BT 247.32 141.30 Td (will ) Tj ET Q q 0 0 0 rg BT 265.38 141.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 302.31 141.30 Td (to ) Tj ET Q q 0 0 0 rg BT 312.59 141.30 Td (be ) Tj ET Q q 0 0 0 rg BT 324.53 141.30 Td (opportunistic ) Tj ET Q q 0 0 0 rg BT 379.80 141.30 Td (in ) Tj ET Q q 0 0 0 rg BT 390.08 141.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 414.80 141.30 Td (of ) Tj ET Q q 0 0 0 rg BT 425.63 141.30 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 463.12 141.30 Td (sales.) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (61) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 49.52 731.10 Td (ect ) Tj ET Q q 0 0 0 rg BT 63.68 731.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 107.28 731.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 146.99 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.49 731.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 174.12 731.10 Td (ovision ) Tj ET Q q 0 0 0 rg BT 205.51 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 219.68 731.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 251.61 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 256.25 731.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.30 711.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 105.80 711.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.33 711.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 154.84 711.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 192.69 711.10 Td (at ) Tj ET Q q 0 0 0 rg BT 201.66 711.10 Td (our ) Tj ET Q q 0 0 0 rg BT 216.74 711.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 263.48 711.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 313.56 711.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 348.63 711.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.16 711.10 Td (both ) Tj ET Q q 0 0 0 rg BT 377.69 711.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 399.44 711.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.63 711.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 437.38 711.10 Td (was ) Tj ET Q q 0 0 0 rg BT 454.68 711.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 493.65 711.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 540.93 711.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.46 711.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 77.38 699.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 99.88 699.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 143.47 699.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.75 699.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.47 699.10 Td (sourcing ) Tj ET Q q 0 0 0 rg BT 215.40 699.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.23 699.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 253.75 699.10 Td (on ) Tj ET Q q 0 0 0 rg BT 266.25 699.10 Td (a ) Tj ET Q q 0 0 0 rg BT 273.19 699.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 294.02 699.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 316.52 699.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.46 699.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.17 699.10 Td (management ) Tj ET Q q 0 0 0 rg BT 401.76 699.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.59 699.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 436.21 699.10 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 679.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.67 679.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 113.58 679.10 Td (for ) Tj ET Q q 0 0 0 rg BT 128.36 679.10 Td (income ) Tj ET Q q 0 0 0 rg BT 160.92 679.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 184.59 679.10 Td (at ) Tj ET Q q 0 0 0 rg BT 194.93 679.10 Td (our ) Tj ET Q q 0 0 0 rg BT 211.39 679.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 259.50 679.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 310.95 679.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 347.40 679.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.31 679.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 381.43 679.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 416.21 679.10 Td (from ) Tj ET Q q 0 0 0 rg BT 438.78 679.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 465.63 679.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.76 679.10 Td (income ) Tj ET Q q 0 0 0 rg BT 501.31 679.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 531.08 679.10 Td (at ) Tj ET Q q 0 0 0 rg BT 541.43 679.10 Td (our ) Tj ET Q q 0 0 0 rg BT 557.66 679.10 Td (TRS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 667.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.02 667.10 Td (with ) Tj ET Q q 0 0 0 rg BT 98.72 667.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 136.74 667.10 Td (at ) Tj ET Q q 0 0 0 rg BT 145.88 667.10 Td (this ) Tj ET Q q 0 0 0 rg BT 162.25 667.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 200.00 667.10 Td (In ) Tj ET Q q 0 0 0 rg BT 210.26 667.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 234.68 667.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.82 667.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 278.51 667.10 Td (for ) Tj ET Q q 0 0 0 rg BT 292.09 667.10 Td (income ) Tj ET Q q 0 0 0 rg BT 323.45 667.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 345.92 667.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 379.50 667.10 Td (from ) Tj ET Q q 0 0 0 rg BT 400.86 667.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.23 667.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 434.08 667.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.00 667.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 453.49 667.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 490.39 667.10 Td (at ) Tj ET Q q 0 0 0 rg BT 499.53 667.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.65 667.10 Td (TRS ) Tj ET Q q 0 0 0 rg BT 534.91 667.10 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 655.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.28 655.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 94.88 655.10 Td (at ) Tj ET Q q 0 0 0 rg BT 104.59 655.10 Td (this ) Tj ET Q q 0 0 0 rg BT 121.54 655.10 Td (segment. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 619.10 Td (Residential Loans Held-for-Investment Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.81 599.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.96 599.10 Td (table ) Tj ET Q q 0 0 0 rg BT 134.66 599.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 171.37 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.85 599.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 218.11 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.70 599.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 272.62 599.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 295.99 599.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 328.00 599.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 377.48 599.10 Td (at ) Tj ET Q q 0 0 0 rg BT 386.96 599.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 427.55 599.10 Td (during ) Tj ET Q q 0 0 0 rg BT 455.93 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.41 599.10 Td (years ) Tj ET Q q 0 0 0 rg BT 493.78 599.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 599.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 587.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 587.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.44 587.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 563.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 563.10 Td (able 15 Residential Loans Held-for-Investment at Redwood - ) Tj ET Q q 0 0 0 rg BT 300.53 563.10 Td (Activity) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 34.50 513.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 513.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 513.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 34.50 483.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 483.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 483.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 34.50 453.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 453.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 453.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 528.6 m 493.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 528.6 m 497.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 528.6 m 574.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 34.5 513.6 m 412.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 513.6 m 493.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 513.6 m 574.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 453.6 m 493.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 439.6 m 493.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 437.6 m 493.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 453.6 m 574.5 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 439.6 m 574.5 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 437.6 m 574.5 437.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 533.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 518.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 518.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.50 518.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 37.00 503.27 Td (Fair value at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 503.27 Td (1,791,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 503.27 Td (581,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 37.00 488.27 Td (Transfers between portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 488.27 Td (1,007,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 488.27 Td (1,401,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 37.00 473.27 Td (Sales and principal repayments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 473.32 Td (\(514,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 473.27 Td (\(185,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 37.00 458.27 Td (Changes in fair value, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 458.32 Td (\(23,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 458.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 458.27 Td (\(6,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 458.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 37.00 443.28 Td (Fair Value at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 443.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 443.27 Td (2,261,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 443.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 443.27 Td (1,791,195) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.77 419.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.77 419.10 Td (, ) Tj ET Q q 0 0 0 rg BT 111.72 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 126.82 419.10 Td (had ) Tj ET Q q 0 0 0 rg BT 144.71 419.10 Td (net ) Tj ET Q q 0 0 0 rg BT 160.37 419.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 198.24 419.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.02 419.10 Td ($1.01 ) Tj ET Q q 0 0 0 rg BT 235.96 419.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.08 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.52 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.30 419.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 322.39 419.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 346.94 419.10 Td (from ) Tj ET Q q 0 0 0 rg BT 369.83 419.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.60 419.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 435.04 419.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 477.36 419.10 Td (Banking ) Tj ET Q q 0 0 0 rg BT 514.69 419.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 551.46 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 562.68 419.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 82.94 407.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 133.21 407.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 170.55 407.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.49 407.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 240.52 407.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.52 407.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.96 407.10 Td ($2.26 ) Tj ET Q q 0 0 0 rg BT 289.41 407.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.52 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.47 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.74 407.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 350.80 407.10 Td (were ) Tj ET Q q 0 0 0 rg BT 372.17 407.10 Td (held ) Tj ET Q q 0 0 0 rg BT 391.33 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 403.28 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 418.55 407.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 482.15 407.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 525.20 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.59 407.10 Td (financed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.61 395.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 81.94 395.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.05 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.88 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.04 395.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 170.42 395.10 Td (from ) Tj ET Q q 0 0 0 rg BT 192.68 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.73 395.10 Td (FHLBC. ) Tj ET Q q 0 0 0 rg BT 245.29 395.10 Td (In ) Tj ET Q q 0 0 0 rg BT 256.45 395.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.15 395.10 Td (with ) Tj ET Q q 0 0 0 rg BT 323.76 395.10 Td (these ) Tj ET Q q 0 0 0 rg BT 347.13 395.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 398.01 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.17 395.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 478.65 395.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 522.59 395.10 Td (is ) Tj ET Q q 0 0 0 rg BT 532.09 395.10 Td (required ) Tj ET Q q 0 0 0 rg BT 568.23 395.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.28 383.10 Td ($43 ) Tj ET Q q 0 0 0 rg BT 73.78 383.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.67 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.17 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.00 383.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 144.06 383.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 169.62 383.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.12 383.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 240.70 383.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.70 383.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.70 383.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.14 383.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.64 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.47 383.10 Td (these ) Tj ET Q q 0 0 0 rg BT 316.52 383.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 340.13 383.10 Td (was ) Tj ET Q q 0 0 0 rg BT 358.18 383.10 Td (more ) Tj ET Q q 0 0 0 rg BT 381.22 383.10 Td (than ) Tj ET Q q 0 0 0 rg BT 400.94 383.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 413.44 383.10 Td (days ) Tj ET Q q 0 0 0 rg BT 434.27 383.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 478.98 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.81 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.09 383.10 Td (foreclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.19 363.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.47 363.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.47 363.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.16 363.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.56 363.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 207.41 363.10 Td (average ) Tj ET Q q 0 0 0 rg BT 241.69 363.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 278.76 363.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.28 363.10 Td (these ) Tj ET Q q 0 0 0 rg BT 314.02 363.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 342.77 363.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 391.51 363.10 Td (was ) Tj ET Q q 0 0 0 rg BT 410.25 363.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.20 363.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.42 363.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.61 363.10 Td (years ) Tj ET Q q 0 0 0 rg BT 515.90 363.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.53 363.10 Td (they ) Tj ET Q q 0 0 0 rg BT 553.94 363.10 Td (had ) Tj ET Q q 0 0 0 rg BT 571.57 363.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 351.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 75.22 351.10 Td (average ) Tj ET Q q 0 0 0 rg BT 108.87 351.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 127.54 351.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.43 351.10 Td (0.64%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.26 351.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.83 351.10 Td (per ) Tj ET Q q 0 0 0 rg BT 182.16 351.10 Td (annum.) Tj ET Q q 0 0 0 rg BT 214.19 351.10 Td (This ) Tj ET Q q 0 0 0 rg BT 234.54 351.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 266.53 351.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 285.20 351.10 Td (resets ) Tj ET Q q 0 0 0 rg BT 310.54 351.10 Td (every ) Tj ET Q q 0 0 0 rg BT 335.31 351.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 347.87 351.10 Td (weeks ) Tj ET Q q 0 0 0 rg BT 375.42 351.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.43 351.10 Td (we ) Tj ET Q q 0 0 0 rg BT 406.65 351.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 426.98 351.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.32 351.10 Td (fix ) Tj ET Q q 0 0 0 rg BT 451.00 351.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.78 351.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 497.77 351.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 516.44 351.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.34 351.10 Td (these ) Tj ET Q q 0 0 0 rg BT 550.45 351.10 Td (FHLB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 339.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 84.05 339.10 Td (over ) Tj ET Q q 0 0 0 rg BT 104.32 339.10 Td (their ) Tj ET Q q 0 0 0 rg BT 125.15 339.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 164.30 339.10 Td (average ) Tj ET Q q 0 0 0 rg BT 197.88 339.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 234.27 339.10 Td (by ) Tj ET Q q 0 0 0 rg BT 246.77 339.10 Td (using ) Tj ET Q q 0 0 0 rg BT 270.94 339.10 Td (a ) Tj ET Q q 0 0 0 rg BT 277.88 339.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 330.37 339.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.20 339.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 370.46 339.10 Td (TBAs ) Tj ET Q q 0 0 0 rg BT 396.85 339.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.79 339.10 Td (other ) Tj ET Q q 0 0 0 rg BT 436.83 339.10 Td (derivatives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.81 319.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.07 319.10 Td (final ) Tj ET Q q 0 0 0 rg BT 110.22 319.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 128.59 319.10 Td (published ) Tj ET Q q 0 0 0 rg BT 170.30 319.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.12 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.16 319.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 230.97 319.10 Td (Housing ) Tj ET Q q 0 0 0 rg BT 267.68 319.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 301.54 319.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 335.46 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.06 319.10 Td (January ) Tj ET Q q 0 0 0 rg BT 379.98 319.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 405.30 319.10 Td (our ) Tj ET Q q 0 0 0 rg BT 421.45 319.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 485.93 319.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 529.86 319.10 Td (will ) Tj ET Q q 0 0 0 rg BT 548.24 319.10 Td (remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 307.10 Td (an ) Tj ET Q q 0 0 0 rg BT 47.14 307.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 74.40 307.10 Td (member ) Tj ET Q q 0 0 0 rg BT 108.87 307.10 Td (through ) Tj ET Q q 0 0 0 rg BT 141.68 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.60 307.10 Td (five-year ) Tj ET Q q 0 0 0 rg BT 193.38 307.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 232.86 307.10 Td (period ) Tj ET Q q 0 0 0 rg BT 260.11 307.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.47 307.10 Td (captive ) Tj ET Q q 0 0 0 rg BT 304.04 307.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 344.06 307.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 391.02 307.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 408.28 307.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 471.63 307.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 520.14 307.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 307.10 Td ($2.00 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 295.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.11 295.10 Td ( ) Tj ET Q q 0 0 0 rg BT 65.66 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.53 295.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 106.64 295.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 129.90 295.10 Td (which ) Tj ET Q q 0 0 0 rg BT 157.88 295.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 193.08 295.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 226.07 295.10 Td (this ) Tj ET Q q 0 0 0 rg BT 244.06 295.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 285.38 295.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 316.97 295.10 Td (is ) Tj ET Q q 0 0 0 rg BT 327.19 295.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 369.05 295.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.38 295.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 411.68 295.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 461.89 295.10 Td (until ) Tj ET Q q 0 0 0 rg BT 483.77 295.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.54 295.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 526.41 295.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 559.64 295.10 Td (. ) Tj ET Q q 0 0 0 rg BT 564.90 295.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 283.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 80.98 283.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 105.41 283.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 140.40 283.10 Td (as ) Tj ET Q q 0 0 0 rg BT 152.05 283.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 192.58 283.10 Td (for ) Tj ET Q q 0 0 0 rg BT 207.57 283.10 Td (this ) Tj ET Q q 0 0 0 rg BT 225.34 283.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 245.89 283.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 263.65 283.10 Td (down, ) Tj ET Q q 0 0 0 rg BT 291.70 283.10 Td (we ) Tj ET Q q 0 0 0 rg BT 306.69 283.10 Td (are ) Tj ET Q q 0 0 0 rg BT 322.23 283.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 363.87 283.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.98 283.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 404.96 283.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 448.28 283.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 472.72 283.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.37 283.10 Td (other ) Tj ET Q q 0 0 0 rg BT 508.25 283.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 541.57 283.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 568.22 283.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 271.10 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 87.35 271.10 Td (this ) Tj ET Q q 0 0 0 rg BT 104.30 271.10 Td (debt; ) Tj ET Q q 0 0 0 rg BT 126.80 271.10 Td (however) Tj ET Q q 0 0 0 rg BT 160.82 271.10 Td (, ) Tj ET Q q 0 0 0 rg BT 165.82 271.10 Td (we ) Tj ET Q q 0 0 0 rg BT 179.98 271.10 Td (do ) Tj ET Q q 0 0 0 rg BT 192.48 271.10 Td (not ) Tj ET Q q 0 0 0 rg BT 207.76 271.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 236.36 271.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.63 271.10 Td (be ) Tj ET Q q 0 0 0 rg BT 258.57 271.10 Td (able ) Tj ET Q q 0 0 0 rg BT 277.73 271.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.01 271.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 323.26 271.10 Td (our ) Tj ET Q q 0 0 0 rg BT 339.09 271.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 388.39 271.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 416.45 271.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 436.17 271.10 Td (above ) Tj ET Q q 0 0 0 rg BT 462.55 271.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.26 271.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.43 271.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 536.43 271.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.54 271.10 Td (.) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.29 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 111.91 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 133.08 731.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 167.59 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.54 731.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 210.50 731.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 247.78 731.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 283.94 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 297.34 731.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 340.73 731.10 Td (real ) Tj ET Q q 0 0 0 rg BT 357.45 731.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 381.95 731.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 404.80 731.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 436.81 731.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 485.76 731.10 Td (at ) Tj ET Q q 0 0 0 rg BT 494.71 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 510.33 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 533.72 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 545.46 731.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (type ) Tj ET Q q 0 0 0 rg BT 55.72 719.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.43 719.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.02 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.02 719.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 695.10 Td (able 16 Characteristics of Residential Real Estate Loans Held-for-Investment at Fair V) Tj ET Q q 0 0 0 rg BT 406.20 695.10 Td (alue) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 645.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 645.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 645.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 645.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 645.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 615.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 615.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 615.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 645.6 m 377.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 645.6 m 476.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 645.6 m 575.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 600.6 m 476.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 600.6 m 476.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 586.6 m 476.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 584.6 m 476.5 584.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 674.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 650.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.55 650.28 Td (Principal Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.85 660.28 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.50 650.28 Td (Coupon) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 635.27 Td (Fixed - 30 year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 635.27 Td (2,159,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 635.27 Td (4.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 635.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 620.27 Td (Fixed - 15, 20, & 25 year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 620.27 Td (63,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 620.27 Td (3.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 620.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 605.27 Td (Hybrid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 605.27 Td (10,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 605.27 Td (3.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 605.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 590.28 Td (Total Outstanding Principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 590.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 590.27 Td (2,233,797) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 566.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.62 566.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 122.35 566.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 146.53 566.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 178.53 566.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 228.81 566.10 Td (at ) Tj ET Q q 0 0 0 rg BT 239.10 566.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 280.50 566.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.78 566.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 349.94 566.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.94 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.01 566.10 Td (were ) Tj ET Q q 0 0 0 rg BT 395.50 566.10 Td (prime-quality) Tj ET Q q 0 0 0 rg BT 449.28 566.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.85 566.10 Td (first ) Tj ET Q q 0 0 0 rg BT 474.03 566.10 Td (lien ) Tj ET Q q 0 0 0 rg BT 492.09 566.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 518.77 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.17 566.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.68 566.10 Td (94%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 554.10 Td (were ) Tj ET Q q 0 0 0 rg BT 57.50 554.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 100.10 554.10 Td (between ) Tj ET Q q 0 0 0 rg BT 135.49 554.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 157.55 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.06 554.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 196.13 554.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.63 554.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.96 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.03 554.10 Td (were ) Tj ET Q q 0 0 0 rg BT 249.52 554.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 292.13 554.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.98 554.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 324.04 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.55 554.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 362.06 554.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 387.57 554.10 Td (The ) Tj ET Q q 0 0 0 rg BT 405.19 554.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 443.91 554.10 Td (average ) Tj ET Q q 0 0 0 rg BT 477.06 554.10 Td (FICO ) Tj ET Q q 0 0 0 rg BT 501.91 554.10 Td (score ) Tj ET Q q 0 0 0 rg BT 525.07 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.47 554.10 Td (borrowers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 542.10 Td (backing ) Tj ET Q q 0 0 0 rg BT 71.87 542.10 Td (these ) Tj ET Q q 0 0 0 rg BT 96.62 542.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 121.94 542.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.71 542.10 Td (773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.71 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.92 542.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 175.67 542.10 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 227.10 542.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.75 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.17 542.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 303.04 542.10 Td (average ) Tj ET Q q 0 0 0 rg BT 338.34 542.10 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 395.86 542.10 Td (\("L) Tj ET Q q 0 0 0 rg BT 408.46 542.10 Td (TV"\) ) Tj ET Q q 0 0 0 rg BT 433.41 542.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 455.95 542.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.71 542.10 Td (65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.04 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.25 542.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 513.01 542.10 Td (origination\). ) Tj ET Q q 0 0 0 rg BT 566.00 542.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 530.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 530.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 530.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.58 530.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.02 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.52 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.35 530.10 Td (these ) Tj ET Q q 0 0 0 rg BT 170.40 530.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 194.01 530.10 Td (was ) Tj ET Q q 0 0 0 rg BT 212.06 530.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 242.31 530.10 Td (than ) Tj ET Q q 0 0 0 rg BT 262.03 530.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 274.53 530.10 Td (days ) Tj ET Q q 0 0 0 rg BT 295.36 530.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 340.07 530.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.01 530.10 Td (none) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.45 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.95 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.78 530.10 Td (these ) Tj ET Q q 0 0 0 rg BT 412.83 530.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 436.43 530.10 Td (were ) Tj ET Q q 0 0 0 rg BT 458.36 530.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.64 530.10 Td (foreclosure.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 494.10 Td (Residential Securities Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.23 474.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.81 474.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.93 474.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 153.62 474.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 175.74 474.10 Td (real ) Tj ET Q q 0 0 0 rg BT 193.41 474.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 218.86 474.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 259.31 474.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 291.99 474.10 Td (by ) Tj ET Q q 0 0 0 rg BT 304.68 474.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 344.56 474.10 Td (type ) Tj ET Q q 0 0 0 rg BT 364.47 474.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.93 474.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.95 474.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 438.63 474.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 489.64 474.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 525.65 474.10 Td (for ) Tj ET Q q 0 0 0 rg BT 540.00 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 554.90 474.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 462.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.38 462.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.96 462.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.96 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.46 462.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.40 462.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.40 462.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 438.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 438.10 Td (able 17 Residential Securities ) Tj ET Q q 0 0 0 rg BT 172.21 438.10 Td (Activity by Collateral T) Tj ET Q q 0 0 0 rg BT 267.09 438.10 Td (ype) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 397.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 397.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 397.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 397.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 397.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 367.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 367.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 367.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 367.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 367.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 337.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 337.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 337.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 337.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 337.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 307.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 307.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 307.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 307.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 307.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 277.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 277.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 277.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 277.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 277.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 247.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 247.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 247.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 247.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 247.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 247.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 397.6 m 299.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 397.6 m 299.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 397.6 m 368.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 397.6 m 437.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 397.6 m 506.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 397.6 m 575.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 232.60000000000002 m 575.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 232.60000000000002 m 368.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 218.60000000000002 m 368.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 216.60000000000002 m 368.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 232.60000000000002 m 437.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 218.60000000000002 m 437.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 216.60000000000002 m 437.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 232.60000000000002 m 506.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 218.60000000000002 m 506.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 216.60000000000002 m 506.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 232.60000000000002 m 575.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 218.60000000000002 m 575.5 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 216.60000000000002 m 575.5 216.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 417.28 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.70 402.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.95 402.28 Td (Re-REMIC) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 425.38 406.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 402.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.55 402.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 402.28 Td (\(In Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 387.27 Td (Beginning fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 387.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 387.27 Td (336,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 387.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 387.27 Td (165,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 387.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 387.27 Td (526,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 387.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 387.27 Td (1,028,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 372.27 Td (T) Tj ET Q q 0 0 0 rg BT 43.76 372.27 Td (ransfers ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 77.91 376.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 372.27 Td (76,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 372.32 Td (\(76,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 372.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 372.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 372.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 357.27 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 342.27 Td (Sequoia securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 342.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 342.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 342.27 Td (10,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 342.27 Td (10,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 327.27 Td (Third-party securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 327.27 Td (4,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 327.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 327.27 Td (227,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 327.27 Td (232,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 312.27 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 297.27 Td (Sequoia securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 297.32 Td (\(21,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 297.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 297.32 Td (\(51,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 297.27 Td (\(72,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 282.27 Td (Third-party securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.80 282.32 Td (\(186,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 282.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 282.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 282.32 Td (\(41,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 282.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 282.27 Td (\(228,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 282.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 267.27 Td (Gains on sales and calls, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 267.27 Td (16,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 267.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 267.27 Td (6,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 267.27 Td (22,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 252.27 Td (Ef) Tj ET Q q 0 0 0 rg BT 47.26 252.27 Td (fect of principal payments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 154.44 256.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 252.32 Td (\(28,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 252.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 252.32 Td (\(6,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 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Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 466.80 Td (\(3\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 466.80 Td (The ) Tj ET Q q 0 0 0 rg BT 70.28 466.80 Td (ef) Tj ET Q q 0 0 0 rg BT 77.11 466.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 92.89 466.80 Td (of ) Tj ET Q q 0 0 0 rg BT 102.67 466.80 Td (principal ) Tj ET Q q 0 0 0 rg BT 136.95 466.80 Td (payments ) Tj ET Q q 0 0 0 rg BT 173.73 466.80 Td (reflects ) Tj ET Q q 0 0 0 rg BT 202.50 466.80 Td (the ) Tj ET Q q 0 0 0 rg BT 215.78 466.80 Td (change ) Tj ET Q q 0 0 0 rg BT 243.55 466.80 Td (in ) Tj ET Q q 0 0 0 rg BT 252.84 466.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 267.62 466.80 Td (value ) Tj ET Q q 0 0 0 rg BT 289.40 466.80 Td (due ) Tj ET Q q 0 0 0 rg BT 304.68 466.80 Td (to ) Tj ET Q q 0 0 0 rg BT 313.97 466.80 Td (principal ) Tj ET Q q 0 0 0 rg BT 348.25 466.80 Td (payments, ) Tj ET Q q 0 0 0 rg BT 387.28 466.80 Td (which ) Tj ET Q q 0 0 0 rg BT 411.56 466.80 Td (is ) Tj ET Q q 0 0 0 rg BT 419.85 466.80 Td (calculated ) Tj ET Q q 0 0 0 rg BT 458.62 466.80 Td (as ) Tj ET Q q 0 0 0 rg BT 468.40 466.80 Td (the ) Tj ET Q q 0 0 0 rg BT 481.69 466.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.97 466.80 Td (principal ) Tj ET Q q 0 0 0 rg BT 534.24 466.80 Td (received ) Tj ET Q q 0 0 0 rg BT 567.01 466.80 Td (on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 456.00 Td (a ) Tj ET Q q 0 0 0 rg BT 60.24 456.00 Td (given ) Tj ET Q q 0 0 0 rg BT 82.49 456.00 Td (security ) Tj ET Q q 0 0 0 rg BT 113.23 456.00 Td (during ) Tj ET Q q 0 0 0 rg BT 138.98 456.00 Td (the ) Tj ET Q q 0 0 0 rg BT 152.22 456.00 Td (period ) Tj ET Q q 0 0 0 rg BT 177.46 456.00 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 216.71 456.00 Td (by ) Tj ET Q q 0 0 0 rg BT 227.96 456.00 Td (the ) Tj ET Q q 0 0 0 rg BT 241.21 456.00 Td (prior ) Tj ET Q q 0 0 0 rg BT 260.95 456.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 288.69 456.00 Td (ending ) Tj ET Q q 0 0 0 rg BT 315.43 456.00 Td (price ) Tj ET Q q 0 0 0 rg BT 335.67 456.00 Td (or ) Tj ET Q q 0 0 0 rg BT 345.41 456.00 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 387.16 456.00 Td (price ) Tj ET Q q 0 0 0 rg BT 407.40 456.00 Td (for ) Tj ET Q q 0 0 0 rg BT 420.14 456.00 Td (that ) Tj ET Q q 0 0 0 rg BT 435.88 456.00 Td (security) Tj ET Q q 0 0 0 rg BT 463.79 456.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.96 432.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.00 432.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 432.00 Td (, ) Tj ET Q q 0 0 0 rg BT 148.46 432.00 Td (our ) Tj ET Q q 0 0 0 rg BT 163.75 432.00 Td (residential ) Tj ET Q q 0 0 0 rg BT 207.35 432.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 247.08 432.00 Td (consisted ) Tj ET Q q 0 0 0 rg BT 286.25 432.00 Td (of ) Tj ET Q q 0 0 0 rg BT 296.54 432.00 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 337.36 432.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 362.65 432.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.98 432.00 Td (72%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.31 432.00 Td (\), ) Tj ET Q q 0 0 0 rg BT 392.10 432.00 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 452.91 432.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 478.20 432.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.53 432.00 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.86 432.00 Td (\), ) Tj ET Q q 0 0 0 rg BT 507.65 432.00 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 535.71 432.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 561.00 432.00 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 420.00 Td (reset ) Tj ET Q q 0 0 0 rg BT 57.38 420.00 Td (within ) Tj ET Q q 0 0 0 rg BT 85.43 420.00 Td (the ) Tj ET Q q 0 0 0 rg BT 100.15 420.00 Td (next ) Tj ET Q q 0 0 0 rg BT 119.87 420.00 Td (year ) Tj ET Q q 0 0 0 rg BT 139.57 420.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.90 420.00 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.23 420.00 Td (\), ) Tj ET Q q 0 0 0 rg BT 169.56 420.00 Td (and ) Tj ET Q q 0 0 0 rg BT 186.50 420.00 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 215.11 420.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 240.94 420.00 Td (that ) Tj ET Q q 0 0 0 rg BT 258.44 420.00 Td (reset ) Tj ET Q q 0 0 0 rg BT 279.81 420.00 Td (between ) Tj ET Q q 0 0 0 rg BT 315.63 420.00 Td (12 ) Tj ET Q q 0 0 0 rg BT 328.13 420.00 Td (and ) Tj ET Q q 0 0 0 rg BT 345.07 420.00 Td (36 ) Tj ET Q q 0 0 0 rg BT 357.57 420.00 Td (months ) Tj ET Q q 0 0 0 rg BT 389.52 420.00 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.85 420.00 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.18 420.00 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 400.00 Td (The ) Tj ET Q q 0 0 0 rg BT 72.66 400.00 Td (following ) Tj ET Q q 0 0 0 rg BT 114.67 400.00 Td (table ) Tj ET Q q 0 0 0 rg BT 137.22 400.00 Td (presents ) Tj ET Q q 0 0 0 rg BT 173.10 400.00 Td (the ) Tj ET Q q 0 0 0 rg BT 188.44 400.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 205.43 400.00 Td (value ) Tj ET Q q 0 0 0 rg BT 230.20 400.00 Td (of ) Tj ET Q q 0 0 0 rg BT 241.65 400.00 Td (our ) Tj ET Q q 0 0 0 rg BT 258.10 400.00 Td (residential ) Tj ET Q q 0 0 0 rg BT 302.86 400.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.74 400.00 Td (that ) Tj ET Q q 0 0 0 rg BT 361.85 400.00 Td (were ) Tj ET Q q 0 0 0 rg BT 384.40 400.00 Td (financed ) Tj ET Q q 0 0 0 rg BT 421.94 400.00 Td (with ) Tj ET Q q 0 0 0 rg BT 442.84 400.00 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 489.26 400.00 Td (debt ) Tj ET Q q 0 0 0 rg BT 509.59 400.00 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 400.00 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 388.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 388.00 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 364.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 364.00 Td (able 18 Residential Securities Financed with Repurchase Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.64 364.00 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 320.50 212.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 320.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 320.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 320.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 320.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 320.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 320.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 320.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 320.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 320.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 320.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 290.50 212.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 290.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 290.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 290.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 290.50 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 290.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 290.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 290.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 290.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 290.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 290.50 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 320.5 m 248.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 320.5 m 313.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 320.5 m 378.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 320.5 m 444.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 320.5 m 510.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 320.5 m 576.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 275.5 m 313.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 275.5 m 378.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 275.5 m 313.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 261.5 m 313.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 259.5 m 313.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 275.5 m 378.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 261.5 m 378.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 259.5 m 378.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 275.5 m 444.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 261.5 m 444.5 261.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 259.5 m 444.5 259.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 340.18 Td (December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.95 333.95 Td (Residential) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.75 324.95 Td (Securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 324.80 333.95 Td (Repurchase) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.25 324.95 Td (Debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.75 333.95 Td (Allocated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.70 324.95 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.70 344.75 Td (W) Tj ET Q q 0 0 0 rg BT 469.20 344.75 Td (eighted ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.30 334.85 Td (A) Tj ET Q q 0 0 0 rg BT 469.13 334.85 Td (verage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.55 324.95 Td (Price) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 485.53 329.03 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.70 334.85 Td (Financing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.65 324.95 Td (Hair) Tj ET Q q 0 0 0 rg BT 544.48 324.95 Td (cut) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 556.48 329.03 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 324.73 Td (\(Dollars in Thousands, except Weighted Average Price\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 310.17 Td (Residential Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 295.17 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 295.17 Td (52,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 295.22 Td (\(45,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 295.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 295.17 Td (7,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 295.17 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 295.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 295.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 280.17 Td (Mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 280.17 Td (310,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 280.22 Td (\(260,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 280.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 280.17 Td (49,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 280.17 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 280.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 280.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 265.18 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 265.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.15 265.17 Td (362,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 265.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 265.22 Td (\(305,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 265.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 265.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 265.17 Td (56,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 265.17 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 265.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 265.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 244.20 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 244.20 Td (GAAP) Tj ET Q q 0 0 0 rg BT 78.17 244.20 Td ( ) Tj ET Q q 0 0 0 rg BT 80.42 244.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 95.16 244.20 Td (value ) Tj ET Q q 0 0 0 rg BT 116.90 244.20 Td (per ) Tj ET Q q 0 0 0 rg BT 130.64 244.20 Td ($100 ) Tj ET Q q 0 0 0 rg BT 150.89 244.20 Td (of ) Tj ET Q q 0 0 0 rg BT 160.64 244.20 Td (principal. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 230.40 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 230.40 Td (Allocated ) Tj ET Q q 0 0 0 rg BT 91.23 230.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 117.47 230.40 Td (divided ) Tj ET Q q 0 0 0 rg BT 146.72 230.40 Td (by ) Tj ET Q q 0 0 0 rg BT 157.97 230.40 Td (GAAP) Tj ET Q q 0 0 0 rg BT 182.14 230.40 Td ( ) Tj ET Q q 0 0 0 rg BT 184.39 230.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 199.13 230.40 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.40 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 210.40 Td (e ) Tj ET Q q 0 0 0 rg BT 68.56 210.40 Td (directly ) Tj ET Q q 0 0 0 rg BT 100.59 210.40 Td (finance ) Tj ET Q q 0 0 0 rg BT 131.50 210.40 Td (our ) Tj ET Q q 0 0 0 rg BT 146.31 210.40 Td (holdings ) Tj ET Q q 0 0 0 rg BT 182.24 210.40 Td (of ) Tj ET Q q 0 0 0 rg BT 192.06 210.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 235.19 210.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 274.44 210.40 Td (with ) Tj ET Q q 0 0 0 rg BT 293.70 210.40 Td (a ) Tj ET Q q 0 0 0 rg BT 299.63 210.40 Td (combination ) Tj ET Q q 0 0 0 rg BT 351.10 210.40 Td (of ) Tj ET Q q 0 0 0 rg BT 360.91 210.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 389.05 210.40 Td (and ) Tj ET Q q 0 0 0 rg BT 404.97 210.40 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 460.31 210.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 479.01 210.40 Td (in ) Tj ET Q q 0 0 0 rg BT 488.27 210.40 Td (the ) Tj ET Q q 0 0 0 rg BT 501.97 210.40 Td (form ) Tj ET Q q 0 0 0 rg BT 522.90 210.40 Td (of ) Tj ET Q q 0 0 0 rg BT 532.71 210.40 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 198.40 Td (\(or ) Tj ET Q q 0 0 0 rg BT 50.06 198.40 Td (repo\) ) Tj ET Q q 0 0 0 rg BT 82.44 198.40 Td (financing. ) Tj ET Q q 0 0 0 rg BT 124.57 198.40 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.97 198.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 195.46 198.40 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.46 198.40 Td (, ) Tj ET Q q 0 0 0 rg BT 220.36 198.40 Td (we ) Tj ET Q q 0 0 0 rg BT 234.42 198.40 Td (had ) Tj ET Q q 0 0 0 rg BT 251.26 198.40 Td (short-term ) Tj ET Q q 0 0 0 rg BT 295.32 198.40 Td (debt ) Tj ET Q q 0 0 0 rg BT 314.94 198.40 Td (incurred ) Tj ET Q q 0 0 0 rg BT 350.65 198.40 Td (through ) Tj ET Q q 0 0 0 rg BT 384.16 198.40 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 429.87 198.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 466.70 198.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.43 198.40 Td ($306 ) Tj ET Q q 0 0 0 rg BT 499.83 198.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.73 198.40 Td (, ) Tj ET Q q 0 0 0 rg BT 533.63 198.40 Td (which ) Tj ET Q q 0 0 0 rg BT 560.47 198.40 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 186.40 Td (secured ) Tj ET Q q 0 0 0 rg BT 69.19 186.40 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.84 186.40 Td ($363 ) Tj ET Q q 0 0 0 rg BT 104.49 186.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.38 186.40 Td ( ) Tj ET Q q 0 0 0 rg BT 136.03 186.40 Td (of ) Tj ET Q q 0 0 0 rg BT 147.02 186.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 191.32 186.40 Td (real ) Tj ET Q q 0 0 0 rg BT 208.95 186.40 Td (estate ) Tj ET Q q 0 0 0 rg BT 234.37 186.40 Td (securities. ) Tj ET Q q 0 0 0 rg BT 277.09 186.40 Td (The ) Tj ET Q q 0 0 0 rg BT 295.29 186.40 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.48 186.40 Td ($564 ) Tj ET Q q 0 0 0 rg BT 361.14 186.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.03 186.40 Td ( ) Tj ET Q q 0 0 0 rg BT 392.68 186.40 Td (of ) Tj ET Q q 0 0 0 rg BT 403.66 186.40 Td (these ) Tj ET Q q 0 0 0 rg BT 426.86 186.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 467.27 186.40 Td (were ) Tj ET Q q 0 0 0 rg BT 489.35 186.40 Td (financed ) Tj ET Q q 0 0 0 rg BT 526.43 186.40 Td (with ) Tj ET Q q 0 0 0 rg BT 546.86 186.40 Td (capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 174.40 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.48 174.40 Td (repo ) Tj ET Q q 0 0 0 rg BT 75.18 174.40 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 123.66 174.40 Td (were ) Tj ET Q q 0 0 0 rg BT 146.02 174.40 Td (made ) Tj ET Q q 0 0 0 rg BT 170.60 174.40 Td (under ) Tj ET Q q 0 0 0 rg BT 196.30 174.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 233.66 174.40 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.37 174.40 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.14 174.40 Td ( ) Tj ET Q q 0 0 0 rg BT 280.07 174.40 Td (dif) Tj ET Q q 0 0 0 rg BT 291.00 174.40 Td (ferent ) Tj ET Q q 0 0 0 rg BT 317.24 174.40 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 379.31 174.40 Td (and ) Tj ET Q q 0 0 0 rg BT 396.68 174.40 Td (the ) Tj ET Q q 0 0 0 rg BT 411.83 174.40 Td (weighted ) Tj ET Q q 0 0 0 rg BT 451.41 174.40 Td (average ) Tj ET Q q 0 0 0 rg BT 485.42 174.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 504.46 174.40 Td (of ) Tj ET Q q 0 0 0 rg BT 515.72 174.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 540.87 174.40 Td (for ) Tj ET Q q 0 0 0 rg BT 555.46 174.40 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 162.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 73.80 162.40 Td (during ) Tj ET Q q 0 0 0 rg BT 103.28 162.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.86 162.40 Td (fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.30 162.40 Td ( ) Tj ET Q q 0 0 0 rg BT 146.67 162.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 178.35 162.40 Td (of ) Tj ET Q q 0 0 0 rg BT 190.05 162.40 Td (2016 ) Tj ET Q q 0 0 0 rg BT 213.42 162.40 Td (was ) Tj ET Q q 0 0 0 rg BT 232.34 162.40 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.47 162.40 Td (1.86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 162.40 Td ( ) Tj ET Q q 0 0 0 rg BT 322.67 162.40 Td (per ) Tj ET Q q 0 0 0 rg BT 338.81 162.40 Td (annum. ) Tj ET Q q 0 0 0 rg BT 371.15 162.40 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.52 162.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 443.97 162.40 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.97 162.40 Td (, ) Tj ET Q q 0 0 0 rg BT 469.84 162.40 Td (the ) Tj ET Q q 0 0 0 rg BT 485.43 162.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 526.56 162.40 Td (we ) Tj ET Q q 0 0 0 rg BT 541.59 162.40 Td (financed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 150.40 Td (through ) Tj ET Q q 0 0 0 rg BT 68.85 150.40 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 113.90 150.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 150.07 150.40 Td (had ) Tj ET Q q 0 0 0 rg BT 166.25 150.40 Td (no ) Tj ET Q q 0 0 0 rg BT 177.99 150.40 Td (material ) Tj ET Q q 0 0 0 rg BT 212.49 150.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 237.00 150.40 Td (issues. ) Tj ET Q q 0 0 0 rg BT 265.13 150.40 Td (In ) Tj ET Q q 0 0 0 rg BT 275.21 150.40 Td (addition ) Tj ET Q q 0 0 0 rg BT 309.72 150.40 Td (to ) Tj ET Q q 0 0 0 rg BT 319.24 150.40 Td (the ) Tj ET Q q 0 0 0 rg BT 333.20 150.40 Td (allocated ) Tj ET Q q 0 0 0 rg BT 371.03 150.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 399.42 150.40 Td (listed ) Tj ET Q q 0 0 0 rg BT 422.83 150.40 Td (in ) Tj ET Q q 0 0 0 rg BT 432.35 150.40 Td (the ) Tj ET Q q 0 0 0 rg BT 446.31 150.40 Td (table ) Tj ET Q q 0 0 0 rg BT 467.49 150.40 Td (above ) Tj ET Q q 0 0 0 rg BT 493.11 150.40 Td (that ) Tj ET Q q 0 0 0 rg BT 509.84 150.40 Td (directly ) Tj ET Q q 0 0 0 rg BT 542.13 150.40 Td (supports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 138.40 Td (our ) Tj ET Q q 0 0 0 rg BT 52.31 138.40 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 98.59 138.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 136.00 138.40 Td (\(the ) Tj ET Q q 0 0 0 rg BT 154.53 138.40 Td ("financing ) Tj ET Q q 0 0 0 rg BT 199.35 138.40 Td (haircut\), ) Tj ET Q q 0 0 0 rg BT 240.36 138.40 Td (we ) Tj ET Q q 0 0 0 rg BT 255.00 138.40 Td (continue ) Tj ET Q q 0 0 0 rg BT 292.41 138.40 Td (to ) Tj ET Q q 0 0 0 rg BT 303.17 138.40 Td (hold ) Tj ET Q q 0 0 0 rg BT 323.92 138.40 Td (a ) Tj ET Q q 0 0 0 rg BT 331.34 138.40 Td (designated ) Tj ET Q q 0 0 0 rg BT 377.08 138.40 Td (amount ) Tj ET Q q 0 0 0 rg BT 410.06 138.40 Td (of ) Tj ET Q q 0 0 0 rg BT 421.37 138.40 Td (supplemental ) Tj ET Q q 0 0 0 rg BT 477.67 138.40 Td (risk ) Tj ET Q q 0 0 0 rg BT 495.64 138.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 525.27 138.40 Td (available ) Tj ET Q q 0 0 0 rg BT 564.34 138.40 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 126.40 Td (potential ) Tj ET Q q 0 0 0 rg BT 73.49 126.40 Td (mar) Tj ET Q q 0 0 0 rg BT 88.86 126.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 104.13 126.40 Td (calls ) Tj ET Q q 0 0 0 rg BT 124.96 126.40 Td (or ) Tj ET Q q 0 0 0 rg BT 135.79 126.40 Td (future ) Tj ET Q q 0 0 0 rg BT 162.17 126.40 Td (obligations ) Tj ET Q q 0 0 0 rg BT 209.11 126.40 Td (relating ) Tj ET Q q 0 0 0 rg BT 242.15 126.40 Td (to ) Tj ET Q q 0 0 0 rg BT 252.43 126.40 Td (these ) Tj ET Q q 0 0 0 rg BT 275.48 126.40 Td (facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.40 Td (The ) Tj ET Q q 0 0 0 rg BT 72.10 106.40 Td (majority ) Tj ET Q q 0 0 0 rg BT 108.53 106.40 Td (of ) Tj ET Q q 0 0 0 rg BT 119.42 106.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.19 106.40 Td ($53 ) Tj ET Q q 0 0 0 rg BT 151.74 106.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.63 106.40 Td ( ) Tj ET Q q 0 0 0 rg BT 183.18 106.40 Td (of ) Tj ET Q q 0 0 0 rg BT 194.07 106.40 Td (senior ) Tj ET Q q 0 0 0 rg BT 221.06 106.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 261.37 106.40 Td (noted ) Tj ET Q q 0 0 0 rg BT 286.14 106.40 Td (in ) Tj ET Q q 0 0 0 rg BT 296.47 106.40 Td (the ) Tj ET Q q 0 0 0 rg BT 311.24 106.40 Td (table ) Tj ET Q q 0 0 0 rg BT 333.23 106.40 Td (above ) Tj ET Q q 0 0 0 rg BT 359.66 106.40 Td (are ) Tj ET Q q 0 0 0 rg BT 374.42 106.40 Td (supported ) Tj ET Q q 0 0 0 rg BT 416.41 106.40 Td (by ) Tj ET Q q 0 0 0 rg BT 428.96 106.40 Td (seasoned ) Tj ET Q q 0 0 0 rg BT 467.62 106.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 511.82 106.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 535.48 106.40 Td (originated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 94.40 Td (prior ) Tj ET Q q 0 0 0 rg BT 58.01 94.40 Td (to ) Tj ET Q q 0 0 0 rg BT 68.36 94.40 Td (2008. ) Tj ET Q q 0 0 0 rg BT 93.24 94.40 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.36 94.40 Td ($310 ) Tj ET Q q 0 0 0 rg BT 133.93 94.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.82 94.40 Td ( ) Tj ET Q q 0 0 0 rg BT 165.39 94.40 Td (of ) Tj ET Q q 0 0 0 rg BT 176.30 94.40 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 221.62 94.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 261.95 94.40 Td (financed ) Tj ET Q q 0 0 0 rg BT 298.94 94.40 Td (through ) Tj ET Q q 0 0 0 rg BT 332.62 94.40 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 378.50 94.40 Td (facilities ) Tj ET Q q 0 0 0 rg BT 415.50 94.40 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.29 94.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 483.94 94.40 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.94 94.40 Td (, ) Tj ET Q q 0 0 0 rg BT 509.01 94.40 Td (carry ) Tj ET Q q 0 0 0 rg BT 532.12 94.40 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 82.40 Td (grade ) Tj ET Q q 0 0 0 rg BT 60.37 82.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 85.30 82.40 Td (ratings ) Tj ET Q q 0 0 0 rg BT 114.69 82.40 Td (and ) Tj ET Q q 0 0 0 rg BT 131.29 82.40 Td (are ) Tj ET Q q 0 0 0 rg BT 145.67 82.40 Td (supported ) Tj ET Q q 0 0 0 rg BT 187.27 82.40 Td (by ) Tj ET Q q 0 0 0 rg BT 199.44 82.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 243.26 82.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 266.53 82.40 Td (originated ) Tj ET Q q 0 0 0 rg BT 309.24 82.40 Td (between ) Tj ET Q q 0 0 0 rg BT 344.72 82.40 Td (2012 ) Tj ET Q q 0 0 0 rg BT 366.89 82.40 Td (and ) Tj ET Q q 0 0 0 rg BT 383.50 82.40 Td (2016. ) Tj ET Q q 0 0 0 rg BT 408.01 82.40 Td (The ) Tj ET Q q 0 0 0 rg BT 425.72 82.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 449.00 82.40 Td (underlying ) Tj ET Q q 0 0 0 rg BT 494.49 82.40 Td (these ) Tj ET Q q 0 0 0 rg BT 517.20 82.40 Td (securities ) Tj ET Q q 0 0 0 rg BT 557.13 82.40 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 70.40 Td (experienced ) Tj ET Q q 0 0 0 rg BT 86.80 70.40 Td (minimal ) Tj ET Q q 0 0 0 rg BT 122.63 70.40 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 180.11 70.40 Td (to ) Tj ET Q q 0 0 0 rg BT 190.39 70.40 Td (date.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.24 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.81 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.94 731.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.39 731.10 Td (real ) Tj ET Q q 0 0 0 rg BT 189.07 731.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 214.52 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 254.97 731.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.88 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 323.65 731.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.34 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.47 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 422.25 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.25 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.43 731.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 496.20 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 508.89 731.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 546.58 731.10 Td (vintage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 53.94 719.10 Td (years ) Tj ET Q q 0 0 0 rg BT 77.42 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.03 719.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 132.18 719.10 Td (were ) Tj ET Q q 0 0 0 rg BT 154.00 719.10 Td (issued\), ) Tj ET Q q 0 0 0 rg BT 187.22 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 199.61 719.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 231.99 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.71 719.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 262.87 719.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 287.48 719.10 Td (\(senior) Tj ET Q q 0 0 0 rg BT 314.85 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 319.74 719.10 Td (re-REMIC, ) Tj ET Q q 0 0 0 rg BT 367.40 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.22 719.10 Td (subordinate\), ) Tj ET Q q 0 0 0 rg BT 439.10 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.93 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 468.31 719.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 498.48 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.20 719.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 554.91 719.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (\(prime ) Tj ET Q q 0 0 0 rg BT 65.09 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.97 707.10 Td (non-prime\). ) Tj ET Q q 0 0 0 rg BT 131.72 707.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.36 707.10 Td (e ) Tj ET Q q 0 0 0 rg BT 147.23 707.10 Td (have ) Tj ET Q q 0 0 0 rg BT 168.55 707.10 Td (additionally ) Tj ET Q q 0 0 0 rg BT 218.76 707.10 Td (separated ) Tj ET Q q 0 0 0 rg BT 258.95 707.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.15 707.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 326.59 707.10 Td (through ) Tj ET Q q 0 0 0 rg BT 360.14 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.91 707.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 410.56 707.10 Td (platform ) Tj ET Q q 0 0 0 rg BT 447.44 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 458.21 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 470.65 707.10 Td (third ) Tj ET Q q 0 0 0 rg BT 491.97 707.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 523.57 707.10 Td (including ) Tj ET Q q 0 0 0 rg BT 563.78 707.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (Agencies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 671.10 Td (able 19 Residential Securities by V) Tj ET Q q 0 0 0 rg BT 190.63 671.10 Td (intage and as a Percentage of T) Tj ET Q q 0 0 0 rg BT 320.26 671.10 Td (otal Securities) Tj ET Q BT /F4 8.50 Tf ET BT /F4 5.52 Tf ET q 0 0 0 rg BT 378.87 674.95 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 618.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 618.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 618.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 618.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 618.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 618.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 618.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 618.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 618.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 588.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 588.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 588.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 588.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 588.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 588.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 588.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 588.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 558.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 558.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 558.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 558.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 558.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 558.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 558.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 558.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 528.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 528.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 528.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 528.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 528.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 528.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 528.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 528.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 498.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 498.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 498.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 498.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 498.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 498.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 498.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 498.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 618.6 m 162.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 618.6 m 221.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 618.6 m 280.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 618.6 m 339.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 618.6 m 398.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 618.6 m 457.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 618.6 m 516.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 618.6 m 575.5 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 573.6 m 280.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 573.6 m 339.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 573.6 m 398.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 573.6 m 575.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 573.6 m 221.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 573.6 m 280.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 573.6 m 339.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 573.6 m 398.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 573.6 m 457.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 573.6 m 516.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 498.6 m 280.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 498.6 m 339.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 498.6 m 398.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 498.6 m 575.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 498.6 m 221.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 483.6 m 221.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 498.6 m 280.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 483.6 m 280.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 498.6 m 339.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 483.6 m 339.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 498.6 m 398.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 483.6 m 398.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 498.6 m 457.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 483.6 m 457.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 498.6 m 516.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 483.6 m 516.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 483.6 m 575.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 483.6 m 221.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 469.6 m 221.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 467.6 m 221.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 483.6 m 280.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 469.6 m 280.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 467.6 m 280.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 483.6 m 339.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 469.6 m 339.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 467.6 m 339.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 483.6 m 398.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 469.6 m 398.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 467.6 m 398.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 483.6 m 457.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 469.6 m 457.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 467.6 m 457.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 483.6 m 516.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 469.6 m 516.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 467.6 m 516.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 483.6 m 575.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 469.6 m 575.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 467.6 m 575.5 467.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.50 633.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.80 623.28 Td (2012-2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.95 643.28 Td (Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.55 633.28 Td (Party) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.80 623.28 Td (2013-2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.65 643.28 Td (Agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.20 633.28 Td (CRT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 623.28 Td (2013-2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.95 643.28 Td (Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.55 633.28 Td (Party) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 623.28 Td (2006-2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.95 643.28 Td (Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.55 633.28 Td (Party) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 623.28 Td (<=2005) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.55 633.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 623.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.95 633.28 Td (% of Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 623.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 637.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 623.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 608.27 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 593.27 Td (Prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 593.27 Td (26,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 593.27 Td (2,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 593.27 Td (2,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 593.27 Td (80,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 593.27 Td (48,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 593.27 Td (161,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 593.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 593.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 578.27 Td (Non-prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.65 578.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 578.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 578.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 578.27 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 578.27 Td (12,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 578.27 Td (12,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 578.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 578.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 563.27 Td (Total Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 563.27 Td (26,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 563.27 Td (2,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 563.27 Td (2,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 563.27 Td (80,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 563.27 Td (60,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 563.27 Td (173,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 563.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 563.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 548.27 Td (Re-REMIC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.65 548.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 548.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 548.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 548.27 Td (28,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 548.27 Td (57,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 548.27 Td (85,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 548.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 548.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 533.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 518.27 Td (Prime Mezzanine ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 116.75 522.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.15 518.27 Td (136,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 518.27 Td (144,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 518.27 Td (34,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 518.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 518.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 518.27 Td (315,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 518.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 518.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 503.27 Td (Prime Subordinate ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 121.21 507.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.15 503.27 Td (113,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 503.27 Td (64,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 503.27 Td (152,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 503.27 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 503.27 Td (21,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 503.27 Td (352,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 503.27 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 503.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 488.27 Td (Total Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.15 488.27 Td (249,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 488.27 Td (209,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 488.27 Td (186,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 488.27 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 488.27 Td (21,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 488.27 Td (667,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 488.27 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 488.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 473.28 Td (Total Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.00 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.15 473.27 Td (275,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 473.27 Td (212,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 473.27 Td (189,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 473.27 Td (109,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 473.27 Td (139,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 473.27 Td (926,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 473.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 473.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 416.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 416.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 416.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 416.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 416.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 416.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 416.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 416.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 416.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 386.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 386.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 386.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 386.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 386.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 386.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 386.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 386.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 386.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 356.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 356.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 356.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 356.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 356.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 356.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 356.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 356.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 356.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 326.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 326.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 326.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 326.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 326.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 326.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 326.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 326.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 296.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 166.50 296.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 296.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 296.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 296.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 296.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 296.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 296.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 416.6 m 162.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 416.6 m 221.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 416.6 m 280.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 416.6 m 339.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 416.6 m 398.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 416.6 m 457.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 416.6 m 516.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 416.6 m 575.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 416.6 m 162.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 371.6 m 221.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 371.6 m 280.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 371.6 m 339.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 371.6 m 398.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 371.6 m 457.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 371.6 m 516.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 371.6 m 575.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 371.6 m 280.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 371.6 m 398.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 371.6 m 457.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 371.6 m 575.5 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 296.6 m 221.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 296.6 m 280.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 296.6 m 339.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 296.6 m 398.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 296.6 m 457.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 296.6 m 516.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 296.6 m 575.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 281.6 m 221.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 296.6 m 280.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 281.6 m 280.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 281.6 m 339.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 296.6 m 398.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 281.6 m 398.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 296.6 m 457.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 281.6 m 457.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 281.6 m 516.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 281.6 m 575.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 281.6 m 221.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 267.6 m 221.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 265.6 m 221.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 281.6 m 280.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 267.6 m 280.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 265.6 m 280.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 281.6 m 339.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 267.6 m 339.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 265.6 m 339.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 281.6 m 398.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 267.6 m 398.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 265.6 m 398.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 281.6 m 457.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 267.6 m 457.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 265.6 m 457.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 281.6 m 516.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 267.6 m 516.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 265.6 m 516.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 281.6 m 575.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 267.6 m 575.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 265.6 m 575.5 265.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.50 431.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.80 421.28 Td (2012-2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.95 441.28 Td (Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.55 431.28 Td (Party) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.80 421.28 Td (2012-2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.65 441.28 Td (Agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.20 431.28 Td (CRT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 421.28 Td (2013-2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.95 441.28 Td (Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.55 431.28 Td (Party) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 421.28 Td (2006-2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.95 441.28 Td (Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.55 431.28 Td (Party) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 421.28 Td (<=2005) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.55 431.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 421.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.95 431.28 Td (% of Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 421.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 435.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 421.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 406.27 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 391.27 Td (Prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 391.27 Td (51,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 391.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 391.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 391.27 Td (36,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 391.27 Td (174,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 391.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 391.27 Td (262,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 391.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 391.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 376.27 Td (Non-prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.65 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 376.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 376.27 Td (133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 376.27 Td (73,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 376.27 Td (74,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 376.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 376.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 361.27 Td (Total Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 361.27 Td (51,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 361.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 361.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 361.27 Td (36,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 361.27 Td (248,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 361.27 Td (336,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 361.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 361.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 346.27 Td (Re-REMIC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.65 346.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 346.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 346.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 346.27 Td (108,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 346.27 Td (56,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 346.27 Td (165,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 346.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 346.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 331.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 316.27 Td (Prime Mezzanine ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 116.75 320.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.15 316.27 Td (185,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 316.27 Td (127,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 316.27 Td (34,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 316.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 316.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 316.27 Td (348,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 316.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 316.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 301.27 Td (Prime Subordinate ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 121.21 305.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 301.27 Td (96,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 301.27 Td (35,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 301.27 Td (13,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 301.27 Td (812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 301.27 Td (32,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 301.27 Td (178,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 301.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 301.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 286.27 Td (Total Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.15 286.27 Td (282,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 286.27 Td (162,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 286.27 Td (48,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 286.27 Td (812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 286.27 Td (32,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 286.27 Td (526,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 286.27 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 286.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 271.28 Td (Total Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.15 271.27 Td (334,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 271.27 Td (162,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 271.27 Td (48,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 271.27 Td (145,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 271.27 Td (337,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 271.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.60 271.27 Td (1,028,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 271.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 271.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET 1 1 1 rg /GS0 gs 36.00 248.74 18.00 -8.18 re f /GS0 gs q 0 0 0 rg BT 36.00 242.50 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET 1 1 1 rg /GS0 gs 54.00 248.74 348.18 -8.18 re f /GS0 gs q 0 0 0 rg BT 54.00 242.50 Td (Prime ) Tj ET Q q 0 0 0 rg BT 77.75 242.50 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 118.47 242.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 150.71 242.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.95 242.50 Td (initially ) Tj ET Q q 0 0 0 rg BT 217.20 242.50 Td (rated ) Tj ET Q q 0 0 0 rg BT 236.94 242.50 Td (AA) Tj ET Q q 0 0 0 rg BT 249.44 242.50 Td ( ) Tj ET Q q 0 0 0 rg BT 251.69 242.50 Td (through ) Tj ET Q q 0 0 0 rg BT 281.94 242.50 Td (BBB- ) Tj ET Q q 0 0 0 rg BT 305.20 242.50 Td (and ) Tj ET Q q 0 0 0 rg BT 320.44 242.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 345.19 242.50 Td (in ) Tj ET Q q 0 0 0 rg BT 354.44 242.50 Td (2012 ) Tj ET Q q 0 0 0 rg BT 374.69 242.50 Td (or ) Tj ET Q q 0 0 0 rg BT 384.44 242.50 Td (later) Tj ET Q q 0 0 0 rg BT 399.93 242.50 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 228.70 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET 1 1 1 rg /GS0 gs 54.00 234.94 99.98 -8.18 re f /GS0 gs q 0 0 0 rg BT 54.00 228.70 Td (Subordinate ) Tj ET Q q 0 0 0 rg BT 99.74 228.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 135.98 228.70 Td (inclu) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.98 228.70 Td (de ) Tj ET Q q 0 0 0 rg BT 164.72 228.70 Td (less ) Tj ET Q q 0 0 0 rg BT 180.47 228.70 Td (than ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.22 228.70 Td ($1 ) Tj ET Q q 0 0 0 rg BT 209.47 228.70 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.47 228.70 Td ( ) Tj ET Q q 0 0 0 rg BT 237.72 228.70 Td (of ) Tj ET Q q 0 0 0 rg BT 247.46 228.70 Td (no) Tj ET Q BT /F1 9.00 Tf ET 1 1 1 rg /GS0 gs 256.46 234.94 93.97 -8.18 re f /GS0 gs q 0 0 0 rg BT 256.46 228.70 Td (n-prime ) Tj ET Q q 0 0 0 rg BT 287.20 228.70 Td (securities ) Tj ET Q q 0 0 0 rg BT 323.44 228.70 Td (at ) Tj ET Q q 0 0 0 rg BT 332.19 228.70 Td (both ) Tj ET Q BT /F1 9.00 Tf ET 1 1 1 rg /GS0 gs 350.44 234.94 70.73 -8.18 re f /GS0 gs q 0 0 0 rg BT 350.44 228.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 403.16 228.70 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.16 228.70 Td ( ) Tj ET Q q 0 0 0 rg BT 423.41 228.70 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.66 228.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 491.38 228.70 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.38 228.70 Td (.) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.00 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.34 731.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 139.12 731.10 Td (present ) Tj ET Q q 0 0 0 rg BT 170.45 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.12 731.10 Td (components ) Tj ET Q q 0 0 0 rg BT 235.89 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.68 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.35 731.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 293.23 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 325.12 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 339.23 731.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 368.33 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 380.24 731.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 401.04 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 441.25 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.37 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.04 731.10 Td (years ) Tj ET Q q 0 0 0 rg BT 493.59 731.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 731.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 719.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 719.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 86.00 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.94 719.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.94 719.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 695.10 Td (able 20 Interest IncomeResidential ) Tj ET Q q 0 0 0 rg BT 209.43 695.10 Td (AFS Securities ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 639.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 639.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 639.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 639.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 639.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 639.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 639.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 639.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 639.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 609.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 609.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 609.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 609.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 609.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 609.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 609.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 609.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 609.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 579.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 579.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 579.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 579.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 579.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 579.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 579.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 579.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 549.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 549.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 549.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 549.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 549.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 549.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 549.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 549.60 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 669.6 m 461.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 669.6 m 465.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 669.6 m 528.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 669.6 m 532.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 669.6 m 576.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 639.6 m 201.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 639.6 m 248.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 639.6 m 310.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 639.6 m 358.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 639.6 m 414.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 639.6 m 461.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 639.6 m 528.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 639.6 m 576.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 549.6 m 248.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 549.6 m 310.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 549.6 m 414.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 549.6 m 248.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 535.6 m 248.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 533.6 m 248.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 549.6 m 310.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 535.6 m 310.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 533.6 m 310.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 549.6 m 358.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 535.6 m 358.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 533.6 m 358.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 549.6 m 414.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 535.6 m 414.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 533.6 m 414.5 533.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 674.05 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.15 674.05 Td (Yield as a Result of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.55 653.05 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.25 644.05 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.95 661.00 Td (Discount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.05 652.00 Td (\(Premium\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.25 643.00 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.15 661.00 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.05 652.00 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.75 643.00 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 372.30 661.00 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 652.00 Td (Amortized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.25 643.00 Td (Cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.55 653.05 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.25 644.05 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.45 661.00 Td (Discount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.55 652.00 Td (\(Premium\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.75 643.00 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 544.15 661.00 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.05 652.00 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 643.00 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 644.05 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 629.28 Td (Residential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 614.27 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 614.27 Td (4,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 614.27 Td (6,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.10 614.27 Td (10,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 614.27 Td (118,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.10 614.27 Td (3.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 614.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 614.27 Td (5.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 614.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 614.27 Td (9.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 614.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 599.27 Td (Re-REMIC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 599.27 Td (6,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 599.27 Td (11,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.10 599.27 Td (18,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 599.27 Td (103,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.10 599.27 Td (6.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 599.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 599.27 Td (11.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 599.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 599.27 Td (17.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 599.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 584.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 569.27 Td (Mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 569.27 Td (7,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 569.27 Td (2,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 569.27 Td (9,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 569.27 Td (184,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.10 569.27 Td (3.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 569.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 569.27 Td (1.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 569.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 569.27 Td (5.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 569.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 554.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 554.27 Td (9,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 554.27 Td (5,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.10 554.27 Td (15,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 554.27 Td (123,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.10 554.27 Td (7.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 554.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 554.27 Td (4.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 554.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 554.27 Td (12.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 554.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 539.28 Td (Total AFS Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.10 539.27 Td (28,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 539.27 Td (26,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.10 539.27 Td (54,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 539.27 Td (530,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.10 539.27 Td (5.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 539.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 539.27 Td (4.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 539.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 539.27 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 539.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 467.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 467.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 467.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 467.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 467.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 467.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 467.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 467.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 437.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 437.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 437.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 437.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 437.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 437.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 437.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 437.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 407.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 407.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 407.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 407.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 407.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 407.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 407.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 407.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 377.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 377.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 377.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 377.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 377.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 377.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 377.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 377.60 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 497.6 m 460.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 497.6 m 464.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 497.6 m 527.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 497.6 m 531.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 497.6 m 575.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 467.6 m 200.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 467.6 m 247.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 467.6 m 309.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 467.6 m 357.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 467.6 m 413.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 467.6 m 460.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 467.6 m 527.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 467.6 m 575.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 377.6 m 247.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 377.6 m 309.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 377.6 m 413.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 377.6 m 247.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 363.6 m 247.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 361.6 m 247.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 377.6 m 309.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 363.6 m 309.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 361.6 m 309.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 377.6 m 357.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 363.6 m 357.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 361.6 m 357.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 377.6 m 413.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 363.6 m 413.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 361.6 m 413.5 361.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 502.05 Td (Year Ended December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.15 502.05 Td (Yield as a Result of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.55 481.05 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.25 472.05 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 489.00 Td (Discount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.05 480.00 Td (\(Premium\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.25 471.00 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.15 489.00 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.05 480.00 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.75 471.00 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.30 489.00 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.50 480.00 Td (Amortized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.25 471.00 Td (Cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.55 481.05 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 472.05 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.45 489.00 Td (Discount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.55 480.00 Td (\(Premium\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 471.00 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.15 489.00 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.05 480.00 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 471.00 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 472.05 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 457.28 Td (Residential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 442.27 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.00 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 442.27 Td (13,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 442.27 Td (17,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 442.27 Td (31,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 442.27 Td (385,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 442.27 Td (3.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 442.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 442.27 Td (4.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 442.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 442.27 Td (8.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 442.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 427.27 Td (Re-REMIC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.10 427.27 Td (8,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 427.27 Td (9,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 427.27 Td (17,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 427.27 Td (104,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 427.27 Td (8.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 427.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 427.27 Td (8.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 427.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.10 427.27 Td (17.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 427.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 412.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 397.27 Td (Mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 397.27 Td (11,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 397.27 Td (3,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 397.27 Td (14,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 397.27 Td (283,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 397.27 Td (4.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 397.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 397.27 Td (1.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 397.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 397.27 Td (5.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 397.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 382.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.10 382.27 Td (9,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 382.27 Td (6,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 382.27 Td (15,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 382.27 Td (114,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 382.27 Td (8.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 382.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 382.27 Td (5.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 382.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.10 382.27 Td (13.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 382.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 367.28 Td (Total AFS Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 367.27 Td (42,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 367.27 Td (36,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 367.27 Td (79,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 367.27 Td (886,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 367.27 Td (4.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 367.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 367.27 Td (4.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 367.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 367.27 Td (9.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 367.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 295.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 295.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 295.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 295.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 295.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 295.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 295.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 295.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 265.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 265.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 265.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 265.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 265.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 265.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 265.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 265.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 235.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 235.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 235.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 235.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 235.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 235.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 235.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 235.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 205.60 165.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 205.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 205.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 205.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 205.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 205.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 205.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 205.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 205.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 205.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 205.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 205.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 205.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 205.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 205.60 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 325.6 m 460.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 325.6 m 464.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 325.6 m 527.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 325.6 m 531.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 325.6 m 575.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 295.6 m 200.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 295.6 m 247.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 295.6 m 309.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 295.6 m 357.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 295.6 m 413.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 295.6 m 460.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 295.6 m 527.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 295.6 m 575.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 205.60000000000002 m 247.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 205.60000000000002 m 309.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 205.60000000000002 m 357.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 205.60000000000002 m 413.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 205.60000000000002 m 247.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 191.60000000000002 m 247.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 189.60000000000002 m 247.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 205.60000000000002 m 309.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 191.60000000000002 m 309.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 189.60000000000002 m 309.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 205.60000000000002 m 357.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 191.60000000000002 m 357.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 189.60000000000002 m 357.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 205.60000000000002 m 413.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 191.60000000000002 m 413.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 189.60000000000002 m 413.5 189.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 330.05 Td (Year Ended December 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.15 330.05 Td (Yield as a Result of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.55 309.05 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.25 300.05 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 317.00 Td (Discount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.05 308.00 Td (\(Premium\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.25 299.00 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.15 317.00 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.05 308.00 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.75 299.00 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.30 317.00 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.50 308.00 Td (Amortized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.25 299.00 Td (Cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.55 309.05 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 300.05 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.45 317.00 Td (Discount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 474.55 308.00 Td (\(Premium\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 299.00 Td (Amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.15 317.00 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.05 308.00 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 299.00 Td (Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 300.05 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 285.28 Td (Residential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 270.27 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 270.27 Td (22,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.00 270.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 270.27 Td (25,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 270.27 Td (48,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 270.27 Td (676,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 270.27 Td (3.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 270.27 Td (3.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 270.27 Td (7.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 255.27 Td (Re-REMIC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 255.27 Td (10,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 255.27 Td (6,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 255.27 Td (16,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 255.27 Td (111,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 255.27 Td (9.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 255.27 Td (5.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.10 255.27 Td (14.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 240.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 225.27 Td (Mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 225.27 Td (16,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 225.27 Td (3,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 225.27 Td (20,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 225.27 Td (411,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 225.27 Td (4.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 225.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 225.27 Td (0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 225.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 225.27 Td (5.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 225.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 210.27 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.10 210.27 Td (9,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 210.27 Td (7,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.10 210.27 Td (16,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.10 210.27 Td (109,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 210.27 Td (8.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 210.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 210.27 Td (6.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 210.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.10 210.27 Td (15.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 210.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 195.28 Td (Total AFS Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.00 195.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 195.27 Td (59,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 195.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 195.27 Td (42,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 195.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 195.27 Td (102,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 195.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.60 195.27 Td (1,308,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 195.27 Td (4.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 195.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 195.27 Td (3.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 195.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 195.27 Td (7.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 195.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.39 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.12 731.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 137.28 731.10 Td (present ) Tj ET Q q 0 0 0 rg BT 168.00 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.06 731.10 Td (components ) Tj ET Q q 0 0 0 rg BT 232.22 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.39 731.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 277.55 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 301.05 731.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.10 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 368.03 731.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.03 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.87 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 464.07 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.07 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.91 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 499.42 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.18 731.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 534.37 731.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (securities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 695.10 Td (able 21 Carrying V) Tj ET Q q 0 0 0 rg BT 126.20 695.10 Td (alue of ) Tj ET Q q 0 0 0 rg BT 156.94 695.10 Td (AFS Securities ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 656.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 656.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 656.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 656.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 656.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 626.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 626.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 626.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 626.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 626.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 596.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 596.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 596.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 596.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 596.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 566.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 566.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 566.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 566.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 566.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 656.6 m 299.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 656.6 m 368.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 656.6 m 437.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 656.6 m 506.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 656.6 m 575.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 656.6 m 368.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 611.6 m 368.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 611.6 m 437.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 611.6 m 506.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 611.6 m 575.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 566.6 m 368.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 552.6 m 368.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 550.6 m 368.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 566.6 m 437.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 552.6 m 437.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 550.6 m 437.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 566.6 m 506.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 552.6 m 506.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 550.6 m 506.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 566.6 m 575.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 552.6 m 575.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 550.6 m 575.5 550.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 675.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.70 661.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.75 661.28 Td (Re-REMIC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 661.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.55 661.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 661.28 Td (\(In Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 646.27 Td (Principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 646.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 646.27 Td (148,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 646.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 646.27 Td (95,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 646.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 646.27 Td (456,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 646.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 646.27 Td (700,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 631.27 Td (Credit reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 631.32 Td (\(4,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 631.32 Td (\(6,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 631.32 Td (\(35,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 631.27 Td (\(47,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 616.27 Td (Unamortized discount, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 616.32 Td (\(41,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 616.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 616.32 Td (\(19,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 616.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 616.32 Td (\(136,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 616.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 616.27 Td (\(198,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 616.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 601.27 Td (Amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 601.27 Td (102,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 601.27 Td (69,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 601.27 Td (283,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 601.27 Td (455,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 586.27 Td (Gross unrealized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 586.27 Td (36,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 586.27 Td (16,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 586.27 Td (68,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 586.27 Td (120,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 571.27 Td (Gross unrealized losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 571.32 Td (\(1,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 571.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 571.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 571.32 Td (\(1,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 571.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 571.27 Td (\(3,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 571.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 556.28 Td (Carrying Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 556.27 Td (136,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 556.27 Td (85,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 556.27 Td (350,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 556.27 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 513.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 513.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 513.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 513.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 513.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 483.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 483.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 483.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 483.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 483.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 453.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 453.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 453.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 453.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 453.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 423.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 423.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 423.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 423.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 423.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 513.6 m 299.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 513.6 m 368.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 513.6 m 437.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 513.6 m 506.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 513.6 m 575.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 513.6 m 368.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 513.6 m 437.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 513.6 m 506.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 513.6 m 575.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 468.6 m 368.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 468.6 m 437.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 468.6 m 506.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 468.6 m 437.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 468.6 m 506.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 468.6 m 575.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 423.6 m 368.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 409.6 m 368.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 407.6 m 368.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 423.6 m 437.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 409.6 m 437.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 407.6 m 437.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 423.6 m 506.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 409.6 m 506.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 407.6 m 506.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 423.6 m 575.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 409.6 m 575.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 407.6 m 575.5 407.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 532.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.70 518.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.75 518.28 Td (Re-REMIC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 518.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.55 518.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 518.28 Td (\(In Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 503.27 Td (Principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 503.27 Td (293,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 503.27 Td (189,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 503.27 Td (490,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 503.27 Td (973,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 488.27 Td (Credit reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 488.32 Td (\(6,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 488.32 Td (\(10,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 488.32 Td (\(32,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 488.27 Td (\(48,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 473.27 Td (Unamortized discount, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 473.32 Td (\(30,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 473.32 Td (\(71,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 473.32 Td (\(134,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 473.27 Td (\(237,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 458.27 Td (Amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 458.27 Td (256,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 458.27 Td (107,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 458.27 Td (323,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 458.27 Td (687,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 443.27 Td (Gross unrealized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 443.27 Td (26,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 443.27 Td (57,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 443.27 Td (63,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 443.27 Td (147,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 428.27 Td (Gross unrealized losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 428.32 Td (\(3,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 428.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 428.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 428.32 Td (\(1,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 428.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 428.27 Td (\(5,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 428.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 413.28 Td (Carrying Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 413.27 Td (279,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 413.27 Td (165,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 413.27 Td (384,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 413.27 Td (829,245) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 389.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.63 389.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 109.95 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 126.95 389.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 159.50 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.38 389.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 200.16 389.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 238.26 389.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 271.34 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 288.90 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 303.11 389.10 Td (do ) Tj ET Q q 0 0 0 rg BT 315.67 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 331.00 389.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 359.65 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.99 389.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 401.40 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.40 389.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 437.63 389.10 Td (do ) Tj ET Q q 0 0 0 rg BT 450.18 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 465.52 389.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 494.17 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.50 389.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 524.26 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.15 389.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 567.68 389.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (a ) Tj ET Q q 0 0 0 rg BT 42.83 377.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 67.98 377.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 99.23 377.10 Td (on ) Tj ET Q q 0 0 0 rg BT 111.62 377.10 Td (each ) Tj ET Q q 0 0 0 rg BT 132.32 377.10 Td (security) Tj ET Q q 0 0 0 rg BT 163.33 377.10 Td (. ) Tj ET Q q 0 0 0 rg BT 167.69 377.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 187.30 377.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 230.23 377.10 Td (net ) Tj ET Q q 0 0 0 rg BT 244.83 377.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 297.20 377.10 Td (discounts ) Tj ET Q q 0 0 0 rg BT 337.37 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 348.09 377.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 390.47 377.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.86 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.46 377.10 Td (security ) Tj ET Q q 0 0 0 rg BT 451.50 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 466.10 377.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 508.47 377.10 Td (into ) Tj ET Q q 0 0 0 rg BT 526.41 377.10 Td (income ) Tj ET Q q 0 0 0 rg BT 558.23 377.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (time ) Tj ET Q q 0 0 0 rg BT 56.27 365.10 Td (using ) Tj ET Q q 0 0 0 rg BT 80.44 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.16 365.10 Td (ef) Tj ET Q q 0 0 0 rg BT 102.75 365.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 132.45 365.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 154.95 365.10 Td (method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.23 345.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.54 345.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.54 345.10 Td (, ) Tj ET Q q 0 0 0 rg BT 149.28 345.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.27 345.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 209.26 345.10 Td (for ) Tj ET Q q 0 0 0 rg BT 223.15 345.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.22 345.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 258.79 345.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 298.79 345.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.23 345.10 Td ($47 ) Tj ET Q q 0 0 0 rg BT 345.46 345.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.35 345.10 Td (, ) Tj ET Q q 0 0 0 rg BT 379.08 345.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.64 345.10 Td (6.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.47 345.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.70 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.26 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.71 345.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 475.48 345.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 508.25 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.81 345.10 Td (our ) Tj ET Q q 0 0 0 rg BT 534.37 345.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 333.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 79.34 333.10 Td (as ) Tj ET Q q 0 0 0 rg BT 90.75 333.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 133.25 333.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.11 333.10 Td ($49 ) Tj ET Q q 0 0 0 rg BT 162.19 333.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.08 333.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.66 333.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.07 333.10 Td (5.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.90 333.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.48 333.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.77 333.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 303.93 333.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.93 333.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.51 333.10 Td (During ) Tj ET Q q 0 0 0 rg BT 360.92 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.22 333.10 Td (year ) Tj ET Q q 0 0 0 rg BT 396.50 333.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.46 333.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 482.62 333.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.62 333.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.20 333.10 Td (reductions ) Tj ET Q q 0 0 0 rg BT 552.93 333.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.79 333.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 321.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 62.09 321.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 94.28 321.10 Td (from ) Tj ET Q q 0 0 0 rg BT 117.05 321.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 152.02 321.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 181.73 321.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 207.00 321.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.77 321.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 262.52 321.10 Td (out ) Tj ET Q q 0 0 0 rg BT 278.63 321.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.28 321.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 316.37 321.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 348.57 321.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.67 321.10 Td (accretable ) Tj ET Q q 0 0 0 rg BT 403.52 321.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 440.73 321.10 Td (were ) Tj ET Q q 0 0 0 rg BT 463.48 321.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 500.13 321.10 Td (of) Tj ET Q q 0 0 0 rg BT 508.28 321.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 526.05 321.10 Td (by ) Tj ET Q q 0 0 0 rg BT 539.37 321.10 Td (increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 309.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 72.61 309.10 Td (from ) Tj ET Q q 0 0 0 rg BT 93.66 309.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 143.05 309.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.10 309.10 Td (impairments. ) Tj ET Q q 0 0 0 rg BT 213.20 309.10 Td (During ) Tj ET Q q 0 0 0 rg BT 243.15 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.98 309.10 Td (years ) Tj ET Q q 0 0 0 rg BT 279.69 309.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.18 309.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 362.88 309.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.88 309.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.49 309.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 309.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.55 309.10 Td (, ) Tj ET Q q 0 0 0 rg BT 424.66 309.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 457.91 309.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 482.29 309.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 507.80 309.10 Td (on ) Tj ET Q q 0 0 0 rg BT 519.41 309.10 Td (our ) Tj ET Q q 0 0 0 rg BT 534.35 309.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 297.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.26 297.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.98 297.10 Td ($6 ) Tj ET Q q 0 0 0 rg BT 118.48 297.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.37 297.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.87 297.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.81 297.10 Td ($9 ) Tj ET Q q 0 0 0 rg BT 179.31 297.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.20 297.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.20 297.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 260.86 297.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 261.10 Td (Mortgage Servicing Rights Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.75 241.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 98.97 241.10 Td (are ) Tj ET Q q 0 0 0 rg BT 113.38 241.10 Td (held ) Tj ET Q q 0 0 0 rg BT 132.79 241.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.43 241.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 187.73 241.10 Td (at ) Tj ET Q q 0 0 0 rg BT 197.15 241.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.68 241.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 243.75 241.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 265.79 241.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.99 241.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 311.30 241.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.94 241.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 365.13 241.10 Td (are ) Tj ET Q q 0 0 0 rg BT 379.54 241.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 416.16 241.10 Td (together ) Tj ET Q q 0 0 0 rg BT 451.13 241.10 Td (with ) Tj ET Q q 0 0 0 rg BT 471.11 241.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 494.42 241.10 Td (from ) Tj ET Q q 0 0 0 rg BT 516.06 241.10 Td (originators ) Tj ET Q q 0 0 0 rg BT 561.58 241.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 229.10 Td (then ) Tj ET Q q 0 0 0 rg BT 56.31 229.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 99.93 229.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 146.88 229.10 Td (under ) Tj ET Q q 0 0 0 rg BT 172.74 229.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 199.60 229.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.69 229.10 Td (when ) Tj ET Q q 0 0 0 rg BT 227.44 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.75 229.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 266.96 229.10 Td (is ) Tj ET Q q 0 0 0 rg BT 276.72 229.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 312.02 229.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.54 229.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.85 229.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 389.04 229.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 409.34 229.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.11 229.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 438.87 229.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.74 229.10 Td (a ) Tj ET Q q 0 0 0 rg BT 457.26 229.10 Td (third ) Tj ET Q q 0 0 0 rg BT 479.24 229.10 Td (party ) Tj ET Q q 0 0 0 rg BT 502.88 229.10 Td (or ) Tj ET Q q 0 0 0 rg BT 514.30 229.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 560.70 229.10 Td (to ) Tj ET Q q 0 0 0 rg BT 571.57 229.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 217.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 70.73 217.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 114.89 217.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 171.27 217.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 214.33 217.10 Td (by ) Tj ET Q q 0 0 0 rg BT 226.84 217.10 Td (us ) Tj ET Q q 0 0 0 rg BT 238.25 217.10 Td (that ) Tj ET Q q 0 0 0 rg BT 255.75 217.10 Td (meets ) Tj ET Q q 0 0 0 rg BT 281.59 217.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.32 217.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 323.17 217.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.68 217.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 356.50 217.10 Td (for ) Tj ET Q q 0 0 0 rg BT 370.68 217.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 391.23 217.10 Td (In ) Tj ET Q q 0 0 0 rg BT 402.08 217.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 439.86 217.10 Td (we ) Tj ET Q q 0 0 0 rg BT 454.03 217.10 Td (also ) Tj ET Q q 0 0 0 rg BT 472.65 217.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 510.70 217.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 538.23 217.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.74 217.10 Td (a ) Tj ET Q q 0 0 0 rg BT 557.69 217.10 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 205.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 58.81 205.10 Td (from ) Tj ET Q q 0 0 0 rg BT 81.06 205.10 Td (third-parties ) Tj ET Q q 0 0 0 rg BT 132.75 205.10 Td (that ) Tj ET Q q 0 0 0 rg BT 150.56 205.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 167.25 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.28 205.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 226.19 205.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 250.11 205.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 283.47 205.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.06 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.47 205.10 Td (Agencies ) Tj ET Q q 0 0 0 rg BT 348.48 205.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.74 205.10 Td (we ) Tj ET Q q 0 0 0 rg BT 380.21 205.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.24 205.10 Td (also ) Tj ET Q q 0 0 0 rg BT 419.16 205.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 457.51 205.10 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 499.21 205.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.35 205.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 538.18 205.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.99 205.10 Td (a ) Tj ET Q q 0 0 0 rg BT 558.24 205.10 Td (bulk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 193.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 60.04 193.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 99.79 193.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.42 193.10 Td (own ) Tj ET Q q 0 0 0 rg BT 132.62 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.80 193.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 171.56 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.31 193.10 Td (service ) Tj ET Q q 0 0 0 rg BT 211.59 193.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 237.18 193.10 Td (we ) Tj ET Q q 0 0 0 rg BT 250.81 193.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 284.98 193.10 Td (with ) Tj ET Q q 0 0 0 rg BT 304.73 193.10 Td (sub-servicers ) Tj ET Q q 0 0 0 rg BT 359.47 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.22 193.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 403.40 193.10 Td (these ) Tj ET Q q 0 0 0 rg BT 425.92 193.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 466.49 193.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 484.01 193.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 513.19 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.49 193.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 546.58 193.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 181.10 Td (is ) Tj ET Q q 0 0 0 rg BT 44.61 181.10 Td (not ) Tj ET Q q 0 0 0 rg BT 59.33 181.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 89.59 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.31 181.10 Td (any ) Tj ET Q q 0 0 0 rg BT 115.68 181.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 157.61 181.10 Td (other ) Tj ET Q q 0 0 0 rg BT 180.09 181.10 Td (than ) Tj ET Q q 0 0 0 rg BT 199.25 181.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 242.84 181.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 295.30 181.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 341.68 181.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 384.72 181.10 Td (with ) Tj ET Q q 0 0 0 rg BT 404.43 181.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 443.03 181.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 486.62 181.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 512.16 181.10 Td (If ) Tj ET Q q 0 0 0 rg BT 520.76 181.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.14 181.10 Td (sub-servicer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 169.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.88 169.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 84.30 169.10 Td (with ) Tj ET Q q 0 0 0 rg BT 104.29 169.10 Td (was ) Tj ET Q q 0 0 0 rg BT 122.06 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.05 169.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 147.60 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.59 169.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 192.02 169.10 Td (these ) Tj ET Q q 0 0 0 rg BT 214.78 169.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 263.94 169.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.49 169.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 318.36 169.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 343.35 169.10 Td (could ) Tj ET Q q 0 0 0 rg BT 367.79 169.10 Td (be ) Tj ET Q q 0 0 0 rg BT 379.44 169.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 424.42 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.07 169.10 Td (we ) Tj ET Q q 0 0 0 rg BT 454.95 169.10 Td (would ) Tj ET Q q 0 0 0 rg BT 482.17 169.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 517.69 169.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.24 169.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 556.58 169.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 157.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.16 157.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.76 157.10 Td (at ) Tj ET Q q 0 0 0 rg BT 108.48 157.10 Td (that ) Tj ET Q q 0 0 0 rg BT 125.97 157.10 Td (time.) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 731.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 172.31 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.02 731.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 219.51 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 233.67 731.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 261.19 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 273.69 731.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 311.18 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 325.34 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.06 731.10 Td (years ) Tj ET Q q 0 0 0 rg BT 363.66 731.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.04 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 448.62 731.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.62 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.12 731.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.06 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.06 731.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 707.10 Td (able 22 MSR ) Tj ET Q q 0 0 0 rg BT 104.16 707.10 Td (Activity by Portfolio ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 651.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 651.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 651.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 651.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 651.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 651.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 651.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 621.60 163.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 621.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 621.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 621.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 621.60 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 621.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 621.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 621.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 621.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 621.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 621.60 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 621.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 621.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 571.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 571.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 571.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 571.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 571.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 571.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 571.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 541.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 541.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 541.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 541.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 541.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 541.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 541.60 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 681.6 m 259.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 681.6 m 263.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 681.6 m 325.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 681.6 m 329.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 681.6 m 386.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 681.6 m 390.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 681.6 m 447.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 681.6 m 451.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 681.6 m 513.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 681.6 m 517.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 681.6 m 575.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 666.6 m 259.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 666.6 m 263.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 666.6 m 325.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 666.6 m 329.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 666.6 m 386.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 666.6 m 447.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 666.6 m 451.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 666.6 m 513.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 666.6 m 517.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 666.6 m 575.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 651.6 m 198.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 651.6 m 259.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 651.6 m 325.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 651.6 m 386.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 666.6 m 447.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 651.6 m 447.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 666.6 m 451.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 666.6 m 513.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 651.6 m 513.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 666.6 m 517.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 666.6 m 575.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 651.6 m 575.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 651.6 m 447.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 651.6 m 513.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 651.6 m 575.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 526.6 m 386.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 526.6 m 447.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 526.6 m 513.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 526.6 m 575.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 526.6 m 259.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 512.6 m 259.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 510.6 m 259.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 526.6 m 325.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 512.6 m 325.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 510.6 m 325.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 526.6 m 386.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 512.6 m 386.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 510.6 m 386.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 526.6 m 447.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 512.6 m 447.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 510.6 m 447.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 526.6 m 513.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 512.6 m 513.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 510.6 m 513.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 526.6 m 575.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 512.6 m 575.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 510.6 m 575.5 510.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.10 686.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 671.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 671.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 656.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 656.28 Td (Jumbo) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.85 656.28 Td (Conforming) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.25 656.28 Td (Total MSRs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.75 656.28 Td (Jumbo) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.85 656.28 Td (Conforming) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.75 656.28 Td (Total MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 641.27 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.00 641.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.15 641.27 Td (58,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 641.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 641.27 Td (133,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 641.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 641.27 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 641.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 641.27 Td (57,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 641.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 641.27 Td (81,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 641.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 641.27 Td (139,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 626.27 Td (Additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.27 Td (MSRs retained from Sequoia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.27 Td (securitizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 601.27 Td (6,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 601.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 601.27 Td (6,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 601.27 Td (8,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 601.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 601.27 Td (8,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.27 Td (MSRs retained from third-party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.27 Td (loan sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 576.27 Td (177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 576.27 Td (3,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 576.27 Td (3,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 576.27 Td (352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 576.27 Td (55,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 576.27 Td (56,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.27 Td (Purchased MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 561.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 561.27 Td (15,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 561.27 Td (15,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 561.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 561.27 Td (30,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 561.27 Td (30,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 546.27 Td (Sold MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 546.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.80 546.32 Td (\(62,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 546.32 Td (\(62,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 546.32 Td (\(132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 546.32 Td (\(18,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 546.27 Td (\(18,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 531.27 Td (Market valuation adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.80 531.27 Td (\(4,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.80 531.32 Td (\(31,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 531.32 Td (\(36,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 531.32 Td (\(8,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 531.32 Td (\(16,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 531.27 Td (\(24,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 531.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 516.28 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.15 516.27 Td (60,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 516.27 Td (58,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 516.27 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 516.27 Td (58,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 516.27 Td (133,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 516.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 516.27 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 480.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.83 480.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.83 480.10 Td (we ) Tj ET Q q 0 0 0 rg BT 123.99 480.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 159.82 480.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 177.32 480.10 Td (million ) Tj ET Q q 0 0 0 rg BT 208.71 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.99 480.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 246.50 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.44 480.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 282.61 480.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 310.12 480.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.40 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 337.34 480.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 353.72 480.10 Td (value ) Tj ET Q q 0 0 0 rg BT 377.87 480.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.70 480.10 Td ($62 ) Tj ET Q q 0 0 0 rg BT 406.20 480.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.09 480.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 456.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 456.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 456.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 456.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 456.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 230.32 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.15 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.87 456.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 279.48 456.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 323.07 456.10 Td (with ) Tj ET Q q 0 0 0 rg BT 343.35 456.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.18 456.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 382.80 456.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 433.08 456.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.79 456.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 501.38 456.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.38 456.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 436.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 436.10 Td (able 23 Characteristics of MSR Investments Portfolio) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 395.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 395.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 395.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 395.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 365.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 365.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 365.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 365.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 335.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 335.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 335.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 335.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 305.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 275.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 245.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 245.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 410.6 m 438.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 410.6 m 442.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 410.6 m 507.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 410.6 m 511.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 410.6 m 576.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 395.6 m 369.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 395.6 m 438.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 395.6 m 507.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 395.6 m 576.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 395.6 m 438.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 395.6 m 507.5 395.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.15 415.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 400.28 Td (\(Dollars In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.75 400.28 Td (Jumbo) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.35 400.28 Td (Conforming) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.55 400.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 385.27 Td (Unpaid principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 385.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 385.27 Td (5,467,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 385.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 385.27 Td (4,989,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 385.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.60 385.27 Td (10,456,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 370.27 Td (Fair value of MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 370.27 Td (60,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 370.27 Td (58,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 370.27 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 355.27 Td (MSR values as percent of unpaid principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 355.27 Td (1.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 355.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 355.27 Td (1.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 355.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 355.27 Td (1.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 355.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 340.27 Td (Gross cash yield ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 107.60 344.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 340.27 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 340.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 340.27 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 340.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 340.27 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 340.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 325.27 Td (Number of loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 325.27 Td (7,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 325.27 Td (20,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 325.27 Td (28,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 310.27 Td (Average loan size) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 310.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 310.27 Td (686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 310.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 310.27 Td (240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 310.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 310.27 Td (364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 295.27 Td (Average coupon) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 295.27 Td (3.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 295.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 295.27 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 295.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 295.27 Td (3.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 295.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 280.27 Td (Average loan age \(months\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 280.27 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 280.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 280.27 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 265.27 Td (Average original loan-to-value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 265.27 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 265.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 265.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 265.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 265.27 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 265.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 250.27 Td (Average original FICO score) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 250.27 Td (770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 250.27 Td (759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 250.27 Td (765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 235.27 Td (60+ day delinquencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 235.27 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 235.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 235.27 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 235.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 235.27 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 235.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 212.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 212.30 Td (Gross ) Tj ET Q q 0 0 0 rg BT 77.11 212.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 95.22 212.30 Td (yield ) Tj ET Q q 0 0 0 rg BT 115.32 212.30 Td (is ) Tj ET Q q 0 0 0 rg BT 123.44 212.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 162.03 212.30 Td (by ) Tj ET Q q 0 0 0 rg BT 173.14 212.30 Td (dividing ) Tj ET Q q 0 0 0 rg BT 205.25 212.30 Td (the ) Tj ET Q q 0 0 0 rg BT 218.36 212.30 Td (annualized ) Tj ET Q q 0 0 0 rg BT 259.45 212.30 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 294.04 212.30 Td (gross ) Tj ET Q q 0 0 0 rg BT 315.16 212.30 Td (servicing ) Tj ET Q q 0 0 0 rg BT 350.26 212.30 Td (fees ) Tj ET Q q 0 0 0 rg BT 366.86 212.30 Td (we ) Tj ET Q q 0 0 0 rg BT 379.47 212.30 Td (received ) Tj ET Q q 0 0 0 rg BT 412.05 212.30 Td (for ) Tj ET Q q 0 0 0 rg BT 424.66 212.30 Td (the ) Tj ET Q q 0 0 0 rg BT 437.77 212.30 Td (year ) Tj ET Q q 0 0 0 rg BT 455.37 212.30 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.97 212.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 531.55 212.30 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.55 212.30 Td (, ) Tj ET Q q 0 0 0 rg BT 553.92 212.30 Td (by ) Tj ET Q q 0 0 0 rg BT 565.03 212.30 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 201.50 Td (weighted ) Tj ET Q q 0 0 0 rg BT 89.24 201.50 Td (average ) Tj ET Q q 0 0 0 rg BT 119.47 201.50 Td (notional ) Tj ET Q q 0 0 0 rg BT 151.21 201.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 180.94 201.50 Td (of ) Tj ET Q q 0 0 0 rg BT 190.69 201.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 211.94 201.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 251.17 201.50 Td (with ) Tj ET Q q 0 0 0 rg BT 269.42 201.50 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 294.18 201.50 Td (we ) Tj ET Q q 0 0 0 rg BT 306.93 201.50 Td (owned ) Tj ET Q q 0 0 0 rg BT 333.17 201.50 Td (during ) Tj ET Q q 0 0 0 rg BT 358.92 201.50 Td (that ) Tj ET Q q 0 0 0 rg BT 374.66 201.50 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.50 Td (As ) Tj ET Q q 0 0 0 rg BT 67.18 181.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.58 181.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 135.73 181.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.73 181.50 Td (, ) Tj ET Q q 0 0 0 rg BT 160.30 181.50 Td (nearly ) Tj ET Q q 0 0 0 rg BT 187.35 181.50 Td (all ) Tj ET Q q 0 0 0 rg BT 199.42 181.50 Td (of ) Tj ET Q q 0 0 0 rg BT 209.81 181.50 Td (our ) Tj ET Q q 0 0 0 rg BT 225.21 181.50 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 252.29 181.50 Td (were ) Tj ET Q q 0 0 0 rg BT 273.79 181.50 Td (comprised ) Tj ET Q q 0 0 0 rg BT 317.51 181.50 Td (of ) Tj ET Q q 0 0 0 rg BT 327.91 181.50 Td (base ) Tj ET Q q 0 0 0 rg BT 347.75 181.50 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 374.83 181.50 Td (and ) Tj ET Q q 0 0 0 rg BT 391.34 181.50 Td (we ) Tj ET Q q 0 0 0 rg BT 405.06 181.50 Td (did ) Tj ET Q q 0 0 0 rg BT 419.91 181.50 Td (not ) Tj ET Q q 0 0 0 rg BT 434.76 181.50 Td (own ) Tj ET Q q 0 0 0 rg BT 454.05 181.50 Td (any ) Tj ET Q q 0 0 0 rg BT 470.55 181.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 501.51 181.50 Td (of ) Tj ET Q q 0 0 0 rg BT 511.91 181.50 Td (a ) Tj ET Q q 0 0 0 rg BT 518.41 181.50 Td (servicing ) Tj ET Q q 0 0 0 rg BT 557.13 181.50 Td (right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 169.50 Td (related ) Tj ET Q q 0 0 0 rg BT 65.54 169.50 Td (to ) Tj ET Q q 0 0 0 rg BT 75.67 169.50 Td (any ) Tj ET Q q 0 0 0 rg BT 92.45 169.50 Td (loan ) Tj ET Q q 0 0 0 rg BT 112.01 169.50 Td (where ) Tj ET Q q 0 0 0 rg BT 138.78 169.50 Td (we ) Tj ET Q q 0 0 0 rg BT 152.78 169.50 Td (did ) Tj ET Q q 0 0 0 rg BT 167.90 169.50 Td (not ) Tj ET Q q 0 0 0 rg BT 183.02 169.50 Td (own ) Tj ET Q q 0 0 0 rg BT 202.59 169.50 Td (the ) Tj ET Q q 0 0 0 rg BT 217.15 169.50 Td (entire ) Tj ET Q q 0 0 0 rg BT 242.25 169.50 Td (servicing ) Tj ET Q q 0 0 0 rg BT 281.25 169.50 Td (right. ) Tj ET Q q 0 0 0 rg BT 304.46 169.50 Td (At ) Tj ET Q q 0 0 0 rg BT 316.81 169.50 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.93 169.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 395.35 169.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.35 169.50 Td ( ) Tj ET Q q 0 0 0 rg BT 417.70 169.50 Td (and ) Tj ET Q q 0 0 0 rg BT 434.48 169.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 459.32 169.50 Td (we ) Tj ET Q q 0 0 0 rg BT 473.32 169.50 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.11 169.50 Td ($1 ) Tj ET Q q 0 0 0 rg BT 502.45 169.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.34 169.50 Td ( ) Tj ET Q q 0 0 0 rg BT 533.68 169.50 Td (of ) Tj ET Q q 0 0 0 rg BT 544.36 169.50 Td (servicer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 157.50 Td (advances ) Tj ET Q q 0 0 0 rg BT 75.15 157.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 124.31 157.50 Td (related ) Tj ET Q q 0 0 0 rg BT 154.01 157.50 Td (to ) Tj ET Q q 0 0 0 rg BT 164.29 157.50 Td (our ) Tj ET Q q 0 0 0 rg BT 180.12 157.50 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 210.14 157.50 Td (which ) Tj ET Q q 0 0 0 rg BT 237.07 157.50 Td (are ) Tj ET Q q 0 0 0 rg BT 251.78 157.50 Td (presented ) Tj ET Q q 0 0 0 rg BT 292.60 157.50 Td (in ) Tj ET Q q 0 0 0 rg BT 302.88 157.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 328.14 157.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 353.97 157.50 Td (on ) Tj ET Q q 0 0 0 rg BT 366.47 157.50 Td (our ) Tj ET Q q 0 0 0 rg BT 382.30 157.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 435.35 157.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 468.38 157.50 Td (sheets. ) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (68) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 36 729.68505859375 m 200.7412109375 729.68505859375 l s q 0 0 0 rg BT 36.00 731.25 Td (Residential Mortgage Banking Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.16 711.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.65 711.25 Td (table ) Tj ET Q q 0 0 0 rg BT 135.70 711.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.08 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.90 711.25 Td (components ) Tj ET Q q 0 0 0 rg BT 236.84 711.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.78 711.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 283.71 711.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 335.20 711.25 Td (for ) Tj ET Q q 0 0 0 rg BT 349.47 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.30 711.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 411.90 711.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 453.39 711.25 Td (Banking ) Tj ET Q q 0 0 0 rg BT 489.88 711.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 525.82 711.25 Td (for ) Tj ET Q q 0 0 0 rg BT 540.09 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 554.92 711.25 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.38 699.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.96 699.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.96 699.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.96 699.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.96 699.25 Td (, ) Tj ET Q q 0 0 0 rg BT 170.96 699.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.90 699.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.90 699.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 675.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 675.25 Td (able 24 Residential Mortgage Banking Segment Contribution ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 626.75 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 626.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 626.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 626.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 626.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 626.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 596.75 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 596.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 596.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 596.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 596.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 596.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 566.75 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 566.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 566.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 566.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 566.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 566.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 536.75 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 536.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 536.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 536.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 536.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 536.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 506.75 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 506.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 506.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 506.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 506.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 506.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 476.75 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 476.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 476.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 476.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 476.75 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 476.75 56.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 640.75 m 331.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 640.75 m 335.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 640.75 m 391.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 640.75 m 395.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 640.75 m 451.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 640.75 m 515.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 640.75 m 519.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 640.75 m 575.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 626.75 m 271.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 626.75 m 331.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 626.75 m 391.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 626.75 m 451.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 640.75 m 455.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 640.75 m 515.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 626.75 m 515.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 640.75 m 575.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 626.75 m 575.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 626.75 m 451.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 626.75 m 455.5 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 611.75 m 455.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 581.75 m 331.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 581.75 m 391.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 581.75 m 451.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 581.75 m 455.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 596.75 m 455.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 581.75 m 459.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 581.75 m 515.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 581.75 m 575.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 581.75 m 391.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 581.75 m 451.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 581.75 m 455.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 581.75 m 455.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 581.75 m 459.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 581.75 m 515.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 581.75 m 575.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 551.75 m 331.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 551.75 m 391.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 551.75 m 451.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 566.75 m 455.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 551.75 m 515.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 551.75 m 575.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 551.75 m 331.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 551.75 m 391.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 551.75 m 451.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 551.75 m 455.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 551.75 m 515.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 551.75 m 575.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 536.75 m 455.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 506.75 m 331.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 506.75 m 391.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 506.75 m 451.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 521.75 m 455.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 506.75 m 515.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 506.75 m 575.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 506.75 m 391.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 506.75 m 451.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 506.75 m 455.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 506.75 m 515.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 506.75 m 575.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 476.75 m 331.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 476.75 m 391.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 476.75 m 451.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 491.75 m 455.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 476.75 m 331.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 462.75 m 331.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 460.75 m 331.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 476.75 m 391.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 462.75 m 391.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 460.75 m 391.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 476.75 m 451.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 462.75 m 451.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 460.75 m 451.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 476.75 m 455.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 476.75 m 515.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 462.75 m 515.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 460.75 m 515.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 476.75 m 575.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 462.75 m 575.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 460.75 m 575.5 460.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.60 645.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 645.43 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 631.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 631.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 631.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 631.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 631.43 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 631.43 Td ('15/'14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 616.43 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 601.42 Td (Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 601.42 Td (33,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 601.42 Td (47,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 601.42 Td (38,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 601.47 Td (\(14,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 601.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 601.42 Td (8,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 586.42 Td (Sequoia securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 586.42 Td (572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 586.42 Td (5,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 586.42 Td (19,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 586.47 Td (\(4,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 586.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 586.42 Td (\(14,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 586.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 571.42 Td (Total interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 571.42 Td (33,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 571.42 Td (52,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 571.42 Td (58,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 571.47 Td (\(18,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 571.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 571.42 Td (\(6,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 571.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 556.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.80 556.47 Td (\(14,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 556.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 556.47 Td (\(17,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 556.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.80 556.47 Td (\(12,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 556.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 556.42 Td (3,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 556.42 Td (\(4,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 556.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 541.43 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 541.42 Td (19,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 541.42 Td (35,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 541.42 Td (45,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 541.47 Td (\(15,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 541.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 541.42 Td (\(10,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 541.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 526.42 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 526.42 Td (40,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 526.42 Td (8,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 526.42 Td (21,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 526.42 Td (32,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 526.42 Td (\(13,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 511.42 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.80 511.47 Td (\(23,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 511.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 511.47 Td (\(43,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 511.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.80 511.47 Td (\(37,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 511.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 511.42 Td (19,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 511.42 Td (\(5,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 511.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 496.43 Td (Segment contribution before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 496.42 Td (36,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 496.42 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 496.42 Td (29,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 496.42 Td (36,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 496.42 Td (\(29,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 481.42 Td (\(Provision for\) benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.80 481.47 Td (\(1,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 481.42 Td (4,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 481.47 Td (\(1,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 481.47 Td (\(6,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 481.42 Td (5,943) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 466.43 Td (Segment Contribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 466.42 Td (35,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 466.42 Td (4,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 466.42 Td (27,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 466.42 Td (30,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 466.42 Td (\(23,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.45 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 428.45 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 428.45 Td (tables ) Tj ET Q q 0 0 0 rg BT 139.26 428.45 Td (provide ) Tj ET Q q 0 0 0 rg BT 172.31 428.45 Td (the ) Tj ET Q q 0 0 0 rg BT 187.02 428.45 Td (activity ) Tj ET Q q 0 0 0 rg BT 219.51 428.45 Td (of ) Tj ET Q q 0 0 0 rg BT 230.34 428.45 Td (unsecuritized ) Tj ET Q q 0 0 0 rg BT 286.15 428.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 330.30 428.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 353.91 428.45 Td (during ) Tj ET Q q 0 0 0 rg BT 382.52 428.45 Td (the ) Tj ET Q q 0 0 0 rg BT 397.24 428.45 Td (years ) Tj ET Q q 0 0 0 rg BT 420.84 428.45 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.21 428.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 505.80 428.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.80 428.45 Td ( ) Tj ET Q q 0 0 0 rg BT 528.30 428.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.24 428.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.24 428.45 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 404.45 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 404.45 Td (able 25 Residential Loans Held-for-Sale ) Tj ET Q q 0 0 0 rg BT 228.87 404.45 Td (Activity ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 340.95 147.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 340.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 340.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 340.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 340.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 340.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 340.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 340.95 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 340.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 340.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 340.95 60.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 310.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 310.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 280.95 147.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 280.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 280.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 280.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 280.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 280.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 280.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 280.95 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 280.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 280.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 280.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 280.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 280.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 250.95 147.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 250.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 250.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 250.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 250.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 250.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 250.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 250.95 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 250.95 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 250.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 250.95 60.00 -15.00 re f /GS0 gs 0.8 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 566.6 m 490.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 552.6 m 490.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 550.6 m 490.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 566.6 m 575.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 552.6 m 575.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 550.6 m 575.5 550.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.10 675.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 661.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 661.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.50 661.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 646.27 Td (Beginning fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 646.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 646.27 Td (197,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 646.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 646.27 Td (93,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 631.27 Td (Transfers between portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 631.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 631.27 Td (\(65,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 616.27 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 616.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 616.27 Td (201,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 601.27 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 601.32 Td (\(195,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 601.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 601.27 Td (\(13,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 601.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 586.27 Td (Ef) Tj ET Q q 0 0 0 rg BT 47.26 586.27 Td (fect of principal payments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 154.44 590.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 586.32 Td (\(3,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 586.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 586.27 Td (\(3,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 586.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 571.27 Td (Change in fair value, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 571.27 Td (1,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 571.27 Td (\(15,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 571.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 556.28 Td (Ending Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 556.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 556.27 Td (197,007) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 538.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 538.30 Td (Prior ) Tj ET Q q 0 0 0 rg BT 74.21 538.30 Td (to ) Tj ET Q q 0 0 0 rg BT 83.41 538.30 Td (the ) Tj ET Q q 0 0 0 rg BT 96.61 538.30 Td (second ) Tj ET Q q 0 0 0 rg BT 123.81 538.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 151.50 538.30 Td (of ) Tj ET Q q 0 0 0 rg BT 161.20 538.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 183.65 538.30 Td (this ) Tj ET Q q 0 0 0 rg BT 198.86 538.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 231.06 538.30 Td (included ) Tj ET Q q 0 0 0 rg BT 264.26 538.30 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 295.46 538.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 331.65 538.30 Td (that ) Tj ET Q q 0 0 0 rg BT 347.35 538.30 Td (were ) Tj ET Q q 0 0 0 rg BT 367.04 538.30 Td (used ) Tj ET Q q 0 0 0 rg BT 385.74 538.30 Td (in ) Tj ET Q q 0 0 0 rg BT 394.95 538.30 Td (part ) Tj ET Q q 0 0 0 rg BT 411.14 538.30 Td (to ) Tj ET Q q 0 0 0 rg BT 420.35 538.30 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 452.05 538.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 478.73 538.30 Td (risks ) Tj ET Q q 0 0 0 rg BT 497.94 538.30 Td (related ) Tj ET Q q 0 0 0 rg BT 524.63 538.30 Td (to ) Tj ET Q q 0 0 0 rg BT 533.83 538.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 562.53 538.30 Td (rate ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 527.50 Td (movements ) Tj ET Q q 0 0 0 rg BT 98.10 527.50 Td (on ) Tj ET Q q 0 0 0 rg BT 109.71 527.50 Td (our ) Tj ET Q q 0 0 0 rg BT 124.31 527.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 164.40 527.50 Td (loan ) Tj ET Q q 0 0 0 rg BT 182.51 527.50 Td (pipeline. ) Tj ET Q q 0 0 0 rg BT 216.35 527.50 Td (During ) Tj ET Q q 0 0 0 rg BT 244.46 527.50 Td (the ) Tj ET Q q 0 0 0 rg BT 258.06 527.50 Td (second ) Tj ET Q q 0 0 0 rg BT 285.66 527.50 Td (quarter ) Tj ET Q q 0 0 0 rg BT 313.75 527.50 Td (of ) Tj ET Q q 0 0 0 rg BT 323.85 527.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 346.71 527.50 Td (we ) Tj ET Q q 0 0 0 rg BT 359.81 527.50 Td (transferred ) Tj ET Q q 0 0 0 rg BT 401.39 527.50 Td (all ) Tj ET Q q 0 0 0 rg BT 413.00 527.50 Td (then ) Tj ET Q q 0 0 0 rg BT 431.10 527.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 475.70 527.50 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 507.30 527.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 543.90 527.50 Td (from ) Tj ET Q q 0 0 0 rg BT 564.00 527.50 Td (our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 516.70 Td (Residential ) Tj ET Q q 0 0 0 rg BT 97.48 516.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 135.47 516.70 Td (Banking ) Tj ET Q q 0 0 0 rg BT 168.96 516.70 Td (segment ) Tj ET Q q 0 0 0 rg BT 201.95 516.70 Td (to ) Tj ET Q q 0 0 0 rg BT 211.94 516.70 Td (our ) Tj ET Q q 0 0 0 rg BT 226.93 516.70 Td (Residential ) Tj ET Q q 0 0 0 rg BT 270.42 516.70 Td (Investments ) Tj ET Q q 0 0 0 rg BT 316.90 516.70 Td (segment. ) Tj ET Q q 0 0 0 rg BT 352.14 516.70 Td (In ) Tj ET Q q 0 0 0 rg BT 362.63 516.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 397.37 516.70 Td (in ) Tj ET Q q 0 0 0 rg BT 407.36 516.70 Td (the ) Tj ET Q q 0 0 0 rg BT 421.35 516.70 Td (fourth ) Tj ET Q q 0 0 0 rg BT 446.34 516.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 474.82 516.70 Td (of ) Tj ET Q q 0 0 0 rg BT 485.31 516.70 Td (2015, ) Tj ET Q q 0 0 0 rg BT 508.55 516.70 Td (we ) Tj ET Q q 0 0 0 rg BT 522.04 516.70 Td (retained ) Tj ET Q q 0 0 0 rg BT 554.02 516.70 Td (senior ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 505.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 90.24 505.90 Td (from ) Tj ET Q q 0 0 0 rg BT 109.98 505.90 Td (a ) Tj ET Q q 0 0 0 rg BT 116.23 505.90 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 147.47 505.90 Td (securitization ) Tj ET Q q 0 0 0 rg BT 198.20 505.90 Td (we ) Tj ET Q q 0 0 0 rg BT 210.95 505.90 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 249.69 505.90 Td (that ) Tj ET Q q 0 0 0 rg BT 265.44 505.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 290.56 505.90 Td (, ) Tj ET Q q 0 0 0 rg BT 295.06 505.90 Td (which ) Tj ET Q q 0 0 0 rg BT 319.31 505.90 Td (we ) Tj ET Q q 0 0 0 rg BT 332.05 505.90 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 381.30 505.90 Td (sold ) Tj ET Q q 0 0 0 rg BT 398.55 505.90 Td (during ) Tj ET Q q 0 0 0 rg BT 424.30 505.90 Td (the ) Tj ET Q q 0 0 0 rg BT 437.54 505.90 Td (first ) Tj ET Q q 0 0 0 rg BT 454.29 505.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 482.02 505.90 Td (of ) Tj ET Q q 0 0 0 rg BT 491.77 505.90 Td (2016.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 489.10 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 489.10 Td (The ) Tj ET Q q 0 0 0 rg BT 70.28 489.10 Td (ef) Tj ET Q q 0 0 0 rg BT 77.11 489.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 92.89 489.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.67 489.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 136.95 489.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 173.73 489.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 202.50 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.78 489.10 Td (change ) Tj ET Q q 0 0 0 rg BT 243.55 489.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.84 489.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 267.62 489.10 Td (value ) Tj ET Q q 0 0 0 rg BT 289.40 489.10 Td (due ) Tj ET Q q 0 0 0 rg BT 304.68 489.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.97 489.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 348.25 489.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 387.28 489.10 Td (which ) Tj ET Q q 0 0 0 rg BT 411.56 489.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.85 489.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 458.62 489.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.40 489.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.69 489.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.97 489.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 534.24 489.10 Td (received ) Tj ET Q q 0 0 0 rg BT 567.01 489.10 Td (on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 478.30 Td (a ) Tj ET Q q 0 0 0 rg BT 60.24 478.30 Td (given ) Tj ET Q q 0 0 0 rg BT 82.49 478.30 Td (security ) Tj ET Q q 0 0 0 rg BT 113.23 478.30 Td (during ) Tj ET Q q 0 0 0 rg BT 138.98 478.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.22 478.30 Td (period ) Tj ET Q q 0 0 0 rg BT 177.46 478.30 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 216.71 478.30 Td (by ) Tj ET Q q 0 0 0 rg BT 227.96 478.30 Td (the ) Tj ET Q q 0 0 0 rg BT 241.21 478.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 260.95 478.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 288.69 478.30 Td (ending ) Tj ET Q q 0 0 0 rg BT 315.43 478.30 Td (price ) Tj ET Q q 0 0 0 rg BT 335.67 478.30 Td (or ) Tj ET Q q 0 0 0 rg BT 345.41 478.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 387.16 478.30 Td (price ) Tj ET Q q 0 0 0 rg BT 407.40 478.30 Td (for ) Tj ET Q q 0 0 0 rg BT 420.14 478.30 Td (that ) Tj ET Q q 0 0 0 rg BT 435.88 478.30 Td (security) Tj ET Q q 0 0 0 rg BT 463.79 478.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 458.30 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.30 Td (During ) Tj ET Q q 0 0 0 rg BT 84.78 438.30 Td (the ) Tj ET Q q 0 0 0 rg BT 99.44 438.30 Td (year ) Tj ET Q q 0 0 0 rg BT 119.09 438.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.42 438.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 203.95 438.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.95 438.30 Td (, ) Tj ET Q q 0 0 0 rg BT 228.89 438.30 Td (we ) Tj ET Q q 0 0 0 rg BT 243.00 438.30 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.98 438.30 Td ($4.75 ) Tj ET Q q 0 0 0 rg BT 310.93 438.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.04 438.30 Td ( ) Tj ET Q q 0 0 0 rg BT 339.49 438.30 Td (of ) Tj ET Q q 0 0 0 rg BT 350.26 438.30 Td (predominately ) Tj ET Q q 0 0 0 rg BT 410.47 438.30 Td (prime ) Tj ET Q q 0 0 0 rg BT 436.24 438.30 Td (residential ) Tj ET Q q 0 0 0 rg BT 480.34 438.30 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 508.34 438.30 Td (loans, ) Tj ET Q q 0 0 0 rg BT 534.40 438.30 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.51 438.30 Td ($2.75 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 426.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.11 426.30 Td ( ) Tj ET Q q 0 0 0 rg BT 65.02 426.30 Td (of ) Tj ET Q q 0 0 0 rg BT 76.25 426.30 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 104.71 426.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 128.72 426.30 Td (to ) Tj ET Q q 0 0 0 rg BT 139.40 426.30 Td (third ) Tj ET Q q 0 0 0 rg BT 161.19 426.30 Td (parties ) Tj ET Q q 0 0 0 rg BT 190.75 426.30 Td (and ) Tj ET Q q 0 0 0 rg BT 208.09 426.30 Td (securitized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.30 426.30 Td ($1.07 ) Tj ET Q q 0 0 0 rg BT 279.71 426.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.82 426.30 Td ( ) Tj ET Q q 0 0 0 rg BT 308.72 426.30 Td (through ) Tj ET Q q 0 0 0 rg BT 342.73 426.30 Td (our ) Tj ET Q q 0 0 0 rg BT 358.97 426.30 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 394.09 426.30 Td (platform. ) Tj ET Q q 0 0 0 rg BT 433.92 426.30 Td (In ) Tj ET Q q 0 0 0 rg BT 445.16 426.30 Td (addition, ) Tj ET Q q 0 0 0 rg BT 483.33 426.30 Td (we ) Tj ET Q q 0 0 0 rg BT 497.89 426.30 Td (had ) Tj ET Q q 0 0 0 rg BT 515.24 426.30 Td (net ) Tj ET Q q 0 0 0 rg BT 530.36 426.30 Td (transfers ) Tj ET Q q 0 0 0 rg BT 567.69 426.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 414.30 Td ($1.01 ) Tj ET Q q 0 0 0 rg BT 60.42 414.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.53 414.30 Td ( ) Tj ET Q q 0 0 0 rg BT 88.46 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 98.71 414.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 121.74 414.30 Td (to ) Tj ET Q q 0 0 0 rg BT 131.44 414.30 Td (our ) Tj ET Q q 0 0 0 rg BT 146.69 414.30 Td (Residential ) Tj ET Q q 0 0 0 rg BT 193.60 414.30 Td (Investments ) Tj ET Q q 0 0 0 rg BT 243.85 414.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 279.09 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 295.45 414.30 Td (financed ) Tj ET Q q 0 0 0 rg BT 331.80 414.30 Td (them ) Tj ET Q q 0 0 0 rg BT 353.71 414.30 Td (with ) Tj ET Q q 0 0 0 rg BT 373.41 414.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 420.89 414.30 Td (from ) Tj ET Q q 0 0 0 rg BT 442.25 414.30 Td (the ) Tj ET Q q 0 0 0 rg BT 456.39 414.30 Td (FHLBC. ) Tj ET Q q 0 0 0 rg BT 493.04 414.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 510.51 414.30 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 544.65 414.30 Td (of ) Tj ET Q q 0 0 0 rg BT 554.90 414.30 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 402.30 Td (identified ) Tj ET Q q 0 0 0 rg BT 76.73 402.30 Td (for ) Tj ET Q q 0 0 0 rg BT 90.79 402.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 128.74 402.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.36 402.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 196.85 402.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.85 402.30 Td (, ) Tj ET Q q 0 0 0 rg BT 221.76 402.30 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.60 402.30 Td ($938 ) Tj ET Q q 0 0 0 rg BT 281.01 402.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.90 402.30 Td ( ) Tj ET Q q 0 0 0 rg BT 312.31 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 323.05 402.30 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 351.01 402.30 Td (loans. ) Tj ET Q q 0 0 0 rg BT 376.85 402.30 Td (W) Tj ET Q q 0 0 0 rg BT 385.49 402.30 Td (e ) Tj ET Q q 0 0 0 rg BT 392.33 402.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 445.29 402.30 Td (completed ) Tj ET Q q 0 0 0 rg BT 489.35 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 503.98 402.30 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 551.93 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 402.30 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 390.30 Td (conforming ) Tj ET Q q 0 0 0 rg BT 85.25 390.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 125.61 390.30 Td (banking ) Tj ET Q q 0 0 0 rg BT 160.42 390.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 199.12 390.30 Td (during ) Tj ET Q q 0 0 0 rg BT 227.82 390.30 Td (the ) Tj ET Q q 0 0 0 rg BT 242.63 390.30 Td (first ) Tj ET Q q 0 0 0 rg BT 261.33 390.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 292.25 390.30 Td (of ) Tj ET Q q 0 0 0 rg BT 303.17 390.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 328.27 390.30 Td (having ) Tj ET Q q 0 0 0 rg BT 358.08 390.30 Td (sold ) Tj ET Q q 0 0 0 rg BT 377.34 390.30 Td (nearly ) Tj ET Q q 0 0 0 rg BT 404.92 390.30 Td (all ) Tj ET Q q 0 0 0 rg BT 417.51 390.30 Td (of ) Tj ET Q q 0 0 0 rg BT 428.44 390.30 Td (our ) Tj ET Q q 0 0 0 rg BT 444.36 390.30 Td (conforming ) Tj ET Q q 0 0 0 rg BT 493.61 390.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 517.32 390.30 Td (and ) Tj ET Q q 0 0 0 rg BT 534.35 390.30 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 378.30 Td (significant ) Tj ET Q q 0 0 0 rg BT 80.71 378.30 Td (reductions ) Tj ET Q q 0 0 0 rg BT 124.87 378.30 Td (in ) Tj ET Q q 0 0 0 rg BT 135.15 378.30 Td (our ) Tj ET Q q 0 0 0 rg BT 150.98 378.30 Td (headcount ) Tj ET Q q 0 0 0 rg BT 194.57 378.30 Td (at ) Tj ET Q q 0 0 0 rg BT 204.29 378.30 Td (this ) Tj ET Q q 0 0 0 rg BT 221.23 378.30 Td (segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.30 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 358.30 Td (e ) Tj ET Q q 0 0 0 rg BT 69.63 358.30 Td (utilize ) Tj ET Q q 0 0 0 rg BT 97.18 358.30 Td (a ) Tj ET Q q 0 0 0 rg BT 104.17 358.30 Td (combination ) Tj ET Q q 0 0 0 rg BT 156.72 358.30 Td (of ) Tj ET Q q 0 0 0 rg BT 167.60 358.30 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.81 358.30 Td (and ) Tj ET Q q 0 0 0 rg BT 213.80 358.30 Td (our ) Tj ET Q q 0 0 0 rg BT 229.69 358.30 Td (residential ) Tj ET Q q 0 0 0 rg BT 273.89 358.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 293.66 358.30 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 338.98 358.30 Td (facilities ) Tj ET Q q 0 0 0 rg BT 375.96 358.30 Td (to ) Tj ET Q q 0 0 0 rg BT 386.29 358.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 419.94 358.30 Td (our ) Tj ET Q q 0 0 0 rg BT 435.83 358.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 476.71 358.30 Td (of ) Tj ET Q q 0 0 0 rg BT 487.59 358.30 Td (residential ) Tj ET Q q 0 0 0 rg BT 531.80 358.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 555.46 358.30 Td (held-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.30 Td (for) Tj ET Q q 0 0 0 rg BT 47.46 346.30 Td (-sale. ) Tj ET Q q 0 0 0 rg BT 71.37 346.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.61 346.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 143.95 346.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.95 346.30 Td (, ) Tj ET Q q 0 0 0 rg BT 169.69 346.30 Td (we ) Tj ET Q q 0 0 0 rg BT 184.60 346.30 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.29 346.30 Td ($486 ) Tj ET Q q 0 0 0 rg BT 225.53 346.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.42 346.30 Td ( ) Tj ET Q q 0 0 0 rg BT 257.67 346.30 Td (of ) Tj ET Q q 0 0 0 rg BT 269.25 346.30 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 315.25 346.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 335.72 346.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 385.63 346.30 Td (to ) Tj ET Q q 0 0 0 rg BT 396.66 346.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 418.23 346.30 Td (our ) Tj ET Q q 0 0 0 rg BT 434.81 346.30 Td (residential ) Tj ET Q q 0 0 0 rg BT 479.71 346.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 504.06 346.30 Td (held-for) Tj ET Q q 0 0 0 rg BT 536.07 346.30 Td (-sale. ) Tj ET Q q 0 0 0 rg BT 560.46 346.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 334.30 Td (weighted ) Tj ET Q q 0 0 0 rg BT 75.00 334.30 Td (average ) Tj ET Q q 0 0 0 rg BT 108.42 334.30 Td (cost ) Tj ET Q q 0 0 0 rg BT 126.87 334.30 Td (of ) Tj ET Q q 0 0 0 rg BT 137.54 334.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.10 334.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 199.99 334.30 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 249.00 334.30 Td (under ) Tj ET Q q 0 0 0 rg BT 274.11 334.30 Td (these ) Tj ET Q q 0 0 0 rg BT 297.00 334.30 Td (facilities ) Tj ET Q q 0 0 0 rg BT 333.77 334.30 Td (during ) Tj ET Q q 0 0 0 rg BT 362.22 334.30 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.78 334.30 Td (fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.21 334.30 Td ( ) Tj ET Q q 0 0 0 rg BT 403.56 334.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 434.21 334.30 Td (of ) Tj ET Q q 0 0 0 rg BT 444.88 334.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 467.23 334.30 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.12 334.30 Td (2.27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.95 334.30 Td ( ) Tj ET Q q 0 0 0 rg BT 513.29 334.30 Td (per ) Tj ET Q q 0 0 0 rg BT 528.40 334.30 Td (annum. ) Tj ET Q q 0 0 0 rg BT 560.46 334.30 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.30 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 81.72 322.30 Td (capacity ) Tj ET Q q 0 0 0 rg BT 118.00 322.30 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.17 322.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 187.22 322.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.22 322.30 Td ( ) Tj ET Q q 0 0 0 rg BT 210.18 322.30 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.36 322.30 Td ($1.33 ) Tj ET Q q 0 0 0 rg BT 265.82 322.30 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.94 322.30 Td ( ) Tj ET Q q 0 0 0 rg BT 294.90 322.30 Td (across ) Tj ET Q q 0 0 0 rg BT 322.85 322.30 Td (four ) Tj ET Q q 0 0 0 rg BT 342.47 322.30 Td (separate ) Tj ET Q q 0 0 0 rg BT 378.19 322.30 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 440.29 322.30 Td (which ) Tj ET Q q 0 0 0 rg BT 467.70 322.30 Td (should ) Tj ET Q q 0 0 0 rg BT 497.33 322.30 Td (continue ) Tj ET Q q 0 0 0 rg BT 534.73 322.30 Td (to ) Tj ET Q q 0 0 0 rg BT 545.47 322.30 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.30 Td (suf) Tj ET Q q 0 0 0 rg BT 48.04 310.30 Td (ficient ) Tj ET Q q 0 0 0 rg BT 76.08 310.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 112.47 310.30 Td (to ) Tj ET Q q 0 0 0 rg BT 122.75 310.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 143.58 310.30 Td (our ) Tj ET Q q 0 0 0 rg BT 159.41 310.30 Td (residential ) Tj ET Q q 0 0 0 rg BT 203.56 310.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 243.83 310.30 Td (banking ) Tj ET Q q 0 0 0 rg BT 278.54 310.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 322.70 310.30 Td (in ) Tj ET Q q 0 0 0 rg BT 332.98 310.30 Td (the ) Tj ET Q q 0 0 0 rg BT 347.69 310.30 Td (near) Tj ET Q q 0 0 0 rg BT 364.70 310.30 Td (-term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.30 Td (The ) Tj ET Q q 0 0 0 rg BT 72.32 286.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 107.85 286.30 Td (in ) Tj ET Q q 0 0 0 rg BT 118.40 286.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 154.50 286.30 Td (contribution ) Tj ET Q q 0 0 0 rg BT 206.15 286.30 Td (from ) Tj ET Q q 0 0 0 rg BT 228.37 286.30 Td (Residential ) Tj ET Q q 0 0 0 rg BT 276.13 286.30 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 317.78 286.30 Td (Banking ) Tj ET Q q 0 0 0 rg BT 354.44 286.30 Td (for ) Tj ET Q q 0 0 0 rg BT 368.87 286.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 391.65 286.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 431.63 286.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 466.06 286.30 Td (from ) Tj ET Q q 0 0 0 rg BT 488.27 286.30 Td (an ) Tj ET Q q 0 0 0 rg BT 500.48 286.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 536.01 286.30 Td (in ) Tj ET Q q 0 0 0 rg BT 546.56 286.30 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 274.30 Td (from ) Tj ET Q q 0 0 0 rg BT 58.81 274.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 99.95 274.30 Td (banking ) Tj ET Q q 0 0 0 rg BT 135.55 274.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 175.02 274.30 Td (resulting ) Tj ET Q q 0 0 0 rg BT 213.39 274.30 Td (from ) Tj ET Q q 0 0 0 rg BT 236.20 274.30 Td (higher ) Tj ET Q q 0 0 0 rg BT 265.13 274.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 285.72 274.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 304.64 274.30 Td (mar) Tj ET Q q 0 0 0 rg BT 320.01 274.30 Td (gins ) Tj ET Q q 0 0 0 rg BT 340.05 274.30 Td (as ) Tj ET Q q 0 0 0 rg BT 351.76 274.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 394.56 274.30 Td (to ) Tj ET Q q 0 0 0 rg BT 405.71 274.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 430.84 274.30 Td (Also ) Tj ET Q q 0 0 0 rg BT 453.11 274.30 Td (contributing ) Tj ET Q q 0 0 0 rg BT 505.37 274.30 Td (to ) Tj ET Q q 0 0 0 rg BT 516.52 274.30 Td (the ) Tj ET Q q 0 0 0 rg BT 532.11 274.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 568.24 274.30 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 262.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 72.70 262.30 Td (contribution ) Tj ET Q q 0 0 0 rg BT 124.96 262.30 Td (was ) Tj ET Q q 0 0 0 rg BT 143.89 262.30 Td (a ) Tj ET Q q 0 0 0 rg BT 151.70 262.30 Td (reduction ) Tj ET Q q 0 0 0 rg BT 192.84 262.30 Td (in ) Tj ET Q q 0 0 0 rg BT 203.99 262.30 Td (direct ) Tj ET Q q 0 0 0 rg BT 230.13 262.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 271.27 262.30 Td (expenses ) Tj ET Q q 0 0 0 rg BT 310.74 262.30 Td (from ) Tj ET Q q 0 0 0 rg BT 333.56 262.30 Td (the ) Tj ET Q q 0 0 0 rg BT 349.15 262.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 403.62 262.30 Td (of ) Tj ET Q q 0 0 0 rg BT 415.33 262.30 Td (our ) Tj ET Q q 0 0 0 rg BT 432.03 262.30 Td (conforming ) Tj ET Q q 0 0 0 rg BT 482.06 262.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 502.65 262.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 543.79 262.30 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 250.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 79.76 250.30 Td (during ) Tj ET Q q 0 0 0 rg BT 107.98 250.30 Td (the ) Tj ET Q q 0 0 0 rg BT 122.30 250.30 Td (first ) Tj ET Q q 0 0 0 rg BT 140.51 250.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 170.93 250.30 Td (of ) Tj ET Q q 0 0 0 rg BT 181.37 250.30 Td (2016. ) Tj ET Q q 0 0 0 rg BT 205.51 250.30 Td (All ) Tj ET Q q 0 0 0 rg BT 220.40 250.30 Td (severance ) Tj ET Q q 0 0 0 rg BT 261.92 250.30 Td (and ) Tj ET Q q 0 0 0 rg BT 278.46 250.30 Td (related ) Tj ET Q q 0 0 0 rg BT 307.77 250.30 Td (char) Tj ET Q q 0 0 0 rg BT 324.79 250.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 340.23 250.30 Td (from ) Tj ET Q q 0 0 0 rg BT 361.77 250.30 Td (the ) Tj ET Q q 0 0 0 rg BT 376.10 250.30 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 429.30 250.30 Td (of ) Tj ET Q q 0 0 0 rg BT 439.73 250.30 Td (our ) Tj ET Q q 0 0 0 rg BT 455.17 250.30 Td (conforming ) Tj ET Q q 0 0 0 rg BT 503.93 250.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 543.80 250.30 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 238.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 80.16 238.30 Td (were ) Tj ET Q q 0 0 0 rg BT 102.08 238.30 Td (included ) Tj ET Q q 0 0 0 rg BT 139.02 238.30 Td (in ) Tj ET Q q 0 0 0 rg BT 149.30 238.30 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 217.33 238.30 Td (for ) Tj ET Q q 0 0 0 rg BT 231.49 238.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 267.31 238.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 306.47 238.30 Td (purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.30 Td (The ) Tj ET Q q 0 0 0 rg BT 72.42 214.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 109.71 214.30 Td (in ) Tj ET Q q 0 0 0 rg BT 120.36 214.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 156.55 214.30 Td (contribution ) Tj ET Q q 0 0 0 rg BT 208.31 214.30 Td (from ) Tj ET Q q 0 0 0 rg BT 230.62 214.30 Td (Residential ) Tj ET Q q 0 0 0 rg BT 278.48 214.30 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 320.23 214.30 Td (Banking ) Tj ET Q q 0 0 0 rg BT 356.99 214.30 Td (for ) Tj ET Q q 0 0 0 rg BT 371.52 214.30 Td (2015 ) Tj ET Q q 0 0 0 rg BT 394.40 214.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 434.48 214.30 Td (resulted ) Tj ET Q q 0 0 0 rg BT 469.01 214.30 Td (from ) Tj ET Q q 0 0 0 rg BT 491.32 214.30 Td (a ) Tj ET Q q 0 0 0 rg BT 498.63 214.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 535.92 214.30 Td (in ) Tj ET Q q 0 0 0 rg BT 546.57 214.30 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 202.30 Td (from ) Tj ET Q q 0 0 0 rg BT 57.32 202.30 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 96.96 202.30 Td (banking ) Tj ET Q q 0 0 0 rg BT 131.06 202.30 Td (activities ) Tj ET Q q 0 0 0 rg BT 169.04 202.30 Td (resulting ) Tj ET Q q 0 0 0 rg BT 205.92 202.30 Td (from ) Tj ET Q q 0 0 0 rg BT 227.24 202.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 251.89 202.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 270.99 202.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 288.42 202.30 Td (mar) Tj ET Q q 0 0 0 rg BT 303.78 202.30 Td (gins ) Tj ET Q q 0 0 0 rg BT 322.33 202.30 Td (as ) Tj ET Q q 0 0 0 rg BT 332.54 202.30 Td (compared ) Tj ET Q q 0 0 0 rg BT 373.85 202.30 Td (to ) Tj ET Q q 0 0 0 rg BT 383.51 202.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 407.89 202.30 Td (as ) Tj ET Q q 0 0 0 rg BT 418.10 202.30 Td (well ) Tj ET Q q 0 0 0 rg BT 437.20 202.30 Td (as ) Tj ET Q q 0 0 0 rg BT 447.41 202.30 Td (the ) Tj ET Q q 0 0 0 rg BT 461.51 202.30 Td (transfer ) Tj ET Q q 0 0 0 rg BT 493.93 202.30 Td (of ) Tj ET Q q 0 0 0 rg BT 504.14 202.30 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 538.24 202.30 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 190.30 Td (out ) Tj ET Q q 0 0 0 rg BT 51.33 190.30 Td (of ) Tj ET Q q 0 0 0 rg BT 62.20 190.30 Td (this ) Tj ET Q q 0 0 0 rg BT 79.20 190.30 Td (segment ) Tj ET Q q 0 0 0 rg BT 115.07 190.30 Td (during ) Tj ET Q q 0 0 0 rg BT 143.73 190.30 Td (the ) Tj ET Q q 0 0 0 rg BT 158.49 190.30 Td (second ) Tj ET Q q 0 0 0 rg BT 188.81 190.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 219.67 190.30 Td (of ) Tj ET Q q 0 0 0 rg BT 230.55 190.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 255.60 190.30 Td (which ) Tj ET Q q 0 0 0 rg BT 282.59 190.30 Td (reduced ) Tj ET Q q 0 0 0 rg BT 316.78 190.30 Td (net ) Tj ET Q q 0 0 0 rg BT 331.54 190.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 363.53 190.30 Td (income. ) Tj ET Q q 0 0 0 rg BT 397.44 190.30 Td (Also ) Tj ET Q q 0 0 0 rg BT 418.88 190.30 Td (contributing ) Tj ET Q q 0 0 0 rg BT 470.31 190.30 Td (to ) Tj ET Q q 0 0 0 rg BT 480.64 190.30 Td (the ) Tj ET Q q 0 0 0 rg BT 495.40 190.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 532.37 190.30 Td (in ) Tj ET Q q 0 0 0 rg BT 542.69 190.30 Td (segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 178.30 Td (contribution ) Tj ET Q q 0 0 0 rg BT 87.59 178.30 Td (was ) Tj ET Q q 0 0 0 rg BT 105.85 178.30 Td (an ) Tj ET Q q 0 0 0 rg BT 118.00 178.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 153.47 178.30 Td (in ) Tj ET Q q 0 0 0 rg BT 163.95 178.30 Td (direct ) Tj ET Q q 0 0 0 rg BT 189.43 178.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 229.90 178.30 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 271.21 178.30 Td (primarily ) Tj ET Q q 0 0 0 rg BT 311.13 178.30 Td (resulting ) Tj ET Q q 0 0 0 rg BT 348.84 178.30 Td (from ) Tj ET Q q 0 0 0 rg BT 370.99 178.30 Td (higher ) Tj ET Q q 0 0 0 rg BT 399.24 178.30 Td (personnel ) Tj ET Q q 0 0 0 rg BT 440.83 178.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 463.54 178.30 Td (as ) Tj ET Q q 0 0 0 rg BT 474.58 178.30 Td (we ) Tj ET Q q 0 0 0 rg BT 488.95 178.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 529.41 178.30 Td (our ) Tj ET Q q 0 0 0 rg BT 545.45 178.30 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 166.30 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 166.30 Td (external ) Tj ET Q q 0 0 0 rg BT 87.64 166.30 Td (resources ) Tj ET Q q 0 0 0 rg BT 127.90 166.30 Td (in ) Tj ET Q q 0 0 0 rg BT 138.18 166.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.89 166.30 Td (first ) Tj ET Q q 0 0 0 rg BT 171.50 166.30 Td (half ) Tj ET Q q 0 0 0 rg BT 189.55 166.30 Td (of ) Tj ET Q q 0 0 0 rg BT 200.38 166.30 Td (2015 ) Tj ET Q q 0 0 0 rg BT 222.88 166.30 Td (to ) Tj ET Q q 0 0 0 rg BT 233.16 166.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 266.75 166.30 Td (the ) Tj ET Q q 0 0 0 rg BT 281.47 166.30 Td (increase ) Tj ET Q q 0 0 0 rg BT 316.72 166.30 Td (in ) Tj ET Q q 0 0 0 rg BT 327.00 166.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 346.72 166.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 393.10 166.30 Td (volume ) Tj ET Q q 0 0 0 rg BT 425.59 166.30 Td (during ) Tj ET Q q 0 0 0 rg BT 454.20 166.30 Td (that ) Tj ET Q q 0 0 0 rg BT 471.70 166.30 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.66 146.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.41 146.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.41 146.30 Td (, ) Tj ET Q q 0 0 0 rg BT 147.57 146.30 Td (we ) Tj ET Q q 0 0 0 rg BT 160.89 146.30 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.99 146.30 Td (406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.99 146.30 Td ( ) Tj ET Q q 0 0 0 rg BT 193.65 146.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 212.53 146.30 Td (sellers, ) Tj ET Q q 0 0 0 rg BT 242.24 146.30 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.67 146.30 Td (198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.67 146.30 Td ( ) Tj ET Q q 0 0 0 rg BT 298.34 146.30 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 325.55 146.30 Td (sellers ) Tj ET Q q 0 0 0 rg BT 352.76 146.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.86 146.30 Td (208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.86 146.30 Td ( ) Tj ET Q q 0 0 0 rg BT 385.52 146.30 Td (sellers ) Tj ET Q q 0 0 0 rg BT 412.73 146.30 Td (from ) Tj ET Q q 0 0 0 rg BT 433.83 146.30 Td (various ) Tj ET Q q 0 0 0 rg BT 464.93 146.30 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 492.16 146.30 Td (districts ) Tj ET Q q 0 0 0 rg BT 525.48 146.30 Td (participating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 134.30 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 134.30 Td (the ) Tj ET Q q 0 0 0 rg BT 61.00 134.30 Td (MPF ) Tj ET Q q 0 0 0 rg BT 83.51 134.30 Td (Direct ) Tj ET Q q 0 0 0 rg BT 111.00 134.30 Td (program, ) Tj ET Q q 0 0 0 rg BT 149.87 134.30 Td (up ) Tj ET Q q 0 0 0 rg BT 162.37 134.30 Td (from ) Tj ET Q q 0 0 0 rg BT 184.31 134.30 Td (330 ) Tj ET Q q 0 0 0 rg BT 201.81 134.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 221.53 134.30 Td (sellers ) Tj ET Q q 0 0 0 rg BT 249.57 134.30 Td (at ) Tj ET Q q 0 0 0 rg BT 259.29 134.30 Td (the ) Tj ET Q q 0 0 0 rg BT 274.01 134.30 Td (end ) Tj ET Q q 0 0 0 rg BT 290.95 134.30 Td (of ) Tj ET Q q 0 0 0 rg BT 301.78 134.30 Td (2015.) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (70) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 52.39 731.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.45 731.10 Td (est ) Tj ET Q q 0 0 0 rg BT 85.06 731.10 Td (Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 71.15 711.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 103.29 711.10 Td (income ) Tj ET Q q 0 0 0 rg BT 135.43 711.10 Td (from ) Tj ET Q q 0 0 0 rg BT 157.58 711.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 201.94 711.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 242.41 711.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 277.34 711.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.72 711.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 326.64 711.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 371.00 711.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.04 711.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 414.18 711.10 Td (income ) Tj ET Q q 0 0 0 rg 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0 0 rg BT 335.85 699.10 Td (intere) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 358.61 706.03 219.88 -9.09 re f /GS0 gs q 0 0 0 rg BT 358.61 699.10 Td (st ) Tj ET Q q 0 0 0 rg BT 367.46 699.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 401.84 699.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 437.33 699.10 Td (on ) Tj ET Q q 0 0 0 rg BT 449.51 699.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 493.34 699.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 538.27 699.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 557.67 699.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 36.00 694.03 542.52 -9.09 re f /GS0 gs q 0 0 0 rg BT 36.00 687.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.26 687.10 Td (part ) Tj ET Q q 0 0 0 rg BT 64.29 687.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.56 687.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 106.46 687.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.17 687.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 144.76 687.10 Td (while ) Tj ET Q q 0 0 0 rg BT 169.46 687.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.60 687.10 Td (hold ) Tj ET 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539.42 643.10 Td (that ) Tj ET Q q 0 0 0 rg BT 556.70 643.10 Td (year) Tj ET Q q 0 0 0 rg BT 573.51 643.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 631.10 Td (which ) Tj ET Q q 0 0 0 rg BT 62.70 631.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 96.61 631.10 Td (from ) Tj ET Q q 0 0 0 rg BT 118.30 631.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.78 631.10 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 180.59 631.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.17 631.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 240.09 631.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 259.56 631.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 301.25 631.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.94 631.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 339.64 631.10 Td (during ) Tj ET Q q 0 0 0 rg BT 368.00 631.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.48 631.10 Td (first ) Tj ET Q q 0 0 0 rg BT 400.84 631.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 431.42 631.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.00 631.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 466.76 631.10 Td (In ) Tj ET Q q 0 0 0 rg BT 477.35 631.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 514.88 631.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.57 631.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 619.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 77.91 619.10 Td (as ) Tj ET Q q 0 0 0 rg BT 88.74 619.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.68 619.10 Td (result ) Tj ET Q q 0 0 0 rg BT 120.40 619.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.23 619.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.95 619.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 178.98 619.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.81 619.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.53 619.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 239.25 619.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 279.51 619.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 320.34 619.10 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 602.03 524.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 595.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.64 595.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 89.44 595.10 Td (the 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gs q 0 0 0 rg BT 36.00 583.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 72.61 583.10 Td (was ) Tj ET Q q 0 0 0 rg BT 90.36 583.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 125.88 583.10 Td (of) Tj ET Q q 0 0 0 rg BT 134.03 583.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 150.67 583.10 Td (by ) Tj ET Q q 0 0 0 rg BT 162.87 583.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 190.61 583.10 Td (net ) Tj ET Q q 0 0 0 rg BT 205.03 583.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 236.66 583.10 Td (income ) Tj ET Q q 0 0 0 rg BT 268.29 583.10 Td (from ) Tj ET Q q 0 0 0 rg BT 289.93 583.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 315.74 583.10 Td (which ) Tj ET Q q 0 0 0 rg BT 342.38 583.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 376.23 583.10 Td (from ) Tj ET Q q 0 0 0 rg BT 397.87 583.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 425.61 583.10 Td (average ) Tj ET Q q 0 0 0 rg BT 458.89 583.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 495.52 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.05 583.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 529.35 583.10 Td 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 491.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 77.94 491.10 Td (Banking ) Tj ET Q q 0 0 0 rg BT 113.58 491.10 Td (Activities, ) Tj ET Q q 0 0 0 rg BT 155.79 491.10 Td (Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 95.02 471.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 129.37 471.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 170.11 471.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 186.97 471.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 222.44 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.79 471.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 271.14 471.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.06 471.10 Td (market ) Tj ET Q q 0 0 0 rg BT 310.96 471.10 Td (value ) Tj ET Q q 0 0 0 rg BT 334.76 471.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.23 471.10 Td (both ) Tj ET Q q 0 0 0 rg BT 365.15 471.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.50 471.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 402.75 471.10 Td (we ) Tj ET Q q 0 0 0 rg BT 416.55 471.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 436.47 471.10 Td (for ) Tj ET Q q 0 0 0 rg BT 450.27 471.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 467.96 471.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.54 471.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 541.11 471.10 Td (for ) Tj ET Q q 0 0 0 rg BT 554.91 471.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 459.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.88 459.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 77.09 459.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.09 459.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 124.84 459.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 174.17 459.10 Td (, ) Tj ET Q q 0 0 0 rg BT 178.89 459.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.44 459.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 213.87 459.10 Td (pipeline\), ) Tj ET Q q 0 0 0 rg BT 254.13 459.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.68 459.10 Td (well ) Tj ET Q q 0 0 0 rg BT 284.12 459.10 Td (as ) Tj ET Q q 0 0 0 rg BT 294.66 459.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.10 459.10 Td (ef) Tj ET Q q 0 0 0 rg BT 316.69 459.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 333.89 459.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.44 459.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 374.43 459.10 Td (we ) Tj ET Q q 0 0 0 rg BT 388.30 459.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 415.51 459.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.51 459.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 458.82 459.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 479.93 459.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 523.24 459.10 Td (with ) Tj ET Q q 0 0 0 rg BT 543.24 459.10 Td (our ) Tj ET Q q 0 0 0 rg BT 558.79 459.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 447.10 Td (pipeline. ) Tj ET Q q 0 0 0 rg BT 73.42 447.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.67 447.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 111.60 447.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 129.85 447.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 154.77 447.10 Td (mar) Tj ET Q q 0 0 0 rg BT 170.14 447.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 189.51 447.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.42 447.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 245.44 447.10 Td (over ) Tj ET Q q 0 0 0 rg BT 265.92 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.84 447.10 Td (period ) Tj ET Q q 0 0 0 rg BT 309.09 447.10 Td (from ) Tj ET Q q 0 0 0 rg BT 331.23 447.10 Td (when ) Tj ET Q q 0 0 0 rg BT 355.60 447.10 Td (we ) Tj ET Q q 0 0 0 rg BT 369.96 447.10 Td (commit ) Tj ET Q q 0 0 0 rg BT 403.22 447.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.71 447.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 451.95 447.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.09 447.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 479.01 447.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.16 447.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 551.08 447.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 567.67 447.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 435.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 76.07 435.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.06 435.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 111.15 435.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 160.48 435.10 Td (, ) Tj ET Q q 0 0 0 rg BT 164.75 435.10 Td (these ) Tj ET Q q 0 0 0 rg BT 187.06 435.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 211.04 435.10 Td (mar) Tj ET Q q 0 0 0 rg BT 226.41 435.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 244.84 435.10 Td (may ) Tj ET Q q 0 0 0 rg BT 263.82 435.10 Td (encompass ) Tj ET Q q 0 0 0 rg BT 309.46 435.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 342.89 435.10 Td (or ) Tj ET Q q 0 0 0 rg BT 352.98 435.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 388.62 435.10 Td (market ) Tj ET Q q 0 0 0 rg BT 418.15 435.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 457.13 435.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 506.66 435.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.43 435.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 543.80 435.10 Td (hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 423.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 59.47 423.10 Td (or ) Tj ET Q q 0 0 0 rg BT 70.15 423.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 96.40 423.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 139.85 423.10 Td (with ) Tj ET Q q 0 0 0 rg BT 159.99 423.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.68 423.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 195.25 423.10 Td (pipeline, ) Tj ET Q q 0 0 0 rg BT 232.32 423.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.12 423.10 Td (any ) Tj ET Q q 0 0 0 rg BT 265.91 423.10 Td (other ) Tj ET Q q 0 0 0 rg BT 288.82 423.10 Td (related ) Tj ET Q q 0 0 0 rg BT 318.38 423.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 364.61 423.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 405.56 423.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.36 423.10 Td (may ) Tj ET Q q 0 0 0 rg BT 441.93 423.10 Td (be ) Tj ET Q q 0 0 0 rg BT 453.73 423.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 487.73 423.10 Td (over ) Tj ET Q q 0 0 0 rg BT 507.85 423.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.43 423.10 Td (course ) Tj ET Q q 0 0 0 rg BT 550.88 423.10 Td (of ) Tj ET Q q 0 0 0 rg BT 561.57 423.10 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 411.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 411.10 Td (more ) Tj ET Q q 0 0 0 rg BT 69.88 411.10 Td (quarters ) Tj ET Q q 0 0 0 rg BT 104.58 411.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.74 411.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.22 411.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 195.38 411.10 Td (purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.53 387.10 Td (following ) Tj ET Q q 0 0 0 rg BT 114.41 387.10 Td (table ) Tj ET Q q 0 0 0 rg BT 136.83 387.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.58 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.79 387.10 Td (components ) Tj ET Q q 0 0 0 rg BT 239.10 387.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.42 387.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 295.06 387.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 335.81 387.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 371.01 387.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 412.60 387.10 Td (net. ) Tj ET Q q 0 0 0 rg BT 429.64 387.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 469.30 387.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 510.60 387.10 Td (include ) Tj ET Q q 0 0 0 rg BT 543.02 387.10 Td (both ) Tj ET Q q 0 0 0 rg BT 563.79 387.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 375.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.90 375.10 Td (in ) Tj ET Q q 0 0 0 rg BT 81.36 375.10 Td (market ) Tj ET Q q 0 0 0 rg BT 111.82 375.10 Td (values ) Tj ET Q q 0 0 0 rg BT 140.05 375.10 Td (for ) Tj ET Q q 0 0 0 rg BT 154.40 375.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 178.20 375.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.89 375.10 Td (were ) Tj ET Q q 0 0 0 rg BT 218.00 375.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 237.36 375.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.49 375.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 298.27 375.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 340.94 375.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 379.75 375.10 Td (that ) Tj ET Q q 0 0 0 rg BT 397.44 375.10 Td (were ) Tj ET Q q 0 0 0 rg BT 419.55 375.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 448.35 375.10 Td (during ) Tj ET Q q 0 0 0 rg BT 477.15 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.05 375.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 524.18 375.10 Td (presented, ) Tj ET Q q 0 0 0 rg BT 567.68 375.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 363.10 Td (well ) Tj ET Q q 0 0 0 rg BT 55.72 363.10 Td (as ) Tj ET Q q 0 0 0 rg BT 66.55 363.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 101.25 363.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.53 363.10 Td (market ) Tj ET Q q 0 0 0 rg BT 141.80 363.10 Td (values ) Tj ET Q q 0 0 0 rg BT 169.84 363.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.67 363.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 206.78 363.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 253.15 363.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.09 363.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 300.36 363.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 349.53 363.10 Td (at ) Tj ET Q q 0 0 0 rg BT 359.24 363.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.96 363.10 Td (end ) Tj ET Q q 0 0 0 rg BT 390.90 363.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.73 363.10 Td (each ) Tj ET Q q 0 0 0 rg BT 422.54 363.10 Td (year ) Tj ET Q q 0 0 0 rg BT 442.25 363.10 Td (presented. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 339.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 339.10 Td (able 27 Components of Residential Mortgage Banking ) Tj ET Q q 0 0 0 rg BT 274.73 339.10 Td (Activities, Net ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 287.60 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 287.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 287.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 287.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 287.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 287.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 257.60 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 257.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 257.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 257.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 257.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 257.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 227.60 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 227.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 227.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 227.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 227.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 227.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 302.6 m 323.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 302.6 m 327.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 302.6 m 388.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 302.6 m 392.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 302.6 m 453.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 302.6 m 516.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 302.6 m 520.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 302.6 m 575.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 287.6 m 258.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 302.6 m 323.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 287.6 m 323.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 302.6 m 327.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 302.6 m 388.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 287.6 m 388.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 302.6 m 392.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 302.6 m 453.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 287.6 m 453.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 302.6 m 457.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 302.6 m 516.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 287.6 m 516.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 302.6 m 575.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 287.6 m 575.5 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 287.6 m 457.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 272.6 m 457.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 257.6 m 457.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 242.60000000000002 m 457.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 212.60000000000002 m 323.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 212.60000000000002 m 388.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 212.60000000000002 m 453.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 227.60000000000002 m 457.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 212.60000000000002 m 516.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 212.60000000000002 m 575.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 212.60000000000002 m 323.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 198.60000000000002 m 323.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 196.60000000000002 m 323.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 212.60000000000002 m 388.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 198.60000000000002 m 388.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 196.60000000000002 m 388.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 212.60000000000002 m 453.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 198.60000000000002 m 453.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 196.60000000000002 m 453.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 212.60000000000002 m 457.5 197.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 212.60000000000002 m 516.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 198.60000000000002 m 516.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 196.60000000000002 m 516.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 212.60000000000002 m 575.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 198.60000000000002 m 575.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 196.60000000000002 m 575.5 196.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.10 307.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 307.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 292.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 292.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.50 292.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.50 292.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.30 292.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 292.28 Td ('15/'14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 277.27 Td (Changes in fair value of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 262.27 Td (Residential loans, at fair value ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 167.85 266.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 262.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 262.27 Td (31,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 262.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 262.27 Td (53,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 262.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 262.27 Td (65,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 262.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 262.32 Td (\(22,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 262.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 262.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 262.27 Td (\(11,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 262.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 247.27 Td (Sequoia securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 247.27 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 247.32 Td (\(15,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 247.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 247.32 Td (\(23,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 247.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 247.27 Td (16,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 247.27 Td (8,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 232.27 Td (Risk management derivatives ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 164.80 236.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 232.27 Td (5,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 232.32 Td (\(34,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 232.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 232.32 Td (\(23,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 232.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 232.27 Td (40,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 232.27 Td (\(11,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 232.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 217.27 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 109.92 221.80 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 217.27 Td (2,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 217.27 Td (4,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 217.27 Td (3,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 217.32 Td (\(1,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 217.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 217.27 Td (572) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 202.28 Td (Total Residential Mortgage Banking Activities, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 202.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 202.27 Td (40,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 202.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 202.27 Td (8,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 202.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 202.27 Td (21,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 202.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 202.27 Td (32,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 202.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 202.27 Td (\(13,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 202.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 184.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 184.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 86.74 184.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 117.98 184.30 Td (in ) Tj ET Q q 0 0 0 rg BT 127.23 184.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.97 184.30 Td (value ) Tj ET Q q 0 0 0 rg BT 163.71 184.30 Td (for ) Tj ET Q q 0 0 0 rg BT 176.45 184.30 Td (loan ) Tj ET Q q 0 0 0 rg BT 194.19 184.30 Td (purchase ) Tj ET Q q 0 0 0 rg BT 228.43 184.30 Td (and ) Tj ET Q q 0 0 0 rg BT 243.67 184.30 Td (forward ) Tj ET Q q 0 0 0 rg BT 274.41 184.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 290.65 184.30 Td (commitments.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 170.50 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 170.50 Td (Represents ) Tj ET Q q 0 0 0 rg BT 95.74 170.50 Td (market ) Tj ET Q q 0 0 0 rg BT 122.98 170.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 158.72 170.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.95 170.50 Td (of ) Tj ET Q q 0 0 0 rg BT 199.70 170.50 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 241.44 170.50 Td (that ) Tj ET Q q 0 0 0 rg BT 257.18 170.50 Td (are ) Tj ET Q q 0 0 0 rg BT 270.42 170.50 Td (used ) Tj ET Q q 0 0 0 rg BT 289.16 170.50 Td (to ) Tj ET Q q 0 0 0 rg BT 298.42 170.50 Td (manage ) Tj ET Q q 0 0 0 rg BT 328.65 170.50 Td (risks ) Tj ET Q q 0 0 0 rg BT 347.90 170.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 387.14 170.50 Td (with ) Tj ET Q q 0 0 0 rg BT 405.39 170.50 Td (our ) Tj ET Q q 0 0 0 rg BT 419.63 170.50 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 470.36 170.50 Td (of ) Tj ET Q q 0 0 0 rg BT 480.11 170.50 Td (residential ) Tj ET Q q 0 0 0 rg BT 519.85 170.50 Td (loans.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 156.70 Td (\(3\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 156.70 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 89.25 156.70 Td (in ) Tj ET Q q 0 0 0 rg BT 98.50 156.70 Td (this ) Tj ET Q q 0 0 0 rg BT 113.76 156.70 Td (line ) Tj ET Q q 0 0 0 rg BT 129.50 156.70 Td (include ) Tj ET Q q 0 0 0 rg BT 158.24 156.70 Td (other ) Tj ET Q q 0 0 0 rg BT 178.98 156.70 Td (fee ) Tj ET Q q 0 0 0 rg BT 192.22 156.70 Td (income ) Tj ET Q q 0 0 0 rg BT 220.96 156.70 Td (from ) Tj ET Q q 0 0 0 rg BT 240.71 156.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 258.45 156.70 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 303.70 156.70 Td (and ) Tj ET Q q 0 0 0 rg BT 318.94 156.70 Td (the ) Tj ET Q q 0 0 0 rg BT 332.19 156.70 Td (provision ) Tj ET Q q 0 0 0 rg BT 368.44 156.70 Td (for ) Tj ET Q q 0 0 0 rg BT 381.18 156.70 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 422.41 156.70 Td (expense, ) Tj ET Q q 0 0 0 rg BT 455.89 156.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 492.63 156.70 Td (net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 136.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.26 136.70 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.01 136.70 Td ( ) Tj ET Q q 0 0 0 rg BT 107.73 136.70 Td (in ) Tj ET Q q 0 0 0 rg BT 118.22 136.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 158.69 136.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 193.62 136.70 Td (activities, ) Tj ET Q q 0 0 0 rg BT 234.93 136.70 Td (net ) Tj ET Q q 0 0 0 rg BT 249.86 136.70 Td (in ) Tj ET Q q 0 0 0 rg BT 260.35 136.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 283.06 136.70 Td (was ) Tj ET Q q 0 0 0 rg BT 301.33 136.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 341.25 136.70 Td (due ) Tj ET Q q 0 0 0 rg BT 358.40 136.70 Td (to ) Tj ET Q q 0 0 0 rg BT 368.90 136.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 397.15 136.70 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 425.42 136.70 Td (gross ) Tj ET Q q 0 0 0 rg BT 449.25 136.70 Td (mar) Tj ET Q q 0 0 0 rg BT 464.62 136.70 Td (gins ) Tj ET Q q 0 0 0 rg BT 484.00 136.70 Td (during ) Tj ET Q q 0 0 0 rg BT 512.82 136.70 Td (2016 ) Tj ET Q q 0 0 0 rg BT 535.53 136.70 Td (on ) Tj ET Q q 0 0 0 rg BT 548.24 136.70 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 124.70 Td (volume ) Tj ET Q q 0 0 0 rg BT 67.47 124.70 Td (as ) Tj ET Q q 0 0 0 rg BT 77.28 124.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 118.18 124.70 Td (to ) Tj ET Q q 0 0 0 rg BT 127.44 124.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.13 124.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 162.04 124.70 Td (year) Tj ET Q q 0 0 0 rg BT 178.70 124.70 Td (. ) Tj ET Q q 0 0 0 rg BT 182.68 124.70 Td (For ) Tj ET Q q 0 0 0 rg BT 198.05 124.70 Td (2016, ) Tj ET Q q 0 0 0 rg BT 222.02 124.70 Td (we ) Tj ET Q q 0 0 0 rg BT 235.16 124.70 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 273.83 124.70 Td (our ) Tj ET Q q 0 0 0 rg BT 288.64 124.70 Td (long-term ) Tj ET Q q 0 0 0 rg BT 329.55 124.70 Td (expectations ) Tj ET Q q 0 0 0 rg BT 381.00 124.70 Td (for ) Tj ET Q q 0 0 0 rg BT 394.14 124.70 Td (gross ) Tj ET Q q 0 0 0 rg BT 416.73 124.70 Td (mar) Tj ET Q q 0 0 0 rg BT 432.10 124.70 Td (gins, ) Tj ET Q q 0 0 0 rg BT 452.75 124.70 Td (which ) Tj ET Q q 0 0 0 rg BT 478.66 124.70 Td (benefited ) Tj ET Q q 0 0 0 rg BT 517.34 124.70 Td (from ) Tj ET Q q 0 0 0 rg BT 538.26 124.70 Td (favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 112.70 Td (hedge ) Tj ET Q q 0 0 0 rg BT 62.02 112.70 Td (rebalancing ) Tj ET Q q 0 0 0 rg BT 110.79 112.70 Td (during ) Tj ET Q q 0 0 0 rg BT 139.04 112.70 Td (the ) Tj ET Q q 0 0 0 rg BT 153.40 112.70 Td (year) Tj ET Q q 0 0 0 rg BT 170.05 112.70 Td (. ) Tj ET Q q 0 0 0 rg BT 174.54 112.70 Td (The ) Tj ET Q q 0 0 0 rg BT 192.22 112.70 Td (decreases ) Tj ET Q q 0 0 0 rg BT 232.67 112.70 Td (in ) Tj ET Q q 0 0 0 rg BT 242.58 112.70 Td (income ) Tj ET Q q 0 0 0 rg BT 274.16 112.70 Td (from ) Tj ET Q q 0 0 0 rg BT 295.73 112.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 335.64 112.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 369.99 112.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 408.23 112.70 Td (in ) Tj ET Q q 0 0 0 rg BT 418.15 112.70 Td (2015 ) Tj ET Q q 0 0 0 rg BT 440.28 112.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 479.63 112.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 513.43 112.70 Td (from ) Tj ET Q q 0 0 0 rg BT 535.01 112.70 Td (a ) Tj ET Q q 0 0 0 rg BT 541.58 112.70 Td (decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 100.70 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 100.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 66.00 100.70 Td (sale ) Tj ET Q q 0 0 0 rg BT 84.04 100.70 Td (mar) Tj ET Q q 0 0 0 rg BT 99.41 100.70 Td (gins ) Tj ET Q q 0 0 0 rg BT 118.58 100.70 Td (on ) Tj ET Q q 0 0 0 rg BT 131.08 100.70 Td (our ) Tj ET Q q 0 0 0 rg BT 146.91 100.70 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 174.96 100.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 198.57 100.70 Td (during ) Tj ET Q q 0 0 0 rg BT 227.18 100.70 Td (2015. ) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.16 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.40 731.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.40 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 149.06 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.88 731.10 Td (had ) Tj ET Q q 0 0 0 rg BT 179.48 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.08 731.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 231.54 731.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 262.57 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.06 731.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 285.22 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.11 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.27 731.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 365.10 731.10 Td (related ) Tj ET Q q 0 0 0 rg BT 394.46 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.40 731.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 448.21 731.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 471.47 731.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 490.30 731.10 Td (through ) Tj ET Q q 0 0 0 rg BT 523.57 731.10 Td (this ) Tj ET Q q 0 0 0 rg BT 540.18 731.10 Td (segment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (For ) Tj ET Q q 0 0 0 rg BT 52.93 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.18 719.10 Td (years ) Tj ET Q q 0 0 0 rg BT 92.32 719.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.23 719.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.35 719.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.35 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.39 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.87 719.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.87 719.10 Td (, ) Tj ET Q q 0 0 0 rg BT 244.40 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 259.10 719.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.11 719.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 310.15 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.08 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.45 719.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 388.13 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.50 719.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 440.31 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.01 719.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 505.24 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.72 719.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 535.76 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.65 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 567.68 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 76.42 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 90.73 707.10 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 143.08 707.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 190.74 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 195.88 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 213.52 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 231.72 707.10 Td (included ) Tj ET Q q 0 0 0 rg BT 268.80 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.23 707.10 Td (income ) Tj ET Q q 0 0 0 rg BT 311.31 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 333.39 707.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 373.80 707.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 408.67 707.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 449.91 707.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 467.27 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.70 707.10 Td (this ) Tj ET Q q 0 0 0 rg BT 494.79 707.10 Td (segment. ) Tj ET Q q 0 0 0 rg BT 533.07 707.10 Td (W) Tj ET Q q 0 0 0 rg BT 541.71 707.10 Td (e ) Tj ET Q q 0 0 0 rg BT 548.80 707.10 Td (review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 695.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 71.55 695.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 117.35 695.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 152.61 695.10 Td (each ) Tj ET Q q 0 0 0 rg BT 173.43 695.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 204.24 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.18 695.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 247.57 695.10 Td (them ) Tj ET Q q 0 0 0 rg BT 270.06 695.10 Td (as ) Tj ET Q q 0 0 0 rg BT 280.89 695.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 322.26 695.10 Td (based ) Tj ET Q q 0 0 0 rg BT 347.53 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.03 695.10 Td (current ) Tj ET Q q 0 0 0 rg BT 390.84 695.10 Td (information ) Tj ET Q q 0 0 0 rg BT 440.56 695.10 Td (available ) Tj ET Q q 0 0 0 rg BT 479.14 695.10 Td (at ) Tj ET Q q 0 0 0 rg BT 488.86 695.10 Td (each ) Tj ET Q q 0 0 0 rg BT 509.68 695.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 548.83 695.10 Td (date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.83 671.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.00 671.10 Td (table ) Tj ET Q q 0 0 0 rg BT 134.72 671.10 Td (details ) Tj ET Q q 0 0 0 rg BT 163.11 671.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 212.06 671.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 249.88 671.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 286.59 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.54 671.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 344.47 671.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 367.86 671.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 399.87 671.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 421.03 671.10 Td (by ) Tj ET Q q 0 0 0 rg BT 433.31 671.10 Td (product ) Tj ET Q q 0 0 0 rg BT 466.15 671.10 Td (type ) Tj ET Q q 0 0 0 rg BT 485.65 671.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 671.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.52 671.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.52 671.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 647.10 Td (able 28 Characteristics of Residential Loans Held-for-Sale) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 604.60 402.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 604.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 604.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 604.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 604.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 575.60 402.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 575.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 575.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 545.60 402.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 545.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 545.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 604.6 m 437.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 604.6 m 506.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 604.6 m 575.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 545.6 m 506.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 531.6 m 506.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 529.6 m 506.5 529.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 627.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.75 619.28 Td (Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.45 609.28 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.20 627.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.10 617.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.50 607.33 Td (Coupon) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 609.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 595.28 Td (First Lien Prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 580.27 Td ( Fixed - 30 year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 580.27 Td (650,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 580.27 Td (4.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 580.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 565.27 Td ( Fixed - 15, 20, & 25 year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 565.27 Td (38,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 565.27 Td (3.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 565.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 550.27 Td ( Hybrid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 550.27 Td (143,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 550.27 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 550.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 535.28 Td (Total Outstanding Principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 535.27 Td (831,810) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 507.10 Td (Operating Expenses and T) Tj ET Q q 0 0 0 rg BT 141.46 507.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (The ) Tj ET Q q 0 0 0 rg BT 70.85 487.10 Td ($20 ) Tj ET Q q 0 0 0 rg BT 87.15 487.10 Td (million ) Tj ET Q q 0 0 0 rg BT 117.35 487.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 153.06 487.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.14 487.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 201.21 487.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 238.61 487.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.69 487.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 269.00 487.10 Td (at ) Tj ET Q q 0 0 0 rg BT 277.52 487.10 Td (this ) Tj ET Q q 0 0 0 rg BT 293.27 487.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 327.89 487.10 Td (was ) Tj ET Q q 0 0 0 rg BT 344.75 487.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 383.26 487.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 430.10 487.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.18 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.70 487.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 505.10 487.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.73 487.10 Td (our ) Tj ET Q q 0 0 0 rg BT 529.37 487.10 Td (conforming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 475.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 56.89 475.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 98.33 475.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 134.22 475.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 179.55 475.10 Td (during ) Tj ET Q q 0 0 0 rg BT 209.33 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.22 475.10 Td (first ) Tj ET Q q 0 0 0 rg BT 245.00 475.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 276.99 475.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.99 475.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 314.35 475.10 Td (All ) Tj ET Q q 0 0 0 rg BT 330.81 475.10 Td (severance ) Tj ET Q q 0 0 0 rg BT 373.89 475.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.00 475.10 Td (related ) Tj ET Q q 0 0 0 rg BT 422.88 475.10 Td (char) Tj ET Q q 0 0 0 rg BT 439.91 475.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 456.91 475.10 Td (from ) Tj ET Q q 0 0 0 rg BT 480.02 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.91 475.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 550.68 475.10 Td (of ) Tj ET Q q 0 0 0 rg BT 562.68 475.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 463.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 84.35 463.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 123.81 463.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 157.72 463.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 201.07 463.10 Td (were ) Tj ET Q q 0 0 0 rg BT 222.20 463.10 Td (included ) Tj ET Q q 0 0 0 rg BT 258.33 463.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.80 463.10 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 335.03 463.10 Td (for ) Tj ET Q q 0 0 0 rg BT 348.39 463.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 383.41 463.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 421.76 463.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 461.51 463.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 478.75 463.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 500.45 463.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 539.91 463.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 451.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 75.71 451.10 Td (include ) Tj ET Q q 0 0 0 rg BT 107.65 451.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 130.15 451.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 173.74 451.10 Td (with ) Tj ET Q q 0 0 0 rg BT 194.02 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.73 451.10 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 265.39 451.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 303.43 451.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.37 451.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 338.41 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.24 451.10 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 377.30 451.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 421.45 451.10 Td (loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.23 431.10 Td ($6 ) Tj ET Q q 0 0 0 rg BT 84.92 431.10 Td (million ) Tj ET Q q 0 0 0 rg BT 116.50 431.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 151.94 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.41 431.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 202.86 431.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 241.64 431.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.11 431.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 274.79 431.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 314.69 431.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 349.04 431.10 Td (from ) Tj ET Q q 0 0 0 rg BT 371.16 431.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 399.40 431.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 440.96 431.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 463.65 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 474.66 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 489.01 431.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 529.45 431.10 Td (our ) Tj ET Q q 0 0 0 rg BT 545.47 431.10 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 419.10 Td (external ) Tj ET Q q 0 0 0 rg BT 87.64 419.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 127.90 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.18 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.89 419.10 Td (first ) Tj ET Q q 0 0 0 rg BT 171.50 419.10 Td (half ) Tj ET Q q 0 0 0 rg BT 189.55 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.38 419.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 222.88 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.16 419.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 266.75 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.47 419.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 316.72 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.00 419.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 346.72 419.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 393.10 419.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 425.59 419.10 Td (during ) Tj ET Q q 0 0 0 rg BT 454.20 419.10 Td (that ) Tj ET Q q 0 0 0 rg BT 471.70 419.10 Td (time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 399.10 Td (All ) Tj ET Q q 0 0 0 rg BT 70.24 399.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 115.36 399.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 156.58 399.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 192.26 399.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 231.82 399.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.50 399.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 292.60 399.10 Td (at ) Tj ET Q q 0 0 0 rg BT 303.28 399.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.08 399.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 352.41 399.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 374.45 399.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.91 399.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 422.48 399.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.39 399.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.07 399.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 497.31 399.10 Td (for ) Tj ET Q q 0 0 0 rg BT 512.43 399.10 Td (income ) Tj ET Q q 0 0 0 rg BT 545.33 399.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 569.34 399.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 387.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 75.50 387.10 Td (correlated ) Tj ET Q q 0 0 0 rg BT 117.77 387.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.85 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.36 387.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 174.66 387.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.29 387.10 Td (this ) Tj ET Q q 0 0 0 rg BT 202.03 387.10 Td (segment's ) Tj ET Q q 0 0 0 rg BT 243.35 387.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 294.53 387.10 Td (before ) Tj ET Q q 0 0 0 rg BT 322.37 387.10 Td (income ) Tj ET Q q 0 0 0 rg BT 354.10 387.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 376.95 387.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.02 387.10 Td (relation ) Tj ET Q q 0 0 0 rg BT 419.86 387.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.94 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.29 387.10 Td (TRS's ) Tj ET Q q 0 0 0 rg BT 470.62 387.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 500.68 387.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 527.54 387.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.84 387.10 Td (income ) Tj ET Q q 0 0 0 rg BT 561.57 387.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 375.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.07 375.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 93.25 375.10 Td (provision. ) Tj ET Q q 0 0 0 rg BT 135.50 375.10 Td (For ) Tj ET Q q 0 0 0 rg BT 151.37 375.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 175.84 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.03 375.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.22 375.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 243.97 375.10 Td (at ) Tj ET Q q 0 0 0 rg BT 253.15 375.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.31 375.10 Td (TRS ) Tj ET Q q 0 0 0 rg BT 288.63 375.10 Td (was ) Tj ET Q q 0 0 0 rg BT 306.15 375.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 339.77 375.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.07 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.26 375.10 Td (result ) Tj ET Q q 0 0 0 rg BT 388.44 375.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.75 375.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.05 375.10 Td (releasing ) Tj ET Q q 0 0 0 rg BT 452.11 375.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 491.30 375.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 533.80 375.10 Td (previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 363.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 82.92 363.10 Td (on ) Tj ET Q q 0 0 0 rg BT 95.42 363.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.12 363.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.83 363.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 175.63 363.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 190.34 363.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 218.67 363.10 Td (Going ) Tj ET Q q 0 0 0 rg BT 246.16 363.10 Td (forward, ) Tj ET Q q 0 0 0 rg BT 282.81 363.10 Td (we ) Tj ET Q q 0 0 0 rg BT 296.96 363.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 335.55 363.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 364.14 363.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 378.85 363.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 423.02 363.10 Td (at ) Tj ET Q q 0 0 0 rg BT 432.73 363.10 Td (this ) Tj ET Q q 0 0 0 rg BT 449.67 363.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 485.49 363.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.77 363.10 Td (be ) Tj ET Q q 0 0 0 rg BT 507.70 363.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 535.74 363.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 568.22 363.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 351.10 Td (its ) Tj ET Q q 0 0 0 rg BT 47.95 351.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 83.77 351.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 135.16 351.10 Td (before ) Tj ET Q q 0 0 0 rg BT 163.19 351.10 Td (income ) Tj ET Q q 0 0 0 rg BT 195.13 351.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 218.17 351.10 Td (than ) Tj ET Q q 0 0 0 rg BT 237.89 351.10 Td (they ) Tj ET Q q 0 0 0 rg BT 257.61 351.10 Td (were ) Tj ET Q q 0 0 0 rg BT 279.54 351.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.81 351.10 Td (2016.) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (72) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 36 729.68505859375 m 124.6083984375 729.68505859375 l s q 0 0 0 rg BT 36.00 731.25 Td (Commercial Segment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.47 711.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.28 711.25 Td (table ) Tj ET Q q 0 0 0 rg BT 133.64 711.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 168.34 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.48 711.25 Td (components ) Tj ET Q q 0 0 0 rg BT 232.73 711.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.98 711.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 278.24 711.25 Td (contribution ) Tj ET Q q 0 0 0 rg BT 329.04 711.25 Td (for ) Tj ET Q q 0 0 0 rg BT 342.63 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.77 711.25 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 408.12 711.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 443.37 711.25 Td (for ) Tj ET Q q 0 0 0 rg BT 456.96 711.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 711.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.31 711.25 Td (s ) Tj ET Q q 0 0 0 rg BT 494.13 711.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 711.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 699.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 699.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 699.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.44 699.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 675.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 675.25 Td (able 29 Commercial Segment Contribution ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 623.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 623.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 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(\(5,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 598.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 598.47 Td (\(13,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 598.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 598.47 Td (\(15,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 598.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 598.42 Td (8,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 598.42 Td (2,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 583.43 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 583.42 Td (27,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 583.42 Td (33,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 583.42 Td (31,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 583.47 Td (\(5,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 583.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 583.42 Td (1,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 567.42 Td (Reversal of \(provision for\) loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 567.42 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 567.42 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 567.47 Td (\(84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 567.42 Td (6,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 567.42 Td (439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 552.42 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 552.47 Td (\(2,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 552.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 552.42 Td (2,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 552.42 Td (13,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 552.47 Td (\(4,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 552.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 552.42 Td (\(10,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 552.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 537.42 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 537.42 Td (2,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 537.42 Td (2,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 522.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 522.42 Td (268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 522.42 Td (268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 507.42 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 507.42 Td (5,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 507.42 Td (5,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 492.42 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 492.47 Td (\(2,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 492.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 492.47 Td (\(11,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 492.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 492.47 Td (\(11,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 492.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 492.42 Td (8,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 492.42 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 492.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 477.43 Td (Segment contribution before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 477.42 Td (38,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 477.42 Td (24,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 477.42 Td (33,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 477.42 Td (13,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 477.42 Td (\(8,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 477.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 462.42 Td (Benefit from \(provision for\) income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 462.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 462.42 Td (1,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 462.47 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 462.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 462.47 Td (\(1,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 462.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 462.42 Td (1,686) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 447.43 Td (Total Segment Contribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 447.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 447.42 Td (38,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 447.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 447.42 Td (26,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 447.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 447.42 Td (33,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 447.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 447.42 Td (11,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 447.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 447.42 Td (\(7,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 447.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 419.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 419.25 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 419.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 172.31 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.02 419.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 219.51 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.34 419.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 280.04 419.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 303.65 419.25 Td (during ) Tj ET Q q 0 0 0 rg BT 332.26 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.97 419.25 Td (years ) Tj ET Q q 0 0 0 rg BT 370.57 419.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.95 419.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 455.53 419.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.53 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.03 419.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.97 419.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.97 419.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 395.25 Td (able 30 Commercial Loans) Tj ET Q q 0 0 0 rg BT 174.15 395.25 Td (Activity ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 330.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 330.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 330.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 330.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 330.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 300.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 300.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 300.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 300.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 300.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 270.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 270.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 270.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 270.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 270.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 270.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 270.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 270.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 270.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 240.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 240.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 240.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 240.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 240.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 240.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 240.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 240.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 240.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 210.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 210.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 210.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 210.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 210.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 210.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 210.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 210.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 210.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 369.75 m 338.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 369.75 m 342.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 369.75 m 417.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 369.75 m 421.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 369.75 m 496.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 369.75 m 500.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 369.75 m 575.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 354.75 m 338.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 354.75 m 342.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 354.75 m 417.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 354.75 m 496.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 354.75 m 500.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 354.75 m 575.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 330.75 m 259.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 330.75 m 338.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 330.75 m 417.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 330.75 m 496.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 330.75 m 575.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 210.75 m 338.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 196.75 m 338.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 194.75 m 338.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 210.75 m 417.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 196.75 m 417.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 194.75 m 417.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 210.75 m 496.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 196.75 m 496.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 194.75 m 496.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 210.75 m 575.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 196.75 m 575.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 194.75 m 575.5 194.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.60 374.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.00 359.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 359.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 335.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.80 335.43 Td (Held-for-Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 345.43 Td (Held-for-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.60 335.43 Td (Investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.80 335.43 Td (Held-for-Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 345.43 Td (Held-for-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.60 335.43 Td (Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 320.42 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 320.42 Td (39,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 320.42 Td (363,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 320.42 Td (166,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 320.42 Td (400,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 305.42 Td (Originations/acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 305.42 Td (37,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 305.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 305.42 Td (617,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 305.42 Td (22,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 290.42 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.80 290.47 Td (\(366,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 290.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 290.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 290.47 Td (\(754,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 290.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 290.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 275.42 Td (Transfers between portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 275.42 Td (302,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 275.47 Td (\(302,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 275.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 275.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 275.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 260.42 Td (Principal repayments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.80 260.47 Td (\(15,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 260.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.80 260.47 Td (\(70,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 260.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 260.47 Td (\(185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 260.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 260.42 Td (\(57,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 260.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 245.42 Td (Discount amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 245.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 245.42 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 245.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 245.42 Td (747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 230.42 Td (Reversal of provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 230.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 230.42 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 230.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 230.42 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 215.42 Td (Changes in fair value, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 215.42 Td (5,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 215.42 Td (2,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 215.42 Td (10,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 215.42 Td (\(3,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 215.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 200.43 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 200.42 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 200.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 200.42 Td (39,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 200.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 200.42 Td (363,506) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 173.45 Td (Overview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.45 Td (During ) Tj ET Q q 0 0 0 rg BT 85.69 155.45 Td (the ) Tj ET Q q 0 0 0 rg BT 101.26 155.45 Td (first ) Tj ET Q q 0 0 0 rg BT 120.73 155.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 152.40 155.45 Td (of ) Tj ET Q q 0 0 0 rg BT 164.09 155.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 189.95 155.45 Td (we ) Tj ET Q q 0 0 0 rg BT 204.97 155.45 Td (sold ) Tj ET Q q 0 0 0 rg BT 225.00 155.45 Td (all ) Tj ET Q q 0 0 0 rg BT 238.35 155.45 Td (of ) Tj ET Q q 0 0 0 rg BT 250.04 155.45 Td (our ) Tj ET Q q 0 0 0 rg BT 266.73 155.45 Td (remaining ) Tj ET Q q 0 0 0 rg BT 310.63 155.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 361.18 155.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 388.98 155.45 Td (loans, ) Tj ET Q q 0 0 0 rg BT 415.95 155.45 Td (completed ) Tj ET Q q 0 0 0 rg BT 460.96 155.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 506.53 155.45 Td (reductions ) Tj ET Q q 0 0 0 rg BT 551.54 155.45 Td (in ) Tj ET Q q 0 0 0 rg BT 562.68 155.45 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.45 Td (headcount ) Tj ET Q q 0 0 0 rg BT 78.93 143.45 Td (at ) Tj ET Q q 0 0 0 rg BT 87.99 143.45 Td (this ) Tj ET Q q 0 0 0 rg BT 104.27 143.45 Td (segment, ) Tj ET Q q 0 0 0 rg BT 141.94 143.45 Td (and ) Tj ET Q q 0 0 0 rg BT 158.21 143.45 Td (substantially ) Tj ET Q q 0 0 0 rg BT 210.60 143.45 Td (completed ) Tj ET Q q 0 0 0 rg BT 254.09 143.45 Td (the ) Tj ET Q q 0 0 0 rg BT 268.15 143.45 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 315.54 143.45 Td (of ) Tj ET Q q 0 0 0 rg BT 325.71 143.45 Td (our ) Tj ET Q q 0 0 0 rg BT 340.88 143.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 389.91 143.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 429.51 143.45 Td (banking ) Tj ET Q q 0 0 0 rg BT 463.57 143.45 Td (activities. ) Tj ET Q q 0 0 0 rg BT 504.01 143.45 Td (During ) Tj ET Q q 0 0 0 rg BT 534.17 143.45 Td (the ) Tj ET Q q 0 0 0 rg BT 548.23 143.45 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.45 Td (half ) Tj ET Q q 0 0 0 rg BT 53.85 131.45 Td (of ) Tj ET Q q 0 0 0 rg BT 64.48 131.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 89.28 131.45 Td (we ) Tj ET Q q 0 0 0 rg BT 103.24 131.45 Td (sold ) Tj ET Q q 0 0 0 rg BT 122.21 131.45 Td (the ) Tj ET Q q 0 0 0 rg BT 136.72 131.45 Td (majority ) Tj ET Q q 0 0 0 rg BT 172.90 131.45 Td (of ) Tj ET Q q 0 0 0 rg BT 183.53 131.45 Td (our ) Tj ET Q q 0 0 0 rg BT 199.16 131.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 248.66 131.45 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 293.71 131.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 313.23 131.45 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 352.86 131.45 Td (W) Tj ET Q q 0 0 0 rg BT 361.49 131.45 Td (e ) Tj ET Q q 0 0 0 rg BT 368.23 131.45 Td (expect ) Tj ET Q q 0 0 0 rg BT 396.63 131.45 Td (to ) Tj ET Q q 0 0 0 rg BT 406.70 131.45 Td (deploy ) Tj ET Q q 0 0 0 rg BT 436.22 131.45 Td (the ) Tj ET Q q 0 0 0 rg BT 450.74 131.45 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 488.57 131.45 Td (from ) Tj ET Q q 0 0 0 rg BT 510.31 131.45 Td (these ) Tj ET Q q 0 0 0 rg BT 533.16 131.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 556.57 131.45 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.45 Td (towards ) Tj ET Q q 0 0 0 rg BT 70.41 119.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 114.82 119.45 Td (and ) Tj ET Q q 0 0 0 rg BT 132.01 119.45 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 185.31 119.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 235.83 119.45 Td (in ) Tj ET Q q 0 0 0 rg BT 246.37 119.45 Td (2017. ) Tj ET Q q 0 0 0 rg BT 271.62 119.45 Td (During ) Tj ET Q q 0 0 0 rg BT 302.70 119.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 327.95 119.45 Td (substantially ) Tj ET Q q 0 0 0 rg BT 381.26 119.45 Td (all ) Tj ET Q q 0 0 0 rg BT 394.01 119.45 Td (of ) Tj ET Q q 0 0 0 rg BT 405.09 119.45 Td (the ) Tj ET Q q 0 0 0 rg BT 420.06 119.45 Td (income ) Tj ET Q q 0 0 0 rg BT 452.25 119.45 Td (from ) Tj ET Q q 0 0 0 rg BT 474.44 119.45 Td (this ) Tj ET Q q 0 0 0 rg BT 491.64 119.45 Td (segment ) Tj ET Q q 0 0 0 rg BT 527.72 119.45 Td (was ) Tj ET Q q 0 0 0 rg BT 546.02 119.45 Td (derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.45 Td (from ) Tj ET Q q 0 0 0 rg BT 57.94 107.45 Td (our ) Tj ET Q q 0 0 0 rg BT 73.77 107.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 123.47 107.45 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 168.71 107.45 Td (loans, ) Tj ET Q q 0 0 0 rg BT 194.82 107.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 216.76 107.45 Td (to ) Tj ET Q q 0 0 0 rg BT 227.04 107.45 Td (their ) Tj ET Q q 0 0 0 rg BT 247.87 107.45 Td (sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.78 89.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.64 89.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.64 89.45 Td (, ) Tj ET Q q 0 0 0 rg BT 147.92 89.45 Td (our ) Tj ET Q q 0 0 0 rg BT 163.03 89.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 212.01 89.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 261.56 89.45 Td (had ) Tj ET Q q 0 0 0 rg BT 277.77 89.45 Td (a ) Tj ET Q q 0 0 0 rg BT 283.99 89.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 319.09 89.45 Td (value ) Tj ET Q q 0 0 0 rg BT 342.52 89.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.63 89.45 Td ($97 ) Tj ET Q q 0 0 0 rg BT 369.41 89.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 89.45 Td (, ) Tj ET Q q 0 0 0 rg BT 402.58 89.45 Td (and ) Tj ET Q q 0 0 0 rg BT 418.80 89.45 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.01 89.45 Td ($92 ) Tj ET Q q 0 0 0 rg BT 471.79 89.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.68 89.45 Td ( ) Tj ET Q q 0 0 0 rg BT 502.46 89.45 Td (of ) Tj ET Q q 0 0 0 rg BT 512.57 89.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 551.56 89.45 Td (multi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 77.45 Td (family ) Tj ET Q q 0 0 0 rg BT 64.60 77.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 114.30 77.45 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 186.21 77.45 Td (securities, ) Tj ET Q q 0 0 0 rg BT 228.97 77.45 Td (and ) Tj ET Q q 0 0 0 rg BT 245.91 77.45 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.85 77.45 Td ($3 ) Tj ET Q q 0 0 0 rg BT 265.35 77.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.24 77.45 Td ( ) Tj ET Q q 0 0 0 rg BT 296.74 77.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 346.44 77.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 366.16 77.45 Td (held-for) Tj ET Q q 0 0 0 rg BT 398.16 77.45 Td (-sale. ) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.91 731.10 Td ($12 ) Tj ET Q q 0 0 0 rg BT 89.28 731.10 Td (million ) Tj ET Q q 0 0 0 rg BT 120.53 731.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 155.65 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 165.79 731.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 215.36 731.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 251.05 731.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 302.29 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.44 731.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 334.80 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 352.72 731.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 392.29 731.10 Td (due ) Tj ET Q q 0 0 0 rg BT 409.10 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.24 731.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 453.25 731.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 476.72 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 493.52 731.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 527.53 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.23 731.10 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.02 719.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 66.93 719.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 93.51 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.20 719.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 145.55 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 167.68 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.59 719.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 229.18 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.20 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.22 719.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 301.66 719.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 321.57 719.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 361.76 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 372.78 719.10 Td (well ) Tj ET Q q 0 0 0 rg BT 392.69 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 403.71 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.84 719.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 451.29 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.77 719.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 502.22 719.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 541.01 719.10 Td (resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.62 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.01 707.10 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 119.74 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.24 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.75 707.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 195.13 707.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 235.07 707.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 269.46 707.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 310.23 707.10 Td (as ) Tj ET Q q 0 0 0 rg BT 320.74 707.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 361.25 707.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 389.64 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 407.37 707.10 Td ($7 ) Tj ET Q q 0 0 0 rg BT 419.54 707.10 Td (million ) Tj ET Q q 0 0 0 rg BT 450.61 707.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 481.66 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.62 707.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 527.12 707.10 Td (contribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.64 695.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 109.27 695.10 Td (during ) Tj ET Q q 0 0 0 rg BT 137.57 695.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 159.77 695.10 Td (was ) Tj ET Q q 0 0 0 rg BT 177.53 695.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 216.94 695.10 Td (due ) Tj ET Q q 0 0 0 rg BT 233.58 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.55 695.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 268.52 695.10 Td (income ) Tj ET Q q 0 0 0 rg BT 300.16 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.79 695.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 361.76 695.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 396.17 695.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 434.47 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 451.67 695.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 485.52 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 507.16 695.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 532.13 695.10 Td (origination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 68.50 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.43 683.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 110.15 683.10 Td (mar) Tj ET Q q 0 0 0 rg BT 125.52 683.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 144.69 683.10 Td (during ) Tj ET Q q 0 0 0 rg BT 173.29 683.10 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 52.39 659.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.45 659.10 Td (est ) Tj ET Q q 0 0 0 rg BT 85.06 659.10 Td (Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 641.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 641.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 641.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 641.10 Td (net ) Tj ET Q q 0 0 0 rg BT 185.35 641.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 217.29 641.10 Td (income ) Tj ET Q q 0 0 0 rg BT 249.22 641.10 Td (by ) Tj ET Q q 0 0 0 rg BT 261.72 641.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 283.66 641.10 Td (type ) Tj ET Q q 0 0 0 rg BT 303.38 641.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.54 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.25 641.10 Td (years ) Tj ET Q q 0 0 0 rg BT 355.85 641.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.23 641.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 440.81 641.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.81 641.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.81 641.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.81 641.10 Td (, ) Tj ET Q q 0 0 0 rg BT 490.81 641.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.75 641.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.75 641.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 617.10 Td (able 31 Commercial Loans and Securities - Net Interest Income) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 565.60 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 565.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 565.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 565.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 565.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 565.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 535.60 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 535.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 580.6 m 316.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 580.6 m 320.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 580.6 m 380.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 580.6 m 444.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 580.6 m 512.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 580.6 m 576.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 565.6 m 252.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 580.6 m 316.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 565.6 m 316.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 580.6 m 320.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 580.6 m 380.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 565.6 m 380.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 580.6 m 444.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 565.6 m 444.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 580.6 m 448.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 580.6 m 512.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 565.6 m 512.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 580.6 m 576.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 565.6 m 576.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 565.6 m 316.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 565.6 m 380.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 565.6 m 444.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 565.6 m 448.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 565.6 m 576.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 550.6 m 448.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 520.6 m 444.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 535.6 m 448.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 520.6 m 316.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 506.6 m 316.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 504.6 m 316.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 520.6 m 380.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 506.6 m 380.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 504.6 m 380.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 520.6 m 444.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 506.6 m 444.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 504.6 m 444.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 520.6 m 448.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 520.6 m 512.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 506.6 m 512.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 504.6 m 512.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 520.6 m 576.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 506.6 m 576.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 504.6 m 576.5 504.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.60 585.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 585.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 570.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.00 570.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.00 570.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.00 570.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 570.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 570.28 Td ('15/'14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 555.27 Td (Senior loans held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 555.27 Td (356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 555.27 Td (2,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 555.27 Td (4,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 555.32 Td (\(2,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 555.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 555.27 Td (\(1,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 555.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 540.27 Td (Mezzanine loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 540.27 Td (25,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 540.27 Td (30,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 540.27 Td (27,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 540.32 Td (\(5,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 540.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 540.27 Td (3,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 525.27 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 525.27 Td (2,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 525.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 525.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 525.27 Td (2,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 525.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 510.28 Td (Net Interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 510.27 Td (27,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 510.27 Td (33,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 510.27 Td (31,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 510.32 Td (\(7,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 510.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.00 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 510.27 Td (1,393) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.62 482.10 Td ($8 ) Tj ET Q q 0 0 0 rg BT 83.69 482.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.58 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.65 482.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 151.13 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.98 482.10 Td (net ) Tj ET Q q 0 0 0 rg BT 175.26 482.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 206.77 482.10 Td (income ) Tj ET Q q 0 0 0 rg BT 238.27 482.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.45 482.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.45 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.52 482.10 Td (was ) Tj ET Q q 0 0 0 rg BT 306.14 482.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 345.42 482.10 Td (due ) Tj ET Q q 0 0 0 rg BT 361.93 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.77 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.28 482.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 409.22 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.07 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.36 482.10 Td (average ) Tj ET Q q 0 0 0 rg BT 466.51 482.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 503.00 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.40 482.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.80 482.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 470.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 62.71 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 79.42 470.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 124.43 470.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 150.15 470.10 Td (These ) Tj ET Q q 0 0 0 rg BT 176.29 470.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 211.33 470.10 Td (were ) Tj ET Q q 0 0 0 rg BT 233.03 470.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 268.62 470.10 Td (of) Tj ET Q q 0 0 0 rg BT 276.77 470.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 293.47 470.10 Td (by ) Tj ET Q q 0 0 0 rg BT 305.74 470.10 Td (income ) Tj ET Q q 0 0 0 rg BT 337.45 470.10 Td (from ) Tj ET Q q 0 0 0 rg BT 359.15 470.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 409.20 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.25 470.10 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 472.06 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.77 470.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 538.24 470.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 458.10 Td (made ) Tj ET Q q 0 0 0 rg BT 60.51 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 71.15 458.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 96.30 458.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.71 458.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 127.56 458.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.46 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.31 458.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 194.92 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.56 458.10 Td (net ) Tj ET Q q 0 0 0 rg BT 220.64 458.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 252.93 458.10 Td (income ) Tj ET Q q 0 0 0 rg BT 285.22 458.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.19 458.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.19 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.04 458.10 Td (was ) Tj ET Q q 0 0 0 rg BT 355.45 458.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 395.52 458.10 Td (due ) Tj ET Q q 0 0 0 rg BT 412.82 458.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.46 458.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.75 458.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 459.16 458.10 Td (average ) Tj ET Q q 0 0 0 rg BT 493.10 458.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 515.95 458.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.81 458.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 446.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 81.25 446.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 107.36 446.10 Td (as ) Tj ET Q q 0 0 0 rg BT 118.19 446.10 Td (we ) Tj ET Q q 0 0 0 rg BT 132.35 446.10 Td (received ) Tj ET Q q 0 0 0 rg BT 168.71 446.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 191.21 446.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 244.23 446.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 276.17 446.10 Td (from ) Tj ET Q q 0 0 0 rg BT 298.10 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.82 446.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 362.52 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.35 446.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 396.96 446.10 Td (during ) Tj ET Q q 0 0 0 rg BT 425.57 446.10 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 422.10 Td (Reversal ) Tj ET Q q 0 0 0 rg BT 73.49 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.76 422.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 93.39 422.10 Td (ovision ) Tj ET Q q 0 0 0 rg BT 124.78 422.10 Td (for ) Tj ET Q q 0 0 0 rg BT 138.95 422.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 162.01 422.10 Td (Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.60 404.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 107.30 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.68 404.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 159.51 404.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.23 404.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 194.50 404.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 221.44 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 232.27 404.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 255.33 404.10 Td (was ) Tj ET Q q 0 0 0 rg BT 273.93 404.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 314.20 404.10 Td (due ) Tj ET Q q 0 0 0 rg BT 331.69 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.52 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.79 404.10 Td (reclassification ) Tj ET Q q 0 0 0 rg BT 421.37 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.75 404.10 Td (most ) Tj ET Q q 0 0 0 rg BT 455.26 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.64 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.02 404.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 533.27 404.10 Td (mezzanine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 392.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.81 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 70.29 392.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 102.30 392.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 123.88 392.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 179.35 392.10 Td (at ) Tj ET Q q 0 0 0 rg BT 189.27 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.19 392.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 229.66 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.69 392.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 259.51 392.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.54 392.10 Td (market ) Tj ET Q q 0 0 0 rg BT 301.01 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.49 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.41 392.10 Td (second ) Tj ET Q q 0 0 0 rg BT 356.88 392.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 387.90 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.94 392.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 424.14 392.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 461.28 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 475.64 392.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 523.32 392.10 Td (an ) Tj ET Q q 0 0 0 rg BT 535.47 392.10 Td (allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 380.10 Td (was ) Tj ET Q q 0 0 0 rg BT 54.05 380.10 Td (no ) Tj ET Q q 0 0 0 rg BT 66.55 380.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 94.60 380.10 Td (required ) Tj ET Q q 0 0 0 rg BT 130.41 380.10 Td (for ) Tj ET Q q 0 0 0 rg BT 144.57 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.29 380.10 Td (loans. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 356.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 77.94 356.10 Td (Banking ) Tj ET Q q 0 0 0 rg BT 113.58 356.10 Td (Activities, ) Tj ET Q q 0 0 0 rg BT 155.79 356.10 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 86.88 338.10 Td (from ) Tj ET Q q 0 0 0 rg BT 109.21 338.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 159.30 338.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 199.96 338.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 235.07 338.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 274.06 338.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 310.28 338.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 345.38 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.05 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.16 338.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 387.93 338.10 Td (value ) Tj ET Q q 0 0 0 rg BT 412.48 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.70 338.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 451.03 338.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 501.12 338.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 525.12 338.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 557.13 338.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.51 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 62.91 326.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 108.86 326.10 Td (used ) Tj ET Q q 0 0 0 rg BT 129.26 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.11 326.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 165.06 326.10 Td (these ) Tj ET Q q 0 0 0 rg BT 187.68 326.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 210.86 326.10 Td (while ) Tj ET Q q 0 0 0 rg BT 235.15 326.10 Td (they ) Tj ET Q q 0 0 0 rg BT 254.44 326.10 Td (are ) Tj ET Q q 0 0 0 rg BT 268.72 326.10 Td (being ) Tj ET Q q 0 0 0 rg BT 293.01 326.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 345.61 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.34 326.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 376.96 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.82 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.10 326.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 430.97 326.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 463.16 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 480.78 326.10 Td (following ) Tj ET Q q 0 0 0 rg BT 521.74 326.10 Td (table ) Tj ET Q q 0 0 0 rg BT 543.24 326.10 Td (presents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 314.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 85.70 314.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 125.96 314.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 160.68 314.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 199.28 314.10 Td (for ) Tj ET Q q 0 0 0 rg BT 213.44 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.15 314.10 Td (years ) Tj ET Q q 0 0 0 rg BT 251.75 314.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 278.13 314.10 Td (December ) Tj ET Q q 0 0 0 rg BT 321.71 314.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 336.71 314.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 361.71 314.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 386.71 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.65 314.10 Td (2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 290.10 Td (able 32 Components of Commercial Mortgage Banking ) Tj ET Q q 0 0 0 rg BT 279.17 290.10 Td (Activities, Net) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 240.60 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 210.60 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 210.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 180.60 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 180.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 180.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 180.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 180.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 180.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 255.60000000000002 m 315.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 255.60000000000002 m 319.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 255.60000000000002 m 379.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 255.60000000000002 m 383.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 255.60000000000002 m 443.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 255.60000000000002 m 511.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 255.60000000000002 m 515.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 255.60000000000002 m 575.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 240.60000000000002 m 251.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 240.60000000000002 m 315.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 240.60000000000002 m 379.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 240.60000000000002 m 443.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 255.60000000000002 m 447.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 255.60000000000002 m 511.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 240.60000000000002 m 511.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 255.60000000000002 m 575.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 240.60000000000002 m 575.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 240.60000000000002 m 315.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 240.60000000000002 m 379.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 240.60000000000002 m 443.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 240.60000000000002 m 447.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 240.60000000000002 m 511.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 240.60000000000002 m 575.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 225.60000000000002 m 447.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 210.60000000000002 m 447.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 180.60000000000002 m 443.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 195.60000000000002 m 447.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 180.60000000000002 m 511.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 180.60000000000002 m 575.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 180.60000000000002 m 315.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 166.60000000000002 m 315.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 164.60000000000002 m 315.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 180.60000000000002 m 379.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 166.60000000000002 m 379.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 164.60000000000002 m 379.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 180.60000000000002 m 443.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 166.60000000000002 m 443.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 164.60000000000002 m 443.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 180.60000000000002 m 447.5 165.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 180.60000000000002 m 511.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 166.60000000000002 m 511.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 164.60000000000002 m 511.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 180.60000000000002 m 575.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 166.60000000000002 m 575.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 164.60000000000002 m 575.5 164.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.60 260.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 260.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 245.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 245.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.00 245.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.00 245.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.80 245.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.80 245.28 Td ('15/'14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 230.27 Td (Changes in fair value of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.27 Td (Commercial loans held-for sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 215.27 Td (433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 215.27 Td (10,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 215.27 Td (20,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 215.32 Td (\(9,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 215.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 215.27 Td (\(10,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 215.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.27 Td (Risk management derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 200.32 Td (\(2,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 200.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 200.32 Td (\(8,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 200.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 200.32 Td (\(7,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 200.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 200.27 Td (5,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 200.27 Td (\(121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 200.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 185.27 Td (Other fee income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 185.27 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 185.27 Td (450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 185.27 Td (541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 185.32 Td (\(407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 185.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 185.27 Td (\(91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 185.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 170.28 Td (Total Mortgage Banking Activities, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 170.32 Td (\(2,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 170.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 170.27 Td (2,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 170.27 Td (13,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 170.32 Td (\(4,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 170.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 170.27 Td (\(10,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 170.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.51 142.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 113.77 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.51 142.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 174.67 142.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 215.39 142.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 250.57 142.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 289.63 142.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.37 142.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.37 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.33 142.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.73 142.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.73 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.69 142.10 Td (were ) Tj ET Q q 0 0 0 rg BT 386.08 142.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 426.25 142.10 Td (due ) Tj ET Q q 0 0 0 rg BT 443.65 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.39 142.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 480.12 142.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 500.29 142.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 518.80 142.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 543.98 142.10 Td (mar) Tj ET Q q 0 0 0 rg BT 559.35 142.10 Td (gins ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 130.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 86.75 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.98 130.10 Td (each ) Tj ET Q q 0 0 0 rg BT 117.74 130.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 167.39 130.10 Td (year) Tj ET Q q 0 0 0 rg BT 184.20 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 189.15 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 199.93 130.10 Td (well ) Tj ET Q q 0 0 0 rg BT 219.59 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 230.37 130.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 255.59 130.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 275.25 130.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 321.58 130.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 357.92 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.15 130.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 390.59 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.37 130.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 443.25 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.47 130.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 478.42 130.10 Td (In ) Tj ET Q q 0 0 0 rg BT 489.20 130.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 526.92 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.59 130.10 Td (decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.95 118.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 85.88 118.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 120.26 118.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 158.53 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.48 118.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 190.64 118.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 224.47 118.10 Td (from ) Tj ET Q q 0 0 0 rg BT 246.07 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.46 118.10 Td (wind-down ) Tj ET Q q 0 0 0 rg BT 308.18 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.68 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.17 118.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 383.54 118.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 423.47 118.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 457.86 118.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 498.62 118.10 Td (as ) Tj ET Q q 0 0 0 rg BT 509.12 118.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 549.62 118.10 Td (above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 94.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 81.82 94.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 102.09 94.10 Td (V) Tj ET Q q 0 0 0 rg BT 107.09 94.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 126.81 94.10 Td (Changes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.52 76.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 108.25 76.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.00 76.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 166.41 76.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.26 76.10 Td (value ) Tj ET Q q 0 0 0 rg BT 207.89 76.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 245.57 76.10 Td (net ) Tj ET Q q 0 0 0 rg BT 260.76 76.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.51 76.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 294.48 76.10 Td (was ) Tj ET Q q 0 0 0 rg BT 313.01 76.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 353.19 76.10 Td (due ) Tj ET Q q 0 0 0 rg BT 370.61 76.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.36 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.55 76.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 427.29 76.10 Td (from ) Tj ET Q q 0 0 0 rg BT 449.70 76.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 478.77 76.10 Td (tightening ) Tj ET Q q 0 0 0 rg BT 522.30 76.10 Td (on ) Tj ET Q q 0 0 0 rg BT 535.27 76.10 Td (our ) Tj ET Q q 0 0 0 rg BT 551.57 76.10 Td (multi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 64.10 Td (family ) Tj ET Q q 0 0 0 rg BT 64.60 64.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 104.87 64.10 Td (during ) Tj ET Q q 0 0 0 rg BT 133.48 64.10 Td (2016.) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (74) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 72.93 731.10 Td (Gains, ) Tj ET Q q 0 0 0 rg BT 101.83 731.10 Td (net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.96 713.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 107.12 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.31 713.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 154.70 713.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 180.72 713.10 Td (net ) Tj ET Q q 0 0 0 rg BT 195.35 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.54 713.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 227.95 713.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 262.02 713.10 Td (from ) Tj ET Q q 0 0 0 rg BT 283.87 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.50 713.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 316.45 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.20 713.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.94 713.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 392.54 713.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 437.71 713.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 457.33 713.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 494.74 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.93 713.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.56 713.10 Td (second ) Tj ET Q q 0 0 0 rg BT 549.74 713.10 Td (half ) Tj ET Q q 0 0 0 rg BT 567.69 713.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 49.52 677.10 Td (ect ) Tj ET Q q 0 0 0 rg BT 63.68 677.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 107.28 677.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 146.99 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.49 677.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.13 677.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.21 659.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 107.29 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.73 659.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 156.16 659.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 193.93 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.37 659.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 225.04 659.10 Td (at ) Tj ET Q q 0 0 0 rg BT 233.92 659.10 Td (this ) Tj ET Q q 0 0 0 rg BT 250.03 659.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 285.02 659.10 Td (was ) Tj ET Q q 0 0 0 rg BT 302.24 659.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 341.11 659.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 388.32 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.76 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.64 659.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 464.40 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.40 659.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.39 659.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 538.25 659.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 71.18 647.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 115.80 647.10 Td (during ) Tj ET Q q 0 0 0 rg BT 144.87 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.05 647.10 Td (first ) Tj ET Q q 0 0 0 rg BT 179.13 647.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 210.40 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.70 647.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 246.51 647.10 Td (All ) Tj ET Q q 0 0 0 rg BT 262.25 647.10 Td (severance ) Tj ET Q q 0 0 0 rg BT 304.63 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.03 647.10 Td (related ) Tj ET Q q 0 0 0 rg BT 352.20 647.10 Td (char) Tj ET Q q 0 0 0 rg BT 369.22 647.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 385.52 647.10 Td (from ) Tj ET Q q 0 0 0 rg BT 407.92 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.10 647.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 477.16 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.45 647.10 Td (these ) Tj ET Q q 0 0 0 rg BT 511.96 647.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 556.58 647.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (included ) Tj ET Q q 0 0 0 rg BT 72.96 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.27 635.10 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 151.32 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.51 635.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 201.36 635.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 240.55 635.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 281.12 635.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 299.20 635.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 321.73 635.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 362.02 635.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 400.65 635.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 440.38 635.10 Td (included ) Tj ET Q q 0 0 0 rg BT 477.35 635.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 499.87 635.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 543.49 635.10 Td (with ) Tj ET Q q 0 0 0 rg BT 563.80 635.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (management ) Tj ET Q q 0 0 0 rg BT 89.59 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.53 623.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 124.57 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.40 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.23 623.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 200.93 623.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 246.18 623.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 265.90 623.10 Td (portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 605.10 Td (ithin ) Tj ET Q q 0 0 0 rg BT 84.87 605.10 Td (this ) Tj ET Q q 0 0 0 rg BT 102.81 605.10 Td (segment, ) Tj ET Q q 0 0 0 rg BT 142.13 605.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 192.82 605.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 234.08 605.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 269.79 605.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 309.39 605.10 Td (are ) Tj ET Q q 0 0 0 rg BT 325.09 605.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 370.23 605.10 Td (at ) Tj ET Q q 0 0 0 rg BT 380.94 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 388.88 605.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 421.24 605.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 443.28 605.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.78 605.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 491.38 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.20 605.10 Td (ours, ) Tj ET Q q 0 0 0 rg BT 526.42 605.10 Td (whereas ) Tj ET Q q 0 0 0 rg BT 562.67 605.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 86.12 593.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 136.81 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.94 593.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 192.07 593.10 Td (held ) Tj ET Q q 0 0 0 rg BT 212.20 593.10 Td (at ) Tj ET Q q 0 0 0 rg BT 222.34 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.48 593.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 258.95 593.10 Td (. ) Tj ET Q q 0 0 0 rg BT 263.73 593.10 Td (As ) Tj ET Q q 0 0 0 rg BT 277.77 593.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 301.52 593.10 Td (income ) Tj ET Q q 0 0 0 rg BT 333.87 593.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 357.34 593.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 396.35 593.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.05 593.10 Td (this ) Tj ET Q q 0 0 0 rg BT 424.42 593.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 460.67 593.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.79 593.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 515.93 593.10 Td (af) Tj ET Q q 0 0 0 rg BT 523.52 593.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 550.86 593.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.78 593.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 68.50 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.33 581.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 129.02 581.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 169.29 581.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 204.00 581.10 Td (income ) Tj ET Q q 0 0 0 rg BT 235.94 581.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 265.08 581.10 Td (each ) Tj ET Q q 0 0 0 rg BT 285.90 581.10 Td (period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 69.61 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.44 557.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 139.07 557.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 175.47 557.10 Td (Entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 533.10 Td (e ) Tj ET Q q 0 0 0 rg BT 68.94 533.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 111.35 533.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 145.43 533.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 201.16 533.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 231.91 533.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 253.21 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.85 533.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 284.71 533.10 Td (that ) Tj ET Q q 0 0 0 rg BT 301.57 533.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.64 533.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 350.82 533.10 Td (on ) Tj ET Q q 0 0 0 rg BT 362.68 533.10 Td (our ) Tj ET Q q 0 0 0 rg BT 377.87 533.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 430.28 533.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 462.67 533.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 488.98 533.10 Td (for ) Tj ET Q q 0 0 0 rg BT 502.50 533.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 539.34 533.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 74.00 521.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.22 521.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 131.62 521.10 Td (with ) Tj ET Q q 0 0 0 rg BT 151.84 521.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 177.96 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 182.91 521.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 205.34 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.11 521.10 Td (these ) Tj ET Q q 0 0 0 rg BT 239.10 521.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 270.43 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 279.54 521.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 330.86 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.63 521.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 382.40 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.29 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.06 521.10 Td (each ) Tj ET Q q 0 0 0 rg BT 430.82 521.10 Td (other ) Tj ET Q q 0 0 0 rg BT 453.81 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.69 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.35 521.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 511.13 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.01 521.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 567.67 521.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (these ) Tj ET Q q 0 0 0 rg BT 58.28 509.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 88.90 509.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.84 509.10 Td (not, ) Tj ET Q q 0 0 0 rg BT 119.85 509.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 167.51 509.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.74 509.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 200.14 509.10 Td (by ) Tj ET Q q 0 0 0 rg BT 211.87 509.10 Td (us ) Tj ET Q q 0 0 0 rg BT 222.49 509.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.56 509.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 253.72 509.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 299.90 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.96 509.10 Td (ours. ) Tj ET Q q 0 0 0 rg BT 331.29 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 339.93 509.10 Td (e ) Tj ET Q q 0 0 0 rg BT 346.10 509.10 Td (record ) Tj ET Q q 0 0 0 rg BT 373.37 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.32 509.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 412.39 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.56 509.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 467.51 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.57 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.52 509.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 543.80 509.10 Td (Sequoia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 67.76 497.10 Td (at ) Tj ET Q q 0 0 0 rg BT 77.86 497.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 94.62 497.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 121.65 497.10 Td (based ) Tj ET Q q 0 0 0 rg BT 147.30 497.10 Td (on ) Tj ET Q q 0 0 0 rg BT 160.18 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.28 497.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 216.48 497.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 233.23 497.10 Td (value ) Tj ET Q q 0 0 0 rg BT 257.77 497.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.98 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.07 497.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 304.17 497.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 344.81 497.10 Td (\(ABS\) ) Tj ET Q q 0 0 0 rg BT 373.81 497.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 401.69 497.10 Td (from ) Tj ET Q q 0 0 0 rg BT 424.01 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.10 497.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 499.74 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.40 497.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 558.24 497.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.86 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.28 485.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 113.37 485.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.46 485.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 187.74 485.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 229.92 485.10 Td (entities.) Tj ET Q q 0 0 0 rg BT 263.25 485.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.68 485.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 338.19 485.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.19 485.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.11 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.75 485.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 424.50 485.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 442.80 485.10 Td (value ) Tj ET Q q 0 0 0 rg BT 468.88 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.63 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 499.39 485.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 551.58 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.79 485.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 473.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 123.76 473.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 155.14 473.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.19 473.10 Td ($24 ) Tj ET Q q 0 0 0 rg BT 190.69 473.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.58 473.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.41 449.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.15 449.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 137.34 449.10 Td (present ) Tj ET Q q 0 0 0 rg BT 168.07 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.15 449.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 226.22 449.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.41 449.10 Td (income ) Tj ET Q q 0 0 0 rg BT 267.70 449.10 Td (for ) Tj ET Q q 0 0 0 rg BT 281.22 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.30 449.10 Td (years ) Tj ET Q q 0 0 0 rg BT 318.26 449.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.99 449.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 401.94 449.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.94 449.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 449.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 449.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.66 449.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.95 449.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.95 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.81 449.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.11 449.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.19 449.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 551.58 449.10 Td (sheets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.58 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.04 437.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 116.83 437.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 152.29 437.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 184.42 437.10 Td (as ) Tj ET Q q 0 0 0 rg BT 196.00 437.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.58 437.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 266.91 437.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.91 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.16 437.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.84 437.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.17 437.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.17 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 392.20 437.10 Td (All ) Tj ET Q q 0 0 0 rg BT 408.23 437.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 445.36 437.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.39 437.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.85 437.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 517.31 437.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.89 437.10 Td (income ) Tj ET Q q 0 0 0 rg BT 561.57 437.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 69.03 425.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 95.97 425.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 136.79 425.10 Td (below ) Tj ET Q q 0 0 0 rg BT 163.72 425.10 Td (are ) Tj ET Q q 0 0 0 rg BT 178.43 425.10 Td (included ) Tj ET Q q 0 0 0 rg BT 215.37 425.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.64 425.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.47 425.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.52 425.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.00 425.10 Td (statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 401.10 Td (able 33 Consolidated Sequoia Entities Statements of Income) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 351.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 351.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 351.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 351.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 351.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 351.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 321.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 321.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 321.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 321.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 321.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 321.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 291.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 291.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 291.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 291.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 291.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 291.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 261.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 261.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 261.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 261.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 261.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 261.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 366.6 m 313.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 366.6 m 317.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 366.6 m 377.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 366.6 m 381.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 366.6 m 441.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 366.6 m 509.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 366.6 m 513.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 366.6 m 573.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 351.6 m 249.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 351.6 m 313.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 351.6 m 377.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 366.6 m 441.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 351.6 m 441.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 366.6 m 445.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 351.6 m 509.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 351.6 m 573.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 351.6 m 377.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 351.6 m 441.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 351.6 m 445.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 321.6 m 313.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 321.6 m 377.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 321.6 m 441.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 336.6 m 445.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 321.6 m 509.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 321.6 m 573.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 321.6 m 313.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 321.6 m 377.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 321.6 m 441.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 321.6 m 445.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 321.6 m 509.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 321.6 m 573.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 306.6 m 445.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 291.6 m 445.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 276.6 m 445.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 246.60000000000002 m 313.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 246.60000000000002 m 377.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 246.60000000000002 m 441.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 261.6 m 445.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 246.60000000000002 m 509.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 246.60000000000002 m 573.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 246.60000000000002 m 313.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 232.60000000000002 m 313.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 230.60000000000002 m 313.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 246.60000000000002 m 377.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 232.60000000000002 m 377.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 230.60000000000002 m 377.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 246.60000000000002 m 441.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 232.60000000000002 m 441.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 230.60000000000002 m 441.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 246.60000000000002 m 445.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 246.60000000000002 m 509.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 232.60000000000002 m 509.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 230.60000000000002 m 509.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 246.60000000000002 m 573.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 232.60000000000002 m 573.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 230.60000000000002 m 573.5 230.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.60 371.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 371.28 Td (Changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 356.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 356.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.00 356.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 356.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.80 356.28 Td ('16/'15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.80 356.28 Td ('15/'14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 341.27 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 341.27 Td (19,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 341.27 Td (24,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 341.27 Td (25,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 341.32 Td (\(5,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 341.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 341.27 Td (\(972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.65 341.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 326.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.80 326.32 Td (\(13,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.80 326.32 Td (\(15,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.80 326.32 Td (\(20,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 326.27 Td (2,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 326.27 Td (5,198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 311.28 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 311.27 Td (6,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 311.27 Td (9,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 311.27 Td (4,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 311.32 Td (\(2,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 311.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 311.27 Td (4,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 296.27 Td (Reversal of provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 296.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 296.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 296.32 Td (\(877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 296.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 296.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 296.27 Td (877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 281.27 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 281.32 Td (\(4,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.80 281.32 Td (\(1,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 281.32 Td (\(894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 281.32 Td (\(3,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 281.27 Td (\(298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 266.27 Td (Realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 266.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 266.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 266.27 Td (1,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 266.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.80 266.27 Td (\(1,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.65 266.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 251.27 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 251.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 251.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 251.32 Td (\(165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 251.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 251.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 251.27 Td (165) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 236.28 Td (Net Income from Consolidated Sequoia Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 236.27 Td (2,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 236.27 Td (7,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 236.27 Td (4,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 236.32 Td (\(5,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 236.27 Td (3,269) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (75) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 731.25 Td (able 34 Consolidated Sequoia Entities Balance Sheets) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 705.75 347.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 705.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 705.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 705.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 705.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 675.75 347.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 675.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 675.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 675.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 675.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 635.75 347.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 635.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 635.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 605.75 347.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 605.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 605.75 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 605.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 605.75 87.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 705.75 m 383.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 705.75 m 481.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 705.75 m 572.5 705.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 675.75 m 481.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 661.75 m 481.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 659.75 m 481.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 675.75 m 572.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 661.75 m 572.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 659.75 m 572.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 620.75 m 572.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 620.75 m 481.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 620.75 m 572.5 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 590.75 m 481.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 590.75 m 481.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 576.75 m 481.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 574.75 m 481.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 590.75 m 572.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 576.75 m 572.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 574.75 m 572.5 574.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 710.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 710.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 710.43 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 695.42 Td (Residential loans held for investment, at fair value) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 240.61 699.95 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 695.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 695.42 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 695.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 695.42 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 680.42 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 680.42 Td (6,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 680.42 Td (6,254) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 665.43 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 665.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 665.42 Td (798,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 665.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 665.42 Td (1,028,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 640.42 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 640.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 640.42 Td (518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 640.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 640.42 Td (655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 625.42 Td (Asset-backed securities issued, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 625.42 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 625.42 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 610.42 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 610.42 Td (773,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 610.42 Td (997,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 595.42 Td (Equity \(fair value of Redwood's retained investments in entities\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 595.42 Td (24,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 595.42 Td (30,649) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 580.43 Td (Total Liabilities and Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 580.42 Td (798,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 580.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 580.42 Td (1,028,124) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 550.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 52.94 550.45 Td (Interest ) Tj ET Q q 0 0 0 rg BT 87.11 550.45 Td (Income ) Tj ET Q q 0 0 0 rg BT 120.72 550.45 Td (at ) Tj ET Q q 0 0 0 rg BT 131.00 550.45 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 187.39 550.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 223.23 550.45 Td (Entities ) Tj ET Q q 0 0 0 rg BT 257.41 550.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.45 Td (The ) Tj ET Q q 0 0 0 rg BT 72.85 530.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 110.57 530.45 Td (in ) Tj ET Q q 0 0 0 rg BT 121.65 530.45 Td (net ) Tj ET Q q 0 0 0 rg BT 137.17 530.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 169.90 530.45 Td (income ) Tj ET Q q 0 0 0 rg BT 202.64 530.45 Td (in ) Tj ET Q q 0 0 0 rg BT 213.72 530.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 237.02 530.45 Td (was ) Tj ET Q q 0 0 0 rg BT 255.87 530.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 296.39 530.45 Td (due ) Tj ET Q q 0 0 0 rg BT 314.13 530.45 Td (to ) Tj ET Q q 0 0 0 rg BT 325.21 530.45 Td (decreasing ) Tj ET Q q 0 0 0 rg BT 371.27 530.45 Td (average ) Tj ET Q q 0 0 0 rg BT 405.65 530.45 Td (balances ) Tj ET Q q 0 0 0 rg BT 443.38 530.45 Td (of ) Tj ET Q q 0 0 0 rg BT 455.01 530.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 479.42 530.45 Td (at ) Tj ET Q q 0 0 0 rg BT 489.94 530.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 543.78 530.45 Td (Sequoia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 518.45 Td (entities, ) Tj ET Q q 0 0 0 rg BT 69.46 518.45 Td (resulting ) Tj ET Q q 0 0 0 rg BT 106.53 518.45 Td (from ) Tj ET Q q 0 0 0 rg BT 128.04 518.45 Td (continued ) Tj ET Q q 0 0 0 rg BT 169.55 518.45 Td (paydowns. ) Tj ET Q q 0 0 0 rg BT 214.52 518.45 Td (These ) Tj ET Q q 0 0 0 rg BT 240.47 518.45 Td (declines ) Tj ET Q q 0 0 0 rg BT 275.31 518.45 Td (were ) Tj ET Q q 0 0 0 rg BT 296.81 518.45 Td (partially ) Tj ET Q q 0 0 0 rg BT 332.21 518.45 Td (of) Tj ET Q q 0 0 0 rg BT 340.36 518.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 356.87 518.45 Td (by ) Tj ET Q q 0 0 0 rg BT 368.94 518.45 Td (lower ) Tj ET Q q 0 0 0 rg BT 393.79 518.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 425.30 518.45 Td (expense, ) Tj ET Q q 0 0 0 rg BT 462.08 518.45 Td (as ) Tj ET Q q 0 0 0 rg BT 472.48 518.45 Td (the ) Tj ET Q q 0 0 0 rg BT 486.77 518.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 529.48 518.45 Td (ABS ) Tj ET Q q 0 0 0 rg BT 551.01 518.45 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 506.45 Td (balances ) Tj ET Q q 0 0 0 rg BT 72.92 506.45 Td (also ) Tj ET Q q 0 0 0 rg BT 91.53 506.45 Td (declined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.45 Td (Despite ) Tj ET Q q 0 0 0 rg BT 87.68 482.45 Td (a ) Tj ET Q q 0 0 0 rg BT 95.26 482.45 Td (lower ) Tj ET Q q 0 0 0 rg BT 121.17 482.45 Td (average ) Tj ET Q q 0 0 0 rg BT 155.39 482.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 175.74 482.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 209.41 482.45 Td (during ) Tj ET Q q 0 0 0 rg BT 238.66 482.45 Td (2015 ) Tj ET Q q 0 0 0 rg BT 261.79 482.45 Td (as ) Tj ET Q q 0 0 0 rg BT 273.26 482.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 315.82 482.45 Td (to ) Tj ET Q q 0 0 0 rg BT 326.74 482.45 Td (2014, ) Tj ET Q q 0 0 0 rg BT 352.37 482.45 Td (net ) Tj ET Q q 0 0 0 rg BT 367.73 482.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 400.30 482.45 Td (income ) Tj ET Q q 0 0 0 rg BT 432.87 482.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 473.76 482.45 Td (in ) Tj ET Q q 0 0 0 rg BT 484.68 482.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 510.31 482.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 550.66 482.45 Td (due ) Tj ET Q q 0 0 0 rg BT 568.24 482.45 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 470.45 Td (premium ) Tj ET Q q 0 0 0 rg BT 74.69 470.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 127.81 470.45 Td (that ) Tj ET Q q 0 0 0 rg BT 145.40 470.45 Td (was ) Tj ET Q q 0 0 0 rg BT 163.54 470.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 201.10 470.45 Td (during ) Tj ET Q q 0 0 0 rg BT 229.79 470.45 Td (2014. ) Tj ET Q q 0 0 0 rg BT 254.31 470.45 Td (As ) Tj ET Q q 0 0 0 rg BT 268.01 470.45 Td (a ) Tj ET Q q 0 0 0 rg BT 275.03 470.45 Td (result ) Tj ET Q q 0 0 0 rg BT 299.84 470.45 Td (of ) Tj ET Q q 0 0 0 rg BT 310.75 470.45 Td (the ) Tj ET Q q 0 0 0 rg BT 325.56 470.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 363.14 470.45 Td (of ) Tj ET Q q 0 0 0 rg BT 373.49 470.45 Td (ASU ) Tj ET Q q 0 0 0 rg BT 396.08 470.45 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 432.00 470.45 Td (on ) Tj ET Q q 0 0 0 rg BT 444.58 470.45 Td (January ) Tj ET Q q 0 0 0 rg BT 478.27 470.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 488.35 470.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 513.44 470.45 Td (all ) Tj ET Q q 0 0 0 rg BT 526.02 470.45 Td (unamortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 458.45 Td (premium ) Tj ET Q q 0 0 0 rg BT 74.60 458.45 Td (was ) Tj ET Q q 0 0 0 rg BT 92.66 458.45 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 137.36 458.45 Td (and ) Tj ET Q q 0 0 0 rg BT 154.30 458.45 Td (did ) Tj ET Q q 0 0 0 rg BT 169.58 458.45 Td (not ) Tj ET Q q 0 0 0 rg BT 184.86 458.45 Td (af) Tj ET Q q 0 0 0 rg BT 192.45 458.45 Td (fect ) Tj ET Q q 0 0 0 rg BT 209.93 458.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 241.86 458.45 Td (income ) Tj ET Q q 0 0 0 rg BT 273.80 458.45 Td (in ) Tj ET Q q 0 0 0 rg BT 284.08 458.45 Td (2015.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 434.45 Td (Investment Fair V) Tj ET Q q 0 0 0 rg BT 110.46 434.45 Td (alue Changes, net at Consolidated Sequoia Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 410.45 Td (Investment ) Tj ET Q q 0 0 0 rg BT 100.56 410.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.57 410.45 Td (value ) Tj ET Q q 0 0 0 rg BT 140.35 410.45 Td (changes, ) Tj ET Q q 0 0 0 rg BT 177.19 410.45 Td (net ) Tj ET Q q 0 0 0 rg BT 191.53 410.45 Td (at ) Tj ET Q q 0 0 0 rg BT 200.88 410.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 253.55 410.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 287.90 410.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 318.91 410.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 354.36 410.45 Td (the ) Tj ET Q q 0 0 0 rg BT 368.71 410.45 Td (change ) Tj ET Q q 0 0 0 rg BT 399.15 410.45 Td (in ) Tj ET Q q 0 0 0 rg BT 409.06 410.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 425.06 410.45 Td (value ) Tj ET Q q 0 0 0 rg BT 448.85 410.45 Td (of ) Tj ET Q q 0 0 0 rg BT 459.31 410.45 Td (the ) Tj ET Q q 0 0 0 rg BT 473.65 410.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 517.43 410.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 540.67 410.45 Td (held-for) Tj ET Q q 0 0 0 rg BT 572.68 410.45 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 398.45 Td (investment, ) Tj ET Q q 0 0 0 rg BT 84.86 398.45 Td (REO, ) Tj ET Q q 0 0 0 rg BT 109.84 398.45 Td (and ) Tj ET Q q 0 0 0 rg BT 126.76 398.45 Td (the ) Tj ET Q q 0 0 0 rg BT 140.91 398.45 Td (ABS ) Tj ET Q q 0 0 0 rg BT 162.85 398.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 190.33 398.45 Td (at ) Tj ET Q q 0 0 0 rg BT 200.02 398.45 Td (the ) Tj ET Q q 0 0 0 rg BT 214.72 398.45 Td (entities, ) Tj ET Q q 0 0 0 rg BT 248.58 398.45 Td (which ) Tj ET Q q 0 0 0 rg BT 275.50 398.45 Td (netted ) Tj ET Q q 0 0 0 rg BT 302.42 398.45 Td (together ) Tj ET Q q 0 0 0 rg BT 337.66 398.45 Td (represent ) Tj ET Q q 0 0 0 rg BT 376.79 398.45 Td (the ) Tj ET Q q 0 0 0 rg BT 391.48 398.45 Td (change ) Tj ET Q q 0 0 0 rg BT 422.28 398.45 Td (in ) Tj ET Q q 0 0 0 rg BT 432.54 398.45 Td (value ) Tj ET Q q 0 0 0 rg BT 456.67 398.45 Td (of ) Tj ET Q q 0 0 0 rg BT 467.48 398.45 Td (our ) Tj ET Q q 0 0 0 rg BT 483.29 398.45 Td (retained ) Tj ET Q q 0 0 0 rg BT 517.98 398.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 568.23 398.45 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 386.45 Td (the ) Tj ET Q q 0 0 0 rg BT 50.82 386.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.97 386.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 138.79 386.45 Td (entities. ) Tj ET Q q 0 0 0 rg BT 172.21 386.45 Td (As ) Tj ET Q q 0 0 0 rg BT 185.93 386.45 Td (such, ) Tj ET Q q 0 0 0 rg BT 209.36 386.45 Td (the ) Tj ET Q q 0 0 0 rg BT 224.19 386.45 Td (periodic ) Tj ET Q q 0 0 0 rg BT 259.56 386.45 Td (change ) Tj ET Q q 0 0 0 rg BT 290.48 386.45 Td (in ) Tj ET Q q 0 0 0 rg BT 300.86 386.45 Td (the ) Tj ET Q q 0 0 0 rg BT 315.69 386.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 332.17 386.45 Td (value ) Tj ET Q q 0 0 0 rg BT 356.43 386.45 Td (of ) Tj ET Q q 0 0 0 rg BT 367.37 386.45 Td (the ) Tj ET Q q 0 0 0 rg BT 382.19 386.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 435.34 386.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 461.28 386.45 Td (and ) Tj ET Q q 0 0 0 rg BT 478.32 386.45 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 520.65 386.45 Td (represents ) Tj ET Q q 0 0 0 rg BT 563.79 386.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 374.45 Td (change ) Tj ET Q q 0 0 0 rg BT 66.35 374.45 Td (in ) Tj ET Q q 0 0 0 rg BT 76.15 374.45 Td (value ) Tj ET Q q 0 0 0 rg BT 99.84 374.45 Td (of ) Tj ET Q q 0 0 0 rg BT 110.20 374.45 Td (our ) Tj ET Q q 0 0 0 rg BT 125.56 374.45 Td (retained ) Tj ET Q q 0 0 0 rg BT 159.79 374.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 209.60 374.45 Td (in ) Tj ET Q q 0 0 0 rg BT 219.41 374.45 Td (the ) Tj ET Q q 0 0 0 rg BT 233.65 374.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 286.22 374.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 320.47 374.45 Td (entities. ) Tj ET Q q 0 0 0 rg BT 353.74 374.45 Td (The ) Tj ET Q q 0 0 0 rg BT 371.31 374.45 Td (decrease ) Tj ET Q q 0 0 0 rg BT 407.76 374.45 Td (in ) Tj ET Q q 0 0 0 rg BT 417.57 374.45 Td (market ) Tj ET Q q 0 0 0 rg BT 447.36 374.45 Td (value ) Tj ET Q q 0 0 0 rg BT 471.05 374.45 Td (during ) Tj ET Q q 0 0 0 rg BT 499.19 374.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 521.22 374.45 Td (was ) Tj ET Q q 0 0 0 rg BT 538.80 374.45 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 362.45 Td (driven ) Tj ET Q q 0 0 0 rg BT 64.05 362.45 Td (by ) Tj ET Q q 0 0 0 rg BT 76.55 362.45 Td (a ) Tj ET Q q 0 0 0 rg BT 83.49 362.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 123.75 362.45 Td (in ) Tj ET Q q 0 0 0 rg BT 134.03 362.45 Td (the ) Tj ET Q q 0 0 0 rg BT 148.74 362.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 171.24 362.45 Td (of ) Tj ET Q q 0 0 0 rg BT 182.07 362.45 Td (our ) Tj ET Q q 0 0 0 rg BT 197.90 362.45 Td (retained ) Tj ET Q q 0 0 0 rg BT 232.61 362.45 Td (IO ) Tj ET Q q 0 0 0 rg BT 245.66 362.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 285.92 362.45 Td (from ) Tj ET Q q 0 0 0 rg BT 307.86 362.45 Td (the ) Tj ET Q q 0 0 0 rg BT 322.58 362.45 Td (receipt ) Tj ET Q q 0 0 0 rg BT 352.28 362.45 Td (of ) Tj ET Q q 0 0 0 rg BT 363.11 362.45 Td (payments ) Tj ET Q q 0 0 0 rg BT 403.93 362.45 Td (during ) Tj ET Q q 0 0 0 rg BT 432.54 362.45 Td (that ) Tj ET Q q 0 0 0 rg BT 450.04 362.45 Td (period.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 338.45 Td (Residential Loans at Consolidated Sequoia Entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 318.45 Td (The ) Tj ET Q q 0 0 0 rg BT 72.29 318.45 Td (following ) Tj ET Q q 0 0 0 rg BT 113.92 318.45 Td (table ) Tj ET Q q 0 0 0 rg BT 136.09 318.45 Td (provides ) Tj ET Q q 0 0 0 rg BT 173.27 318.45 Td (details ) Tj ET Q q 0 0 0 rg BT 202.12 318.45 Td (of ) Tj ET Q q 0 0 0 rg BT 213.19 318.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 257.58 318.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 277.54 318.45 Td (activity ) Tj ET Q q 0 0 0 rg BT 310.27 318.45 Td (at ) Tj ET Q q 0 0 0 rg BT 320.23 318.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 373.51 318.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 408.47 318.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 440.10 318.45 Td (for ) Tj ET Q q 0 0 0 rg BT 454.50 318.45 Td (the ) Tj ET Q q 0 0 0 rg BT 469.46 318.45 Td (years ) Tj ET Q q 0 0 0 rg BT 493.30 318.45 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 318.45 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 306.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 306.45 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 306.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 306.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.44 306.45 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 282.45 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 282.45 Td (able 35 Residential Loans at Consolidated Sequoia Entities) Tj ET Q q 0 0 0 rg BT 306.40 282.45 Td (Activity ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 243.95 376.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 243.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 243.95 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 243.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 243.95 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 213.95 376.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 213.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 213.95 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 213.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 213.95 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 183.95 376.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 183.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 183.95 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 183.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 183.95 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 153.95 376.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 153.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 153.95 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 153.95 4.00 -15.00 re f /GS0 gs 0.8 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 138.95000000000005 m 493.5 138.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 138.95000000000005 m 575.5 138.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 123.95000000000005 m 493.5 123.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 123.95000000000005 m 575.5 123.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 123.95000000000005 m 493.5 123.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 109.95000000000005 m 493.5 109.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 107.95000000000005 m 493.5 107.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 123.95000000000005 m 575.5 123.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 109.95000000000005 m 575.5 109.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 107.95000000000005 m 575.5 107.95000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 262.63 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 248.63 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 248.63 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.00 248.63 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 233.62 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 233.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 233.62 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 233.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 233.62 Td (1,474,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 218.62 Td (ASU 2014-13 election adjustment) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 174.37 223.15 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 218.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 218.62 Td (\(103,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 218.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.62 Td (Adjusted beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 203.62 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 203.62 Td (1,370,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 188.62 Td (Principal repayments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 188.67 Td (\(197,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 188.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 188.62 Td (\(258,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 188.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 173.62 Td (Transfers to REO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 173.67 Td (\(11,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 173.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 173.62 Td (\(5,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 173.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 158.62 Td (T) Tj ET Q q 0 0 0 rg BT 43.76 158.62 Td (ransfers between portfolios) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 152.61 163.15 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 158.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 158.62 Td (\(91,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 158.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 143.62 Td (Deconsolidation adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 143.67 Td (\(6,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 143.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 143.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 128.62 Td (Changes in fair value, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 128.67 Td (\(14,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 128.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 128.62 Td (7,423) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 113.63 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 113.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 113.62 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 113.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 113.62 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 36.00 95.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 47.33 95.65 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 95.65 Td (On ) Tj ET Q q 0 0 0 rg BT 67.04 95.65 Td (January ) Tj ET Q q 0 0 0 rg BT 97.06 95.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 105.85 95.65 Td (2015, ) Tj ET Q q 0 0 0 rg BT 128.14 95.65 Td (we ) Tj ET Q q 0 0 0 rg BT 140.67 95.65 Td (adopted ) Tj ET Q q 0 0 0 rg BT 170.75 95.65 Td (ASU ) Tj ET Q q 0 0 0 rg BT 190.79 95.65 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 222.82 95.65 Td (and ) Tj ET Q q 0 0 0 rg BT 237.85 95.65 Td (began ) Tj ET Q q 0 0 0 rg BT 261.38 95.65 Td (to ) Tj ET Q q 0 0 0 rg BT 270.42 95.65 Td (account ) Tj ET Q q 0 0 0 rg BT 300.44 95.65 Td (for ) Tj ET Q q 0 0 0 rg BT 312.97 95.65 Td (residential ) Tj ET Q q 0 0 0 rg BT 352.49 95.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 373.53 95.65 Td (held-for) Tj ET Q q 0 0 0 rg BT 402.33 95.65 Td (-investment ) Tj ET Q q 0 0 0 rg BT 446.86 95.65 Td (and ) Tj ET Q q 0 0 0 rg BT 461.89 95.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 481.42 95.65 Td (backed ) Tj ET Q q 0 0 0 rg BT 508.94 95.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.97 95.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 569.51 95.65 Td (at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 84.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.07 84.85 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 133.65 84.85 Td (entities ) Tj ET Q q 0 0 0 rg BT 162.22 84.85 Td (at ) Tj ET Q q 0 0 0 rg BT 171.30 84.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.37 84.85 Td (value. ) Tj ET Q q 0 0 0 rg BT 210.69 84.85 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.27 84.85 Td (Note ) Tj ET Q q 0 0 0 rg BT 245.85 84.85 Td (3 ) Tj ET Q q 0 0 0 rg BT 252.93 84.85 Td ( ) Tj ET Q q 0 0 0 rg BT 263.52 84.85 Td (Summary ) Tj ET Q q 0 0 0 rg BT 300.09 84.85 Td (of ) Tj ET Q q 0 0 0 rg BT 309.68 84.85 Td (Significant ) Tj ET Q q 0 0 0 rg BT 351.07 84.85 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 394.64 84.85 Td (Policies) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.63 84.85 Td ( ) Tj ET Q q 0 0 0 rg BT 426.21 84.85 Td (to ) Tj ET Q q 0 0 0 rg BT 435.79 84.85 Td (our ) Tj ET Q q 0 0 0 rg BT 450.37 84.85 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 500.45 84.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 536.52 84.85 Td (Statements ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 74.05 Td (included ) Tj ET Q q 0 0 0 rg BT 87.24 74.05 Td (in ) Tj ET Q q 0 0 0 rg BT 96.49 74.05 Td (Part ) Tj ET Q q 0 0 0 rg BT 113.24 74.05 Td (II, ) Tj ET Q q 0 0 0 rg BT 123.73 74.05 Td (Item ) Tj ET Q q 0 0 0 rg BT 142.48 74.05 Td (8 ) Tj ET Q q 0 0 0 rg BT 149.23 74.05 Td (of ) Tj ET Q q 0 0 0 rg BT 158.97 74.05 Td (this ) Tj ET Q q 0 0 0 rg BT 173.73 74.05 Td (Annual ) Tj ET Q q 0 0 0 rg BT 202.47 74.05 Td (Report ) Tj ET Q q 0 0 0 rg BT 229.22 74.05 Td (on ) Tj ET Q q 0 0 0 rg BT 240.47 74.05 Td (Form ) Tj ET Q q 0 0 0 rg BT 262.22 74.05 Td (10-K ) Tj ET Q q 0 0 0 rg BT 282.97 74.05 Td (for ) Tj ET Q q 0 0 0 rg BT 295.71 74.05 Td (further ) Tj ET Q q 0 0 0 rg BT 322.45 74.05 Td (discussion.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 36.00 60.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 47.33 60.25 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 60.25 Td (During ) Tj ET Q q 0 0 0 rg BT 81.75 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.99 60.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 119.24 60.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 146.97 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.72 60.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 179.22 60.25 Td (we ) Tj ET Q q 0 0 0 rg BT 191.96 60.25 Td (exercised ) Tj ET Q q 0 0 0 rg BT 228.19 60.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.44 60.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 265.19 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 274.44 60.25 Td (call ) Tj ET Q q 0 0 0 rg BT 289.68 60.25 Td (three ) Tj ET Q q 0 0 0 rg BT 309.92 60.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 357.65 60.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 388.90 60.25 Td (entities.) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (76) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Characteristics of Loans at Consolidated Sequoia Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.80 711.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.94 711.25 Td (table ) Tj ET Q q 0 0 0 rg BT 134.62 711.25 Td (highlights ) Tj ET Q q 0 0 0 rg BT 176.88 711.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 206.34 711.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 244.14 711.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 280.81 711.25 Td (for ) Tj ET Q q 0 0 0 rg BT 294.72 711.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 318.08 711.25 Td (at ) Tj ET Q q 0 0 0 rg BT 327.55 711.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 380.34 711.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 414.81 711.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 445.94 711.25 Td (by ) Tj ET Q q 0 0 0 rg BT 458.19 711.25 Td (product ) Tj ET Q q 0 0 0 rg BT 490.99 711.25 Td (type ) Tj ET Q q 0 0 0 rg BT 510.46 711.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 711.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 699.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 675.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 675.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 675.25 Td (36 ) Tj ET Q q 0 0 0 rg BT 73.41 675.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.91 675.25 Td (Characteristics ) Tj ET Q q 0 0 0 rg BT 145.63 675.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.46 675.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 184.53 675.25 Td (at ) Tj ET Q q 0 0 0 rg BT 194.80 675.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 251.20 675.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 287.04 675.25 Td (Entities ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 626.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 626.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 626.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 626.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 596.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 596.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 596.75 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 626.75 m 377.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 626.75 m 476.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 626.75 m 575.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 581.75 m 476.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 567.75 m 476.5 567.75 l s 0 0 0 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/F1 10.00 Tf ET q 0 0 0 rg BT 445.15 586.42 Td (17,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 586.42 Td (3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 586.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 571.43 Td (Total Outstanding Principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 571.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 571.42 Td (886,981) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 550.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 550.45 Td (All ) Tj ET Q q 0 0 0 rg BT 67.75 550.45 Td (of ) Tj ET Q q 0 0 0 rg BT 77.50 550.45 Td (these ) Tj ET Q q 0 0 0 rg BT 98.24 550.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 119.49 550.45 Td (have ) Tj ET Q q 0 0 0 rg BT 138.73 550.45 Td (reached ) Tj ET Q q 0 0 0 rg BT 168.95 550.45 Td (the ) Tj ET Q q 0 0 0 rg BT 182.20 550.45 Td (initial ) Tj ET Q q 0 0 0 rg BT 205.44 550.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 234.18 550.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 249.92 550.45 Td (reset ) Tj ET Q q 0 0 0 rg BT 269.16 550.45 Td (date ) Tj ET Q q 0 0 0 rg BT 286.40 550.45 Td (and ) Tj ET Q q 0 0 0 rg BT 301.65 550.45 Td (are ) Tj ET Q q 0 0 0 rg BT 314.88 550.45 Td (currently ) Tj ET Q q 0 0 0 rg BT 349.62 550.45 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 388.35 550.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 404.09 550.45 Td (mortgages. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.45 Td (First ) Tj ET Q q 0 0 0 rg BT 75.03 530.45 Td (lien ) Tj ET Q q 0 0 0 rg BT 92.72 530.45 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 135.96 530.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 153.64 530.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 194.10 530.45 Td (\("ARM"\) ) Tj ET Q q 0 0 0 rg BT 234.40 530.45 Td (and ) Tj ET Q q 0 0 0 rg BT 251.53 530.45 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 280.33 530.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 304.14 530.45 Td (comprise ) Tj ET Q q 0 0 0 rg BT 343.49 530.45 Td (nearly ) Tj ET Q q 0 0 0 rg BT 371.17 530.45 Td (all ) Tj ET Q q 0 0 0 rg BT 383.86 530.45 Td (of ) Tj ET Q q 0 0 0 rg BT 394.88 530.45 Td (the ) Tj ET Q q 0 0 0 rg BT 409.79 530.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 433.59 530.45 Td (in ) Tj ET Q q 0 0 0 rg BT 444.07 530.45 Td (the ) Tj ET Q q 0 0 0 rg BT 458.98 530.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 512.21 530.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 547.13 530.45 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 518.45 Td (and ) Tj ET Q q 0 0 0 rg BT 52.22 518.45 Td (were ) Tj ET Q q 0 0 0 rg BT 73.43 518.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 112.42 518.45 Td (originated ) Tj ET Q q 0 0 0 rg BT 154.74 518.45 Td (in ) Tj ET Q q 0 0 0 rg BT 164.30 518.45 Td (2006 ) Tj ET Q q 0 0 0 rg BT 186.08 518.45 Td (or ) Tj ET Q q 0 0 0 rg BT 196.19 518.45 Td (prior) Tj ET Q q 0 0 0 rg BT 215.07 518.45 Td (. ) Tj ET Q q 0 0 0 rg BT 218.96 518.45 Td (All ) Tj ET Q q 0 0 0 rg BT 233.52 518.45 Td (of ) Tj ET Q q 0 0 0 rg BT 243.63 518.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.63 518.45 Td ($18 ) Tj ET Q q 0 0 0 rg BT 274.41 518.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.30 518.45 Td ( ) Tj ET Q q 0 0 0 rg BT 305.08 518.45 Td (of ) Tj ET Q q 0 0 0 rg BT 315.19 518.45 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 343.08 518.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 365.96 518.45 Td (held ) Tj ET Q q 0 0 0 rg BT 384.96 518.45 Td (at ) Tj ET Q q 0 0 0 rg BT 393.96 518.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 446.28 518.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 480.28 518.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 510.94 518.45 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 518.45 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 506.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 506.45 Td ( ) Tj ET Q q 0 0 0 rg BT 58.88 506.45 Td (had ) Tj ET Q q 0 0 0 rg BT 76.20 506.45 Td (reset ) Tj ET Q q 0 0 0 rg BT 97.96 506.45 Td (in ) Tj ET Q q 0 0 0 rg BT 108.61 506.45 Td (2010, ) Tj ET Q q 0 0 0 rg BT 133.99 506.45 Td (and ) Tj ET Q q 0 0 0 rg BT 151.31 506.45 Td (now ) Tj ET Q q 0 0 0 rg BT 171.41 506.45 Td (act ) Tj ET Q q 0 0 0 rg BT 185.95 506.45 Td (as ) Tj ET Q q 0 0 0 rg BT 196.52 506.45 Td (ARM ) Tj ET Q q 0 0 0 rg BT 222.19 506.45 Td (loans. ) Tj ET Q q 0 0 0 rg BT 248.67 506.45 Td (For ) Tj ET Q q 0 0 0 rg BT 265.45 506.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 314.99 506.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 338.98 506.45 Td (at ) Tj ET Q q 0 0 0 rg BT 349.08 506.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 402.50 506.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 437.59 506.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 469.36 506.45 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.45 506.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 538.42 506.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.42 506.45 Td (, ) Tj ET Q q 0 0 0 rg BT 563.80 506.45 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 494.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 75.59 494.45 Td (average ) Tj ET Q q 0 0 0 rg BT 109.61 494.45 Td (FICO ) Tj ET Q q 0 0 0 rg BT 135.32 494.45 Td (score ) Tj ET Q q 0 0 0 rg BT 159.36 494.45 Td (of ) Tj ET Q q 0 0 0 rg BT 170.62 494.45 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 214.09 494.45 Td (backing ) Tj ET Q q 0 0 0 rg BT 248.68 494.45 Td (these ) Tj ET Q q 0 0 0 rg BT 272.16 494.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 296.21 494.45 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.69 494.45 Td (728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.69 494.45 Td ( ) Tj ET Q q 0 0 0 rg BT 332.63 494.45 Td (\(at ) Tj ET Q q 0 0 0 rg BT 346.11 494.45 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 396.25 494.45 Td (and ) Tj ET Q q 0 0 0 rg BT 413.62 494.45 Td (the ) Tj ET Q q 0 0 0 rg BT 428.77 494.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 468.36 494.45 Td (average ) Tj ET Q q 0 0 0 rg BT 502.38 494.45 Td (original ) Tj ET Q q 0 0 0 rg BT 536.42 494.45 Td (L) Tj ET Q q 0 0 0 rg BT 541.61 494.45 Td (TV) Tj ET Q q 0 0 0 rg BT 554.76 494.45 Td ( ) Tj ET Q q 0 0 0 rg BT 557.69 494.45 Td (ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 482.45 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.91 482.45 Td (66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.24 482.45 Td ( ) Tj ET Q q 0 0 0 rg BT 74.59 482.45 Td (\(at ) Tj ET Q q 0 0 0 rg BT 87.49 482.45 Td (origination\). ) Tj ET Q q 0 0 0 rg BT 139.04 482.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.39 482.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.83 482.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.83 482.45 Td ( ) Tj ET Q q 0 0 0 rg BT 232.18 482.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.97 482.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 307.41 482.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.41 482.45 Td (, ) Tj ET Q q 0 0 0 rg BT 332.26 482.45 Td (the ) Tj ET Q q 0 0 0 rg BT 346.83 482.45 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 376.40 482.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 414.30 482.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 447.18 482.45 Td (of ) Tj ET Q q 0 0 0 rg BT 457.87 482.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 481.33 482.45 Td (at ) Tj ET Q q 0 0 0 rg BT 490.90 482.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 543.80 482.45 Td (Sequoia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 470.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 68.28 470.45 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 113.90 470.45 Td (greater ) Tj ET Q q 0 0 0 rg BT 145.05 470.45 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.67 470.45 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.67 470.45 Td ( ) Tj ET Q q 0 0 0 rg BT 179.07 470.45 Td (days ) Tj ET Q q 0 0 0 rg BT 200.80 470.45 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.75 470.45 Td ($19 ) Tj ET Q q 0 0 0 rg BT 238.15 470.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.04 470.45 Td ( ) Tj ET Q q 0 0 0 rg BT 270.45 470.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.29 470.45 Td ($27 ) Tj ET Q q 0 0 0 rg BT 306.69 470.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.58 470.45 Td (, ) Tj ET Q q 0 0 0 rg BT 341.48 470.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 389.14 470.45 Td (, ) Tj ET Q q 0 0 0 rg BT 395.04 470.45 Td (and ) Tj ET Q q 0 0 0 rg BT 412.88 470.45 Td (the ) Tj ET Q q 0 0 0 rg BT 428.50 470.45 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 459.12 470.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 498.06 470.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 531.99 470.45 Td (of ) Tj ET Q q 0 0 0 rg BT 543.72 470.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 568.23 470.45 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 458.45 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 83.48 458.45 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.53 458.45 Td ($1) Tj ET Q q 0 0 0 rg BT 111.16 458.45 Td (1 ) Tj ET Q q 0 0 0 rg BT 118.66 458.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.55 458.45 Td ( ) Tj ET Q q 0 0 0 rg BT 150.05 458.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.99 458.45 Td ($32 ) Tj ET Q q 0 0 0 rg BT 184.49 458.45 Td (million) Tj ET Q BT 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0 rg BT 330.80 390.45 Td (to ) Tj ET Q q 0 0 0 rg BT 340.69 390.45 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 393.35 390.45 Td (for ) Tj ET Q q 0 0 0 rg BT 407.13 390.45 Td (the ) Tj ET Q q 0 0 0 rg BT 421.47 390.45 Td (years ) Tj ET Q q 0 0 0 rg BT 444.69 390.45 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.69 390.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 528.89 390.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.89 390.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.51 390.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 390.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 378.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 378.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.94 378.45 Td (. ) Tj ET Q q 0 0 0 rg BT 77.94 378.45 Td (For ) Tj ET Q q 0 0 0 rg BT 94.33 378.45 Td (each ) Tj ET Q q 0 0 0 rg BT 115.15 378.45 Td (of ) Tj ET Q q 0 0 0 rg BT 125.98 378.45 Td (these ) Tj ET Q q 0 0 0 rg BT 149.02 378.45 Td (periods, ) Tj ET Q q 0 0 0 rg BT 183.46 378.45 Td (we ) Tj ET Q q 0 0 0 rg BT 197.62 378.45 Td (had ) Tj ET Q q 0 0 0 rg BT 214.56 378.45 Td (no ) Tj ET Q q 0 0 0 rg BT 227.06 378.45 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 282.33 378.45 Td (REIT) Tj ET Q q 0 0 0 rg BT 304.37 378.45 Td ( ) Tj ET Q q 0 0 0 rg BT 306.87 378.45 Td (taxable ) Tj ET Q q 0 0 0 rg BT 338.24 378.45 Td (income. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 354.45 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 354.45 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 354.45 Td (37 ) Tj ET Q q 0 0 0 rg BT 73.41 354.45 Td ( ) Tj ET Q q 0 0 0 rg BT 80.91 354.45 Td (T) Tj ET Q q 0 0 0 rg BT 86.10 354.45 Td (axable ) Tj ET Q q 0 0 0 rg BT 115.81 354.45 Td (Income ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 313.95 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 313.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 313.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 313.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 313.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 313.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 313.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 283.95 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 283.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 283.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 283.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 283.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 283.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 283.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 253.95 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 253.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 253.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 253.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 253.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 253.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 253.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 223.95 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 223.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 223.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 223.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 223.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 223.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 223.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 193.95 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 193.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 193.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 193.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 193.95 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 193.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 193.95 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 329.95000000000005 m 407.5 329.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 329.95000000000005 m 491.5 329.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 329.95000000000005 m 495.5 329.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 313.95000000000005 m 323.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 313.95000000000005 m 407.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 329.95000000000005 m 411.5 329.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 329.95000000000005 m 491.5 329.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 313.95000000000005 m 491.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 329.95000000000005 m 495.5 329.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 329.95000000000005 m 575.5 329.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 313.95000000000005 m 575.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 313.95000000000005 m 407.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 283.95000000000005 m 407.5 283.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 269.95000000000005 m 407.5 269.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 267.95000000000005 m 407.5 267.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 283.95000000000005 m 491.5 283.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 269.95000000000005 m 491.5 269.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 267.95000000000005 m 491.5 267.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 283.95000000000005 m 575.5 283.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 269.95000000000005 m 575.5 269.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 267.95000000000005 m 575.5 267.95000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.60 334.63 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 318.63 Td (\(In Thousands except per Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.60 318.63 Td (2016 est. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 382.76 323.16 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 318.63 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.00 318.63 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 303.62 Td (REIT taxable income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 303.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 303.62 Td (97,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 303.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 303.62 Td (85,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 303.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 303.62 Td (63,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 288.62 Td (Taxable REIT subsidiary income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 288.62 Td (68,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 288.67 Td (\(42,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 288.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 288.62 Td (\(18,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 288.62 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 273.63 Td (Total Taxable Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 273.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 273.62 Td (165,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 273.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 273.62 Td (43,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 273.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 273.62 Td (45,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 243.62 Td (REIT taxable income per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 243.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 243.62 Td (1.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 243.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 243.62 Td (1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 243.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 243.62 Td (0.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 228.62 Td (Total taxable income per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 228.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 228.62 Td (2.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 228.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 228.62 Td (0.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 228.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 228.62 Td (0.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 198.62 Td (Distributions to shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 198.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 198.62 Td (86,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 198.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 198.62 Td (92,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 198.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 198.62 Td (92,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 183.62 Td (Distributions to shareholders per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 183.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 183.62 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 183.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 183.62 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 183.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 183.62 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 162.65 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 162.65 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.25 162.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 83.49 162.65 Td (results ) Tj ET Q q 0 0 0 rg BT 109.24 162.65 Td (for ) Tj ET Q q 0 0 0 rg BT 121.98 162.65 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 135.23 162.65 Td (year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.71 162.65 Td ( ) Tj ET Q q 0 0 0 rg BT 152.96 162.65 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 176.70 162.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 229.43 162.65 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.43 162.65 Td ( ) Tj ET Q q 0 0 0 rg BT 249.68 162.65 Td (are ) Tj ET Q q 0 0 0 rg BT 262.92 162.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 298.66 162.65 Td (until ) Tj ET Q q 0 0 0 rg BT 317.41 162.65 Td (we ) Tj ET Q q 0 0 0 rg BT 330.15 162.65 Td (file ) Tj ET Q q 0 0 0 rg BT 344.40 162.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.64 162.65 Td (returns ) Tj ET Q q 0 0 0 rg BT 384.88 162.65 Td (for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.63 162.65 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.63 162.65 Td (. ) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (77) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 731.25 Td (ax Provision under GAAP) Tj ET Q q 0 0 0 rg BT 148.89 731.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.75 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.83 707.25 Td (years ) Tj ET Q q 0 0 0 rg BT 109.80 707.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.54 707.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 195.48 707.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.48 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 220.84 707.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 246.21 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.51 707.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 288.87 707.25 Td (we ) Tj ET Q q 0 0 0 rg BT 303.39 707.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 341.23 707.25 Td (a ) Tj ET Q q 0 0 0 rg BT 348.53 707.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.61 707.25 Td (provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.39 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 404.25 707.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.45 707.25 Td ($4 ) Tj ET Q q 0 0 0 rg BT 428.31 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.20 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 462.56 707.25 Td (a ) Tj ET Q q 0 0 0 rg BT 469.87 707.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 707.25 Td (benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.71 707.25 Td ( ) Tj ET Q q 0 0 0 rg BT 515.57 707.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.77 707.25 Td ($10 ) Tj ET Q q 0 0 0 rg BT 544.63 707.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.52 707.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.91 695.25 Td (a ) Tj ET Q q 0 0 0 rg BT 59.82 695.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 74.51 695.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 114.75 695.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.56 695.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 138.03 695.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.92 695.25 Td (, ) Tj ET Q q 0 0 0 rg BT 171.89 695.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 219.55 695.25 Td (. ) Tj ET Q q 0 0 0 rg BT 224.52 695.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 242.54 695.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 257.23 695.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 297.48 695.25 Td (or ) Tj ET Q q 0 0 0 rg BT 308.28 695.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 338.51 695.25 Td (is ) Tj ET Q q 0 0 0 rg BT 347.66 695.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 387.34 695.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 419.79 695.25 Td (from ) Tj ET Q q 0 0 0 rg BT 441.70 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.39 695.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 494.96 695.25 Td (at ) Tj ET Q q 0 0 0 rg BT 504.65 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.27 695.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 541.08 695.25 Td (as ) Tj ET Q q 0 0 0 rg BT 551.88 695.25 Td (we ) Tj ET Q q 0 0 0 rg BT 566.01 695.25 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (not ) Tj ET Q q 0 0 0 rg BT 51.93 683.25 Td (book ) Tj ET Q q 0 0 0 rg BT 75.08 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 82.67 683.25 Td (material ) Tj ET Q q 0 0 0 rg BT 118.58 683.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 133.95 683.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 174.88 683.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 219.12 683.25 Td (with ) Tj ET Q q 0 0 0 rg BT 240.05 683.25 Td (income ) Tj ET Q q 0 0 0 rg BT 272.63 683.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 314.65 683.25 Td (at ) Tj ET Q q 0 0 0 rg BT 325.02 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 341.50 683.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 362.97 683.25 Td (. ) Tj ET Q q 0 0 0 rg BT 368.39 683.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 413.46 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.83 683.25 Td (change ) Tj ET Q q 0 0 0 rg BT 460.29 683.25 Td (in ) Tj ET Q q 0 0 0 rg BT 471.22 683.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 486.59 683.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 527.52 683.25 Td (each ) Tj ET Q q 0 0 0 rg BT 548.98 683.25 Td (year ) Tj ET Q q 0 0 0 rg BT 569.34 683.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 76.65 671.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 105.64 671.25 Td (by ) Tj ET Q q 0 0 0 rg BT 119.08 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.74 671.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 168.17 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.94 671.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 206.80 671.25 Td ( ) Tj ET Q q 0 0 0 rg BT 210.24 671.25 Td (income ) Tj ET Q q 0 0 0 rg BT 243.11 671.25 Td (or ) Tj ET Q q 0 0 0 rg BT 254.88 671.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 273.88 671.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 316.18 671.25 Td (at ) Tj ET Q q 0 0 0 rg BT 326.84 671.25 Td (our ) Tj ET Q q 0 0 0 rg BT 343.36 671.25 Td (TRS, ) Tj ET Q q 0 0 0 rg BT 367.64 671.25 Td (which ) Tj ET Q q 0 0 0 rg BT 395.52 671.25 Td (is ) Tj ET Q q 0 0 0 rg BT 405.63 671.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 446.28 671.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 479.71 671.25 Td (from ) Tj ET Q q 0 0 0 rg BT 502.58 671.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 543.79 671.25 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 77.10 659.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 117.36 659.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 156.52 659.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 190.95 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.89 659.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 237.59 659.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 272.31 659.25 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (For ) Tj ET Q q 0 0 0 rg BT 69.49 635.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 93.58 635.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 152.94 635.25 Td (half ) Tj ET Q q 0 0 0 rg BT 170.08 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.01 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.82 635.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 207.63 635.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 247.00 635.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 289.14 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 295.17 635.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 330.07 635.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 343.89 635.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 383.26 635.25 Td (while ) Tj ET Q q 0 0 0 rg BT 407.07 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.88 635.25 Td (other ) Tj ET Q q 0 0 0 rg BT 443.03 635.25 Td (half ) Tj ET Q q 0 0 0 rg BT 460.17 635.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 502.30 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 508.34 635.25 Td (current ) Tj ET Q q 0 0 0 rg BT 538.25 635.25 Td (corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (level ) Tj ET Q q 0 0 0 rg BT 59.94 623.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 76.67 623.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 112.28 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 131.79 623.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 173.50 623.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 209.67 623.25 Td (from ) Tj ET Q q 0 0 0 rg BT 233.61 623.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 280.32 623.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 323.72 623.25 Td (tax. ) Tj ET Q q 0 0 0 rg BT 342.62 623.25 Td (The ) Tj ET Q q 0 0 0 rg BT 362.67 623.25 Td (income ) Tj ET Q q 0 0 0 rg BT 396.61 623.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 427.77 623.25 Td (at ) Tj ET Q q 0 0 0 rg BT 439.49 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.00 623.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 479.85 623.25 Td (does ) Tj ET Q q 0 0 0 rg BT 502.69 623.25 Td (not ) Tj ET Q q 0 0 0 rg BT 519.98 623.25 Td (af) Tj ET Q q 0 0 0 rg BT 527.56 623.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 547.06 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 563.78 623.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (characterization ) Tj ET Q q 0 0 0 rg BT 102.34 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.17 611.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.00 611.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.50 611.25 Td (dividends. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.79 587.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 94.02 587.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.48 587.25 Td (provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.26 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.50 587.25 Td (for ) Tj ET Q q 0 0 0 rg BT 162.40 587.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 189.25 587.25 Td ( ) Tj ET Q q 0 0 0 rg BT 191.49 587.25 Td (benefited ) Tj ET Q q 0 0 0 rg BT 230.93 587.25 Td (from ) Tj ET Q q 0 0 0 rg BT 252.61 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.06 587.25 Td (release ) Tj ET Q q 0 0 0 rg BT 297.06 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.63 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.08 587.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 361.53 587.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 404.30 587.25 Td (we ) Tj ET Q q 0 0 0 rg BT 418.20 587.25 Td (held ) Tj ET Q q 0 0 0 rg BT 437.66 587.25 Td (against ) Tj ET Q q 0 0 0 rg BT 468.22 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 483.79 587.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 513.78 587.25 Td (net ) Tj ET Q q 0 0 0 rg BT 528.24 587.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 563.78 587.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 64.72 575.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 91.58 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 94.47 575.25 Td (income ) Tj ET Q q 0 0 0 rg BT 126.80 575.25 Td (at ) Tj ET Q q 0 0 0 rg BT 136.91 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 152.92 575.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 174.16 575.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.83 575.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 207.72 575.25 Td (contributed ) Tj ET Q q 0 0 0 rg BT 256.15 575.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.83 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.94 575.25 Td (creation ) Tj ET Q q 0 0 0 rg BT 317.03 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.25 575.25 Td (net ) Tj ET Q q 0 0 0 rg BT 343.36 575.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 374.01 575.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 410.78 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.11 575.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 457.66 575.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 493.85 575.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.96 575.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 551.57 575.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (allowed ) Tj ET Q q 0 0 0 rg BT 69.59 563.25 Td (us ) Tj ET Q q 0 0 0 rg BT 80.42 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.13 563.25 Td (reverse ) Tj ET Q q 0 0 0 rg BT 120.93 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.08 563.25 Td (allowance. ) Tj ET Q q 0 0 0 rg BT 179.62 563.25 Td (As ) Tj ET Q q 0 0 0 rg BT 192.67 563.25 Td (we ) Tj ET Q q 0 0 0 rg BT 206.27 563.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 242.64 563.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.35 563.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 289.28 563.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 328.42 563.25 Td (allowances ) Tj ET Q q 0 0 0 rg BT 374.78 563.25 Td (on ) Tj ET Q q 0 0 0 rg BT 386.72 563.25 Td (net ) Tj ET Q q 0 0 0 rg BT 400.87 563.25 Td (state ) Tj ET Q q 0 0 0 rg BT 421.13 563.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 456.37 563.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 470.52 563.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 498.29 563.25 Td (we ) Tj ET Q q 0 0 0 rg BT 511.88 563.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 549.91 563.25 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 551.25 Td (ef) Tj ET Q q 0 0 0 rg BT 58.30 551.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.01 551.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 102.72 551.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 120.21 551.25 Td (at ) Tj ET Q q 0 0 0 rg BT 129.93 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.58 551.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 166.42 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 176.69 551.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 211.95 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 222.23 551.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 244.73 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.66 551.25 Td (move ) Tj ET Q q 0 0 0 rg BT 286.38 551.25 Td (closer ) Tj ET Q q 0 0 0 rg BT 312.76 551.25 Td (to ) Tj ET Q q 0 0 0 rg BT 323.04 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.75 551.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 368.01 551.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 405.50 551.25 Td (rate.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 527.25 Td (axable Income Distribution Requirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (As ) Tj ET Q q 0 0 0 rg BT 68.61 509.25 Td (a ) Tj ET Q q 0 0 0 rg BT 76.54 509.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 98.01 509.25 Td (, ) Tj ET Q q 0 0 0 rg BT 104.00 509.25 Td (we ) Tj ET Q q 0 0 0 rg BT 119.16 509.25 Td (are ) Tj ET Q q 0 0 0 rg BT 134.86 509.25 Td (required ) Tj ET Q q 0 0 0 rg BT 171.67 509.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.94 509.25 Td (distribute ) Tj ET Q q 0 0 0 rg BT 224.20 509.25 Td (at ) Tj ET Q q 0 0 0 rg BT 234.91 509.25 Td (least ) Tj ET Q q 0 0 0 rg BT 256.73 509.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 278.55 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.38 509.25 Td (our ) Tj ET Q q 0 0 0 rg BT 307.20 509.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 339.56 509.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 374.99 509.25 Td (after ) Tj ET Q q 0 0 0 rg BT 396.80 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.51 509.25 Td (application ) Tj ET Q q 0 0 0 rg BT 460.43 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.25 509.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 503.50 509.25 Td (net ) Tj ET Q q 0 0 0 rg BT 519.21 509.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 560.46 509.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 94.06 497.25 Td (\(NOLs\), ) Tj ET Q q 0 0 0 rg BT 138.52 497.25 Td (to ) Tj ET Q q 0 0 0 rg BT 148.28 497.25 Td (our ) Tj ET Q q 0 0 0 rg BT 163.59 497.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 218.60 497.25 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.48 497.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.48 497.25 Td (, ) Tj ET Q q 0 0 0 rg BT 258.96 497.25 Td (our ) Tj ET Q q 0 0 0 rg BT 274.27 497.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 314.57 497.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 336.60 497.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.58 497.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 369.44 497.25 Td (income ) Tj ET Q q 0 0 0 rg BT 400.85 497.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.16 497.25 Td ($97 ) Tj ET Q q 0 0 0 rg BT 428.14 497.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.03 497.25 Td ( ) Tj ET Q q 0 0 0 rg BT 459.01 497.25 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 498.18 497.25 Td (our ) Tj ET Q q 0 0 0 rg BT 513.49 497.25 Td (available ) Tj ET Q q 0 0 0 rg BT 551.56 497.25 Td (NOLs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.70 485.25 Td ($27 ) Tj ET Q q 0 0 0 rg BT 66.41 485.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.30 485.25 Td (, ) Tj ET Q q 0 0 0 rg BT 100.50 485.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.64 485.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 156.43 485.25 Td (our ) Tj ET Q q 0 0 0 rg BT 172.46 485.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 214.05 485.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 251.75 485.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 300.57 485.25 Td (requirement ) Tj ET Q q 0 0 0 rg BT 351.58 485.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.84 485.25 Td ($25 ) Tj ET Q q 0 0 0 rg BT 387.54 485.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.43 485.25 Td (. ) Tj ET Q q 0 0 0 rg BT 421.44 485.25 Td (The ) Tj ET Q q 0 0 0 rg BT 439.69 485.25 Td (following ) Tj ET Q q 0 0 0 rg BT 481.28 485.25 Td (table ) Tj ET Q q 0 0 0 rg BT 503.41 485.25 Td (details ) Tj ET Q q 0 0 0 rg BT 532.22 485.25 Td (our ) Tj ET Q q 0 0 0 rg BT 548.25 485.25 Td (federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 62.94 473.25 Td (and ) Tj ET Q q 0 0 0 rg BT 79.88 473.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 109.03 473.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 127.09 473.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 185.67 473.25 Td (available ) Tj ET Q q 0 0 0 rg BT 224.26 473.25 Td (as ) Tj ET Q q 0 0 0 rg BT 235.09 473.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.92 473.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 304.51 473.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.51 473.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 443.25 Td (able 38 - Federal Net Operating and Capital Loss Carryforwards) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 372.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 372.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 372.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 372.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 372.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 372.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 372.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 372.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 372.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 372.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 372.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 342.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 342.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 342.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 342.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 342.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 342.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 342.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 342.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 342.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 342.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 342.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 312.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 312.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 312.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 312.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 312.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 312.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 312.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 312.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 312.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 312.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 312.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 282.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 282.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 282.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 282.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 282.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 282.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 282.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 282.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 282.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 282.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 282.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 417.75 m 359.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 417.75 m 364.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 417.75 m 413.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 417.75 m 418.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 417.75 m 467.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 417.75 m 472.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 417.75 m 521.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 417.75 m 526.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 417.75 m 576.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 417.75 m 359.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 417.75 m 413.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 417.75 m 467.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 417.75 m 521.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 387.75 m 305.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 387.75 m 359.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 387.75 m 413.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 387.75 m 467.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 387.75 m 521.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 387.75 m 576.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 342.75 m 359.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 342.75 m 413.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 342.75 m 467.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 342.75 m 521.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 342.75 m 576.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 328.75 m 359.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 326.75 m 359.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 342.75 m 413.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 328.75 m 413.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 326.75 m 413.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 342.75 m 467.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 328.75 m 467.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 326.75 m 467.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 342.75 m 521.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 328.75 m 521.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 326.75 m 521.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 342.75 m 576.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 328.75 m 576.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 326.75 m 576.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 267.75 m 576.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 267.75 m 359.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 253.75 m 359.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 251.75 m 359.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 267.75 m 413.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 253.75 m 413.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 251.75 m 413.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 267.75 m 467.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 253.75 m 467.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 251.75 m 467.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 267.75 m 521.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 253.75 m 521.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 251.75 m 521.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 267.75 m 576.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 253.75 m 576.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 251.75 m 576.5 251.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.20 422.43 Td (Loss Carryforward Expiration by Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.80 407.43 Td (1 to 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.80 407.43 Td (3 to 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.30 407.43 Td (5 to 15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.95 407.43 Td (After 15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 392.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.55 392.43 Td (Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.55 392.43 Td (Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.55 392.43 Td (Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.55 392.43 Td (Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.05 392.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 377.43 Td (REIT Loss Carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 362.42 Td (Net operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 362.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 362.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 362.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 362.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 362.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 362.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 362.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 362.47 Td (\(58,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 362.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 362.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.00 362.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 362.42 Td (\(58,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 362.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 347.42 Td (Capital loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 347.47 Td (\(121,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 347.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 347.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 347.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 347.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 347.42 Td (\(121,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 347.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 332.43 Td (Total REIT Loss Carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 332.47 Td (\(121,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 332.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 332.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 332.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 332.47 Td (\(58,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 332.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.00 332.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 332.42 Td (\(180,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 332.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 302.43 Td (TRS Loss Carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 287.42 Td (Net operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 287.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 287.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 287.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 287.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 287.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 287.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 287.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 287.47 Td (\(28,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.00 287.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 287.42 Td (\(28,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 287.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 272.42 Td (Capital loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.80 272.47 Td (\(3,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 272.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 272.47 Td (\(2,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 272.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 272.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 272.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 272.42 Td (\(6,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 272.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 257.43 Td (Total TRS Loss Carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.80 257.47 Td (\(3,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 257.47 Td (\(2,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 257.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 257.47 Td (\(28,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.00 257.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 257.42 Td (\(34,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 257.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.25 Td (At ) Tj ET Q q 0 0 0 rg BT 65.88 219.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.85 219.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 148.23 219.25 Td (we ) Tj ET Q q 0 0 0 rg BT 161.77 219.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 208.08 219.25 Td ($70 ) Tj ET Q q 0 0 0 rg BT 224.97 219.25 Td (million ) Tj ET Q q 0 0 0 rg BT 255.74 219.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.95 219.25 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 292.28 219.25 Td (at ) Tj ET Q q 0 0 0 rg BT 301.38 219.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.48 219.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 337.51 219.25 Td ( ) Tj ET Q q 0 0 0 rg BT 339.40 219.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 363.21 219.25 Td (In ) Tj ET Q q 0 0 0 rg BT 373.42 219.25 Td (order ) Tj ET Q q 0 0 0 rg BT 396.40 219.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.07 219.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 432.94 219.25 Td (these ) Tj ET Q q 0 0 0 rg BT 455.37 219.25 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 515.83 219.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 546.58 219.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 207.25 Td (must ) Tj ET Q q 0 0 0 rg BT 58.68 207.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 89.66 207.25 Td (our ) Tj ET Q q 0 0 0 rg BT 106.22 207.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 144.45 207.25 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 200.18 207.25 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.74 207.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.74 207.25 Td (, ) Tj ET Q q 0 0 0 rg BT 257.47 207.25 Td (we ) Tj ET Q q 0 0 0 rg BT 272.36 207.25 Td (distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.37 207.25 Td ($86 ) Tj ET Q q 0 0 0 rg BT 336.60 207.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.49 207.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.72 207.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.73 207.25 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 435.99 207.25 Td (which ) Tj ET Q q 0 0 0 rg BT 463.66 207.25 Td (was ) Tj ET Q q 0 0 0 rg BT 482.44 207.25 Td (less ) Tj ET Q q 0 0 0 rg BT 500.67 207.25 Td (than ) Tj ET Q q 0 0 0 rg BT 521.12 207.25 Td (our ) Tj ET Q q 0 0 0 rg BT 537.68 207.25 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 195.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 68.34 195.25 Td (income ) Tj ET Q q 0 0 0 rg BT 101.24 195.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.04 195.25 Td ($97 ) Tj ET Q q 0 0 0 rg BT 131.51 195.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.40 195.25 Td (. ) Tj ET Q q 0 0 0 rg BT 166.12 195.25 Td (W) Tj ET Q q 0 0 0 rg BT 174.76 195.25 Td (e ) Tj ET Q q 0 0 0 rg BT 182.66 195.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 222.21 195.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 251.78 195.25 Td (to ) Tj ET Q q 0 0 0 rg BT 263.02 195.25 Td (report ) Tj ET Q q 0 0 0 rg BT 290.37 195.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 312.40 195.25 Td ( ) Tj ET Q q 0 0 0 rg BT 315.87 195.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 348.21 195.25 Td (income ) Tj ET Q q 0 0 0 rg BT 381.11 195.25 Td (on ) Tj ET Q q 0 0 0 rg BT 394.58 195.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.38 195.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.38 195.25 Td ( ) Tj ET Q q 0 0 0 rg BT 434.85 195.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 466.07 195.25 Td (income ) Tj ET Q q 0 0 0 rg BT 498.97 195.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 514.66 195.25 Td (return ) Tj ET Q q 0 0 0 rg BT 542.00 195.25 Td (after ) Tj ET Q q 0 0 0 rg BT 563.79 195.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 183.25 Td (application ) Tj ET Q q 0 0 0 rg BT 82.49 183.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.88 183.25 Td (a ) Tj ET Q q 0 0 0 rg BT 99.37 183.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 140.32 183.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 159.59 183.25 Td (deduction. ) Tj ET Q q 0 0 0 rg BT 203.13 183.25 Td (As ) Tj ET Q q 0 0 0 rg BT 216.30 183.25 Td (a ) Tj ET Q q 0 0 0 rg BT 222.80 183.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 249.57 183.25 Td (we ) Tj ET Q q 0 0 0 rg BT 263.29 183.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 291.44 183.25 Td ($1) Tj ET Q q 0 0 0 rg BT 301.07 183.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 308.13 183.25 Td (million ) Tj ET Q q 0 0 0 rg BT 339.08 183.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.47 183.25 Td (our ) Tj ET Q q 0 0 0 rg BT 364.85 183.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 394.67 183.25 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 421.17 183.25 Td (at ) Tj ET Q q 0 0 0 rg BT 430.44 183.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.72 183.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 466.75 183.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.81 183.25 Td (level ) Tj ET Q q 0 0 0 rg BT 490.30 183.25 Td (to ) Tj ET Q q 0 0 0 rg BT 500.14 183.25 Td (be ) Tj ET Q q 0 0 0 rg BT 511.64 183.25 Td (utilized ) Tj ET Q q 0 0 0 rg BT 543.69 183.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.52 183.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.52 183.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 171.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 68.49 171.25 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 95.43 171.25 Td (at ) Tj ET Q q 0 0 0 rg BT 105.15 171.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.86 171.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 141.90 171.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.40 171.25 Td (level ) Tj ET Q q 0 0 0 rg BT 166.33 171.25 Td (do ) Tj ET Q q 0 0 0 rg BT 178.83 171.25 Td (not ) Tj ET Q q 0 0 0 rg BT 194.11 171.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 221.60 171.25 Td (until ) Tj ET Q q 0 0 0 rg BT 242.43 171.25 Td (2029. ) Tj ET Q q 0 0 0 rg BT 267.43 171.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 299.92 171.25 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 326.86 171.25 Td (at ) Tj ET Q q 0 0 0 rg BT 336.58 171.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.11 171.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 371.95 171.25 Td (level ) Tj ET Q q 0 0 0 rg BT 393.89 171.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 421.37 171.25 Td (between ) Tj ET Q q 0 0 0 rg BT 457.19 171.25 Td (2030 ) Tj ET Q q 0 0 0 rg BT 479.69 171.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.63 171.25 Td (2035. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 86.39 147.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 115.45 147.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 133.42 147.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 191.91 147.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.64 147.25 Td ($121 ) Tj ET Q q 0 0 0 rg BT 225.05 147.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.94 147.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.35 147.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.19 147.25 Td ($7 ) Tj ET Q q 0 0 0 rg BT 285.60 147.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.49 147.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.90 147.25 Td (at ) Tj ET Q q 0 0 0 rg BT 326.52 147.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.15 147.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 363.18 147.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.59 147.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.26 147.25 Td (TRS, ) Tj ET Q q 0 0 0 rg BT 405.51 147.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 453.17 147.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.08 147.25 Td (will ) Tj ET Q q 0 0 0 rg BT 476.04 147.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 503.44 147.25 Td (between ) Tj ET Q q 0 0 0 rg BT 539.16 147.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 561.57 147.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 135.25 Td (2020. ) Tj ET Q q 0 0 0 rg BT 61.40 135.25 Td (In ) Tj ET Q q 0 0 0 rg BT 72.63 135.25 Td (order ) Tj ET Q q 0 0 0 rg BT 96.63 135.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.30 135.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 135.19 135.25 Td (these ) Tj ET Q q 0 0 0 rg BT 158.64 135.25 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 220.12 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.24 135.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 278.67 135.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 310.45 135.25 Td (must ) Tj ET Q q 0 0 0 rg BT 332.80 135.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 374.56 135.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 404.11 135.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 428.12 135.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.79 135.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 467.79 135.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.02 135.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 508.57 135.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 535.36 135.25 Td (before ) Tj ET Q q 0 0 0 rg BT 563.80 135.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 78.98 123.25 Td (dates. ) Tj ET Q q 0 0 0 rg BT 104.47 123.25 Td (Utilization ) Tj ET Q q 0 0 0 rg BT 149.67 123.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.44 123.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 189.53 123.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 207.53 123.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 266.05 123.25 Td (by ) Tj ET Q q 0 0 0 rg BT 278.49 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.15 123.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 315.18 123.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.62 123.25 Td (reduces ) Tj ET Q q 0 0 0 rg BT 350.60 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.25 123.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 390.25 123.25 Td (s ) Tj ET Q q 0 0 0 rg BT 396.58 123.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 427.89 123.25 Td (income ) Tj ET Q q 0 0 0 rg BT 459.76 123.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.64 123.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 525.19 123.25 Td (requirement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 111.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 67.38 111.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 85.44 111.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 144.02 111.25 Td (do ) Tj ET Q q 0 0 0 rg BT 156.52 111.25 Td (not ) Tj ET Q q 0 0 0 rg BT 171.80 111.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 200.95 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.66 111.25 Td (taxability ) Tj ET Q q 0 0 0 rg BT 255.93 111.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.76 111.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 308.15 111.25 Td (to ) Tj ET Q q 0 0 0 rg BT 318.43 111.25 Td (shareholders. ) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (78) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 731.25 Td (ax Characteristics of Distributions to Shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.14 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.61 713.25 Td (year ) Tj ET Q q 0 0 0 rg BT 104.07 713.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.19 713.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 188.53 713.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.53 713.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.28 713.25 Td (we ) Tj ET Q q 0 0 0 rg BT 227.19 713.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 263.30 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.99 713.25 Td (distributed ) Tj ET Q q 0 0 0 rg BT 325.01 713.25 Td (four ) Tj ET Q q 0 0 0 rg BT 343.92 713.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 374.49 713.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 412.83 713.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 453.97 713.25 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.77 713.25 Td ($86 ) Tj ET Q q 0 0 0 rg BT 504.02 713.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.91 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 535.16 713.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.49 713.25 Td ($1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.99 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 563.24 713.25 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (share\). ) Tj ET Q q 0 0 0 rg BT 65.50 701.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 93.06 701.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.85 701.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 138.17 701.25 Td (income ) Tj ET Q q 0 0 0 rg BT 170.18 701.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 184.96 701.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 206.97 701.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 250.63 701.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.98 701.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 282.50 701.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 291.46 701.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.25 701.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 337.69 701.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 369.15 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.05 701.25 Td (any ) Tj ET Q q 0 0 0 rg BT 397.06 701.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 445.75 701.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.10 701.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 509.20 701.25 Td (is ) Tj ET Q q 0 0 0 rg BT 518.44 701.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 566.00 701.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (\(i\)taxable ) Tj ET Q q 0 0 0 rg BT 79.34 689.25 Td (income ) Tj ET Q q 0 0 0 rg BT 111.30 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.15 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.90 689.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 158.37 689.25 Td (, ) Tj ET Q q 0 0 0 rg BT 163.40 689.25 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 203.69 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.55 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.29 689.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 270.70 689.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 290.45 689.25 Td (deduction ) Tj ET Q q 0 0 0 rg BT 332.41 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 349.37 689.25 Td (NOLs; ) Tj ET Q q 0 0 0 rg BT 379.12 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.09 689.25 Td (\(ii\)net ) Tj ET Q q 0 0 0 rg BT 425.55 689.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 454.73 689.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 478.36 689.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 524.75 689.25 Td (by ) Tj ET Q q 0 0 0 rg BT 537.28 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 552.02 689.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 573.50 689.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 76.26 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.09 677.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 116.24 677.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 134.31 677.25 Td (carryforwards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.49 653.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.49 653.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.42 653.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 130.35 653.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 182.29 653.25 Td (are ) Tj ET Q q 0 0 0 rg BT 196.43 653.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 233.90 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 243.61 653.25 Td (be ) Tj ET Q q 0 0 0 rg BT 254.99 653.25 Td (characterized ) Tj ET Q q 0 0 0 rg BT 310.21 653.25 Td (for ) Tj ET Q q 0 0 0 rg BT 323.80 653.25 Td (income ) Tj ET Q q 0 0 0 rg BT 355.17 653.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 369.33 653.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 406.81 653.25 Td (as ) Tj ET Q q 0 0 0 rg BT 417.08 653.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 442.34 653.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 478.15 653.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 511.88 653.25 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 536.32 653.25 Td (we ) Tj ET Q q 0 0 0 rg BT 549.91 653.25 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.42 641.25 Td ($86 ) Tj ET Q q 0 0 0 rg BT 65.85 641.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.74 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 97.17 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.93 641.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.69 641.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.69 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.12 641.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 183.54 641.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 235.97 641.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.18 641.25 Td (be ) Tj ET Q q 0 0 0 rg BT 258.05 641.25 Td (characterized ) Tj ET Q q 0 0 0 rg BT 313.76 641.25 Td (as ) Tj ET Q q 0 0 0 rg BT 324.52 641.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 360.82 641.25 Td (income ) Tj ET Q q 0 0 0 rg BT 392.69 641.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.89 641.25 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 458.36 641.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.12 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.76 641.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 515.06 641.25 Td (income ) Tj ET Q q 0 0 0 rg BT 546.92 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 563.79 641.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 66.24 629.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 90.94 629.25 Td (we ) Tj ET Q q 0 0 0 rg BT 106.19 629.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 148.65 629.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.02 629.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.02 629.25 Td ( ) Tj ET Q q 0 0 0 rg BT 183.61 629.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 206.64 629.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.01 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.81 629.25 Td (application ) Tj ET Q q 0 0 0 rg BT 281.83 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.76 629.25 Td (a ) Tj ET Q q 0 0 0 rg BT 301.79 629.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 344.26 629.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 365.07 629.25 Td (deduction, ) Tj ET Q q 0 0 0 rg BT 410.60 629.25 Td (NOLs, ) Tj ET Q q 0 0 0 rg BT 441.13 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.16 629.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 489.40 629.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 508.56 629.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 568.23 629.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 83.22 617.25 Td (with ) Tj ET Q q 0 0 0 rg BT 103.26 617.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 133.28 617.25 Td (income ) Tj ET Q q 0 0 0 rg BT 164.98 617.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 179.45 617.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 203.66 617.25 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 243.11 617.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.70 617.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 280.96 617.25 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 335.57 617.25 Td (While ) Tj ET Q q 0 0 0 rg BT 362.26 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.74 617.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 398.78 617.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.04 617.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 429.95 617.25 Td (net ) Tj ET Q q 0 0 0 rg BT 444.43 617.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 473.34 617.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 496.71 617.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.75 617.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.75 617.25 Td (, ) Tj ET Q q 0 0 0 rg BT 531.51 617.25 Td (none ) Tj ET Q q 0 0 0 rg BT 553.21 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.81 617.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 605.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.31 605.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 95.61 605.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 147.92 605.25 Td (are ) Tj ET Q q 0 0 0 rg BT 162.44 605.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 200.27 605.25 Td (to ) Tj ET Q q 0 0 0 rg BT 210.36 605.25 Td (be ) Tj ET Q q 0 0 0 rg BT 222.11 605.25 Td (characterized ) Tj ET Q q 0 0 0 rg BT 277.70 605.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.34 605.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 330.08 605.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 359.03 605.25 Td (gains. ) Tj ET Q q 0 0 0 rg BT 384.95 605.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 412.25 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.77 605.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 456.83 605.25 Td (income ) Tj ET Q q 0 0 0 rg BT 488.57 605.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 503.10 605.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 524.84 605.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 568.24 605.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 57.52 593.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 65.75 593.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 94.25 593.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 111.66 593.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 169.58 593.25 Td (of) Tj ET Q q 0 0 0 rg BT 177.73 593.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 194.01 593.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.07 593.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.07 593.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.92 593.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 258.41 593.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 281.37 593.25 Td (when ) Tj ET Q q 0 0 0 rg BT 304.87 593.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 355.04 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.10 593.25 Td (characterization ) Tj ET Q q 0 0 0 rg BT 434.79 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.96 593.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 480.68 593.25 Td (versus ) Tj ET Q q 0 0 0 rg BT 508.08 593.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 549.36 593.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 55.72 581.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 93.21 581.25 Td (distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.64 557.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.03 557.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.03 557.25 Td (, ) Tj ET Q q 0 0 0 rg BT 132.84 557.25 Td (our ) Tj ET Q q 0 0 0 rg BT 148.48 557.25 Td (board ) Tj ET Q q 0 0 0 rg BT 173.56 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.19 557.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 221.49 557.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 267.11 557.25 Td (its ) Tj ET Q q 0 0 0 rg BT 278.87 557.25 Td (intention ) Tj ET Q q 0 0 0 rg BT 316.73 557.25 Td (to ) Tj ET Q q 0 0 0 rg BT 326.82 557.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 343.56 557.25 Td (a ) Tj ET Q q 0 0 0 rg BT 350.31 557.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 380.93 557.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 418.24 557.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.88 557.25 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.38 557.25 Td ( ) Tj ET Q q 0 0 0 rg BT 453.69 557.25 Td (per ) Tj ET Q q 0 0 0 rg BT 468.76 557.25 Td (share ) Tj ET Q q 0 0 0 rg BT 492.17 557.25 Td (each ) Tj ET Q q 0 0 0 rg BT 512.79 557.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 543.42 557.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 557.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 557.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (Dif) Tj ET Q q 0 0 0 rg BT 49.15 533.25 Td (ferences between Estimated T) Tj ET Q q 0 0 0 rg BT 170.71 533.25 Td (otal T) Tj ET Q q 0 0 0 rg BT 193.95 533.25 Td (axable Income and GAAP) Tj ET Q q 0 0 0 rg BT 301.64 533.25 Td ( Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.25 Td (Dif) Tj ET Q q 0 0 0 rg BT 67.15 515.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 103.88 515.25 Td (between ) Tj ET Q q 0 0 0 rg BT 140.62 515.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 182.36 515.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 214.65 515.25 Td (income ) Tj ET Q q 0 0 0 rg BT 247.51 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.37 515.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 292.23 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 295.65 515.25 Td (income ) Tj ET Q q 0 0 0 rg BT 328.51 515.25 Td (are ) Tj ET Q q 0 0 0 rg BT 344.14 515.25 Td (lar) Tj ET Q q 0 0 0 rg BT 354.50 515.25 Td (gely ) Tj ET Q q 0 0 0 rg BT 375.14 515.25 Td (due ) Tj ET Q q 0 0 0 rg BT 393.00 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 404.21 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.84 515.25 Td (following: ) Tj ET Q q 0 0 0 rg BT 464.93 515.25 Td (\(i\)we ) Tj ET Q q 0 0 0 rg BT 491.95 515.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 522.03 515.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 560.45 515.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 70.93 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 84.76 503.25 Td (future ) Tj ET Q q 0 0 0 rg BT 110.81 503.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 156.85 503.25 Td (events ) Tj ET Q q 0 0 0 rg BT 184.57 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 198.40 503.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 212.79 503.25 Td (but ) Tj ET Q q 0 0 0 rg BT 227.74 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 241.57 503.25 Td (can ) Tj ET Q q 0 0 0 rg BT 257.62 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.45 503.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 297.57 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 302.24 503.25 Td (as ) Tj ET Q q 0 0 0 rg BT 312.75 503.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 346.56 503.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 371.49 503.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 397.56 503.25 Td (are ) Tj ET Q q 0 0 0 rg BT 411.94 503.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 451.31 503.25 Td (when ) Tj ET Q q 0 0 0 rg BT 475.15 503.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 510.63 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 524.47 503.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.85 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 555.46 503.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 62.60 491.25 Td (are ) Tj ET Q q 0 0 0 rg BT 77.52 491.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 124.10 491.25 Td (through ) Tj ET Q q 0 0 0 rg BT 157.92 491.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 183.40 491.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 210.00 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 222.72 491.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.76 491.25 Td (or ) Tj ET Q q 0 0 0 rg BT 259.80 491.25 Td (through ) Tj ET Q q 0 0 0 rg BT 293.62 491.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 311.90 491.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 356.28 491.25 Td (for ) Tj ET Q q 0 0 0 rg BT 370.65 491.25 Td (GAAP; ) Tj ET Q q 0 0 0 rg BT 403.37 491.25 Td (\(ii\)the ) Tj ET Q q 0 0 0 rg BT 433.01 491.25 Td (timing, ) Tj ET Q q 0 0 0 rg BT 464.34 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.49 491.25 Td (possibly ) Tj ET Q q 0 0 0 rg BT 517.54 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.47 491.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 567.68 491.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (some ) Tj ET Q q 0 0 0 rg BT 59.23 479.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 97.46 479.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 119.85 479.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 149.17 479.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 206.84 479.25 Td (expenses\) ) Tj ET Q q 0 0 0 rg BT 248.39 479.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.72 479.25 Td (dif) Tj ET Q q 0 0 0 rg BT 273.65 479.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 299.09 479.25 Td (for ) Tj ET Q q 0 0 0 rg BT 312.88 479.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 327.22 479.25 Td (than ) Tj ET Q q 0 0 0 rg BT 346.56 479.25 Td (for ) Tj ET Q q 0 0 0 rg BT 360.34 479.25 Td (GAAP; ) Tj ET Q q 0 0 0 rg BT 392.47 479.25 Td (\(iii\)since ) Tj ET Q q 0 0 0 rg BT 432.64 479.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 485.30 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.86 479.25 Td (impairments ) Tj ET Q q 0 0 0 rg BT 553.97 479.25 Td (dif) Tj ET Q q 0 0 0 rg BT 564.90 479.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.36 467.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.29 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 82.43 467.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 108.55 467.25 Td (, ) Tj ET Q q 0 0 0 rg BT 113.75 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.67 467.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 143.59 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.73 467.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 187.59 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.29 467.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 214.11 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.25 467.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 257.84 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 270.55 467.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 292.69 467.25 Td (may ) Tj ET Q q 0 0 0 rg BT 312.61 467.25 Td (dif) Tj ET Q q 0 0 0 rg BT 323.54 467.25 Td (fer) Tj ET Q q 0 0 0 rg BT 334.24 467.25 Td (, ) Tj ET Q q 0 0 0 rg BT 339.44 467.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 377.14 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 387.62 467.25 Td (dif) Tj ET Q q 0 0 0 rg BT 398.55 467.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 434.56 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 445.04 467.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 479.39 467.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 503.20 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 515.91 467.25 Td (sale; ) Tj ET Q q 0 0 0 rg BT 536.93 467.25 Td (\(iv\)at ) Tj ET Q q 0 0 0 rg BT 563.79 467.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 58.04 455.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.60 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 75.59 455.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.24 455.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 124.14 455.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 157.09 455.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 200.29 455.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 222.96 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.95 455.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 264.41 455.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.97 455.25 Td (market ) Tj ET Q q 0 0 0 rg BT 305.29 455.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 344.06 455.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 393.39 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.28 455.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 442.61 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.61 455.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 504.04 455.25 Td (are ) Tj ET Q q 0 0 0 rg BT 517.81 455.25 Td (not ) Tj ET Q q 0 0 0 rg BT 532.14 455.25 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.71 443.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.97 443.25 Td (until ) Tj ET Q q 0 0 0 rg BT 87.36 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.62 443.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 148.44 443.25 Td (is ) Tj ET Q q 0 0 0 rg BT 158.16 443.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 177.88 443.25 Td (or ) Tj ET Q q 0 0 0 rg BT 189.26 443.25 Td (extinguished; ) Tj ET Q q 0 0 0 rg BT 246.19 443.25 Td (\(v\)for ) Tj ET Q q 0 0 0 rg BT 275.06 443.25 Td (tax, ) Tj ET Q q 0 0 0 rg BT 292.82 443.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 315.87 443.25 Td (may ) Tj ET Q q 0 0 0 rg BT 336.14 443.25 Td (not ) Tj ET Q q 0 0 0 rg BT 351.96 443.25 Td (be ) Tj ET Q q 0 0 0 rg BT 364.45 443.25 Td (assigned ) Tj ET Q q 0 0 0 rg BT 401.94 443.25 Td (to ) Tj ET Q q 0 0 0 rg BT 412.76 443.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 453.58 443.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 493.28 443.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 519.11 443.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 554.36 443.25 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 63.33 431.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 87.33 431.25 Td (are ) Tj ET Q q 0 0 0 rg BT 102.43 431.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 122.00 431.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 159.88 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.56 431.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 196.22 431.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 211.33 431.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 231.44 431.25 Td (on ) Tj ET Q q 0 0 0 rg BT 244.33 431.25 Td (sale; ) Tj ET Q q 0 0 0 rg BT 265.55 431.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 285.38 431.25 Td (\(vi\)for ) Tj ET Q q 0 0 0 rg BT 316.87 431.25 Td (tax, ) Tj ET Q q 0 0 0 rg BT 334.48 431.25 Td (we ) Tj ET Q q 0 0 0 rg BT 349.03 431.25 Td (do ) Tj ET Q q 0 0 0 rg BT 361.93 431.25 Td (not ) Tj ET Q q 0 0 0 rg BT 377.60 431.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 426.03 431.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 482.79 431.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 514.57 431.25 Td (as ) Tj ET Q q 0 0 0 rg BT 525.79 431.25 Td (we ) Tj ET Q q 0 0 0 rg BT 540.35 431.25 Td (do ) Tj ET Q q 0 0 0 rg BT 553.24 431.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.12 419.25 Td (. ) Tj ET Q q 0 0 0 rg BT 66.18 419.25 Td (As ) Tj ET Q q 0 0 0 rg BT 79.29 419.25 Td (a ) Tj ET Q q 0 0 0 rg BT 85.73 419.25 Td (result ) Tj ET Q q 0 0 0 rg BT 109.95 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.28 419.25 Td (these ) Tj ET Q q 0 0 0 rg BT 142.83 419.25 Td (dif) Tj ET Q q 0 0 0 rg BT 153.76 419.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 189.07 419.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.85 419.25 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 247.22 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.56 419.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 302.88 419.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 333.75 419.25 Td (income ) Tj ET Q q 0 0 0 rg BT 365.19 419.25 Td (can ) Tj ET Q q 0 0 0 rg BT 381.07 419.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 400.84 419.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 452.83 419.25 Td (from ) Tj ET Q q 0 0 0 rg BT 474.27 419.25 Td (our ) Tj ET Q q 0 0 0 rg BT 489.60 419.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 516.46 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.46 419.25 Td (income ) Tj ET Q q 0 0 0 rg BT 549.89 419.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 65.70 407.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 104.86 407.25 Td (periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.55 383.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 85.77 383.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 107.77 383.25 Td (in ) Tj ET Q q 0 0 0 rg BT 117.56 383.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 142.89 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.33 383.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 198.55 383.25 Td (at ) Tj ET Q q 0 0 0 rg BT 207.77 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.99 383.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 244.03 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 246.03 383.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.59 383.25 Td ($3.85 ) Tj ET Q q 0 0 0 rg BT 288.09 383.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.20 383.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.21 383.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 383.25 Td ($2.76 ) Tj ET Q q 0 0 0 rg BT 357.15 383.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.27 383.25 Td (, ) Tj ET Q q 0 0 0 rg BT 387.77 383.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 435.43 383.25 Td (, ) Tj ET Q q 0 0 0 rg BT 439.93 383.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 383.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 507.24 383.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.24 383.25 Td (. ) Tj ET Q q 0 0 0 rg BT 531.60 383.25 Td (The ) Tj ET Q q 0 0 0 rg BT 549.15 383.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 576.00 383.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 58.14 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 68.05 371.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 93.51 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.09 371.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 149.44 371.25 Td (at ) Tj ET Q q 0 0 0 rg BT 158.79 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.14 371.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 195.18 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 197.32 371.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 371.25 Td ($4.55 ) Tj ET Q q 0 0 0 rg BT 239.64 371.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.75 371.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.89 371.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.46 371.25 Td ($3.41 ) Tj ET Q q 0 0 0 rg BT 309.10 371.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.21 371.25 Td (, ) Tj ET Q q 0 0 0 rg BT 339.84 371.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 387.50 371.25 Td (, ) Tj ET Q q 0 0 0 rg BT 392.14 371.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.49 371.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 459.71 371.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.71 371.25 Td (. ) Tj ET Q q 0 0 0 rg BT 484.19 371.25 Td (The ) Tj ET Q q 0 0 0 rg BT 501.87 371.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 535.67 371.25 Td (dif) Tj ET Q q 0 0 0 rg BT 546.59 371.25 Td (ference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.90 359.25 Td (both ) Tj ET Q q 0 0 0 rg BT 65.81 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.15 359.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 94.50 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.06 359.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 137.92 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 140.04 359.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.50 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.06 359.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 221.41 359.25 Td (is ) Tj ET Q q 0 0 0 rg BT 230.20 359.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 277.87 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 287.77 359.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 343.77 359.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 374.77 359.25 Td (that ) Tj ET Q q 0 0 0 rg BT 391.90 359.25 Td (are ) Tj ET Q q 0 0 0 rg BT 406.23 359.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 458.90 359.25 Td (for ) Tj ET Q q 0 0 0 rg BT 472.68 359.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 499.54 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 501.67 359.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 540.45 359.25 Td (purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (but ) Tj ET Q q 0 0 0 rg BT 51.28 347.25 Td (not ) Tj ET Q q 0 0 0 rg BT 66.56 347.25 Td (for ) Tj ET Q q 0 0 0 rg BT 80.72 347.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 95.43 347.25 Td (purposes. ) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.02 731.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 97.82 731.10 Td (below ) Tj ET Q q 0 0 0 rg BT 124.73 731.10 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 163.84 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.65 731.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 220.44 731.10 Td (total ) Tj ET Q q 0 0 0 rg BT 240.69 731.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 272.03 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 303.94 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.19 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 329.99 731.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 356.85 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.32 731.10 Td (income ) Tj ET Q q 0 0 0 rg BT 391.23 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 405.36 731.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.05 731.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.62 731.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.97 731.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 528.53 731.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.53 731.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 731.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 731.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 719.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.94 719.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 695.10 Td (able 39 Dif) Tj ET Q q 0 0 0 rg BT 94.06 695.10 Td (ferences between Estimated T) Tj ET Q q 0 0 0 rg BT 215.61 695.10 Td (otal T) Tj ET Q q 0 0 0 rg BT 238.86 695.10 Td (axable Income and GAAP) Tj ET Q q 0 0 0 rg BT 346.55 695.10 Td ( Net Income ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 645.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 645.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 645.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 645.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 645.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 645.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 645.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 645.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 645.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 645.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 645.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 615.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 615.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 615.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 615.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 615.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 615.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 615.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 585.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 585.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 585.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 585.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 585.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 585.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 555.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 555.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 555.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 555.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 555.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 555.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 525.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 525.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 525.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 525.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 525.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 525.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 495.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 495.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 495.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 495.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 495.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 495.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 465.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 465.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 465.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 465.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 465.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 465.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 435.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 435.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 435.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 435.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 435.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 435.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 669.6 m 300.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 669.6 m 304.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 669.6 m 369.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 669.6 m 373.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 669.6 m 438.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 669.6 m 442.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 669.6 m 507.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 669.6 m 511.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 669.6 m 576.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 645.6 m 231.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 669.6 m 300.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 645.6 m 300.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 669.6 m 369.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 645.6 m 369.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 645.6 m 438.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 645.6 m 507.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 645.6 m 576.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 645.6 m 300.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 645.6 m 369.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 645.6 m 438.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 645.6 m 507.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 645.6 m 576.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 615.6 m 300.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 615.6 m 369.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 615.6 m 438.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 615.6 m 507.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 615.6 m 576.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 615.6 m 300.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 615.6 m 369.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 615.6 m 438.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 615.6 m 507.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 615.6 m 576.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 465.6 m 300.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 465.6 m 369.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 465.6 m 438.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 465.6 m 507.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 465.6 m 576.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 465.6 m 300.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 451.6 m 300.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 449.6 m 300.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 465.6 m 369.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 451.6 m 369.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304.5 449.6 m 369.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 465.6 m 438.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 451.6 m 438.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 449.6 m 438.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 465.6 m 507.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 451.6 m 507.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 449.6 m 507.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 465.6 m 576.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 451.6 m 576.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 449.6 m 576.5 449.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.85 674.28 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 650.28 Td (\(In Thousands, except per Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.55 650.28 Td (REIT \(Est.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.95 650.28 Td (TRS \(Est.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.50 660.28 Td (Total Tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.95 650.28 Td (\(Est.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 650.28 Td (GAAP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.40 650.28 Td (Differences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 635.27 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 635.27 Td (200,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 635.27 Td (32,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 635.27 Td (232,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 635.27 Td (246,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 635.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 635.27 Td (\(13,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 635.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 620.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.80 620.32 Td (\(48,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 620.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.80 620.32 Td (\(27,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 620.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 620.32 Td (\(76,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 620.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 620.32 Td (\(88,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 620.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 620.27 Td (12,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 605.27 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 605.27 Td (151,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 605.27 Td (5,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 605.27 Td (156,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 605.27 Td (157,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 605.27 Td (\(1,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 605.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 590.27 Td (Reversal of provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 590.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 590.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 590.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 590.27 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 590.27 Td (\(7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 590.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 575.27 Td (Realized credit losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.80 575.32 Td (\(7,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 575.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 575.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.80 575.32 Td (\(7,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 575.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 575.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 575.27 Td (\(7,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 575.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 560.27 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 560.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 560.27 Td (26,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 560.27 Td (26,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 560.27 Td (38,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 560.27 Td (\(12,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 560.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 545.27 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 545.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 545.27 Td (86,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 545.27 Td (86,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 545.27 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 545.27 Td (72,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 530.27 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.80 530.32 Td (\(2,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 530.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.80 530.32 Td (\(8,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 530.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 530.32 Td (\(10,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 530.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 530.32 Td (\(28,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 530.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 530.27 Td (18,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 515.27 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.80 515.32 Td (\(45,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.80 515.32 Td (\(43,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 515.32 Td (\(88,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 515.32 Td (\(88,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.30 515.27 Td (\(52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 500.27 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 500.27 Td (1,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 500.27 Td (1,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 500.27 Td (2,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 500.27 Td (6,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 500.27 Td (\(3,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 485.27 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 485.27 Td (284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 485.27 Td (284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 485.27 Td (28,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 485.27 Td (\(27,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 485.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 470.27 Td (Benefit from \(provision for\) income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.30 470.32 Td (\(29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.30 470.32 Td (\(126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.30 470.32 Td (\(155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 470.32 Td (\(3,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 470.27 Td (3,553) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 455.28 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 455.27 Td (97,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 455.27 Td (68,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 455.27 Td (165,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 455.27 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 455.27 Td (34,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 425.27 Td (Income per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 425.27 Td (1.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 425.27 Td (0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 425.27 Td (2.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 425.27 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 425.27 Td (0.61) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 357.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 327.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 297.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 267.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 237.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 207.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 177.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 147.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 147.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 147.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 147.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 147.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 147.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 383.6 m 299.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 383.6 m 303.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 383.6 m 368.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 383.6 m 372.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 383.6 m 437.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 383.6 m 441.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 383.6 m 506.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 383.6 m 510.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 383.6 m 575.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 357.6 m 230.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 383.6 m 299.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 357.6 m 299.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 383.6 m 303.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 383.6 m 368.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 357.6 m 368.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 383.6 m 372.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 383.6 m 437.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 357.6 m 437.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 357.6 m 506.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 357.6 m 575.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 357.6 m 299.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 357.6 m 368.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 357.6 m 437.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 357.6 m 506.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 357.6 m 575.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 327.6 m 299.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 327.6 m 368.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 327.6 m 437.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 327.6 m 506.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 327.6 m 575.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 327.6 m 299.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 327.6 m 368.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 327.6 m 437.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 327.6 m 506.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 327.6 m 575.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 177.60000000000002 m 299.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 177.60000000000002 m 368.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 177.60000000000002 m 437.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 177.60000000000002 m 299.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 163.60000000000002 m 299.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 161.60000000000002 m 299.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 177.60000000000002 m 368.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 163.60000000000002 m 368.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 161.60000000000002 m 368.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 177.60000000000002 m 437.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 163.60000000000002 m 437.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 161.60000000000002 m 437.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 177.60000000000002 m 506.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 163.60000000000002 m 506.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 161.60000000000002 m 506.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 177.60000000000002 m 575.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 163.60000000000002 m 575.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 161.60000000000002 m 575.5 161.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.85 388.28 Td (Year Ended December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 362.28 Td (\(In Thousands, except per Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.35 362.28 Td (REIT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.75 362.28 Td (TRS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.50 362.28 Td (Total Tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.60 362.28 Td (GAAP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.40 362.28 Td (Differences) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 347.27 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 347.27 Td (187,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 347.27 Td (39,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 347.27 Td (227,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 347.27 Td (259,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 347.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 347.27 Td (\(32,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 347.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 332.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.80 332.32 Td (\(43,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 332.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 332.32 Td (\(36,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 332.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 332.32 Td (\(79,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 332.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 332.32 Td (\(95,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 332.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 332.27 Td (16,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 317.27 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 317.27 Td (143,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 317.27 Td (3,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 317.27 Td (147,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 317.27 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 317.27 Td (\(16,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 317.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 302.27 Td (Reversal of provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 302.27 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 302.27 Td (\(355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 287.27 Td (Realized credit losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 287.32 Td (\(8,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 287.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 287.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 287.32 Td (\(8,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 287.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 287.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 287.27 Td (\(8,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 287.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 272.27 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 272.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 272.32 Td (\(24,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 272.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 272.32 Td (\(24,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 272.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 272.27 Td (10,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 272.27 Td (\(35,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 272.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 257.27 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 257.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 257.27 Td (33,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 257.27 Td (33,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 257.32 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 257.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 257.27 Td (37,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 242.27 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.30 242.32 Td (\(390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 242.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 242.32 Td (\(2,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 242.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 242.32 Td (\(2,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 242.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 242.32 Td (\(21,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 242.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 242.27 Td (18,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 227.27 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.80 227.32 Td (\(49,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 227.32 Td (\(53,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 227.32 Td (\(103,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 227.32 Td (\(97,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 227.27 Td (\(5,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 212.27 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 212.27 Td (403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 212.27 Td (1,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 212.27 Td (2,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 212.27 Td (3,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 212.27 Td (\(1,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 212.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 197.27 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 197.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 197.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 197.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 197.27 Td (36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 197.27 Td (\(36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 197.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 182.27 Td (Benefit from \(provision for\) income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.30 182.32 Td (\(40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 182.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 182.32 Td (\(110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 182.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 182.32 Td (\(150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 182.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 182.27 Td (10,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 182.27 Td (\(10,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 182.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 167.28 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 167.27 Td (85,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 167.32 Td (\(42,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 167.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 167.27 Td (43,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 167.27 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 167.27 Td (\(58,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 167.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 137.27 Td (Income \(loss\) per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 137.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 643.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 643.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.30 643.22 Td (\(961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 643.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 643.17 Td (961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 628.17 Td (Realized credit losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 628.22 Td (\(6,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 628.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 628.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 628.22 Td (\(6,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 628.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 628.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 628.17 Td (\(6,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 628.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 613.17 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 613.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 613.17 Td (3,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 613.17 Td (3,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 613.17 Td (34,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 613.17 Td (\(31,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 613.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 598.17 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 598.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 598.17 Td (15,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 598.17 Td (15,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 598.22 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 598.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 598.17 Td (20,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 583.17 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 583.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 583.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 583.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 583.22 Td (\(10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 583.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 583.17 Td (10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 568.17 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.80 568.22 Td (\(45,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 568.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 568.22 Td (\(52,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 568.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 568.22 Td (\(97,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 568.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 568.22 Td (\(90,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 568.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 568.17 Td (\(7,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 568.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 553.17 Td (Other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 553.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 553.22 Td (\(8,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 553.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 553.22 Td (\(8,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 553.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 553.17 Td (1,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 553.17 Td (\(10,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 553.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 538.17 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 538.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 538.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 538.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 538.17 Td (15,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 538.17 Td (\(15,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 538.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 523.17 Td (Benefit from \(provision for\) income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.30 523.22 Td (\(70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 523.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.30 523.22 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 523.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 523.22 Td (\(132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 523.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.30 523.22 Td (\(744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 523.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 523.17 Td (612) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 508.18 Td (Net Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 508.17 Td (63,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 508.22 Td (\(18,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 508.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 508.17 Td (45,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 508.17 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 508.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 508.17 Td (\(54,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 508.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 478.17 Td (Income \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 478.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 478.17 Td (0.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 478.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 478.22 Td (\(0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 478.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 478.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 478.17 Td (0.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 478.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 478.17 Td (1.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 478.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 478.17 Td (\(0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 478.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 450.00 Td (Potential ) Tj ET Q q 0 0 0 rg BT 76.64 450.00 Td (T) Tj ET Q q 0 0 0 rg BT 82.40 450.00 Td (axable Income ) Tj ET Q q 0 0 0 rg BT 146.65 450.00 Td (V) Tj ET Q q 0 0 0 rg BT 152.96 450.00 Td (olatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.00 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 432.00 Td (e ) Tj ET Q q 0 0 0 rg BT 69.94 432.00 Td (expect ) Tj ET Q q 0 0 0 rg BT 98.90 432.00 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 167.30 432.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 206.27 432.00 Td (in ) Tj ET Q q 0 0 0 rg BT 216.92 432.00 Td (our ) Tj ET Q q 0 0 0 rg BT 233.11 432.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 274.30 432.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 306.03 432.00 Td (income. ) Tj ET Q q 0 0 0 rg BT 340.20 432.00 Td (A) Tj ET Q q 0 0 0 rg BT 346.87 432.00 Td ( ) Tj ET Q q 0 0 0 rg BT 349.73 432.00 Td (description ) Tj ET Q q 0 0 0 rg BT 397.03 432.00 Td (of ) Tj ET Q q 0 0 0 rg BT 408.23 432.00 Td (the ) Tj ET Q q 0 0 0 rg BT 423.31 432.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 453.38 432.00 Td (that ) Tj ET Q q 0 0 0 rg BT 471.24 432.00 Td (can ) Tj ET Q q 0 0 0 rg BT 487.99 432.00 Td (cause ) Tj ET Q q 0 0 0 rg BT 513.06 432.00 Td (this ) Tj ET Q q 0 0 0 rg BT 530.37 432.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 569.35 432.00 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 420.00 Td (described ) Tj ET Q q 0 0 0 rg BT 76.82 420.00 Td (below) Tj ET Q q 0 0 0 rg BT 100.60 420.00 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 390.00 Td (Credit Losses on Securities and Loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 372.00 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 372.00 Td (o ) Tj ET Q q 0 0 0 rg BT 67.51 372.00 Td (determine ) Tj ET Q q 0 0 0 rg BT 110.59 372.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 152.01 372.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 183.98 372.00 Td (income, ) Tj ET Q q 0 0 0 rg BT 219.01 372.00 Td (we ) Tj ET Q q 0 0 0 rg BT 233.77 372.00 Td (are ) Tj ET Q q 0 0 0 rg BT 249.08 372.00 Td (generally ) Tj ET Q q 0 0 0 rg BT 289.38 372.00 Td (not ) Tj ET Q q 0 0 0 rg BT 305.26 372.00 Td (permitted ) Tj ET Q q 0 0 0 rg BT 346.68 372.00 Td (to ) Tj ET Q q 0 0 0 rg BT 357.56 372.00 Td (anticipate, ) Tj ET Q q 0 0 0 rg BT 402.03 372.00 Td (or ) Tj ET Q q 0 0 0 rg BT 413.46 372.00 Td (reserve ) Tj ET Q q 0 0 0 rg BT 445.42 372.00 Td (for) Tj ET Q q 0 0 0 rg BT 456.68 372.00 Td (, ) Tj ET Q q 0 0 0 rg BT 462.28 372.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 488.14 372.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 515.14 372.00 Td (on ) Tj ET Q q 0 0 0 rg BT 528.24 372.00 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 360.00 Td (which ) Tj ET Q q 0 0 0 rg BT 62.88 360.00 Td (are ) Tj ET Q q 0 0 0 rg BT 77.53 360.00 Td (generally ) Tj ET Q q 0 0 0 rg BT 117.18 360.00 Td (purchased ) Tj ET Q q 0 0 0 rg BT 160.16 360.00 Td (at ) Tj ET Q q 0 0 0 rg BT 169.82 360.00 Td (a ) Tj ET Q q 0 0 0 rg BT 176.70 360.00 Td (discount. ) Tj ET Q q 0 0 0 rg BT 215.53 360.00 Td (For ) Tj ET Q q 0 0 0 rg BT 231.87 360.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 246.53 360.00 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 287.03 360.00 Td (we ) Tj ET Q q 0 0 0 rg BT 301.13 360.00 Td (accrue ) Tj ET Q q 0 0 0 rg BT 329.66 360.00 Td (the ) Tj ET Q q 0 0 0 rg BT 344.32 360.00 Td (entire ) Tj ET Q q 0 0 0 rg BT 369.53 360.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 407.51 360.00 Td (discount ) Tj ET Q q 0 0 0 rg BT 443.84 360.00 Td (on ) Tj ET Q q 0 0 0 rg BT 456.28 360.00 Td (a ) Tj ET Q q 0 0 0 rg BT 463.16 360.00 Td (security ) Tj ET Q q 0 0 0 rg BT 497.26 360.00 Td (into ) Tj ET Q q 0 0 0 rg BT 515.26 360.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 546.58 360.00 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 348.00 Td (over ) Tj ET Q q 0 0 0 rg BT 56.95 348.00 Td (the ) Tj ET Q q 0 0 0 rg BT 72.36 348.00 Td (expected ) Tj ET Q q 0 0 0 rg BT 111.07 348.00 Td (life ) Tj ET Q q 0 0 0 rg BT 127.58 348.00 Td (of ) Tj ET Q q 0 0 0 rg BT 139.10 348.00 Td (the ) Tj ET Q q 0 0 0 rg BT 154.50 348.00 Td (security) Tj ET Q q 0 0 0 rg BT 185.51 348.00 Td (. ) Tj ET Q q 0 0 0 rg BT 191.19 348.00 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 234.37 348.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 266.42 348.00 Td (income ) Tj ET Q q 0 0 0 rg BT 299.04 348.00 Td (is ) Tj ET Q q 0 0 0 rg BT 308.90 348.00 Td (reduced ) Tj ET Q q 0 0 0 rg BT 343.73 348.00 Td (when ) Tj ET Q q 0 0 0 rg BT 368.57 348.00 Td (actual ) Tj ET Q q 0 0 0 rg BT 395.63 348.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 421.58 348.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 448.66 348.00 Td (occur) Tj ET Q q 0 0 0 rg BT 470.31 348.00 Td (. ) Tj ET Q q 0 0 0 rg BT 476.00 348.00 Td (For ) Tj ET Q q 0 0 0 rg BT 493.07 348.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 519.93 348.00 Td ( ) Tj ET Q q 0 0 0 rg BT 523.11 348.00 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 564.35 348.00 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 336.00 Td (establish ) Tj ET Q q 0 0 0 rg BT 72.99 336.00 Td (a ) Tj ET Q q 0 0 0 rg BT 79.42 336.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 104.18 336.00 Td (reserve ) Tj ET Q q 0 0 0 rg BT 135.04 336.00 Td (and ) Tj ET Q q 0 0 0 rg BT 151.48 336.00 Td (only ) Tj ET Q q 0 0 0 rg BT 171.25 336.00 Td (accrete ) Tj ET Q q 0 0 0 rg BT 201.54 336.00 Td (the ) Tj ET Q q 0 0 0 rg BT 215.76 336.00 Td (portion ) Tj ET Q q 0 0 0 rg BT 246.64 336.00 Td (of ) Tj ET Q q 0 0 0 rg BT 256.96 336.00 Td (the ) Tj ET Q q 0 0 0 rg BT 271.17 336.00 Td (purchase ) Tj ET Q q 0 0 0 rg BT 308.71 336.00 Td (discount ) Tj ET Q q 0 0 0 rg BT 344.59 336.00 Td (we ) Tj ET Q q 0 0 0 rg BT 358.24 336.00 Td (expect ) Tj ET Q q 0 0 0 rg BT 386.33 336.00 Td (to ) Tj ET Q q 0 0 0 rg BT 396.10 336.00 Td (realize ) Tj ET Q q 0 0 0 rg BT 424.74 336.00 Td (into ) Tj ET Q q 0 0 0 rg BT 442.29 336.00 Td (income ) Tj ET Q q 0 0 0 rg BT 473.72 336.00 Td (and ) Tj ET Q q 0 0 0 rg BT 490.15 336.00 Td (write-down ) Tj ET Q q 0 0 0 rg BT 538.24 336.00 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 324.00 Td (that ) Tj ET Q q 0 0 0 rg BT 53.52 324.00 Td (become ) Tj ET Q q 0 0 0 rg BT 87.13 324.00 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 127.70 324.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 145.77 324.00 Td (income ) Tj ET Q q 0 0 0 rg BT 177.73 324.00 Td (recognition ) Tj ET Q q 0 0 0 rg BT 225.79 324.00 Td (is ) Tj ET Q q 0 0 0 rg BT 234.98 324.00 Td (therefore ) Tj ET Q q 0 0 0 rg BT 273.59 324.00 Td (faster ) Tj ET Q q 0 0 0 rg BT 298.32 324.00 Td (for ) Tj ET Q q 0 0 0 rg BT 312.50 324.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 327.24 324.00 Td (as ) Tj ET Q q 0 0 0 rg BT 338.09 324.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 380.04 324.00 Td (to ) Tj ET Q q 0 0 0 rg BT 390.34 324.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 416.45 324.00 Td (, ) Tj ET Q q 0 0 0 rg BT 421.48 324.00 Td (especially ) Tj ET Q q 0 0 0 rg BT 463.98 324.00 Td (in ) Tj ET Q q 0 0 0 rg BT 474.28 324.00 Td (the ) Tj ET Q q 0 0 0 rg BT 489.02 324.00 Td (early ) Tj ET Q q 0 0 0 rg BT 511.52 324.00 Td (years ) Tj ET Q q 0 0 0 rg BT 535.15 324.00 Td (of ) Tj ET Q q 0 0 0 rg BT 546.00 324.00 Td (owning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 312.00 Td (a ) Tj ET Q q 0 0 0 rg BT 43.50 312.00 Td (security ) Tj ET Q q 0 0 0 rg BT 78.21 312.00 Td (\(when ) Tj ET Q q 0 0 0 rg BT 106.26 312.00 Td (there ) Tj ET Q q 0 0 0 rg BT 129.31 312.00 Td (are ) Tj ET Q q 0 0 0 rg BT 144.57 312.00 Td (generally ) Tj ET Q q 0 0 0 rg BT 184.83 312.00 Td (few ) Tj ET Q q 0 0 0 rg BT 202.88 312.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 228.71 312.00 Td (losses\). ) Tj ET Q q 0 0 0 rg BT 260.81 312.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.87 312.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 333.01 312.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.01 312.00 Td (, ) Tj ET Q q 0 0 0 rg BT 358.57 312.00 Td (the ) Tj ET Q q 0 0 0 rg BT 373.85 312.00 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 421.34 312.00 Td (dif) Tj ET Q q 0 0 0 rg BT 432.26 312.00 Td (ference ) Tj ET Q q 0 0 0 rg BT 464.74 312.00 Td (between ) Tj ET Q q 0 0 0 rg BT 501.11 312.00 Td (the ) Tj ET Q q 0 0 0 rg BT 516.39 312.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 543.24 312.00 Td ( ) Tj ET Q q 0 0 0 rg BT 546.30 312.00 Td (and ) Tj ET Q q 0 0 0 rg BT 563.80 312.00 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 300.00 Td (amortized ) Tj ET Q q 0 0 0 rg BT 78.25 300.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 96.62 300.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 118.88 300.00 Td (of ) Tj ET Q q 0 0 0 rg BT 129.48 300.00 Td (our ) Tj ET Q q 0 0 0 rg BT 145.07 300.00 Td (residential ) Tj ET Q q 0 0 0 rg BT 188.99 300.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 229.02 300.00 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 274.04 300.00 Td (our ) Tj ET Q q 0 0 0 rg BT 289.64 300.00 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.68 300.00 Td (in ) Tj ET Q q 0 0 0 rg BT 349.72 300.00 Td (our ) Tj ET Q q 0 0 0 rg BT 365.31 300.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 418.12 300.00 Td (securitization ) Tj ET Q q 0 0 0 rg BT 474.25 300.00 Td (entities ) Tj ET Q q 0 0 0 rg BT 505.40 300.00 Td (and ) Tj ET Q q 0 0 0 rg BT 522.10 300.00 Td (IO ) Tj ET Q q 0 0 0 rg BT 534.92 300.00 Td (securities\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 288.00 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.05 288.00 Td ($40 ) Tj ET Q q 0 0 0 rg BT 71.55 288.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.44 288.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.00 Td (As ) Tj ET Q q 0 0 0 rg BT 67.06 264.00 Td (we ) Tj ET Q q 0 0 0 rg BT 80.66 264.00 Td (have ) Tj ET Q q 0 0 0 rg BT 101.48 264.00 Td (no ) Tj ET Q q 0 0 0 rg BT 113.42 264.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 138.13 264.00 Td (reserves ) Tj ET Q q 0 0 0 rg BT 172.83 264.00 Td (or ) Tj ET Q q 0 0 0 rg BT 183.11 264.00 Td (allowances ) Tj ET Q q 0 0 0 rg BT 229.47 264.00 Td (for ) Tj ET Q q 0 0 0 rg BT 243.08 264.00 Td (tax, ) Tj ET Q q 0 0 0 rg BT 259.74 264.00 Td (any ) Tj ET Q q 0 0 0 rg BT 276.12 264.00 Td (future ) Tj ET Q q 0 0 0 rg BT 301.94 264.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 326.65 264.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 352.48 264.00 Td (on ) Tj ET Q q 0 0 0 rg BT 364.42 264.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 404.13 264.00 Td (or ) Tj ET Q q 0 0 0 rg BT 414.41 264.00 Td (loans ) Tj ET Q q 0 0 0 rg BT 437.46 264.00 Td (will ) Tj ET Q q 0 0 0 rg BT 454.96 264.00 Td (have ) Tj ET Q q 0 0 0 rg BT 475.78 264.00 Td (a ) Tj ET Q q 0 0 0 rg BT 482.16 264.00 Td (more ) Tj ET Q q 0 0 0 rg BT 504.65 264.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 548.80 264.00 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 252.00 Td (on ) Tj ET Q q 0 0 0 rg BT 47.54 252.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 61.30 252.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 96.72 252.00 Td (than ) Tj ET Q q 0 0 0 rg BT 115.47 252.00 Td (on ) Tj ET Q q 0 0 0 rg BT 127.01 252.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 153.87 252.00 Td ( ) Tj ET Q q 0 0 0 rg BT 155.41 252.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 190.83 252.00 Td (and ) Tj ET Q q 0 0 0 rg BT 206.81 252.00 Td (may ) Tj ET Q q 0 0 0 rg BT 225.56 252.00 Td (create ) Tj ET Q q 0 0 0 rg BT 250.97 252.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 294.72 252.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 325.13 252.00 Td (income ) Tj ET Q q 0 0 0 rg BT 356.10 252.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 393.75 252.00 Td (to ) Tj ET Q q 0 0 0 rg BT 403.07 252.00 Td (the ) Tj ET Q q 0 0 0 rg BT 416.83 252.00 Td (extent ) Tj ET Q q 0 0 0 rg BT 442.80 252.00 Td (the ) Tj ET Q q 0 0 0 rg BT 456.56 252.00 Td (level ) Tj ET Q q 0 0 0 rg BT 477.54 252.00 Td (of ) Tj ET Q q 0 0 0 rg BT 487.41 252.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.71 252.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 537.14 252.00 Td (fluctuates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 240.00 Td (during ) Tj ET Q q 0 0 0 rg BT 64.61 240.00 Td (reporting ) Tj ET Q q 0 0 0 rg BT 103.77 240.00 Td (periods. ) Tj ET Q q 0 0 0 rg BT 138.03 240.00 Td (W) Tj ET Q q 0 0 0 rg BT 146.67 240.00 Td (e ) Tj ET Q q 0 0 0 rg BT 153.61 240.00 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 194.98 240.00 Td (that ) Tj ET Q q 0 0 0 rg BT 212.47 240.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 237.74 240.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 264.13 240.00 Td (will ) Tj ET Q q 0 0 0 rg BT 282.19 240.00 Td (continue ) Tj ET Q q 0 0 0 rg BT 319.13 240.00 Td (to ) Tj ET Q q 0 0 0 rg BT 329.41 240.00 Td (be ) Tj ET Q q 0 0 0 rg BT 341.35 240.00 Td (a ) Tj ET Q q 0 0 0 rg BT 348.29 240.00 Td (meaningful, ) Tj ET Q q 0 0 0 rg BT 398.84 240.00 Td (but ) Tj ET Q q 0 0 0 rg BT 414.12 240.00 Td (declining, ) Tj ET Q q 0 0 0 rg BT 456.33 240.00 Td (factor ) Tj ET Q q 0 0 0 rg BT 482.15 240.00 Td (for ) Tj ET Q q 0 0 0 rg BT 496.31 240.00 Td (determining ) Tj ET Q q 0 0 0 rg BT 547.14 240.00 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 228.00 Td (income. ) Tj ET Q q 0 0 0 rg BT 70.06 228.00 Td (Credit ) Tj ET Q q 0 0 0 rg BT 97.19 228.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 123.21 228.00 Td (are ) Tj ET Q q 0 0 0 rg BT 137.54 228.00 Td (based ) Tj ET Q q 0 0 0 rg BT 162.44 228.00 Td (on ) Tj ET Q q 0 0 0 rg BT 174.57 228.00 Td (our ) Tj ET Q q 0 0 0 rg BT 190.03 228.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.37 228.00 Td (basis, ) Tj ET Q q 0 0 0 rg BT 229.00 228.00 Td (which ) Tj ET Q q 0 0 0 rg BT 255.57 228.00 Td (dif) Tj ET Q q 0 0 0 rg BT 266.50 228.00 Td (fers ) Tj ET Q q 0 0 0 rg BT 283.62 228.00 Td (materially ) Tj ET Q q 0 0 0 rg BT 326.28 228.00 Td (from ) Tj ET Q q 0 0 0 rg BT 347.85 228.00 Td (our ) Tj ET Q q 0 0 0 rg BT 363.31 228.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 385.44 228.00 Td (for ) Tj ET Q q 0 0 0 rg BT 399.23 228.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 426.08 228.00 Td ( ) Tj ET Q q 0 0 0 rg BT 428.21 228.00 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 468.24 228.00 Td (W) Tj ET Q q 0 0 0 rg BT 476.88 228.00 Td (e ) Tj ET Q q 0 0 0 rg BT 483.44 228.00 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 524.44 228.00 Td (an ) Tj ET Q q 0 0 0 rg BT 536.01 228.00 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 216.00 Td ($22 ) Tj ET Q q 0 0 0 rg BT 53.48 216.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.37 216.00 Td ( ) Tj ET Q q 0 0 0 rg BT 84.86 216.00 Td (of ) Tj ET Q q 0 0 0 rg BT 95.67 216.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 120.91 216.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 147.29 216.00 Td (for ) Tj ET Q q 0 0 0 rg BT 161.43 216.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 176.13 216.00 Td (on ) Tj ET Q q 0 0 0 rg BT 188.61 216.00 Td (securities, ) Tj ET Q q 0 0 0 rg BT 231.35 216.00 Td (based ) Tj ET Q q 0 0 0 rg BT 256.61 216.00 Td (on ) Tj ET Q q 0 0 0 rg BT 269.09 216.00 Td (our ) Tj ET Q q 0 0 0 rg BT 284.90 216.00 Td (projection ) Tj ET Q q 0 0 0 rg BT 327.92 216.00 Td (of ) Tj ET Q q 0 0 0 rg BT 338.74 216.00 Td (principal ) Tj ET Q q 0 0 0 rg BT 376.76 216.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 409.77 216.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 436.15 216.00 Td (and ) Tj ET Q q 0 0 0 rg BT 453.07 216.00 Td (assuming ) Tj ET Q q 0 0 0 rg BT 493.33 216.00 Td (a ) Tj ET Q q 0 0 0 rg BT 500.25 216.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 530.50 216.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 545.20 216.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 567.68 216.00 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 204.00 Td (we ) Tj ET Q q 0 0 0 rg BT 50.44 204.00 Td (have ) Tj ET Q q 0 0 0 rg BT 72.09 204.00 Td (recently ) Tj ET Q q 0 0 0 rg BT 107.07 204.00 Td (experienced, ) Tj ET Q q 0 0 0 rg BT 160.64 204.00 Td (although ) Tj ET Q q 0 0 0 rg BT 198.41 204.00 Td (the ) Tj ET Q q 0 0 0 rg BT 213.41 204.00 Td (timing ) Tj ET Q q 0 0 0 rg BT 242.30 204.00 Td (of ) Tj ET Q q 0 0 0 rg BT 253.40 204.00 Td (actual ) Tj ET Q q 0 0 0 rg BT 280.05 204.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 306.72 204.00 Td (is ) Tj ET Q q 0 0 0 rg BT 316.16 204.00 Td (dif) Tj ET Q q 0 0 0 rg BT 327.09 204.00 Td (ficult ) Tj ET Q q 0 0 0 rg BT 350.97 204.00 Td (to ) Tj ET Q q 0 0 0 rg BT 361.52 204.00 Td (accurately ) Tj ET Q q 0 0 0 rg BT 405.38 204.00 Td (project. ) Tj ET Q q 0 0 0 rg BT 437.81 204.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.58 204.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 509.44 204.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.44 204.00 Td (, ) Tj ET Q q 0 0 0 rg BT 534.72 204.00 Td (for ) Tj ET Q q 0 0 0 rg BT 549.15 204.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 576.01 204.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 192.00 Td (we ) Tj ET Q q 0 0 0 rg BT 50.16 192.00 Td (had ) Tj ET Q q 0 0 0 rg BT 67.10 192.00 Td (a ) Tj ET Q q 0 0 0 rg BT 74.04 192.00 Td (designated ) Tj ET Q q 0 0 0 rg BT 119.30 192.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 144.56 192.00 Td (reserve ) Tj ET Q q 0 0 0 rg BT 175.93 192.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.76 192.00 Td ($47 ) Tj ET Q q 0 0 0 rg BT 204.26 192.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 192.00 Td ( ) Tj ET Q q 0 0 0 rg BT 235.65 192.00 Td (on ) Tj ET Q q 0 0 0 rg BT 248.15 192.00 Td (our ) Tj ET Q q 0 0 0 rg BT 263.98 192.00 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 168.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.85 168.00 Td (estimated ) Tj ET Q q 0 0 0 rg BT 112.47 168.00 Td (total ) Tj ET Q q 0 0 0 rg BT 132.55 168.00 Td (taxable ) Tj ET Q q 0 0 0 rg BT 163.72 168.00 Td (income ) Tj ET Q q 0 0 0 rg BT 195.46 168.00 Td (for ) Tj ET Q q 0 0 0 rg BT 209.42 168.00 Td (the ) Tj ET Q q 0 0 0 rg BT 223.94 168.00 Td (years ) Tj ET Q q 0 0 0 rg BT 247.34 168.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.52 168.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 331.90 168.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.90 168.00 Td (, ) Tj ET Q q 0 0 0 rg BT 356.70 168.00 Td (2015, ) Tj ET Q q 0 0 0 rg BT 381.50 168.00 Td (and ) Tj ET Q q 0 0 0 rg BT 398.24 168.00 Td (2014 ) Tj ET Q q 0 0 0 rg BT 420.54 168.00 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.28 168.00 Td ($8 ) Tj ET Q q 0 0 0 rg BT 469.58 168.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.47 168.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.27 168.00 Td ($9 ) Tj ET Q q 0 0 0 rg BT 515.57 168.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.47 168.00 Td (, ) Tj ET Q q 0 0 0 rg BT 549.27 168.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.01 168.00 Td ($7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 156.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 156.00 Td (, ) Tj ET Q q 0 0 0 rg BT 69.89 156.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 117.55 156.00 Td (, ) Tj ET Q q 0 0 0 rg BT 122.55 156.00 Td (in ) Tj ET Q q 0 0 0 rg BT 132.83 156.00 Td (realized ) Tj ET Q q 0 0 0 rg BT 166.97 156.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 192.24 156.00 Td (losses ) Tj ET Q q 0 0 0 rg BT 218.63 156.00 Td (on ) Tj ET Q q 0 0 0 rg BT 231.13 156.00 Td (investments. ) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (81) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 88.50 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 99.33 731.25 Td (Gains ) Tj ET Q q 0 0 0 rg BT 126.29 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.35 731.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 174.07 731.25 Td (on ) Tj ET Q q 0 0 0 rg BT 187.13 731.25 Td (Sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 78.87 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.74 713.25 Td (computation ) Tj ET Q q 0 0 0 rg BT 146.39 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.37 713.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 210.56 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.65 713.25 Td (impairments ) Tj ET Q q 0 0 0 rg BT 280.30 713.25 Td (on ) Tj ET Q q 0 0 0 rg BT 292.95 713.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 318.93 713.25 Td (may ) Tj ET Q q 0 0 0 rg BT 338.80 713.25 Td (dif) Tj ET Q q 0 0 0 rg BT 349.73 713.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 363.48 713.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.80 713.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.67 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.76 713.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 435.88 713.25 Td (, ) Tj ET Q q 0 0 0 rg BT 441.03 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.90 713.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 470.77 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.87 713.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 514.72 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 517.38 713.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 540.03 713.25 Td (on ) Tj ET Q q 0 0 0 rg BT 552.68 713.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 55.28 701.25 Td (or ) Tj ET Q q 0 0 0 rg BT 66.22 701.25 Td (called ) Tj ET Q q 0 0 0 rg BT 92.71 701.25 Td (may ) Tj ET Q q 0 0 0 rg BT 112.53 701.25 Td (dif) Tj ET Q q 0 0 0 rg BT 123.46 701.25 Td (fer) Tj ET Q q 0 0 0 rg BT 134.16 701.25 Td (, ) Tj ET Q q 0 0 0 rg BT 139.27 701.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 176.88 701.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.27 701.25 Td (dif) Tj ET Q q 0 0 0 rg BT 198.20 701.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 234.11 701.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.50 701.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 268.22 701.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.27 701.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 311.77 701.25 Td (on ) Tj ET Q q 0 0 0 rg BT 324.39 701.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 342.54 701.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.49 701.25 Td (call. ) Tj ET Q q 0 0 0 rg BT 373.03 701.25 Td (In ) Tj ET Q q 0 0 0 rg BT 383.97 701.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 421.86 701.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 445.58 701.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 479.83 701.25 Td (for ) Tj ET Q q 0 0 0 rg BT 494.10 701.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.93 701.25 Td (may ) Tj ET Q q 0 0 0 rg BT 528.76 701.25 Td (be ) Tj ET Q q 0 0 0 rg BT 540.81 701.25 Td (of) Tj ET Q q 0 0 0 rg BT 548.96 701.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 566.00 701.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 57.44 689.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 86.10 689.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 111.99 689.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 130.94 689.25 Td (thus, ) Tj ET Q q 0 0 0 rg BT 152.11 689.25 Td (not ) Tj ET Q q 0 0 0 rg BT 166.89 689.25 Td (af) Tj ET Q q 0 0 0 rg BT 174.48 689.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 191.47 689.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 222.35 689.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 255.84 689.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.85 689.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 325.94 689.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.94 689.25 Td (, ) Tj ET Q q 0 0 0 rg BT 350.44 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.66 689.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 386.70 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 388.70 689.25 Td (had ) Tj ET Q q 0 0 0 rg BT 405.15 689.25 Td (an ) Tj ET Q q 0 0 0 rg BT 416.59 689.25 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.91 689.25 Td ($121 ) Tj ET Q q 0 0 0 rg BT 478.92 689.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.81 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 509.81 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 519.60 689.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 549.35 689.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 54.27 677.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 113.05 677.25 Td (that ) Tj ET Q q 0 0 0 rg BT 130.76 677.25 Td (can ) Tj ET Q q 0 0 0 rg BT 147.34 677.25 Td (be ) Tj ET Q q 0 0 0 rg BT 159.48 677.25 Td (used ) Tj ET Q q 0 0 0 rg BT 180.52 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 191.01 677.25 Td (of) Tj ET Q q 0 0 0 rg BT 199.15 677.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 216.30 677.25 Td (future ) Tj ET Q q 0 0 0 rg BT 242.88 677.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 272.24 677.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 296.06 677.25 Td (over ) Tj ET Q q 0 0 0 rg BT 316.53 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.45 677.25 Td (next ) Tj ET Q q 0 0 0 rg BT 351.38 677.25 Td (year) Tj ET Q q 0 0 0 rg BT 368.03 677.25 Td (. ) Tj ET Q q 0 0 0 rg BT 373.24 677.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 398.16 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 414.20 677.25 Td (intention ) Tj ET Q q 0 0 0 rg BT 452.46 677.25 Td (is ) Tj ET Q q 0 0 0 rg BT 461.83 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 472.32 677.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 512.23 677.25 Td (make ) Tj ET Q q 0 0 0 rg BT 536.59 677.25 Td (long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 87.85 665.25 Td (it ) Tj ET Q q 0 0 0 rg BT 94.98 665.25 Td (is ) Tj ET Q q 0 0 0 rg BT 103.23 665.25 Td (dif) Tj ET Q q 0 0 0 rg BT 114.16 665.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 136.84 665.25 Td (to ) Tj ET Q q 0 0 0 rg BT 146.20 665.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 186.64 665.25 Td (when ) Tj ET Q q 0 0 0 rg BT 209.88 665.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 230.89 665.25 Td (may ) Tj ET Q q 0 0 0 rg BT 249.69 665.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 273.47 665.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 291.99 665.25 Td (thus, ) Tj ET Q q 0 0 0 rg BT 312.73 665.25 Td (when ) Tj ET Q q 0 0 0 rg BT 335.97 665.25 Td (or ) Tj ET Q q 0 0 0 rg BT 345.88 665.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 379.66 665.25 Td (we ) Tj ET Q q 0 0 0 rg BT 392.90 665.25 Td (might ) Tj ET Q q 0 0 0 rg BT 417.81 665.25 Td (exhaust ) Tj ET Q q 0 0 0 rg BT 449.94 665.25 Td (these ) Tj ET Q q 0 0 0 rg BT 472.06 665.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 500.29 665.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 517.43 665.25 Td (carryforwards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.35 653.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.79 653.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.79 653.25 Td (, ) Tj ET Q q 0 0 0 rg BT 134.64 653.25 Td (we ) Tj ET Q q 0 0 0 rg BT 149.65 653.25 Td (had ) Tj ET Q q 0 0 0 rg BT 167.44 653.25 Td (an ) Tj ET Q q 0 0 0 rg BT 180.23 653.25 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.90 653.25 Td ($7 ) Tj ET Q q 0 0 0 rg BT 235.25 653.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.14 653.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.49 653.25 Td (in ) Tj ET Q q 0 0 0 rg BT 278.62 653.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 309.73 653.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 339.73 653.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 358.64 653.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 418.07 653.25 Td (at ) Tj ET Q q 0 0 0 rg BT 428.64 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.96 653.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 465.66 653.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 490.70 653.25 Td (W) Tj ET Q q 0 0 0 rg BT 499.34 653.25 Td (e ) Tj ET Q q 0 0 0 rg BT 507.13 653.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 549.34 653.25 Td (selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (appreciated ) Tj ET Q q 0 0 0 rg BT 85.06 641.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 125.81 641.25 Td (within ) Tj ET Q q 0 0 0 rg BT 154.35 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.56 641.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 199.19 641.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 217.74 641.25 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 272.91 641.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 303.94 641.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.36 641.25 Td (it ) Tj ET Q q 0 0 0 rg BT 329.91 641.25 Td (is ) Tj ET Q q 0 0 0 rg BT 339.56 641.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 365.32 641.25 Td (that ) Tj ET Q q 0 0 0 rg BT 383.30 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.29 641.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 419.61 641.25 Td (will ) Tj ET Q q 0 0 0 rg BT 438.15 641.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 468.90 641.25 Td (from ) Tj ET Q q 0 0 0 rg BT 491.32 641.25 Td (all ) Tj ET Q q 0 0 0 rg BT 504.30 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.62 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.82 641.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 560.46 641.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 96.43 629.25 Td (As ) Tj ET Q q 0 0 0 rg BT 109.92 629.25 Td (such, ) Tj ET Q q 0 0 0 rg BT 133.13 629.25 Td (no ) Tj ET Q q 0 0 0 rg BT 145.51 629.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 185.09 629.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 228.00 629.25 Td (was ) Tj ET Q q 0 0 0 rg BT 245.93 629.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.28 629.25 Td (against ) Tj ET Q q 0 0 0 rg BT 313.99 629.25 Td (any ) Tj ET Q q 0 0 0 rg BT 330.80 629.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 362.07 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.77 629.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.37 629.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 446.95 629.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 482.63 629.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 497.23 629.25 Td (asset. ) Tj ET Q q 0 0 0 rg BT 521.54 629.25 Td (However) Tj ET Q q 0 0 0 rg BT 557.79 629.25 Td (, ) Tj ET Q q 0 0 0 rg BT 562.67 629.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 71.74 617.25 Td (could ) Tj ET Q q 0 0 0 rg BT 96.37 617.25 Td (change ) Tj ET Q q 0 0 0 rg BT 127.10 617.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.30 617.25 Td (future ) Tj ET Q q 0 0 0 rg BT 163.59 617.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 195.45 617.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 214.80 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.00 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.63 617.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 266.48 617.25 Td (we ) Tj ET Q q 0 0 0 rg BT 280.56 617.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 309.07 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 319.27 617.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 346.67 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.31 617.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.38 617.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 408.35 617.25 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 469.35 617.25 Td (we ) Tj ET Q q 0 0 0 rg BT 483.43 617.25 Td (could ) Tj ET Q q 0 0 0 rg BT 508.06 617.25 Td (record ) Tj ET Q q 0 0 0 rg BT 536.01 617.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 50.72 605.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 85.42 605.25 Td (or ) Tj ET Q q 0 0 0 rg BT 96.25 605.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 126.52 605.25 Td (for ) Tj ET Q q 0 0 0 rg BT 140.68 605.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 166.80 605.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (Prepayments ) Tj ET Q q 0 0 0 rg BT 91.83 575.25 Td (on ) Tj ET Q q 0 0 0 rg BT 104.89 575.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 557.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.60 557.25 Td (have ) Tj ET Q q 0 0 0 rg BT 91.00 557.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 125.73 557.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 155.46 557.25 Td (IO ) Tj ET Q q 0 0 0 rg BT 168.53 557.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 208.82 557.25 Td (since ) Tj ET Q q 0 0 0 rg BT 231.89 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.63 557.25 Td (time ) Tj ET Q q 0 0 0 rg BT 266.93 557.25 Td (they ) Tj ET Q q 0 0 0 rg BT 286.67 557.25 Td (were ) Tj ET Q q 0 0 0 rg BT 308.62 557.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 336.15 557.25 Td (from ) Tj ET Q q 0 0 0 rg BT 358.11 557.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 392.85 557.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 453.14 557.25 Td (we ) Tj ET Q q 0 0 0 rg BT 467.32 557.25 Td (sponsored. ) Tj ET Q q 0 0 0 rg BT 512.90 557.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 530.97 557.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 545.71 557.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 568.24 557.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (these ) Tj ET Q q 0 0 0 rg BT 59.54 545.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 100.29 545.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.83 545.25 Td ($32 ) Tj ET Q q 0 0 0 rg BT 136.82 545.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.71 545.25 Td ( ) Tj ET Q q 0 0 0 rg BT 168.70 545.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.91 545.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.98 545.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.98 545.25 Td (. ) Tj ET Q q 0 0 0 rg BT 263.26 545.25 Td (The ) Tj ET Q q 0 0 0 rg BT 281.79 545.25 Td (return ) Tj ET Q q 0 0 0 rg BT 308.66 545.25 Td (on ) Tj ET Q q 0 0 0 rg BT 321.65 545.25 Td (IOs ) Tj ET Q q 0 0 0 rg BT 339.08 545.25 Td (is ) Tj ET Q q 0 0 0 rg BT 348.74 545.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 386.73 545.25 Td (to ) Tj ET Q q 0 0 0 rg BT 397.50 545.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 451.58 545.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 471.51 545.25 Td (to ) Tj ET Q q 0 0 0 rg BT 482.27 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.48 545.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 524.90 545.25 Td (prepayments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 56.03 533.25 Td (period ) Tj ET Q q 0 0 0 rg BT 83.83 533.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.87 533.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 124.17 533.25 Td (income ) Tj ET Q q 0 0 0 rg BT 155.86 533.25 Td (from ) Tj ET Q q 0 0 0 rg BT 177.56 533.25 Td (these ) Tj ET Q q 0 0 0 rg BT 200.36 533.25 Td (IOs ) Tj ET Q q 0 0 0 rg BT 217.06 533.25 Td (will ) Tj ET Q q 0 0 0 rg BT 234.88 533.25 Td (vary) Tj ET Q q 0 0 0 rg BT 251.99 533.25 Td (. ) Tj ET Q q 0 0 0 rg BT 256.59 533.25 Td (T) Tj ET Q q 0 0 0 rg BT 262.00 533.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 293.56 533.25 Td (, ) Tj ET Q q 0 0 0 rg BT 298.32 533.25 Td (fast ) Tj ET Q q 0 0 0 rg BT 315.01 533.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 368.37 533.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 397.27 533.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 423.41 533.25 Td (and ) Tj ET Q q 0 0 0 rg BT 440.11 533.25 Td (slow ) Tj ET Q q 0 0 0 rg BT 461.26 533.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 514.61 533.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 549.62 533.25 Td (yields. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 521.25 Td (e ) Tj ET Q q 0 0 0 rg BT 50.86 521.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.84 521.25 Td (not ) Tj ET Q q 0 0 0 rg BT 79.40 521.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 119.50 521.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.06 521.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 169.70 521.25 Td (a ) Tj ET Q q 0 0 0 rg BT 175.92 521.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 211.57 521.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 233.35 521.25 Td (under ) Tj ET Q q 0 0 0 rg BT 257.89 521.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 271.89 521.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 317.54 521.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 341.26 521.25 Td (so ) Tj ET Q q 0 0 0 rg BT 351.93 521.25 Td (during ) Tj ET Q q 0 0 0 rg BT 379.82 521.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 411.04 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.15 521.25 Td (fast ) Tj ET Q q 0 0 0 rg BT 437.37 521.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 490.24 521.25 Td (our ) Tj ET Q q 0 0 0 rg BT 505.35 521.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 539.89 521.25 Td (premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 70.49 509.25 Td (for ) Tj ET Q q 0 0 0 rg BT 84.44 509.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.94 509.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 136.78 509.25 Td (can ) Tj ET Q q 0 0 0 rg BT 152.94 509.25 Td (be ) Tj ET Q q 0 0 0 rg BT 164.66 509.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 204.71 509.25 Td (low ) Tj ET Q q 0 0 0 rg BT 221.99 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.71 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.22 509.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 267.72 509.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 286.11 509.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 308.40 509.25 Td (for ) Tj ET Q q 0 0 0 rg BT 322.34 509.25 Td (these ) Tj ET Q q 0 0 0 rg BT 345.17 509.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 385.22 509.25 Td (may ) Tj ET Q q 0 0 0 rg BT 404.73 509.25 Td (not ) Tj ET Q q 0 0 0 rg BT 419.79 509.25 Td (be ) Tj ET Q q 0 0 0 rg BT 431.51 509.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 483.79 509.25 Td (reduced. ) Tj ET Q q 0 0 0 rg BT 520.22 509.25 Td (Currently) Tj ET Q q 0 0 0 rg BT 557.89 509.25 Td (, ) Tj ET Q q 0 0 0 rg BT 562.68 509.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 50.80 497.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 73.39 497.25 Td (is ) Tj ET Q q 0 0 0 rg BT 82.64 497.25 Td (now ) Tj ET Q q 0 0 0 rg BT 102.45 497.25 Td (below ) Tj ET Q q 0 0 0 rg BT 129.47 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.27 497.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.73 497.25 Td (values ) Tj ET Q q 0 0 0 rg BT 188.86 497.25 Td (for ) Tj ET Q q 0 0 0 rg BT 203.11 497.25 Td (these ) Tj ET Q q 0 0 0 rg BT 226.24 497.25 Td (IOs ) Tj ET Q q 0 0 0 rg BT 243.27 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 253.63 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 268.43 497.25 Td (aggregate. ) Tj ET Q q 0 0 0 rg BT 312.38 497.25 Td (If ) Tj ET Q q 0 0 0 rg BT 321.62 497.25 Td (a ) Tj ET Q q 0 0 0 rg BT 328.65 497.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 363.45 497.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 419.90 497.25 Td (is ) Tj ET Q q 0 0 0 rg BT 429.15 497.25 Td (called, ) Tj ET Q q 0 0 0 rg BT 458.11 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.91 497.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 516.04 497.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 530.84 497.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 553.42 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 563.79 497.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (IO ) Tj ET Q q 0 0 0 rg BT 49.05 485.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.22 485.25 Td (expensed, ) Tj ET Q q 0 0 0 rg BT 100.43 485.25 Td (creating ) Tj ET Q q 0 0 0 rg BT 135.13 485.25 Td (an ) Tj ET Q q 0 0 0 rg BT 147.07 485.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 183.45 485.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 201.51 485.25 Td (at ) Tj ET Q q 0 0 0 rg BT 211.22 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.94 485.25 Td (call ) Tj ET Q q 0 0 0 rg BT 242.88 485.25 Td (date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (Prepayments ) Tj ET Q q 0 0 0 rg BT 107.41 461.25 Td (also ) Tj ET Q q 0 0 0 rg BT 125.28 461.25 Td (af) Tj ET Q q 0 0 0 rg BT 132.87 461.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 149.61 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.58 461.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 194.21 461.25 Td (income ) Tj ET Q q 0 0 0 rg BT 225.41 461.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 272.71 461.25 Td (on ) Tj ET Q q 0 0 0 rg BT 284.46 461.25 Td (other ) Tj ET Q q 0 0 0 rg BT 306.77 461.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 346.29 461.25 Td (we ) Tj ET Q q 0 0 0 rg BT 359.71 461.25 Td (own. ) Tj ET Q q 0 0 0 rg BT 381.19 461.25 Td (For ) Tj ET Q q 0 0 0 rg BT 396.84 461.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 410.81 461.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 450.62 461.25 Td (we ) Tj ET Q q 0 0 0 rg BT 464.04 461.25 Td (are ) Tj ET Q q 0 0 0 rg BT 478.00 461.25 Td (required ) Tj ET Q q 0 0 0 rg BT 513.08 461.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.61 461.25 Td (use ) Tj ET Q q 0 0 0 rg BT 537.70 461.25 Td (particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 86.65 449.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 139.55 449.25 Td (for ) Tj ET Q q 0 0 0 rg BT 154.67 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.34 449.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 214.33 449.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 236.67 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.45 449.25 Td (each ) Tj ET Q q 0 0 0 rg BT 270.22 449.25 Td (security) Tj ET Q q 0 0 0 rg BT 301.22 449.25 Td (. ) Tj ET Q q 0 0 0 rg BT 306.42 449.25 Td (As ) Tj ET Q q 0 0 0 rg BT 320.98 449.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 348.30 449.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 398.96 449.25 Td (speeds ) Tj ET Q q 0 0 0 rg BT 429.07 449.25 Td (vary) Tj ET Q q 0 0 0 rg BT 446.19 449.25 Td (, ) Tj ET Q q 0 0 0 rg BT 452.14 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.81 449.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 491.26 449.25 Td (we ) Tj ET Q q 0 0 0 rg BT 506.37 449.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 548.69 449.25 Td (for ) Tj ET Q q 0 0 0 rg BT 563.80 449.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 73.69 437.25 Td (will ) Tj ET Q q 0 0 0 rg BT 91.38 437.25 Td (be ) Tj ET Q q 0 0 0 rg BT 102.96 437.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 138.42 437.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 184.97 437.25 Td (. ) Tj ET Q q 0 0 0 rg BT 189.45 437.25 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 214.09 437.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.00 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.36 437.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 264.93 437.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 290.93 437.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 344.16 437.25 Td (dif) Tj ET Q q 0 0 0 rg BT 355.09 437.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 368.33 437.25 Td (from ) Tj ET Q q 0 0 0 rg BT 389.90 437.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.37 437.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 446.94 437.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 498.52 437.25 Td (or ) Tj ET Q q 0 0 0 rg BT 508.99 437.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 528.89 437.25 Td (from ) Tj ET Q q 0 0 0 rg BT 550.47 437.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 425.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 76.83 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.54 425.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 114.04 425.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 160.40 425.25 Td (will ) Tj ET Q q 0 0 0 rg BT 178.46 425.25 Td (also ) Tj ET Q q 0 0 0 rg BT 197.06 425.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 217.33 425.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.27 425.25 Td (this ) Tj ET Q q 0 0 0 rg BT 251.22 425.25 Td (dif) Tj ET Q q 0 0 0 rg BT 262.15 425.25 Td (ference ) Tj ET Q q 0 0 0 rg BT 294.06 425.25 Td (could ) Tj ET Q q 0 0 0 rg BT 318.78 425.25 Td (be ) Tj ET Q q 0 0 0 rg BT 330.72 425.25 Td (material. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 97.96 395.25 Td (Expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.90 377.25 Td (total ) Tj ET Q q 0 0 0 rg BT 92.04 377.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.61 377.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 141.17 377.25 Td (for ) Tj ET Q q 0 0 0 rg BT 155.19 377.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 182.54 377.25 Td (award ) Tj ET Q q 0 0 0 rg BT 209.33 377.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 267.23 377.25 Td (is ) Tj ET Q q 0 0 0 rg BT 276.26 377.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 319.71 377.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 342.07 377.25 Td (varying ) Tj ET Q q 0 0 0 rg BT 374.97 377.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 404.53 377.25 Td (such ) Tj ET Q q 0 0 0 rg BT 425.22 377.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.91 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.48 377.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 478.95 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 489.64 377.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 530.32 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.01 377.25 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 80.41 365.25 Td (rights, ) Tj ET Q q 0 0 0 rg BT 108.44 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.42 365.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 172.29 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.38 365.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 219.44 365.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 243.31 365.25 Td (units ) Tj ET Q q 0 0 0 rg BT 265.51 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.71 365.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 322.10 365.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 345.97 365.25 Td (units, ) Tj ET Q q 0 0 0 rg BT 370.68 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.87 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.85 365.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 423.37 365.25 Td (deferrals ) Tj ET Q q 0 0 0 rg BT 461.11 365.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.64 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.84 365.25 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 540.47 365.25 Td (from ) Tj ET Q q 0 0 0 rg BT 562.67 365.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 79.13 353.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 117.80 353.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 178.72 353.25 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 202.14 353.25 Td (For ) Tj ET Q q 0 0 0 rg BT 219.18 353.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 246.04 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 249.18 353.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 290.38 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.74 353.25 Td (total ) Tj ET Q q 0 0 0 rg BT 326.66 353.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 362.02 353.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 406.26 353.25 Td (with ) Tj ET Q q 0 0 0 rg BT 427.18 353.25 Td (an ) Tj ET Q q 0 0 0 rg BT 439.76 353.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.91 353.25 Td (award ) Tj ET Q q 0 0 0 rg BT 495.48 353.25 Td (is ) Tj ET Q q 0 0 0 rg BT 505.30 353.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 553.42 353.25 Td (at ) Tj ET Q q 0 0 0 rg BT 563.79 353.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.25 Td (award ) Tj ET Q q 0 0 0 rg BT 62.98 341.25 Td (date ) Tj ET Q q 0 0 0 rg BT 82.20 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.19 341.25 Td (is ) Tj ET Q q 0 0 0 rg BT 108.42 341.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 154.84 341.25 Td (over ) Tj ET Q q 0 0 0 rg BT 175.16 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.93 341.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 221.38 341.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 251.98 341.25 Td (For ) Tj ET Q q 0 0 0 rg BT 268.43 341.25 Td (tax, ) Tj ET Q q 0 0 0 rg BT 285.70 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.47 341.25 Td (total ) Tj ET Q q 0 0 0 rg BT 320.80 341.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 355.57 341.25 Td (is ) Tj ET Q q 0 0 0 rg BT 364.79 341.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 411.21 341.25 Td (at ) Tj ET Q q 0 0 0 rg BT 420.98 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.76 341.25 Td (date ) Tj ET Q q 0 0 0 rg BT 454.97 341.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.85 341.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 514.52 341.25 Td (or ) Tj ET Q q 0 0 0 rg BT 525.41 341.25 Td (exercise, ) Tj ET Q q 0 0 0 rg BT 563.22 341.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.70 329.25 Td (award ) Tj ET Q q 0 0 0 rg BT 77.61 329.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 99.25 329.25 Td (In ) Tj ET Q q 0 0 0 rg BT 110.06 329.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 147.82 329.25 Td (some ) Tj ET Q q 0 0 0 rg BT 171.41 329.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 229.44 329.25 Td (may ) Tj ET Q q 0 0 0 rg BT 249.13 329.25 Td (not ) Tj ET Q q 0 0 0 rg BT 264.40 329.25 Td (be ) Tj ET Q q 0 0 0 rg BT 276.32 329.25 Td (deductible ) Tj ET Q q 0 0 0 rg BT 320.45 329.25 Td (for ) Tj ET Q q 0 0 0 rg BT 334.59 329.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 349.29 329.25 Td (if ) Tj ET Q q 0 0 0 rg BT 357.88 329.25 Td (it ) Tj ET Q q 0 0 0 rg BT 365.92 329.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 400.05 329.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 429.74 329.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 455.55 329.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.47 329.25 Td (is ) Tj ET Q q 0 0 0 rg BT 481.62 329.25 Td (not ) Tj ET Q q 0 0 0 rg BT 496.88 329.25 Td (performance-based. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.25 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 61.00 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.72 317.25 Td (total ) Tj ET Q q 0 0 0 rg BT 95.99 317.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 128.49 317.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.32 317.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 197.36 317.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 234.56 317.25 Td (as ) Tj ET Q q 0 0 0 rg BT 245.39 317.25 Td (well ) Tj ET Q q 0 0 0 rg BT 265.11 317.25 Td (as ) Tj ET Q q 0 0 0 rg BT 275.94 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.66 317.25 Td (timing, ) Tj ET Q q 0 0 0 rg BT 321.77 317.25 Td (could ) Tj ET Q q 0 0 0 rg BT 346.49 317.25 Td (be ) Tj ET Q q 0 0 0 rg BT 358.43 317.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 410.92 317.25 Td (dif) Tj ET Q q 0 0 0 rg BT 421.84 317.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 447.66 317.25 Td (for ) Tj ET Q q 0 0 0 rg BT 461.82 317.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 476.54 317.25 Td (than ) Tj ET Q q 0 0 0 rg BT 496.25 317.25 Td (for ) Tj ET Q q 0 0 0 rg BT 510.41 317.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 536.53 317.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.25 Td (As ) Tj ET Q q 0 0 0 rg BT 67.65 293.25 Td (an ) Tj ET Q q 0 0 0 rg BT 79.63 293.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 118.55 293.25 Td (for ) Tj ET Q q 0 0 0 rg BT 132.75 293.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 159.61 293.25 Td ( ) Tj ET Q q 0 0 0 rg BT 162.15 293.25 Td (we ) Tj ET Q q 0 0 0 rg BT 176.35 293.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 211.10 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.86 293.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 248.94 293.25 Td (date ) Tj ET Q q 0 0 0 rg BT 268.14 293.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 284.56 293.25 Td (value ) Tj ET Q q 0 0 0 rg BT 308.76 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.63 293.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 372.69 293.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 396.34 293.25 Td (units ) Tj ET Q q 0 0 0 rg BT 418.33 293.25 Td (\(PSUs\) ) Tj ET Q q 0 0 0 rg BT 458.65 293.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 491.17 293.25 Td (over ) Tj ET Q q 0 0 0 rg BT 511.48 293.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.24 293.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 557.67 293.25 Td (term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.09 281.25 Td (those ) Tj ET Q q 0 0 0 rg BT 70.96 281.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 95.96 281.25 Td (\(regardless ) Tj ET Q q 0 0 0 rg BT 142.58 281.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.67 281.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.65 281.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 198.06 281.25 Td (to ) Tj ET Q q 0 0 0 rg BT 208.59 281.25 Td (which ) Tj ET Q q 0 0 0 rg BT 235.79 281.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.77 281.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 304.05 281.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 348.48 281.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.90 281.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 394.55 281.25 Td (are ) Tj ET Q q 0 0 0 rg BT 409.51 281.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 452.82 281.25 Td (satisfied, ) Tj ET Q q 0 0 0 rg BT 491.41 281.25 Td (if ) Tj ET Q q 0 0 0 rg BT 500.27 281.25 Td (at ) Tj ET Q q 0 0 0 rg BT 510.25 281.25 Td (all\), ) Tj ET Q q 0 0 0 rg BT 528.84 281.25 Td (whereas ) Tj ET Q q 0 0 0 rg BT 564.36 281.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 49.84 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.68 269.25 Td (value ) Tj ET Q q 0 0 0 rg BT 86.96 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.91 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.75 269.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 134.61 269.25 Td (that ) Tj ET Q q 0 0 0 rg BT 151.23 269.25 Td (actually ) Tj ET Q q 0 0 0 rg BT 184.50 269.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 202.23 269.25 Td (in ) Tj ET Q q 0 0 0 rg BT 211.63 269.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 258.21 269.25 Td (with ) Tj ET Q q 0 0 0 rg BT 277.61 269.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.45 269.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 343.60 269.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 386.89 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.84 269.25 Td (those ) Tj ET Q q 0 0 0 rg BT 419.57 269.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 449.51 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 465.57 269.25 Td (are ) Tj ET Q q 0 0 0 rg BT 479.40 269.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 533.24 269.25 Td (distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.30 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 61.03 257.25 Td (award ) Tj ET Q q 0 0 0 rg BT 87.98 257.25 Td (recipient ) Tj ET Q q 0 0 0 rg BT 125.48 257.25 Td (is ) Tj ET Q q 0 0 0 rg BT 134.67 257.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 172.17 257.25 Td (as ) Tj ET Q q 0 0 0 rg BT 183.02 257.25 Td (an ) Tj ET Q q 0 0 0 rg BT 194.97 257.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 229.70 257.25 Td (on ) Tj ET Q q 0 0 0 rg BT 242.22 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.96 257.25 Td (date ) Tj ET Q q 0 0 0 rg BT 276.13 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.98 257.25 Td (distribution. ) Tj ET Q q 0 0 0 rg BT 338.11 257.25 Td (For ) Tj ET Q q 0 0 0 rg BT 354.53 257.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 393.42 257.25 Td (if ) Tj ET Q q 0 0 0 rg BT 402.04 257.25 Td (no ) Tj ET Q q 0 0 0 rg BT 414.56 257.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 439.32 257.25 Td (under ) Tj ET Q q 0 0 0 rg BT 464.61 257.25 Td (a ) Tj ET Q q 0 0 0 rg BT 471.57 257.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 512.40 257.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 535.46 257.25 Td (ultimately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.25 Td (vest, ) Tj ET Q q 0 0 0 rg BT 57.56 245.25 Td (due ) Tj ET Q q 0 0 0 rg BT 74.94 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 85.67 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.83 245.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 129.88 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.60 245.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 169.66 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.83 245.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 238.30 245.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 285.41 245.25 Td (no ) Tj ET Q q 0 0 0 rg BT 298.36 245.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 313.52 245.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 348.68 245.25 Td (will ) Tj ET Q q 0 0 0 rg BT 367.18 245.25 Td (be ) Tj ET Q q 0 0 0 rg BT 379.57 245.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 417.49 245.25 Td (for ) Tj ET Q q 0 0 0 rg BT 432.10 245.25 Td (those ) Tj ET Q q 0 0 0 rg BT 456.16 245.25 Td (PSUs, ) Tj ET Q q 0 0 0 rg BT 483.84 245.25 Td (even ) Tj ET Q q 0 0 0 rg BT 505.67 245.25 Td (though ) Tj ET Q q 0 0 0 rg BT 536.39 245.25 Td (we ) Tj ET Q q 0 0 0 rg BT 551.00 245.25 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 233.25 Td (have ) Tj ET Q q 0 0 0 rg BT 57.25 233.25 Td (already ) Tj ET Q q 0 0 0 rg BT 89.05 233.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 126.40 233.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 160.98 233.25 Td (for ) Tj ET Q q 0 0 0 rg BT 175.02 233.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 201.87 233.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.25 233.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 228.28 233.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.43 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.02 233.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 275.94 233.25 Td (date ) Tj ET Q q 0 0 0 rg BT 294.97 233.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 311.22 233.25 Td (value ) Tj ET Q q 0 0 0 rg BT 335.25 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.96 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.55 233.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 381.27 233.25 Td (awards. ) Tj ET Q q 0 0 0 rg BT 414.46 233.25 Td (Conversely) Tj ET Q q 0 0 0 rg BT 459.36 233.25 Td (, ) Tj ET Q q 0 0 0 rg BT 464.23 233.25 Td (for ) Tj ET Q q 0 0 0 rg BT 478.27 233.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 517.02 233.25 Td (if ) Tj ET Q q 0 0 0 rg BT 525.50 233.25 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 221.25 Td (is ) Tj ET Q q 0 0 0 rg BT 44.62 221.25 Td (such ) Tj ET Q q 0 0 0 rg BT 64.90 221.25 Td (that ) Tj ET Q q 0 0 0 rg BT 81.85 221.25 Td (a ) Tj ET Q q 0 0 0 rg BT 88.24 221.25 Td (number ) Tj ET Q q 0 0 0 rg BT 120.73 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.01 221.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 157.96 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.24 221.25 Td (common ) Tj ET Q q 0 0 0 rg BT 205.18 221.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.24 221.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 251.85 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 261.58 221.25 Td (200% ) Tj ET Q q 0 0 0 rg BT 286.86 221.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.14 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.31 221.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 331.60 221.25 Td (award ) Tj ET Q q 0 0 0 rg BT 357.98 221.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 400.48 221.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 418.54 221.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.93 221.25 Td (are ) Tj ET Q q 0 0 0 rg BT 449.08 221.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 488.24 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 497.97 221.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.13 221.25 Td (award ) Tj ET Q q 0 0 0 rg BT 538.51 221.25 Td (recipient, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 70.87 209.25 Td (for ) Tj ET Q q 0 0 0 rg BT 85.18 209.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.06 209.25 Td (will ) Tj ET Q q 0 0 0 rg BT 118.28 209.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 142.59 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.46 209.25 Td (common ) Tj ET Q q 0 0 0 rg BT 195.12 209.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 218.89 209.25 Td (value ) Tj ET Q q 0 0 0 rg BT 243.20 209.25 Td (on ) Tj ET Q q 0 0 0 rg BT 255.86 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.73 209.25 Td (date ) Tj ET Q q 0 0 0 rg BT 290.05 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.04 209.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 349.81 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.80 209.25 Td (200% ) Tj ET Q q 0 0 0 rg BT 386.79 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.77 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.65 209.25 Td (number ) Tj ET Q q 0 0 0 rg BT 445.86 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 456.84 209.25 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 481.74 209.25 Td (originally ) Tj ET Q q 0 0 0 rg BT 523.28 209.25 Td (granted. ) Tj ET Q q 0 0 0 rg BT 558.23 209.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 70.71 197.25 Td (for ) Tj ET Q q 0 0 0 rg BT 84.87 197.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 99.58 197.25 Td (could ) Tj ET Q q 0 0 0 rg BT 124.30 197.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 176.79 197.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 207.04 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.76 197.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 259.24 197.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 293.94 197.25 Td (for ) Tj ET Q q 0 0 0 rg BT 308.10 197.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 334.22 197.25 Td (. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 36.00 196.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 172.05 Td (In ) Tj ET Q q 0 0 0 rg BT 64.73 172.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 102.40 172.05 Td (since ) Tj ET Q q 0 0 0 rg BT 125.35 172.05 Td (the ) Tj ET Q q 0 0 0 rg BT 139.97 172.05 Td (timing ) Tj ET Q q 0 0 0 rg BT 168.48 172.05 Td (of ) Tj ET Q q 0 0 0 rg BT 179.21 172.05 Td (distributions ) Tj ET Q q 0 0 0 rg BT 231.61 172.05 Td (of ) Tj ET Q q 0 0 0 rg BT 242.34 172.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 278.05 172.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 301.56 172.05 Td (units, ) Tj ET Q q 0 0 0 rg BT 325.91 172.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 378.83 172.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 402.34 172.05 Td (units, ) Tj ET Q q 0 0 0 rg BT 426.69 172.05 Td (or ) Tj ET Q q 0 0 0 rg BT 437.42 172.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 457.58 172.05 Td (out ) Tj ET Q q 0 0 0 rg BT 472.76 172.05 Td (of ) Tj ET Q q 0 0 0 rg BT 483.49 172.05 Td (the ) Tj ET Q q 0 0 0 rg BT 498.11 172.05 Td (Executive ) Tj ET Q q 0 0 0 rg BT 540.49 172.05 Td (Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 160.05 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 96.27 160.05 Td (Plan ) Tj ET Q q 0 0 0 rg BT 116.55 160.05 Td (is ) Tj ET Q q 0 0 0 rg BT 125.72 160.05 Td (based ) Tj ET Q q 0 0 0 rg BT 150.99 160.05 Td (on ) Tj ET Q q 0 0 0 rg BT 163.49 160.05 Td (employees' ) Tj ET Q q 0 0 0 rg BT 210.56 160.05 Td (deferral ) Tj ET Q q 0 0 0 rg BT 244.14 160.05 Td (elections, ) Tj ET Q q 0 0 0 rg BT 284.68 160.05 Td (it ) Tj ET Q q 0 0 0 rg BT 292.74 160.05 Td (can ) Tj ET Q q 0 0 0 rg BT 309.12 160.05 Td (be ) Tj ET Q q 0 0 0 rg BT 321.05 160.05 Td (dif) Tj ET Q q 0 0 0 rg BT 331.98 160.05 Td (ficult ) Tj ET Q q 0 0 0 rg BT 355.58 160.05 Td (to ) Tj ET Q q 0 0 0 rg BT 365.86 160.05 Td (project ) Tj ET Q q 0 0 0 rg BT 396.13 160.05 Td (when ) Tj ET Q q 0 0 0 rg BT 420.29 160.05 Td (the ) Tj ET Q q 0 0 0 rg BT 435.00 160.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 449.72 160.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 484.43 160.05 Td (will ) Tj ET Q q 0 0 0 rg BT 502.48 160.05 Td (occur) Tj ET Q q 0 0 0 rg BT 524.14 160.05 Td (. ) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (82) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 78.50 731.25 Td (Servicing ) Tj ET Q q 0 0 0 rg BT 119.89 731.25 Td (Rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (For ) Tj ET Q q 0 0 0 rg BT 69.88 713.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 96.73 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.72 713.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 138.76 713.25 Td (we ) Tj ET Q q 0 0 0 rg BT 152.41 713.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 193.26 713.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 220.26 713.25 Td (through ) Tj ET Q q 0 0 0 rg BT 253.36 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.56 713.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 292.31 713.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 338.18 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.50 713.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 387.14 713.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 411.91 713.25 Td (from ) Tj ET Q q 0 0 0 rg BT 433.33 713.25 Td (third ) Tj ET Q q 0 0 0 rg BT 454.21 713.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 482.85 713.25 Td (or ) Tj ET Q q 0 0 0 rg BT 493.17 713.25 Td (through ) Tj ET Q q 0 0 0 rg BT 526.26 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.46 713.25 Td (retention ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.90 701.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 74.48 701.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 118.14 701.25 Td (with ) Tj ET Q q 0 0 0 rg BT 138.49 701.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 182.71 701.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 206.39 701.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.95 701.25 Td (we ) Tj ET Q q 0 0 0 rg BT 238.18 701.25 Td (have ) Tj ET Q q 0 0 0 rg BT 259.62 701.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 296.62 701.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.62 701.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 368.41 701.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 387.65 701.25 Td (to ) Tj ET Q q 0 0 0 rg BT 397.99 701.25 Td (non-consolidated ) Tj ET Q q 0 0 0 rg BT 469.43 701.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 525.87 701.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 557.32 701.25 Td (or ) Tj ET Q q 0 0 0 rg BT 568.22 701.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (third ) Tj ET Q q 0 0 0 rg BT 57.10 689.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 88.47 689.25 Td (For ) Tj ET Q q 0 0 0 rg BT 104.58 689.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 119.01 689.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 159.27 689.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 181.49 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 191.48 689.25 Td (our ) Tj ET Q q 0 0 0 rg BT 207.03 689.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 230.36 689.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 255.91 689.25 Td (is ) Tj ET Q q 0 0 0 rg BT 264.79 689.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 310.87 689.25 Td (through ) Tj ET Q q 0 0 0 rg BT 344.19 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.62 689.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 383.60 689.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 429.70 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.24 689.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 479.11 689.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 504.10 689.25 Td (from ) Tj ET Q q 0 0 0 rg BT 525.76 689.25 Td (third ) Tj ET Q q 0 0 0 rg BT 546.86 689.25 Td (parties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.89 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 57.24 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 72.02 677.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 99.01 677.25 Td (that ) Tj ET Q q 0 0 0 rg BT 116.57 677.25 Td (a ) Tj ET Q q 0 0 0 rg BT 123.57 677.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 158.34 677.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 182.03 677.25 Td (entitles ) Tj ET Q q 0 0 0 rg BT 213.47 677.25 Td (us ) Tj ET Q q 0 0 0 rg BT 224.93 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 235.27 677.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 266.69 677.25 Td (a ) Tj ET Q q 0 0 0 rg BT 273.70 677.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 312.91 677.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 327.68 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.03 677.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 366.69 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.58 677.25 Td (so-called ) Tj ET Q q 0 0 0 rg BT 416.24 677.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 447.13 677.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 486.35 677.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 500.57 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.35 677.25 Td (right ) Tj ET Q q 0 0 0 rg BT 536.80 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 547.14 677.25 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 81.29 665.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 139.37 665.25 Td (for ) Tj ET Q q 0 0 0 rg BT 153.57 665.25 Td (services ) Tj ET Q q 0 0 0 rg BT 188.32 665.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.63 665.25 Td (be ) Tj ET Q q 0 0 0 rg BT 210.61 665.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 254.79 665.25 Td (under ) Tj ET Q q 0 0 0 rg BT 280.10 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.85 665.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 335.16 665.25 Td (serving ) Tj ET Q q 0 0 0 rg BT 367.13 665.25 Td (contract\). ) Tj ET Q q 0 0 0 rg BT 407.52 665.25 Td (T) Tj ET Q q 0 0 0 rg BT 412.93 665.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 424.91 665.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 447.44 665.25 Td (in ) Tj ET Q q 0 0 0 rg BT 457.76 665.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.63 665.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 504.49 665.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 528.15 665.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.02 665.25 Td (is ) Tj ET Q q 0 0 0 rg BT 563.23 665.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 82.31 653.25 Td (when ) Tj ET Q q 0 0 0 rg BT 106.42 653.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 133.89 653.25 Td (are ) Tj ET Q q 0 0 0 rg BT 148.55 653.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 183.20 653.25 Td (from ) Tj ET Q q 0 0 0 rg BT 205.09 653.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 226.98 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.76 653.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 261.32 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.55 653.25 Td (non-consolidated ) Tj ET Q q 0 0 0 rg BT 342.88 653.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 399.19 653.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 430.53 653.25 Td (or ) Tj ET Q q 0 0 0 rg BT 441.31 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.54 653.25 Td (third ) Tj ET Q q 0 0 0 rg BT 472.88 653.25 Td (parties, ) Tj ET Q q 0 0 0 rg BT 504.48 653.25 Td (thereby ) Tj ET Q q 0 0 0 rg BT 536.92 653.25 Td (creating ) Tj ET Q q 0 0 0 rg BT 571.57 653.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 76.28 641.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 119.89 641.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 146.75 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.27 641.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.57 641.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 174.31 641.25 Td (dif) Tj ET Q q 0 0 0 rg BT 185.24 641.25 Td (ference ) Tj ET Q q 0 0 0 rg BT 217.17 641.25 Td (from ) Tj ET Q q 0 0 0 rg BT 239.13 641.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 257.20 641.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.05 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.79 641.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 308.92 641.25 Td (For ) Tj ET Q q 0 0 0 rg BT 325.34 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.07 641.25 Td (year ) Tj ET Q q 0 0 0 rg BT 359.80 641.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.20 641.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 444.81 641.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.81 641.25 Td (, ) Tj ET Q q 0 0 0 rg BT 469.83 641.25 Td (we ) Tj ET Q q 0 0 0 rg BT 484.01 641.25 Td (retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.74 641.25 Td ($12 ) Tj ET Q q 0 0 0 rg BT 536.26 641.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.15 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 567.67 641.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 63.71 629.25 Td (from ) Tj ET Q q 0 0 0 rg BT 85.84 629.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 114.09 629.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.22 629.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 180.56 629.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 200.47 629.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 222.60 629.25 Td (for ) Tj ET Q q 0 0 0 rg BT 236.95 629.25 Td (which ) Tj ET Q q 0 0 0 rg BT 264.08 629.25 Td (no ) Tj ET Q q 0 0 0 rg BT 276.78 629.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 291.69 629.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 314.38 629.25 Td (was ) Tj ET Q q 0 0 0 rg BT 332.62 629.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 381.08 629.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 430.98 629.25 Td (, ) Tj ET Q q 0 0 0 rg BT 436.17 629.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 629.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 629.25 Td (, ) Tj ET Q q 0 0 0 rg BT 471.84 629.25 Td (we ) Tj ET Q q 0 0 0 rg BT 486.19 629.25 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.42 629.25 Td ($15 ) Tj ET Q q 0 0 0 rg BT 547.11 629.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.17 617.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 75.03 617.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 118.97 617.25 Td (with ) Tj ET Q q 0 0 0 rg BT 139.59 617.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 189.09 617.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 213.04 617.25 Td (where ) Tj ET Q q 0 0 0 rg BT 240.31 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.37 617.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 281.55 617.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 296.61 617.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 319.45 617.25 Td (was ) Tj ET Q q 0 0 0 rg BT 337.84 617.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 362.34 617.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.96 617.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.02 617.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 426.40 617.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 451.73 617.25 Td (No ) Tj ET Q q 0 0 0 rg BT 466.80 617.25 Td (other ) Tj ET Q q 0 0 0 rg BT 490.19 617.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 505.25 617.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 528.09 617.25 Td (in ) Tj ET Q q 0 0 0 rg BT 538.71 617.25 Td (our ) Tj ET Q q 0 0 0 rg BT 554.89 617.25 Td (MSR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 61.83 605.25 Td (was ) Tj ET Q q 0 0 0 rg BT 79.88 605.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 126.24 605.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.52 605.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.52 605.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.33 581.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 97.18 581.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.62 581.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 140.11 581.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 180.30 581.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 219.40 581.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 234.04 581.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 268.41 581.25 Td (net ) Tj ET Q q 0 0 0 rg BT 283.06 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.83 581.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 332.92 581.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 370.06 581.25 Td (as ) Tj ET Q q 0 0 0 rg BT 380.82 581.25 Td (well ) Tj ET Q q 0 0 0 rg BT 400.48 581.25 Td (as ) Tj ET Q q 0 0 0 rg BT 411.24 581.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 445.88 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 456.10 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.75 581.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 511.51 581.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 527.82 581.25 Td (value ) Tj ET Q q 0 0 0 rg BT 551.91 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 562.68 581.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 65.65 569.25 Td (is ) Tj ET Q q 0 0 0 rg BT 74.46 569.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 120.45 569.25 Td (on ) Tj ET Q q 0 0 0 rg BT 132.59 569.25 Td (our ) Tj ET Q q 0 0 0 rg BT 148.05 569.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 200.73 569.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 245.08 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.54 569.25 Td (income ) Tj ET Q q 0 0 0 rg BT 287.11 569.25 Td (over ) Tj ET Q q 0 0 0 rg BT 307.02 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.37 569.25 Td (life ) Tj ET Q q 0 0 0 rg BT 336.83 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.29 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.65 569.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 384.90 569.25 Td (asset. ) Tj ET Q q 0 0 0 rg BT 408.98 569.25 Td (For ) Tj ET Q q 0 0 0 rg BT 425.00 569.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 439.36 569.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 479.54 569.25 Td (only ) Tj ET Q q 0 0 0 rg BT 499.46 569.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 539.36 569.25 Td (servicing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 51.39 557.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 86.51 557.25 Td (net ) Tj ET Q q 0 0 0 rg BT 101.91 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.42 557.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 153.26 557.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 188.65 557.25 Td (is ) Tj ET Q q 0 0 0 rg BT 198.50 557.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 245.54 557.25 Td (as ) Tj ET Q q 0 0 0 rg BT 257.06 557.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 289.11 557.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 323.52 557.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 343.93 557.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 368.23 557.25 Td (where ) Tj ET Q q 0 0 0 rg BT 395.85 557.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 419.03 557.25 Td (is ) Tj ET Q q 0 0 0 rg BT 428.88 557.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 475.93 557.25 Td (for ) Tj ET Q q 0 0 0 rg BT 490.77 557.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 506.17 557.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 544.90 557.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 82.38 545.25 Td (is ) Tj ET Q q 0 0 0 rg BT 91.55 545.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 134.03 545.25 Td (as ) Tj ET Q q 0 0 0 rg BT 144.86 545.25 Td (a ) Tj ET Q q 0 0 0 rg BT 151.80 545.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 166.52 545.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.22 545.25 Td (over ) Tj ET Q q 0 0 0 rg BT 221.49 545.25 Td (a ) Tj ET Q q 0 0 0 rg BT 228.43 545.25 Td (finite ) Tj ET Q q 0 0 0 rg BT 252.04 545.25 Td (life. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (Periodic ) Tj ET Q q 0 0 0 rg BT 90.60 521.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 126.09 521.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.14 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.64 521.25 Td (market ) Tj ET Q q 0 0 0 rg BT 183.68 521.25 Td (values ) Tj ET Q q 0 0 0 rg BT 212.50 521.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.11 521.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 252.41 521.25 Td (are ) Tj ET Q q 0 0 0 rg BT 267.89 521.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 306.14 521.25 Td (through ) Tj ET Q q 0 0 0 rg BT 340.53 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.02 521.25 Td (income ) Tj ET Q q 0 0 0 rg BT 388.74 521.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 430.33 521.25 Td (for ) Tj ET Q q 0 0 0 rg BT 445.27 521.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 472.13 521.25 Td ( ) Tj ET Q q 0 0 0 rg BT 475.41 521.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 516.73 521.25 Td (but ) Tj ET Q q 0 0 0 rg BT 532.79 521.25 Td (not ) Tj ET Q q 0 0 0 rg BT 548.85 521.25 Td (for ) Tj ET Q q 0 0 0 rg BT 563.79 521.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 76.30 509.25 Td (Only ) Tj ET Q q 0 0 0 rg BT 98.54 509.25 Td (when ) Tj ET Q q 0 0 0 rg BT 122.45 509.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 149.71 509.25 Td (are ) Tj ET Q q 0 0 0 rg BT 164.16 509.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 183.08 509.25 Td (will ) Tj ET Q q 0 0 0 rg BT 200.88 509.25 Td (a ) Tj ET Q q 0 0 0 rg BT 207.57 509.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 222.03 509.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 241.49 509.25 Td (or ) Tj ET Q q 0 0 0 rg BT 252.07 509.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 269.88 509.25 Td (be ) Tj ET Q q 0 0 0 rg BT 281.56 509.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 329.67 509.25 Td (As ) Tj ET Q q 0 0 0 rg BT 343.03 509.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.50 509.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 379.74 509.25 Td (is ) Tj ET Q q 0 0 0 rg BT 388.66 509.25 Td (not ) Tj ET Q q 0 0 0 rg BT 403.68 509.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 449.79 509.25 Td (for ) Tj ET Q q 0 0 0 rg BT 463.70 509.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 498.15 509.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 525.41 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 542.09 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 556.55 509.25 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.53 497.25 Td (writing-of) Tj ET Q q 0 0 0 rg BT 90.89 497.25 Td (f ) Tj ET Q q 0 0 0 rg BT 97.09 497.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 112.17 497.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 135.03 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.23 497.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 189.63 497.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 217.51 497.25 Td (are ) Tj ET Q q 0 0 0 rg BT 232.58 497.25 Td (restrictive, ) Tj ET Q q 0 0 0 rg BT 277.93 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.01 497.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 308.09 497.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 328.18 497.25 Td (from ) Tj ET Q q 0 0 0 rg BT 350.48 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.56 497.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 383.97 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.17 497.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 423.05 497.25 Td (can ) Tj ET Q q 0 0 0 rg BT 439.79 497.25 Td (be ) Tj ET Q q 0 0 0 rg BT 452.09 497.25 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 500.23 497.25 Td (For ) Tj ET Q q 0 0 0 rg BT 516.99 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.07 497.25 Td (year ) Tj ET Q q 0 0 0 rg BT 552.14 497.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.31 485.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.31 485.25 Td (, ) Tj ET Q q 0 0 0 rg BT 119.04 485.25 Td (we ) Tj ET Q q 0 0 0 rg BT 132.93 485.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 179.02 485.25 Td (a ) Tj ET Q q 0 0 0 rg BT 185.69 485.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 200.13 485.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 219.57 485.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.13 485.25 Td ($52 ) Tj ET Q q 0 0 0 rg BT 247.36 485.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.48 485.25 Td (from ) Tj ET Q q 0 0 0 rg BT 300.15 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.59 485.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 332.37 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.92 485.25 Td (MSRs. ) Tj ET Q q 0 0 0 rg BT 372.67 485.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 401.00 485.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 422.67 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.23 485.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 460.47 485.25 Td (could ) Tj ET Q q 0 0 0 rg BT 484.92 485.25 Td (result ) Tj ET Q q 0 0 0 rg BT 509.36 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 519.37 485.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 563.81 485.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (gains.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 90.09 437.25 Td ( ) Tj ET Q q 0 0 0 rg BT 92.04 437.25 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 146.57 437.25 Td (AL) Tj ET Q q 0 0 0 rg BT 159.91 437.25 Td ( RESOURCES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (Summary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.76 395.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 109.51 395.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 141.71 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.25 395.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 172.23 395.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 202.21 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.75 395.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 260.51 395.25 Td (under ) Tj ET Q q 0 0 0 rg BT 285.49 395.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 325.46 395.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 344.89 395.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 389.85 395.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 428.99 395.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.96 395.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.48 395.25 Td (agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 76.89 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.78 383.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 125.88 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.89 383.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.88 383.25 Td (we ) Tj ET Q q 0 0 0 rg BT 189.10 383.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 220.53 383.25 Td (from ) Tj ET Q q 0 0 0 rg BT 242.53 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.42 383.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 304.87 383.25 Td (portfolios, ) Tj ET Q q 0 0 0 rg BT 348.82 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.82 383.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 386.15 383.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 427.57 383.25 Td (from ) Tj ET Q q 0 0 0 rg BT 449.57 383.25 Td (our ) Tj ET Q q 0 0 0 rg BT 465.47 383.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 505.79 383.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 546.95 383.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (most ) Tj ET Q q 0 0 0 rg BT 57.80 371.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 102.37 371.25 Td (uses ) Tj ET Q q 0 0 0 rg BT 121.94 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.62 371.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 152.74 371.25 Td (are ) Tj ET Q q 0 0 0 rg BT 167.30 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.43 371.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 215.32 371.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 255.44 371.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 278.90 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.91 371.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.60 371.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 348.71 371.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 383.28 371.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 429.79 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.92 371.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 460.60 371.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 510.73 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.86 371.25 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 61.73 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 71.64 359.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 109.30 359.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.31 359.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 197.70 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.60 359.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 231.93 359.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 269.60 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.16 359.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 317.72 359.25 Td (on ) Tj ET Q q 0 0 0 rg BT 329.85 359.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.30 359.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 390.19 359.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 429.24 359.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 474.67 359.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 524.83 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.40 359.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (term ) Tj ET Q q 0 0 0 rg BT 56.83 347.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 79.04 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 89.32 347.25 Td (make ) Tj ET Q q 0 0 0 rg BT 113.48 347.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 150.97 347.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 191.80 347.25 Td (on ) Tj ET Q q 0 0 0 rg BT 204.30 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 220.13 347.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 249.28 347.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 275.38 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.32 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.60 347.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 323.43 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 339.26 347.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.41 323.25 Td (total ) Tj ET Q q 0 0 0 rg BT 93.05 323.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.56 323.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.97 323.25 Td ($1.78 ) Tj ET Q q 0 0 0 rg BT 166.33 323.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.45 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.31 323.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.39 323.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 264.33 323.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.33 323.25 Td (, ) Tj ET Q q 0 0 0 rg BT 289.69 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.99 323.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.29 323.25 Td ($1.15 ) Tj ET Q q 0 0 0 rg BT 369.65 323.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.76 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.62 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.82 323.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 437.67 323.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 467.18 323.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.48 323.25 Td ($628 ) Tj ET Q q 0 0 0 rg BT 507.34 323.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.24 323.25 Td ( ) Tj ET Q q 0 0 0 rg BT 539.10 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 323.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.95 311.25 Td ($2.62 ) Tj ET Q q 0 0 0 rg BT 80.62 311.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.73 311.25 Td ( ) Tj ET Q q 0 0 0 rg BT 108.90 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.40 311.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 161.01 311.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 180.40 311.25 Td (on ) Tj ET Q q 0 0 0 rg BT 192.57 311.25 Td (our ) Tj ET Q q 0 0 0 rg BT 208.07 311.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 260.79 311.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 293.49 311.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 318.55 311.25 Td (This ) Tj ET Q q 0 0 0 rg BT 338.50 311.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 369.56 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.06 311.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 421.67 311.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 441.06 311.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.66 311.25 Td ($140 ) Tj ET Q q 0 0 0 rg BT 499.83 311.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.73 311.25 Td ( ) Tj ET Q q 0 0 0 rg BT 530.90 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.40 311.25 Td (trust-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 75.27 299.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 115.66 299.25 Td (due ) Tj ET Q q 0 0 0 rg BT 132.73 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.14 299.25 Td (2037, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.27 299.25 Td ($288 ) Tj ET Q q 0 0 0 rg BT 190.90 299.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.79 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.42 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.38 299.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 281.00 299.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 300.84 299.25 Td (due ) Tj ET Q q 0 0 0 rg BT 317.91 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 328.32 299.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 353.45 299.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.52 299.25 Td ($201 ) Tj ET Q q 0 0 0 rg BT 393.15 299.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.04 299.25 Td ( ) Tj ET Q q 0 0 0 rg BT 424.68 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.64 299.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 492.68 299.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 512.52 299.25 Td (due ) Tj ET Q q 0 0 0 rg BT 529.59 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 540.00 299.25 Td (2019. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.70 287.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.49 287.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 287.25 Td (, ) Tj ET Q q 0 0 0 rg BT 132.70 287.25 Td (we ) Tj ET Q q 0 0 0 rg BT 147.06 287.25 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.98 287.25 Td ($213 ) Tj ET Q q 0 0 0 rg BT 189.69 287.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.58 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.28 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 231.76 287.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.24 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.38 287.25 Td (we ) Tj ET Q q 0 0 0 rg BT 283.74 287.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 319.77 287.25 Td (that ) Tj ET Q q 0 0 0 rg BT 337.47 287.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.50 287.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 382.86 287.25 Td (available ) Tj ET Q q 0 0 0 rg BT 421.65 287.25 Td (for ) Tj ET Q q 0 0 0 rg BT 436.01 287.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 486.49 287.25 Td (was ) Tj ET Q q 0 0 0 rg BT 504.75 287.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.25 Td ($270 ) Tj ET Q q 0 0 0 rg BT 58.50 275.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.39 275.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.38 251.25 Td (August ) Tj ET Q q 0 0 0 rg BT 95.91 251.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 121.04 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 137.01 251.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 164.08 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.04 251.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 214.89 251.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 259.72 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.57 251.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 320.51 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 331.48 251.25 Td (up ) Tj ET Q q 0 0 0 rg BT 344.11 251.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.52 251.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 377.16 251.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 251.25 Td ( ) Tj ET Q q 0 0 0 rg BT 408.68 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.65 251.25 Td (our ) Tj ET Q q 0 0 0 rg BT 435.61 251.25 Td (common ) Tj ET Q q 0 0 0 rg BT 473.24 251.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 499.49 251.25 Td (During ) Tj ET Q q 0 0 0 rg BT 530.45 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 545.30 251.25 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.73 239.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.66 239.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.66 239.25 Td (, ) Tj ET Q q 0 0 0 rg BT 147.02 239.25 Td (we ) Tj ET Q q 0 0 0 rg BT 161.53 239.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.68 239.25 Td (839,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.18 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.04 239.25 Td (common ) Tj ET Q q 0 0 0 rg BT 285.88 239.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 313.72 239.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.24 239.25 Td ($1) Tj ET Q q 0 0 0 rg BT 337.87 239.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 345.72 239.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.61 239.25 Td (, ) Tj ET Q q 0 0 0 rg BT 379.96 239.25 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 416.14 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.21 239.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 474.60 239.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 522.44 239.25 Td (under ) Tj ET Q q 0 0 0 rg BT 548.06 239.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (authorization.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (In ) Tj ET Q q 0 0 0 rg BT 65.33 203.25 Td (February ) Tj ET Q q 0 0 0 rg BT 104.43 203.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 129.93 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.27 203.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 173.71 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.04 203.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 225.25 203.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 265.46 203.25 Td (an ) Tj ET Q q 0 0 0 rg BT 277.90 203.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 333.66 203.25 Td (for ) Tj ET Q q 0 0 0 rg BT 348.32 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.54 203.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 409.85 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.18 203.25 Td (up ) Tj ET Q q 0 0 0 rg BT 434.18 203.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.96 203.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 467.96 203.25 Td (million ) Tj ET Q q 0 0 0 rg BT 499.86 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.19 203.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.52 203.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 58.54 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 74.41 191.25 Td (also ) Tj ET Q q 0 0 0 rg BT 91.95 191.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 135.58 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.23 191.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 193.96 191.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.72 191.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 251.82 191.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 270.47 191.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 312.16 191.25 Td (including ) Tj ET Q q 0 0 0 rg BT 351.37 191.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 397.78 191.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.65 191.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 469.49 191.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 490.53 191.25 Td (This ) Tj ET Q q 0 0 0 rg BT 509.74 191.25 Td (authorization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.25 Td (replaced ) Tj ET Q q 0 0 0 rg BT 72.08 179.25 Td (all ) Tj ET Q q 0 0 0 rg BT 84.29 179.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 120.95 179.25 Td (share ) Tj ET Q q 0 0 0 rg BT 144.27 179.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 189.79 179.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 213.12 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.77 179.25 Td (has ) Tj ET Q q 0 0 0 rg BT 245.32 179.25 Td (no ) Tj ET Q q 0 0 0 rg BT 257.54 179.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 300.30 179.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 321.51 179.25 Td (This ) Tj ET Q q 0 0 0 rg BT 341.51 179.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 387.04 179.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 442.01 179.25 Td (does ) Tj ET Q q 0 0 0 rg BT 462.56 179.25 Td (not ) Tj ET Q q 0 0 0 rg BT 477.56 179.25 Td (obligate ) Tj ET Q q 0 0 0 rg BT 511.99 179.25 Td (us ) Tj ET Q q 0 0 0 rg BT 523.10 179.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.09 179.25 Td (acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (any ) Tj ET Q q 0 0 0 rg BT 52.82 167.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 86.29 167.25 Td (number ) Tj ET Q q 0 0 0 rg BT 119.21 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.92 167.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 157.29 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 168.00 167.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 210.64 167.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 238.01 167.25 Td (this ) Tj ET Q q 0 0 0 rg BT 254.83 167.25 Td (authorization, ) Tj ET Q q 0 0 0 rg BT 312.47 167.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 339.84 167.25 Td (or ) Tj ET Q q 0 0 0 rg BT 350.55 167.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 390.69 167.25 Td (may ) Tj ET Q q 0 0 0 rg BT 410.28 167.25 Td (be ) Tj ET Q q 0 0 0 rg BT 422.10 167.25 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 472.78 167.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.94 167.25 Td (privately ) Tj ET Q q 0 0 0 rg BT 520.86 167.25 Td (negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 64.17 155.25 Td (open ) Tj ET Q q 0 0 0 rg BT 86.23 155.25 Td (market ) Tj ET Q q 0 0 0 rg BT 116.62 155.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 169.51 155.25 Td (including ) Tj ET Q q 0 0 0 rg BT 209.90 155.25 Td (under ) Tj ET Q q 0 0 0 rg BT 235.30 155.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 259.03 155.25 Td (complying ) Tj ET Q q 0 0 0 rg BT 304.42 155.25 Td (with ) Tj ET Q q 0 0 0 rg BT 324.83 155.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 346.34 155.25 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 377.29 155.25 Td (under ) Tj ET Q q 0 0 0 rg BT 402.68 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.52 155.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 459.58 155.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 501.05 155.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 518.11 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 529.06 155.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 554.19 155.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.25 Td (amended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.59 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.67 143.25 Td (During ) Tj ET Q q 0 0 0 rg BT 107.07 143.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.36 143.25 Td (year ) Tj ET Q q 0 0 0 rg BT 140.64 143.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.60 143.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 224.75 143.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.75 143.25 Td (, ) Tj ET Q q 0 0 0 rg BT 249.33 143.25 Td (we ) Tj ET Q q 0 0 0 rg BT 263.06 143.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.44 143.25 Td (1,103,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.44 143.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.52 143.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 382.58 143.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 419.09 143.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.95 143.25 Td (this ) Tj ET Q q 0 0 0 rg BT 445.47 143.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 500.30 143.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.04 143.25 Td ($14 ) Tj ET Q q 0 0 0 rg BT 531.11 143.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 143.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.73 131.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.54 131.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.54 131.25 Td (, ) Tj ET Q q 0 0 0 rg BT 132.77 131.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.26 131.25 Td ($86 ) Tj ET Q q 0 0 0 rg BT 210.99 131.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.88 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 242.61 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.67 131.25 Td (this ) Tj ET Q q 0 0 0 rg BT 270.85 131.25 Td (current ) Tj ET Q q 0 0 0 rg BT 301.89 131.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 357.38 131.25 Td (remained ) Tj ET Q q 0 0 0 rg BT 397.31 131.25 Td (available ) Tj ET Q q 0 0 0 rg BT 436.13 131.25 Td (for ) Tj ET Q q 0 0 0 rg BT 450.52 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.47 131.25 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 515.39 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.45 131.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.17 131.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.11 119.25 Td (common ) Tj ET Q q 0 0 0 rg BT 87.89 119.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 113.28 119.25 Td (Like ) Tj ET Q q 0 0 0 rg BT 133.39 119.25 Td (other ) Tj ET Q q 0 0 0 rg BT 155.72 119.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 205.28 119.25 Td (we ) Tj ET Q q 0 0 0 rg BT 218.73 119.25 Td (may ) Tj ET Q q 0 0 0 rg BT 237.73 119.25 Td (make, ) Tj ET Q q 0 0 0 rg BT 263.66 119.25 Td (any ) Tj ET Q q 0 0 0 rg BT 279.89 119.25 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 328.87 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.98 119.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.10 119.25 Td (common ) Tj ET Q q 0 0 0 rg BT 390.87 119.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 413.77 119.25 Td (under ) Tj ET Q q 0 0 0 rg BT 438.32 119.25 Td (this ) Tj ET Q q 0 0 0 rg BT 454.55 119.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 509.09 119.25 Td (would ) Tj ET Q q 0 0 0 rg BT 535.88 119.25 Td (reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 107.25 Td (available ) Tj ET Q q 0 0 0 rg BT 90.42 107.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 119.57 107.25 Td (described ) Tj ET Q q 0 0 0 rg BT 160.38 107.25 Td (above.) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (While ) Tj ET Q q 0 0 0 rg BT 80.49 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 94.20 731.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 125.12 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 140.50 731.10 Td (available ) Tj ET Q q 0 0 0 rg BT 178.65 731.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 207.35 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 216.07 731.10 Td (suf) Tj ET Q q 0 0 0 rg BT 228.11 731.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 255.71 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.54 731.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 285.92 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.30 731.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 339.45 731.10 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 395.37 731.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 441.30 731.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 481.95 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 495.66 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 514.93 731.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 535.86 731.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.46 719.10 Td (time ) Tj ET Q q 0 0 0 rg BT 77.25 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.05 719.10 Td (time ) Tj ET Q q 0 0 0 rg BT 106.85 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.64 719.10 Td (make ) Tj ET Q q 0 0 0 rg BT 140.32 719.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 181.77 719.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 231.57 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.92 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 255.60 719.10 Td (other ) Tj ET Q q 0 0 0 rg BT 278.17 719.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 318.09 719.10 Td (T) Tj ET Q q 0 0 0 rg BT 323.50 719.10 Td (o ) Tj ET Q q 0 0 0 rg BT 330.52 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.76 719.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 371.22 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 384.90 719.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 404.69 719.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 446.70 719.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 475.37 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.17 719.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 505.52 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.87 719.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.40 707.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 100.25 707.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 141.82 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.11 707.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 197.73 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.47 707.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 238.65 707.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 268.27 707.10 Td (will ) Tj ET Q q 0 0 0 rg BT 286.79 707.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 324.19 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.94 707.10 Td (be ) Tj ET Q q 0 0 0 rg BT 347.34 707.10 Td (based ) Tj ET Q q 0 0 0 rg BT 373.08 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.04 707.10 Td (what ) Tj ET Q q 0 0 0 rg BT 408.45 707.10 Td (we ) Tj ET Q q 0 0 0 rg BT 423.08 707.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 454.91 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.66 707.10 Td (be ) Tj ET Q q 0 0 0 rg BT 478.06 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.81 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.99 707.10 Td (best ) Tj ET Q q 0 0 0 rg BT 523.07 707.10 Td (long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 71.68 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.36 695.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 137.23 695.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 156.80 695.10 Td (future ) Tj ET Q q 0 0 0 rg BT 183.03 695.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 212.04 695.10 Td (raising ) Tj ET Q q 0 0 0 rg BT 241.61 695.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 287.83 695.10 Td (could ) Tj ET Q q 0 0 0 rg BT 312.40 695.10 Td (include ) Tj ET Q q 0 0 0 rg BT 344.19 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.76 695.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 394.99 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.67 695.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 425.24 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 435.92 695.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 463.27 695.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 503.38 695.10 Td (under ) Tj ET Q q 0 0 0 rg BT 528.50 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 695.10 Td (shelf ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 83.67 683.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 124.11 683.10 Td (we ) Tj ET Q q 0 0 0 rg BT 137.90 683.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 176.12 683.10 Td (have ) Tj ET Q q 0 0 0 rg BT 197.12 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 209.25 683.10 Td (file ) Tj ET Q q 0 0 0 rg BT 224.70 683.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.60 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.94 683.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 279.41 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 289.86 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.21 683.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 340.21 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.66 683.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 380.56 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 391.02 683.10 Td (other ) Tj ET Q q 0 0 0 rg BT 413.69 683.10 Td (types ) Tj ET Q q 0 0 0 rg BT 436.92 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.38 683.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 487.27 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 497.17 683.10 Td (public ) Tj ET Q q 0 0 0 rg BT 524.29 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.75 683.10 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 671.10 Td (ferings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 647.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.61 647.10 Td (are ) Tj ET Q q 0 0 0 rg BT 84.34 647.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 115.20 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.50 647.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 146.92 647.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 180.00 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.30 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.16 647.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 242.58 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.55 647.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 288.73 647.10 Td (resources, ) Tj ET Q q 0 0 0 rg BT 331.52 647.10 Td (including ) Tj ET Q q 0 0 0 rg BT 371.82 647.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 393.24 647.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 426.31 647.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.62 647.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 475.81 647.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 495.55 647.10 Td (under ) Tj ET Q q 0 0 0 rg BT 520.85 647.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.34 635.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 101.43 635.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 120.54 635.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 165.20 635.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 204.02 635.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 243.69 635.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 288.89 635.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 327.71 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.05 635.10 Td (other ) Tj ET Q q 0 0 0 rg BT 366.49 635.10 Td (short- ) Tj ET Q q 0 0 0 rg BT 391.72 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.06 635.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 449.39 635.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 468.50 635.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 504.83 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.16 635.10 Td (other ) Tj ET Q q 0 0 0 rg BT 543.60 635.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 69.69 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.62 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.10 623.10 Td (use ) Tj ET Q q 0 0 0 rg BT 113.57 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.05 623.10 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 173.88 623.10 Td (A) Tj ET Q q 0 0 0 rg BT 180.55 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.70 623.10 Td (further ) Tj ET Q q 0 0 0 rg BT 214.05 623.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 258.87 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.35 623.10 Td (these ) Tj ET Q q 0 0 0 rg BT 294.04 623.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 316.08 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 325.90 623.10 Td (set ) Tj ET Q q 0 0 0 rg BT 340.16 623.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 362.75 623.10 Td (below ) Tj ET Q q 0 0 0 rg BT 390.33 623.10 Td (under ) Tj ET Q q 0 0 0 rg BT 416.25 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.62 623.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 466.42 623.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 470.86 623.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 495.11 623.10 Td (Relating ) Tj ET Q q 0 0 0 rg BT 532.15 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.07 623.10 Td (Debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (Incurr) Tj ET Q q 0 0 0 rg BT 61.18 611.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 72.90 611.10 Td (under ) Tj ET Q q 0 0 0 rg BT 98.52 611.10 Td (Short- ) Tj ET Q q 0 0 0 rg BT 125.80 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.09 611.10 Td (Long-T) Tj ET Q q 0 0 0 rg BT 171.62 611.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 189.46 611.10 Td (Borr) Tj ET Q q 0 0 0 rg BT 207.98 611.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 234.71 611.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.48 611.10 Td (" ) Tj ET Q q 0 0 0 rg BT 278.84 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.57 611.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.63 611.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 324.02 611.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 332.14 611.10 Td (Item1A) Tj ET Q q 0 0 0 rg BT 364.63 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.92 611.10 Td (- ) Tj ET Q q 0 0 0 rg BT 372.53 611.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 393.15 611.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 424.88 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.49 611.10 Td (this ) Tj ET Q q 0 0 0 rg BT 451.72 611.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 483.44 611.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 512.94 611.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.23 611.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 549.18 611.10 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.72 599.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 575.10 Td (Cash Flows and Liquidity for the ) Tj ET Q q 0 0 0 rg BT 174.74 575.10 Td (Y) Tj ET Q q 0 0 0 rg BT 179.74 575.10 Td (ear Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 224.74 575.10 Td (December31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.88 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 76.15 557.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 100.52 557.10 Td (from ) Tj ET Q q 0 0 0 rg BT 122.11 557.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.59 557.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 177.51 557.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 211.88 557.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 250.13 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.71 557.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.20 557.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 332.12 557.10 Td (can ) Tj ET Q q 0 0 0 rg BT 348.15 557.10 Td (be ) Tj ET Q q 0 0 0 rg BT 359.74 557.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 391.88 557.10 Td (from ) Tj ET Q q 0 0 0 rg BT 413.47 557.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 443.93 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.86 557.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 484.33 557.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 528.14 557.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.29 557.10 Td (many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 68.36 545.10 Td (including ) Tj ET Q q 0 0 0 rg BT 108.79 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.66 545.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 152.42 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.51 545.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 202.16 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.14 545.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 233.01 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.10 545.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 290.52 545.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 340.95 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.04 545.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 380.13 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.22 545.10 Td (repayments, ) Tj ET Q q 0 0 0 rg BT 448.47 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.34 545.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 513.76 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.74 545.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 70.58 533.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 111.54 533.10 Td (as ) Tj ET Q q 0 0 0 rg BT 122.24 533.10 Td (well ) Tj ET Q q 0 0 0 rg BT 141.82 533.10 Td (as ) Tj ET Q q 0 0 0 rg BT 152.52 533.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 187.09 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.23 533.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 222.36 533.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 251.12 533.10 Td (prepayments, ) Tj ET Q q 0 0 0 rg BT 307.07 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.88 533.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 355.68 533.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 379.25 533.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 423.53 533.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 443.66 533.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 468.25 533.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 509.47 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.62 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.20 533.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (period ) Tj ET Q q 0 0 0 rg BT 64.05 521.10 Td (are ) Tj ET Q q 0 0 0 rg BT 78.75 521.10 Td (not ) Tj ET Q q 0 0 0 rg BT 94.03 521.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 140.96 521.10 Td (reflective ) Tj ET Q q 0 0 0 rg BT 181.21 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.04 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.75 521.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 248.69 521.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 268.95 521.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 293.68 521.10 Td (we ) Tj ET Q q 0 0 0 rg BT 307.84 521.10 Td (will ) Tj ET Q q 0 0 0 rg BT 325.89 521.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 357.25 521.10 Td (from ) Tj ET Q q 0 0 0 rg BT 379.19 521.10 Td (these ) Tj ET Q q 0 0 0 rg BT 402.24 521.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 452.51 521.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.34 521.10 Td (activities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 153.43 497.10 Td (Activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 75.85 477.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 99.92 477.10 Td (from ) Tj ET Q q 0 0 0 rg BT 121.21 477.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 160.82 477.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 198.77 477.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.05 477.10 Td (negative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.92 477.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.77 477.10 Td ($546 ) Tj ET Q q 0 0 0 rg BT 277.62 477.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.51 477.10 Td ( ) Tj ET Q q 0 0 0 rg BT 308.36 477.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.99 477.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.99 477.10 Td (. ) Tj ET Q q 0 0 0 rg BT 342.21 477.10 Td (This ) Tj ET Q q 0 0 0 rg BT 361.83 477.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 393.68 477.10 Td (was ) Tj ET Q q 0 0 0 rg BT 411.08 477.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 446.80 477.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 485.86 477.10 Td (due ) Tj ET Q q 0 0 0 rg BT 502.15 477.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.78 477.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.84 477.10 Td (inclusion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 465.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.74 465.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.36 465.10 Td (net ) Tj ET Q q 0 0 0 rg BT 75.99 465.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 96.17 465.10 Td (utilized ) Tj ET Q q 0 0 0 rg BT 128.57 465.10 Td (during ) Tj ET Q q 0 0 0 rg BT 157.08 465.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.71 465.10 Td (year ) Tj ET Q q 0 0 0 rg BT 191.32 465.10 Td (from ) Tj ET Q q 0 0 0 rg BT 213.17 465.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.80 465.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 265.74 465.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.59 465.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 300.55 465.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.28 465.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 355.34 465.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.19 465.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 421.80 465.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 461.97 465.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 485.49 465.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 528.99 465.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.18 465.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 453.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 76.77 453.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 112.00 453.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 153.61 453.10 Td (Purchases ) Tj ET Q q 0 0 0 rg BT 196.61 453.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.95 453.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 232.07 453.10 Td (are ) Tj ET Q q 0 0 0 rg BT 247.29 453.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 284.72 453.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.51 453.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.96 453.10 Td (lar) Tj ET Q q 0 0 0 rg BT 313.32 453.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 325.77 453.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 353.22 453.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.01 453.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 418.67 453.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 441.40 453.10 Td (for ) Tj ET Q q 0 0 0 rg BT 456.07 453.10 Td (which ) Tj ET Q q 0 0 0 rg BT 483.52 453.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 518.73 453.10 Td (in ) Tj ET Q q 0 0 0 rg BT 529.52 453.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 550.30 453.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 441.10 Td (included ) Tj ET Q q 0 0 0 rg BT 73.04 441.10 Td (as ) Tj ET Q q 0 0 0 rg BT 83.98 441.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.03 441.10 Td (component ) Tj ET Q q 0 0 0 rg BT 138.07 441.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.01 441.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 189.38 441.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 230.59 441.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 253.20 441.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 278.03 441.10 Td (for ) Tj ET Q q 0 0 0 rg BT 292.30 441.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.12 441.10 Td (year ) Tj ET Q q 0 0 0 rg BT 326.94 441.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.43 441.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 412.12 441.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.12 441.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.73 441.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 474.54 441.10 Td (from ) Tj ET Q q 0 0 0 rg BT 496.59 441.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.41 441.10 Td (restructuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 429.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.74 429.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.49 429.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 114.56 429.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.41 429.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 183.02 429.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 224.20 429.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 259.83 429.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 301.85 429.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 339.69 429.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 360.87 429.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 394.29 429.10 Td (from ) Tj ET Q q 0 0 0 rg BT 417.14 429.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 439.99 429.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.74 429.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 476.26 429.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 520.77 429.10 Td (with ) Tj ET Q q 0 0 0 rg BT 541.96 429.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 417.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 74.45 417.10 Td (during ) Tj ET Q q 0 0 0 rg BT 102.92 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.49 417.10 Td (first ) Tj ET Q q 0 0 0 rg BT 135.96 417.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 166.63 417.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.31 417.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 199.67 417.10 Td (were ) Tj ET Q q 0 0 0 rg BT 221.45 417.10 Td (not ) Tj ET Q q 0 0 0 rg BT 236.59 417.10 Td (of) Tj ET Q q 0 0 0 rg BT 244.74 417.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 261.53 417.10 Td (by ) Tj ET Q q 0 0 0 rg BT 273.89 417.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 309.02 417.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 346.38 417.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.06 417.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 377.19 417.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.88 417.10 Td (we ) Tj ET Q q 0 0 0 rg BT 401.89 417.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 455.35 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.92 417.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 507.82 417.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.50 417.10 Td (these ) Tj ET Q q 0 0 0 rg BT 541.41 417.10 Td (types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.91 405.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 73.10 405.10 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 116.79 405.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 137.14 405.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 161.95 405.10 Td (from ) Tj ET Q q 0 0 0 rg BT 183.97 405.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.77 405.10 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 239.39 405.10 Td (sale, ) Tj ET Q q 0 0 0 rg BT 260.02 405.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.04 405.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 315.17 405.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 356.07 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.99 405.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 390.68 405.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 431.02 405.10 Td (as ) Tj ET Q q 0 0 0 rg BT 441.94 405.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 473.94 405.10 Td (-sale, ) Tj ET Q q 0 0 0 rg BT 497.90 405.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 518.26 405.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 543.06 405.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 393.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 76.26 393.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 114.86 393.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.79 393.10 Td (positive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.46 393.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.96 393.10 Td ($135 ) Tj ET Q q 0 0 0 rg BT 193.46 393.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.35 393.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.85 393.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.13 393.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.13 393.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.13 393.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 296.50 393.10 Td ($46 ) Tj ET Q q 0 0 0 rg BT 314.00 393.10 Td (million ) Tj ET Q q 0 0 0 rg BT 345.39 393.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.67 393.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 380.67 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.61 393.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 433.98 393.10 Td ($30 ) Tj ET Q q 0 0 0 rg BT 451.48 393.10 Td (million ) Tj ET Q q 0 0 0 rg BT 482.87 393.10 Td (in ) Tj ET Q q 0 0 0 rg BT 493.15 393.10 Td (2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 373.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.86 373.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.09 373.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 153.78 373.10 Td (from ) Tj ET Q q 0 0 0 rg BT 175.67 373.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.90 373.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 254.46 373.10 Td (were ) Tj ET Q q 0 0 0 rg BT 276.35 373.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 310.46 373.10 Td (by ) Tj ET Q q 0 0 0 rg BT 322.92 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.59 373.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 375.59 373.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.38 373.10 Td ($9 ) Tj ET Q q 0 0 0 rg BT 398.84 373.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.74 373.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.20 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.10 373.10 Td ($24 ) Tj ET Q q 0 0 0 rg BT 464.56 373.10 Td (million ) Tj ET Q q 0 0 0 rg BT 495.91 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.70 373.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 541.39 373.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.41 361.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 69.04 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.11 361.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 111.24 361.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 158.90 361.10 Td (.Under ) Tj ET Q q 0 0 0 rg BT 191.52 361.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.48 361.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 271.77 361.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 315.66 361.10 Td (s ) Tj ET Q q 0 0 0 rg BT 322.18 361.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 366.47 361.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 410.74 361.10 Td (with ) Tj ET Q q 0 0 0 rg BT 431.15 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.00 361.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 483.36 361.10 Td (our ) Tj ET Q q 0 0 0 rg BT 499.32 361.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 543.06 361.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 349.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 74.04 349.10 Td (and ) Tj ET Q q 0 0 0 rg BT 90.98 349.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 111.25 349.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 134.86 349.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.14 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.86 349.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 194.59 349.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.87 349.10 Td (an ) Tj ET Q q 0 0 0 rg BT 216.81 349.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 249.30 349.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 273.46 349.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.73 349.10 Td (a ) Tj ET Q q 0 0 0 rg BT 290.67 349.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 329.27 349.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 375.07 349.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.90 349.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 435.06 349.10 Td (advances. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 325.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 150.10 325.10 Td (Activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.84 305.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.84 305.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.86 305.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.70 305.10 Td (net ) Tj ET Q q 0 0 0 rg BT 140.44 305.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 160.72 305.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 198.78 305.10 Td (by ) Tj ET Q q 0 0 0 rg BT 211.29 305.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 250.47 305.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 289.09 305.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 305.10 Td ($1.33 ) Tj ET Q q 0 0 0 rg BT 332.17 305.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.28 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.80 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.75 305.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 417.48 305.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 451.65 305.10 Td (from ) Tj ET Q q 0 0 0 rg BT 473.60 305.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 511.66 305.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 552.50 305.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 58.64 293.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 90.65 293.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 139.39 293.10 Td (at ) Tj ET Q q 0 0 0 rg BT 148.14 293.10 Td (our ) Tj ET Q q 0 0 0 rg BT 163.00 293.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 215.07 293.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 248.82 293.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 279.23 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.20 293.10 Td (at ) Tj ET Q q 0 0 0 rg BT 303.95 293.10 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 346.31 293.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 383.38 293.10 Td (from ) Tj ET Q q 0 0 0 rg BT 404.34 293.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 425.31 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.17 293.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 457.81 293.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 500.45 293.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.31 293.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 81.01 281.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 100.49 281.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 137.74 281.10 Td (that ) Tj ET Q q 0 0 0 rg BT 155.00 281.10 Td (was ) Tj ET Q q 0 0 0 rg BT 172.81 281.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 191.74 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.78 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.26 281.10 Td (second ) Tj ET Q q 0 0 0 rg BT 246.29 281.10 Td (half ) Tj ET Q q 0 0 0 rg BT 264.10 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.69 281.10 Td (2016\), ) Tj ET Q q 0 0 0 rg BT 302.78 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.48 281.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 357.28 281.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 397.87 281.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 422.06 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.76 281.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 476.56 281.10 Td (from ) Tj ET Q q 0 0 0 rg BT 498.26 281.10 Td (net ) Tj ET Q q 0 0 0 rg BT 512.74 281.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 534.44 281.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 547.53 281.10 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 61.86 269.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 104.53 269.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 145.40 269.10 Td (we ) Tj ET Q q 0 0 0 rg BT 160.15 269.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 200.45 269.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 228.53 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.40 269.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 260.28 269.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.70 269.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 323.67 269.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.53 269.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.95 269.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 418.48 269.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 471.84 269.10 Td (we ) Tj ET Q q 0 0 0 rg BT 486.59 269.10 Td (may ) Tj ET Q q 0 0 0 rg BT 506.90 269.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 523.88 269.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 554.18 269.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (these ) Tj ET Q q 0 0 0 rg BT 58.64 257.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 98.50 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.38 257.10 Td (order ) Tj ET Q q 0 0 0 rg BT 131.57 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.45 257.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 174.64 257.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.06 257.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 221.59 257.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 238.67 257.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 255.77 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.31 257.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 308.29 257.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 335.66 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.53 257.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 367.06 257.10 Td (other ) Tj ET Q q 0 0 0 rg BT 389.71 257.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 429.56 257.10 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 474.70 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.24 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.11 257.10 Td (adapt ) Tj ET Q q 0 0 0 rg BT 524.86 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.74 257.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 82.48 245.10 Td (W) Tj ET Q q 0 0 0 rg BT 91.12 245.10 Td (e ) Tj ET Q q 0 0 0 rg BT 98.06 245.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 127.22 245.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 157.48 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.20 245.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 200.81 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.75 245.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 247.46 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.29 245.10 Td (future ) Tj ET Q q 0 0 0 rg BT 284.67 245.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 306.61 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.44 245.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 363.82 245.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 406.58 245.10 Td (if ) Tj ET Q q 0 0 0 rg BT 415.19 245.10 Td (any) Tj ET Q q 0 0 0 rg BT 428.98 245.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 225.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 90.38 225.10 Td (many ) Tj ET Q q 0 0 0 rg BT 115.65 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.04 225.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.43 225.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 190.38 225.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 231.20 225.10 Td (are ) Tj ET Q q 0 0 0 rg BT 246.47 225.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 283.95 225.10 Td (through ) Tj ET Q q 0 0 0 rg BT 318.12 225.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 364.49 225.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 415.58 225.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.08 225.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 468.35 225.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 500.30 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.69 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.97 225.10 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 213.10 Td (from ) Tj ET Q q 0 0 0 rg BT 58.19 213.10 Td (any ) Tj ET Q q 0 0 0 rg BT 75.38 213.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 97.56 213.10 Td (or ) Tj ET Q q 0 0 0 rg BT 108.64 213.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 146.93 213.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 188.01 213.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.09 213.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.17 213.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 261.80 213.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 302.31 213.10 Td (would ) Tj ET Q q 0 0 0 rg BT 330.06 213.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 370.01 213.10 Td (be ) Tj ET Q q 0 0 0 rg BT 382.20 213.10 Td (used ) Tj ET Q q 0 0 0 rg BT 403.28 213.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.80 213.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 438.76 213.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 475.93 213.10 Td (under ) Tj ET Q q 0 0 0 rg BT 501.45 213.10 Td (these ) Tj ET Q q 0 0 0 rg BT 524.75 213.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 201.10 Td (sources. ) Tj ET Q q 0 0 0 rg BT 71.62 201.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 108.19 201.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.83 201.10 Td (all ) Tj ET Q q 0 0 0 rg BT 126.95 201.10 Td (or ) Tj ET Q q 0 0 0 rg BT 138.41 201.10 Td (a ) Tj ET Q q 0 0 0 rg BT 145.98 201.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 191.33 201.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 223.34 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.81 201.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 255.71 201.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 281.06 201.10 Td (from ) Tj ET Q q 0 0 0 rg BT 303.63 201.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 342.30 201.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 383.76 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.22 201.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 419.46 201.10 Td (at ) Tj ET Q q 0 0 0 rg BT 429.81 201.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.48 201.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 518.83 201.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 550.84 201.10 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 189.10 Td (detailed ) Tj ET Q q 0 0 0 rg BT 70.86 189.10 Td (in ) Tj ET Q q 0 0 0 rg BT 81.84 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.27 189.10 Td (subsection ) Tj ET Q q 0 0 0 rg BT 142.69 189.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 166.45 189.10 Td (") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 170.53 189.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 218.73 189.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 246.39 189.10 Td (at ) Tj ET Q q 0 0 0 rg BT 257.37 189.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 313.92 189.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 349.34 189.10 Td (Entities") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.09 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.30 189.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.28 189.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.71 189.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 445.80 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.79 189.10 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.99 189.10 Td (section ) Tj ET Q q 0 0 0 rg BT 536.53 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.06 189.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 177.10 Td (MD&A\) ) Tj ET Q q 0 0 0 rg BT 72.94 177.10 Td (would ) Tj ET Q q 0 0 0 rg BT 100.44 177.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 140.15 177.10 Td (be ) Tj ET Q q 0 0 0 rg BT 152.08 177.10 Td (used ) Tj ET Q q 0 0 0 rg BT 172.91 177.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.19 177.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 207.35 177.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 229.30 177.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 256.80 177.10 Td (by ) Tj ET Q q 0 0 0 rg BT 269.30 177.10 Td (those ) Tj ET Q q 0 0 0 rg BT 292.91 177.10 Td (entities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.10 Td (As ) Tj ET Q q 0 0 0 rg BT 67.47 157.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 108.13 157.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.26 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.83 157.10 Td (") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.92 157.10 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 193.70 157.10 Td (Noncash ) Tj ET Q q 0 0 0 rg BT 231.05 157.10 Td (Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.83 157.10 Td (" ) Tj ET Q q 0 0 0 rg BT 285.27 157.10 Td (subsection ) Tj ET Q q 0 0 0 rg BT 329.84 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.52 157.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.20 157.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 409.10 157.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 453.66 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.34 157.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 484.46 157.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 511.54 157.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 157.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 157.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 145.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 61.63 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 79.20 145.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 104.84 145.10 Td (we ) Tj ET Q q 0 0 0 rg BT 119.63 145.10 Td (had ) Tj ET Q q 0 0 0 rg BT 137.20 145.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 182.54 145.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 220.10 145.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.57 145.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 276.35 145.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 300.59 145.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.16 145.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 355.17 145.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 377.18 145.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.09 145.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 420.09 145.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 470.44 145.10 Td (classification, ) Tj ET Q q 0 0 0 rg BT 528.83 145.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.40 145.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 133.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 69.85 133.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 96.52 133.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.60 133.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 152.02 133.10 Td (from ) Tj ET Q q 0 0 0 rg BT 173.10 133.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 206.97 133.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 266.38 133.10 Td (we ) Tj ET Q q 0 0 0 rg BT 279.69 133.10 Td (sponsored, ) Tj ET Q q 0 0 0 rg BT 324.39 133.10 Td (which ) Tj ET Q q 0 0 0 rg BT 350.48 133.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 388.77 133.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 426.52 133.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 475.93 133.10 Td (that ) Tj ET Q q 0 0 0 rg BT 492.58 133.10 Td (were ) Tj ET Q q 0 0 0 rg BT 513.66 133.10 Td (not ) Tj ET Q q 0 0 0 rg BT 528.08 133.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 121.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 66.55 121.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 91.27 121.10 Td (from ) Tj ET Q q 0 0 0 rg BT 113.21 121.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 152.37 121.10 Td (activities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 97.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 155.11 97.10 Td (Activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.58 73.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.58 73.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.32 73.10 Td (our ) Tj ET Q q 0 0 0 rg BT 124.90 73.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.36 73.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 159.38 73.10 Td (used ) Tj ET Q q 0 0 0 rg BT 179.95 73.10 Td (in ) Tj ET Q q 0 0 0 rg BT 189.98 73.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 229.99 73.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 268.33 73.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.13 73.10 Td ($795 ) Tj ET Q q 0 0 0 rg BT 308.38 73.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.27 73.10 Td (.) Tj ET Q q 0 0 0 rg BT 342.09 73.10 Td (This ) Tj ET Q q 0 0 0 rg BT 362.11 73.10 Td (net ) Tj ET Q q 0 0 0 rg BT 376.57 73.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 396.59 73.10 Td (usage ) Tj ET Q q 0 0 0 rg BT 421.60 73.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 461.06 73.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 494.96 73.10 Td (from ) Tj ET Q q 0 0 0 rg BT 516.65 73.10 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 536.39 73.10 Td (billion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 61.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.88 61.10 Td (net ) Tj ET Q q 0 0 0 rg BT 61.65 61.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 110.29 61.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.85 61.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 167.05 61.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 189.32 61.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.20 61.10 Td (we ) Tj ET Q q 0 0 0 rg BT 214.41 61.10 Td (wound-down ) Tj ET Q q 0 0 0 rg BT 269.74 61.10 Td (our ) Tj ET Q q 0 0 0 rg BT 285.62 61.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 334.83 61.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 379.03 61.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.02 61.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 445.77 61.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 486.08 61.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 520.85 61.10 Td (operations ) Tj ET Q endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.92 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 60.29 731.10 Td (first ) Tj ET Q q 0 0 0 rg BT 78.54 731.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 109.00 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 119.47 731.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 141.62 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.20 731.10 Td (also ) Tj ET Q q 0 0 0 rg BT 176.46 731.10 Td (de-levered ) Tj ET Q q 0 0 0 rg BT 220.79 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.27 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 276.18 731.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 313.32 731.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 359.35 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.71 731.10 Td (year) Tj ET Q q 0 0 0 rg BT 390.37 731.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.01 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 405.49 731.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.90 731.10 Td ($261 ) Tj ET Q q 0 0 0 rg BT 465.05 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.94 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.09 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.56 731.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 526.48 731.10 Td (was ) Tj ET Q q 0 0 0 rg BT 544.17 731.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.71 719.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 71.20 719.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 93.59 719.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 121.52 719.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 165.56 719.10 Td ($53 ) Tj ET Q q 0 0 0 rg BT 183.49 719.10 Td (million ) Tj ET Q q 0 0 0 rg BT 215.31 719.10 Td (used ) Tj ET Q q 0 0 0 rg BT 236.57 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.28 719.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 272.42 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.69 719.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 341.05 719.10 Td (Securitization\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.35 719.10 Td ($28 ) Tj ET Q q 0 0 0 rg BT 423.28 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.17 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.10 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.36 719.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 487.06 719.10 Td (was ) Tj ET Q q 0 0 0 rg BT 505.55 719.10 Td (used ) Tj ET Q q 0 0 0 rg BT 526.81 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 541.40 719.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 88.16 707.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.07 707.10 Td ($88 ) Tj ET Q q 0 0 0 rg BT 122.53 707.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.42 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.89 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 171.90 707.10 Td (used ) Tj ET Q q 0 0 0 rg BT 192.70 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.94 707.10 Td (make ) Tj ET Q q 0 0 0 rg BT 227.06 707.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 264.52 707.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 307.81 707.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 359.70 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.60 707.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 404.06 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.86 707.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.86 707.10 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.36 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.82 707.10 Td (per ) Tj ET Q q 0 0 0 rg BT 455.06 707.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 480.94 707.10 Td (These ) Tj ET Q q 0 0 0 rg BT 507.28 707.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 527.52 707.10 Td (outflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (were ) Tj ET Q q 0 0 0 rg BT 57.12 695.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 96.02 695.10 Td (of) Tj ET Q q 0 0 0 rg BT 104.17 695.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 120.30 695.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.99 695.10 Td ($519 ) Tj ET Q q 0 0 0 rg BT 153.68 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.57 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.26 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.28 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 208.18 695.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 255.42 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 276.55 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.46 695.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 326.88 695.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 347.46 695.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 382.47 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.38 695.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 439.73 695.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 474.73 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 495.86 695.10 Td (that ) Tj ET Q q 0 0 0 rg BT 512.54 695.10 Td (arrangement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 683.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 78.20 683.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 122.35 683.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 145.96 683.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 177.97 683.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 227.68 683.10 Td (during ) Tj ET Q q 0 0 0 rg BT 256.29 683.10 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.26 663.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.27 663.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.27 663.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.69 663.10 Td (our ) Tj ET Q q 0 0 0 rg BT 150.95 663.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 178.31 663.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.57 663.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 229.70 663.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 275.95 663.10 Td (its ) Tj ET Q q 0 0 0 rg BT 288.32 663.10 Td (intention ) Tj ET Q q 0 0 0 rg BT 326.80 663.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.50 663.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 354.87 663.10 Td (a ) Tj ET Q q 0 0 0 rg BT 362.23 663.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 393.47 663.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 431.40 663.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 663.10 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 663.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.08 663.10 Td (per ) Tj ET Q q 0 0 0 rg BT 483.77 663.10 Td (share ) Tj ET Q q 0 0 0 rg BT 507.80 663.10 Td (per ) Tj ET Q q 0 0 0 rg BT 523.49 663.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.73 663.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 651.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 651.10 Td (. ) Tj ET Q q 0 0 0 rg BT 61.04 651.10 Td (In ) Tj ET Q q 0 0 0 rg BT 71.90 651.10 Td (February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.54 651.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.54 651.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.58 651.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.33 651.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 177.30 651.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.17 651.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 227.91 651.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 264.31 651.10 Td (a ) Tj ET Q q 0 0 0 rg BT 271.29 651.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 302.14 651.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 339.67 651.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.54 651.10 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.04 651.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.58 651.10 Td (per ) Tj ET Q q 0 0 0 rg BT 390.88 651.10 Td (share ) Tj ET Q q 0 0 0 rg BT 414.52 651.10 Td (for ) Tj ET Q q 0 0 0 rg BT 428.71 651.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.47 651.10 Td (first ) Tj ET Q q 0 0 0 rg BT 462.11 651.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 492.96 651.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.83 651.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.83 651.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.87 651.10 Td (which ) Tj ET Q q 0 0 0 rg BT 555.84 651.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 639.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 69.59 639.10 Td (on ) Tj ET Q q 0 0 0 rg BT 82.09 639.10 Td (March ) Tj ET Q q 0 0 0 rg BT 110.69 639.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.69 639.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.69 639.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.19 639.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.47 639.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 211.51 639.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.34 639.10 Td (record ) Tj ET Q q 0 0 0 rg BT 250.38 639.10 Td (on ) Tj ET Q q 0 0 0 rg BT 262.88 639.10 Td (March ) Tj ET Q q 0 0 0 rg BT 291.47 639.10 Td (16, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.47 639.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.47 639.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 619.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.49 619.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 113.61 619.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.54 619.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.92 619.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 175.29 619.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.78 619.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 236.61 619.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 273.07 619.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 297.34 619.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 322.44 619.10 Td (which ) Tj ET Q q 0 0 0 rg BT 350.04 619.10 Td (are ) Tj ET Q q 0 0 0 rg BT 365.40 619.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 415.77 619.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 474.47 619.10 Td (awards, ) Tj ET Q q 0 0 0 rg BT 508.45 619.10 Td (each ) Tj ET Q q 0 0 0 rg BT 529.92 619.10 Td (time ) Tj ET Q q 0 0 0 rg BT 550.85 619.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 607.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 67.96 607.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.49 607.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 103.02 607.10 Td (a ) Tj ET Q q 0 0 0 rg BT 110.56 607.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 148.65 607.10 Td (on ) Tj ET Q q 0 0 0 rg BT 161.74 607.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.17 607.10 Td (common ) Tj ET Q q 0 0 0 rg BT 216.26 607.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 242.96 607.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.71 607.10 Td (are ) Tj ET Q q 0 0 0 rg BT 273.02 607.10 Td (required ) Tj ET Q q 0 0 0 rg BT 309.43 607.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.30 607.10 Td (make ) Tj ET Q q 0 0 0 rg BT 345.05 607.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.58 607.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 390.67 607.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 435.42 607.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 472.95 607.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.82 607.10 Td (that ) Tj ET Q q 0 0 0 rg BT 501.91 607.10 Td (same ) Tj ET Q q 0 0 0 rg BT 525.55 607.10 Td (per ) Tj ET Q q 0 0 0 rg BT 541.41 607.10 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 595.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 68.50 595.10 Td (on ) Tj ET Q q 0 0 0 rg BT 81.00 595.10 Td (each ) Tj ET Q q 0 0 0 rg BT 101.81 595.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 150.98 595.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 186.78 595.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 210.39 595.10 Td (unit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 565.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 68.97 565.10 Td (erm Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.46 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.81 547.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 117.82 547.10 Td (course ) Tj ET Q q 0 0 0 rg BT 147.05 547.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.51 547.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.97 547.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 214.49 547.10 Td (we ) Tj ET Q q 0 0 0 rg BT 229.29 547.10 Td (use ) Tj ET Q q 0 0 0 rg BT 245.75 547.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 282.75 547.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 303.09 547.10 Td (through ) Tj ET Q q 0 0 0 rg BT 337.33 547.10 Td (several ) Tj ET Q q 0 0 0 rg BT 368.78 547.10 Td (dif) Tj ET Q q 0 0 0 rg BT 379.71 547.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 406.15 547.10 Td (types ) Tj ET Q q 0 0 0 rg BT 430.39 547.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.86 547.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 486.65 547.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 524.21 547.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.78 547.10 Td (use ) Tj ET Q q 0 0 0 rg BT 558.24 547.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 535.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 83.29 535.10 Td (under ) Tj ET Q q 0 0 0 rg BT 107.79 535.10 Td (these ) Tj ET Q q 0 0 0 rg BT 130.07 535.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 166.23 535.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 178.24 535.10 Td (among ) Tj ET Q q 0 0 0 rg BT 207.19 535.10 Td (other ) Tj ET Q q 0 0 0 rg BT 229.47 535.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 258.15 535.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 278.22 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.17 535.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.78 535.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.85 535.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 391.23 535.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 414.07 535.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 456.91 535.10 Td (those ) Tj ET Q q 0 0 0 rg BT 479.75 535.10 Td (we ) Tj ET Q q 0 0 0 rg BT 493.14 535.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 524.30 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.47 535.10 Td (originate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 523.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.63 523.10 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 94.70 523.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.88 523.10 Td (securitization\), ) Tj ET Q q 0 0 0 rg BT 166.43 523.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 197.71 523.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 247.34 523.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.98 523.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 296.60 523.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.89 523.10 Td (other ) Tj ET Q q 0 0 0 rg BT 335.29 523.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 387.42 523.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.71 523.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 444.45 523.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 464.63 523.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.82 523.10 Td (business ) Tj ET Q q 0 0 0 rg BT 515.57 523.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.86 523.10 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 511.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.07 511.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 106.22 511.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.22 511.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.79 511.10 Td (we ) Tj ET Q q 0 0 0 rg BT 144.53 511.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.03 511.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.69 511.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.76 511.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 223.49 511.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 267.21 511.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 286.50 511.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 331.33 511.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 367.83 511.10 Td (with ) Tj ET Q q 0 0 0 rg BT 387.67 511.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.18 511.10 Td (total ) Tj ET Q q 0 0 0 rg BT 414.03 511.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 462.76 511.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 482.05 511.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 514.65 511.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.05 511.10 Td ($486 ) Tj ET Q q 0 0 0 rg BT 547.12 511.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 499.10 Td (\(secured ) Tj ET Q q 0 0 0 rg BT 72.41 499.10 Td (by ) Tj ET Q q 0 0 0 rg BT 84.96 499.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 129.16 499.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 152.81 499.10 Td (with ) Tj ET Q q 0 0 0 rg BT 173.14 499.10 Td (an ) Tj ET Q q 0 0 0 rg BT 185.12 499.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 226.53 499.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 242.95 499.10 Td (value ) Tj ET Q q 0 0 0 rg BT 267.15 499.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.03 499.10 Td ($534 ) Tj ET Q q 0 0 0 rg BT 300.58 499.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.47 499.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 335.35 499.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.33 499.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.32 499.10 Td (total ) Tj ET Q q 0 0 0 rg BT 379.64 499.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 434.95 499.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 479.16 499.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 500.59 499.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.47 499.10 Td ($1.33 ) Tj ET Q q 0 0 0 rg BT 536.52 499.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.63 499.10 Td (. ) Tj ET Q q 0 0 0 rg BT 567.68 499.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 487.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 72.64 487.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.23 487.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 138.68 487.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.68 487.10 Td (, ) Tj ET Q q 0 0 0 rg BT 162.55 487.10 Td (we ) Tj ET Q q 0 0 0 rg BT 175.58 487.10 Td (had ) Tj ET Q q 0 0 0 rg BT 191.38 487.10 Td (an ) Tj ET Q q 0 0 0 rg BT 202.19 487.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 242.42 487.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 290.46 487.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 333.48 487.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 352.07 487.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 383.97 487.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.67 487.10 Td ($306 ) Tj ET Q q 0 0 0 rg BT 415.03 487.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.93 487.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.29 487.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.43 487.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.20 487.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.57 487.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 532.70 487.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 475.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 74.46 475.10 Td (which ) Tj ET Q q 0 0 0 rg BT 100.42 475.10 Td (were ) Tj ET Q q 0 0 0 rg BT 121.38 475.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 153.44 475.10 Td (by ) Tj ET Q q 0 0 0 rg BT 164.97 475.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 204.26 475.10 Td (with ) Tj ET Q q 0 0 0 rg BT 223.57 475.10 Td (a ) Tj ET Q q 0 0 0 rg BT 229.53 475.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 244.94 475.10 Td (market ) Tj ET Q q 0 0 0 rg BT 274.23 475.10 Td (value ) Tj ET Q q 0 0 0 rg BT 297.41 475.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.27 475.10 Td ($363 ) Tj ET Q q 0 0 0 rg BT 328.79 475.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.69 475.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.60 475.10 Td (W) Tj ET Q q 0 0 0 rg BT 370.24 475.10 Td (e ) Tj ET Q q 0 0 0 rg BT 376.21 475.10 Td (also ) Tj ET Q q 0 0 0 rg BT 393.84 475.10 Td (had ) Tj ET Q q 0 0 0 rg BT 409.81 475.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.77 475.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 447.84 475.10 Td (line ) Tj ET Q q 0 0 0 rg BT 464.36 475.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.22 475.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 498.51 475.10 Td (with ) Tj ET Q q 0 0 0 rg BT 517.81 475.10 Td (no ) Tj ET Q q 0 0 0 rg BT 529.34 475.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 463.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 56.87 463.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 91.06 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 109.15 463.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.24 463.10 Td (total ) Tj ET Q q 0 0 0 rg BT 138.67 463.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 183.98 463.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 206.53 463.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.51 463.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 237.17 463.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.06 463.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.71 463.10 Td (\(secured ) Tj ET Q q 0 0 0 rg BT 307.23 463.10 Td (by ) Tj ET Q q 0 0 0 rg BT 320.89 463.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 362.30 463.10 Td (with ) Tj ET Q q 0 0 0 rg BT 383.74 463.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.83 463.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 409.36 463.10 Td (market ) Tj ET Q q 0 0 0 rg BT 440.78 463.10 Td (value ) Tj ET Q q 0 0 0 rg BT 466.08 463.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.52 463.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 507.27 463.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.25 463.10 Td ($8 ) Tj ET Q q 0 0 0 rg BT 532.91 463.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.80 463.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 568.78 463.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 451.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 451.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 451.10 Td (. ) Tj ET Q q 0 0 0 rg BT 119.58 451.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.41 451.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.41 451.10 Td (, ) Tj ET Q q 0 0 0 rg BT 175.41 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.13 451.10 Td (highest ) Tj ET Q q 0 0 0 rg BT 221.52 451.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 254.55 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.38 451.10 Td (our ) Tj ET Q q 0 0 0 rg BT 281.21 451.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 325.37 451.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 345.08 451.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 394.25 451.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 451.10 Td ($1.87 ) Tj ET Q q 0 0 0 rg BT 437.30 451.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.41 451.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 427.10 Td (Long-T) Tj ET Q q 0 0 0 rg BT 67.31 427.10 Td (erm Debt ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 403.10 Td (FHLBC Borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.75 383.10 Td (July ) Tj ET Q q 0 0 0 rg BT 83.84 383.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 108.76 383.10 Td (our ) Tj ET Q q 0 0 0 rg BT 124.51 383.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 188.59 383.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 232.12 383.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 263.96 383.10 Td (into ) Tj ET Q q 0 0 0 rg BT 281.94 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.80 383.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 332.88 383.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 376.94 383.10 Td (with ) Tj ET Q q 0 0 0 rg BT 397.14 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.78 383.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 444.19 383.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 471.05 383.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 494.01 383.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 517.54 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.29 383.10 Td (Chicago. ) Tj ET Q q 0 0 0 rg BT 566.01 383.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.04 371.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.04 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.49 371.10 Td (under ) Tj ET Q q 0 0 0 rg BT 143.21 371.10 Td (this ) Tj ET Q q 0 0 0 rg BT 159.61 371.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 205.71 371.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.99 371.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 264.05 371.10 Td (could ) Tj ET Q q 0 0 0 rg BT 288.22 371.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 310.72 371.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 358.23 371.10 Td (up ) Tj ET Q q 0 0 0 rg BT 370.18 371.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.91 371.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 404.36 371.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.48 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.93 371.10 Td (also ) Tj ET Q q 0 0 0 rg BT 452.99 371.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 486.58 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.31 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 506.60 371.10 Td (advances, ) Tj ET Q q 0 0 0 rg BT 556.57 371.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.59 359.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 85.19 359.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 118.09 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 130.46 359.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 162.82 359.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 204.89 359.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 247.53 359.10 Td (but ) Tj ET Q q 0 0 0 rg BT 262.68 359.10 Td (not ) Tj ET Q q 0 0 0 rg BT 277.83 359.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 308.53 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.68 359.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 362.70 359.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 402.83 359.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 428.81 359.10 Td (During ) Tj ET Q q 0 0 0 rg BT 459.51 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.09 359.10 Td (year ) Tj ET Q q 0 0 0 rg BT 493.67 359.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 359.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.78 347.10 Td (our ) Tj ET Q q 0 0 0 rg BT 78.39 347.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 143.32 347.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 187.71 347.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 229.31 347.10 Td (an ) Tj ET Q q 0 0 0 rg BT 242.03 347.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.29 347.10 Td ($519 ) Tj ET Q q 0 0 0 rg BT 308.57 347.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.46 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.74 347.10 Td (under ) Tj ET Q q 0 0 0 rg BT 366.79 347.10 Td (this ) Tj ET Q q 0 0 0 rg BT 384.52 347.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 431.94 347.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 460.21 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 467.92 347.10 Td (final ) Tj ET Q q 0 0 0 rg BT 489.53 347.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 508.35 347.10 Td (published ) Tj ET Q q 0 0 0 rg BT 550.52 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.80 347.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 68.69 335.10 Td (Housing ) Tj ET Q q 0 0 0 rg BT 105.29 335.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 139.05 335.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 172.86 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.34 335.10 Td (January ) Tj ET Q q 0 0 0 rg BT 217.15 335.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 242.36 335.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.39 335.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 322.75 335.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 366.57 335.10 Td (will ) Tj ET Q q 0 0 0 rg BT 384.83 335.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 415.30 335.10 Td (an ) Tj ET Q q 0 0 0 rg BT 427.45 335.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 455.72 335.10 Td (member ) Tj ET Q q 0 0 0 rg BT 491.19 335.10 Td (through ) Tj ET Q q 0 0 0 rg BT 525.00 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.92 335.10 Td (five-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 76.18 323.10 Td (period ) Tj ET Q q 0 0 0 rg BT 104.14 323.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.21 323.10 Td (captive ) Tj ET Q q 0 0 0 rg BT 149.50 323.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 190.22 323.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 237.90 323.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 255.86 323.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 319.93 323.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 369.14 323.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 403.22 323.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 428.13 323.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 456.65 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.39 323.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 495.37 323.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 517.49 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 544.34 323.10 Td (matures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 68.02 311.10 Td (this ) Tj ET Q q 0 0 0 rg BT 85.06 311.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 125.42 311.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 156.05 311.10 Td (is ) Tj ET Q q 0 0 0 rg BT 165.30 311.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 206.21 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.57 311.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 246.92 311.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 296.17 311.10 Td (until ) Tj ET Q q 0 0 0 rg BT 317.09 311.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 343.00 311.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 376.24 311.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.75 311.10 Td (As ) Tj ET Q q 0 0 0 rg BT 394.45 311.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 438.69 311.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 462.38 311.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 496.62 311.10 Td (as ) Tj ET Q q 0 0 0 rg BT 507.54 311.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 547.32 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 561.56 311.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 55.74 299.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 72.71 299.10 Td (down, ) Tj ET Q q 0 0 0 rg BT 99.96 299.10 Td (we ) Tj ET Q q 0 0 0 rg BT 114.14 299.10 Td (are ) Tj ET Q q 0 0 0 rg BT 128.88 299.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 169.73 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.03 299.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 209.21 299.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 251.73 299.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 275.37 299.10 Td (or ) Tj ET Q q 0 0 0 rg BT 286.22 299.10 Td (other ) Tj ET Q q 0 0 0 rg BT 309.30 299.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 341.81 299.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 367.67 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.98 299.10 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 429.35 299.10 Td (this ) Tj ET Q q 0 0 0 rg BT 446.33 299.10 Td (debt; ) Tj ET Q q 0 0 0 rg BT 468.85 299.10 Td (however) Tj ET Q q 0 0 0 rg BT 502.88 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 507.91 299.10 Td (we ) Tj ET Q q 0 0 0 rg BT 522.09 299.10 Td (do ) Tj ET Q q 0 0 0 rg BT 534.62 299.10 Td (not ) Tj ET Q q 0 0 0 rg BT 549.93 299.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 58.22 287.10 Td (able ) Tj ET Q q 0 0 0 rg BT 77.37 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.65 287.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 122.90 287.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.73 287.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 188.04 287.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 216.10 287.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 235.81 287.10 Td (above ) Tj ET Q q 0 0 0 rg BT 262.19 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.91 287.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 311.07 287.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 336.07 287.10 Td (billion ) Tj ET Q q 0 0 0 rg BT 364.69 287.10 Td (maximum.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.55 267.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.17 267.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.17 267.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.22 267.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 175.27 267.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.38 267.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.92 267.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.80 267.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 253.99 267.10 Td (were ) Tj ET Q q 0 0 0 rg BT 275.96 267.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 325.18 267.10 Td (under ) Tj ET Q q 0 0 0 rg BT 350.49 267.10 Td (this ) Tj ET Q q 0 0 0 rg BT 367.48 267.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 414.17 267.10 Td (which ) Tj ET Q q 0 0 0 rg BT 441.15 267.10 Td (were ) Tj ET Q q 0 0 0 rg BT 463.13 267.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 503.44 267.10 Td (as ) Tj ET Q q 0 0 0 rg BT 514.31 267.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 556.29 267.10 Td (debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 255.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.44 255.10 Td (a ) Tj ET Q q 0 0 0 rg BT 63.55 255.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 102.87 255.10 Td (average ) Tj ET Q q 0 0 0 rg BT 136.62 255.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 168.72 255.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 186.37 255.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.37 255.10 Td (0.64%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.20 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.86 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.97 255.10 Td (a ) Tj ET Q q 0 0 0 rg BT 250.07 255.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 289.39 255.10 Td (average ) Tj ET Q q 0 0 0 rg BT 323.14 255.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 359.69 255.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.69 255.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.90 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.57 255.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 416.25 255.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.91 255.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 487.66 255.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.66 255.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.83 255.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 546.58 255.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 243.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 69.78 243.10 Td (on ) Tj ET Q q 0 0 0 rg BT 82.46 243.10 Td (these ) Tj ET Q q 0 0 0 rg BT 105.69 243.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 153.92 243.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.15 243.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 184.84 243.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.73 243.10 Td (. ) Tj ET Q q 0 0 0 rg BT 218.32 243.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 260.43 243.10 Td (under ) Tj ET Q q 0 0 0 rg BT 285.88 243.10 Td (this ) Tj ET Q q 0 0 0 rg BT 303.01 243.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 347.33 243.10 Td (are ) Tj ET Q q 0 0 0 rg BT 362.22 243.10 Td (char) Tj ET Q q 0 0 0 rg BT 379.25 243.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 396.37 243.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 428.48 243.10 Td (based ) Tj ET Q q 0 0 0 rg BT 453.94 243.10 Td (on ) Tj ET Q q 0 0 0 rg BT 466.62 243.10 Td (a ) Tj ET Q q 0 0 0 rg BT 473.74 243.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 512.51 243.10 Td (mar) Tj ET Q q 0 0 0 rg BT 527.88 243.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 543.34 243.10 Td (over ) Tj ET Q q 0 0 0 rg BT 563.79 243.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 231.10 Td (FHLBC) Tj ET Q q 0 0 0 rg BT 71.01 231.10 Td (s ) Tj ET Q q 0 0 0 rg BT 77.04 231.10 Td (13-week ) Tj ET Q q 0 0 0 rg BT 113.62 231.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 149.65 231.10 Td (note ) Tj ET Q q 0 0 0 rg BT 169.01 231.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 188.64 231.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.22 231.10 Td (resets ) Tj ET Q q 0 0 0 rg BT 240.13 231.10 Td (every ) Tj ET Q q 0 0 0 rg BT 264.48 231.10 Td (13 ) Tj ET Q q 0 0 0 rg BT 276.63 231.10 Td (weeks. ) Tj ET Q q 0 0 0 rg BT 306.26 231.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 323.95 231.10 Td (total ) Tj ET Q q 0 0 0 rg BT 343.87 231.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 382.66 231.10 Td (under ) Tj ET Q q 0 0 0 rg BT 407.57 231.10 Td (this ) Tj ET Q q 0 0 0 rg BT 424.16 231.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 467.95 231.10 Td (were ) Tj ET Q q 0 0 0 rg BT 489.52 231.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 522.20 231.10 Td (by ) Tj ET Q q 0 0 0 rg BT 534.34 231.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 219.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 75.82 219.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 98.98 219.10 Td (with ) Tj ET Q q 0 0 0 rg BT 118.81 219.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.30 219.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.23 219.10 Td (value ) Tj ET Q q 0 0 0 rg BT 164.93 219.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.32 219.10 Td ($2.25 ) Tj ET Q q 0 0 0 rg BT 199.87 219.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.98 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.03 219.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 219.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 295.44 219.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.44 219.10 Td (. ) Tj ET Q q 0 0 0 rg BT 319.84 219.10 Td (This ) Tj ET Q q 0 0 0 rg BT 339.67 219.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 383.37 219.10 Td (also ) Tj ET Q q 0 0 0 rg BT 401.53 219.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 435.79 219.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.17 219.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 494.33 219.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.16 219.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 541.75 219.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.24 219.10 Td (hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 207.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 59.73 207.10 Td (in ) Tj ET Q q 0 0 0 rg BT 70.13 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.96 207.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 119.81 207.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.21 207.10 Td (an ) Tj ET Q q 0 0 0 rg BT 142.27 207.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 174.88 207.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 199.16 207.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.56 207.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.62 207.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 255.33 207.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 301.25 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.20 207.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 361.48 207.10 Td (advances. ) Tj ET Q q 0 0 0 rg BT 402.67 207.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.29 207.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 473.99 207.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.99 207.10 Td (, ) Tj ET Q q 0 0 0 rg BT 499.11 207.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.06 207.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 558.79 207.10 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 195.10 Td ($43 ) Tj ET Q q 0 0 0 rg BT 53.50 195.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.39 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.89 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.72 195.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 130.45 195.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 154.06 195.10 Td (that ) Tj ET Q q 0 0 0 rg BT 171.56 195.10 Td (is ) Tj ET Q q 0 0 0 rg BT 180.73 195.10 Td (included ) Tj ET Q q 0 0 0 rg BT 217.66 195.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.94 195.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 253.21 195.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 279.04 195.10 Td (on ) Tj ET Q q 0 0 0 rg BT 291.54 195.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.37 195.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 360.41 195.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 393.44 195.10 Td (sheets.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 165.10 Td (Convertible Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.76 147.10 Td (November ) Tj ET Q q 0 0 0 rg BT 109.40 147.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 134.34 147.10 Td (one ) Tj ET Q q 0 0 0 rg BT 151.21 147.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.97 147.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.73 147.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 209.04 147.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 258.69 147.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.12 147.10 Td ($205 ) Tj ET Q q 0 0 0 rg BT 308.56 147.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.45 147.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.88 147.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 377.86 147.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 410.28 147.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.05 147.10 Td (5.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.88 147.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.31 147.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 511.15 147.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 538.02 147.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 561.57 147.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 135.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 135.10 Td (. ) Tj ET Q q 0 0 0 rg BT 60.33 135.10 Td (After ) Tj ET Q q 0 0 0 rg BT 83.77 135.10 Td (deducting ) Tj ET Q q 0 0 0 rg BT 125.55 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.11 135.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 194.11 135.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 230.34 135.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.12 135.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 283.34 135.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 308.18 135.10 Td (we ) Tj ET Q q 0 0 0 rg BT 322.19 135.10 Td (received ) Tj ET Q q 0 0 0 rg BT 358.39 135.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 135.10 Td ($198 ) Tj ET Q q 0 0 0 rg BT 440.84 135.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.73 135.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.07 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.75 135.10 Td (net ) Tj ET Q q 0 0 0 rg BT 497.31 135.10 Td (proceeds. ) Tj ET Q q 0 0 0 rg BT 537.69 135.10 Td (Including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 90.94 123.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.68 123.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 141.39 123.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 183.56 123.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 221.84 123.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 248.74 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.36 123.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 306.42 123.10 Td (average ) Tj ET Q q 0 0 0 rg BT 341.91 123.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 375.75 123.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 412.36 123.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 436.76 123.10 Td (on ) Tj ET Q q 0 0 0 rg BT 451.17 123.10 Td (these ) Tj ET Q q 0 0 0 rg BT 476.12 123.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 534.93 123.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 560.45 123.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 111.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.95 111.10 Td (6.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.78 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.97 111.10 Td (per ) Tj ET Q q 0 0 0 rg BT 136.93 111.10 Td (annum. ) Tj ET Q q 0 0 0 rg BT 169.83 111.10 Td (During ) Tj ET Q q 0 0 0 rg BT 201.35 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.76 111.10 Td (year ) Tj ET Q q 0 0 0 rg BT 237.16 111.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.22 111.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 323.50 111.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.50 111.10 Td (, ) Tj ET Q q 0 0 0 rg BT 349.19 111.10 Td (we ) Tj ET Q q 0 0 0 rg BT 364.04 111.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.53 111.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 428.72 111.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.62 111.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.81 111.10 Td (par ) Tj ET Q q 0 0 0 rg BT 476.76 111.10 Td (value ) Tj ET Q q 0 0 0 rg BT 501.61 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.13 111.10 Td (these ) Tj ET Q q 0 0 0 rg BT 536.87 111.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 561.16 111.10 Td (at ) Tj ET Q q 0 0 0 rg BT 571.57 111.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 99.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 72.18 99.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.92 99.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 126.19 99.10 Td (a ) Tj ET Q q 0 0 0 rg BT 132.92 99.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 152.43 99.10 Td (on ) Tj ET Q q 0 0 0 rg BT 164.73 99.10 Td (extinguishment ) Tj ET Q q 0 0 0 rg BT 228.68 99.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.31 99.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 258.82 99.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.44 99.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 289.24 99.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.13 99.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.42 99.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.50 99.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 367.77 99.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 393.68 99.10 Td (net ) Tj ET Q q 0 0 0 rg BT 408.19 99.10 Td (on ) Tj ET Q q 0 0 0 rg BT 420.48 99.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.11 99.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 488.94 99.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 533.45 99.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.08 99.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 87.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.74 87.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.57 87.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.57 87.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.81 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.77 87.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 197.17 87.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 235.46 87.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 268.19 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.27 87.10 Td (these ) Tj ET Q q 0 0 0 rg BT 302.56 87.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 326.41 87.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.70 87.10 Td ($201 ) Tj ET Q q 0 0 0 rg BT 367.44 87.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.33 87.10 Td (. ) Tj ET Q q 0 0 0 rg BT 400.97 87.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.71 87.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 472.54 87.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.54 87.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.78 87.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.74 87.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 546.56 87.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 75.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 69.59 75.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 102.63 75.10 Td (on ) Tj ET Q q 0 0 0 rg BT 115.13 75.10 Td (this ) Tj ET Q q 0 0 0 rg BT 132.07 75.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 151.79 75.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.84 75.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 182.34 75.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.23 75.10 Td (. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 36.00 73.90 Td () Tj ET Q endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 66.53 731.10 Td (March ) Tj ET Q q 0 0 0 rg BT 96.82 731.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 123.52 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 139.37 731.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.57 731.10 Td ($288 ) Tj ET Q q 0 0 0 rg BT 192.77 731.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.66 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.85 731.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 265.59 731.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 299.78 731.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.31 731.10 Td (4.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.14 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.34 731.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 396.51 731.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 425.15 731.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 450.45 731.10 Td (due ) Tj ET Q q 0 0 0 rg BT 469.09 731.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 494.86 731.10 Td (After ) Tj ET Q q 0 0 0 rg BT 520.15 731.10 Td (deducting ) Tj ET Q q 0 0 0 rg BT 563.78 731.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 90.31 719.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 126.84 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.93 719.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 180.46 719.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 205.61 719.10 Td (we ) Tj ET Q q 0 0 0 rg BT 219.92 719.10 Td (received ) Tj ET Q q 0 0 0 rg BT 256.43 719.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.84 719.10 Td ($279 ) Tj ET Q q 0 0 0 rg BT 339.49 719.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.38 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.03 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.01 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 396.88 719.10 Td (proceeds. ) Tj ET Q q 0 0 0 rg BT 437.57 719.10 Td (Including ) Tj ET Q q 0 0 0 rg BT 478.54 719.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 531.73 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.71 719.10 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.07 707.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 112.25 707.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 137.06 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.59 707.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 190.55 707.10 Td (average ) Tj ET Q q 0 0 0 rg BT 223.94 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 255.68 707.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 290.19 707.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 312.50 707.10 Td (on ) Tj ET Q q 0 0 0 rg BT 324.80 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 347.66 707.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 394.95 707.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 418.36 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 436.22 707.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.29 707.10 Td (5.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.12 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.42 707.10 Td (per ) Tj ET Q q 0 0 0 rg BT 534.50 707.10 Td (annum. ) Tj ET Q q 0 0 0 rg BT 566.01 707.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 695.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.58 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.30 695.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 167.88 695.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 199.82 695.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 233.41 695.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 266.44 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 278.94 695.10 Td (this ) Tj ET Q q 0 0 0 rg BT 295.89 695.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 315.61 695.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.66 695.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 346.16 695.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.05 695.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.74 665.10 Td (rust Preferred Securities and Subordinated Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 645.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.72 645.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 127.52 645.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.52 645.10 Td (, ) Tj ET Q q 0 0 0 rg BT 153.74 645.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.12 645.10 Td (had ) Tj ET Q q 0 0 0 rg BT 187.28 645.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 208.78 645.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 249.13 645.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 290.62 645.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.78 645.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 364.15 645.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 388.98 645.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 439.36 645.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.41 645.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 475.13 645.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.03 645.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.75 645.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.90 645.10 Td ($40 ) Tj ET Q q 0 0 0 rg BT 544.62 645.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 645.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 633.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 633.10 Td (, ) Tj ET Q q 0 0 0 rg BT 88.27 633.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 115.38 633.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.49 633.10 Td (us ) Tj ET Q q 0 0 0 rg BT 138.49 633.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.38 633.10 Td (2006 ) Tj ET Q q 0 0 0 rg BT 170.49 633.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.04 633.10 Td (2007. ) Tj ET Q q 0 0 0 rg BT 211.49 633.10 Td (This ) Tj ET Q q 0 0 0 rg BT 231.38 633.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 250.71 633.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 285.02 633.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 323.23 633.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 354.77 633.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 395.20 633.10 Td (at ) Tj ET Q q 0 0 0 rg BT 404.53 633.10 Td (a ) Tj ET Q q 0 0 0 rg BT 411.08 633.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 444.29 633.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 461.38 633.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 485.15 633.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.04 633.10 Td (three-month ) Tj ET Q q 0 0 0 rg BT 546.02 633.10 Td (LIBOR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 621.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 54.96 621.10 Td (2.25% ) Tj ET Q q 0 0 0 rg BT 83.09 621.10 Td (until ) Tj ET Q q 0 0 0 rg BT 103.72 621.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.23 621.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 137.74 621.10 Td (is ) Tj ET Q q 0 0 0 rg BT 146.70 621.10 Td (extinguished. ) Tj ET Q q 0 0 0 rg BT 202.60 621.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 224.89 621.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.97 621.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 259.76 621.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.71 621.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 305.43 621.10 Td (into ) Tj ET Q q 0 0 0 rg BT 323.28 621.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 355.01 621.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 372.29 621.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 399.03 621.10 Td (with ) Tj ET Q q 0 0 0 rg BT 419.10 621.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 460.25 621.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 495.32 621.10 Td (values ) Tj ET Q q 0 0 0 rg BT 523.16 621.10 Td (totaling ) Tj ET Q q 0 0 0 rg BT 556.01 621.10 Td ($140 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 609.10 Td (million ) Tj ET Q q 0 0 0 rg BT 67.57 609.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.03 609.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 104.58 609.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.48 609.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 163.25 609.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.71 609.10 Td (this ) Tj ET Q q 0 0 0 rg BT 190.84 609.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 232.95 609.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 252.84 609.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.96 609.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 322.34 609.10 Td (Including ) Tj ET Q q 0 0 0 rg BT 363.34 609.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 398.24 609.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 420.92 609.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.03 609.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 491.25 609.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.26 609.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 538.24 609.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 597.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 73.11 597.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 98.83 597.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.28 597.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 154.17 597.10 Td (average ) Tj ET Q q 0 0 0 rg BT 188.48 597.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 221.14 597.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 256.58 597.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 279.80 597.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.03 597.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.59 597.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 330.60 597.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 370.46 597.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 411.45 597.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.12 597.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 484.01 597.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 508.34 597.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.24 597.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 585.10 Td (6.75% ) Tj ET Q q 0 0 0 rg BT 64.47 585.10 Td (per ) Tj ET Q q 0 0 0 rg BT 79.89 585.10 Td (annum. ) Tj ET Q q 0 0 0 rg BT 112.06 585.10 Td (These ) Tj ET Q q 0 0 0 rg BT 138.58 585.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 165.67 585.10 Td (are ) Tj ET Q q 0 0 0 rg BT 180.52 585.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 223.69 585.10 Td (for ) Tj ET Q q 0 0 0 rg BT 238.00 585.10 Td (as ) Tj ET Q q 0 0 0 rg BT 248.97 585.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 269.38 585.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 290.36 585.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 320.77 585.10 Td (with ) Tj ET Q q 0 0 0 rg BT 341.19 585.10 Td (all ) Tj ET Q q 0 0 0 rg BT 353.83 585.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 385.91 585.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 423.53 585.10 Td (as ) Tj ET Q q 0 0 0 rg BT 434.50 585.10 Td (a ) Tj ET Q q 0 0 0 rg BT 441.59 585.10 Td (component ) Tj ET Q q 0 0 0 rg BT 488.66 585.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.64 585.10 Td (net ) Tj ET Q q 0 0 0 rg BT 514.50 585.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.58 585.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 573.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 573.10 Td (other ) Tj ET Q q 0 0 0 rg BT 75.99 573.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 115.70 573.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 150.40 573.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 187.88 573.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.71 573.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.65 573.10 Td (component ) Tj ET Q q 0 0 0 rg BT 252.58 573.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.41 573.10 Td (equity) Tj ET Q q 0 0 0 rg BT 287.76 573.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 549.10 Td (Commercial Secured Borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 529.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 76.32 529.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.42 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.96 529.10 Td (third ) Tj ET Q q 0 0 0 rg BT 122.17 529.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 152.80 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.45 529.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 188.27 529.10 Td (we ) Tj ET Q q 0 0 0 rg BT 202.25 529.10 Td (had ) Tj ET Q q 0 0 0 rg BT 219.01 529.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.09 529.10 Td ($63 ) Tj ET Q q 0 0 0 rg BT 296.41 529.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.31 529.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.63 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.28 529.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 387.79 529.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 420.65 529.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 468.53 529.10 Td (that ) Tj ET Q q 0 0 0 rg BT 485.84 529.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 519.82 529.10 Td (from ) Tj ET Q q 0 0 0 rg BT 541.58 529.10 Td (transfers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.96 517.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 82.36 517.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.32 517.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 120.38 517.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 170.20 517.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 210.59 517.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 234.33 517.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.73 517.10 Td (third ) Tj ET Q q 0 0 0 rg BT 266.25 517.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 295.53 517.10 Td (that ) Tj ET Q q 0 0 0 rg BT 313.15 517.10 Td (did ) Tj ET Q q 0 0 0 rg BT 328.55 517.10 Td (not ) Tj ET Q q 0 0 0 rg BT 343.96 517.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 366.02 517.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.86 517.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 411.79 517.10 Td (for ) Tj ET Q q 0 0 0 rg BT 426.08 517.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 444.25 517.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 484.64 517.10 Td (under ) Tj ET Q q 0 0 0 rg BT 510.03 517.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 536.89 517.10 Td ( ) Tj ET Q q 0 0 0 rg BT 539.51 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 556.58 517.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 505.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 78.31 505.10 Td (for ) Tj ET Q q 0 0 0 rg BT 91.74 505.10 Td (as ) Tj ET Q q 0 0 0 rg BT 101.85 505.10 Td (financings. ) Tj ET Q q 0 0 0 rg BT 147.78 505.10 Td (During ) Tj ET Q q 0 0 0 rg BT 177.88 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.87 505.10 Td (third ) Tj ET Q q 0 0 0 rg BT 212.54 505.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 242.63 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.73 505.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 277.01 505.10 Td (we ) Tj ET Q q 0 0 0 rg BT 290.44 505.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 308.89 505.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.99 505.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 357.97 505.10 Td (junior ) Tj ET Q q 0 0 0 rg BT 383.63 505.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 418.18 505.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.29 505.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.28 505.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 465.16 505.10 Td (we ) Tj ET Q q 0 0 0 rg BT 478.60 505.10 Td (had ) Tj ET Q q 0 0 0 rg BT 494.81 505.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 535.47 505.10 Td (bifurcated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 493.10 Td (from ) Tj ET Q q 0 0 0 rg BT 59.22 493.10 Td (these ) Tj ET Q q 0 0 0 rg BT 83.54 493.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 111.76 493.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 136.65 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.87 493.10 Td (derecognized ) Tj ET Q q 0 0 0 rg BT 211.95 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.95 493.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 262.26 493.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 307.70 493.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 342.59 493.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.81 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.81 493.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 421.68 493.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 449.90 493.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 486.46 493.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.57 493.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.56 493.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 539.45 493.10 Td (from ) Tj ET Q q 0 0 0 rg BT 562.67 493.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 481.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 481.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 122.07 481.10 Td (sheet. ) Tj ET Q BT /F4 1.00 Tf ET q 0 0 0 rg BT 36.00 457.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.25 457.10 Td (Asset-Backed Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.57 433.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.22 433.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.22 433.10 Td (, ) Tj ET Q q 0 0 0 rg BT 150.28 433.10 Td (there ) Tj ET Q q 0 0 0 rg BT 172.83 433.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.83 433.10 Td ($887 ) Tj ET Q q 0 0 0 rg BT 217.39 433.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.29 433.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.85 433.10 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 290.29 433.10 Td (balance\) ) Tj ET Q q 0 0 0 rg BT 326.72 433.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.61 433.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 361.29 433.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 390.51 433.10 Td (at ) Tj ET Q q 0 0 0 rg BT 400.30 433.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 453.40 433.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 488.19 433.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 544.62 433.10 Td (entities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 421.10 Td (which ) Tj ET Q q 0 0 0 rg BT 63.01 421.10 Td (were ) Tj ET Q q 0 0 0 rg BT 85.00 421.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 115.34 421.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.69 421.10 Td ($881 ) Tj ET Q q 0 0 0 rg BT 158.26 421.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.15 421.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.72 421.10 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 231.16 421.10 Td (balance\) ) Tj ET Q q 0 0 0 rg BT 267.59 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.92 421.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 299.94 421.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 327.51 421.10 Td (at ) Tj ET Q q 0 0 0 rg BT 337.29 421.10 Td (these ) Tj ET Q q 0 0 0 rg BT 360.41 421.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 394.17 421.10 Td (The ) Tj ET Q q 0 0 0 rg BT 412.29 421.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 435.97 421.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.41 421.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 474.43 421.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 502.00 421.10 Td (from ) Tj ET Q q 0 0 0 rg BT 524.00 421.10 Td (these ) Tj ET Q q 0 0 0 rg BT 547.12 421.10 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 409.10 Td (are ) Tj ET Q q 0 0 0 rg BT 51.31 409.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 87.72 409.10 Td (at ) Tj ET Q q 0 0 0 rg BT 98.04 409.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 139.46 409.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 156.43 409.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 183.69 409.10 Td (See ) Tj ET Q q 0 0 0 rg BT 201.23 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.54 409.10 Td (subsection ) Tj ET Q q 0 0 0 rg BT 261.86 409.10 Td (titled ) Tj ET Q q 0 0 0 rg BT 285.51 409.10 Td (") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.59 409.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 321.58 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.46 409.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 388.89 409.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 424.21 409.10 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.76 409.10 Td (" ) Tj ET Q q 0 0 0 rg BT 461.94 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.82 409.10 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 488.14 409.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 520.12 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.00 409.10 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 397.10 Td (section ) Tj ET Q q 0 0 0 rg BT 66.05 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.11 397.10 Td (this ) Tj ET Q q 0 0 0 rg BT 92.28 397.10 Td (MD&A) Tj ET Q q 0 0 0 rg BT 122.84 397.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.57 397.10 Td (for ) Tj ET Q q 0 0 0 rg BT 137.96 397.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 179.67 397.10 Td (details ) Tj ET Q q 0 0 0 rg BT 207.50 397.10 Td (on ) Tj ET Q q 0 0 0 rg BT 219.23 397.10 Td (these ) Tj ET Q q 0 0 0 rg BT 241.50 397.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 274.61 397.10 Td (During ) Tj ET Q q 0 0 0 rg BT 304.66 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.61 397.10 Td (second ) Tj ET Q q 0 0 0 rg BT 348.10 397.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 378.14 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.20 397.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 412.43 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.37 397.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 445.31 397.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.37 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.31 397.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 520.47 397.10 Td (Securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 385.10 Td (was ) Tj ET Q q 0 0 0 rg BT 54.05 385.10 Td (repaid.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 355.10 Td (Ratio of Earnings to Fixed Charges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 337.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.34 337.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 93.46 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.58 337.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 141.25 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.82 337.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 175.16 337.10 Td (char) Tj ET Q q 0 0 0 rg BT 192.18 337.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 208.30 337.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 251.63 337.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.64 337.10 Td (number ) Tj ET Q q 0 0 0 rg BT 299.98 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.10 337.10 Td (times ) Tj ET Q q 0 0 0 rg BT 335.56 337.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 363.34 337.10 Td (char) Tj ET Q q 0 0 0 rg BT 380.36 337.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 400.92 337.10 Td (are ) Tj ET Q q 0 0 0 rg BT 415.92 337.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 450.36 337.10 Td (by ) Tj ET Q q 0 0 0 rg BT 463.15 337.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 511.20 337.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 541.21 337.10 Td (char) Tj ET Q q 0 0 0 rg BT 558.23 337.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 325.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 66.30 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.16 325.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 109.11 325.10 Td (on ) Tj ET Q q 0 0 0 rg BT 121.64 325.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 170.82 325.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 212.78 325.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 232.52 325.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.48 325.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 303.09 325.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.38 325.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 373.40 325.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.25 325.10 Td (well ) Tj ET Q q 0 0 0 rg BT 404.00 325.10 Td (as ) Tj ET Q q 0 0 0 rg BT 414.85 325.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 458.47 325.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 511.53 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.38 325.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 542.12 325.10 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 313.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.46 313.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 87.79 313.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 123.69 313.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 148.07 313.10 Td (The ) Tj ET Q q 0 0 0 rg BT 165.64 313.10 Td (proportion ) Tj ET Q q 0 0 0 rg BT 209.88 313.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 242.99 313.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 301.09 313.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.45 313.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.69 313.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 357.14 313.10 Td (factor ) Tj ET Q q 0 0 0 rg BT 382.48 313.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.84 313.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 432.62 313.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 454.63 313.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 488.86 313.10 Td (has ) Tj ET Q q 0 0 0 rg BT 504.21 313.10 Td (not ) Tj ET Q q 0 0 0 rg BT 519.01 313.10 Td (been ) Tj ET Q q 0 0 0 rg BT 539.91 313.10 Td (deducted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 301.10 Td (as ) Tj ET Q q 0 0 0 rg BT 45.77 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 59.43 301.10 Td (total ) Tj ET Q q 0 0 0 rg BT 78.65 301.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 117.86 301.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 139.28 301.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 172.93 301.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.15 301.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 203.59 301.10 Td (was ) Tj ET Q q 0 0 0 rg BT 220.59 301.10 Td (de ) Tj ET Q q 0 0 0 rg BT 231.47 301.10 Td (minimis ) Tj ET Q q 0 0 0 rg BT 265.69 301.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.58 301.10 Td (did ) Tj ET Q q 0 0 0 rg BT 295.80 301.10 Td (not ) Tj ET Q q 0 0 0 rg BT 310.02 301.10 Td (af) Tj ET Q q 0 0 0 rg BT 317.61 301.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 334.03 301.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.69 301.10 Td (ratios ) Tj ET Q q 0 0 0 rg BT 371.35 301.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.58 301.10 Td (a ) Tj ET Q q 0 0 0 rg BT 386.46 301.10 Td (material ) Tj ET Q q 0 0 0 rg BT 420.66 301.10 Td (way) Tj ET Q q 0 0 0 rg BT 436.67 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.61 301.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 486.48 301.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 515.70 301.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.47 301.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 289.10 Td (income ) Tj ET Q q 0 0 0 rg BT 67.93 289.10 Td (before ) Tj ET Q q 0 0 0 rg BT 95.97 289.10 Td (income ) Tj ET Q q 0 0 0 rg BT 127.90 289.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 150.95 289.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.89 289.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 190.94 289.10 Td (char) Tj ET Q q 0 0 0 rg BT 207.96 289.10 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 265.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.00 265.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.34 265.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.23 265.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.45 265.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.23 265.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 207.01 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.80 265.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 254.13 265.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.36 265.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 287.36 265.10 Td (char) Tj ET Q q 0 0 0 rg BT 304.39 265.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 320.17 265.10 Td (for ) Tj ET Q q 0 0 0 rg BT 334.28 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.95 265.10 Td (each ) Tj ET Q q 0 0 0 rg BT 369.72 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.51 265.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.18 265.10 Td (years ) Tj ET Q q 0 0 0 rg BT 418.73 265.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 445.06 265.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.60 265.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.60 265.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.55 265.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.55 265.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 265.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 265.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 253.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 253.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 253.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.94 253.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.94 253.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 229.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 229.10 Td (able 40 Ratio of Earnings to Fixed Charges ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 176.60 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 176.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 176.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 176.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 176.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 176.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 176.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 176.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 176.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 176.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 567.50 176.60 8.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 191.60000000000002 m 359.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 191.60000000000002 m 367.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 191.60000000000002 m 371.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 191.60000000000002 m 411.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 191.60000000000002 m 419.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 191.60000000000002 m 423.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 191.60000000000002 m 463.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 191.60000000000002 m 471.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 191.60000000000002 m 475.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 191.60000000000002 m 515.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 191.60000000000002 m 523.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 191.60000000000002 m 527.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 191.60000000000002 m 567.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 567.5 191.60000000000002 m 575.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 191.60000000000002 m 359.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 176.60000000000002 m 359.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 191.60000000000002 m 367.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 176.60000000000002 m 367.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 191.60000000000002 m 371.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 191.60000000000002 m 411.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 176.60000000000002 m 411.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 191.60000000000002 m 419.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 176.60000000000002 m 419.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 191.60000000000002 m 423.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 191.60000000000002 m 463.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 176.60000000000002 m 463.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 191.60000000000002 m 471.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 176.60000000000002 m 471.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 191.60000000000002 m 475.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 191.60000000000002 m 515.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 176.60000000000002 m 515.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 191.60000000000002 m 523.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 176.60000000000002 m 523.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 191.60000000000002 m 527.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 191.60000000000002 m 567.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 176.60000000000002 m 567.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 567.5 191.60000000000002 m 575.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 567.5 176.60000000000002 m 575.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 176.60000000000002 m 411.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 176.60000000000002 m 419.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 176.60000000000002 m 463.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 176.60000000000002 m 471.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 176.60000000000002 m 515.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 176.60000000000002 m 523.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 176.60000000000002 m 567.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 567.5 176.60000000000002 m 575.5 176.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 196.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 181.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 181.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 181.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 181.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.00 181.28 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 166.27 Td (Ratio of earnings to fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 166.27 Td (3.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 166.27 Td (x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 166.27 Td (2.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 166.27 Td (x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 166.27 Td (2.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.00 166.27 Td (x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 166.27 Td (3.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 166.27 Td (x) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 166.27 Td (2.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.00 166.27 Td (x) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Risks Relating to Debt Incurr) Tj ET Q q 0 0 0 rg BT 162.48 731.25 Td (ed under) Tj ET Q q 0 0 0 rg BT 200.37 731.25 Td ( Short- and Long-T) Tj ET Q q 0 0 0 rg BT 282.52 731.25 Td (erm Borr) Tj ET Q q 0 0 0 rg BT 322.60 731.25 Td (owing Facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (As ) Tj ET Q q 0 0 0 rg BT 66.94 713.25 Td (described ) Tj ET Q q 0 0 0 rg BT 107.09 713.25 Td (above ) Tj ET Q q 0 0 0 rg BT 132.80 713.25 Td (under ) Tj ET Q q 0 0 0 rg BT 157.39 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.44 713.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 204.93 713.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.37 713.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 240.08 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.69 713.25 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.69 713.25 Td (, ) Tj ET Q q 0 0 0 rg BT 303.46 713.25 Td (in ) Tj ET Q q 0 0 0 rg BT 313.07 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.11 713.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 362.82 713.25 Td (course ) Tj ET Q q 0 0 0 rg BT 390.75 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.91 713.25 Td (our ) Tj ET Q q 0 0 0 rg BT 416.07 713.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 454.29 713.25 Td (we ) Tj ET Q q 0 0 0 rg BT 467.78 713.25 Td (use ) Tj ET Q q 0 0 0 rg BT 482.94 713.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 501.99 713.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 541.58 713.25 Td (obtained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (through ) Tj ET Q q 0 0 0 rg BT 70.72 701.25 Td (several ) Tj ET Q q 0 0 0 rg BT 102.65 701.25 Td (dif) Tj ET Q q 0 0 0 rg BT 113.58 701.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 140.51 701.25 Td (types ) Tj ET Q q 0 0 0 rg BT 165.23 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 177.18 701.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 222.45 701.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 260.50 701.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 274.39 701.25 Td (among ) Tj ET Q q 0 0 0 rg BT 305.22 701.25 Td (other ) Tj ET Q q 0 0 0 rg BT 329.38 701.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 359.95 701.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 392.99 701.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.82 701.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 456.31 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.26 701.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 513.52 701.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 554.90 701.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 80.13 689.25 Td (those ) Tj ET Q q 0 0 0 rg BT 104.27 689.25 Td (we ) Tj ET Q q 0 0 0 rg BT 118.96 689.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 151.42 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.22 689.25 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 212.46 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.82 689.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 242.40 689.25 Td (or ) Tj ET Q q 0 0 0 rg BT 253.76 689.25 Td (securitization\), ) Tj ET Q q 0 0 0 rg BT 316.48 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.95 689.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 366.41 689.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 417.21 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 428.02 689.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.81 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.28 689.25 Td (other ) Tj ET Q q 0 0 0 rg BT 509.85 689.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 562.94 689.25 Td (W) Tj ET Q q 0 0 0 rg BT 571.58 689.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.93 677.25 Td (also ) Tj ET Q q 0 0 0 rg BT 74.75 677.25 Td (use ) Tj ET Q q 0 0 0 rg BT 90.80 677.25 Td (short- ) Tj ET Q q 0 0 0 rg BT 116.84 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.00 677.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 176.15 677.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 224.41 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.91 677.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 255.95 677.25 Td (other ) Tj ET Q q 0 0 0 rg BT 279.21 677.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 310.80 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.85 677.25 Td (our ) Tj ET Q q 0 0 0 rg BT 337.89 677.25 Td (business ) Tj ET Q q 0 0 0 rg BT 374.50 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.65 677.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 438.52 677.25 Td (including ) Tj ET Q q 0 0 0 rg BT 479.01 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.94 677.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 539.96 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 551.01 677.25 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.01 665.25 Td (our ) Tj ET Q q 0 0 0 rg BT 63.02 665.25 Td (common ) Tj ET Q q 0 0 0 rg BT 100.69 665.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 126.98 665.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 149.10 665.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 185.10 665.25 Td (under ) Tj ET Q q 0 0 0 rg BT 210.54 665.25 Td (these ) Tj ET Q q 0 0 0 rg BT 233.77 665.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 270.88 665.25 Td (is ) Tj ET Q q 0 0 0 rg BT 280.23 665.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 320.11 665.25 Td (either ) Tj ET Q q 0 0 0 rg BT 345.55 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.45 665.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 385.89 665.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 429.13 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.13 665.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 480.95 665.25 Td (T) Tj ET Q q 0 0 0 rg BT 486.71 665.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 506.89 665.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 527.34 665.25 Td (or ) Tj ET Q q 0 0 0 rg BT 538.35 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 553.24 665.25 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 79.05 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.88 653.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 139.60 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.43 653.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 191.08 653.25 Td (T) Tj ET Q q 0 0 0 rg BT 196.83 653.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 216.83 653.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 234.60 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 251.54 653.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 297.90 653.25 Td (by ) Tj ET Q q 0 0 0 rg BT 310.40 653.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 351.05 653.25 Td (T) Tj ET Q q 0 0 0 rg BT 356.81 653.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 376.81 653.25 Td (Inc. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 627.9169921875 m 209.83984375 627.9169921875 l s q 0 0 0 rg BT 54.00 629.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 101.93 629.25 Td (Loan ) Tj ET Q q 0 0 0 rg BT 125.43 629.25 Td (W) Tj ET Q q 0 0 0 rg BT 132.84 629.25 Td (ar) Tj ET Q q 0 0 0 rg BT 141.36 629.25 Td (ehouse ) Tj ET Q q 0 0 0 rg BT 172.07 629.25 Td (Facilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.84 629.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.34 629.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.28 629.25 Td (One ) Tj ET Q q 0 0 0 rg BT 234.88 629.25 Td (source ) Tj ET Q q 0 0 0 rg BT 263.92 629.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.19 629.25 Td (our ) Tj ET Q q 0 0 0 rg BT 291.46 629.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 336.05 629.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 356.21 629.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 396.91 629.25 Td (is ) Tj ET Q q 0 0 0 rg BT 406.52 629.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 440.00 629.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 488.49 629.25 Td (under ) Tj ET Q q 0 0 0 rg BT 514.20 629.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 558.79 629.25 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 80.77 617.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 117.21 617.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 136.72 617.25 Td (as ) Tj ET Q q 0 0 0 rg BT 147.06 617.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.40 617.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 215.50 617.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 617.25 Td (, ) Tj ET Q q 0 0 0 rg BT 240.01 617.25 Td (were ) Tj ET Q q 0 0 0 rg BT 261.45 617.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.24 617.25 Td (place ) Tj ET Q q 0 0 0 rg BT 294.34 617.25 Td (with ) Tj ET Q q 0 0 0 rg BT 314.13 617.25 Td (four ) Tj ET Q q 0 0 0 rg BT 332.81 617.25 Td (dif) Tj ET Q q 0 0 0 rg BT 343.73 617.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 369.06 617.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.05 617.25 Td (institution ) Tj ET Q q 0 0 0 rg BT 448.63 617.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 509.78 617.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 536.78 617.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.34 617.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 80.06 605.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 118.28 605.25 Td (we ) Tj ET Q q 0 0 0 rg BT 131.24 605.25 Td (had ) Tj ET Q q 0 0 0 rg BT 146.98 605.25 Td (an ) Tj ET Q q 0 0 0 rg BT 157.71 605.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 197.87 605.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 240.83 605.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 261.02 605.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 605.25 Td ($1.33 ) Tj ET Q q 0 0 0 rg BT 294.45 605.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.56 605.25 Td ( ) Tj ET Q q 0 0 0 rg BT 321.86 605.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.37 605.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 387.75 605.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.75 605.25 Td (; ) Tj ET Q q 0 0 0 rg BT 411.83 605.25 Td (however) Tj ET Q q 0 0 0 rg BT 445.86 605.25 Td (, ) Tj ET Q q 0 0 0 rg BT 449.66 605.25 Td (these ) Tj ET Q q 0 0 0 rg BT 471.50 605.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 507.23 605.25 Td (are ) Tj ET Q q 0 0 0 rg BT 520.73 605.25 Td (uncommitted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (which ) Tj ET Q q 0 0 0 rg BT 62.99 593.25 Td (means ) Tj ET Q q 0 0 0 rg BT 91.09 593.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.64 593.25 Td (any ) Tj ET Q q 0 0 0 rg BT 125.63 593.25 Td (request ) Tj ET Q q 0 0 0 rg BT 157.06 593.25 Td (we ) Tj ET Q q 0 0 0 rg BT 171.27 593.25 Td (make ) Tj ET Q q 0 0 0 rg BT 195.48 593.25 Td (to ) Tj ET Q q 0 0 0 rg BT 205.81 593.25 Td (borrow ) Tj ET Q q 0 0 0 rg BT 237.25 593.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 262.02 593.25 Td (under ) Tj ET Q q 0 0 0 rg BT 287.34 593.25 Td (these ) Tj ET Q q 0 0 0 rg BT 310.44 593.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 347.42 593.25 Td (may ) Tj ET Q q 0 0 0 rg BT 367.19 593.25 Td (be ) Tj ET Q q 0 0 0 rg BT 379.18 593.25 Td (declined ) Tj ET Q q 0 0 0 rg BT 415.61 593.25 Td (for ) Tj ET Q q 0 0 0 rg BT 429.82 593.25 Td (any ) Tj ET Q q 0 0 0 rg BT 446.81 593.25 Td (reason, ) Tj ET Q q 0 0 0 rg BT 477.96 593.25 Td (even ) Tj ET Q q 0 0 0 rg BT 499.39 593.25 Td (if ) Tj ET Q q 0 0 0 rg BT 508.05 593.25 Td (at ) Tj ET Q q 0 0 0 rg BT 517.82 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.59 593.25 Td (time ) Tj ET Q q 0 0 0 rg BT 552.92 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.80 593.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 79.35 581.25 Td (request ) Tj ET Q q 0 0 0 rg BT 109.92 581.25 Td (we ) Tj ET Q q 0 0 0 rg BT 123.27 581.25 Td (have ) Tj ET Q q 0 0 0 rg BT 143.84 581.25 Td (then-outstanding ) Tj ET Q q 0 0 0 rg BT 212.75 581.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 259.99 581.25 Td (that ) Tj ET Q q 0 0 0 rg BT 276.68 581.25 Td (are ) Tj ET Q q 0 0 0 rg BT 290.58 581.25 Td (less ) Tj ET Q q 0 0 0 rg BT 307.27 581.25 Td (than ) Tj ET Q q 0 0 0 rg BT 326.18 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.08 581.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 383.44 581.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 407.91 581.25 Td (under ) Tj ET Q q 0 0 0 rg BT 432.37 581.25 Td (these ) Tj ET Q q 0 0 0 rg BT 454.61 581.25 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 493.23 581.25 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 538.25 581.25 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (for ) Tj ET Q q 0 0 0 rg BT 49.68 569.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 93.35 569.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 133.14 569.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 156.26 569.25 Td (is ) Tj ET Q q 0 0 0 rg BT 164.96 569.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 201.41 569.25 Td (under ) Tj ET Q q 0 0 0 rg BT 226.20 569.25 Td (these ) Tj ET Q q 0 0 0 rg BT 248.77 569.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 285.21 569.25 Td (by ) Tj ET Q q 0 0 0 rg BT 297.24 569.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.59 569.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 345.14 569.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.49 569.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 395.28 569.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 418.41 569.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.21 569.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.44 569.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 495.00 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 504.79 569.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 544.57 569.25 Td (for ) Tj ET Q q 0 0 0 rg BT 558.25 569.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 74.10 557.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 87.77 557.25 Td (an ) Tj ET Q q 0 0 0 rg BT 99.77 557.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 132.33 557.25 Td (less ) Tj ET Q q 0 0 0 rg BT 149.89 557.25 Td (than ) Tj ET Q q 0 0 0 rg BT 169.67 557.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 195.56 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.46 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.24 557.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 259.34 557.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 291.90 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 302.79 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.57 557.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 363.44 557.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 403.76 557.25 Td (loans\), ) Tj ET Q q 0 0 0 rg BT 433.26 557.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.27 557.25 Td (our ) Tj ET Q q 0 0 0 rg BT 466.16 557.25 Td (covenant ) Tj ET Q q 0 0 0 rg BT 504.81 557.25 Td (to ) Tj ET Q q 0 0 0 rg BT 515.16 557.25 Td (reacquire ) Tj ET Q q 0 0 0 rg BT 554.91 557.25 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.61 545.25 Td (from ) Tj ET Q q 0 0 0 rg BT 81.55 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.26 545.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 149.30 545.25 Td (for ) Tj ET Q q 0 0 0 rg BT 163.46 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.17 545.25 Td (same ) Tj ET Q q 0 0 0 rg BT 201.22 545.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 233.71 545.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 252.88 545.25 Td (a ) Tj ET Q q 0 0 0 rg BT 259.82 545.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 300.09 545.25 Td (char) Tj ET Q q 0 0 0 rg BT 317.11 545.25 Td (ge. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.59 521.25 Td (order ) Tj ET Q q 0 0 0 rg BT 87.95 521.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.99 521.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 125.25 521.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 165.27 521.25 Td (for ) Tj ET Q q 0 0 0 rg BT 179.19 521.25 Td (a ) Tj ET Q q 0 0 0 rg BT 185.89 521.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 229.80 521.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 249.28 521.25 Td (under ) Tj ET Q q 0 0 0 rg BT 274.31 521.25 Td (these ) Tj ET Q q 0 0 0 rg BT 297.12 521.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 336.30 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.78 521.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 370.26 521.25 Td (must ) Tj ET Q q 0 0 0 rg BT 391.97 521.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 425.34 521.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 445.37 521.25 Td (continuously ) Tj ET Q q 0 0 0 rg BT 499.29 521.25 Td (while ) Tj ET Q q 0 0 0 rg BT 523.77 521.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.25 521.25 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 69.90 509.25 Td (outstanding\) ) Tj ET Q q 0 0 0 rg BT 122.14 509.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 143.81 509.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 173.26 509.25 Td (eligibility ) Tj ET Q q 0 0 0 rg BT 214.39 509.25 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 247.45 509.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 289.96 509.25 Td (without ) Tj ET Q q 0 0 0 rg BT 322.76 509.25 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 366.39 509.25 Td (that ) Tj ET Q q 0 0 0 rg BT 383.63 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.09 509.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 417.55 509.25 Td (is ) Tj ET Q q 0 0 0 rg BT 426.47 509.25 Td (not ) Tj ET Q q 0 0 0 rg BT 441.49 509.25 Td (in ) Tj ET Q q 0 0 0 rg BT 451.51 509.25 Td (a ) Tj ET Q q 0 0 0 rg BT 458.19 509.25 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 502.65 509.25 Td (status. ) Tj ET Q q 0 0 0 rg BT 530.17 509.25 Td (In ) Tj ET Q q 0 0 0 rg BT 540.74 509.25 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (under ) Tj ET Q q 0 0 0 rg BT 60.94 497.25 Td (these ) Tj ET Q q 0 0 0 rg BT 83.66 497.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 128.60 497.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 167.70 497.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 211.52 497.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 234.81 497.25 Td (can ) Tj ET Q q 0 0 0 rg BT 250.86 497.25 Td (only ) Tj ET Q q 0 0 0 rg BT 270.81 497.25 Td (be ) Tj ET Q q 0 0 0 rg BT 282.42 497.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 319.02 497.25 Td (for ) Tj ET Q q 0 0 0 rg BT 332.86 497.25 Td (a ) Tj ET Q q 0 0 0 rg BT 339.47 497.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 382.20 497.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 412.42 497.25 Td (which ) Tj ET Q q 0 0 0 rg BT 439.03 497.25 Td (period ) Tj ET Q q 0 0 0 rg BT 466.75 497.25 Td (would ) Tj ET Q q 0 0 0 rg BT 493.93 497.25 Td (not ) Tj ET Q q 0 0 0 rg BT 508.88 497.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 548.25 497.25 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (364 ) Tj ET Q q 0 0 0 rg BT 53.32 485.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 76.31 485.25 Td (W) Tj ET Q q 0 0 0 rg BT 84.95 485.25 Td (e ) Tj ET Q q 0 0 0 rg BT 91.71 485.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 131.24 485.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 158.56 485.25 Td (to ) Tj ET Q q 0 0 0 rg BT 168.66 485.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 193.19 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.73 485.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 251.71 485.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 291.80 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 302.45 485.25 Td (a ) Tj ET Q q 0 0 0 rg BT 309.22 485.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 328.76 485.25 Td (under ) Tj ET Q q 0 0 0 rg BT 353.85 485.25 Td (one ) Tj ET Q q 0 0 0 rg BT 370.61 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 381.27 485.25 Td (these ) Tj ET Q q 0 0 0 rg BT 404.14 485.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 440.89 485.25 Td (at ) Tj ET Q q 0 0 0 rg BT 450.43 485.25 Td (or ) Tj ET Q q 0 0 0 rg BT 461.09 485.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 482.85 485.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.95 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.49 485.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 550.36 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 561.01 485.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 76.58 473.25 Td (with ) Tj ET Q q 0 0 0 rg BT 97.17 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.20 473.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 150.55 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.69 473.25 Td (a ) Tj ET Q q 0 0 0 rg BT 168.94 473.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 225.62 473.25 Td (or ) Tj ET Q q 0 0 0 rg BT 236.76 473.25 Td (other ) Tj ET Q q 0 0 0 rg BT 260.12 473.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 278.48 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.62 473.25 Td (that ) Tj ET Q q 0 0 0 rg BT 307.43 473.25 Td (loan, ) Tj ET Q q 0 0 0 rg BT 329.96 473.25 Td (through ) Tj ET Q q 0 0 0 rg BT 363.88 473.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.91 473.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 417.26 473.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.40 473.25 Td (other ) Tj ET Q q 0 0 0 rg BT 451.76 473.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 496.23 473.25 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 547.09 473.25 Td (or ) Tj ET Q q 0 0 0 rg BT 558.24 473.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.25 Td (other ) Tj ET Q q 0 0 0 rg BT 59.14 461.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 86.74 461.25 Td (or ) Tj ET Q q 0 0 0 rg BT 97.67 461.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 139.70 461.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 159.51 461.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 191.07 461.25 Td (While ) Tj ET Q q 0 0 0 rg BT 218.10 461.25 Td (a ) Tj ET Q q 0 0 0 rg BT 225.14 461.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 269.39 461.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 289.20 461.25 Td (is ) Tj ET Q q 0 0 0 rg BT 298.47 461.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 335.49 461.25 Td (under ) Tj ET Q q 0 0 0 rg BT 360.86 461.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.89 461.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 413.25 461.25 Td (facility) Tj ET Q q 0 0 0 rg BT 440.92 461.25 Td (, ) Tj ET Q q 0 0 0 rg BT 446.02 461.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.39 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.21 461.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 498.24 461.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.05 461.25 Td (market ) Tj ET Q q 0 0 0 rg BT 543.42 461.25 Td (value ) Tj ET Q q 0 0 0 rg BT 567.67 461.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 49.83 449.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 68.65 449.25 Td (declines ) Tj ET Q q 0 0 0 rg BT 103.02 449.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 132.40 449.25 Td (market ) Tj ET Q q 0 0 0 rg BT 161.77 449.25 Td (value ) Tj ET Q q 0 0 0 rg BT 185.04 449.25 Td (is ) Tj ET Q q 0 0 0 rg BT 193.32 449.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 232.13 449.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 278.72 449.25 Td (by ) Tj ET Q q 0 0 0 rg BT 290.33 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 304.15 449.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 356.29 449.25 Td (under ) Tj ET Q q 0 0 0 rg BT 380.67 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.50 449.25 Td (facility\), ) Tj ET Q q 0 0 0 rg BT 430.26 449.25 Td (we ) Tj ET Q q 0 0 0 rg BT 443.52 449.25 Td (are ) Tj ET Q q 0 0 0 rg BT 457.34 449.25 Td (required ) Tj ET Q q 0 0 0 rg BT 492.26 449.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.65 449.25 Td (either ) Tj ET Q q 0 0 0 rg BT 526.02 449.25 Td (immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (reacquire ) Tj ET Q q 0 0 0 rg BT 75.35 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.73 437.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 109.11 437.25 Td (or ) Tj ET Q q 0 0 0 rg BT 119.60 437.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 141.19 437.25 Td (a ) Tj ET Q q 0 0 0 rg BT 147.79 437.25 Td (mar) Tj ET Q q 0 0 0 rg BT 163.16 437.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 178.10 437.25 Td (requirement ) Tj ET Q q 0 0 0 rg BT 228.57 437.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.51 437.25 Td (pledge ) Tj ET Q q 0 0 0 rg BT 267.32 437.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 309.47 437.25 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 351.33 437.25 Td (such ) Tj ET Q q 0 0 0 rg BT 371.82 437.25 Td (as ) Tj ET Q q 0 0 0 rg BT 382.31 437.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 402.24 437.25 Td (or ) Tj ET Q q 0 0 0 rg BT 412.73 437.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 454.88 437.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 498.70 437.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 524.46 437.25 Td (in ) Tj ET Q q 0 0 0 rg BT 534.40 437.25 Td (an ) Tj ET Q q 0 0 0 rg BT 546.00 437.25 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (at ) Tj ET Q q 0 0 0 rg BT 46.15 425.25 Td (least ) Tj ET Q q 0 0 0 rg BT 67.40 425.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 91.98 425.25 Td (to ) Tj ET Q q 0 0 0 rg BT 102.69 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.84 425.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 149.64 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.34 425.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 187.43 425.25 Td (See ) Tj ET Q q 0 0 0 rg BT 204.79 425.25 Td (further ) Tj ET Q q 0 0 0 rg BT 234.93 425.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 279.53 425.25 Td (below ) Tj ET Q q 0 0 0 rg BT 306.90 425.25 Td (under ) Tj ET Q q 0 0 0 rg BT 332.59 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.74 425.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 382.32 425.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 386.76 425.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 403.61 425.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 419.32 425.25 Td (Call ) Tj ET Q q 0 0 0 rg BT 439.47 425.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 449.10 425.25 Td (ovisions ) Tj ET Q q 0 0 0 rg BT 484.60 425.25 Td (Associated ) Tj ET Q q 0 0 0 rg BT 530.85 425.25 Td (with ) Tj ET Q q 0 0 0 rg BT 551.01 425.25 Td (Short-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (T) Tj ET Q q 0 0 0 rg BT 40.64 413.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 58.70 413.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 80.63 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.13 413.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 123.96 413.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 145.90 413.25 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.01 413.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 89.36 389.25 Td (these ) Tj ET Q q 0 0 0 rg BT 111.94 389.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 156.74 389.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 193.21 389.25 Td (are ) Tj ET Q q 0 0 0 rg BT 207.46 389.25 Td (uncommitted, ) Tj ET Q q 0 0 0 rg BT 264.77 389.25 Td (at ) Tj ET Q q 0 0 0 rg BT 274.02 389.25 Td (any ) Tj ET Q q 0 0 0 rg BT 290.50 389.25 Td (given ) Tj ET Q q 0 0 0 rg BT 314.76 389.25 Td (time ) Tj ET Q q 0 0 0 rg BT 334.57 389.25 Td (we ) Tj ET Q q 0 0 0 rg BT 348.27 389.25 Td (may ) Tj ET Q q 0 0 0 rg BT 367.53 389.25 Td (not ) Tj ET Q q 0 0 0 rg BT 382.35 389.25 Td (be ) Tj ET Q q 0 0 0 rg BT 393.83 389.25 Td (able ) Tj ET Q q 0 0 0 rg BT 412.52 389.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.34 389.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 449.37 389.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 491.40 389.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 531.21 389.25 Td (under ) Tj ET Q q 0 0 0 rg BT 556.02 389.25 Td (them ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.25 Td (when ) Tj ET Q q 0 0 0 rg BT 60.41 377.25 Td (we ) Tj ET Q q 0 0 0 rg BT 74.82 377.25 Td (need ) Tj ET Q q 0 0 0 rg BT 96.44 377.25 Td (it, ) Tj ET Q q 0 0 0 rg BT 107.25 377.25 Td (exposing ) Tj ET Q q 0 0 0 rg BT 146.11 377.25 Td (us ) Tj ET Q q 0 0 0 rg BT 157.75 377.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 170.78 377.25 Td (among ) Tj ET Q q 0 0 0 rg BT 200.74 377.25 Td (other ) Tj ET Q q 0 0 0 rg BT 224.04 377.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 253.73 377.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 290.38 377.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 312.02 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.09 377.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.06 377.25 Td (types ) Tj ET Q q 0 0 0 rg BT 361.92 377.25 Td (described ) Tj ET Q q 0 0 0 rg BT 402.98 377.25 Td (in ) Tj ET Q q 0 0 0 rg BT 413.51 377.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 432.37 377.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 440.95 377.25 Td (Item1A) Tj ET Q q 0 0 0 rg BT 473.44 377.25 Td ( ) Tj ET Q q 0 0 0 rg BT 476.19 377.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.27 377.25 Td (this ) Tj ET Q q 0 0 0 rg BT 503.86 377.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 536.05 377.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 566.01 377.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 60.42 365.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 83.72 365.25 Td (under ) Tj ET Q q 0 0 0 rg BT 109.23 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.20 365.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 158.60 365.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.04 365.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 183.01 365.25 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.11 365.25 Td (, ) Tj ET Q q 0 0 0 rg BT 223.80 365.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.99 365.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.51 365.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 270.37 365.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 282.28 365.25 Td (Item7A) Tj ET Q q 0 0 0 rg BT 314.77 365.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.52 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.60 365.25 Td (this ) Tj ET Q q 0 0 0 rg BT 345.19 365.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 377.38 365.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 407.34 365.25 Td (on ) Tj ET Q q 0 0 0 rg BT 420.09 365.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 444.51 365.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 467.81 365.25 Td (under ) Tj ET Q q 0 0 0 rg BT 493.32 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.29 365.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 542.69 365.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.13 365.25 Td (Market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 353.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.11 353.25 Td (. ) Tj ET Q q 0 0 0 rg BT 66.32 353.25 Td (In ) Tj ET Q q 0 0 0 rg BT 76.92 353.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 114.47 353.25 Td (with ) Tj ET Q q 0 0 0 rg BT 134.52 353.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 165.11 353.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.16 353.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 219.08 353.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 242.46 353.25 Td (that ) Tj ET Q q 0 0 0 rg BT 259.73 353.25 Td (at ) Tj ET Q q 0 0 0 rg BT 269.22 353.25 Td (any ) Tj ET Q q 0 0 0 rg BT 285.93 353.25 Td (given ) Tj ET Q q 0 0 0 rg BT 310.42 353.25 Td (time ) Tj ET Q q 0 0 0 rg BT 330.47 353.25 Td (are ) Tj ET Q q 0 0 0 rg BT 344.95 353.25 Td (already ) Tj ET Q q 0 0 0 rg BT 376.65 353.25 Td (being ) Tj ET Q q 0 0 0 rg BT 401.14 353.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 437.83 353.25 Td (through ) Tj ET Q q 0 0 0 rg BT 471.21 353.25 Td (these ) Tj ET Q q 0 0 0 rg BT 494.03 353.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 539.07 353.25 Td (facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.25 Td (we ) Tj ET Q q 0 0 0 rg BT 50.04 341.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.63 341.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 99.78 341.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.94 341.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 142.58 341.25 Td (credit, ) Tj ET Q q 0 0 0 rg BT 170.22 341.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 203.47 341.25 Td (, ) Tj ET Q q 0 0 0 rg BT 208.35 341.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.17 341.25 Td (other ) Tj ET Q q 0 0 0 rg BT 248.09 341.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 269.36 341.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.07 341.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.67 341.25 Td (types ) Tj ET Q q 0 0 0 rg BT 318.16 341.25 Td (described ) Tj ET Q q 0 0 0 rg BT 358.86 341.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.02 341.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 387.50 341.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 395.71 341.25 Td (Item1A) Tj ET Q q 0 0 0 rg BT 428.21 341.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.59 341.25 Td (of ) Tj ET Q q 0 0 0 rg BT 441.30 341.25 Td (this ) Tj ET Q q 0 0 0 rg BT 457.60 341.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 489.42 341.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 519.02 341.25 Td (on ) Tj ET Q q 0 0 0 rg BT 531.40 341.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 555.45 341.25 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.25 Td (under ) Tj ET Q q 0 0 0 rg BT 61.12 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.68 329.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 109.68 329.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.12 329.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 133.69 329.25 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.79 329.25 Td (, ) Tj ET Q q 0 0 0 rg BT 174.08 329.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.87 329.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.99 329.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 219.45 329.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 230.96 329.25 Td (Item7A) Tj ET Q q 0 0 0 rg BT 263.45 329.25 Td ( ) Tj ET Q q 0 0 0 rg BT 265.80 329.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.48 329.25 Td (this ) Tj ET Q q 0 0 0 rg BT 292.75 329.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 324.54 329.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 354.11 329.25 Td (on ) Tj ET Q q 0 0 0 rg BT 366.45 329.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 390.47 329.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 413.37 329.25 Td (under ) Tj ET Q q 0 0 0 rg BT 438.49 329.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.05 329.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 487.05 329.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.49 329.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 522.72 329.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.83 329.25 Td (, ) Tj ET Q q 0 0 0 rg BT 553.11 329.25 Td (if ) Tj ET Q q 0 0 0 rg BT 561.57 329.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.25 Td (when ) Tj ET Q q 0 0 0 rg BT 60.32 317.25 Td (those ) Tj ET Q q 0 0 0 rg BT 84.08 317.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 107.84 317.25 Td (become ) Tj ET Q q 0 0 0 rg BT 141.59 317.25 Td (ineligible ) Tj ET Q q 0 0 0 rg BT 182.02 317.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.45 317.25 Td (be ) Tj ET Q q 0 0 0 rg BT 204.54 317.25 Td (financed, ) Tj ET Q q 0 0 0 rg BT 244.12 317.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 275.65 317.25 Td (in ) Tj ET Q q 0 0 0 rg BT 286.08 317.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 312.89 317.25 Td (or ) Tj ET Q q 0 0 0 rg BT 323.88 317.25 Td (have ) Tj ET Q q 0 0 0 rg BT 345.41 317.25 Td (been ) Tj ET Q q 0 0 0 rg BT 366.94 317.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 404.02 317.25 Td (for ) Tj ET Q q 0 0 0 rg BT 418.34 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.21 317.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 476.42 317.25 Td (term ) Tj ET Q q 0 0 0 rg BT 497.40 317.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 538.37 317.25 Td (under ) Tj ET Q q 0 0 0 rg BT 563.80 317.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 79.59 305.25 Td (facility) Tj ET Q q 0 0 0 rg BT 107.26 305.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 82.21 281.25 Td (our ) Tj ET Q q 0 0 0 rg BT 98.76 281.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 143.62 281.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 164.06 281.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 210.04 281.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 250.18 281.25 Td (we ) Tj ET Q q 0 0 0 rg BT 265.06 281.25 Td (also ) Tj ET Q q 0 0 0 rg BT 284.39 281.25 Td (make ) Tj ET Q q 0 0 0 rg BT 309.26 281.25 Td (various ) Tj ET Q q 0 0 0 rg BT 341.92 281.25 Td (representations ) Tj ET Q q 0 0 0 rg BT 405.67 281.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.32 281.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 468.18 281.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.84 281.25 Td (have ) Tj ET Q q 0 0 0 rg BT 507.94 281.25 Td (agreed ) Tj ET Q q 0 0 0 rg BT 537.80 281.25 Td (to ) Tj ET Q q 0 0 0 rg BT 548.79 281.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.25 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 81.91 269.25 Td (events ) Tj ET Q q 0 0 0 rg BT 110.88 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.63 269.25 Td (default, ) Tj ET Q q 0 0 0 rg BT 156.31 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.17 269.25 Td (other ) Tj ET Q q 0 0 0 rg BT 198.14 269.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 223.78 269.25 Td (that ) Tj ET Q q 0 0 0 rg BT 242.20 269.25 Td (if ) Tj ET Q q 0 0 0 rg BT 251.73 269.25 Td (breached ) Tj ET Q q 0 0 0 rg BT 291.23 269.25 Td (or ) Tj ET Q q 0 0 0 rg BT 302.99 269.25 Td (triggered ) Tj ET Q q 0 0 0 rg BT 342.50 269.25 Td (can ) Tj ET Q q 0 0 0 rg BT 359.80 269.25 Td (result ) Tj ET Q q 0 0 0 rg BT 385.44 269.25 Td (in ) Tj ET Q q 0 0 0 rg BT 396.64 269.25 Td (our ) Tj ET Q q 0 0 0 rg BT 413.39 269.25 Td (being ) Tj ET Q q 0 0 0 rg BT 439.03 269.25 Td (required ) Tj ET Q q 0 0 0 rg BT 475.77 269.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.97 269.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 540.38 269.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 566.00 269.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 84.73 257.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 120.69 257.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 161.08 257.25 Td (under ) Tj ET Q q 0 0 0 rg BT 185.92 257.25 Td (these ) Tj ET Q q 0 0 0 rg BT 208.53 257.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 245.03 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.54 257.25 Td (these ) Tj ET Q q 0 0 0 rg BT 284.16 257.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 320.65 257.25 Td (being ) Tj ET Q q 0 0 0 rg BT 344.94 257.25 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 393.10 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.95 257.25 Td (use ) Tj ET Q q 0 0 0 rg BT 418.35 257.25 Td (for ) Tj ET Q q 0 0 0 rg BT 432.08 257.25 Td (future ) Tj ET Q q 0 0 0 rg BT 458.02 257.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 497.85 257.25 Td (needs. ) Tj ET Q q 0 0 0 rg BT 525.19 257.25 Td (In ) Tj ET Q q 0 0 0 rg BT 535.59 257.25 Td (particular) Tj ET Q q 0 0 0 rg BT 573.50 257.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 245.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 74.34 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.63 245.25 Td (these ) Tj ET Q q 0 0 0 rg BT 107.13 245.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 143.51 245.25 Td (include ) Tj ET Q q 0 0 0 rg BT 174.90 245.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.84 245.25 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 256.28 245.25 Td (cross-default ) Tj ET Q q 0 0 0 rg BT 309.88 245.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 356.00 245.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 395.73 245.25 Td (default ) Tj ET Q q 0 0 0 rg BT 425.45 245.25 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 471.57 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.96 245.25 Td (other ) Tj ET Q q 0 0 0 rg BT 510.47 245.25 Td (events ) Tj ET Q q 0 0 0 rg BT 537.97 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.25 245.25 Td (default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 233.25 Td (\(such ) Tj ET Q q 0 0 0 rg BT 60.40 233.25 Td (as, ) Tj ET Q q 0 0 0 rg BT 73.98 233.25 Td (for ) Tj ET Q q 0 0 0 rg BT 88.38 233.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 127.50 233.25 Td (events ) Tj ET Q q 0 0 0 rg BT 155.79 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.86 233.25 Td (default ) Tj ET Q q 0 0 0 rg BT 197.37 233.25 Td (triggered ) Tj ET Q q 0 0 0 rg BT 236.21 233.25 Td (by ) Tj ET Q q 0 0 0 rg BT 248.95 233.25 Td (one ) Tj ET Q q 0 0 0 rg BT 266.14 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.21 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.17 233.25 Td (following: ) Tj ET Q q 0 0 0 rg BT 336.58 233.25 Td (a ) Tj ET Q q 0 0 0 rg BT 343.76 233.25 Td (change ) Tj ET Q q 0 0 0 rg BT 374.82 233.25 Td (in ) Tj ET Q q 0 0 0 rg BT 385.35 233.25 Td (control ) Tj ET Q q 0 0 0 rg BT 416.42 233.25 Td (over ) Tj ET Q q 0 0 0 rg BT 436.93 233.25 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 480.50 233.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 524.34 233.25 Td (investigation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 221.25 Td (or ) Tj ET Q q 0 0 0 rg BT 47.07 221.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 99.78 221.25 Td (action ) Tj ET Q q 0 0 0 rg BT 126.95 221.25 Td (against ) Tj ET Q q 0 0 0 rg BT 158.01 221.25 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 201.58 221.25 Td (Redwood) Tj ET Q q 0 0 0 rg BT 242.69 221.25 Td (s ) Tj ET Q q 0 0 0 rg BT 249.32 221.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 278.15 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.67 221.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 325.84 221.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.36 221.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 367.42 221.25 Td (as ) Tj ET Q q 0 0 0 rg BT 378.49 221.25 Td (a ) Tj ET Q q 0 0 0 rg BT 385.67 221.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 407.70 221.25 Td ( ) Tj ET Q q 0 0 0 rg BT 410.44 221.25 Td (for ) Tj ET Q q 0 0 0 rg BT 424.84 221.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 439.79 221.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 480.58 221.25 Td (or ) Tj ET Q q 0 0 0 rg BT 491.65 221.25 Td (Redwood) Tj ET Q q 0 0 0 rg BT 532.76 221.25 Td (s ) Tj ET Q q 0 0 0 rg BT 539.39 221.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 568.22 221.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 74.35 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.92 209.25 Td (listing ) Tj ET Q q 0 0 0 rg BT 118.29 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.98 209.25 Td (its ) Tj ET Q q 0 0 0 rg BT 142.78 209.25 Td (common ) Tj ET Q q 0 0 0 rg BT 181.14 209.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 205.60 209.25 Td (on ) Tj ET Q q 0 0 0 rg BT 218.96 209.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.54 209.25 Td (New ) Tj ET Q q 0 0 0 rg BT 256.28 209.25 Td (Y) Tj ET Q q 0 0 0 rg BT 262.50 209.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 279.19 209.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 305.32 209.25 Td (Exchange\). ) Tj ET Q q 0 0 0 rg BT 353.94 209.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 382.28 209.25 Td (a ) Tj ET Q q 0 0 0 rg BT 390.08 209.25 Td (cross-default ) Tj ET Q q 0 0 0 rg BT 445.09 209.25 Td (provision, ) Tj ET Q q 0 0 0 rg BT 488.72 209.25 Td (an ) Tj ET Q q 0 0 0 rg BT 501.52 209.25 Td (event ) Tj ET Q q 0 0 0 rg BT 526.53 209.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.22 209.25 Td (default ) Tj ET Q q 0 0 0 rg BT 569.34 209.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.25 Td (triggered ) Tj ET Q q 0 0 0 rg BT 74.92 197.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 95.51 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.56 197.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 156.14 197.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 187.29 197.25 Td (becomes ) Tj ET Q q 0 0 0 rg BT 225.10 197.25 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 274.02 197.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.28 197.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 340.77 197.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 377.48 197.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 418.63 197.25 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 464.21 197.25 Td (become ) Tj ET Q q 0 0 0 rg BT 498.13 197.25 Td (due ) Tj ET Q q 0 0 0 rg BT 515.40 197.25 Td (and ) Tj ET Q q 0 0 0 rg BT 532.66 197.25 Td (payable\) ) Tj ET Q q 0 0 0 rg BT 569.91 197.25 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.25 Td (an ) Tj ET Q q 0 0 0 rg BT 47.63 185.25 Td (event ) Tj ET Q q 0 0 0 rg BT 71.48 185.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.01 185.25 Td (default ) Tj ET Q q 0 0 0 rg BT 111.96 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 122.49 185.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 152.45 185.25 Td (event ) Tj ET Q q 0 0 0 rg BT 176.30 185.25 Td (occurs ) Tj ET Q q 0 0 0 rg BT 204.60 185.25 Td (under ) Tj ET Q q 0 0 0 rg BT 229.56 185.25 Td (another ) Tj ET Q q 0 0 0 rg BT 261.74 185.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 305.59 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 316.12 185.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 341.07 185.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 371.59 185.25 Td (we ) Tj ET Q q 0 0 0 rg BT 385.44 185.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 422.63 185.25 Td (in ) Tj ET Q q 0 0 0 rg BT 432.60 185.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 460.89 185.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.41 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 478.05 185.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 516.33 185.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 551.02 185.25 Td (Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 173.25 Td (a ) Tj ET Q q 0 0 0 rg BT 42.81 173.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 82.95 173.25 Td (default ) Tj ET Q q 0 0 0 rg BT 113.09 173.25 Td (provision, ) Tj ET Q q 0 0 0 rg BT 155.74 173.25 Td (an ) Tj ET Q q 0 0 0 rg BT 167.55 173.25 Td (event ) Tj ET Q q 0 0 0 rg BT 191.57 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.27 173.25 Td (default ) Tj ET Q q 0 0 0 rg BT 232.41 173.25 Td (is ) Tj ET Q q 0 0 0 rg BT 241.45 173.25 Td (triggered ) Tj ET Q q 0 0 0 rg BT 279.91 173.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 300.05 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.64 173.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 359.77 173.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 390.46 173.25 Td (becomes ) Tj ET Q q 0 0 0 rg BT 427.81 173.25 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 476.27 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.08 173.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 542.12 173.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 161.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 77.11 161.25 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 122.65 161.25 Td (become ) Tj ET Q q 0 0 0 rg BT 156.53 161.25 Td (due ) Tj ET Q q 0 0 0 rg BT 173.75 161.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.98 161.25 Td (payable\) ) Tj ET Q q 0 0 0 rg BT 228.19 161.25 Td (if ) Tj ET Q q 0 0 0 rg BT 237.09 161.25 Td (a ) Tj ET Q q 0 0 0 rg BT 244.31 161.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 284.87 161.25 Td (for ) Tj ET Q q 0 0 0 rg BT 299.32 161.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 337.09 161.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.66 161.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 376.54 161.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.66 161.25 Td (a ) Tj ET Q q 0 0 0 rg BT 394.89 161.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 433.77 161.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 466.55 161.25 Td (is ) Tj ET Q q 0 0 0 rg BT 476.01 161.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 508.22 161.25 Td (against ) Tj ET Q q 0 0 0 rg BT 539.33 161.25 Td (us ) Tj ET Q q 0 0 0 rg BT 551.01 161.25 Td (in ) Tj ET Q q 0 0 0 rg BT 561.57 161.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 149.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 75.40 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.14 149.25 Td (we ) Tj ET Q q 0 0 0 rg BT 108.09 149.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.60 149.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 153.55 149.25 Td (to ) Tj ET Q q 0 0 0 rg BT 164.62 149.25 Td (promptly ) Tj ET Q q 0 0 0 rg BT 204.58 149.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 233.99 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.50 149.25 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 293.07 149.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 333.58 149.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 376.86 149.25 Td (included ) Tj ET Q q 0 0 0 rg BT 414.59 149.25 Td (in ) Tj ET Q q 0 0 0 rg BT 425.66 149.25 Td (these ) Tj ET Q q 0 0 0 rg BT 449.51 149.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 495.56 149.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 533.29 149.25 Td (are ) Tj ET Q q 0 0 0 rg BT 548.79 149.25 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 137.25 Td (described ) Tj ET Q q 0 0 0 rg BT 76.82 137.25 Td (below ) Tj ET Q q 0 0 0 rg BT 103.75 137.25 Td (under ) Tj ET Q q 0 0 0 rg BT 129.02 137.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.74 137.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 177.89 137.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 182.33 137.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 223.71 137.25 Td (Covenants ) Tj ET Q q 0 0 0 rg BT 268.25 137.25 Td (Associated ) Tj ET Q q 0 0 0 rg BT 314.08 137.25 Td (with ) Tj ET Q q 0 0 0 rg BT 333.80 137.25 Td (Short-T) Tj ET Q q 0 0 0 rg BT 363.45 137.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 381.50 137.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 403.44 137.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.94 137.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 446.77 137.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 468.71 137.25 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.81 137.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.25 Td (These ) Tj ET Q q 0 0 0 rg BT 81.33 113.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 126.42 113.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 147.09 113.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 193.30 113.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 231.18 113.25 Td (could ) Tj ET Q q 0 0 0 rg BT 256.84 113.25 Td (also ) Tj ET Q q 0 0 0 rg BT 276.40 113.25 Td (become ) Tj ET Q q 0 0 0 rg BT 310.94 113.25 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 360.48 113.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.37 113.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 428.48 113.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 465.81 113.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 507.58 113.25 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 553.79 113.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 101.25 Td (become ) Tj ET Q q 0 0 0 rg BT 69.95 101.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 122.79 101.25 Td (due ) Tj ET Q q 0 0 0 rg BT 140.08 101.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.37 101.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 191.32 101.25 Td (if ) Tj ET Q q 0 0 0 rg BT 200.28 101.25 Td (there ) Tj ET Q q 0 0 0 rg BT 223.12 101.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.65 101.25 Td (a ) Tj ET Q q 0 0 0 rg BT 239.94 101.25 Td (material ) Tj ET Q q 0 0 0 rg BT 275.55 101.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 308.94 101.25 Td (change ) Tj ET Q q 0 0 0 rg BT 340.11 101.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.74 101.25 Td (our ) Tj ET Q q 0 0 0 rg BT 366.93 101.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 406.17 101.25 Td (If ) Tj ET Q q 0 0 0 rg BT 415.69 101.25 Td (we ) Tj ET Q q 0 0 0 rg BT 430.20 101.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 459.70 101.25 Td (or ) Tj ET Q q 0 0 0 rg BT 470.89 101.25 Td (trigger ) Tj ET Q q 0 0 0 rg BT 500.39 101.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.47 101.25 Td (representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 89.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.82 89.25 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 101.35 89.25 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 147.22 89.25 Td (events ) Tj ET Q q 0 0 0 rg BT 176.15 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.87 89.25 Td (default, ) Tj ET Q q 0 0 0 rg BT 221.51 89.25 Td (or ) Tj ET Q q 0 0 0 rg BT 233.23 89.25 Td (other ) Tj ET Q q 0 0 0 rg BT 257.16 89.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 282.76 89.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.47 89.25 Td (our ) Tj ET Q q 0 0 0 rg BT 311.19 89.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 357.33 89.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 397.64 89.25 Td (we ) Tj ET Q q 0 0 0 rg BT 412.68 89.25 Td (are ) Tj ET Q q 0 0 0 rg BT 428.28 89.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 464.43 89.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.59 89.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 512.87 89.25 Td (and ) Tj ET Q q 0 0 0 rg BT 530.69 89.25 Td (other ) Tj ET Q q 0 0 0 rg BT 554.62 89.25 Td (risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 77.25 Td (including ) Tj ET Q q 0 0 0 rg BT 76.23 77.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.02 77.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.70 77.25 Td (type ) Tj ET Q q 0 0 0 rg BT 121.37 77.25 Td (described ) Tj ET Q q 0 0 0 rg BT 162.15 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.38 77.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 190.95 77.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 199.24 77.25 Td (Item1A) Tj ET Q q 0 0 0 rg BT 231.73 77.25 Td ( ) Tj ET Q q 0 0 0 rg BT 234.19 77.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.98 77.25 Td (this ) Tj ET Q q 0 0 0 rg BT 261.34 77.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 293.24 77.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 322.92 77.25 Td (on ) Tj ET Q q 0 0 0 rg BT 335.37 77.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 359.50 77.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 382.51 77.25 Td (under ) Tj ET Q q 0 0 0 rg BT 407.74 77.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.42 77.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 456.53 77.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.97 77.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 480.64 77.25 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.75 77.25 Td (, ) Tj ET Q q 0 0 0 rg BT 521.15 77.25 Td (and ) Tj ET Q q 0 0 0 rg BT 538.05 77.25 Td (in ) Tj ET Q q 0 0 0 rg BT 548.28 77.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 566.85 77.25 Td (II, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 65.25 Td (Item7A) Tj ET Q q 0 0 0 rg BT 68.50 65.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.00 65.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.83 65.25 Td (this ) Tj ET Q q 0 0 0 rg BT 98.22 65.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 130.16 65.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 159.88 65.25 Td (on ) Tj ET Q q 0 0 0 rg BT 172.38 65.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 196.55 65.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 219.60 65.25 Td (under ) Tj ET Q q 0 0 0 rg BT 244.87 65.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.58 65.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 293.74 65.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.18 65.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 329.55 65.25 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.66 65.25 Td (. ) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.67 731.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 101.79 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.92 731.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.48 731.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.14 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.48 731.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 193.48 731.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 214.04 731.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 260.14 731.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 297.92 731.10 Td (described ) Tj ET Q q 0 0 0 rg BT 339.58 731.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 369.30 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.42 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.98 731.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 433.20 731.10 Td (course ) Tj ET Q q 0 0 0 rg BT 462.65 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.32 731.10 Td (business ) Tj ET Q q 0 0 0 rg BT 511.56 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 526.56 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 547.13 731.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 568.24 731.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 73.79 719.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 116.58 719.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 162.14 719.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 199.37 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 217.16 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 237.18 719.10 Td (be ) Tj ET Q q 0 0 0 rg BT 249.42 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.55 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.79 719.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 298.36 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 309.49 719.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 340.04 719.10 Td (size ) Tj ET Q q 0 0 0 rg BT 358.39 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.63 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 395.64 719.10 Td (have ) Tj ET Q q 0 0 0 rg BT 417.32 719.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 447.89 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.02 719.10 Td (more ) Tj ET Q q 0 0 0 rg BT 482.37 719.10 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 525.15 719.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 552.66 719.10 Td (In ) Tj ET Q q 0 0 0 rg BT 563.79 719.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (event ) Tj ET Q q 0 0 0 rg BT 59.73 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 66.24 707.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 118.84 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.69 707.10 Td (one ) Tj ET Q q 0 0 0 rg BT 145.20 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 155.60 707.10 Td (more ) Tj ET Q q 0 0 0 rg BT 178.22 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.62 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.03 707.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 248.86 707.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 285.36 707.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 322.41 707.10 Td (insolvent ) Tj ET Q q 0 0 0 rg BT 361.15 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.55 707.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 400.28 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 410.68 707.10 Td (unwilling ) Tj ET Q q 0 0 0 rg BT 451.09 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.94 707.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 495.22 707.10 Td (its ) Tj ET Q q 0 0 0 rg BT 506.74 707.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 553.25 707.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.83 695.10 Td (facility) Tj ET Q q 0 0 0 rg BT 78.50 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 83.61 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 97.88 695.10 Td (may ) Tj ET Q q 0 0 0 rg BT 117.70 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 129.75 695.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 159.02 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.41 695.10 Td (access ) Tj ET Q q 0 0 0 rg BT 197.55 695.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 241.82 695.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 282.19 695.10 Td (we ) Tj ET Q q 0 0 0 rg BT 296.46 695.10 Td (need ) Tj ET Q q 0 0 0 rg BT 317.95 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 328.89 695.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 344.82 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.21 695.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 387.80 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.62 695.10 Td (full ) Tj ET Q q 0 0 0 rg BT 419.12 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 443.39 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.33 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 470.27 695.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 514.53 695.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 554.90 695.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (financed. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 681.90 Td () Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 656.5669921875 m 184.5107421875 656.5669921875 l s q 0 0 0 rg BT 54.00 657.90 Td (Securities ) Tj ET Q q 0 0 0 rg BT 96.67 657.90 Td (Repur) Tj ET Q q 0 0 0 rg BT 120.74 657.90 Td (chase ) Tj ET Q q 0 0 0 rg BT 146.74 657.90 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.51 657.90 Td (. ) Tj ET Q q 0 0 0 rg BT 189.53 657.90 Td (Another ) Tj ET Q q 0 0 0 rg BT 225.54 657.90 Td (source ) Tj ET Q q 0 0 0 rg BT 254.87 657.90 Td (of ) Tj ET Q q 0 0 0 rg BT 266.44 657.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 311.33 657.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 331.78 657.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 372.78 657.90 Td (is ) Tj ET Q q 0 0 0 rg BT 382.69 657.90 Td (through ) Tj ET Q q 0 0 0 rg BT 417.03 657.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 458.03 657.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 504.58 657.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 542.24 657.90 Td (we ) Tj ET Q q 0 0 0 rg BT 557.14 657.90 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 645.90 Td (established ) Tj ET Q q 0 0 0 rg BT 82.46 645.90 Td (with ) Tj ET Q q 0 0 0 rg BT 102.27 645.90 Td (various ) Tj ET Q q 0 0 0 rg BT 133.74 645.90 Td (dif) Tj ET Q q 0 0 0 rg BT 144.67 645.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 170.01 645.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.03 645.90 Td (institution ) Tj ET Q q 0 0 0 rg BT 249.62 645.90 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 310.79 645.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 337.81 645.90 Td (these ) Tj ET Q q 0 0 0 rg BT 360.39 645.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 396.84 645.90 Td (we ) Tj ET Q q 0 0 0 rg BT 410.54 645.90 Td (do ) Tj ET Q q 0 0 0 rg BT 422.57 645.90 Td (not ) Tj ET Q q 0 0 0 rg BT 437.37 645.90 Td (have ) Tj ET Q q 0 0 0 rg BT 458.28 645.90 Td (an ) Tj ET Q q 0 0 0 rg BT 469.75 645.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 510.64 645.90 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 554.33 645.90 Td (limit; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 633.90 Td (however) Tj ET Q q 0 0 0 rg BT 70.03 633.90 Td (, ) Tj ET Q q 0 0 0 rg BT 74.64 633.90 Td (these ) Tj ET Q q 0 0 0 rg BT 97.30 633.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 133.84 633.90 Td (are ) Tj ET Q q 0 0 0 rg BT 148.16 633.90 Td (uncommitted, ) Tj ET Q q 0 0 0 rg BT 205.55 633.90 Td (which ) Tj ET Q q 0 0 0 rg BT 232.10 633.90 Td (means ) Tj ET Q q 0 0 0 rg BT 259.76 633.90 Td (that ) Tj ET Q q 0 0 0 rg BT 276.87 633.90 Td (any ) Tj ET Q q 0 0 0 rg BT 293.42 633.90 Td (request ) Tj ET Q q 0 0 0 rg BT 324.41 633.90 Td (we ) Tj ET Q q 0 0 0 rg BT 338.18 633.90 Td (make ) Tj ET Q q 0 0 0 rg BT 361.95 633.90 Td (to ) Tj ET Q q 0 0 0 rg BT 371.84 633.90 Td (borrow ) Tj ET Q q 0 0 0 rg BT 402.84 633.90 Td (funds ) Tj ET Q q 0 0 0 rg BT 427.17 633.90 Td (under ) Tj ET Q q 0 0 0 rg BT 452.05 633.90 Td (these ) Tj ET Q q 0 0 0 rg BT 474.71 633.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 511.26 633.90 Td (may ) Tj ET Q q 0 0 0 rg BT 530.59 633.90 Td (be ) Tj ET Q q 0 0 0 rg BT 542.14 633.90 Td (declined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 621.90 Td (for ) Tj ET Q q 0 0 0 rg BT 50.54 621.90 Td (any ) Tj ET Q q 0 0 0 rg BT 67.87 621.90 Td (reason. ) Tj ET Q q 0 0 0 rg BT 99.35 621.90 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 145.56 621.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 186.21 621.90 Td (for ) Tj ET Q q 0 0 0 rg BT 200.75 621.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 241.40 621.90 Td (is ) Tj ET Q q 0 0 0 rg BT 250.96 621.90 Td (obtained ) Tj ET Q q 0 0 0 rg BT 288.28 621.90 Td (under ) Tj ET Q q 0 0 0 rg BT 313.93 621.90 Td (these ) Tj ET Q q 0 0 0 rg BT 337.36 621.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 374.67 621.90 Td (by ) Tj ET Q q 0 0 0 rg BT 387.56 621.90 Td (our ) Tj ET Q q 0 0 0 rg BT 403.77 621.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 437.20 621.90 Td (of ) Tj ET Q q 0 0 0 rg BT 448.41 621.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 489.06 621.90 Td (to ) Tj ET Q q 0 0 0 rg BT 499.72 621.90 Td (the ) Tj ET Q q 0 0 0 rg BT 514.82 621.90 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 568.24 621.90 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 609.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 76.43 609.90 Td (for ) Tj ET Q q 0 0 0 rg BT 90.76 609.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.21 609.90 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 149.42 609.90 Td (\(in ) Tj ET Q q 0 0 0 rg BT 163.20 609.90 Td (an ) Tj ET Q q 0 0 0 rg BT 175.32 609.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 207.99 609.90 Td (less ) Tj ET Q q 0 0 0 rg BT 225.66 609.90 Td (than ) Tj ET Q q 0 0 0 rg BT 245.55 609.90 Td (100% ) Tj ET Q q 0 0 0 rg BT 271.56 609.90 Td (of ) Tj ET Q q 0 0 0 rg BT 282.56 609.90 Td (the ) Tj ET Q q 0 0 0 rg BT 297.45 609.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 314.00 609.90 Td (value ) Tj ET Q q 0 0 0 rg BT 338.33 609.90 Td (of ) Tj ET Q q 0 0 0 rg BT 349.34 609.90 Td (the ) Tj ET Q q 0 0 0 rg BT 364.23 609.90 Td (transferred ) Tj ET Q q 0 0 0 rg BT 410.21 609.90 Td (securities\), ) Tj ET Q q 0 0 0 rg BT 456.48 609.90 Td (and ) Tj ET Q q 0 0 0 rg BT 473.59 609.90 Td (our ) Tj ET Q q 0 0 0 rg BT 489.60 609.90 Td (covenant ) Tj ET Q q 0 0 0 rg BT 528.37 609.90 Td (to ) Tj ET Q q 0 0 0 rg BT 538.82 609.90 Td (reacquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 597.90 Td (those ) Tj ET Q q 0 0 0 rg BT 59.61 597.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 99.87 597.90 Td (from ) Tj ET Q q 0 0 0 rg BT 121.81 597.90 Td (the ) Tj ET Q q 0 0 0 rg BT 136.53 597.90 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 189.56 597.90 Td (for ) Tj ET Q q 0 0 0 rg BT 203.72 597.90 Td (the ) Tj ET Q q 0 0 0 rg BT 218.44 597.90 Td (same ) Tj ET Q q 0 0 0 rg BT 241.48 597.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 273.98 597.90 Td (plus ) Tj ET Q q 0 0 0 rg BT 293.15 597.90 Td (a ) Tj ET Q q 0 0 0 rg BT 300.09 597.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 340.35 597.90 Td (char) Tj ET Q q 0 0 0 rg BT 357.38 597.90 Td (ge. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.84 573.90 Td (these ) Tj ET Q q 0 0 0 rg BT 105.25 573.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 145.86 573.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 192.02 573.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 231.81 573.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 272.42 573.90 Td (are ) Tj ET Q q 0 0 0 rg BT 287.48 573.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 324.76 573.90 Td (for ) Tj ET Q q 0 0 0 rg BT 339.28 573.90 Td (a ) Tj ET Q q 0 0 0 rg BT 346.57 573.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 369.97 573.90 Td (period, ) Tj ET Q q 0 0 0 rg BT 400.87 573.90 Td (which ) Tj ET Q q 0 0 0 rg BT 428.16 573.90 Td (would ) Tj ET Q q 0 0 0 rg BT 456.02 573.90 Td (not ) Tj ET Q q 0 0 0 rg BT 471.65 573.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 511.71 573.90 Td (exceed ) Tj ET Q q 0 0 0 rg BT 542.31 573.90 Td (90 ) Tj ET Q q 0 0 0 rg BT 555.17 573.90 Td (days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 561.90 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 561.90 Td (e ) Tj ET Q q 0 0 0 rg BT 51.45 561.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 91.02 561.90 Td (intend ) Tj ET Q q 0 0 0 rg BT 118.38 561.90 Td (to ) Tj ET Q q 0 0 0 rg BT 128.53 561.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 153.11 561.90 Td (the ) Tj ET Q q 0 0 0 rg BT 167.69 561.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 211.72 561.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 251.85 561.90 Td (of ) Tj ET Q q 0 0 0 rg BT 262.55 561.90 Td (a ) Tj ET Q q 0 0 0 rg BT 269.36 561.90 Td (security ) Tj ET Q q 0 0 0 rg BT 303.38 561.90 Td (under ) Tj ET Q q 0 0 0 rg BT 328.52 561.90 Td (one ) Tj ET Q q 0 0 0 rg BT 345.33 561.90 Td (of ) Tj ET Q q 0 0 0 rg BT 356.03 561.90 Td (these ) Tj ET Q q 0 0 0 rg BT 378.95 561.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 415.75 561.90 Td (through ) Tj ET Q q 0 0 0 rg BT 449.22 561.90 Td (a ) Tj ET Q q 0 0 0 rg BT 456.03 561.90 Td (renewal ) Tj ET Q q 0 0 0 rg BT 490.05 561.90 Td (of ) Tj ET Q q 0 0 0 rg BT 500.75 561.90 Td (that ) Tj ET Q q 0 0 0 rg BT 518.11 561.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 558.24 561.90 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 549.90 Td (the ) Tj ET Q q 0 0 0 rg BT 50.62 549.90 Td (same ) Tj ET Q q 0 0 0 rg BT 73.57 549.90 Td (counterparty) Tj ET Q q 0 0 0 rg BT 123.45 549.90 Td (, ) Tj ET Q q 0 0 0 rg BT 128.36 549.90 Td (through ) Tj ET Q q 0 0 0 rg BT 161.87 549.90 Td (a ) Tj ET Q q 0 0 0 rg BT 168.71 549.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 186.66 549.90 Td (of ) Tj ET Q q 0 0 0 rg BT 197.40 549.90 Td (the ) Tj ET Q q 0 0 0 rg BT 212.02 549.90 Td (security) Tj ET Q q 0 0 0 rg BT 243.02 549.90 Td (, ) Tj ET Q q 0 0 0 rg BT 247.93 549.90 Td (or ) Tj ET Q q 0 0 0 rg BT 258.66 549.90 Td (with ) Tj ET Q q 0 0 0 rg BT 278.84 549.90 Td (other ) Tj ET Q q 0 0 0 rg BT 301.79 549.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.19 549.90 Td (or ) Tj ET Q q 0 0 0 rg BT 339.93 549.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 381.76 549.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 401.38 549.90 Td (capital. ) Tj ET Q q 0 0 0 rg BT 432.77 549.90 Td (While ) Tj ET Q q 0 0 0 rg BT 459.60 549.90 Td (a ) Tj ET Q q 0 0 0 rg BT 466.44 549.90 Td (security ) Tj ET Q q 0 0 0 rg BT 500.50 549.90 Td (is ) Tj ET Q q 0 0 0 rg BT 509.58 549.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 546.41 549.90 Td (under ) Tj ET Q q 0 0 0 rg BT 571.58 549.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 537.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.63 537.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 122.80 537.90 Td (facility) Tj ET Q q 0 0 0 rg BT 150.48 537.90 Td (, ) Tj ET Q q 0 0 0 rg BT 155.84 537.90 Td (to ) Tj ET Q q 0 0 0 rg BT 166.49 537.90 Td (the ) Tj ET Q q 0 0 0 rg BT 181.57 537.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 208.88 537.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.96 537.90 Td (value ) Tj ET Q q 0 0 0 rg BT 248.48 537.90 Td (of ) Tj ET Q q 0 0 0 rg BT 259.68 537.90 Td (the ) Tj ET Q q 0 0 0 rg BT 274.76 537.90 Td (security ) Tj ET Q q 0 0 0 rg BT 309.29 537.90 Td (declines ) Tj ET Q q 0 0 0 rg BT 344.92 537.90 Td (\(which ) Tj ET Q q 0 0 0 rg BT 375.56 537.90 Td (value ) Tj ET Q q 0 0 0 rg BT 400.08 537.90 Td (is ) Tj ET Q q 0 0 0 rg BT 409.62 537.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 449.69 537.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 497.53 537.90 Td (by ) Tj ET Q q 0 0 0 rg BT 510.40 537.90 Td (the ) Tj ET Q q 0 0 0 rg BT 525.49 537.90 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 525.90 Td (under ) Tj ET Q q 0 0 0 rg BT 60.23 525.90 Td (the ) Tj ET Q q 0 0 0 rg BT 73.92 525.90 Td (facility\), ) Tj ET Q q 0 0 0 rg BT 109.53 525.90 Td (we ) Tj ET Q q 0 0 0 rg BT 122.66 525.90 Td (are ) Tj ET Q q 0 0 0 rg BT 136.33 525.90 Td (required ) Tj ET Q q 0 0 0 rg BT 171.12 525.90 Td (to ) Tj ET Q q 0 0 0 rg BT 180.36 525.90 Td (either ) Tj ET Q q 0 0 0 rg BT 204.59 525.90 Td (immediately ) Tj ET Q q 0 0 0 rg BT 256.04 525.90 Td (reacquire ) Tj ET Q q 0 0 0 rg BT 294.70 525.90 Td (the ) Tj ET Q q 0 0 0 rg BT 308.38 525.90 Td (security ) Tj ET Q q 0 0 0 rg BT 341.51 525.90 Td (or ) Tj ET Q q 0 0 0 rg BT 351.30 525.90 Td (meet ) Tj ET Q q 0 0 0 rg BT 372.20 525.90 Td (a ) Tj ET Q q 0 0 0 rg BT 378.11 525.90 Td (mar) Tj ET Q q 0 0 0 rg BT 393.47 525.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 407.72 525.90 Td (requirement ) Tj ET Q q 0 0 0 rg BT 457.49 525.90 Td (to ) Tj ET Q q 0 0 0 rg BT 466.74 525.90 Td (pledge ) Tj ET Q q 0 0 0 rg BT 494.86 525.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 536.32 525.90 Td (collateral, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 513.90 Td (such ) Tj ET Q q 0 0 0 rg BT 56.19 513.90 Td (as ) Tj ET Q q 0 0 0 rg BT 66.37 513.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 86.00 513.90 Td (or ) Tj ET Q q 0 0 0 rg BT 96.18 513.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 115.69 513.90 Td (T) Tj ET Q q 0 0 0 rg BT 121.44 513.90 Td (reasury ) Tj ET Q q 0 0 0 rg BT 152.73 513.90 Td (securities, ) Tj ET Q q 0 0 0 rg BT 194.85 513.90 Td (in ) Tj ET Q q 0 0 0 rg BT 204.48 513.90 Td (an ) Tj ET Q q 0 0 0 rg BT 215.77 513.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 247.62 513.90 Td (at ) Tj ET Q q 0 0 0 rg BT 256.70 513.90 Td (least ) Tj ET Q q 0 0 0 rg BT 276.88 513.90 Td (equal ) Tj ET Q q 0 0 0 rg BT 300.39 513.90 Td (to ) Tj ET Q q 0 0 0 rg BT 310.02 513.90 Td (the ) Tj ET Q q 0 0 0 rg BT 324.09 513.90 Td (decline ) Tj ET Q q 0 0 0 rg BT 354.82 513.90 Td (in ) Tj ET Q q 0 0 0 rg BT 364.45 513.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 390.47 513.90 Td (See ) Tj ET Q q 0 0 0 rg BT 406.76 513.90 Td (further ) Tj ET Q q 0 0 0 rg BT 435.82 513.90 Td (discussion ) Tj ET Q q 0 0 0 rg BT 479.35 513.90 Td (below ) Tj ET Q q 0 0 0 rg BT 505.64 513.90 Td (under ) Tj ET Q q 0 0 0 rg BT 530.27 513.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.34 513.90 Td (heading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 501.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 40.44 501.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 57.29 501.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 72.57 501.90 Td (Call ) Tj ET Q q 0 0 0 rg BT 92.29 501.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 101.92 501.90 Td (ovisions ) Tj ET Q q 0 0 0 rg BT 137.02 501.90 Td (Associated ) Tj ET Q q 0 0 0 rg BT 182.85 501.90 Td (with ) Tj ET Q q 0 0 0 rg BT 202.57 501.90 Td (Short-T) Tj ET Q q 0 0 0 rg BT 232.22 501.90 Td (erm ) Tj ET Q q 0 0 0 rg BT 250.27 501.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 272.21 501.90 Td (and ) Tj ET Q q 0 0 0 rg BT 289.71 501.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 315.54 501.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 337.47 501.90 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.58 501.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.90 Td (At ) Tj ET Q q 0 0 0 rg BT 66.26 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.74 477.90 Td (end ) Tj ET Q q 0 0 0 rg BT 97.44 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 108.03 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 122.51 477.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 145.32 477.90 Td (period ) Tj ET Q q 0 0 0 rg BT 173.13 477.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 216.48 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 226.52 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 241.00 477.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 281.03 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 291.62 477.90 Td (a ) Tj ET Q q 0 0 0 rg BT 298.32 477.90 Td (security ) Tj ET Q q 0 0 0 rg BT 332.24 477.90 Td (under ) Tj ET Q q 0 0 0 rg BT 357.27 477.90 Td (a ) Tj ET Q q 0 0 0 rg BT 363.97 477.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 404.00 477.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 449.56 477.90 Td (facility) Tj ET Q q 0 0 0 rg BT 477.23 477.90 Td (, ) Tj ET Q q 0 0 0 rg BT 482.00 477.90 Td (if ) Tj ET Q q 0 0 0 rg BT 490.37 477.90 Td (we ) Tj ET Q q 0 0 0 rg BT 504.29 477.90 Td (intend ) Tj ET Q q 0 0 0 rg BT 531.55 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 541.59 477.90 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 465.90 Td (to ) Tj ET Q q 0 0 0 rg BT 46.95 465.90 Td (obtain ) Tj ET Q q 0 0 0 rg BT 75.12 465.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 116.06 465.90 Td (for ) Tj ET Q q 0 0 0 rg BT 130.90 465.90 Td (that ) Tj ET Q q 0 0 0 rg BT 149.07 465.90 Td (security ) Tj ET Q q 0 0 0 rg BT 183.90 465.90 Td (we ) Tj ET Q q 0 0 0 rg BT 198.73 465.90 Td (would ) Tj ET Q q 0 0 0 rg BT 226.91 465.90 Td (typically ) Tj ET Q q 0 0 0 rg BT 265.08 465.90 Td (request ) Tj ET Q q 0 0 0 rg BT 297.13 465.90 Td (the ) Tj ET Q q 0 0 0 rg BT 312.52 465.90 Td (same ) Tj ET Q q 0 0 0 rg BT 336.24 465.90 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 389.95 465.90 Td (to ) Tj ET Q q 0 0 0 rg BT 400.90 465.90 Td (renew ) Tj ET Q q 0 0 0 rg BT 428.51 465.90 Td (the ) Tj ET Q q 0 0 0 rg BT 443.90 465.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 484.84 465.90 Td (for ) Tj ET Q q 0 0 0 rg BT 499.67 465.90 Td (an ) Tj ET Q q 0 0 0 rg BT 512.29 465.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 555.45 465.90 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 453.90 Td (period. ) Tj ET Q q 0 0 0 rg BT 66.33 453.90 Td (If ) Tj ET Q q 0 0 0 rg BT 75.28 453.90 Td (the ) Tj ET Q q 0 0 0 rg BT 89.78 453.90 Td (same ) Tj ET Q q 0 0 0 rg BT 112.61 453.90 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 165.42 453.90 Td (does ) Tj ET Q q 0 0 0 rg BT 186.04 453.90 Td (not ) Tj ET Q q 0 0 0 rg BT 201.10 453.90 Td (renew ) Tj ET Q q 0 0 0 rg BT 227.81 453.90 Td (the ) Tj ET Q q 0 0 0 rg BT 242.31 453.90 Td (financing, ) Tj ET Q q 0 0 0 rg BT 284.86 453.90 Td (it ) Tj ET Q q 0 0 0 rg BT 292.70 453.90 Td (may ) Tj ET Q q 0 0 0 rg BT 312.20 453.90 Td (be ) Tj ET Q q 0 0 0 rg BT 323.93 453.90 Td (dif) Tj ET Q q 0 0 0 rg BT 334.85 453.90 Td (ficult ) Tj ET Q q 0 0 0 rg BT 358.24 453.90 Td (for ) Tj ET Q q 0 0 0 rg BT 372.19 453.90 Td (us ) Tj ET Q q 0 0 0 rg BT 383.36 453.90 Td (to ) Tj ET Q q 0 0 0 rg BT 393.42 453.90 Td (obtain ) Tj ET Q q 0 0 0 rg BT 420.70 453.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 460.75 453.90 Td (for ) Tj ET Q q 0 0 0 rg BT 474.70 453.90 Td (that ) Tj ET Q q 0 0 0 rg BT 491.98 453.90 Td (security ) Tj ET Q q 0 0 0 rg BT 525.92 453.90 Td (under ) Tj ET Q q 0 0 0 rg BT 550.97 453.90 Td (one ) Tj ET Q q 0 0 0 rg BT 567.69 453.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 441.90 Td (our ) Tj ET Q q 0 0 0 rg BT 51.70 441.90 Td (other ) Tj ET Q q 0 0 0 rg BT 74.62 441.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 114.76 441.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 160.44 441.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 199.74 441.90 Td (due ) Tj ET Q q 0 0 0 rg BT 216.55 441.90 Td (to ) Tj ET Q q 0 0 0 rg BT 226.70 441.90 Td (the ) Tj ET Q q 0 0 0 rg BT 241.29 441.90 Td (fact ) Tj ET Q q 0 0 0 rg BT 258.65 441.90 Td (that ) Tj ET Q q 0 0 0 rg BT 276.02 441.90 Td (the ) Tj ET Q q 0 0 0 rg BT 290.61 441.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.96 441.90 Td (institution ) Tj ET Q q 0 0 0 rg BT 370.90 441.90 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 429.91 441.90 Td (to ) Tj ET Q q 0 0 0 rg BT 440.06 441.90 Td (our ) Tj ET Q q 0 0 0 rg BT 455.77 441.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 495.90 441.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 541.58 441.90 Td (facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 429.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 75.70 429.90 Td (only ) Tj ET Q q 0 0 0 rg BT 95.98 429.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 129.03 429.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 169.29 429.90 Td (for ) Tj ET Q q 0 0 0 rg BT 183.45 429.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 223.71 429.90 Td (that ) Tj ET Q q 0 0 0 rg BT 241.21 429.90 Td (we ) Tj ET Q q 0 0 0 rg BT 255.37 429.90 Td (purchased ) Tj ET Q q 0 0 0 rg BT 298.41 429.90 Td (from ) Tj ET Q q 0 0 0 rg BT 320.35 429.90 Td (them ) Tj ET Q q 0 0 0 rg BT 342.84 429.90 Td (or ) Tj ET Q q 0 0 0 rg BT 353.67 429.90 Td (one ) Tj ET Q q 0 0 0 rg BT 370.61 429.90 Td (of ) Tj ET Q q 0 0 0 rg BT 381.44 429.90 Td (their ) Tj ET Q q 0 0 0 rg BT 402.26 429.90 Td (af) Tj ET Q q 0 0 0 rg BT 409.85 429.90 Td (filiates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.90 Td (Because ) Tj ET Q q 0 0 0 rg BT 90.08 405.90 Td (our ) Tj ET Q q 0 0 0 rg BT 106.17 405.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 146.69 405.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 192.76 405.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 229.95 405.90 Td (are ) Tj ET Q q 0 0 0 rg BT 244.92 405.90 Td (uncommitted, ) Tj ET Q q 0 0 0 rg BT 302.95 405.90 Td (at ) Tj ET Q q 0 0 0 rg BT 312.93 405.90 Td (any ) Tj ET Q q 0 0 0 rg BT 330.13 405.90 Td (given ) Tj ET Q q 0 0 0 rg BT 355.10 405.90 Td (time ) Tj ET Q q 0 0 0 rg BT 375.64 405.90 Td (we ) Tj ET Q q 0 0 0 rg BT 390.06 405.90 Td (may ) Tj ET Q q 0 0 0 rg BT 410.04 405.90 Td (not ) Tj ET Q q 0 0 0 rg BT 425.58 405.90 Td (be ) Tj ET Q q 0 0 0 rg BT 437.78 405.90 Td (able ) Tj ET Q q 0 0 0 rg BT 457.19 405.90 Td (to ) Tj ET Q q 0 0 0 rg BT 467.73 405.90 Td (obtain ) Tj ET Q q 0 0 0 rg BT 495.49 405.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 538.24 405.90 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 393.90 Td (under ) Tj ET Q q 0 0 0 rg BT 61.28 393.90 Td (them ) Tj ET Q q 0 0 0 rg BT 83.80 393.90 Td (when ) Tj ET Q q 0 0 0 rg BT 107.97 393.90 Td (we ) Tj ET Q q 0 0 0 rg BT 122.15 393.90 Td (need ) Tj ET Q q 0 0 0 rg BT 143.54 393.90 Td (it, ) Tj ET Q q 0 0 0 rg BT 154.11 393.90 Td (exposing ) Tj ET Q q 0 0 0 rg BT 192.74 393.90 Td (us ) Tj ET Q q 0 0 0 rg BT 204.15 393.90 Td (to, ) Tj ET Q q 0 0 0 rg BT 216.94 393.90 Td (among ) Tj ET Q q 0 0 0 rg BT 246.67 393.90 Td (other ) Tj ET Q q 0 0 0 rg BT 269.74 393.90 Td (things, ) Tj ET Q q 0 0 0 rg BT 299.20 393.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 335.61 393.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 357.02 393.90 Td (of ) Tj ET Q q 0 0 0 rg BT 367.86 393.90 Td (the ) Tj ET Q q 0 0 0 rg BT 382.60 393.90 Td (types ) Tj ET Q q 0 0 0 rg BT 406.22 393.90 Td (described ) Tj ET Q q 0 0 0 rg BT 447.05 393.90 Td (in ) Tj ET Q q 0 0 0 rg BT 457.35 393.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 475.97 393.90 Td (I, ) Tj ET Q q 0 0 0 rg BT 484.32 393.90 Td (Item1A) Tj ET Q q 0 0 0 rg BT 516.81 393.90 Td ( ) Tj ET Q q 0 0 0 rg BT 519.33 393.90 Td (of ) Tj ET Q q 0 0 0 rg BT 530.17 393.90 Td (this ) Tj ET Q q 0 0 0 rg BT 546.58 393.90 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 381.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 65.67 381.90 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 381.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 102.25 381.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 125.26 381.90 Td (under ) Tj ET Q q 0 0 0 rg BT 150.49 381.90 Td (the ) Tj ET Q q 0 0 0 rg BT 165.16 381.90 Td (heading ) Tj ET Q q 0 0 0 rg BT 199.27 381.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.71 381.90 Td (Risk ) Tj ET Q q 0 0 0 rg BT 223.38 381.90 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.49 381.90 Td (, ) Tj ET Q q 0 0 0 rg BT 263.89 381.90 Td (and ) Tj ET Q q 0 0 0 rg BT 280.78 381.90 Td (in ) Tj ET Q q 0 0 0 rg BT 291.01 381.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 309.58 381.90 Td (II, ) Tj ET Q q 0 0 0 rg BT 321.20 381.90 Td (Item7A) Tj ET Q q 0 0 0 rg BT 353.69 381.90 Td ( ) Tj ET Q q 0 0 0 rg BT 356.15 381.90 Td (of ) Tj ET Q q 0 0 0 rg BT 366.93 381.90 Td (this ) Tj ET Q q 0 0 0 rg BT 383.29 381.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 415.19 381.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 444.86 381.90 Td (on ) Tj ET Q q 0 0 0 rg BT 457.32 381.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 481.44 381.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 504.45 381.90 Td (under ) Tj ET Q q 0 0 0 rg BT 529.68 381.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.35 381.90 Td (heading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 369.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 40.44 369.90 Td (Market ) Tj ET Q q 0 0 0 rg BT 71.47 369.90 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.57 369.90 Td (. ) Tj ET Q q 0 0 0 rg BT 101.66 369.90 Td (In ) Tj ET Q q 0 0 0 rg BT 112.14 369.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 149.57 369.90 Td (with ) Tj ET Q q 0 0 0 rg BT 169.49 369.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 199.96 369.90 Td (to ) Tj ET Q q 0 0 0 rg BT 209.89 369.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 249.80 369.90 Td (that ) Tj ET Q q 0 0 0 rg BT 266.95 369.90 Td (at ) Tj ET Q q 0 0 0 rg BT 276.31 369.90 Td (any ) Tj ET Q q 0 0 0 rg BT 292.90 369.90 Td (given ) Tj ET Q q 0 0 0 rg BT 317.27 369.90 Td (time ) Tj ET Q q 0 0 0 rg BT 337.19 369.90 Td (are ) Tj ET Q q 0 0 0 rg BT 351.55 369.90 Td (already ) Tj ET Q q 0 0 0 rg BT 383.12 369.90 Td (being ) Tj ET Q q 0 0 0 rg BT 407.49 369.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 444.06 369.90 Td (through ) Tj ET Q q 0 0 0 rg BT 477.32 369.90 Td (our ) Tj ET Q q 0 0 0 rg BT 492.80 369.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 532.71 369.90 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 357.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 75.65 357.90 Td (we ) Tj ET Q q 0 0 0 rg BT 90.02 357.90 Td (are ) Tj ET Q q 0 0 0 rg BT 104.95 357.90 Td (exposed ) Tj ET Q q 0 0 0 rg BT 140.43 357.90 Td (to ) Tj ET Q q 0 0 0 rg BT 150.93 357.90 Td (market, ) Tj ET Q q 0 0 0 rg BT 183.91 357.90 Td (credit, ) Tj ET Q q 0 0 0 rg BT 211.89 357.90 Td (liquidity) Tj ET Q q 0 0 0 rg BT 245.13 357.90 Td (, ) Tj ET Q q 0 0 0 rg BT 250.35 357.90 Td (and ) Tj ET Q q 0 0 0 rg BT 267.51 357.90 Td (other ) Tj ET Q q 0 0 0 rg BT 290.77 357.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 312.38 357.90 Td (of ) Tj ET Q q 0 0 0 rg BT 323.43 357.90 Td (the ) Tj ET Q q 0 0 0 rg BT 338.36 357.90 Td (types ) Tj ET Q q 0 0 0 rg BT 362.19 357.90 Td (described ) Tj ET Q q 0 0 0 rg BT 403.22 357.90 Td (in ) Tj ET Q q 0 0 0 rg BT 413.71 357.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 432.54 357.90 Td (I, ) Tj ET Q q 0 0 0 rg BT 441.09 357.90 Td (Item1A) Tj ET Q q 0 0 0 rg BT 473.58 357.90 Td ( ) Tj ET Q q 0 0 0 rg BT 476.30 357.90 Td (of ) Tj ET Q q 0 0 0 rg BT 487.35 357.90 Td (this ) Tj ET Q q 0 0 0 rg BT 503.91 357.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 536.07 357.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 566.00 357.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 345.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 60.42 345.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 83.72 345.90 Td (under ) Tj ET Q q 0 0 0 rg BT 109.23 345.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.20 345.90 Td (heading ) Tj ET Q q 0 0 0 rg BT 158.60 345.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.04 345.90 Td (Risk ) Tj ET Q q 0 0 0 rg BT 183.01 345.90 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.11 345.90 Td (, ) Tj ET Q q 0 0 0 rg BT 223.80 345.90 Td (and ) Tj ET Q q 0 0 0 rg BT 240.99 345.90 Td (in ) Tj ET Q q 0 0 0 rg BT 251.51 345.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 270.37 345.90 Td (II, ) Tj ET Q q 0 0 0 rg BT 282.28 345.90 Td (Item7A) Tj ET Q q 0 0 0 rg BT 314.77 345.90 Td ( ) Tj ET Q q 0 0 0 rg BT 317.52 345.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.60 345.90 Td (this ) Tj ET Q q 0 0 0 rg BT 345.19 345.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 377.38 345.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 407.34 345.90 Td (on ) Tj ET Q q 0 0 0 rg BT 420.09 345.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 444.51 345.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 467.81 345.90 Td (under ) Tj ET Q q 0 0 0 rg BT 493.32 345.90 Td (the ) Tj ET Q q 0 0 0 rg BT 508.29 345.90 Td (heading ) Tj ET Q q 0 0 0 rg BT 542.69 345.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.13 345.90 Td (Market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 333.90 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.11 333.90 Td (, ) Tj ET Q q 0 0 0 rg BT 66.06 333.90 Td (if ) Tj ET Q q 0 0 0 rg BT 74.18 333.90 Td (and ) Tj ET Q q 0 0 0 rg BT 90.63 333.90 Td (when ) Tj ET Q q 0 0 0 rg BT 114.30 333.90 Td (those ) Tj ET Q q 0 0 0 rg BT 137.42 333.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 177.20 333.90 Td (decline ) Tj ET Q q 0 0 0 rg BT 208.08 333.90 Td (in ) Tj ET Q q 0 0 0 rg BT 217.87 333.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 244.04 333.90 Td (or ) Tj ET Q q 0 0 0 rg BT 254.38 333.90 Td (have ) Tj ET Q q 0 0 0 rg BT 275.27 333.90 Td (been ) Tj ET Q q 0 0 0 rg BT 296.16 333.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 332.59 333.90 Td (for ) Tj ET Q q 0 0 0 rg BT 346.26 333.90 Td (the ) Tj ET Q q 0 0 0 rg BT 360.49 333.90 Td (maximum ) Tj ET Q q 0 0 0 rg BT 403.06 333.90 Td (term ) Tj ET Q q 0 0 0 rg BT 423.39 333.90 Td (permitted ) Tj ET Q q 0 0 0 rg BT 463.72 333.90 Td (under ) Tj ET Q q 0 0 0 rg BT 488.50 333.90 Td (the ) Tj ET Q q 0 0 0 rg BT 502.73 333.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 545.83 333.90 Td (facility) Tj ET Q q 0 0 0 rg BT 573.50 333.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.84 309.90 Td (these ) Tj ET Q q 0 0 0 rg BT 105.25 309.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 145.86 309.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 192.02 309.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 231.81 309.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 272.42 309.90 Td (are ) Tj ET Q q 0 0 0 rg BT 287.48 309.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 324.76 309.90 Td (for ) Tj ET Q q 0 0 0 rg BT 339.28 309.90 Td (a ) Tj ET Q q 0 0 0 rg BT 346.57 309.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 369.97 309.90 Td (period, ) Tj ET Q q 0 0 0 rg BT 400.87 309.90 Td (which ) Tj ET Q q 0 0 0 rg BT 428.16 309.90 Td (would ) Tj ET Q q 0 0 0 rg BT 456.02 309.90 Td (not ) Tj ET Q q 0 0 0 rg BT 471.65 309.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 511.71 309.90 Td (exceed ) Tj ET Q q 0 0 0 rg BT 542.31 309.90 Td (90 ) Tj ET Q q 0 0 0 rg BT 555.17 309.90 Td (days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 297.90 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 297.90 Td (e ) Tj ET Q q 0 0 0 rg BT 51.45 297.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 91.02 297.90 Td (intend ) Tj ET Q q 0 0 0 rg BT 118.38 297.90 Td (to ) Tj ET Q q 0 0 0 rg BT 128.53 297.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 153.11 297.90 Td (the ) Tj ET Q q 0 0 0 rg BT 167.69 297.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 211.72 297.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 251.85 297.90 Td (of ) Tj ET Q q 0 0 0 rg BT 262.55 297.90 Td (a ) Tj ET Q q 0 0 0 rg BT 269.36 297.90 Td (security ) Tj ET Q q 0 0 0 rg BT 303.38 297.90 Td (under ) Tj ET Q q 0 0 0 rg BT 328.52 297.90 Td (one ) Tj ET Q q 0 0 0 rg BT 345.33 297.90 Td (of ) Tj ET Q q 0 0 0 rg BT 356.03 297.90 Td (these ) Tj ET Q q 0 0 0 rg BT 378.95 297.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 415.75 297.90 Td (through ) Tj ET Q q 0 0 0 rg BT 449.22 297.90 Td (a ) Tj ET Q q 0 0 0 rg BT 456.03 297.90 Td (renewal ) Tj ET Q q 0 0 0 rg BT 490.05 297.90 Td (of ) Tj ET Q q 0 0 0 rg BT 500.75 297.90 Td (that ) Tj ET Q q 0 0 0 rg BT 518.11 297.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 558.24 297.90 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 285.90 Td (the ) Tj ET Q q 0 0 0 rg BT 50.62 285.90 Td (same ) Tj ET Q q 0 0 0 rg BT 73.57 285.90 Td (counterparty) Tj ET Q q 0 0 0 rg BT 123.45 285.90 Td (, ) Tj ET Q q 0 0 0 rg BT 128.36 285.90 Td (through ) Tj ET Q q 0 0 0 rg BT 161.87 285.90 Td (a ) Tj ET Q q 0 0 0 rg BT 168.71 285.90 Td (sale ) Tj ET Q q 0 0 0 rg BT 186.66 285.90 Td (of ) Tj ET Q q 0 0 0 rg BT 197.40 285.90 Td (the ) Tj ET Q q 0 0 0 rg BT 212.02 285.90 Td (security) Tj ET Q q 0 0 0 rg BT 243.02 285.90 Td (, ) Tj ET Q q 0 0 0 rg BT 247.93 285.90 Td (or ) Tj ET Q q 0 0 0 rg BT 258.66 285.90 Td (with ) Tj ET Q q 0 0 0 rg BT 278.84 285.90 Td (other ) Tj ET Q q 0 0 0 rg BT 301.79 285.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.19 285.90 Td (or ) Tj ET Q q 0 0 0 rg BT 339.93 285.90 Td (long-term ) Tj ET Q q 0 0 0 rg BT 381.76 285.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 401.38 285.90 Td (capital. ) Tj ET Q q 0 0 0 rg BT 432.77 285.90 Td (While ) Tj ET Q q 0 0 0 rg BT 459.60 285.90 Td (a ) Tj ET Q q 0 0 0 rg BT 466.44 285.90 Td (security ) Tj ET Q q 0 0 0 rg BT 500.50 285.90 Td (is ) Tj ET Q q 0 0 0 rg BT 509.58 285.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 546.41 285.90 Td (under ) Tj ET Q q 0 0 0 rg BT 571.58 285.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 273.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.63 273.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 122.80 273.90 Td (facility) Tj ET Q q 0 0 0 rg BT 150.48 273.90 Td (, ) Tj ET Q q 0 0 0 rg BT 155.84 273.90 Td (to ) Tj ET Q q 0 0 0 rg BT 166.49 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 181.57 273.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 208.88 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 223.96 273.90 Td (value ) Tj ET Q q 0 0 0 rg BT 248.48 273.90 Td (of ) Tj ET Q q 0 0 0 rg BT 259.68 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 274.76 273.90 Td (security ) Tj ET Q q 0 0 0 rg BT 309.29 273.90 Td (declines ) Tj ET Q q 0 0 0 rg BT 344.92 273.90 Td (\(which ) Tj ET Q q 0 0 0 rg BT 375.56 273.90 Td (value ) Tj ET Q q 0 0 0 rg BT 400.08 273.90 Td (is ) Tj ET Q q 0 0 0 rg BT 409.62 273.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 449.69 273.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 497.53 273.90 Td (by ) Tj ET Q q 0 0 0 rg BT 510.40 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 525.49 273.90 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 261.90 Td (under ) Tj ET Q q 0 0 0 rg BT 60.23 261.90 Td (the ) Tj ET Q q 0 0 0 rg BT 73.92 261.90 Td (facility\), ) Tj ET Q q 0 0 0 rg BT 109.53 261.90 Td (we ) Tj ET Q q 0 0 0 rg BT 122.66 261.90 Td (are ) Tj ET Q q 0 0 0 rg BT 136.33 261.90 Td (required ) Tj ET Q q 0 0 0 rg BT 171.12 261.90 Td (to ) Tj ET Q q 0 0 0 rg BT 180.36 261.90 Td (either ) Tj ET Q q 0 0 0 rg BT 204.59 261.90 Td (immediately ) Tj ET Q q 0 0 0 rg BT 256.04 261.90 Td (reacquire ) Tj ET Q q 0 0 0 rg BT 294.70 261.90 Td (the ) Tj ET Q q 0 0 0 rg BT 308.38 261.90 Td (security ) Tj ET Q q 0 0 0 rg BT 341.51 261.90 Td (or ) Tj ET Q q 0 0 0 rg BT 351.30 261.90 Td (meet ) Tj ET Q q 0 0 0 rg BT 372.20 261.90 Td (a ) Tj ET Q q 0 0 0 rg BT 378.11 261.90 Td (mar) Tj ET Q q 0 0 0 rg BT 393.47 261.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 407.72 261.90 Td (requirement ) Tj ET Q q 0 0 0 rg BT 457.49 261.90 Td (to ) Tj ET Q q 0 0 0 rg BT 466.74 261.90 Td (pledge ) Tj ET Q q 0 0 0 rg BT 494.86 261.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 536.32 261.90 Td (collateral, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 249.90 Td (such ) Tj ET Q q 0 0 0 rg BT 56.19 249.90 Td (as ) Tj ET Q q 0 0 0 rg BT 66.37 249.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 86.00 249.90 Td (or ) Tj ET Q q 0 0 0 rg BT 96.18 249.90 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 115.69 249.90 Td (T) Tj ET Q q 0 0 0 rg BT 121.44 249.90 Td (reasury ) Tj ET Q q 0 0 0 rg BT 152.73 249.90 Td (securities, ) Tj ET Q q 0 0 0 rg BT 194.85 249.90 Td (in ) Tj ET Q q 0 0 0 rg BT 204.48 249.90 Td (an ) Tj ET Q q 0 0 0 rg BT 215.77 249.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 247.62 249.90 Td (at ) Tj ET Q q 0 0 0 rg BT 256.70 249.90 Td (least ) Tj ET Q q 0 0 0 rg BT 276.88 249.90 Td (equal ) Tj ET Q q 0 0 0 rg BT 300.39 249.90 Td (to ) Tj ET Q q 0 0 0 rg BT 310.02 249.90 Td (the ) Tj ET Q q 0 0 0 rg BT 324.09 249.90 Td (decline ) Tj ET Q q 0 0 0 rg BT 354.82 249.90 Td (in ) Tj ET Q q 0 0 0 rg BT 364.45 249.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 390.47 249.90 Td (See ) Tj ET Q q 0 0 0 rg BT 406.76 249.90 Td (further ) Tj ET Q q 0 0 0 rg BT 435.82 249.90 Td (discussion ) Tj ET Q q 0 0 0 rg BT 479.35 249.90 Td (below ) Tj ET Q q 0 0 0 rg BT 505.64 249.90 Td (under ) Tj ET Q q 0 0 0 rg BT 530.27 249.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.34 249.90 Td (heading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 237.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 40.44 237.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 57.29 237.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 72.57 237.90 Td (Call ) Tj ET Q q 0 0 0 rg BT 92.29 237.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 101.92 237.90 Td (ovisions ) Tj ET Q q 0 0 0 rg BT 137.02 237.90 Td (Associated ) Tj ET Q q 0 0 0 rg BT 182.85 237.90 Td (with ) Tj ET Q q 0 0 0 rg BT 202.57 237.90 Td (Short-T) Tj ET Q q 0 0 0 rg BT 232.22 237.90 Td (erm ) Tj ET Q q 0 0 0 rg BT 250.27 237.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 272.21 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 289.71 237.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 315.54 237.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 337.47 237.90 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.58 237.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 213.90 Td (At ) Tj ET Q q 0 0 0 rg BT 66.26 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 80.74 213.90 Td (end ) Tj ET Q q 0 0 0 rg BT 97.44 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 108.03 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 122.51 213.90 Td (fixed ) Tj ET Q q 0 0 0 rg BT 145.32 213.90 Td (period ) Tj ET Q q 0 0 0 rg BT 173.13 213.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 216.48 213.90 Td (to ) Tj ET Q q 0 0 0 rg BT 226.52 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 241.00 213.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 281.03 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 291.62 213.90 Td (a ) Tj ET Q q 0 0 0 rg BT 298.32 213.90 Td (security ) Tj ET Q q 0 0 0 rg BT 332.24 213.90 Td (under ) Tj ET Q q 0 0 0 rg BT 357.27 213.90 Td (a ) Tj ET Q q 0 0 0 rg BT 363.97 213.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 404.00 213.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 449.56 213.90 Td (facility) Tj ET Q q 0 0 0 rg BT 477.23 213.90 Td (, ) Tj ET Q q 0 0 0 rg BT 482.00 213.90 Td (if ) Tj ET Q q 0 0 0 rg BT 490.37 213.90 Td (we ) Tj ET Q q 0 0 0 rg BT 504.29 213.90 Td (intend ) Tj ET Q q 0 0 0 rg BT 531.55 213.90 Td (to ) Tj ET Q q 0 0 0 rg BT 541.59 213.90 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 201.90 Td (to ) Tj ET Q q 0 0 0 rg BT 46.95 201.90 Td (obtain ) Tj ET Q q 0 0 0 rg BT 75.12 201.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 116.06 201.90 Td (for ) Tj ET Q q 0 0 0 rg BT 130.90 201.90 Td (that ) Tj ET Q q 0 0 0 rg BT 149.07 201.90 Td (security ) Tj ET Q q 0 0 0 rg BT 183.90 201.90 Td (we ) Tj ET Q q 0 0 0 rg BT 198.73 201.90 Td (would ) Tj ET Q q 0 0 0 rg BT 226.91 201.90 Td (typically ) Tj ET Q q 0 0 0 rg BT 265.08 201.90 Td (request ) Tj ET Q q 0 0 0 rg BT 297.13 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 312.52 201.90 Td (same ) Tj ET Q q 0 0 0 rg BT 336.24 201.90 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 389.95 201.90 Td (to ) Tj ET Q q 0 0 0 rg BT 400.90 201.90 Td (renew ) Tj ET Q q 0 0 0 rg BT 428.51 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 443.90 201.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 484.84 201.90 Td (for ) Tj ET Q q 0 0 0 rg BT 499.67 201.90 Td (an ) Tj ET Q q 0 0 0 rg BT 512.29 201.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 555.45 201.90 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 189.90 Td (period. ) Tj ET Q q 0 0 0 rg BT 66.33 189.90 Td (If ) Tj ET Q q 0 0 0 rg BT 75.28 189.90 Td (the ) Tj ET Q q 0 0 0 rg BT 89.78 189.90 Td (same ) Tj ET Q q 0 0 0 rg BT 112.61 189.90 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 165.42 189.90 Td (does ) Tj ET Q q 0 0 0 rg BT 186.04 189.90 Td (not ) Tj ET Q q 0 0 0 rg BT 201.10 189.90 Td (renew ) Tj ET Q q 0 0 0 rg BT 227.81 189.90 Td (the ) Tj ET Q q 0 0 0 rg BT 242.31 189.90 Td (financing, ) Tj ET Q q 0 0 0 rg BT 284.86 189.90 Td (it ) Tj ET Q q 0 0 0 rg BT 292.70 189.90 Td (may ) Tj ET Q q 0 0 0 rg BT 312.20 189.90 Td (be ) Tj ET Q q 0 0 0 rg BT 323.93 189.90 Td (dif) Tj ET Q q 0 0 0 rg BT 334.85 189.90 Td (ficult ) Tj ET Q q 0 0 0 rg BT 358.24 189.90 Td (for ) Tj ET Q q 0 0 0 rg BT 372.19 189.90 Td (us ) Tj ET Q q 0 0 0 rg BT 383.36 189.90 Td (to ) Tj ET Q q 0 0 0 rg BT 393.42 189.90 Td (obtain ) Tj ET Q q 0 0 0 rg BT 420.70 189.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 460.75 189.90 Td (for ) Tj ET Q q 0 0 0 rg BT 474.70 189.90 Td (that ) Tj ET Q q 0 0 0 rg BT 491.98 189.90 Td (security ) Tj ET Q q 0 0 0 rg BT 525.92 189.90 Td (under ) Tj ET Q q 0 0 0 rg BT 550.97 189.90 Td (one ) Tj ET Q q 0 0 0 rg BT 567.69 189.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 177.90 Td (our ) Tj ET Q q 0 0 0 rg BT 51.70 177.90 Td (other ) Tj ET Q q 0 0 0 rg BT 74.62 177.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 114.76 177.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 160.44 177.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 199.74 177.90 Td (due ) Tj ET Q q 0 0 0 rg BT 216.55 177.90 Td (to ) Tj ET Q q 0 0 0 rg BT 226.70 177.90 Td (the ) Tj ET Q q 0 0 0 rg BT 241.29 177.90 Td (fact ) Tj ET Q q 0 0 0 rg BT 258.65 177.90 Td (that ) Tj ET Q q 0 0 0 rg BT 276.02 177.90 Td (the ) Tj ET Q q 0 0 0 rg BT 290.61 177.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.96 177.90 Td (institution ) Tj ET Q q 0 0 0 rg BT 370.90 177.90 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 429.91 177.90 Td (to ) Tj ET Q q 0 0 0 rg BT 440.06 177.90 Td (our ) Tj ET Q q 0 0 0 rg BT 455.77 177.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 495.90 177.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 541.58 177.90 Td (facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 165.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 75.70 165.90 Td (only ) Tj ET Q q 0 0 0 rg BT 95.98 165.90 Td (provide ) Tj ET Q q 0 0 0 rg BT 129.03 165.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 169.29 165.90 Td (for ) Tj ET Q q 0 0 0 rg BT 183.45 165.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 223.71 165.90 Td (that ) Tj ET Q q 0 0 0 rg BT 241.21 165.90 Td (we ) Tj ET Q q 0 0 0 rg BT 255.37 165.90 Td (purchased ) Tj ET Q q 0 0 0 rg BT 298.41 165.90 Td (from ) Tj ET Q q 0 0 0 rg BT 320.35 165.90 Td (them ) Tj ET Q q 0 0 0 rg BT 342.84 165.90 Td (or ) Tj ET Q q 0 0 0 rg BT 353.67 165.90 Td (one ) Tj ET Q q 0 0 0 rg BT 370.61 165.90 Td (of ) Tj ET Q q 0 0 0 rg BT 381.44 165.90 Td (their ) Tj ET Q q 0 0 0 rg BT 402.26 165.90 Td (af) Tj ET Q q 0 0 0 rg BT 409.85 165.90 Td (filiates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.90 Td (Because ) Tj ET Q q 0 0 0 rg BT 90.08 141.90 Td (our ) Tj ET Q q 0 0 0 rg BT 106.17 141.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 146.69 141.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 192.76 141.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 229.95 141.90 Td (are ) Tj ET Q q 0 0 0 rg BT 244.92 141.90 Td (uncommitted, ) Tj ET Q q 0 0 0 rg BT 302.95 141.90 Td (at ) Tj ET Q q 0 0 0 rg BT 312.93 141.90 Td (any ) Tj ET Q q 0 0 0 rg BT 330.13 141.90 Td (given ) Tj ET Q q 0 0 0 rg BT 355.10 141.90 Td (time ) Tj ET Q q 0 0 0 rg BT 375.64 141.90 Td (we ) Tj ET Q q 0 0 0 rg BT 390.06 141.90 Td (may ) Tj ET Q q 0 0 0 rg BT 410.04 141.90 Td (not ) Tj ET Q q 0 0 0 rg BT 425.58 141.90 Td (be ) Tj ET Q q 0 0 0 rg BT 437.78 141.90 Td (able ) Tj ET Q q 0 0 0 rg BT 457.19 141.90 Td (to ) Tj ET Q q 0 0 0 rg BT 467.73 141.90 Td (obtain ) Tj ET Q q 0 0 0 rg BT 495.49 141.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 538.24 141.90 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 129.90 Td (under ) Tj ET Q q 0 0 0 rg BT 61.28 129.90 Td (them ) Tj ET Q q 0 0 0 rg BT 83.80 129.90 Td (when ) Tj ET Q q 0 0 0 rg BT 107.97 129.90 Td (we ) Tj ET Q q 0 0 0 rg BT 122.15 129.90 Td (need ) Tj ET Q q 0 0 0 rg BT 143.54 129.90 Td (it, ) Tj ET Q q 0 0 0 rg BT 154.11 129.90 Td (exposing ) Tj ET Q q 0 0 0 rg BT 192.74 129.90 Td (us ) Tj ET Q q 0 0 0 rg BT 204.15 129.90 Td (to, ) Tj ET Q q 0 0 0 rg BT 216.94 129.90 Td (among ) Tj ET Q q 0 0 0 rg BT 246.67 129.90 Td (other ) Tj ET Q q 0 0 0 rg BT 269.74 129.90 Td (things, ) Tj ET Q q 0 0 0 rg BT 299.20 129.90 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 335.61 129.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 357.02 129.90 Td (of ) Tj ET Q q 0 0 0 rg BT 367.86 129.90 Td (the ) Tj ET Q q 0 0 0 rg BT 382.60 129.90 Td (types ) Tj ET Q q 0 0 0 rg BT 406.22 129.90 Td (described ) Tj ET Q q 0 0 0 rg BT 447.05 129.90 Td (in ) Tj ET Q q 0 0 0 rg BT 457.35 129.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 475.97 129.90 Td (I, ) Tj ET Q q 0 0 0 rg BT 484.32 129.90 Td (Item1A) Tj ET Q q 0 0 0 rg BT 516.81 129.90 Td ( ) Tj ET Q q 0 0 0 rg BT 519.33 129.90 Td (of ) Tj ET Q q 0 0 0 rg BT 530.17 129.90 Td (this ) Tj ET Q q 0 0 0 rg BT 546.58 129.90 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 117.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 65.67 117.90 Td (on ) Tj ET Q q 0 0 0 rg BT 78.13 117.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 102.25 117.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 125.26 117.90 Td (under ) Tj ET Q q 0 0 0 rg BT 150.49 117.90 Td (the ) Tj ET Q q 0 0 0 rg BT 165.16 117.90 Td (heading ) Tj ET Q q 0 0 0 rg BT 199.27 117.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.71 117.90 Td (Risk ) Tj ET Q q 0 0 0 rg BT 223.38 117.90 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.49 117.90 Td (, ) Tj ET Q q 0 0 0 rg BT 263.89 117.90 Td (and ) Tj ET Q q 0 0 0 rg BT 280.78 117.90 Td (in ) Tj ET Q q 0 0 0 rg BT 291.01 117.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 309.58 117.90 Td (II, ) Tj ET Q q 0 0 0 rg BT 321.20 117.90 Td (Item7A) Tj ET Q q 0 0 0 rg BT 353.69 117.90 Td ( ) Tj ET Q q 0 0 0 rg BT 356.15 117.90 Td (of ) Tj ET Q q 0 0 0 rg BT 366.93 117.90 Td (this ) Tj ET Q q 0 0 0 rg BT 383.29 117.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 415.19 117.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 444.86 117.90 Td (on ) Tj ET Q q 0 0 0 rg BT 457.32 117.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 481.44 117.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 504.45 117.90 Td (under ) Tj ET Q q 0 0 0 rg BT 529.68 117.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.35 117.90 Td (heading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 105.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 40.44 105.90 Td (Market ) Tj ET Q q 0 0 0 rg BT 71.47 105.90 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.57 105.90 Td (. ) Tj ET Q q 0 0 0 rg BT 101.66 105.90 Td (In ) Tj ET Q q 0 0 0 rg BT 112.14 105.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 149.57 105.90 Td (with ) Tj ET Q q 0 0 0 rg BT 169.49 105.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 199.96 105.90 Td (to ) Tj ET Q q 0 0 0 rg BT 209.89 105.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 249.80 105.90 Td (that ) Tj ET Q q 0 0 0 rg BT 266.95 105.90 Td (at ) Tj ET Q q 0 0 0 rg BT 276.31 105.90 Td (any ) Tj ET Q q 0 0 0 rg BT 292.90 105.90 Td (given ) Tj ET Q q 0 0 0 rg BT 317.27 105.90 Td (time ) Tj ET Q q 0 0 0 rg BT 337.19 105.90 Td (are ) Tj ET Q q 0 0 0 rg BT 351.55 105.90 Td (already ) Tj ET Q q 0 0 0 rg BT 383.12 105.90 Td (being ) Tj ET Q q 0 0 0 rg BT 407.49 105.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 444.06 105.90 Td (through ) Tj ET Q q 0 0 0 rg BT 477.32 105.90 Td (our ) Tj ET Q q 0 0 0 rg BT 492.80 105.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 532.71 105.90 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 93.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 75.65 93.90 Td (we ) Tj ET Q q 0 0 0 rg BT 90.02 93.90 Td (are ) Tj ET Q q 0 0 0 rg BT 104.95 93.90 Td (exposed ) Tj ET Q q 0 0 0 rg BT 140.43 93.90 Td (to ) Tj ET Q q 0 0 0 rg BT 150.93 93.90 Td (market, ) Tj ET Q q 0 0 0 rg BT 183.91 93.90 Td (credit, ) Tj ET Q q 0 0 0 rg BT 211.89 93.90 Td (liquidity) Tj ET Q q 0 0 0 rg BT 245.13 93.90 Td (, ) Tj ET Q q 0 0 0 rg BT 250.35 93.90 Td (and ) Tj ET Q q 0 0 0 rg BT 267.51 93.90 Td (other ) Tj ET Q q 0 0 0 rg BT 290.77 93.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 312.38 93.90 Td (of ) Tj ET Q q 0 0 0 rg BT 323.43 93.90 Td (the ) Tj ET Q q 0 0 0 rg BT 338.36 93.90 Td (types ) Tj ET Q q 0 0 0 rg BT 362.19 93.90 Td (described ) Tj ET Q q 0 0 0 rg BT 403.22 93.90 Td (in ) Tj ET Q q 0 0 0 rg BT 413.71 93.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 432.54 93.90 Td (I, ) Tj ET Q q 0 0 0 rg BT 441.09 93.90 Td (Item1A) Tj ET Q q 0 0 0 rg BT 473.58 93.90 Td ( ) Tj ET Q q 0 0 0 rg BT 476.30 93.90 Td (of ) Tj ET Q q 0 0 0 rg BT 487.35 93.90 Td (this ) Tj ET Q q 0 0 0 rg BT 503.91 93.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 536.07 93.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 566.00 93.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 81.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 60.42 81.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 83.72 81.90 Td (under ) Tj ET Q q 0 0 0 rg BT 109.23 81.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.20 81.90 Td (heading ) Tj ET Q q 0 0 0 rg BT 158.60 81.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.04 81.90 Td (Risk ) Tj ET Q q 0 0 0 rg BT 183.01 81.90 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.11 81.90 Td (, ) Tj ET Q q 0 0 0 rg BT 223.80 81.90 Td (and ) Tj ET Q q 0 0 0 rg BT 240.99 81.90 Td (in ) Tj ET Q q 0 0 0 rg BT 251.51 81.90 Td (Part ) Tj ET Q q 0 0 0 rg BT 270.37 81.90 Td (II, ) Tj ET Q q 0 0 0 rg BT 282.28 81.90 Td (Item7A) Tj ET Q q 0 0 0 rg BT 314.77 81.90 Td ( ) Tj ET Q q 0 0 0 rg BT 317.52 81.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.60 81.90 Td (this ) Tj ET Q q 0 0 0 rg BT 345.19 81.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 377.38 81.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 407.34 81.90 Td (on ) Tj ET Q q 0 0 0 rg BT 420.09 81.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 444.51 81.90 Td (10-K ) Tj ET Q q 0 0 0 rg BT 467.81 81.90 Td (under ) Tj ET Q q 0 0 0 rg BT 493.32 81.90 Td (the ) Tj ET Q q 0 0 0 rg BT 508.29 81.90 Td (heading ) Tj ET Q q 0 0 0 rg BT 542.69 81.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 547.13 81.90 Td (Market ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 69.90 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.11 69.90 Td (, ) Tj ET Q q 0 0 0 rg BT 66.06 69.90 Td (if ) Tj ET Q q 0 0 0 rg BT 74.18 69.90 Td (and ) Tj ET Q q 0 0 0 rg BT 90.63 69.90 Td (when ) Tj ET Q q 0 0 0 rg BT 114.30 69.90 Td (those ) Tj ET Q q 0 0 0 rg BT 137.42 69.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 177.20 69.90 Td (decline ) Tj ET Q q 0 0 0 rg BT 208.08 69.90 Td (in ) Tj ET Q q 0 0 0 rg BT 217.87 69.90 Td (value, ) Tj ET Q q 0 0 0 rg BT 244.04 69.90 Td (or ) Tj ET Q q 0 0 0 rg BT 254.38 69.90 Td (have ) Tj ET Q q 0 0 0 rg BT 275.27 69.90 Td (been ) Tj ET Q q 0 0 0 rg BT 296.16 69.90 Td (financed ) Tj ET Q q 0 0 0 rg BT 332.59 69.90 Td (for ) Tj ET Q q 0 0 0 rg BT 346.26 69.90 Td (the ) Tj ET Q q 0 0 0 rg BT 360.49 69.90 Td (maximum ) Tj ET Q q 0 0 0 rg BT 403.06 69.90 Td (term ) Tj ET Q q 0 0 0 rg BT 423.39 69.90 Td (permitted ) Tj ET Q q 0 0 0 rg BT 463.72 69.90 Td (under ) Tj ET Q q 0 0 0 rg BT 488.50 69.90 Td (the ) Tj ET Q q 0 0 0 rg BT 502.73 69.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 545.83 69.90 Td (facility) Tj ET Q q 0 0 0 rg BT 573.50 69.90 Td (. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 56.70 Td () Tj ET Q endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 80.92 731.10 Td (our ) Tj ET Q q 0 0 0 rg BT 96.18 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 135.87 731.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 181.10 731.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 219.96 731.10 Td (we ) Tj ET Q q 0 0 0 rg BT 233.55 731.10 Td (also ) Tj ET Q q 0 0 0 rg BT 251.59 731.10 Td (make ) Tj ET Q q 0 0 0 rg BT 275.17 731.10 Td (various ) Tj ET Q q 0 0 0 rg BT 306.54 731.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 369.00 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.37 731.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 428.94 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.31 731.10 Td (have ) Tj ET Q q 0 0 0 rg BT 466.11 731.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 494.69 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.40 731.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 533.53 731.10 Td (covenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (events ) Tj ET Q q 0 0 0 rg BT 64.42 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.62 719.10 Td (default, ) Tj ET Q q 0 0 0 rg BT 108.76 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.07 719.10 Td (other ) Tj ET Q q 0 0 0 rg BT 149.49 719.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 174.58 719.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 218.56 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.76 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.85 719.10 Td (type ) Tj ET Q q 0 0 0 rg BT 264.95 719.10 Td (described ) Tj ET Q q 0 0 0 rg BT 306.13 719.10 Td (above ) Tj ET Q q 0 0 0 rg BT 332.88 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 358.53 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.62 719.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 408.15 719.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.58 719.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 460.45 719.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 483.88 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.30 719.10 Td (ar) Tj ET Q q 0 0 0 rg BT 499.82 719.10 Td (ehouse ) Tj ET Q q 0 0 0 rg BT 530.46 719.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.23 719.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 52.95 707.10 Td (if ) Tj ET Q q 0 0 0 rg BT 61.01 707.10 Td (breached ) Tj ET Q q 0 0 0 rg BT 99.05 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 109.34 707.10 Td (triggered ) Tj ET Q q 0 0 0 rg BT 147.38 707.10 Td (can ) Tj ET Q q 0 0 0 rg BT 163.22 707.10 Td (result ) Tj ET Q q 0 0 0 rg BT 187.39 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.12 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.40 707.10 Td (being ) Tj ET Q q 0 0 0 rg BT 236.58 707.10 Td (required ) Tj ET Q q 0 0 0 rg BT 271.85 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.58 707.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 333.52 707.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 357.68 707.10 Td (all ) Tj ET Q q 0 0 0 rg BT 369.63 707.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 418.25 707.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 454.09 707.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 494.37 707.10 Td (under ) Tj ET Q q 0 0 0 rg BT 519.09 707.10 Td (these ) Tj ET Q q 0 0 0 rg BT 541.59 707.10 Td (facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 51.90 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.91 695.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 109.80 695.10 Td (being ) Tj ET Q q 0 0 0 rg BT 133.48 695.10 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 181.03 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.27 695.10 Td (use ) Tj ET Q q 0 0 0 rg BT 205.06 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 218.18 695.10 Td (future ) Tj ET Q q 0 0 0 rg BT 243.52 695.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 282.74 695.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 309.47 695.10 Td (In ) Tj ET Q q 0 0 0 rg BT 319.26 695.10 Td (particular) Tj ET Q q 0 0 0 rg BT 357.17 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.14 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 695.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 398.49 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.28 695.10 Td (these ) Tj ET Q q 0 0 0 rg BT 430.29 695.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 466.18 695.10 Td (include ) Tj ET Q q 0 0 0 rg BT 497.08 695.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 533.52 695.10 Td (covenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.10 Td (cross-default ) Tj ET Q q 0 0 0 rg BT 89.32 683.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 135.17 683.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 174.61 683.10 Td (default ) Tj ET Q q 0 0 0 rg BT 204.05 683.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 249.90 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.01 683.10 Td (other ) Tj ET Q q 0 0 0 rg BT 288.23 683.10 Td (events ) Tj ET Q q 0 0 0 rg BT 315.45 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.46 683.10 Td (default ) Tj ET Q q 0 0 0 rg BT 354.90 683.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 397.67 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.68 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.57 683.10 Td (type ) Tj ET Q q 0 0 0 rg BT 440.46 683.10 Td (described ) Tj ET Q q 0 0 0 rg BT 480.45 683.10 Td (above ) Tj ET Q q 0 0 0 rg BT 506.00 683.10 Td (under ) Tj ET Q q 0 0 0 rg BT 530.45 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.34 683.10 Td (heading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 40.44 671.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 88.29 671.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 111.71 671.10 Td (W) Tj ET Q q 0 0 0 rg BT 119.12 671.10 Td (ar) Tj ET Q q 0 0 0 rg BT 127.64 671.10 Td (ehouse ) Tj ET Q q 0 0 0 rg BT 158.27 671.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.03 671.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 209.16 671.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 249.23 671.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 292.07 671.10 Td (included ) Tj ET Q q 0 0 0 rg BT 329.36 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.00 671.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.19 671.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 402.35 671.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 439.64 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 454.70 671.10 Td (further ) Tj ET Q q 0 0 0 rg BT 484.77 671.10 Td (described ) Tj ET Q q 0 0 0 rg BT 525.94 671.10 Td (below ) Tj ET Q q 0 0 0 rg BT 553.24 671.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 659.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 84.87 659.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.31 659.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 130.69 659.10 Td (Covenants ) Tj ET Q q 0 0 0 rg BT 175.23 659.10 Td (Associated ) Tj ET Q q 0 0 0 rg BT 221.05 659.10 Td (with ) Tj ET Q q 0 0 0 rg BT 240.78 659.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 270.42 659.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 288.48 659.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 310.41 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.91 659.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 353.74 659.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 375.68 659.10 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.79 659.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.84 635.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 113.90 635.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 160.49 635.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 198.21 635.10 Td (could ) Tj ET Q q 0 0 0 rg BT 223.72 635.10 Td (also ) Tj ET Q q 0 0 0 rg BT 243.12 635.10 Td (become ) Tj ET Q q 0 0 0 rg BT 277.51 635.10 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 326.89 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.62 635.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 394.57 635.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 431.75 635.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 473.36 635.10 Td (thereunder ) Tj ET Q q 0 0 0 rg BT 519.41 635.10 Td (could ) Tj ET Q q 0 0 0 rg BT 544.91 635.10 Td (become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 87.46 623.10 Td (due ) Tj ET Q q 0 0 0 rg BT 103.37 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.29 623.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 151.85 623.10 Td (if ) Tj ET Q q 0 0 0 rg BT 159.44 623.10 Td (there ) Tj ET Q q 0 0 0 rg BT 180.90 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 189.04 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.96 623.10 Td (material ) Tj ET Q q 0 0 0 rg BT 229.19 623.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 261.20 623.10 Td (change ) Tj ET Q q 0 0 0 rg BT 290.99 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.24 623.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.05 623.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 352.91 623.10 Td (If ) Tj ET Q q 0 0 0 rg BT 361.05 623.10 Td (we ) Tj ET Q q 0 0 0 rg BT 374.18 623.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 402.30 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 412.11 623.10 Td (trigger ) Tj ET Q q 0 0 0 rg BT 440.24 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.93 623.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 515.94 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.85 623.10 Td (warranties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 80.99 611.10 Td (events ) Tj ET Q q 0 0 0 rg BT 109.05 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.89 611.10 Td (default, ) Tj ET Q q 0 0 0 rg BT 152.66 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 163.50 611.10 Td (other ) Tj ET Q q 0 0 0 rg BT 186.56 611.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 211.28 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.12 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 237.96 611.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 278.23 611.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 324.05 611.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 363.48 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 377.65 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 392.37 611.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 427.65 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.93 611.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 474.33 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.28 611.10 Td (other ) Tj ET Q q 0 0 0 rg BT 514.34 611.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 538.24 611.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.01 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.91 599.10 Td (type ) Tj ET Q q 0 0 0 rg BT 81.81 599.10 Td (described ) Tj ET Q q 0 0 0 rg BT 122.80 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.26 599.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 152.05 599.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 160.56 599.10 Td (Item1A) Tj ET Q q 0 0 0 rg BT 193.06 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.74 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.75 599.10 Td (this ) Tj ET Q q 0 0 0 rg BT 223.28 599.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 255.40 599.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 285.30 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.98 599.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 322.33 599.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 345.56 599.10 Td (under ) Tj ET Q q 0 0 0 rg BT 371.01 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.91 599.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 420.25 599.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.69 599.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 444.58 599.10 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.69 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 485.31 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.43 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.89 599.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 531.68 599.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 543.52 599.10 Td (Item7A) Tj ET Q q 0 0 0 rg BT 576.01 599.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 587.10 Td (this ) Tj ET Q q 0 0 0 rg BT 63.23 587.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 95.17 587.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 124.88 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 137.38 587.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 161.55 587.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 184.60 587.10 Td (under ) Tj ET Q q 0 0 0 rg BT 209.87 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.59 587.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 258.74 587.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 263.18 587.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 294.56 587.10 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.67 587.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.66 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.21 563.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 115.42 563.10 Td (course ) Tj ET Q q 0 0 0 rg BT 143.84 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.51 563.10 Td (business ) Tj ET Q q 0 0 0 rg BT 190.73 563.10 Td (we ) Tj ET Q q 0 0 0 rg BT 204.72 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 224.27 563.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 244.36 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.47 563.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 291.80 563.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 334.12 563.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 374.21 563.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 419.85 563.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 456.61 563.10 Td (that ) Tj ET Q q 0 0 0 rg BT 473.94 563.10 Td (may ) Tj ET Q q 0 0 0 rg BT 493.48 563.10 Td (have ) Tj ET Q q 0 0 0 rg BT 514.69 563.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 544.79 563.10 Td (or ) Tj ET Q q 0 0 0 rg BT 555.46 563.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.10 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 77.72 551.10 Td (terms. ) Tj ET Q q 0 0 0 rg BT 104.18 551.10 Td (In ) Tj ET Q q 0 0 0 rg BT 114.25 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.21 551.10 Td (event ) Tj ET Q q 0 0 0 rg BT 151.61 551.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.79 551.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 210.07 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.59 551.10 Td (one ) Tj ET Q q 0 0 0 rg BT 235.77 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 245.84 551.10 Td (more ) Tj ET Q q 0 0 0 rg BT 268.13 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.20 551.10 Td (our ) Tj ET Q q 0 0 0 rg BT 293.27 551.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 332.78 551.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 377.83 551.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 414.00 551.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 450.72 551.10 Td (insolvent ) Tj ET Q q 0 0 0 rg BT 489.13 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 499.20 551.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 527.60 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 537.67 551.10 Td (unwilling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.00 539.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 80.43 539.10 Td (its ) Tj ET Q q 0 0 0 rg BT 92.10 539.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 138.77 539.10 Td (under ) Tj ET Q q 0 0 0 rg BT 163.76 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.20 539.10 Td (facility) Tj ET Q q 0 0 0 rg BT 205.87 539.10 Td (, ) Tj ET Q q 0 0 0 rg BT 210.60 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.48 539.10 Td (may ) Tj ET Q q 0 0 0 rg BT 243.92 539.10 Td (be ) Tj ET Q q 0 0 0 rg BT 255.58 539.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 284.46 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.46 539.10 Td (access ) Tj ET Q q 0 0 0 rg BT 322.22 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.66 539.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 380.54 539.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 420.53 539.10 Td (we ) Tj ET Q q 0 0 0 rg BT 434.41 539.10 Td (need ) Tj ET Q q 0 0 0 rg BT 455.51 539.10 Td (or ) Tj ET Q q 0 0 0 rg BT 466.06 539.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 481.61 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.61 539.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 523.81 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.25 539.10 Td (full ) Tj ET Q q 0 0 0 rg BT 554.36 539.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 527.10 Td (our ) Tj ET Q q 0 0 0 rg BT 62.66 527.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 102.92 527.10 Td (financed. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 525.90 Td () Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 500.5669921875 m 186.2509765625 500.5669921875 l s q 0 0 0 rg BT 54.00 501.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.50 501.90 Td (Short-T) Tj ET Q q 0 0 0 rg BT 109.15 501.90 Td (erm ) Tj ET Q q 0 0 0 rg BT 126.87 501.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 148.48 501.90 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.25 501.90 Td (. ) Tj ET Q q 0 0 0 rg BT 190.77 501.90 Td (W) Tj ET Q q 0 0 0 rg BT 199.40 501.90 Td (e ) Tj ET Q q 0 0 0 rg BT 206.02 501.90 Td (also ) Tj ET Q q 0 0 0 rg BT 224.30 501.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 261.46 501.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.07 501.90 Td ($10 ) Tj ET Q q 0 0 0 rg BT 285.24 501.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.14 501.90 Td ( ) Tj ET Q q 0 0 0 rg BT 316.31 501.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 361.25 501.90 Td (line ) Tj ET Q q 0 0 0 rg BT 378.42 501.90 Td (of ) Tj ET Q q 0 0 0 rg BT 388.92 501.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 432.75 501.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 457.69 501.90 Td (from ) Tj ET Q q 0 0 0 rg BT 479.30 501.90 Td (a ) Tj ET Q q 0 0 0 rg BT 485.91 501.90 Td (bank, ) Tj ET Q q 0 0 0 rg BT 510.02 501.90 Td (which ) Tj ET Q q 0 0 0 rg BT 536.63 501.90 Td (is ) Tj ET Q q 0 0 0 rg BT 545.47 501.90 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 489.90 Td (by ) Tj ET Q q 0 0 0 rg BT 48.44 489.90 Td (our ) Tj ET Q q 0 0 0 rg BT 64.21 489.90 Td (pledge ) Tj ET Q q 0 0 0 rg BT 93.30 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 104.07 489.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 133.71 489.90 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 205.55 489.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 245.76 489.90 Td (we ) Tj ET Q q 0 0 0 rg BT 259.85 489.90 Td (own. ) Tj ET Q q 0 0 0 rg BT 281.84 489.90 Td (This ) Tj ET Q q 0 0 0 rg BT 302.05 489.90 Td (bank ) Tj ET Q q 0 0 0 rg BT 323.93 489.90 Td (line ) Tj ET Q q 0 0 0 rg BT 341.36 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 352.13 489.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 377.33 489.90 Td (is ) Tj ET Q q 0 0 0 rg BT 386.44 489.90 Td (an ) Tj ET Q q 0 0 0 rg BT 398.32 489.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 440.75 489.90 Td (source ) Tj ET Q q 0 0 0 rg BT 469.28 489.90 Td (of ) Tj ET Q q 0 0 0 rg BT 480.05 489.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 524.14 489.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 564.35 489.90 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 477.90 Td (us. ) Tj ET Q q 0 0 0 rg BT 49.07 477.90 Td (Similar ) Tj ET Q q 0 0 0 rg BT 80.19 477.90 Td (to ) Tj ET Q q 0 0 0 rg BT 89.64 477.90 Td (the ) Tj ET Q q 0 0 0 rg BT 103.54 477.90 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 157.98 477.90 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 202.42 477.90 Td (and ) Tj ET Q q 0 0 0 rg BT 218.53 477.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 257.97 477.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 302.95 477.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 339.06 477.90 Td (described ) Tj ET Q q 0 0 0 rg BT 379.05 477.90 Td (herein, ) Tj ET Q q 0 0 0 rg BT 408.21 477.90 Td (under ) Tj ET Q q 0 0 0 rg BT 432.65 477.90 Td (this ) Tj ET Q q 0 0 0 rg BT 448.78 477.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 493.22 477.90 Td (line ) Tj ET Q q 0 0 0 rg BT 509.90 477.90 Td (we ) Tj ET Q q 0 0 0 rg BT 523.23 477.90 Td (make ) Tj ET Q q 0 0 0 rg BT 546.56 477.90 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 465.90 Td (representations ) Tj ET Q q 0 0 0 rg BT 98.99 465.90 Td (and ) Tj ET Q q 0 0 0 rg BT 115.88 465.90 Td (warranties ) Tj ET Q q 0 0 0 rg BT 159.98 465.90 Td (and ) Tj ET Q q 0 0 0 rg BT 176.88 465.90 Td (have ) Tj ET Q q 0 0 0 rg BT 198.21 465.90 Td (agreed ) Tj ET Q q 0 0 0 rg BT 227.31 465.90 Td (to ) Tj ET Q q 0 0 0 rg BT 237.55 465.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 267.21 465.90 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 312.15 465.90 Td (events ) Tj ET Q q 0 0 0 rg BT 340.15 465.90 Td (of ) Tj ET Q q 0 0 0 rg BT 350.94 465.90 Td (default, ) Tj ET Q q 0 0 0 rg BT 383.66 465.90 Td (and ) Tj ET Q q 0 0 0 rg BT 400.55 465.90 Td (other ) Tj ET Q q 0 0 0 rg BT 423.55 465.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 448.23 465.90 Td (that ) Tj ET Q q 0 0 0 rg BT 465.68 465.90 Td (if ) Tj ET Q q 0 0 0 rg BT 474.24 465.90 Td (breached ) Tj ET Q q 0 0 0 rg BT 512.78 465.90 Td (or ) Tj ET Q q 0 0 0 rg BT 523.57 465.90 Td (triggered ) Tj ET Q q 0 0 0 rg BT 562.12 465.90 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 453.90 Td (result ) Tj ET Q q 0 0 0 rg BT 60.39 453.90 Td (in ) Tj ET Q q 0 0 0 rg BT 70.34 453.90 Td (our ) Tj ET Q q 0 0 0 rg BT 85.84 453.90 Td (being ) Tj ET Q q 0 0 0 rg BT 110.23 453.90 Td (required ) Tj ET Q q 0 0 0 rg BT 145.72 453.90 Td (to ) Tj ET Q q 0 0 0 rg BT 155.67 453.90 Td (immediately ) Tj ET Q q 0 0 0 rg BT 207.82 453.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 232.20 453.90 Td (all ) Tj ET Q q 0 0 0 rg BT 244.37 453.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 293.21 453.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 329.27 453.90 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 369.76 453.90 Td (under ) Tj ET Q q 0 0 0 rg BT 394.70 453.90 Td (this ) Tj ET Q q 0 0 0 rg BT 411.32 453.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 441.81 453.90 Td (and ) Tj ET Q q 0 0 0 rg BT 458.42 453.90 Td (this ) Tj ET Q q 0 0 0 rg BT 475.04 453.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 505.53 453.90 Td (being ) Tj ET Q q 0 0 0 rg BT 529.92 453.90 Td (unavailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 441.90 Td (to ) Tj ET Q q 0 0 0 rg BT 45.73 441.90 Td (use ) Tj ET Q q 0 0 0 rg BT 61.02 441.90 Td (for ) Tj ET Q q 0 0 0 rg BT 74.64 441.90 Td (future ) Tj ET Q q 0 0 0 rg BT 100.47 441.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 140.19 441.90 Td (needs. ) Tj ET Q q 0 0 0 rg BT 167.27 441.90 Td (The ) Tj ET Q q 0 0 0 rg BT 184.77 441.90 Td (mar) Tj ET Q q 0 0 0 rg BT 200.14 441.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 214.87 441.90 Td (call ) Tj ET Q q 0 0 0 rg BT 231.26 441.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 274.89 441.90 Td (and ) Tj ET Q q 0 0 0 rg BT 291.28 441.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.22 441.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 370.16 441.90 Td (included ) Tj ET Q q 0 0 0 rg BT 406.55 441.90 Td (in ) Tj ET Q q 0 0 0 rg BT 416.28 441.90 Td (this ) Tj ET Q q 0 0 0 rg BT 432.69 441.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 477.41 441.90 Td (line ) Tj ET Q q 0 0 0 rg BT 494.36 441.90 Td (are ) Tj ET Q q 0 0 0 rg BT 508.52 441.90 Td (further ) Tj ET Q q 0 0 0 rg BT 537.69 441.90 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 429.90 Td (below ) Tj ET Q q 0 0 0 rg BT 61.79 429.90 Td (under ) Tj ET Q q 0 0 0 rg BT 85.91 429.90 Td (the ) Tj ET Q q 0 0 0 rg BT 99.47 429.90 Td (headings ) Tj ET Q q 0 0 0 rg BT 136.37 429.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.81 429.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 157.66 429.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 171.79 429.90 Td (Call ) Tj ET Q q 0 0 0 rg BT 190.37 429.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 199.99 429.90 Td (ovisions ) Tj ET Q q 0 0 0 rg BT 234.02 429.90 Td (Associated ) Tj ET Q q 0 0 0 rg BT 278.70 429.90 Td (with ) Tj ET Q q 0 0 0 rg BT 297.28 429.90 Td (Short-T) Tj ET Q q 0 0 0 rg BT 326.92 429.90 Td (erm ) Tj ET Q q 0 0 0 rg BT 343.82 429.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 364.61 429.90 Td (and ) Tj ET Q q 0 0 0 rg BT 380.96 429.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 405.64 429.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 426.43 429.90 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.53 429.90 Td ( ) Tj ET Q q 0 0 0 rg BT 473.32 429.90 Td (and ) Tj ET Q q 0 0 0 rg BT 489.11 429.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 493.55 429.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 533.78 429.90 Td (Covenants ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 417.90 Td (Associated ) Tj ET Q q 0 0 0 rg BT 81.54 417.90 Td (with ) Tj ET Q q 0 0 0 rg BT 100.98 417.90 Td (Short-T) Tj ET Q q 0 0 0 rg BT 130.62 417.90 Td (erm ) Tj ET Q q 0 0 0 rg BT 148.39 417.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 170.04 417.90 Td (and ) Tj ET Q q 0 0 0 rg BT 187.25 417.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 212.80 417.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 234.45 417.90 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.55 417.90 Td (. ) Tj ET Q q 0 0 0 rg BT 284.54 417.90 Td (When ) Tj ET Q q 0 0 0 rg BT 310.63 417.90 Td (we ) Tj ET Q q 0 0 0 rg BT 324.51 417.90 Td (use ) Tj ET Q q 0 0 0 rg BT 340.05 417.90 Td (this ) Tj ET Q q 0 0 0 rg BT 356.71 417.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 401.69 417.90 Td (line ) Tj ET Q q 0 0 0 rg BT 418.90 417.90 Td (to ) Tj ET Q q 0 0 0 rg BT 428.89 417.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 451.65 417.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 495.52 417.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 514.95 417.90 Td (we ) Tj ET Q q 0 0 0 rg BT 528.83 417.90 Td (are ) Tj ET Q q 0 0 0 rg BT 543.25 417.90 Td (exposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 405.90 Td (to ) Tj ET Q q 0 0 0 rg BT 45.39 405.90 Td (the ) Tj ET Q q 0 0 0 rg BT 59.22 405.90 Td (market, ) Tj ET Q q 0 0 0 rg BT 91.09 405.90 Td (credit, ) Tj ET Q q 0 0 0 rg BT 117.97 405.90 Td (liquidity) Tj ET Q q 0 0 0 rg BT 151.21 405.90 Td (, ) Tj ET Q q 0 0 0 rg BT 155.32 405.90 Td (and ) Tj ET Q q 0 0 0 rg BT 171.37 405.90 Td (other ) Tj ET Q q 0 0 0 rg BT 193.53 405.90 Td (types ) Tj ET Q q 0 0 0 rg BT 216.25 405.90 Td (of ) Tj ET Q q 0 0 0 rg BT 226.19 405.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 246.69 405.90 Td (described ) Tj ET Q q 0 0 0 rg BT 286.62 405.90 Td (above ) Tj ET Q q 0 0 0 rg BT 312.11 405.90 Td (with ) Tj ET Q q 0 0 0 rg BT 331.50 405.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 361.42 405.90 Td (to ) Tj ET Q q 0 0 0 rg BT 370.81 405.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 414.08 405.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 432.90 405.90 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 477.27 405.90 Td (and ) Tj ET Q q 0 0 0 rg BT 493.32 405.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 532.70 405.90 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 393.90 Td (facilities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.93 393.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 368.5669921875 m 158.3115234375 368.5669921875 l s q 0 0 0 rg BT 54.00 369.90 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 81.62 369.90 Td (Borr) Tj ET Q q 0 0 0 rg BT 100.14 369.90 Td (owing ) Tj ET Q q 0 0 0 rg BT 127.21 369.90 Td (Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.31 369.90 Td (. ) Tj ET Q q 0 0 0 rg BT 163.43 369.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 181.61 369.90 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 242.00 369.90 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 282.46 369.90 Td (, ) Tj ET Q q 0 0 0 rg BT 287.58 369.90 Td (R) Tj ET Q q 0 0 0 rg BT 293.70 369.90 Td (WT) Tj ET Q q 0 0 0 rg BT 309.06 369.90 Td ( ) Tj ET Q q 0 0 0 rg BT 311.69 369.90 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 354.02 369.90 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 378.03 369.90 Td (is ) Tj ET Q q 0 0 0 rg BT 387.32 369.90 Td (a ) Tj ET Q q 0 0 0 rg BT 394.38 369.90 Td (party ) Tj ET Q q 0 0 0 rg BT 417.55 369.90 Td (to ) Tj ET Q q 0 0 0 rg BT 427.95 369.90 Td (a ) Tj ET Q q 0 0 0 rg BT 435.01 369.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 468.17 369.90 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 512.45 369.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 543.39 369.90 Td (with ) Tj ET Q q 0 0 0 rg BT 563.79 369.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 357.90 Td (Federal ) Tj ET Q q 0 0 0 rg BT 68.72 357.90 Td (Home ) Tj ET Q q 0 0 0 rg BT 95.90 357.90 Td (Loan ) Tj ET Q q 0 0 0 rg BT 119.18 357.90 Td (Bank ) Tj ET Q q 0 0 0 rg BT 143.02 357.90 Td (of ) Tj ET Q q 0 0 0 rg BT 154.09 357.90 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 190.15 357.90 Td (\(FHLBC\) ) Tj ET Q q 0 0 0 rg BT 240.65 357.90 Td (that ) Tj ET Q q 0 0 0 rg BT 258.38 357.90 Td (was ) Tj ET Q q 0 0 0 rg BT 276.67 357.90 Td (put ) Tj ET Q q 0 0 0 rg BT 292.19 357.90 Td (into ) Tj ET Q q 0 0 0 rg BT 310.48 357.90 Td (place ) Tj ET Q q 0 0 0 rg BT 334.31 357.90 Td (in ) Tj ET Q q 0 0 0 rg BT 344.82 357.90 Td (July ) Tj ET Q q 0 0 0 rg BT 364.23 357.90 Td (2014. ) Tj ET Q q 0 0 0 rg BT 389.46 357.90 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 439.42 357.90 Td (under ) Tj ET Q q 0 0 0 rg BT 464.93 357.90 Td (this ) Tj ET Q q 0 0 0 rg BT 482.11 357.90 Td (facility) Tj ET Q q 0 0 0 rg BT 509.78 357.90 Td (, ) Tj ET Q q 0 0 0 rg BT 515.02 357.90 Td (also ) Tj ET Q q 0 0 0 rg BT 533.86 357.90 Td (referred ) Tj ET Q q 0 0 0 rg BT 568.23 357.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 345.90 Td (as ) Tj ET Q q 0 0 0 rg BT 47.07 345.90 Td (advances, ) Tj ET Q q 0 0 0 rg BT 97.84 345.90 Td (are ) Tj ET Q q 0 0 0 rg BT 112.79 345.90 Td (required ) Tj ET Q q 0 0 0 rg BT 148.85 345.90 Td (to ) Tj ET Q q 0 0 0 rg BT 159.37 345.90 Td (be ) Tj ET Q q 0 0 0 rg BT 171.56 345.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 204.84 345.90 Td (by ) Tj ET Q q 0 0 0 rg BT 217.58 345.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 250.32 345.90 Td (collateral ) Tj ET Q q 0 0 0 rg BT 290.26 345.90 Td (including, ) Tj ET Q q 0 0 0 rg BT 333.28 345.90 Td (but ) Tj ET Q q 0 0 0 rg BT 348.80 345.90 Td (not ) Tj ET Q q 0 0 0 rg BT 364.32 345.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 395.39 345.90 Td (to, ) Tj ET Q q 0 0 0 rg BT 408.42 345.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 452.81 345.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 493.32 345.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 517.17 345.90 Td (and ) Tj ET Q q 0 0 0 rg BT 534.35 345.90 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 333.90 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 107.97 333.90 Td (securities. ) Tj ET Q q 0 0 0 rg BT 150.79 333.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 178.34 333.90 Td (a ) Tj ET Q q 0 0 0 rg BT 185.34 333.90 Td (final ) Tj ET Q q 0 0 0 rg BT 206.22 333.90 Td (rule ) Tj ET Q q 0 0 0 rg BT 224.33 333.90 Td (published ) Tj ET Q q 0 0 0 rg BT 265.77 333.90 Td (by ) Tj ET Q q 0 0 0 rg BT 278.33 333.90 Td (the ) Tj ET Q q 0 0 0 rg BT 293.10 333.90 Td (Federal ) Tj ET Q q 0 0 0 rg BT 325.65 333.90 Td (Housing ) Tj ET Q q 0 0 0 rg BT 362.10 333.90 Td (Finance ) Tj ET Q q 0 0 0 rg BT 395.75 333.90 Td (Agency ) Tj ET Q q 0 0 0 rg BT 429.41 333.90 Td (in ) Tj ET Q q 0 0 0 rg BT 439.74 333.90 Td (January ) Tj ET Q q 0 0 0 rg BT 473.40 333.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 498.46 333.90 Td (our ) Tj ET Q q 0 0 0 rg BT 514.35 333.90 Td (FHLB-member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 321.90 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 79.84 321.90 Td (will ) Tj ET Q q 0 0 0 rg BT 98.14 321.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 128.64 321.90 Td (an ) Tj ET Q q 0 0 0 rg BT 140.81 321.90 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 169.11 321.90 Td (member ) Tj ET Q q 0 0 0 rg BT 204.61 321.90 Td (through ) Tj ET Q q 0 0 0 rg BT 238.45 321.90 Td (the ) Tj ET Q q 0 0 0 rg BT 253.40 321.90 Td (five-year ) Tj ET Q q 0 0 0 rg BT 292.22 321.90 Td (transition ) Tj ET Q q 0 0 0 rg BT 332.73 321.90 Td (period ) Tj ET Q q 0 0 0 rg BT 361.02 321.90 Td (for ) Tj ET Q q 0 0 0 rg BT 375.41 321.90 Td (captive ) Tj ET Q q 0 0 0 rg BT 407.02 321.90 Td (insurance ) Tj ET Q q 0 0 0 rg BT 448.07 321.90 Td (companies. ) Tj ET Q q 0 0 0 rg BT 496.07 321.90 Td (Our ) Tj ET Q q 0 0 0 rg BT 514.36 321.90 Td (FHLB-member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 309.90 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 85.47 309.90 Td (existing ) Tj ET Q q 0 0 0 rg BT 119.80 309.90 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 144.96 309.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 173.74 309.90 Td (of ) Tj ET Q q 0 0 0 rg BT 184.74 309.90 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 212.97 309.90 Td (debt, ) Tj ET Q q 0 0 0 rg BT 235.35 309.90 Td (which ) Tj ET Q q 0 0 0 rg BT 262.46 309.90 Td (matures ) Tj ET Q q 0 0 0 rg BT 296.78 309.90 Td (beyond ) Tj ET Q q 0 0 0 rg BT 328.88 309.90 Td (this ) Tj ET Q q 0 0 0 rg BT 346.00 309.90 Td (transition ) Tj ET Q q 0 0 0 rg BT 386.43 309.90 Td (period, ) Tj ET Q q 0 0 0 rg BT 417.15 309.90 Td (is ) Tj ET Q q 0 0 0 rg BT 426.48 309.90 Td (permitted ) Tj ET Q q 0 0 0 rg BT 467.47 309.90 Td (to ) Tj ET Q q 0 0 0 rg BT 477.91 309.90 Td (remain ) Tj ET Q q 0 0 0 rg BT 508.34 309.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 557.67 309.90 Td (until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 297.90 Td (stated ) Tj ET Q q 0 0 0 rg BT 62.25 297.90 Td (maturity) Tj ET Q q 0 0 0 rg BT 95.48 297.90 Td (. ) Tj ET Q q 0 0 0 rg BT 100.26 297.90 Td (As ) Tj ET Q q 0 0 0 rg BT 114.30 297.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 158.88 297.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 182.92 297.90 Td (pledged ) Tj ET Q q 0 0 0 rg BT 217.50 297.90 Td (as ) Tj ET Q q 0 0 0 rg BT 228.75 297.90 Td (collateral ) Tj ET Q q 0 0 0 rg BT 268.88 297.90 Td (for ) Tj ET Q q 0 0 0 rg BT 283.46 297.90 Td (this ) Tj ET Q q 0 0 0 rg BT 300.84 297.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 320.98 297.90 Td (pay ) Tj ET Q q 0 0 0 rg BT 338.35 297.90 Td (down, ) Tj ET Q q 0 0 0 rg BT 365.99 297.90 Td (we ) Tj ET Q q 0 0 0 rg BT 380.58 297.90 Td (are ) Tj ET Q q 0 0 0 rg BT 395.71 297.90 Td (permitted ) Tj ET Q q 0 0 0 rg BT 436.96 297.90 Td (to ) Tj ET Q q 0 0 0 rg BT 447.66 297.90 Td (pledge ) Tj ET Q q 0 0 0 rg BT 477.25 297.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 520.16 297.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 544.20 297.90 Td (or ) Tj ET Q q 0 0 0 rg BT 555.45 297.90 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 285.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 68.42 285.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 94.18 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 104.39 285.90 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 155.67 285.90 Td (this ) Tj ET Q q 0 0 0 rg BT 172.55 285.90 Td (debt; ) Tj ET Q q 0 0 0 rg BT 194.98 285.90 Td (however) Tj ET Q q 0 0 0 rg BT 229.01 285.90 Td (, ) Tj ET Q q 0 0 0 rg BT 233.94 285.90 Td (we ) Tj ET Q q 0 0 0 rg BT 248.03 285.90 Td (do ) Tj ET Q q 0 0 0 rg BT 260.46 285.90 Td (not ) Tj ET Q q 0 0 0 rg BT 275.67 285.90 Td (expect ) Tj ET Q q 0 0 0 rg BT 304.19 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 314.40 285.90 Td (be ) Tj ET Q q 0 0 0 rg BT 326.27 285.90 Td (able ) Tj ET Q q 0 0 0 rg BT 345.36 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 355.57 285.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 390.75 285.90 Td (our ) Tj ET Q q 0 0 0 rg BT 406.51 285.90 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 455.74 285.90 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 483.74 285.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 503.38 285.90 Td (above ) Tj ET Q q 0 0 0 rg BT 529.69 285.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.34 285.90 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 273.90 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 61.00 273.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 89.61 273.90 Td (maximum. ) Tj ET Q q 0 0 0 rg BT 134.61 273.90 Td (At ) Tj ET Q q 0 0 0 rg BT 147.11 273.90 Td (December ) Tj ET Q q 0 0 0 rg BT 190.70 273.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 205.70 273.90 Td (2016, ) Tj ET Q q 0 0 0 rg BT 230.70 273.90 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 255.70 273.90 Td (billion ) Tj ET Q q 0 0 0 rg BT 284.31 273.90 Td (of ) Tj ET Q q 0 0 0 rg BT 295.14 273.90 Td (advances ) Tj ET Q q 0 0 0 rg BT 334.29 273.90 Td (were ) Tj ET Q q 0 0 0 rg BT 356.21 273.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 405.38 273.90 Td (under ) Tj ET Q q 0 0 0 rg BT 430.65 273.90 Td (this ) Tj ET Q q 0 0 0 rg BT 447.60 273.90 Td (facility) Tj ET Q q 0 0 0 rg BT 475.27 273.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 249.90 Td (Similar ) Tj ET Q q 0 0 0 rg BT 92.38 249.90 Td (to ) Tj ET Q q 0 0 0 rg BT 103.10 249.90 Td (the ) Tj ET Q q 0 0 0 rg BT 118.25 249.90 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 173.96 249.90 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 219.66 249.90 Td (and ) Tj ET Q q 0 0 0 rg BT 237.04 249.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 277.74 249.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 323.98 249.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 361.35 249.90 Td (described ) Tj ET Q q 0 0 0 rg BT 402.60 249.90 Td (herein, ) Tj ET Q q 0 0 0 rg BT 433.03 249.90 Td (under ) Tj ET Q q 0 0 0 rg BT 458.73 249.90 Td (this ) Tj ET Q q 0 0 0 rg BT 476.12 249.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 507.38 249.90 Td (we ) Tj ET Q q 0 0 0 rg BT 521.98 249.90 Td (make ) Tj ET Q q 0 0 0 rg BT 546.57 249.90 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 237.90 Td (representations ) Tj ET Q q 0 0 0 rg BT 98.99 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 115.88 237.90 Td (warranties ) Tj ET Q q 0 0 0 rg BT 159.98 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 176.88 237.90 Td (have ) Tj ET Q q 0 0 0 rg BT 198.21 237.90 Td (agreed ) Tj ET Q q 0 0 0 rg BT 227.31 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 237.55 237.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 267.21 237.90 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 312.15 237.90 Td (events ) Tj ET Q q 0 0 0 rg BT 340.15 237.90 Td (of ) Tj ET Q q 0 0 0 rg BT 350.94 237.90 Td (default, ) Tj ET Q q 0 0 0 rg BT 383.66 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 400.55 237.90 Td (other ) Tj ET Q q 0 0 0 rg BT 423.55 237.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 448.23 237.90 Td (that ) Tj ET Q q 0 0 0 rg BT 465.68 237.90 Td (if ) Tj ET Q q 0 0 0 rg BT 474.24 237.90 Td (breached ) Tj ET Q q 0 0 0 rg BT 512.78 237.90 Td (or ) Tj ET Q q 0 0 0 rg BT 523.57 237.90 Td (triggered ) Tj ET Q q 0 0 0 rg BT 562.12 237.90 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 225.90 Td (result ) Tj ET Q q 0 0 0 rg BT 61.17 225.90 Td (in ) Tj ET Q q 0 0 0 rg BT 71.89 225.90 Td (our ) Tj ET Q q 0 0 0 rg BT 88.17 225.90 Td (being ) Tj ET Q q 0 0 0 rg BT 113.33 225.90 Td (required ) Tj ET Q q 0 0 0 rg BT 149.60 225.90 Td (to ) Tj ET Q q 0 0 0 rg BT 160.33 225.90 Td (immediately ) Tj ET Q q 0 0 0 rg BT 213.26 225.90 Td (repay ) Tj ET Q q 0 0 0 rg BT 238.41 225.90 Td (all ) Tj ET Q q 0 0 0 rg BT 251.36 225.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 300.97 225.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 337.81 225.90 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 379.07 225.90 Td (under ) Tj ET Q q 0 0 0 rg BT 404.79 225.90 Td (this ) Tj ET Q q 0 0 0 rg BT 422.19 225.90 Td (facility) Tj ET Q q 0 0 0 rg BT 449.86 225.90 Td (. ) Tj ET Q q 0 0 0 rg BT 455.31 225.90 Td (In ) Tj ET Q q 0 0 0 rg BT 466.58 225.90 Td (particular) Tj ET Q q 0 0 0 rg BT 504.50 225.90 Td (, ) Tj ET Q q 0 0 0 rg BT 509.94 225.90 Td (the ) Tj ET Q q 0 0 0 rg BT 525.11 225.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 550.27 225.90 Td (of ) Tj ET Q q 0 0 0 rg BT 561.55 225.90 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 213.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 65.80 213.90 Td (permit ) Tj ET Q q 0 0 0 rg BT 93.39 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 107.08 213.90 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 156.86 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 166.67 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 180.37 213.90 Td (amortization ) Tj ET Q q 0 0 0 rg BT 232.39 213.90 Td (of ) Tj ET Q q 0 0 0 rg BT 242.20 213.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 277.57 213.90 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 317.37 213.90 Td (through ) Tj ET Q q 0 0 0 rg BT 349.96 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 363.65 213.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 393.46 213.90 Td (if ) Tj ET Q q 0 0 0 rg BT 401.04 213.90 Td (the ) Tj ET Q q 0 0 0 rg BT 414.74 213.90 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 448.46 213.90 Td (determines, ) Tj ET Q q 0 0 0 rg BT 496.31 213.90 Td (in ) Tj ET Q q 0 0 0 rg BT 505.57 213.90 Td (its ) Tj ET Q q 0 0 0 rg BT 516.50 213.90 Td (sole ) Tj ET Q q 0 0 0 rg BT 534.09 213.90 Td (discretion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 201.90 Td (that ) Tj ET Q q 0 0 0 rg BT 54.53 201.90 Td (our ) Tj ET Q q 0 0 0 rg BT 71.40 201.90 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 141.03 201.90 Td (or ) Tj ET Q q 0 0 0 rg BT 152.90 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 168.65 201.90 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 238.28 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 250.15 201.90 Td (our ) Tj ET Q q 0 0 0 rg BT 267.01 201.90 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 332.20 201.90 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 376.85 201.90 Td (does ) Tj ET Q q 0 0 0 rg BT 398.72 201.90 Td (not ) Tj ET Q q 0 0 0 rg BT 415.03 201.90 Td (meet ) Tj ET Q q 0 0 0 rg BT 438.00 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 453.75 201.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 496.18 201.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 551.92 201.90 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 201.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 189.90 Td (FHLBC. ) Tj ET Q q 0 0 0 rg BT 73.14 189.90 Td (Outstanding ) Tj ET Q q 0 0 0 rg BT 124.44 189.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 160.73 189.90 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 201.46 189.90 Td (under ) Tj ET Q q 0 0 0 rg BT 226.64 189.90 Td (this ) Tj ET Q q 0 0 0 rg BT 243.50 189.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 274.23 189.90 Td (could ) Tj ET Q q 0 0 0 rg BT 298.86 189.90 Td (become ) Tj ET Q q 0 0 0 rg BT 332.36 189.90 Td (immediately ) Tj ET Q q 0 0 0 rg BT 384.75 189.90 Td (due ) Tj ET Q q 0 0 0 rg BT 401.60 189.90 Td (and ) Tj ET Q q 0 0 0 rg BT 418.45 189.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 451.95 189.90 Td (if ) Tj ET Q q 0 0 0 rg BT 460.47 189.90 Td (the ) Tj ET Q q 0 0 0 rg BT 475.10 189.90 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 509.74 189.90 Td (determines ) Tj ET Q q 0 0 0 rg BT 556.02 189.90 Td (there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 177.90 Td (has ) Tj ET Q q 0 0 0 rg BT 51.74 177.90 Td (been ) Tj ET Q q 0 0 0 rg BT 73.03 177.90 Td (a ) Tj ET Q q 0 0 0 rg BT 79.88 177.90 Td (material ) Tj ET Q q 0 0 0 rg BT 115.05 177.90 Td (adverse ) Tj ET Q q 0 0 0 rg BT 148.00 177.90 Td (change ) Tj ET Q q 0 0 0 rg BT 178.73 177.90 Td (in ) Tj ET Q q 0 0 0 rg BT 188.92 177.90 Td (our ) Tj ET Q q 0 0 0 rg BT 204.66 177.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 242.05 177.90 Td (condition, ) Tj ET Q q 0 0 0 rg BT 284.74 177.90 Td (or ) Tj ET Q q 0 0 0 rg BT 295.48 177.90 Td (that ) Tj ET Q q 0 0 0 rg BT 312.89 177.90 Td (we ) Tj ET Q q 0 0 0 rg BT 326.96 177.90 Td (have ) Tj ET Q q 0 0 0 rg BT 348.25 177.90 Td (breached ) Tj ET Q q 0 0 0 rg BT 386.75 177.90 Td (or ) Tj ET Q q 0 0 0 rg BT 397.49 177.90 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 438.78 177.90 Td (not ) Tj ET Q q 0 0 0 rg BT 453.97 177.90 Td (complied ) Tj ET Q q 0 0 0 rg BT 493.59 177.90 Td (with ) Tj ET Q q 0 0 0 rg BT 513.78 177.90 Td (the ) Tj ET Q q 0 0 0 rg BT 528.41 177.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 553.04 177.90 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 177.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 165.90 Td (FHLBC) Tj ET Q q 0 0 0 rg BT 71.01 165.90 Td (s ) Tj ET Q q 0 0 0 rg BT 77.14 165.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 102.13 165.90 Td (policy) Tj ET Q q 0 0 0 rg BT 126.48 165.90 Td (. ) Tj ET Q q 0 0 0 rg BT 130.72 165.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 180.62 165.90 Td (, ) Tj ET Q q 0 0 0 rg BT 185.36 165.90 Td (the ) Tj ET Q q 0 0 0 rg BT 199.81 165.90 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 234.27 165.90 Td (may ) Tj ET Q q 0 0 0 rg BT 253.72 165.90 Td (increase ) Tj ET Q q 0 0 0 rg BT 288.71 165.90 Td (the ) Tj ET Q q 0 0 0 rg BT 303.16 165.90 Td (required ) Tj ET Q q 0 0 0 rg BT 338.71 165.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 370.94 165.90 Td (of ) Tj ET Q q 0 0 0 rg BT 381.50 165.90 Td (collateral ) Tj ET Q q 0 0 0 rg BT 420.93 165.90 Td (at ) Tj ET Q q 0 0 0 rg BT 430.38 165.90 Td (any ) Tj ET Q q 0 0 0 rg BT 447.06 165.90 Td (time ) Tj ET Q q 0 0 0 rg BT 467.06 165.90 Td (as ) Tj ET Q q 0 0 0 rg BT 477.63 165.90 Td (a ) Tj ET Q q 0 0 0 rg BT 484.30 165.90 Td (result ) Tj ET Q q 0 0 0 rg BT 508.75 165.90 Td (of ) Tj ET Q q 0 0 0 rg BT 519.32 165.90 Td (a ) Tj ET Q q 0 0 0 rg BT 525.99 165.90 Td (change ) Tj ET Q q 0 0 0 rg BT 556.54 165.90 Td (in ) Tj ET Q q 0 0 0 rg BT 566.55 165.90 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 153.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.65 153.90 Td (policy ) Tj ET Q q 0 0 0 rg BT 89.54 153.90 Td (or ) Tj ET Q q 0 0 0 rg BT 100.76 153.90 Td (as ) Tj ET Q q 0 0 0 rg BT 111.98 153.90 Td (a ) Tj ET Q q 0 0 0 rg BT 119.31 153.90 Td (result ) Tj ET Q q 0 0 0 rg BT 144.42 153.90 Td (of ) Tj ET Q q 0 0 0 rg BT 155.64 153.90 Td (our ) Tj ET Q q 0 0 0 rg BT 171.86 153.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 197.51 153.90 Td (deterioration, ) Tj ET Q q 0 0 0 rg BT 253.99 153.90 Td (in ) Tj ET Q q 0 0 0 rg BT 264.66 153.90 Td (which ) Tj ET Q q 0 0 0 rg BT 291.99 153.90 Td (case ) Tj ET Q q 0 0 0 rg BT 312.09 153.90 Td (we ) Tj ET Q q 0 0 0 rg BT 326.64 153.90 Td (may ) Tj ET Q q 0 0 0 rg BT 346.75 153.90 Td (be ) Tj ET Q q 0 0 0 rg BT 359.08 153.90 Td (required ) Tj ET Q q 0 0 0 rg BT 395.28 153.90 Td (to ) Tj ET Q q 0 0 0 rg BT 405.95 153.90 Td (deliver ) Tj ET Q q 0 0 0 rg BT 436.61 153.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 479.49 153.90 Td (collateral ) Tj ET Q q 0 0 0 rg BT 519.57 153.90 Td (in ) Tj ET Q q 0 0 0 rg BT 530.24 153.90 Td (the ) Tj ET Q q 0 0 0 rg BT 545.35 153.90 Td (form ) Tj ET Q q 0 0 0 rg BT 567.68 153.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 141.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 55.83 141.90 Td (or ) Tj ET Q q 0 0 0 rg BT 66.23 141.90 Td (other ) Tj ET Q q 0 0 0 rg BT 88.84 141.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 120.89 141.90 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 162.66 141.90 Td (Factors ) Tj ET Q q 0 0 0 rg BT 194.16 141.90 Td (that ) Tj ET Q q 0 0 0 rg BT 211.22 141.90 Td (may ) Tj ET Q q 0 0 0 rg BT 230.50 141.90 Td (af) Tj ET Q q 0 0 0 rg BT 238.09 141.90 Td (fect ) Tj ET Q q 0 0 0 rg BT 255.14 141.90 Td (the ) Tj ET Q q 0 0 0 rg BT 269.42 141.90 Td (FHLB) Tj ET Q q 0 0 0 rg BT 297.76 141.90 Td (s ) Tj ET Q q 0 0 0 rg BT 303.71 141.90 Td (judgment ) Tj ET Q q 0 0 0 rg BT 343.55 141.90 Td (of ) Tj ET Q q 0 0 0 rg BT 353.95 141.90 Td (our ) Tj ET Q q 0 0 0 rg BT 369.34 141.90 Td (or ) Tj ET Q q 0 0 0 rg BT 379.74 141.90 Td (our ) Tj ET Q q 0 0 0 rg BT 395.13 141.90 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 422.76 141.90 Td (member ) Tj ET Q q 0 0 0 rg BT 457.58 141.90 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 501.47 141.90 Td (s ) Tj ET Q q 0 0 0 rg BT 507.43 141.90 Td (creditworthiness, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 129.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.98 129.90 Td (condition, ) Tj ET Q q 0 0 0 rg BT 117.26 129.90 Td (or ) Tj ET Q q 0 0 0 rg BT 128.59 129.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 177.68 129.90 Td (with ) Tj ET Q q 0 0 0 rg BT 198.47 129.90 Td (its ) Tj ET Q q 0 0 0 rg BT 210.92 129.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 236.68 129.90 Td (policy ) Tj ET Q q 0 0 0 rg BT 264.68 129.90 Td (include, ) Tj ET Q q 0 0 0 rg BT 299.62 129.90 Td (among ) Tj ET Q q 0 0 0 rg BT 329.84 129.90 Td (other ) Tj ET Q q 0 0 0 rg BT 353.39 129.90 Td (things, ) Tj ET Q q 0 0 0 rg BT 383.34 129.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 422.99 129.90 Td (in ) Tj ET Q q 0 0 0 rg BT 433.77 129.90 Td (levels ) Tj ET Q q 0 0 0 rg BT 460.10 129.90 Td (of ) Tj ET Q q 0 0 0 rg BT 471.43 129.90 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 528.59 129.90 Td (increases ) Tj ET Q q 0 0 0 rg BT 568.24 129.90 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 117.90 Td (debt-to-capital ) Tj ET Q q 0 0 0 rg BT 97.17 117.90 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 124.74 117.90 Td (or ) Tj ET Q q 0 0 0 rg BT 135.93 117.90 Td (decreases ) Tj ET Q q 0 0 0 rg BT 177.10 117.90 Td (in ) Tj ET Q q 0 0 0 rg BT 187.74 117.90 Td (stockholders) Tj ET Q q 0 0 0 rg BT 240.87 117.90 Td ( ) Tj ET Q q 0 0 0 rg BT 243.73 117.90 Td (equity) Tj ET Q q 0 0 0 rg BT 268.08 117.90 Td (. ) Tj ET Q q 0 0 0 rg BT 273.23 117.90 Td (The ) Tj ET Q q 0 0 0 rg BT 291.64 117.90 Td (mar) Tj ET Q q 0 0 0 rg BT 307.01 117.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 322.64 117.90 Td (call ) Tj ET Q q 0 0 0 rg BT 339.94 117.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 384.47 117.90 Td (and ) Tj ET Q q 0 0 0 rg BT 401.77 117.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 439.61 117.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 482.45 117.90 Td (included ) Tj ET Q q 0 0 0 rg BT 519.75 117.90 Td (in ) Tj ET Q q 0 0 0 rg BT 530.39 117.90 Td (this ) Tj ET Q q 0 0 0 rg BT 547.70 117.90 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 105.90 Td (are ) Tj ET Q q 0 0 0 rg BT 50.87 105.90 Td (further ) Tj ET Q q 0 0 0 rg BT 80.74 105.90 Td (described ) Tj ET Q q 0 0 0 rg BT 121.72 105.90 Td (below ) Tj ET Q q 0 0 0 rg BT 148.83 105.90 Td (under ) Tj ET Q q 0 0 0 rg BT 174.26 105.90 Td (the ) Tj ET Q q 0 0 0 rg BT 189.14 105.90 Td (headings ) Tj ET Q q 0 0 0 rg BT 227.36 105.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.79 105.90 Td (Mar) Tj ET Q q 0 0 0 rg BT 248.64 105.90 Td (gin ) Tj ET Q q 0 0 0 rg BT 264.09 105.90 Td (Call ) Tj ET Q q 0 0 0 rg BT 283.98 105.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 293.61 105.90 Td (ovisions ) Tj ET Q q 0 0 0 rg BT 328.86 105.90 Td (Associated ) Tj ET Q q 0 0 0 rg BT 374.85 105.90 Td (with ) Tj ET Q q 0 0 0 rg BT 394.74 105.90 Td (Short-T) Tj ET Q q 0 0 0 rg BT 424.38 105.90 Td (erm ) Tj ET Q q 0 0 0 rg BT 442.60 105.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 464.70 105.90 Td (and ) Tj ET Q q 0 0 0 rg BT 482.37 105.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 508.36 105.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 530.47 105.90 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.57 105.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 93.90 Td (and ) Tj ET Q q 0 0 0 rg BT 52.86 93.90 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 57.29 93.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 98.59 93.90 Td (Covenants ) Tj ET Q q 0 0 0 rg BT 143.05 93.90 Td (Associated ) Tj ET Q q 0 0 0 rg BT 188.79 93.90 Td (with ) Tj ET Q q 0 0 0 rg BT 208.44 93.90 Td (Short-T) Tj ET Q q 0 0 0 rg BT 238.08 93.90 Td (erm ) Tj ET Q q 0 0 0 rg BT 256.05 93.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 277.91 93.90 Td (and ) Tj ET Q q 0 0 0 rg BT 295.32 93.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 321.07 93.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 342.92 93.90 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.03 93.90 Td (. ) Tj ET Q q 0 0 0 rg BT 393.21 93.90 Td (When ) Tj ET Q q 0 0 0 rg BT 419.50 93.90 Td (we ) Tj ET Q q 0 0 0 rg BT 433.58 93.90 Td (use ) Tj ET Q q 0 0 0 rg BT 449.33 93.90 Td (this ) Tj ET Q q 0 0 0 rg BT 466.19 93.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 496.93 93.90 Td (to ) Tj ET Q q 0 0 0 rg BT 507.13 93.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 530.09 93.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 549.72 93.90 Td (we ) Tj ET Q q 0 0 0 rg BT 563.80 93.90 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 81.90 Td (exposed ) Tj ET Q q 0 0 0 rg BT 70.91 81.90 Td (to ) Tj ET Q q 0 0 0 rg BT 80.82 81.90 Td (the ) Tj ET Q q 0 0 0 rg BT 95.18 81.90 Td (market, ) Tj ET Q q 0 0 0 rg BT 127.58 81.90 Td (credit, ) Tj ET Q q 0 0 0 rg BT 154.98 81.90 Td (liquidity) Tj ET Q q 0 0 0 rg BT 188.23 81.90 Td (, ) Tj ET Q q 0 0 0 rg BT 192.87 81.90 Td (and ) Tj ET Q q 0 0 0 rg BT 209.44 81.90 Td (other ) Tj ET Q q 0 0 0 rg BT 232.13 81.90 Td (types ) Tj ET Q q 0 0 0 rg BT 255.38 81.90 Td (of ) Tj ET Q q 0 0 0 rg BT 265.84 81.90 Td (risks ) Tj ET Q q 0 0 0 rg BT 286.87 81.90 Td (described ) Tj ET Q q 0 0 0 rg BT 327.33 81.90 Td (above ) Tj ET Q q 0 0 0 rg BT 353.34 81.90 Td (with ) Tj ET Q q 0 0 0 rg BT 373.26 81.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 403.71 81.90 Td (to ) Tj ET Q q 0 0 0 rg BT 413.63 81.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 457.42 81.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 476.78 81.90 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 521.67 81.90 Td (and ) Tj ET Q q 0 0 0 rg BT 538.25 81.90 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 69.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 81.81 69.90 Td (facilities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 118.73 69.90 Td ( ) Tj ET Q endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 731.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 77.75 731.10 Td (access ) Tj ET Q q 0 0 0 rg BT 105.49 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.46 731.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 155.43 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 180.39 731.10 Td (this ) Tj ET Q q 0 0 0 rg BT 197.04 731.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 227.56 731.10 Td (is ) Tj ET Q q 0 0 0 rg BT 236.43 731.10 Td (also ) Tj ET Q q 0 0 0 rg BT 254.73 731.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 285.26 731.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.24 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.65 731.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 330.74 731.10 Td (described ) Tj ET Q q 0 0 0 rg BT 371.26 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 396.22 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.64 731.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 444.49 731.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 448.93 731.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 468.35 731.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 501.65 731.10 Td (- ) Tj ET Q q 0 0 0 rg BT 507.18 731.10 Td (Recently ) Tj ET Q q 0 0 0 rg BT 543.80 731.10 Td (adopted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 719.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 69.47 719.10 Td (r) Tj ET Q q 0 0 0 rg BT 72.99 719.10 Td (egulations ) Tj ET Q q 0 0 0 rg BT 116.47 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 134.95 719.10 Td (limit, ) Tj ET Q q 0 0 0 rg BT 157.60 719.10 Td (eliminate, ) Tj ET Q q 0 0 0 rg BT 199.13 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.84 719.10 Td (r) Tj ET Q q 0 0 0 rg BT 213.36 719.10 Td (educe ) Tj ET Q q 0 0 0 rg BT 238.49 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.52 719.10 Td (attractiveness ) Tj ET Q q 0 0 0 rg BT 309.88 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.48 719.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.18 719.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 378.90 719.10 Td (s ) Tj ET Q q 0 0 0 rg BT 384.60 719.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 411.97 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.57 719.10 Td (use ) Tj ET Q q 0 0 0 rg BT 436.71 719.10 Td (borr) Tj ET Q q 0 0 0 rg BT 454.13 719.10 Td (owings ) Tj ET Q q 0 0 0 rg BT 484.28 719.10 Td (fr) Tj ET Q q 0 0 0 rg BT 490.58 719.10 Td (om ) Tj ET Q q 0 0 0 rg BT 504.62 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.65 719.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 552.12 719.10 Td (Home ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 707.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 59.24 707.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 82.46 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.91 707.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 129.47 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.93 707.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 172.03 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.93 707.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 227.93 707.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 252.28 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.95 707.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 310.95 707.10 Td (it ) Tj ET Q q 0 0 0 rg BT 319.18 707.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 343.53 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.20 707.10 Td (acquir) Tj ET Q q 0 0 0 rg BT 386.94 707.10 Td (es, ) Tj ET Q q 0 0 0 rg BT 400.44 707.10 Td (which ) Tj ET Q q 0 0 0 rg BT 427.00 707.10 Td (could ) Tj ET Q q 0 0 0 rg BT 451.90 707.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 495.66 707.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 525.55 707.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.12 707.10 Td (business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.50 695.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 94.89 695.10 Td (r) Tj ET Q q 0 0 0 rg BT 98.41 695.10 Td (esults ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.25 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.53 695.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 158.13 695.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 166.46 695.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 187.29 695.10 Td (1A) Tj ET Q q 0 0 0 rg BT 198.96 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.46 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.29 695.10 Td (this ) Tj ET Q q 0 0 0 rg BT 228.69 695.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 260.62 695.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 290.34 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.84 695.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 327.01 695.10 Td (10-K. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 663.7669921875 m 385.083984375 663.7669921875 l s q 0 0 0 rg BT 54.00 665.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 95.38 665.10 Td (Covenants ) Tj ET Q q 0 0 0 rg BT 139.92 665.10 Td (Associated ) Tj ET Q q 0 0 0 rg BT 185.74 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.52 665.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 206.58 665.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 236.22 665.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 254.27 665.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 276.21 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.71 665.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 319.54 665.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 341.48 665.10 Td (Financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (Set ) Tj ET Q q 0 0 0 rg BT 69.28 647.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 91.22 647.10 Td (below ) Tj ET Q q 0 0 0 rg BT 118.16 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 127.33 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.26 647.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 173.98 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.81 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.53 647.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.01 647.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 279.49 647.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 323.09 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 343.37 647.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.20 647.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 403.35 647.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 423.07 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.01 647.10 Td (other ) Tj ET Q q 0 0 0 rg BT 463.05 647.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 482.77 647.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 523.03 647.10 Td (facilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 627.7669921875 m 223.8154296875 627.7669921875 l s q 0 0 0 rg BT 72.00 629.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 118.85 629.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 141.12 629.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.76 629.10 Td (arehouse ) Tj ET Q q 0 0 0 rg BT 187.16 629.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.82 629.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.76 629.10 Td (As ) Tj ET Q q 0 0 0 rg BT 240.74 629.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 264.81 629.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 293.05 629.10 Td (one ) Tj ET Q q 0 0 0 rg BT 309.35 629.10 Td (source ) Tj ET Q q 0 0 0 rg BT 337.31 629.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.49 629.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.68 629.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 406.20 629.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 425.27 629.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 464.90 629.10 Td (is ) Tj ET Q q 0 0 0 rg BT 473.43 629.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 505.82 629.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 553.23 629.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 115.25 617.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 134.07 617.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 178.43 617.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 214.46 617.10 Td (we ) Tj ET Q q 0 0 0 rg BT 227.72 617.10 Td (have ) Tj ET Q q 0 0 0 rg BT 248.20 617.10 Td (established ) Tj ET Q q 0 0 0 rg BT 294.24 617.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 312.78 617.10 Td (as ) Tj ET Q q 0 0 0 rg BT 322.71 617.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.64 617.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 390.33 617.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.33 617.10 Td (, ) Tj ET Q q 0 0 0 rg BT 414.43 617.10 Td (were ) Tj ET Q q 0 0 0 rg BT 435.46 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.84 617.10 Td (place ) Tj ET Q q 0 0 0 rg BT 467.53 617.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.91 617.10 Td (four ) Tj ET Q q 0 0 0 rg BT 505.17 617.10 Td (dif) Tj ET Q q 0 0 0 rg BT 516.10 617.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 541.02 617.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 114.99 605.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 176.55 605.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 216.19 605.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 258.60 605.10 Td (included ) Tj ET Q q 0 0 0 rg BT 295.46 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.67 605.10 Td (these ) Tj ET Q q 0 0 0 rg BT 328.64 605.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 373.82 605.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 410.68 605.10 Td (are ) Tj ET Q q 0 0 0 rg BT 425.31 605.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.07 605.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 468.49 605.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.36 605.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 605.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.51 605.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 605.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 593.10 Td (through ) Tj ET Q q 0 0 0 rg BT 122.55 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.26 593.10 Td (date ) Tj ET Q q 0 0 0 rg BT 156.42 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.25 593.10 Td (this ) Tj ET Q q 0 0 0 rg BT 183.65 593.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 215.58 593.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 245.30 593.10 Td (on ) Tj ET Q q 0 0 0 rg BT 257.80 593.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 281.97 593.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 307.52 593.10 Td (we ) Tj ET Q q 0 0 0 rg BT 321.68 593.10 Td (were ) Tj ET Q q 0 0 0 rg BT 343.61 593.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.89 593.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 402.48 593.10 Td (with ) Tj ET Q q 0 0 0 rg BT 422.76 593.10 Td (each ) Tj ET Q q 0 0 0 rg BT 443.57 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.40 593.10 Td (these ) Tj ET Q q 0 0 0 rg BT 477.45 593.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 514.93 593.10 Td (covenants: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 575.10 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.14 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.97 575.10 Td (a ) Tj ET Q q 0 0 0 rg BT 161.91 575.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.30 575.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 229.13 575.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 261.62 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.45 575.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 325.59 575.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.09 575.10 Td (equity/tangible ) Tj ET Q q 0 0 0 rg BT 390.57 575.10 Td (net ) Tj ET Q q 0 0 0 rg BT 405.29 575.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 431.12 575.10 Td (at ) Tj ET Q q 0 0 0 rg BT 440.83 575.10 Td (Redwood. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 90.00 573.90 Td ( ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 108.00 573.90 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 555.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 555.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.13 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 154.95 555.90 Td (a ) Tj ET Q q 0 0 0 rg BT 161.87 555.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.25 555.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 229.06 555.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 261.55 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 272.37 555.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 292.62 555.90 Td (and ) Tj ET Q q 0 0 0 rg BT 309.55 555.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 329.80 555.90 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 377.83 555.90 Td (at ) Tj ET Q q 0 0 0 rg BT 387.54 555.90 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 428.36 555.90 Td (or ) Tj ET Q q 0 0 0 rg BT 439.17 555.90 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 492.19 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 503.01 555.90 Td (an ) Tj ET Q q 0 0 0 rg BT 514.93 555.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 547.42 555.90 Td (of ) Tj ET Q q 0 0 0 rg BT 558.23 555.90 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 543.90 Td (and ) Tj ET Q q 0 0 0 rg BT 106.94 543.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 127.21 543.90 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 175.25 543.90 Td (in ) Tj ET Q q 0 0 0 rg BT 185.53 543.90 Td (excess ) Tj ET Q q 0 0 0 rg BT 214.13 543.90 Td (of ) Tj ET Q q 0 0 0 rg BT 224.96 543.90 Td (a ) Tj ET Q q 0 0 0 rg BT 231.89 543.90 Td (specified ) Tj ET Q q 0 0 0 rg BT 270.49 543.90 Td (percentage ) Tj ET Q q 0 0 0 rg BT 316.29 543.90 Td (of ) Tj ET Q q 0 0 0 rg BT 327.12 543.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 376.28 543.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 420.44 543.90 Td (recourse ) Tj ET Q q 0 0 0 rg BT 456.81 543.90 Td (indebtedness. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 525.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 525.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.43 525.90 Td (of ) Tj ET Q q 0 0 0 rg BT 155.55 525.90 Td (a ) Tj ET Q q 0 0 0 rg BT 162.79 525.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 204.47 525.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 225.59 525.90 Td (of ) Tj ET Q q 0 0 0 rg BT 236.71 525.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 290.04 525.90 Td (recourse ) Tj ET Q q 0 0 0 rg BT 326.70 525.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 381.15 525.90 Td (to ) Tj ET Q q 0 0 0 rg BT 391.72 525.90 Td (stockholders) Tj ET Q q 0 0 0 rg BT 444.85 525.90 Td ( ) Tj ET Q q 0 0 0 rg BT 447.65 525.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 475.43 525.90 Td (and ) Tj ET Q q 0 0 0 rg BT 492.66 525.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 527.67 525.90 Td (net ) Tj ET Q q 0 0 0 rg BT 542.68 525.90 Td (worth ) Tj ET Q q 0 0 0 rg BT 568.80 525.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 513.90 Td (Redwood. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 495.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 495.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.14 495.90 Td (of ) Tj ET Q q 0 0 0 rg BT 154.97 495.90 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 210.24 495.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 254.39 495.90 Td (loan ) Tj ET Q q 0 0 0 rg BT 274.11 495.90 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 319.37 495.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 356.29 495.90 Td (with ) Tj ET Q q 0 0 0 rg BT 376.57 495.90 Td (a ) Tj ET Q q 0 0 0 rg BT 383.51 495.90 Td (specified ) Tj ET Q q 0 0 0 rg BT 422.10 495.90 Td (level ) Tj ET Q q 0 0 0 rg BT 444.04 495.90 Td (of ) Tj ET Q q 0 0 0 rg BT 454.87 495.90 Td (unused ) Tj ET Q q 0 0 0 rg BT 485.70 495.90 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 529.86 495.90 Td (capacity) Tj ET Q q 0 0 0 rg BT 562.52 495.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 476.5669921875 m 198.6455078125 476.5669921875 l s q 0 0 0 rg BT 72.00 477.90 Td (Securities ) Tj ET Q q 0 0 0 rg BT 113.39 477.90 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 161.99 477.90 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.65 477.90 Td (. ) Tj ET Q q 0 0 0 rg BT 202.67 477.90 Td (As ) Tj ET Q q 0 0 0 rg BT 215.73 477.90 Td (noted ) Tj ET Q q 0 0 0 rg BT 239.90 477.90 Td (above, ) Tj ET Q q 0 0 0 rg BT 268.23 477.90 Td (another ) Tj ET Q q 0 0 0 rg BT 300.17 477.90 Td (source ) Tj ET Q q 0 0 0 rg BT 328.22 477.90 Td (of ) Tj ET Q q 0 0 0 rg BT 338.51 477.90 Td (our ) Tj ET Q q 0 0 0 rg BT 353.79 477.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 397.40 477.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 416.57 477.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 456.29 477.90 Td (is ) Tj ET Q q 0 0 0 rg BT 464.91 477.90 Td (through ) Tj ET Q q 0 0 0 rg BT 497.97 477.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 530.46 477.90 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 465.90 Td (under ) Tj ET Q q 0 0 0 rg BT 97.21 465.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.41 465.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 183.15 465.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 220.01 465.90 Td (we ) Tj ET Q q 0 0 0 rg BT 234.11 465.90 Td (have ) Tj ET Q q 0 0 0 rg BT 255.42 465.90 Td (established ) Tj ET Q q 0 0 0 rg BT 302.29 465.90 Td (with ) Tj ET Q q 0 0 0 rg BT 322.51 465.90 Td (various ) Tj ET Q q 0 0 0 rg BT 354.38 465.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.80 465.90 Td (institution ) Tj ET Q q 0 0 0 rg BT 434.80 465.90 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 496.38 465.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 536.02 465.90 Td (covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 453.90 Td (included ) Tj ET Q q 0 0 0 rg BT 109.01 453.90 Td (in ) Tj ET Q q 0 0 0 rg BT 119.36 453.90 Td (these ) Tj ET Q q 0 0 0 rg BT 142.48 453.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.82 453.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 228.70 453.90 Td (facilities ) Tj ET Q q 0 0 0 rg BT 265.71 453.90 Td (are ) Tj ET Q q 0 0 0 rg BT 280.49 453.90 Td (as ) Tj ET Q q 0 0 0 rg BT 291.39 453.90 Td (follows ) Tj ET Q q 0 0 0 rg BT 323.97 453.90 Td (and ) Tj ET Q q 0 0 0 rg BT 340.98 453.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.77 453.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 409.43 453.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.43 453.90 Td (, ) Tj ET Q q 0 0 0 rg BT 434.50 453.90 Td (and ) Tj ET Q q 0 0 0 rg BT 451.52 453.90 Td (through ) Tj ET Q q 0 0 0 rg BT 485.20 453.90 Td (the ) Tj ET Q q 0 0 0 rg BT 499.99 453.90 Td (date ) Tj ET Q q 0 0 0 rg BT 519.22 453.90 Td (of ) Tj ET Q q 0 0 0 rg BT 530.13 453.90 Td (this ) Tj ET Q q 0 0 0 rg BT 546.58 453.90 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 441.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 101.72 441.90 Td (on ) Tj ET Q q 0 0 0 rg BT 114.22 441.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 138.39 441.90 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 163.94 441.90 Td (we ) Tj ET Q q 0 0 0 rg BT 178.10 441.90 Td (were ) Tj ET Q q 0 0 0 rg BT 200.03 441.90 Td (in ) Tj ET Q q 0 0 0 rg BT 210.31 441.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 258.89 441.90 Td (with ) Tj ET Q q 0 0 0 rg BT 279.17 441.90 Td (each ) Tj ET Q q 0 0 0 rg BT 299.99 441.90 Td (of ) Tj ET Q q 0 0 0 rg BT 310.82 441.90 Td (these ) Tj ET Q q 0 0 0 rg BT 333.87 441.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.35 441.90 Td (covenants: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 423.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 423.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.14 423.90 Td (of ) Tj ET Q q 0 0 0 rg BT 154.97 423.90 Td (a ) Tj ET Q q 0 0 0 rg BT 161.91 423.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.30 423.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 229.13 423.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 261.62 423.90 Td (of ) Tj ET Q q 0 0 0 rg BT 272.45 423.90 Td (stockholders) Tj ET Q q 0 0 0 rg BT 325.59 423.90 Td ( ) Tj ET Q q 0 0 0 rg BT 328.09 423.90 Td (equity/tangible ) Tj ET Q q 0 0 0 rg BT 390.57 423.90 Td (net ) Tj ET Q q 0 0 0 rg BT 405.29 423.90 Td (worth ) Tj ET Q q 0 0 0 rg BT 431.12 423.90 Td (at ) Tj ET Q q 0 0 0 rg BT 440.83 423.90 Td (Redwood. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 405.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 405.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.14 405.90 Td (of ) Tj ET Q q 0 0 0 rg BT 154.97 405.90 Td (a ) Tj ET Q q 0 0 0 rg BT 161.91 405.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.30 405.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 229.13 405.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 261.62 405.90 Td (of ) Tj ET Q q 0 0 0 rg BT 272.45 405.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 292.72 405.90 Td (and ) Tj ET Q q 0 0 0 rg BT 309.66 405.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 329.93 405.90 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 377.97 405.90 Td (at ) Tj ET Q q 0 0 0 rg BT 387.69 405.90 Td (Redwood. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 387.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 387.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 145.20 387.90 Td (of ) Tj ET Q q 0 0 0 rg BT 157.08 387.90 Td (a ) Tj ET Q q 0 0 0 rg BT 165.08 387.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 207.53 387.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 229.41 387.90 Td (of ) Tj ET Q q 0 0 0 rg BT 241.30 387.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 295.40 387.90 Td (recourse ) Tj ET Q q 0 0 0 rg BT 332.82 387.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 388.03 387.90 Td (to ) Tj ET Q q 0 0 0 rg BT 399.37 387.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 453.47 387.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 490.35 387.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 526.12 387.90 Td (net ) Tj ET Q q 0 0 0 rg BT 541.89 387.90 Td (worth ) Tj ET Q q 0 0 0 rg BT 568.78 387.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 375.90 Td (Redwood. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 356.5669921875 m 177.4072265625 356.5669921875 l s q 0 0 0 rg BT 72.00 357.90 Td (Committed ) Tj ET Q q 0 0 0 rg BT 119.92 357.90 Td (Line ) Tj ET Q q 0 0 0 rg BT 141.16 357.90 Td (of ) Tj ET Q q 0 0 0 rg BT 152.41 357.90 Td (Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.41 357.90 Td (. ) Tj ET Q q 0 0 0 rg BT 182.18 357.90 Td (As ) Tj ET Q q 0 0 0 rg BT 196.21 357.90 Td (noted ) Tj ET Q q 0 0 0 rg BT 221.35 357.90 Td (above, ) Tj ET Q q 0 0 0 rg BT 250.65 357.90 Td (we ) Tj ET Q q 0 0 0 rg BT 265.22 357.90 Td (also ) Tj ET Q q 0 0 0 rg BT 284.25 357.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 322.16 357.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.52 357.90 Td ($10 ) Tj ET Q q 0 0 0 rg BT 347.44 357.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.33 357.90 Td ( ) Tj ET Q q 0 0 0 rg BT 379.25 357.90 Td (committed ) Tj ET Q q 0 0 0 rg BT 424.94 357.90 Td (line ) Tj ET Q q 0 0 0 rg BT 442.85 357.90 Td (of ) Tj ET Q q 0 0 0 rg BT 454.10 357.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 498.67 357.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 524.36 357.90 Td (from ) Tj ET Q q 0 0 0 rg BT 546.71 357.90 Td (a ) Tj ET Q q 0 0 0 rg BT 554.07 357.90 Td (bank, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 345.90 Td (which ) Tj ET Q q 0 0 0 rg BT 98.64 345.90 Td (is ) Tj ET Q q 0 0 0 rg BT 107.51 345.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 140.25 345.90 Td (by ) Tj ET Q q 0 0 0 rg BT 152.45 345.90 Td (our ) Tj ET Q q 0 0 0 rg BT 167.99 345.90 Td (pledge ) Tj ET Q q 0 0 0 rg BT 196.84 345.90 Td (of ) Tj ET Q q 0 0 0 rg BT 207.38 345.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 236.78 345.90 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 308.39 345.90 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.36 345.90 Td (we ) Tj ET Q q 0 0 0 rg BT 362.22 345.90 Td (own. ) Tj ET Q q 0 0 0 rg BT 383.98 345.90 Td (The ) Tj ET Q q 0 0 0 rg BT 401.73 345.90 Td (types ) Tj ET Q q 0 0 0 rg BT 425.04 345.90 Td (of ) Tj ET Q q 0 0 0 rg BT 435.58 345.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 472.76 345.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 514.95 345.90 Td (included ) Tj ET Q q 0 0 0 rg BT 551.58 345.90 Td (in ) Tj ET Q q 0 0 0 rg BT 561.56 345.90 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 333.90 Td (bank ) Tj ET Q q 0 0 0 rg BT 93.94 333.90 Td (line ) Tj ET Q q 0 0 0 rg BT 111.43 333.90 Td (of ) Tj ET Q q 0 0 0 rg BT 122.26 333.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 147.53 333.90 Td (are ) Tj ET Q q 0 0 0 rg BT 162.23 333.90 Td (a ) Tj ET Q q 0 0 0 rg BT 169.17 333.90 Td (subset ) Tj ET Q q 0 0 0 rg BT 196.67 333.90 Td (of ) Tj ET Q q 0 0 0 rg BT 207.50 333.90 Td (the ) Tj ET Q q 0 0 0 rg BT 222.22 333.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 264.71 333.90 Td (summarized ) Tj ET Q q 0 0 0 rg BT 316.08 333.90 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 314.5669921875 m 177.37353515625 314.5669921875 l s q 0 0 0 rg BT 72.00 315.90 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 100.69 315.90 Td (Borrowing ) Tj ET Q q 0 0 0 rg BT 147.15 315.90 Td (Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.05 315.90 Td (. ) Tj ET Q q 0 0 0 rg BT 181.99 315.90 Td (As ) Tj ET Q q 0 0 0 rg BT 196.23 315.90 Td (noted ) Tj ET Q q 0 0 0 rg BT 221.57 315.90 Td (above, ) Tj ET Q q 0 0 0 rg BT 251.08 315.90 Td (a ) Tj ET Q q 0 0 0 rg BT 258.64 315.90 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 319.54 315.90 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 363.77 315.90 Td (of ) Tj ET Q q 0 0 0 rg BT 375.23 315.90 Td (ours, ) Tj ET Q q 0 0 0 rg BT 398.08 315.90 Td (R) Tj ET Q q 0 0 0 rg BT 404.20 315.90 Td (WT) Tj ET Q q 0 0 0 rg BT 419.56 315.90 Td ( ) Tj ET Q q 0 0 0 rg BT 422.69 315.90 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 465.53 315.90 Td (also ) Tj ET Q q 0 0 0 rg BT 484.77 315.90 Td (maintains ) Tj ET Q q 0 0 0 rg BT 526.78 315.90 Td (a ) Tj ET Q q 0 0 0 rg BT 534.34 315.90 Td (borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 303.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 102.60 303.90 Td (with ) Tj ET Q q 0 0 0 rg BT 122.66 303.90 Td (the ) Tj ET Q q 0 0 0 rg BT 137.15 303.90 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 174.16 303.90 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 222.00 303.90 Td (under ) Tj ET Q q 0 0 0 rg BT 247.04 303.90 Td (which ) Tj ET Q q 0 0 0 rg BT 273.76 303.90 Td (are ) Tj ET Q q 0 0 0 rg BT 288.25 303.90 Td (required ) Tj ET Q q 0 0 0 rg BT 323.84 303.90 Td (to ) Tj ET Q q 0 0 0 rg BT 333.90 303.90 Td (be ) Tj ET Q q 0 0 0 rg BT 345.62 303.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 378.43 303.90 Td (by ) Tj ET Q q 0 0 0 rg BT 390.71 303.90 Td (eligible ) Tj ET Q q 0 0 0 rg BT 422.98 303.90 Td (collateral ) Tj ET Q q 0 0 0 rg BT 462.46 303.90 Td (including, ) Tj ET Q q 0 0 0 rg BT 505.01 303.90 Td (but ) Tj ET Q q 0 0 0 rg BT 520.07 303.90 Td (not ) Tj ET Q q 0 0 0 rg BT 535.13 303.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 565.74 303.90 Td (to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 291.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 115.32 291.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 154.75 291.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 177.52 291.90 Td (and ) Tj ET Q q 0 0 0 rg BT 193.63 291.90 Td (residential ) Tj ET Q q 0 0 0 rg BT 236.95 291.90 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 308.03 291.90 Td (securities. ) Tj ET Q q 0 0 0 rg BT 349.96 291.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 388.84 291.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 430.49 291.90 Td (included ) Tj ET Q q 0 0 0 rg BT 466.59 291.90 Td (in ) Tj ET Q q 0 0 0 rg BT 476.04 291.90 Td (this ) Tj ET Q q 0 0 0 rg BT 492.15 291.90 Td (facility ) Tj ET Q q 0 0 0 rg BT 522.14 291.90 Td (are ) Tj ET Q q 0 0 0 rg BT 536.01 291.90 Td (as ) Tj ET Q q 0 0 0 rg BT 546.01 291.90 Td (follows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 279.90 Td (and ) Tj ET Q q 0 0 0 rg BT 88.52 279.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.81 279.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 155.98 279.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.98 279.90 Td (, ) Tj ET Q q 0 0 0 rg BT 180.56 279.90 Td (and ) Tj ET Q q 0 0 0 rg BT 197.07 279.90 Td (through ) Tj ET Q q 0 0 0 rg BT 230.26 279.90 Td (the ) Tj ET Q q 0 0 0 rg BT 244.56 279.90 Td (date ) Tj ET Q q 0 0 0 rg BT 263.29 279.90 Td (of ) Tj ET Q q 0 0 0 rg BT 273.70 279.90 Td (this ) Tj ET Q q 0 0 0 rg BT 289.77 279.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 321.29 279.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 350.58 279.90 Td (on ) Tj ET Q q 0 0 0 rg BT 362.66 279.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 386.41 279.90 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 411.54 279.90 Td (we ) Tj ET Q q 0 0 0 rg BT 425.28 279.90 Td (were ) Tj ET Q q 0 0 0 rg BT 446.79 279.90 Td (in ) Tj ET Q q 0 0 0 rg BT 456.65 279.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 504.81 279.90 Td (with ) Tj ET Q q 0 0 0 rg BT 524.67 279.90 Td (each ) Tj ET Q q 0 0 0 rg BT 545.07 279.90 Td (of ) Tj ET Q q 0 0 0 rg BT 555.47 279.90 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 267.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.48 267.90 Td (covenants: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 249.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 249.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 143.63 249.90 Td (by ) Tj ET Q q 0 0 0 rg BT 155.61 249.90 Td (R) Tj ET Q q 0 0 0 rg BT 161.73 249.90 Td (WT) Tj ET Q q 0 0 0 rg BT 177.09 249.90 Td ( ) Tj ET Q q 0 0 0 rg BT 179.08 249.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 218.28 249.90 Td (of ) Tj ET Q q 0 0 0 rg BT 228.59 249.90 Td (a ) Tj ET Q q 0 0 0 rg BT 235.01 249.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 275.89 249.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 296.20 249.90 Td (of ) Tj ET Q q 0 0 0 rg BT 306.52 249.90 Td (total ) Tj ET Q q 0 0 0 rg BT 326.27 249.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 365.48 249.90 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 410.22 249.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 429.43 249.90 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 483.07 249.90 Td (to ) Tj ET Q q 0 0 0 rg BT 492.83 249.90 Td (the ) Tj ET Q q 0 0 0 rg BT 507.03 249.90 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 541.25 249.90 Td (and ) Tj ET Q q 0 0 0 rg BT 557.67 249.90 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 237.90 Td (recourse ) Tj ET Q q 0 0 0 rg BT 126.37 237.90 Td (debt\) ) Tj ET Q q 0 0 0 rg BT 149.41 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 159.69 237.90 Td (stockholders) Tj ET Q q 0 0 0 rg BT 212.83 237.90 Td ( ) Tj ET Q q 0 0 0 rg BT 215.33 237.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 242.82 237.90 Td (and ) Tj ET Q q 0 0 0 rg BT 259.76 237.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 279.48 237.90 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 333.63 237.90 Td (to ) Tj ET Q q 0 0 0 rg BT 343.91 237.90 Td (the ) Tj ET Q q 0 0 0 rg BT 358.63 237.90 Td (FHLBC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 219.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 219.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.96 219.90 Td (by ) Tj ET Q q 0 0 0 rg BT 158.27 219.90 Td (R) Tj ET Q q 0 0 0 rg BT 164.39 219.90 Td (WT) Tj ET Q q 0 0 0 rg BT 179.75 219.90 Td ( ) Tj ET Q q 0 0 0 rg BT 183.07 219.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 223.59 219.90 Td (of ) Tj ET Q q 0 0 0 rg BT 235.24 219.90 Td (a ) Tj ET Q q 0 0 0 rg BT 242.99 219.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 285.20 219.90 Td (level ) Tj ET Q q 0 0 0 rg BT 307.95 219.90 Td (of ) Tj ET Q q 0 0 0 rg BT 319.59 219.90 Td (unencumbered ) Tj ET Q q 0 0 0 rg BT 381.77 219.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 408.41 219.90 Td (based ) Tj ET Q q 0 0 0 rg BT 434.50 219.90 Td (on ) Tj ET Q q 0 0 0 rg BT 447.81 219.90 Td (the ) Tj ET Q q 0 0 0 rg BT 463.34 219.90 Td (level ) Tj ET Q q 0 0 0 rg BT 486.09 219.90 Td (of ) Tj ET Q q 0 0 0 rg BT 497.73 219.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 552.70 219.90 Td (to ) Tj ET Q q 0 0 0 rg BT 563.80 219.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 207.90 Td (FHLBC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 189.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 189.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.14 189.90 Td (of ) Tj ET Q q 0 0 0 rg BT 154.97 189.90 Td (a ) Tj ET Q q 0 0 0 rg BT 161.91 189.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.30 189.90 Td (ratio ) Tj ET Q q 0 0 0 rg BT 224.13 189.90 Td (of ) Tj ET Q q 0 0 0 rg BT 234.96 189.90 Td (total ) Tj ET Q q 0 0 0 rg BT 255.23 189.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 294.95 189.90 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 340.21 189.90 Td (non-recourse ) Tj ET Q q 0 0 0 rg BT 394.91 189.90 Td (debt\) ) Tj ET Q q 0 0 0 rg BT 417.95 189.90 Td (to ) Tj ET Q q 0 0 0 rg BT 428.23 189.90 Td (stockholders) Tj ET Q q 0 0 0 rg BT 481.37 189.90 Td ( ) Tj ET Q q 0 0 0 rg BT 483.87 189.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 511.36 189.90 Td (at ) Tj ET Q q 0 0 0 rg BT 521.08 189.90 Td (Redwood. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 171.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 171.90 Td (Maintenance ) Tj ET Q q 0 0 0 rg BT 144.14 171.90 Td (of ) Tj ET Q q 0 0 0 rg BT 154.97 171.90 Td (a ) Tj ET Q q 0 0 0 rg BT 161.91 171.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 203.30 171.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 229.13 171.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 261.62 171.90 Td (of ) Tj ET Q q 0 0 0 rg BT 272.45 171.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 292.72 171.90 Td (and ) Tj ET Q q 0 0 0 rg BT 309.66 171.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 329.93 171.90 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 377.97 171.90 Td (at ) Tj ET Q q 0 0 0 rg BT 387.69 171.90 Td (Redwood. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.90 Td (As ) Tj ET Q q 0 0 0 rg BT 67.55 147.90 Td (noted ) Tj ET Q q 0 0 0 rg BT 92.20 147.90 Td (above, ) Tj ET Q q 0 0 0 rg BT 121.01 147.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.66 147.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 189.17 147.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.17 147.90 Td (, ) Tj ET Q q 0 0 0 rg BT 214.11 147.90 Td (and ) Tj ET Q q 0 0 0 rg BT 230.98 147.90 Td (through ) Tj ET Q q 0 0 0 rg BT 264.52 147.90 Td (the ) Tj ET Q q 0 0 0 rg BT 279.17 147.90 Td (date ) Tj ET Q q 0 0 0 rg BT 298.26 147.90 Td (of ) Tj ET Q q 0 0 0 rg BT 309.02 147.90 Td (this ) Tj ET Q q 0 0 0 rg BT 325.37 147.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 357.24 147.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 386.89 147.90 Td (on ) Tj ET Q q 0 0 0 rg BT 399.32 147.90 Td (Form ) Tj ET Q q 0 0 0 rg BT 423.42 147.90 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 448.91 147.90 Td (we ) Tj ET Q q 0 0 0 rg BT 463.00 147.90 Td (were ) Tj ET Q q 0 0 0 rg BT 484.86 147.90 Td (in ) Tj ET Q q 0 0 0 rg BT 495.07 147.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 543.60 147.90 Td (with ) Tj ET Q q 0 0 0 rg BT 563.81 147.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 135.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 74.20 135.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 117.41 135.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 161.72 135.90 Td (with ) Tj ET Q q 0 0 0 rg BT 182.72 135.90 Td (our ) Tj ET Q q 0 0 0 rg BT 199.28 135.90 Td (short-term ) Tj ET Q q 0 0 0 rg BT 244.15 135.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 264.59 135.90 Td (and ) Tj ET Q q 0 0 0 rg BT 282.25 135.90 Td (other ) Tj ET Q q 0 0 0 rg BT 306.02 135.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 326.46 135.90 Td (financing ) Tj ET Q q 0 0 0 rg BT 367.44 135.90 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 407.59 135.90 Td (In ) Tj ET Q q 0 0 0 rg BT 419.15 135.90 Td (particular) Tj ET Q q 0 0 0 rg BT 457.06 135.90 Td (, ) Tj ET Q q 0 0 0 rg BT 462.78 135.90 Td (with ) Tj ET Q q 0 0 0 rg BT 483.78 135.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 515.32 135.90 Td (to: ) Tj ET Q q 0 0 0 rg BT 529.09 135.90 Td (\(i\)financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 78.32 123.90 Td (that ) Tj ET Q q 0 0 0 rg BT 95.65 123.90 Td (require ) Tj ET Q q 0 0 0 rg BT 126.31 123.90 Td (us ) Tj ET Q q 0 0 0 rg BT 137.53 123.90 Td (to ) Tj ET Q q 0 0 0 rg BT 147.65 123.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 184.97 123.90 Td (a ) Tj ET Q q 0 0 0 rg BT 191.75 123.90 Td (minimum ) Tj ET Q q 0 0 0 rg BT 232.98 123.90 Td (dollar ) Tj ET Q q 0 0 0 rg BT 258.64 123.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 290.97 123.90 Td (of ) Tj ET Q q 0 0 0 rg BT 301.64 123.90 Td (stockholders) Tj ET Q q 0 0 0 rg BT 354.77 123.90 Td ( ) Tj ET Q q 0 0 0 rg BT 357.11 123.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.44 123.90 Td (or ) Tj ET Q q 0 0 0 rg BT 395.11 123.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 429.65 123.90 Td (net ) Tj ET Q q 0 0 0 rg BT 444.21 123.90 Td (worth, ) Tj ET Q q 0 0 0 rg BT 472.37 123.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.93 123.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.35 123.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.35 123.90 Td ( ) Tj ET Q q 0 0 0 rg BT 562.68 123.90 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 111.90 Td (level ) Tj ET Q q 0 0 0 rg BT 57.59 111.90 Td (of ) Tj ET Q q 0 0 0 rg BT 68.08 111.90 Td (stockholders) Tj ET Q q 0 0 0 rg BT 121.21 111.90 Td ( ) Tj ET Q q 0 0 0 rg BT 123.37 111.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 150.53 111.90 Td (and ) Tj ET Q q 0 0 0 rg BT 167.12 111.90 Td (tangible ) Tj ET Q q 0 0 0 rg BT 201.49 111.90 Td (net ) Tj ET Q q 0 0 0 rg BT 215.87 111.90 Td (worth ) Tj ET Q q 0 0 0 rg BT 241.36 111.90 Td (resulted ) Tj ET Q q 0 0 0 rg BT 275.17 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 285.11 111.90 Td (our ) Tj ET Q q 0 0 0 rg BT 300.59 111.90 Td (being ) Tj ET Q q 0 0 0 rg BT 324.97 111.90 Td (in ) Tj ET Q q 0 0 0 rg BT 334.91 111.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 383.15 111.90 Td (with ) Tj ET Q q 0 0 0 rg BT 403.09 111.90 Td (these ) Tj ET Q q 0 0 0 rg BT 425.79 111.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 467.94 111.90 Td (by ) Tj ET Q q 0 0 0 rg BT 480.10 111.90 Td (more ) Tj ET Q q 0 0 0 rg BT 502.80 111.90 Td (than ) Tj ET Q q 0 0 0 rg BT 522.18 111.90 Td ($200 ) Tj ET Q q 0 0 0 rg BT 544.33 111.90 Td (million; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 99.90 Td (and ) Tj ET Q q 0 0 0 rg BT 52.82 99.90 Td (\(ii\)financial ) Tj ET Q q 0 0 0 rg BT 104.89 99.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 147.26 99.90 Td (that ) Tj ET Q q 0 0 0 rg BT 164.63 99.90 Td (require ) Tj ET Q q 0 0 0 rg BT 195.33 99.90 Td (us ) Tj ET Q q 0 0 0 rg BT 206.60 99.90 Td (to ) Tj ET Q q 0 0 0 rg BT 216.76 99.90 Td (maintain ) Tj ET Q q 0 0 0 rg BT 254.13 99.90 Td (recourse ) Tj ET Q q 0 0 0 rg BT 290.37 99.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 344.41 99.90 Td (below ) Tj ET Q q 0 0 0 rg BT 371.23 99.90 Td (a ) Tj ET Q q 0 0 0 rg BT 378.04 99.90 Td (specified ) Tj ET Q q 0 0 0 rg BT 416.52 99.90 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 439.72 99.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.32 99.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 507.78 99.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.78 99.90 Td ( ) Tj ET Q q 0 0 0 rg BT 530.16 99.90 Td (our ) Tj ET Q q 0 0 0 rg BT 545.87 99.90 Td (level ) Tj ET Q q 0 0 0 rg BT 567.68 99.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 87.90 Td (recourse ) Tj ET Q q 0 0 0 rg BT 72.32 87.90 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 126.44 87.90 Td (resulted ) Tj ET Q q 0 0 0 rg BT 160.55 87.90 Td (in ) Tj ET Q q 0 0 0 rg BT 170.79 87.90 Td (our ) Tj ET Q q 0 0 0 rg BT 186.57 87.90 Td (being ) Tj ET Q q 0 0 0 rg BT 211.25 87.90 Td (in ) Tj ET Q q 0 0 0 rg BT 221.48 87.90 Td (compliance ) Tj ET Q q 0 0 0 rg BT 270.03 87.90 Td (with ) Tj ET Q q 0 0 0 rg BT 290.27 87.90 Td (these ) Tj ET Q q 0 0 0 rg BT 313.27 87.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 355.71 87.90 Td (at ) Tj ET Q q 0 0 0 rg BT 365.39 87.90 Td (a ) Tj ET Q q 0 0 0 rg BT 372.28 87.90 Td (level ) Tj ET Q q 0 0 0 rg BT 394.17 87.90 Td (such ) Tj ET Q q 0 0 0 rg BT 414.96 87.90 Td (that ) Tj ET Q q 0 0 0 rg BT 432.42 87.90 Td (we ) Tj ET Q q 0 0 0 rg BT 446.53 87.90 Td (could ) Tj ET Q q 0 0 0 rg BT 471.21 87.90 Td (incur ) Tj ET Q q 0 0 0 rg BT 494.21 87.90 Td (at ) Tj ET Q q 0 0 0 rg BT 503.89 87.90 Td (least ) Tj ET Q q 0 0 0 rg BT 524.67 87.90 Td ($600 ) Tj ET Q q 0 0 0 rg BT 547.13 87.90 Td (million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 75.90 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 75.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 88.77 75.90 Td (recourse ) Tj ET Q q 0 0 0 rg BT 125.14 75.90 Td (indebtedness. ) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (90) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 729.7669921875 m 395.748046875 729.7669921875 l s q 0 0 0 rg BT 54.00 731.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 70.85 731.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 86.13 731.10 Td (Call ) Tj ET Q q 0 0 0 rg BT 105.86 731.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 115.48 731.10 Td (ovisions ) Tj ET Q q 0 0 0 rg BT 150.58 731.10 Td (Associated ) Tj ET Q q 0 0 0 rg BT 196.41 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 204.19 731.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 217.24 731.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 246.89 731.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 264.94 731.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 286.88 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.38 731.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 330.21 731.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 352.14 731.10 Td (Financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 711.7669921875 m 223.8154296875 711.7669921875 l s q 0 0 0 rg BT 72.00 713.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 118.85 713.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 141.12 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 149.76 713.10 Td (arehouse ) Tj ET Q q 0 0 0 rg BT 187.16 713.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.82 713.10 Td (. ) Tj ET Q q 0 0 0 rg BT 227.76 713.10 Td (As ) Tj ET Q q 0 0 0 rg BT 240.74 713.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 264.81 713.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 293.05 713.10 Td (one ) Tj ET Q q 0 0 0 rg BT 309.35 713.10 Td (source ) Tj ET Q q 0 0 0 rg BT 337.31 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.49 713.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.68 713.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 406.20 713.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 425.27 713.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 464.90 713.10 Td (is ) Tj ET Q q 0 0 0 rg BT 473.43 713.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 505.82 713.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 553.23 713.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 701.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 115.25 701.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 134.07 701.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 178.43 701.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 214.46 701.10 Td (we ) Tj ET Q q 0 0 0 rg BT 227.72 701.10 Td (have ) Tj ET Q q 0 0 0 rg BT 248.20 701.10 Td (established ) Tj ET Q q 0 0 0 rg BT 294.24 701.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 312.78 701.10 Td (as ) Tj ET Q q 0 0 0 rg BT 322.71 701.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.64 701.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 390.33 701.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.33 701.10 Td (, ) Tj ET Q q 0 0 0 rg BT 414.43 701.10 Td (were ) Tj ET Q q 0 0 0 rg BT 435.46 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.84 701.10 Td (place ) Tj ET Q q 0 0 0 rg BT 467.53 701.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.91 701.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.57 701.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.17 701.10 Td (dif) Tj ET Q q 0 0 0 rg BT 516.10 701.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 541.02 701.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 114.92 689.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 176.24 689.10 Td (These ) Tj ET Q q 0 0 0 rg BT 202.48 689.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 247.59 689.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 284.38 689.10 Td (include ) Tj ET Q q 0 0 0 rg BT 316.17 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.74 689.10 Td (mar) Tj ET Q q 0 0 0 rg BT 346.10 689.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 361.24 689.10 Td (call ) Tj ET Q q 0 0 0 rg BT 378.03 689.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 422.05 689.10 Td (described ) Tj ET Q q 0 0 0 rg BT 462.73 689.10 Td (below ) Tj ET Q q 0 0 0 rg BT 489.52 689.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.31 689.10 Td (during ) Tj ET Q q 0 0 0 rg BT 534.78 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.35 689.10 Td (twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (months ) Tj ET Q q 0 0 0 rg BT 104.34 677.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.11 677.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 190.08 677.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.08 677.10 Td (, ) Tj ET Q q 0 0 0 rg BT 215.47 677.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.80 677.10 Td (through ) Tj ET Q q 0 0 0 rg BT 266.80 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.91 677.10 Td (date ) Tj ET Q q 0 0 0 rg BT 301.45 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.67 677.10 Td (this ) Tj ET Q q 0 0 0 rg BT 329.37 677.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 361.70 677.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 391.81 677.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.70 677.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 429.26 677.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 455.20 677.10 Td (we ) Tj ET Q q 0 0 0 rg BT 469.76 677.10 Td (complied ) Tj ET Q q 0 0 0 rg BT 509.86 677.10 Td (with ) Tj ET Q q 0 0 0 rg BT 530.53 677.10 Td (any ) Tj ET Q q 0 0 0 rg BT 547.86 677.10 Td (mar) Tj ET Q q 0 0 0 rg BT 563.22 677.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 92.83 665.10 Td (received ) Tj ET Q q 0 0 0 rg BT 129.19 665.10 Td (from ) Tj ET Q q 0 0 0 rg BT 151.13 665.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 188.61 665.10 Td (under ) Tj ET Q q 0 0 0 rg BT 213.88 665.10 Td (these ) Tj ET Q q 0 0 0 rg BT 236.93 665.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 282.19 665.10 Td (facilities: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 647.10 Td (If ) Tj ET Q q 0 0 0 rg BT 99.44 647.10 Td (at ) Tj ET Q q 0 0 0 rg BT 109.44 647.10 Td (any ) Tj ET Q q 0 0 0 rg BT 126.66 647.10 Td (time ) Tj ET Q q 0 0 0 rg BT 147.22 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.22 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 192.76 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 217.20 647.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 231.64 647.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 279.41 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 292.19 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.19 647.10 Td (creditor\) ) Tj ET Q q 0 0 0 rg BT 344.39 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.50 647.10 Td (any ) Tj ET Q q 0 0 0 rg BT 372.73 647.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 417.16 647.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 457.70 647.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 477.70 647.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 514.91 647.10 Td (under ) Tj ET Q q 0 0 0 rg BT 540.46 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 547.68 647.10 Td (facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 635.10 Td (declines, ) Tj ET Q q 0 0 0 rg BT 126.85 635.10 Td (then ) Tj ET Q q 0 0 0 rg BT 145.65 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.45 635.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 192.13 635.10 Td (may ) Tj ET Q q 0 0 0 rg BT 210.93 635.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 244.16 635.10 Td (that ) Tj ET Q q 0 0 0 rg BT 260.74 635.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.99 635.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 306.11 635.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 347.68 635.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 386.46 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.82 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.62 635.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 442.30 635.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 454.99 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.79 635.10 Td (form ) Tj ET Q q 0 0 0 rg BT 489.81 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.73 635.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 521.58 635.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 540.83 635.10 Td (T) Tj ET Q q 0 0 0 rg BT 546.59 635.10 Td (reasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 623.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 137.08 623.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 150.82 623.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 180.66 623.10 Td (cases\), ) Tj ET Q q 0 0 0 rg BT 210.22 623.10 Td (or ) Tj ET Q q 0 0 0 rg BT 221.18 623.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 263.81 623.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 308.09 623.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 348.49 623.10 Td (loans\) ) Tj ET Q q 0 0 0 rg BT 375.56 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 395.98 623.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.05 623.10 Td (value ) Tj ET Q q 0 0 0 rg BT 427.34 623.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 451.63 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.04 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.89 623.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 509.52 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.49 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.34 623.10 Td (decline. ) Tj ET Q q 0 0 0 rg BT 569.34 623.10 Td (If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 104.12 611.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 135.44 611.10 Td (any ) Tj ET Q q 0 0 0 rg BT 152.34 611.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.13 611.10 Td (demand, ) Tj ET Q q 0 0 0 rg BT 209.74 611.10 Td (\(i\)under ) Tj ET Q q 0 0 0 rg BT 246.90 611.10 Td (two ) Tj ET Q q 0 0 0 rg BT 264.36 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.15 611.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.94 611.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 335.05 611.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 354.72 611.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 399.94 611.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 439.33 611.10 Td (we ) Tj ET Q q 0 0 0 rg BT 453.45 611.10 Td (would ) Tj ET Q q 0 0 0 rg BT 480.91 611.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 520.57 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 532.46 611.10 Td (required ) Tj ET Q q 0 0 0 rg BT 568.24 611.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 123.32 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.32 599.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 181.09 599.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 221.07 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 233.86 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.86 599.10 Td (same ) Tj ET Q q 0 0 0 rg BT 272.19 599.10 Td (day ) Tj ET Q q 0 0 0 rg BT 289.41 599.10 Td (\(although ) Tj ET Q q 0 0 0 rg BT 330.52 599.10 Td (demands ) Tj ET Q q 0 0 0 rg BT 368.85 599.10 Td (received ) Tj ET Q q 0 0 0 rg BT 405.49 599.10 Td (after ) Tj ET Q q 0 0 0 rg BT 426.59 599.10 Td (a ) Tj ET Q q 0 0 0 rg BT 433.81 599.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 463.80 599.10 Td (time ) Tj ET Q q 0 0 0 rg BT 484.36 599.10 Td (would ) Tj ET Q q 0 0 0 rg BT 512.14 599.10 Td (only ) Tj ET Q q 0 0 0 rg BT 532.70 599.10 Td (require ) Tj ET Q q 0 0 0 rg BT 563.80 599.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 587.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 122.30 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.40 587.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 174.16 587.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 213.13 587.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.89 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.88 587.10 Td (following ) Tj ET Q q 0 0 0 rg BT 279.53 587.10 Td (business ) Tj ET Q q 0 0 0 rg BT 315.19 587.10 Td (day\) ) Tj ET Q q 0 0 0 rg BT 334.73 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.93 587.10 Td (\(ii\)under ) Tj ET Q q 0 0 0 rg BT 390.19 587.10 Td (two ) Tj ET Q q 0 0 0 rg BT 406.95 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.05 587.10 Td (our ) Tj ET Q q 0 0 0 rg BT 432.15 587.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 475.57 587.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 494.55 587.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 539.08 587.10 Td (facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 575.10 Td (we ) Tj ET Q q 0 0 0 rg BT 104.16 575.10 Td (would ) Tj ET Q q 0 0 0 rg BT 131.67 575.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 171.37 575.10 Td (be ) Tj ET Q q 0 0 0 rg BT 183.31 575.10 Td (required ) Tj ET Q q 0 0 0 rg BT 219.13 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.41 575.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 262.45 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.17 575.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 319.66 575.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 359.36 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 371.86 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.58 575.10 Td (following ) Tj ET Q q 0 0 0 rg BT 427.97 575.10 Td (business ) Tj ET Q q 0 0 0 rg BT 464.37 575.10 Td (day) Tj ET Q q 0 0 0 rg BT 478.15 575.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.98 575.10 Td (The ) Tj ET Q q 0 0 0 rg BT 501.03 575.10 Td (value ) Tj ET Q q 0 0 0 rg BT 525.18 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.02 575.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 563.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 134.15 563.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 174.41 563.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 198.02 563.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 243.83 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 254.66 563.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 297.15 563.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 336.85 563.10 Td (is ) Tj ET Q q 0 0 0 rg BT 346.02 563.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 393.50 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 406.00 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.71 563.10 Td (creditor) Tj ET Q q 0 0 0 rg BT 451.25 563.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 543.7669921875 m 198.4208984375 543.7669921875 l s q 0 0 0 rg BT 72.00 545.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 113.27 545.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 161.76 545.10 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.42 545.10 Td (. ) Tj ET Q q 0 0 0 rg BT 202.36 545.10 Td (Another ) Tj ET Q q 0 0 0 rg BT 236.96 545.10 Td (source ) Tj ET Q q 0 0 0 rg BT 264.90 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.08 545.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.25 545.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 333.74 545.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 352.80 545.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 392.40 545.10 Td (is ) Tj ET Q q 0 0 0 rg BT 400.92 545.10 Td (through ) Tj ET Q q 0 0 0 rg BT 433.86 545.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 466.24 545.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 513.63 545.10 Td (under ) Tj ET Q q 0 0 0 rg BT 538.24 545.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 118.27 533.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 155.67 533.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.29 533.10 Td (have ) Tj ET Q q 0 0 0 rg BT 192.14 533.10 Td (established ) Tj ET Q q 0 0 0 rg BT 239.54 533.10 Td (with ) Tj ET Q q 0 0 0 rg BT 260.28 533.10 Td (various ) Tj ET Q q 0 0 0 rg BT 292.69 533.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.63 533.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 374.16 533.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 436.05 533.10 Td (These ) Tj ET Q q 0 0 0 rg BT 462.90 533.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 509.17 533.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 546.56 533.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.03 521.10 Td (mar) Tj ET Q q 0 0 0 rg BT 102.40 521.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 118.00 521.10 Td (call ) Tj ET Q q 0 0 0 rg BT 135.25 521.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 179.73 521.10 Td (described ) Tj ET Q q 0 0 0 rg BT 220.87 521.10 Td (below ) Tj ET Q q 0 0 0 rg BT 248.12 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.38 521.10 Td (during ) Tj ET Q q 0 0 0 rg BT 294.30 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.34 521.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 338.81 521.10 Td (months ) Tj ET Q q 0 0 0 rg BT 371.08 521.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.77 521.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 456.67 521.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.67 521.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.99 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.25 521.10 Td (through ) Tj ET Q q 0 0 0 rg BT 533.17 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.21 521.10 Td (date ) Tj ET Q q 0 0 0 rg BT 567.68 521.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (this ) Tj ET Q q 0 0 0 rg BT 88.14 509.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 119.74 509.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 149.12 509.10 Td (on ) Tj ET Q q 0 0 0 rg BT 161.29 509.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 185.12 509.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 210.34 509.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.17 509.10 Td (complied ) Tj ET Q q 0 0 0 rg BT 263.54 509.10 Td (with ) Tj ET Q q 0 0 0 rg BT 283.49 509.10 Td (any ) Tj ET Q q 0 0 0 rg BT 300.09 509.10 Td (mar) Tj ET Q q 0 0 0 rg BT 315.46 509.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 330.40 509.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 350.89 509.10 Td (received ) Tj ET Q q 0 0 0 rg BT 386.92 509.10 Td (from ) Tj ET Q q 0 0 0 rg BT 408.52 509.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 445.67 509.10 Td (under ) Tj ET Q q 0 0 0 rg BT 470.61 509.10 Td (these ) Tj ET Q q 0 0 0 rg BT 493.32 509.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 538.79 509.10 Td (facilities: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 491.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 491.10 Td (If ) Tj ET Q q 0 0 0 rg BT 99.03 491.10 Td (at ) Tj ET Q q 0 0 0 rg BT 108.62 491.10 Td (any ) Tj ET Q q 0 0 0 rg BT 125.43 491.10 Td (time ) Tj ET Q q 0 0 0 rg BT 145.58 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.17 491.10 Td (market ) Tj ET Q q 0 0 0 rg BT 190.30 491.10 Td (value ) Tj ET Q q 0 0 0 rg BT 214.33 491.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 228.36 491.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 275.71 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 288.09 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.67 491.10 Td (creditor\) ) Tj ET Q q 0 0 0 rg BT 339.47 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.17 491.10 Td (any ) Tj ET Q q 0 0 0 rg BT 366.98 491.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 407.12 491.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 443.92 491.10 Td (under ) Tj ET Q q 0 0 0 rg BT 469.06 491.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.87 491.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 506.56 491.10 Td (declines, ) Tj ET Q q 0 0 0 rg BT 544.19 491.10 Td (then ) Tj ET Q q 0 0 0 rg BT 563.78 491.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 479.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 123.84 479.10 Td (may ) Tj ET Q q 0 0 0 rg BT 143.81 479.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 178.22 479.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.96 479.10 Td (we ) Tj ET Q q 0 0 0 rg BT 210.37 479.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 243.66 479.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 286.40 479.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 326.35 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.88 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.85 479.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 385.69 479.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 399.55 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.52 479.10 Td (form ) Tj ET Q q 0 0 0 rg BT 436.71 479.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.79 479.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 470.80 479.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 491.14 479.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.90 479.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 529.08 479.10 Td (obligations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 467.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.29 467.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 142.24 467.10 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 185.30 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 205.04 467.10 Td (a ) Tj ET Q q 0 0 0 rg BT 211.44 467.10 Td (value ) Tj ET Q q 0 0 0 rg BT 235.06 467.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 258.67 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.42 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.59 467.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 314.55 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.84 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.02 467.10 Td (decline. ) Tj ET Q q 0 0 0 rg BT 372.36 467.10 Td (If ) Tj ET Q q 0 0 0 rg BT 380.98 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 394.60 467.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 425.42 467.10 Td (any ) Tj ET Q q 0 0 0 rg BT 441.82 467.10 Td (such ) Tj ET Q q 0 0 0 rg BT 462.12 467.10 Td (demand, ) Tj ET Q q 0 0 0 rg BT 498.23 467.10 Td (we ) Tj ET Q q 0 0 0 rg BT 511.86 467.10 Td (would ) Tj ET Q q 0 0 0 rg BT 538.82 467.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 455.10 Td (be ) Tj ET Q q 0 0 0 rg BT 101.76 455.10 Td (required ) Tj ET Q q 0 0 0 rg BT 137.39 455.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.49 455.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 180.34 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.88 455.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 237.19 455.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 276.70 455.10 Td (on ) Tj ET Q q 0 0 0 rg BT 289.02 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.56 455.10 Td (same ) Tj ET Q q 0 0 0 rg BT 326.42 455.10 Td (day) Tj ET Q q 0 0 0 rg BT 340.21 455.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.86 455.10 Td (The ) Tj ET Q q 0 0 0 rg BT 362.73 455.10 Td (value ) Tj ET Q q 0 0 0 rg BT 386.70 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.35 455.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 439.66 455.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 479.74 455.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 525.36 455.10 Td (as ) Tj ET Q q 0 0 0 rg BT 536.01 455.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 443.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 129.70 443.10 Td (is ) Tj ET Q q 0 0 0 rg BT 138.87 443.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 186.35 443.10 Td (by ) Tj ET Q q 0 0 0 rg BT 198.85 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.56 443.10 Td (creditor) Tj ET Q q 0 0 0 rg BT 244.11 443.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 423.7669921875 m 177.4072265625 423.7669921875 l s q 0 0 0 rg BT 72.00 425.10 Td (Committed ) Tj ET Q q 0 0 0 rg BT 119.92 425.10 Td (Line ) Tj ET Q q 0 0 0 rg BT 141.16 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.41 425.10 Td (Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.41 425.10 Td (. ) Tj ET Q q 0 0 0 rg BT 182.18 425.10 Td (As ) Tj ET Q q 0 0 0 rg BT 196.21 425.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 221.35 425.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 250.65 425.10 Td (we ) Tj ET Q q 0 0 0 rg BT 265.22 425.10 Td (also ) Tj ET Q q 0 0 0 rg BT 284.25 425.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 322.16 425.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.52 425.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 347.44 425.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.33 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 379.25 425.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 424.94 425.10 Td (line ) Tj ET Q q 0 0 0 rg BT 442.85 425.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.10 425.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 498.67 425.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 524.36 425.10 Td (from ) Tj ET Q q 0 0 0 rg BT 546.71 425.10 Td (a ) Tj ET Q q 0 0 0 rg BT 554.07 425.10 Td (bank, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.10 Td (which ) Tj ET Q q 0 0 0 rg BT 98.64 413.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.51 413.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 140.25 413.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.45 413.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.99 413.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 196.84 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.38 413.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 236.78 413.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 308.39 413.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.36 413.10 Td (we ) Tj ET Q q 0 0 0 rg BT 362.22 413.10 Td (own. ) Tj ET Q q 0 0 0 rg BT 384.14 413.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 400.62 413.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 415.60 413.10 Td (call ) Tj ET Q q 0 0 0 rg BT 432.24 413.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 476.11 413.10 Td (included ) Tj ET Q q 0 0 0 rg BT 512.75 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.73 413.10 Td (this ) Tj ET Q q 0 0 0 rg BT 539.38 413.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 561.02 413.10 Td (line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.60 401.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 107.64 401.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.12 401.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.72 401.10 Td (follows ) Tj ET Q q 0 0 0 rg BT 164.99 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.70 401.10 Td (during ) Tj ET Q q 0 0 0 rg BT 210.08 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.57 401.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 253.50 401.10 Td (months ) Tj ET Q q 0 0 0 rg BT 285.22 401.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.37 401.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 369.72 401.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.72 401.10 Td (, ) Tj ET Q q 0 0 0 rg BT 394.49 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.21 401.10 Td (through ) Tj ET Q q 0 0 0 rg BT 444.59 401.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 401.10 Td (date ) Tj ET Q q 0 0 0 rg BT 478.00 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.60 401.10 Td (this ) Tj ET Q q 0 0 0 rg BT 504.82 401.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 536.53 401.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 566.02 401.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 96.17 389.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 121.72 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 135.88 389.10 Td (complied ) Tj ET Q q 0 0 0 rg BT 175.59 389.10 Td (with ) Tj ET Q q 0 0 0 rg BT 195.87 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 212.81 389.10 Td (mar) Tj ET Q q 0 0 0 rg BT 228.18 389.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 243.46 389.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 264.28 389.10 Td (received ) Tj ET Q q 0 0 0 rg BT 300.64 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 322.58 389.10 Td (this ) Tj ET Q q 0 0 0 rg BT 339.53 389.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 373.12 389.10 Td (under ) Tj ET Q q 0 0 0 rg BT 398.39 389.10 Td (this ) Tj ET Q q 0 0 0 rg BT 415.34 389.10 Td (line ) Tj ET Q q 0 0 0 rg BT 432.83 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.67 389.10 Td (credit: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 371.10 Td (If ) Tj ET Q q 0 0 0 rg BT 99.43 371.10 Td (at ) Tj ET Q q 0 0 0 rg BT 109.41 371.10 Td (any ) Tj ET Q q 0 0 0 rg BT 126.61 371.10 Td (time ) Tj ET Q q 0 0 0 rg BT 147.15 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.13 371.10 Td (total ) Tj ET Q q 0 0 0 rg BT 182.67 371.10 Td (market ) Tj ET Q q 0 0 0 rg BT 213.20 371.10 Td (value ) Tj ET Q q 0 0 0 rg BT 237.62 371.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 252.04 371.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 299.79 371.10 Td (by ) Tj ET Q q 0 0 0 rg BT 312.56 371.10 Td (two ) Tj ET Q q 0 0 0 rg BT 330.32 371.10 Td (broker) Tj ET Q q 0 0 0 rg BT 356.22 371.10 Td (-dealers\) ) Tj ET Q q 0 0 0 rg BT 393.96 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.05 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.04 371.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 460.57 371.10 Td (that ) Tj ET Q q 0 0 0 rg BT 478.33 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 493.30 371.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 527.72 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 538.81 371.10 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 359.10 Td (under ) Tj ET Q q 0 0 0 rg BT 115.45 359.10 Td (this ) Tj ET Q q 0 0 0 rg BT 132.58 359.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 163.58 359.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 199.02 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.48 359.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.60 359.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.94 359.10 Td (less ) Tj ET Q q 0 0 0 rg BT 258.62 359.10 Td (than ) Tj ET Q q 0 0 0 rg BT 278.52 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.41 359.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 342.76 359.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 375.43 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.45 359.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 434.68 359.10 Td (under ) Tj ET Q q 0 0 0 rg BT 460.13 359.10 Td (this ) Tj ET Q q 0 0 0 rg BT 477.26 359.10 Td (facility) Tj ET Q q 0 0 0 rg BT 504.93 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.11 359.10 Td (then ) Tj ET Q q 0 0 0 rg BT 530.00 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.90 359.10 Td (creditor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 347.10 Td (may ) Tj ET Q q 0 0 0 rg BT 108.91 347.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 142.26 347.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.95 347.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.30 347.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 204.54 347.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 246.22 347.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 285.11 347.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.58 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.50 347.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 341.28 347.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 354.09 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.00 347.10 Td (form ) Tj ET Q q 0 0 0 rg BT 389.13 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.16 347.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 421.12 347.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 440.47 347.10 Td (T) Tj ET Q q 0 0 0 rg BT 446.23 347.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 477.35 347.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 525.99 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 536.02 347.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 335.10 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 132.77 335.10 Td (with ) Tj ET Q q 0 0 0 rg BT 152.23 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.35 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 181.68 335.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 205.02 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.48 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.37 335.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 260.05 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.06 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.96 335.10 Td (dif) Tj ET Q q 0 0 0 rg BT 294.88 335.10 Td (ference. ) Tj ET Q q 0 0 0 rg BT 328.48 335.10 Td (If ) Tj ET Q q 0 0 0 rg BT 336.82 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 350.16 335.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 380.70 335.10 Td (any ) Tj ET Q q 0 0 0 rg BT 396.82 335.10 Td (such ) Tj ET Q q 0 0 0 rg BT 416.83 335.10 Td (demand, ) Tj ET Q q 0 0 0 rg BT 452.66 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 466.00 335.10 Td (would ) Tj ET Q q 0 0 0 rg BT 492.68 335.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 531.56 335.10 Td (be ) Tj ET Q q 0 0 0 rg BT 542.68 335.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.55 323.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 133.87 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.86 323.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 191.63 323.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 231.60 323.10 Td (within ) Tj ET Q q 0 0 0 rg BT 259.93 323.10 Td (two ) Tj ET Q q 0 0 0 rg BT 277.71 323.10 Td (business ) Tj ET Q q 0 0 0 rg BT 314.38 323.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 337.78 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 356.10 323.10 Td (value ) Tj ET Q q 0 0 0 rg BT 380.53 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.64 323.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 434.41 323.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 474.38 323.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 508.81 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 518.26 323.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 566.01 323.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.72 311.10 Td (creditor) Tj ET Q q 0 0 0 rg BT 135.26 311.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 291.7669921875 m 177.37353515625 291.7669921875 l s q 0 0 0 rg BT 72.00 293.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 100.69 293.10 Td (Borrowing ) Tj ET Q q 0 0 0 rg BT 147.15 293.10 Td (Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.05 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 181.99 293.10 Td (As ) Tj ET Q q 0 0 0 rg BT 196.23 293.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 221.57 293.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 251.08 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.64 293.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 319.54 293.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 363.77 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.23 293.10 Td (ours, ) Tj ET Q q 0 0 0 rg BT 398.08 293.10 Td (R) Tj ET Q q 0 0 0 rg BT 404.20 293.10 Td (WT) Tj ET Q q 0 0 0 rg BT 419.56 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.69 293.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 465.53 293.10 Td (also ) Tj ET Q q 0 0 0 rg BT 484.77 293.10 Td (maintains ) Tj ET Q q 0 0 0 rg BT 526.78 293.10 Td (a ) Tj ET Q q 0 0 0 rg BT 534.34 293.10 Td (borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 102.60 281.10 Td (with ) Tj ET Q q 0 0 0 rg BT 122.66 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.15 281.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 174.16 281.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 222.00 281.10 Td (under ) Tj ET Q q 0 0 0 rg BT 247.04 281.10 Td (which ) Tj ET Q q 0 0 0 rg BT 273.76 281.10 Td (are ) Tj ET Q q 0 0 0 rg BT 288.25 281.10 Td (required ) Tj ET Q q 0 0 0 rg BT 323.84 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.90 281.10 Td (be ) Tj ET Q q 0 0 0 rg BT 345.62 281.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 378.43 281.10 Td (by ) Tj ET Q q 0 0 0 rg BT 390.71 281.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 422.98 281.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 462.46 281.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 505.01 281.10 Td (but ) Tj ET Q q 0 0 0 rg BT 520.07 281.10 Td (not ) Tj ET Q q 0 0 0 rg BT 535.13 281.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 565.74 281.10 Td (to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 115.34 269.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 154.79 269.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 177.59 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.71 269.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 237.05 269.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 308.15 269.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 349.98 269.10 Td (This ) Tj ET Q q 0 0 0 rg BT 369.45 269.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 399.46 269.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 434.47 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.38 269.10 Td (mar) Tj ET Q q 0 0 0 rg BT 463.74 269.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 478.21 269.10 Td (call ) Tj ET Q q 0 0 0 rg BT 494.33 269.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 537.69 269.10 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.10 Td (below ) Tj ET Q q 0 0 0 rg BT 99.76 257.10 Td (during ) Tj ET Q q 0 0 0 rg BT 129.20 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.74 257.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 174.72 257.10 Td (months ) Tj ET Q q 0 0 0 rg BT 207.49 257.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.70 257.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 294.10 257.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.10 257.10 Td (, ) Tj ET Q q 0 0 0 rg BT 319.93 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.69 257.10 Td (through ) Tj ET Q q 0 0 0 rg BT 372.13 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.67 257.10 Td (date ) Tj ET Q q 0 0 0 rg BT 407.65 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.30 257.10 Td (this ) Tj ET Q q 0 0 0 rg BT 436.34 257.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 469.11 257.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 499.65 257.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.98 257.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 537.97 257.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 564.35 257.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.10 Td (complied ) Tj ET Q q 0 0 0 rg BT 111.71 245.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.99 245.10 Td (any ) Tj ET Q q 0 0 0 rg BT 148.93 245.10 Td (mar) Tj ET Q q 0 0 0 rg BT 164.29 245.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 179.57 245.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 200.40 245.10 Td (received ) Tj ET Q q 0 0 0 rg BT 236.76 245.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.70 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.42 245.10 Td (creditor ) Tj ET Q q 0 0 0 rg BT 307.01 245.10 Td (under ) Tj ET Q q 0 0 0 rg BT 332.28 245.10 Td (this ) Tj ET Q q 0 0 0 rg BT 349.23 245.10 Td (facility) Tj ET Q q 0 0 0 rg BT 376.90 245.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 227.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 227.10 Td (If ) Tj ET Q q 0 0 0 rg BT 99.18 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 108.91 227.10 Td (any ) Tj ET Q q 0 0 0 rg BT 125.87 227.10 Td (time ) Tj ET Q q 0 0 0 rg BT 146.16 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.90 227.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 202.28 227.10 Td (market ) Tj ET Q q 0 0 0 rg BT 232.56 227.10 Td (value ) Tj ET Q q 0 0 0 rg BT 256.74 227.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 270.91 227.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 318.41 227.10 Td (by ) Tj ET Q q 0 0 0 rg BT 330.93 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.67 227.10 Td (FHLBC\) ) Tj ET Q q 0 0 0 rg BT 383.75 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.60 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.33 227.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 453.50 227.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 493.78 227.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 517.41 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.37 227.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 215.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 161.33 215.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 201.01 215.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 234.58 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 244.83 215.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 283.95 215.10 Td (under ) Tj ET Q q 0 0 0 rg BT 308.63 215.10 Td (this ) Tj ET Q q 0 0 0 rg BT 325.00 215.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 355.24 215.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 389.92 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.61 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.97 215.10 Td (value ) Tj ET Q q 0 0 0 rg BT 429.54 215.10 Td (less ) Tj ET Q q 0 0 0 rg BT 446.46 215.10 Td (than ) Tj ET Q q 0 0 0 rg BT 465.60 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.73 215.10 Td (required ) Tj ET Q q 0 0 0 rg BT 514.96 215.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 554.08 215.10 Td (level, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.10 203.10 Td (if ) Tj ET Q q 0 0 0 rg BT 107.97 203.10 Td (any ) Tj ET Q q 0 0 0 rg BT 124.18 203.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 163.14 203.10 Td (ceases ) Tj ET Q q 0 0 0 rg BT 190.44 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.99 203.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.19 203.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 254.06 203.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 293.03 203.10 Td (under ) Tj ET Q q 0 0 0 rg BT 317.56 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.55 203.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 355.53 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.63 203.10 Td (this ) Tj ET Q q 0 0 0 rg BT 381.84 203.10 Td (facility) Tj ET Q q 0 0 0 rg BT 409.51 203.10 Td (, ) Tj ET Q q 0 0 0 rg BT 413.78 203.10 Td (we ) Tj ET Q q 0 0 0 rg BT 427.21 203.10 Td (would ) Tj ET Q q 0 0 0 rg BT 453.97 203.10 Td (be ) Tj ET Q q 0 0 0 rg BT 465.18 203.10 Td (required ) Tj ET Q q 0 0 0 rg BT 500.26 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.80 203.10 Td (promptly ) Tj ET Q q 0 0 0 rg BT 548.24 203.10 Td (deliver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 191.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 131.73 191.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 170.67 191.10 Td (suf) Tj ET Q q 0 0 0 rg BT 182.71 191.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 210.00 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.52 191.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 256.25 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.21 191.10 Td (required ) Tj ET Q q 0 0 0 rg BT 305.27 191.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 344.21 191.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 367.76 191.10 Td (The ) Tj ET Q q 0 0 0 rg BT 385.05 191.10 Td (value ) Tj ET Q q 0 0 0 rg BT 408.45 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.53 191.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 460.26 191.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 483.11 191.10 Td (or ) Tj ET Q q 0 0 0 rg BT 493.18 191.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 532.69 191.10 Td (transferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 179.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.83 179.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 143.32 179.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 183.02 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 192.19 179.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 239.67 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 252.17 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.88 179.10 Td (FHLBC. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 149.10 Td (OFF) Tj ET Q q 0 0 0 rg BT 55.62 149.10 Td ( BALANCE SHEET) Tj ET Q q 0 0 0 rg BT 142.69 149.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.64 149.10 Td (ARRANGEMENTS ) Tj ET Q q 0 0 0 rg BT 232.70 149.10 Td (AND CONTRACTUAL) Tj ET Q q 0 0 0 rg BT 334.66 149.10 Td ( OBLIGA) Tj ET Q q 0 0 0 rg BT 376.42 149.10 Td (TIONS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 125.10 Td (Off Balance Sheet ) Tj ET Q q 0 0 0 rg BT 114.60 125.10 Td (Arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 105.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.58 105.10 Td (do ) Tj ET Q q 0 0 0 rg BT 82.08 105.10 Td (not ) Tj ET Q q 0 0 0 rg BT 97.35 105.10 Td (have ) Tj ET Q q 0 0 0 rg BT 118.73 105.10 Td (any ) Tj ET Q q 0 0 0 rg BT 135.67 105.10 Td (material ) Tj ET Q q 0 0 0 rg BT 170.93 105.10 Td (of) Tj ET Q q 0 0 0 rg BT 179.08 105.10 Td (f ) Tj ET Q q 0 0 0 rg BT 184.91 105.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 217.94 105.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 240.99 105.10 Td (arrangements. ) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Contractual Obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.18 711.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.70 711.25 Td (table ) Tj ET Q q 0 0 0 rg BT 135.77 711.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.17 711.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.14 711.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 234.19 711.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 281.27 711.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.34 711.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 355.41 711.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.26 711.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 423.98 711.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.98 711.25 Td (, ) Tj ET Q q 0 0 0 rg BT 449.12 711.25 Td (as ) Tj ET Q q 0 0 0 rg BT 460.08 711.25 Td (well ) Tj ET Q q 0 0 0 rg BT 479.93 711.25 Td (as ) Tj ET Q q 0 0 0 rg BT 490.90 711.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.75 711.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 552.83 711.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 711.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.37 699.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 123.75 699.25 Td (that ) Tj ET Q q 0 0 0 rg BT 141.24 699.25 Td (we ) Tj ET Q q 0 0 0 rg BT 155.40 699.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 203.45 699.25 Td (for ) Tj ET Q q 0 0 0 rg BT 217.61 699.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.09 699.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 294.24 699.25 Td (purposes. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 675.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 675.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 675.25 Td (41 ) Tj ET Q q 0 0 0 rg BT 73.41 675.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.91 675.25 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 132.87 675.25 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 183.15 675.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.21 675.25 Td (Commitments ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 626.75 245.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 626.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 626.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 626.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 626.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 626.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 626.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 597.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 597.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 597.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 597.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 597.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 597.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 597.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 597.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 597.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 597.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 597.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 567.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 567.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 567.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 567.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 567.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 567.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 567.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 567.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 567.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 567.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 567.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 537.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 537.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 537.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 537.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 537.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 537.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 537.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 537.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 537.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 537.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 537.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 507.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 507.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 507.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 507.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 507.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 507.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 507.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 507.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 507.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 507.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 507.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 477.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 477.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 477.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 477.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 477.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 477.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 477.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 477.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 477.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 477.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 477.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 438.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 408.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 368.75 245.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 368.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 368.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 368.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 368.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 368.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 368.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 650.75 m 339.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 650.75 m 343.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 650.75 m 398.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 650.75 m 402.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 650.75 m 457.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 650.75 m 461.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 650.75 m 516.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 650.75 m 520.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 650.75 m 575.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 626.75 m 280.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 626.75 m 339.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 626.75 m 398.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 626.75 m 457.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 626.75 m 516.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 626.75 m 575.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 477.75 m 339.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 477.75 m 398.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 477.75 m 457.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 477.75 m 516.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 463.75 m 339.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 461.75 m 339.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 477.75 m 398.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 463.75 m 398.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 461.75 m 398.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 477.75 m 457.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 463.75 m 457.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 461.75 m 457.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 477.75 m 516.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 463.75 m 516.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 461.75 m 516.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 477.75 m 575.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 463.75 m 575.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 461.75 m 575.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 393.75 m 339.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 393.75 m 398.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 393.75 m 457.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 393.75 m 516.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 393.75 m 339.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 368.75 m 339.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 393.75 m 398.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 368.75 m 398.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 393.75 m 457.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 368.75 m 457.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 393.75 m 516.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 368.75 m 516.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 393.75 m 575.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 368.75 m 575.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 354.75 m 339.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 352.75 m 339.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 368.75 m 398.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 354.75 m 398.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 352.75 m 398.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 368.75 m 457.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 354.75 m 457.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 352.75 m 457.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 368.75 m 516.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 354.75 m 516.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 352.75 m 516.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 368.75 m 575.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 354.75 m 575.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 352.75 m 575.5 352.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 655.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.10 655.43 Td (Payments Due or Commitment Expiration by Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 631.43 Td (\(In Millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.45 641.43 Td (Less ) Tj ET Q q 0 0 0 rg BT 310.66 641.43 Td (Than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 631.43 Td (1 ) Tj ET Q q 0 0 0 rg BT 305.13 631.43 Td (Y) Tj ET Q q 0 0 0 rg BT 311.24 631.43 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.80 641.43 Td (1 to 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.55 631.43 Td (Y) Tj ET Q q 0 0 0 rg BT 364.66 631.43 Td (ears) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 641.43 Td (3 to 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.55 631.43 Td (Y) Tj ET Q q 0 0 0 rg BT 423.66 631.43 Td (ears) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.45 641.43 Td (After) Tj ET Q q 0 0 0 rg BT 496.03 641.43 Td ( 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.55 631.43 Td (Y) Tj ET Q q 0 0 0 rg BT 482.66 631.43 Td (ears) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.55 631.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 617.43 Td (Obligations of Redwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 602.42 Td (Short-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 602.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 602.42 Td (792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 602.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 602.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 602.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 602.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 602.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 602.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 602.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 602.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 602.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 602.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 602.42 Td (792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 587.42 Td (Convertible notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 587.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 587.42 Td (488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 587.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 587.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 587.42 Td (488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 572.42 Td (Anticipated interest payments on convertible notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 572.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 572.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 572.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 572.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 572.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 557.42 Td (FHLBC borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 557.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 557.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 557.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 557.42 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 557.42 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 542.42 Td (Anticipated interest payments on FHLBC borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 542.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 542.42 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 542.42 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 542.42 Td (197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 542.42 Td (399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 527.42 Td (Other long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 527.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 527.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 527.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 527.42 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 527.42 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 512.42 Td (Anticipated interest payments on other long-term debt ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 257.11 516.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 512.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 512.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 512.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 512.42 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 512.42 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 497.42 Td (Accrued interest payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 497.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 497.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 497.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 497.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 497.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 482.42 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 482.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 482.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 482.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 482.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 467.42 Td (Total Redwood Obligations and Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 467.42 Td (862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 467.42 Td (617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 467.42 Td (118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 467.42 Td (2,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 467.42 Td (4,077) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 453.43 Td (Obligations of Consolidated Entities for Financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 443.43 Td (Reporting Purposes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 428.42 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 92.72 428.42 Td (ABS ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 114.67 432.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 428.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 428.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 428.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 428.42 Td (881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 428.42 Td (881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 413.42 Td (Anticipated interest payments on ) Tj ET Q q 0 0 0 rg BT 171.86 413.42 Td (ABS) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 191.31 417.95 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 413.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 413.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 413.42 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 413.42 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 413.42 Td (209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 398.42 Td (Accrued interest payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 398.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 398.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 398.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 398.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 398.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 383.42 Td (Total Obligations of Entities Consolidated for Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 373.42 Td (Reporting Purposes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 373.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 373.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 373.42 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 373.42 Td (995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 373.42 Td (1,091) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 358.43 Td (Total Consolidated Obligations and Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 358.42 Td (878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 358.42 Td (656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 358.42 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 358.42 Td (3,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 358.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 358.42 Td (5,168) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 343.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 343.45 Td (Includes ) Tj ET Q q 0 0 0 rg BT 86.74 343.45 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 128.47 343.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.21 343.45 Td (payments ) Tj ET Q q 0 0 0 rg BT 193.95 343.45 Td (related ) Tj ET Q q 0 0 0 rg BT 220.68 343.45 Td (to ) Tj ET Q q 0 0 0 rg BT 229.94 343.45 Td (hedges.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 326.65 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 54.00 326.65 Td (All ) Tj ET Q q 0 0 0 rg BT 67.85 326.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 115.17 326.65 Td (ABS ) Tj ET Q q 0 0 0 rg BT 135.02 326.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 159.87 326.65 Td (are ) Tj ET Q q 0 0 0 rg BT 173.20 326.65 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 224.02 326.65 Td (by ) Tj ET Q q 0 0 0 rg BT 235.37 326.65 Td (real ) Tj ET Q q 0 0 0 rg BT 251.20 326.65 Td (estate ) Tj ET Q q 0 0 0 rg BT 274.03 326.65 Td (loans. ) Tj ET Q q 0 0 0 rg BT 297.11 326.65 Td (Although ) Tj ET Q q 0 0 0 rg BT 333.46 326.65 Td (the ) Tj ET Q q 0 0 0 rg BT 346.80 326.65 Td (stated ) Tj ET Q q 0 0 0 rg BT 370.14 326.65 Td (maturity ) Tj ET Q q 0 0 0 rg BT 402.98 326.65 Td (is ) Tj ET Q q 0 0 0 rg BT 411.33 326.65 Td (as ) Tj ET Q q 0 0 0 rg BT 421.18 326.65 Td (shown, ) Tj ET Q q 0 0 0 rg BT 449.28 326.65 Td (the ) Tj ET Q q 0 0 0 rg BT 462.10 326.65 Td (ABS ) Tj ET Q q 0 0 0 rg BT 481.96 326.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 524.31 326.65 Td (will ) Tj ET Q q 0 0 0 rg BT 540.65 326.65 Td (pay ) Tj ET Q q 0 0 0 rg BT 556.00 326.65 Td (down ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 315.85 Td (as ) Tj ET Q q 0 0 0 rg BT 63.96 315.85 Td (the ) Tj ET Q q 0 0 0 rg BT 77.42 315.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 111.88 315.85 Td (balances ) Tj ET Q q 0 0 0 rg BT 145.32 315.85 Td (of ) Tj ET Q q 0 0 0 rg BT 155.29 315.85 Td (these ) Tj ET Q q 0 0 0 rg BT 176.24 315.85 Td (real ) Tj ET Q q 0 0 0 rg BT 192.19 315.85 Td (estate ) Tj ET Q q 0 0 0 rg BT 215.15 315.85 Td (loans ) Tj ET Q q 0 0 0 rg BT 236.61 315.85 Td (or ) Tj ET Q q 0 0 0 rg BT 246.57 315.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 283.03 315.85 Td (pay ) Tj ET Q q 0 0 0 rg BT 298.49 315.85 Td (down. ) Tj ET Q q 0 0 0 rg BT 323.02 315.85 Td (The ) Tj ET Q q 0 0 0 rg BT 339.48 315.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 368.94 315.85 Td (shown ) Tj ET Q q 0 0 0 rg BT 394.91 315.85 Td (is ) Tj ET Q q 0 0 0 rg BT 403.38 315.85 Td (the ) Tj ET Q q 0 0 0 rg BT 416.84 315.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 451.29 315.85 Td (balance ) Tj ET Q q 0 0 0 rg BT 481.23 315.85 Td (of ) Tj ET Q q 0 0 0 rg BT 491.20 315.85 Td (the ) Tj ET Q q 0 0 0 rg BT 504.11 315.85 Td (ABS ) Tj ET Q q 0 0 0 rg BT 524.09 315.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 549.05 315.85 Td (and ) Tj ET Q q 0 0 0 rg BT 564.51 315.85 Td (not ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 305.05 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 96.23 305.05 Td (the ) Tj ET Q q 0 0 0 rg BT 109.48 305.05 Td (value ) Tj ET Q q 0 0 0 rg BT 131.22 305.05 Td (reported ) Tj ET Q q 0 0 0 rg BT 163.45 305.05 Td (in ) Tj ET Q q 0 0 0 rg BT 172.70 305.05 Td (our ) Tj ET Q q 0 0 0 rg BT 186.95 305.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 234.69 305.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.42 305.05 Td (statements. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 288.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 54.00 288.25 Td (The ) Tj ET Q q 0 0 0 rg BT 70.45 288.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 112.40 288.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 141.35 288.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 178.30 288.25 Td (on ) Tj ET Q q 0 0 0 rg BT 189.77 288.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 237.17 288.25 Td (ABS ) Tj ET Q q 0 0 0 rg BT 257.14 288.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 282.10 288.25 Td (is ) Tj ET Q q 0 0 0 rg BT 290.57 288.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 329.50 288.25 Td (based ) Tj ET Q q 0 0 0 rg BT 352.46 288.25 Td (on ) Tj ET Q q 0 0 0 rg BT 363.92 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.38 288.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 419.82 288.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 452.77 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.73 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.64 288.25 Td (ABS ) Tj ET Q q 0 0 0 rg BT 495.61 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.07 288.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 546.01 288.25 Td (assumes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 277.45 Td (no ) Tj ET Q q 0 0 0 rg BT 65.25 277.45 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 113.48 277.45 Td (of ) Tj ET Q q 0 0 0 rg BT 123.23 277.45 Td (the ) Tj ET Q q 0 0 0 rg BT 136.48 277.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 170.71 277.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 214.96 277.45 Td (at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 223.71 277.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 276.43 277.45 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.43 277.45 Td (. ) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 85.46 731.25 Td ( ) Tj ET Q q 0 0 0 rg BT 87.41 731.25 Td (ACCOUNTING POLICIES ) Tj ET Q q 0 0 0 rg BT 209.10 731.25 Td (AND ESTIMA) Tj ET Q q 0 0 0 rg BT 271.97 731.25 Td (TES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.72 711.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 121.43 711.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.94 711.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 171.09 711.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 216.48 711.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.43 711.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 275.04 711.25 Td (with ) Tj ET Q q 0 0 0 rg BT 295.99 711.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 322.85 711.25 Td ( ) Tj ET Q q 0 0 0 rg BT 326.02 711.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 361.41 711.25 Td (us ) Tj ET Q q 0 0 0 rg BT 373.47 711.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.43 711.25 Td (make ) Tj ET Q q 0 0 0 rg BT 409.26 711.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 449.65 711.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.26 711.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 519.88 711.25 Td (that ) Tj ET Q q 0 0 0 rg BT 538.05 711.25 Td (af) Tj ET Q q 0 0 0 rg BT 545.64 711.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 563.80 711.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 71.96 699.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 108.50 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.48 699.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 145.45 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.54 699.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 202.41 699.25 Td (at ) Tj ET Q q 0 0 0 rg BT 212.27 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.13 699.25 Td (date ) Tj ET Q q 0 0 0 rg BT 246.44 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.42 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.28 699.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 325.47 699.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 363.10 699.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 407.96 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.05 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.91 699.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 475.87 699.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 512.41 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.39 699.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 561.57 699.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 687.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 74.90 687.25 Td (during ) Tj ET Q q 0 0 0 rg BT 103.81 687.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.83 687.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 154.95 687.25 Td (periods. ) Tj ET Q q 0 0 0 rg BT 189.07 687.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 218.53 687.25 Td (results ) Tj ET Q q 0 0 0 rg BT 247.44 687.25 Td (could ) Tj ET Q q 0 0 0 rg BT 272.46 687.25 Td (dif) Tj ET Q q 0 0 0 rg BT 283.39 687.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 297.29 687.25 Td (from ) Tj ET Q q 0 0 0 rg BT 319.53 687.25 Td (those ) Tj ET Q q 0 0 0 rg BT 343.44 687.25 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 385.34 687.25 Td (A) Tj ET Q q 0 0 0 rg BT 392.01 687.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.81 687.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 439.28 687.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.42 687.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 480.98 687.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 527.65 687.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 561.56 687.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 675.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.84 675.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 86.24 675.25 Td (ef) Tj ET Q q 0 0 0 rg BT 93.83 675.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 115.33 675.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.29 675.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 161.12 675.25 Td (in ) Tj ET Q q 0 0 0 rg BT 171.52 675.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 211.36 675.25 Td (on ) Tj ET Q q 0 0 0 rg BT 223.98 675.25 Td (our ) Tj ET Q q 0 0 0 rg BT 239.94 675.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 293.10 675.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.71 675.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 375.55 675.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.84 675.25 Td (included ) Tj ET Q q 0 0 0 rg BT 421.90 675.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.30 675.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 453.81 675.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 461.44 675.25 Td ( ) Tj ET Q q 0 0 0 rg BT 472.95 675.25 Td (Basis ) Tj ET Q q 0 0 0 rg BT 497.25 675.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.65 675.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 517.28 675.25 Td (esentation ) Tj ET Q q 0 0 0 rg BT 561.01 675.25 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 663.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 57.98 663.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 66.07 663.25 Td ( ) Tj ET Q q 0 0 0 rg BT 78.06 663.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 118.92 663.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.79 663.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 175.99 663.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 224.62 663.25 Td (Policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.93 663.25 Td (included ) Tj ET Q q 0 0 0 rg BT 297.45 663.25 Td (in ) Tj ET Q q 0 0 0 rg BT 308.33 663.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 327.53 663.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 339.78 663.25 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 368.70 663.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.12 663.25 Td (this ) Tj ET Q q 0 0 0 rg BT 396.98 663.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 429.51 663.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 459.82 663.25 Td (on ) Tj ET Q q 0 0 0 rg BT 472.91 663.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 497.67 663.25 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 523.81 663.25 Td (Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 651.25 Td (discusses ) Tj ET Q q 0 0 0 rg BT 75.50 651.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.99 651.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 125.04 651.25 Td (development ) Tj ET Q q 0 0 0 rg BT 178.96 651.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.68 651.25 Td (selection ) Tj ET Q q 0 0 0 rg BT 233.49 651.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.10 651.25 Td (these ) Tj ET Q q 0 0 0 rg BT 266.92 651.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 296.95 651.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 343.10 651.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 376.48 651.25 Td (with ) Tj ET Q q 0 0 0 rg BT 396.53 651.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.02 651.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 433.29 651.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 477.77 651.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.38 651.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.87 651.25 Td (board ) Tj ET Q q 0 0 0 rg BT 527.91 651.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.52 651.25 Td (directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 627.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.04 627.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 97.10 627.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 125.21 627.25 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 169.93 627.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 196.79 627.25 Td ( ) Tj ET Q q 0 0 0 rg BT 198.75 627.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 234.59 627.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 272.67 627.25 Td (from ) Tj ET Q q 0 0 0 rg BT 294.07 627.25 Td (our ) Tj ET Q q 0 0 0 rg BT 309.36 627.25 Td (business ) Tj ET Q q 0 0 0 rg BT 345.22 627.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 385.64 627.25 Td (This ) Tj ET Q q 0 0 0 rg BT 405.38 627.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 443.46 627.25 Td (can ) Tj ET Q q 0 0 0 rg BT 459.30 627.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 483.47 627.25 Td (for ) Tj ET Q q 0 0 0 rg BT 497.09 627.25 Td (a ) Tj ET Q q 0 0 0 rg BT 503.50 627.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 533.22 627.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.52 627.25 Td (reasons, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 615.25 Td (including ) Tj ET Q q 0 0 0 rg BT 75.50 615.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.45 615.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 117.29 615.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.46 615.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 165.19 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.25 615.25 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 218.91 615.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 242.57 615.25 Td (calls, ) Tj ET Q q 0 0 0 rg BT 265.13 615.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.30 615.25 Td (repayment ) Tj ET Q q 0 0 0 rg BT 325.23 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.29 615.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 387.56 615.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 415.12 615.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.06 615.25 Td (in ) Tj ET Q q 0 0 0 rg BT 458.57 615.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.51 615.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 488.12 615.25 Td (values ) Tj ET Q q 0 0 0 rg BT 515.40 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.46 615.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 603.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 61.76 603.25 Td (and ) Tj ET Q q 0 0 0 rg BT 78.63 603.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 120.77 603.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 159.85 603.25 Td (or ) Tj ET Q q 0 0 0 rg BT 170.61 603.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 211.34 603.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.55 603.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 257.86 603.25 Td (from ) Tj ET Q q 0 0 0 rg BT 279.72 603.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 319.92 603.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 354.56 603.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 395.59 603.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.46 603.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 442.09 603.25 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 499.49 603.25 Td (events. ) Tj ET Q q 0 0 0 rg BT 529.97 603.25 Td (In ) Tj ET Q q 0 0 0 rg BT 540.73 603.25 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 591.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.06 591.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.91 591.25 Td (or ) Tj ET Q q 0 0 0 rg BT 92.08 591.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 120.04 591.25 Td (of ) Tj ET Q q 0 0 0 rg BT 130.22 591.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.40 591.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 180.56 591.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 216.29 591.25 Td (may ) Tj ET Q q 0 0 0 rg BT 235.35 591.25 Td (be ) Tj ET Q q 0 0 0 rg BT 246.63 591.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 285.13 591.25 Td (by ) Tj ET Q q 0 0 0 rg BT 296.98 591.25 Td (technical ) Tj ET Q q 0 0 0 rg BT 334.92 591.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 380.63 591.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 406.37 591.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.66 591.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 464.22 591.25 Td (some ) Tj ET Q q 0 0 0 rg BT 487.17 591.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.35 591.25 Td (which ) Tj ET Q q 0 0 0 rg BT 523.64 591.25 Td (are ) Tj ET Q q 0 0 0 rg BT 537.69 591.25 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 579.25 Td (below) Tj ET Q q 0 0 0 rg BT 59.79 579.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 549.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 549.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 549.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.74 549.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 121.58 549.25 Td (V) Tj ET Q q 0 0 0 rg BT 127.14 549.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 147.42 549.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.25 549.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 186.31 549.25 Td (Held ) Tj ET Q q 0 0 0 rg BT 208.81 549.25 Td (at ) Tj ET Q q 0 0 0 rg BT 219.09 549.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 239.93 549.25 Td (V) Tj ET Q q 0 0 0 rg BT 245.49 549.25 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.37 531.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 96.30 531.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 128.30 531.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 150.00 531.25 Td (on ) Tj ET Q q 0 0 0 rg BT 162.82 531.25 Td (our ) Tj ET Q q 0 0 0 rg BT 178.97 531.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 232.33 531.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 265.68 531.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 289.05 531.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.08 531.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 357.98 531.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.98 531.25 Td (, ) Tj ET Q q 0 0 0 rg BT 383.30 531.25 Td (were ) Tj ET Q q 0 0 0 rg BT 405.55 531.25 Td (being ) Tj ET Q q 0 0 0 rg BT 430.59 531.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 462.59 531.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 484.29 531.25 Td (or ) Tj ET Q q 0 0 0 rg BT 495.44 531.25 Td (future ) Tj ET Q q 0 0 0 rg BT 522.13 531.25 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 519.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.16 519.25 Td (were ) Tj ET Q q 0 0 0 rg BT 73.31 519.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 110.56 519.25 Td (to ) Tj ET Q q 0 0 0 rg BT 120.06 519.25 Td (be ) Tj ET Q q 0 0 0 rg BT 131.22 519.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 149.61 519.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.11 519.25 Td (third ) Tj ET Q q 0 0 0 rg BT 179.71 519.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 208.09 519.25 Td (or ) Tj ET Q q 0 0 0 rg BT 218.14 519.25 Td (non-consolidated ) Tj ET Q q 0 0 0 rg BT 288.73 519.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 344.32 519.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 377.04 519.25 Td (At ) Tj ET Q q 0 0 0 rg BT 388.76 519.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.70 519.25 Td (time ) Tj ET Q q 0 0 0 rg BT 422.19 519.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.24 519.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 469.50 519.25 Td (or ) Tj ET Q q 0 0 0 rg BT 479.55 519.25 Td (origination, ) Tj ET Q q 0 0 0 rg BT 527.65 519.25 Td (we ) Tj ET Q q 0 0 0 rg BT 541.03 519.25 Td (typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 507.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 57.11 507.25 Td (the ) Tj ET Q q 0 0 0 rg BT 71.57 507.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 87.69 507.25 Td (value ) Tj ET Q q 0 0 0 rg BT 111.59 507.25 Td (option ) Tj ET Q q 0 0 0 rg BT 139.39 507.25 Td (for ) Tj ET Q q 0 0 0 rg BT 153.29 507.25 Td (these ) Tj ET Q q 0 0 0 rg BT 176.08 507.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 201.44 507.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 251.34 507.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.08 507.25 Td (we ) Tj ET Q q 0 0 0 rg BT 269.99 507.25 Td (have ) Tj ET Q q 0 0 0 rg BT 291.11 507.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 321.66 507.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.12 507.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 352.24 507.25 Td (value ) Tj ET Q q 0 0 0 rg BT 376.14 507.25 Td (option ) Tj ET Q q 0 0 0 rg BT 403.94 507.25 Td (for ) Tj ET Q q 0 0 0 rg BT 417.84 507.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 447.28 507.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.86 507.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.43 507.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 517.32 507.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 540.67 507.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 572.68 507.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 495.25 Td (investment. ) Tj ET Q q 0 0 0 rg BT 84.32 495.25 Td (For ) Tj ET Q q 0 0 0 rg BT 100.16 495.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 143.75 495.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 166.80 495.25 Td (for ) Tj ET Q q 0 0 0 rg BT 180.40 495.25 Td (which ) Tj ET Q q 0 0 0 rg BT 206.78 495.25 Td (we ) Tj ET Q q 0 0 0 rg BT 220.38 495.25 Td (have ) Tj ET Q q 0 0 0 rg BT 241.20 495.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 271.45 495.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.60 495.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 301.42 495.25 Td (value ) Tj ET Q q 0 0 0 rg BT 325.02 495.25 Td (option, ) Tj ET Q q 0 0 0 rg BT 355.02 495.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 389.16 495.25 Td (in ) Tj ET Q q 0 0 0 rg BT 398.88 495.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 414.70 495.25 Td (values ) Tj ET Q q 0 0 0 rg BT 442.19 495.25 Td (are ) Tj ET Q q 0 0 0 rg BT 456.34 495.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 493.25 495.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.97 495.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 543.79 495.25 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 483.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 76.72 483.25 Td (net ) Tj ET Q q 0 0 0 rg BT 91.07 483.25 Td (or ) Tj ET Q q 0 0 0 rg BT 101.52 483.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 148.08 483.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 164.08 483.25 Td (value ) Tj ET Q q 0 0 0 rg BT 187.86 483.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 224.70 483.25 Td (net ) Tj ET Q q 0 0 0 rg BT 239.04 483.25 Td (on ) Tj ET Q q 0 0 0 rg BT 251.16 483.25 Td (our ) Tj ET Q q 0 0 0 rg BT 266.62 483.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 319.29 483.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 363.63 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.08 483.25 Td (income ) Tj ET Q q 0 0 0 rg BT 405.64 483.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.54 483.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.89 483.25 Td (period ) Tj ET Q q 0 0 0 rg BT 457.56 483.25 Td (in ) Tj ET Q q 0 0 0 rg BT 467.46 483.25 Td (which ) Tj ET Q q 0 0 0 rg BT 494.03 483.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.37 483.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 547.71 483.25 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 471.25 Td (occurs. ) Tj ET Q q 0 0 0 rg BT 67.31 471.25 Td (Periodic ) Tj ET Q q 0 0 0 rg BT 103.34 471.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 153.27 471.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.75 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.68 471.25 Td (values ) Tj ET Q q 0 0 0 rg BT 206.94 471.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.98 471.25 Td (these ) Tj ET Q q 0 0 0 rg BT 241.23 471.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 291.72 471.25 Td (are ) Tj ET Q q 0 0 0 rg BT 306.63 471.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 349.89 471.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 382.59 471.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.74 471.25 Td (thus ) Tj ET Q q 0 0 0 rg BT 419.12 471.25 Td (can ) Tj ET Q q 0 0 0 rg BT 435.70 471.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 455.07 471.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.56 471.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 510.48 471.25 Td (period-to-period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 459.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.86 459.25 Td ( ) Tj ET Q q 0 0 0 rg BT 65.36 459.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 101.73 459.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 137.19 459.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 435.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.38 435.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 89.09 435.25 Td (value ) Tj ET Q q 0 0 0 rg BT 113.58 435.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.75 435.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 148.69 435.25 Td (is ) Tj ET Q q 0 0 0 rg BT 158.19 435.25 Td (af) Tj ET Q q 0 0 0 rg BT 165.78 435.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 193.04 435.25 Td (by) Tj ET Q q 0 0 0 rg BT 202.39 435.25 Td (, ) Tj ET Q q 0 0 0 rg BT 207.73 435.25 Td (among ) Tj ET Q q 0 0 0 rg BT 237.78 435.25 Td (other ) Tj ET Q q 0 0 0 rg BT 261.16 435.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 290.94 435.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 325.98 435.25 Td (in ) Tj ET Q q 0 0 0 rg BT 336.60 435.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 368.86 435.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 393.07 435.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 418.67 435.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 474.53 435.25 Td (prepayments, ) Tj ET Q q 0 0 0 rg BT 530.96 435.25 Td (and ) Tj ET Q q 0 0 0 rg BT 548.23 435.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 423.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 69.24 423.25 Td (. ) Tj ET Q q 0 0 0 rg BT 73.78 423.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.19 423.25 Td (o ) Tj ET Q q 0 0 0 rg BT 86.39 423.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.80 423.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 127.43 423.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 159.06 423.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 180.13 423.25 Td (change ) Tj ET Q q 0 0 0 rg BT 210.64 423.25 Td (or ) Tj ET Q q 0 0 0 rg BT 221.17 423.25 Td (market ) Tj ET Q q 0 0 0 rg BT 251.13 423.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 287.22 423.25 Td (and ) Tj ET Q q 0 0 0 rg BT 303.85 423.25 Td (or ) Tj ET Q q 0 0 0 rg BT 314.38 423.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 339.34 423.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 383.20 423.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 425.93 423.25 Td (change, ) Tj ET Q q 0 0 0 rg BT 458.95 423.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.36 423.25 Td (value ) Tj ET Q q 0 0 0 rg BT 497.21 423.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.74 423.25 Td (these ) Tj ET Q q 0 0 0 rg BT 530.48 423.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 553.78 423.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 411.25 Td (decline, ) Tj ET Q q 0 0 0 rg BT 69.87 411.25 Td (which ) Tj ET Q q 0 0 0 rg BT 96.81 411.25 Td (could ) Tj ET Q q 0 0 0 rg BT 121.53 411.25 Td (have ) Tj ET Q q 0 0 0 rg BT 142.90 411.25 Td (a ) Tj ET Q q 0 0 0 rg BT 149.84 411.25 Td (material ) Tj ET Q q 0 0 0 rg BT 185.10 411.25 Td (ef) Tj ET Q q 0 0 0 rg BT 192.69 411.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 210.17 411.25 Td (on ) Tj ET Q q 0 0 0 rg BT 222.67 411.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 258.49 411.25 Td (earnings. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 381.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 381.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 381.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 106.30 381.25 Td (V) Tj ET Q q 0 0 0 rg BT 111.86 381.25 Td (alues ) Tj ET Q q 0 0 0 rg BT 136.03 381.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.86 381.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.21 363.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 112.63 363.25 Td (are ) Tj ET Q q 0 0 0 rg BT 127.50 363.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 167.92 363.25 Td (as ) Tj ET Q q 0 0 0 rg BT 178.91 363.25 Td (either ) Tj ET Q q 0 0 0 rg BT 204.33 363.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 235.32 363.25 Td (or ) Tj ET Q q 0 0 0 rg BT 245.72 363.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 266.72 363.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 309.64 363.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.74 363.25 Td (in ) Tj ET Q q 0 0 0 rg BT 337.18 363.25 Td (both ) Tj ET Q q 0 0 0 rg BT 357.61 363.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 381.37 363.25 Td (are ) Tj ET Q q 0 0 0 rg BT 396.24 363.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 426.65 363.25 Td (on ) Tj ET Q q 0 0 0 rg BT 439.31 363.25 Td (our ) Tj ET Q q 0 0 0 rg BT 455.30 363.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.50 363.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 541.69 363.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 568.79 363.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 351.25 Td (their ) Tj ET Q q 0 0 0 rg BT 58.04 351.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 100.08 351.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 117.68 351.25 Td (values. ) Tj ET Q q 0 0 0 rg BT 149.44 351.25 Td (For ) Tj ET Q q 0 0 0 rg BT 167.05 351.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 199.10 351.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 243.08 351.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 279.00 351.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.50 351.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.09 351.25 Td (values ) Tj ET Q q 0 0 0 rg BT 337.36 351.25 Td (are ) Tj ET Q q 0 0 0 rg BT 353.29 351.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 391.98 351.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.48 351.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 451.63 351.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 469.22 351.25 Td (value ) Tj ET Q q 0 0 0 rg BT 494.60 351.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 533.02 351.25 Td (net ) Tj ET Q q 0 0 0 rg BT 548.96 351.25 Td (on ) Tj ET Q q 0 0 0 rg BT 562.67 351.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 339.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 90.25 339.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 136.17 339.25 Td (of ) Tj ET Q q 0 0 0 rg BT 148.21 339.25 Td (income ) Tj ET Q q 0 0 0 rg BT 181.35 339.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.83 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.76 339.25 Td (period ) Tj ET Q q 0 0 0 rg BT 238.01 339.25 Td (in ) Tj ET Q q 0 0 0 rg BT 249.50 339.25 Td (which ) Tj ET Q q 0 0 0 rg BT 277.64 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.57 339.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 334.49 339.25 Td (change ) Tj ET Q q 0 0 0 rg BT 366.51 339.25 Td (occurs. ) Tj ET Q q 0 0 0 rg BT 398.82 339.25 Td (Periodic ) Tj ET Q q 0 0 0 rg BT 435.85 339.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 486.77 339.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.25 339.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.18 339.25 Td (values ) Tj ET Q q 0 0 0 rg BT 543.43 339.25 Td (of ) Tj ET Q q 0 0 0 rg BT 555.47 339.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 327.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 86.27 327.25 Td (are ) Tj ET Q q 0 0 0 rg BT 100.98 327.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 144.02 327.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 176.51 327.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.45 327.25 Td (thus ) Tj ET Q q 0 0 0 rg BT 212.62 327.25 Td (can ) Tj ET Q q 0 0 0 rg BT 229.00 327.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 248.15 327.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.43 327.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 303.14 327.25 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 371.18 327.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 398.03 327.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.53 327.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 436.91 327.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 472.37 327.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.25 Td (For ) Tj ET Q q 0 0 0 rg BT 69.18 303.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 89.19 303.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 131.11 303.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 177.19 303.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 220.49 303.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 243.26 303.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.35 303.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 284.90 303.25 Td (are ) Tj ET Q q 0 0 0 rg BT 298.77 303.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 335.40 303.25 Td (as ) Tj ET Q q 0 0 0 rg BT 345.39 303.25 Td (a ) Tj ET Q q 0 0 0 rg BT 351.49 303.25 Td (component ) Tj ET Q q 0 0 0 rg BT 397.58 303.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.20 303.25 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 462.17 303.25 Td (other ) Tj ET Q q 0 0 0 rg BT 484.37 303.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 546.56 303.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 291.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.62 291.25 Td (our ) Tj ET Q q 0 0 0 rg BT 62.79 291.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 116.18 291.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 149.56 291.25 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 179.34 291.25 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 226.04 291.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 249.99 291.25 Td (are ) Tj ET Q q 0 0 0 rg BT 265.04 291.25 Td (not ) Tj ET Q q 0 0 0 rg BT 280.67 291.25 Td (credited ) Tj ET Q q 0 0 0 rg BT 315.71 291.25 Td (to ) Tj ET Q q 0 0 0 rg BT 326.33 291.25 Td (current ) Tj ET Q q 0 0 0 rg BT 357.49 291.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 394.21 291.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.49 291.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 455.98 291.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 482.71 291.25 Td (are ) Tj ET Q q 0 0 0 rg BT 497.76 291.25 Td (not ) Tj ET Q q 0 0 0 rg BT 513.38 291.25 Td (char) Tj ET Q q 0 0 0 rg BT 530.41 291.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 547.69 291.25 Td (against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 279.25 Td (current ) Tj ET Q q 0 0 0 rg BT 66.82 279.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 103.20 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.48 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.20 279.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 155.14 279.25 Td (they ) Tj ET Q q 0 0 0 rg BT 174.86 279.25 Td (are ) Tj ET Q q 0 0 0 rg BT 189.57 279.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 233.17 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.45 279.25 Td (nature. ) Tj ET Q q 0 0 0 rg BT 273.44 279.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 305.38 279.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 335.09 279.25 Td (may ) Tj ET Q q 0 0 0 rg BT 354.81 279.25 Td (require ) Tj ET Q q 0 0 0 rg BT 385.63 279.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 399.53 279.25 Td (however) Tj ET Q q 0 0 0 rg BT 433.55 279.25 Td (, ) Tj ET Q q 0 0 0 rg BT 438.56 279.25 Td (to ) Tj ET Q q 0 0 0 rg BT 448.84 279.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 490.21 279.25 Td (declines ) Tj ET Q q 0 0 0 rg BT 525.47 279.25 Td (in ) Tj ET Q q 0 0 0 rg BT 535.76 279.25 Td (the ) Tj ET Q q 0 0 0 rg BT 550.48 279.25 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 267.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.02 267.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 66.53 267.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 106.46 267.25 Td (as ) Tj ET Q q 0 0 0 rg BT 116.96 267.25 Td (other) Tj ET Q q 0 0 0 rg BT 137.30 267.25 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 204.44 267.25 Td (impairments ) Tj ET Q q 0 0 0 rg BT 256.60 267.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.21 267.25 Td (record ) Tj ET Q q 0 0 0 rg BT 300.91 267.25 Td (them ) Tj ET Q q 0 0 0 rg BT 323.07 267.25 Td (through ) Tj ET Q q 0 0 0 rg BT 356.35 267.25 Td (our ) Tj ET Q q 0 0 0 rg BT 371.84 267.25 Td (current ) Tj ET Q q 0 0 0 rg BT 402.33 267.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 440.87 267.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 472.48 267.25 Td (that ) Tj ET Q q 0 0 0 rg BT 489.64 267.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 531.79 267.25 Td (other) Tj ET Q q 0 0 0 rg BT 552.13 267.25 Td (-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 255.25 Td (temporary-impairment ) Tj ET Q q 0 0 0 rg BT 128.72 255.25 Td (include ) Tj ET Q q 0 0 0 rg BT 160.35 255.25 Td (a ) Tj ET Q q 0 0 0 rg BT 166.99 255.25 Td (change ) Tj ET Q q 0 0 0 rg BT 197.50 255.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.48 255.25 Td (our ) Tj ET Q q 0 0 0 rg BT 223.01 255.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 250.76 255.25 Td (or ) Tj ET Q q 0 0 0 rg BT 261.29 255.25 Td (intent ) Tj ET Q q 0 0 0 rg BT 286.26 255.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.24 255.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 315.73 255.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 336.27 255.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 378.74 255.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 411.47 255.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 445.88 255.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.86 255.25 Td (projected ) Tj ET Q q 0 0 0 rg BT 495.26 255.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 515.22 255.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 539.64 255.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.17 255.25 Td (assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 243.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.65 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 61.18 243.25 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 104.05 243.25 Td (that ) Tj ET Q q 0 0 0 rg BT 121.36 243.25 Td (declines ) Tj ET Q q 0 0 0 rg BT 156.44 243.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.54 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.07 243.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 197.26 243.25 Td (values ) Tj ET Q q 0 0 0 rg BT 225.13 243.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.78 243.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.42 243.25 Td (would ) Tj ET Q q 0 0 0 rg BT 288.74 243.25 Td (not ) Tj ET Q q 0 0 0 rg BT 303.83 243.25 Td (return ) Tj ET Q q 0 0 0 rg BT 330.03 243.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.12 243.25 Td (their ) Tj ET Q q 0 0 0 rg BT 360.77 243.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 397.52 243.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 423.16 243.25 Td (within ) Tj ET Q q 0 0 0 rg BT 451.04 243.25 Td (a ) Tj ET Q q 0 0 0 rg BT 457.79 243.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 502.86 243.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 525.45 243.25 Td (Impairments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 231.25 Td (on ) Tj ET Q q 0 0 0 rg BT 48.23 231.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 69.43 231.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 110.05 231.25 Td (can ) Tj ET Q q 0 0 0 rg BT 126.78 231.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 146.29 231.25 Td (to ) Tj ET Q q 0 0 0 rg BT 156.93 231.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 202.00 231.25 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 270.38 231.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 297.24 231.25 Td ( ) Tj ET Q q 0 0 0 rg BT 300.10 231.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 336.83 231.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 372.29 231.25 Td (. ) Tj ET Q q 0 0 0 rg BT 377.65 231.25 Td (In ) Tj ET Q q 0 0 0 rg BT 388.83 231.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 426.96 231.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 449.26 231.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.44 231.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.06 231.25 Td (in ) Tj ET Q q 0 0 0 rg BT 511.70 231.25 Td (lar) Tj ET Q q 0 0 0 rg BT 522.06 231.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 534.36 231.25 Td (unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 219.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 55.72 219.25 Td (or ) Tj ET Q q 0 0 0 rg BT 66.55 219.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 84.61 219.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 123.23 219.25 Td (that ) Tj ET Q q 0 0 0 rg BT 140.72 219.25 Td (are ) Tj ET Q q 0 0 0 rg BT 155.43 219.25 Td (not ) Tj ET Q q 0 0 0 rg BT 170.71 219.25 Td (impaired ) Tj ET Q q 0 0 0 rg BT 208.75 219.25 Td (can ) Tj ET Q q 0 0 0 rg BT 225.13 219.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 244.28 219.25 Td (to ) Tj ET Q q 0 0 0 rg BT 254.56 219.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 299.27 219.25 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 367.30 219.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 394.16 219.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.66 219.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 433.04 219.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 468.50 219.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 189.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 189.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 189.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 106.30 189.25 Td (V) Tj ET Q q 0 0 0 rg BT 111.86 189.25 Td (alues ) Tj ET Q q 0 0 0 rg BT 136.03 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.86 189.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 189.36 189.25 Td (Servicing ) Tj ET Q q 0 0 0 rg BT 230.75 189.25 Td (Rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 95.61 171.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 135.00 171.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 160.51 171.25 Td (are ) Tj ET Q q 0 0 0 rg BT 175.45 171.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 205.93 171.25 Td (on ) Tj ET Q q 0 0 0 rg BT 218.66 171.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.73 171.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 288.00 171.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 321.26 171.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 348.43 171.25 Td (at ) Tj ET Q q 0 0 0 rg BT 358.38 171.25 Td (their ) Tj ET Q q 0 0 0 rg BT 379.44 171.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 420.49 171.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 437.10 171.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 467.88 171.25 Td (with ) Tj ET Q q 0 0 0 rg BT 488.39 171.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 523.33 171.25 Td (in ) Tj ET Q q 0 0 0 rg BT 533.84 171.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 550.45 171.25 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 159.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 73.42 159.25 Td (in ) Tj ET Q q 0 0 0 rg BT 83.63 159.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.29 159.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 151.27 159.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 195.93 159.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.70 159.25 Td (income ) Tj ET Q q 0 0 0 rg BT 238.57 159.25 Td (as ) Tj ET Q q 0 0 0 rg BT 249.34 159.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.22 159.25 Td (component ) Tj ET Q q 0 0 0 rg BT 303.09 159.25 Td (of ) Tj ET Q q 0 0 0 rg BT 313.87 159.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 337.43 159.25 Td (income ) Tj ET Q q 0 0 0 rg BT 369.30 159.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 396.46 159.25 Td (net. ) Tj ET Q q 0 0 0 rg BT 413.62 159.25 Td (Periodic ) Tj ET Q q 0 0 0 rg BT 449.39 159.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 499.04 159.25 Td (in ) Tj ET Q q 0 0 0 rg BT 509.26 159.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.92 159.25 Td (values ) Tj ET Q q 0 0 0 rg BT 551.90 159.25 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 159.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 147.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 75.39 147.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 113.68 147.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 138.09 147.25 Td (can ) Tj ET Q q 0 0 0 rg BT 153.59 147.25 Td (be ) Tj ET Q q 0 0 0 rg BT 164.66 147.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 193.50 147.25 Td (by ) Tj ET Q q 0 0 0 rg BT 205.13 147.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 230.63 147.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 283.35 147.25 Td (on ) Tj ET Q q 0 0 0 rg BT 294.98 147.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.83 147.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 353.79 147.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 379.02 147.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 412.86 147.25 Td (in ) Tj ET Q q 0 0 0 rg BT 422.27 147.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 473.35 147.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 513.29 147.25 Td (future ) Tj ET Q q 0 0 0 rg BT 538.80 147.25 Td (projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 135.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 90.43 135.25 Td (on ) Tj ET Q q 0 0 0 rg BT 103.77 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.33 135.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 166.00 135.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 192.94 135.25 Td (or ) Tj ET Q q 0 0 0 rg BT 204.61 135.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 240.16 135.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.28 135.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.83 135.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 304.06 135.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 322.39 135.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 375.17 135.25 Td (used ) Tj ET Q q 0 0 0 rg BT 396.84 135.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.96 135.25 Td (value ) Tj ET Q q 0 0 0 rg BT 432.96 135.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 474.06 135.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 514.06 135.25 Td (rights. ) Tj ET Q q 0 0 0 rg BT 542.67 135.25 Td (Periodic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 84.81 123.25 Td (in ) Tj ET Q q 0 0 0 rg BT 94.18 123.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.99 123.25 Td (values ) Tj ET Q q 0 0 0 rg BT 135.13 123.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.05 123.25 Td (these ) Tj ET Q q 0 0 0 rg BT 167.19 123.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 216.56 123.25 Td (are ) Tj ET Q q 0 0 0 rg BT 230.36 123.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 272.49 123.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 304.08 123.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.11 123.25 Td (can ) Tj ET Q q 0 0 0 rg BT 335.58 123.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 353.83 123.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.20 123.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 407.00 123.25 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 474.13 123.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 500.98 123.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.58 123.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 538.05 123.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 573.51 123.25 Td (. ) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (93) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 731.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 106.30 731.25 Td (V) Tj ET Q q 0 0 0 rg BT 111.86 731.25 Td (alues ) Tj ET Q q 0 0 0 rg BT 136.03 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.86 731.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 191.57 731.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 234.63 731.25 Td (Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 713.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.61 713.25 Td (can ) Tj ET Q q 0 0 0 rg BT 86.02 713.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 131.86 713.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 176.60 713.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 213.01 713.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 251.66 713.25 Td (from ) Tj ET Q q 0 0 0 rg BT 273.63 713.25 Td (our ) Tj ET Q q 0 0 0 rg BT 289.49 713.25 Td (use ) Tj ET Q q 0 0 0 rg BT 305.36 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.22 713.25 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 364.94 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 373.58 713.25 Td (e ) Tj ET Q q 0 0 0 rg BT 380.56 713.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 420.29 713.25 Td (use ) Tj ET Q q 0 0 0 rg BT 436.16 713.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 482.56 713.25 Td (as ) Tj ET Q q 0 0 0 rg BT 493.43 713.25 Td (part ) Tj ET Q q 0 0 0 rg BT 511.51 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.37 713.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.24 713.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 70.84 701.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 109.57 701.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 132.46 701.25 Td (to ) Tj ET Q q 0 0 0 rg BT 142.87 701.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 176.59 701.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 198.11 701.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 241.83 701.25 Td (with ) Tj ET Q q 0 0 0 rg BT 262.24 701.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 285.97 701.25 Td (we ) Tj ET Q q 0 0 0 rg BT 300.26 701.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 320.10 701.25 Td (to ) Tj ET Q q 0 0 0 rg BT 330.51 701.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 362.56 701.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.62 701.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 434.47 701.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 450.98 701.25 Td (or ) Tj ET Q q 0 0 0 rg BT 461.94 701.25 Td (securitize\), ) Tj ET Q q 0 0 0 rg BT 508.71 701.25 Td (in ) Tj ET Q q 0 0 0 rg BT 519.11 701.25 Td (relation ) Tj ET Q q 0 0 0 rg BT 552.28 701.25 Td (to ) Tj ET Q q 0 0 0 rg BT 562.68 701.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 79.81 689.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 129.74 689.25 Td (\(to ) Tj ET Q q 0 0 0 rg BT 143.00 689.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 176.25 689.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 197.30 689.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 240.55 689.25 Td (with ) Tj ET Q q 0 0 0 rg BT 260.48 689.25 Td (our ) Tj ET Q q 0 0 0 rg BT 275.97 689.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 318.39 689.25 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 348.06 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 364.65 689.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 396.66 689.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 446.02 689.25 Td (loans\), ) Tj ET Q q 0 0 0 rg BT 475.12 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.71 689.25 Td (to ) Tj ET Q q 0 0 0 rg BT 501.65 689.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 534.90 689.25 Td (variability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.32 677.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 66.08 677.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 98.06 677.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 132.81 677.25 Td (indexed ) Tj ET Q q 0 0 0 rg BT 167.01 677.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.33 677.25 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 220.42 677.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 244.34 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.32 677.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 281.63 677.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 306.40 677.25 Td (on ) Tj ET Q q 0 0 0 rg BT 318.94 677.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 344.82 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.80 677.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 401.56 677.25 Td (that ) Tj ET Q q 0 0 0 rg BT 419.10 677.25 Td (have ) Tj ET Q q 0 0 0 rg BT 440.52 677.25 Td (dif) Tj ET Q q 0 0 0 rg BT 451.45 677.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 477.31 677.25 Td (coupon ) Tj ET Q q 0 0 0 rg BT 509.29 677.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 530.71 677.25 Td (\(fixed ) Tj ET Q q 0 0 0 rg BT 557.13 677.25 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (versus ) Tj ET Q q 0 0 0 rg BT 63.93 665.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 97.42 665.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 121.17 665.25 Td (or ) Tj ET Q q 0 0 0 rg BT 131.88 665.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 165.37 665.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 186.63 665.25 Td (based ) Tj ET Q q 0 0 0 rg BT 211.77 665.25 Td (on ) Tj ET Q q 0 0 0 rg BT 224.15 665.25 Td (dif) Tj ET Q q 0 0 0 rg BT 235.08 665.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 260.78 665.25 Td (indices\). ) Tj ET Q q 0 0 0 rg BT 297.14 665.25 Td (The ) Tj ET Q q 0 0 0 rg BT 315.07 665.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 342.43 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.15 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.74 665.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 416.79 665.25 Td (we ) Tj ET Q q 0 0 0 rg BT 430.83 665.25 Td (use ) Tj ET Q q 0 0 0 rg BT 446.54 665.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.36 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.95 665.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 524.21 665.25 Td (treatment ) Tj ET Q q 0 0 0 rg BT 564.35 665.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.16 653.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 85.19 653.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 113.96 653.25 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 156.62 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.99 653.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 220.80 653.25 Td (may ) Tj ET Q q 0 0 0 rg BT 240.96 653.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 279.98 653.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 299.58 653.25 Td (to ) Tj ET Q q 0 0 0 rg BT 310.30 653.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 349.34 653.25 Td (in ) Tj ET Q q 0 0 0 rg BT 360.06 653.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.33 653.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 412.04 653.25 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 451.35 653.25 Td (even ) Tj ET Q q 0 0 0 rg BT 473.17 653.25 Td (when ) Tj ET Q q 0 0 0 rg BT 497.77 653.25 Td (we ) Tj ET Q q 0 0 0 rg BT 512.37 653.25 Td (are ) Tj ET Q q 0 0 0 rg BT 527.51 653.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 562.67 653.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 70.72 641.25 Td (objectives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 78.12 617.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.79 617.25 Td (our ) Tj ET Q q 0 0 0 rg BT 102.47 617.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 147.68 617.25 Td (are ) Tj ET Q q 0 0 0 rg BT 161.23 617.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 203.11 617.25 Td (for ) Tj ET Q q 0 0 0 rg BT 216.11 617.25 Td (as ) Tj ET Q q 0 0 0 rg BT 225.78 617.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 255.45 617.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 303.46 617.25 Td (with ) Tj ET Q q 0 0 0 rg BT 322.58 617.25 Td (all ) Tj ET Q q 0 0 0 rg BT 333.92 617.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 376.35 617.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 409.90 617.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.02 617.25 Td (value ) Tj ET Q q 0 0 0 rg BT 442.02 617.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 478.34 617.25 Td (through ) Tj ET Q q 0 0 0 rg BT 510.79 617.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.46 617.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 80.63 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.38 605.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 125.73 605.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 162.59 605.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.79 605.25 Td (value ) Tj ET Q q 0 0 0 rg BT 196.86 605.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.61 605.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.25 605.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.00 605.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.86 605.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 304.49 605.25 Td (we ) Tj ET Q q 0 0 0 rg BT 318.57 605.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 352.09 605.25 Td (by ) Tj ET Q q 0 0 0 rg BT 364.51 605.25 Td (using ) Tj ET Q q 0 0 0 rg BT 388.60 605.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 434.89 605.25 Td (may ) Tj ET Q q 0 0 0 rg BT 454.52 605.25 Td (not ) Tj ET Q q 0 0 0 rg BT 469.72 605.25 Td (be ) Tj ET Q q 0 0 0 rg BT 481.58 605.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 524.53 605.25 Td (for ) Tj ET Q q 0 0 0 rg BT 538.61 605.25 Td (similarly) Tj ET Q q 0 0 0 rg BT 573.51 605.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 593.25 Td (This ) Tj ET Q q 0 0 0 rg BT 55.33 593.25 Td (could ) Tj ET Q q 0 0 0 rg BT 79.09 593.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 97.30 593.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.63 593.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 141.49 593.25 Td (income ) Tj ET Q q 0 0 0 rg BT 172.47 593.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.46 593.25 Td (book ) Tj ET Q q 0 0 0 rg BT 210.01 593.25 Td (values ) Tj ET Q q 0 0 0 rg BT 237.11 593.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.43 593.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 279.08 593.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 310.07 593.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.61 593.25 Td (do ) Tj ET Q q 0 0 0 rg BT 338.16 593.25 Td (not ) Tj ET Q q 0 0 0 rg BT 352.49 593.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 398.46 593.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 425.54 593.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.31 593.25 Td (economics ) Tj ET Q q 0 0 0 rg BT 483.62 593.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.50 593.25 Td (our ) Tj ET Q q 0 0 0 rg BT 508.38 593.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 524.93 593.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 581.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 67.01 581.25 Td (. ) Tj ET Q q 0 0 0 rg BT 71.74 581.25 Td (Even ) Tj ET Q q 0 0 0 rg BT 94.52 581.25 Td (when ) Tj ET Q q 0 0 0 rg BT 118.42 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.87 581.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 158.44 581.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.11 581.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 214.56 581.25 Td (are ) Tj ET Q q 0 0 0 rg BT 229.00 581.25 Td (similarly ) Tj ET Q q 0 0 0 rg BT 266.79 581.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 309.56 581.25 Td (for ) Tj ET Q q 0 0 0 rg BT 323.46 581.25 Td (as ) Tj ET Q q 0 0 0 rg BT 334.02 581.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 364.58 581.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 415.98 581.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 450.98 581.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 485.42 581.25 Td (in ) Tj ET Q q 0 0 0 rg BT 495.44 581.25 Td (their ) Tj ET Q q 0 0 0 rg BT 516.00 581.25 Td (values ) Tj ET Q q 0 0 0 rg BT 543.78 581.25 Td (may ) Tj ET Q q 0 0 0 rg BT 563.23 581.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (coincide ) Tj ET Q q 0 0 0 rg BT 72.37 569.25 Td (as ) Tj ET Q q 0 0 0 rg BT 83.20 569.25 Td (other ) Tj ET Q q 0 0 0 rg BT 106.25 569.25 Td (market ) Tj ET Q q 0 0 0 rg BT 136.51 569.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 166.22 569.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 188.99 569.25 Td (supply ) Tj ET Q q 0 0 0 rg BT 218.16 569.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.10 569.25 Td (demand\) ) Tj ET Q q 0 0 0 rg BT 272.58 569.25 Td (may ) Tj ET Q q 0 0 0 rg BT 292.30 569.25 Td (af) Tj ET Q q 0 0 0 rg BT 299.89 569.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 317.37 569.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 347.07 569.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 396.24 569.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.18 569.25 Td (not ) Tj ET Q q 0 0 0 rg BT 428.46 569.25 Td (others ) Tj ET Q q 0 0 0 rg BT 455.39 569.25 Td (at ) Tj ET Q q 0 0 0 rg BT 465.11 569.25 Td (any ) Tj ET Q q 0 0 0 rg BT 482.05 569.25 Td (given ) Tj ET Q q 0 0 0 rg BT 506.77 569.25 Td (time. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 568.05 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 538.05 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 538.05 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 538.05 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 127.96 538.05 Td (Banking ) Tj ET Q q 0 0 0 rg BT 166.03 538.05 Td (Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 520.05 Td (The ) Tj ET Q q 0 0 0 rg BT 72.30 520.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 105.04 520.05 Td (of ) Tj ET Q q 0 0 0 rg BT 116.12 520.05 Td (income ) Tj ET Q q 0 0 0 rg BT 148.30 520.05 Td (that ) Tj ET Q q 0 0 0 rg BT 166.05 520.05 Td (can ) Tj ET Q q 0 0 0 rg BT 182.67 520.05 Td (be ) Tj ET Q q 0 0 0 rg BT 194.86 520.05 Td (earned ) Tj ET Q q 0 0 0 rg BT 224.25 520.05 Td (from ) Tj ET Q q 0 0 0 rg BT 246.44 520.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 286.95 520.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 321.92 520.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 360.77 520.05 Td (is ) Tj ET Q q 0 0 0 rg BT 370.19 520.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 410.15 520.05 Td (dependent ) Tj ET Q q 0 0 0 rg BT 453.99 520.05 Td (on ) Tj ET Q q 0 0 0 rg BT 466.74 520.05 Td (the ) Tj ET Q q 0 0 0 rg BT 481.71 520.05 Td (volume ) Tj ET Q q 0 0 0 rg BT 514.45 520.05 Td (of ) Tj ET Q q 0 0 0 rg BT 525.53 520.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 549.39 520.05 Td (we ) Tj ET Q q 0 0 0 rg BT 563.79 520.05 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 508.05 Td (able ) Tj ET Q q 0 0 0 rg BT 54.85 508.05 Td (to ) Tj ET Q q 0 0 0 rg BT 64.82 508.05 Td (acquire ) Tj ET Q q 0 0 0 rg BT 96.44 508.05 Td (and ) Tj ET Q q 0 0 0 rg BT 113.08 508.05 Td (any ) Tj ET Q q 0 0 0 rg BT 129.71 508.05 Td (potential ) Tj ET Q q 0 0 0 rg BT 166.89 508.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 191.31 508.05 Td (we ) Tj ET Q q 0 0 0 rg BT 205.16 508.05 Td (earn ) Tj ET Q q 0 0 0 rg BT 224.56 508.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 246.76 508.05 Td (the ) Tj ET Q q 0 0 0 rg BT 261.17 508.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 278.91 508.05 Td (or ) Tj ET Q q 0 0 0 rg BT 289.44 508.05 Td (securitization ) Tj ET Q q 0 0 0 rg BT 345.50 508.05 Td (of ) Tj ET Q q 0 0 0 rg BT 356.02 508.05 Td (these ) Tj ET Q q 0 0 0 rg BT 378.76 508.05 Td (loans. ) Tj ET Q q 0 0 0 rg BT 404.57 508.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 422.31 508.05 Td (ability ) Tj ET Q q 0 0 0 rg BT 450.06 508.05 Td (to ) Tj ET Q q 0 0 0 rg BT 460.03 508.05 Td (acquire ) Tj ET Q q 0 0 0 rg BT 491.65 508.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 514.96 508.05 Td (and ) Tj ET Q q 0 0 0 rg BT 531.59 508.05 Td (the ) Tj ET Q q 0 0 0 rg BT 546.00 508.05 Td (volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 496.05 Td (of ) Tj ET Q q 0 0 0 rg BT 47.30 496.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 71.37 496.05 Td (we ) Tj ET Q q 0 0 0 rg BT 86.00 496.05 Td (acquire ) Tj ET Q q 0 0 0 rg BT 118.39 496.05 Td (is ) Tj ET Q q 0 0 0 rg BT 128.03 496.05 Td (dependent ) Tj ET Q q 0 0 0 rg BT 172.09 496.05 Td (on ) Tj ET Q q 0 0 0 rg BT 185.06 496.05 Td (many ) Tj ET Q q 0 0 0 rg BT 210.25 496.05 Td (factors ) Tj ET Q q 0 0 0 rg BT 240.42 496.05 Td (that ) Tj ET Q q 0 0 0 rg BT 258.38 496.05 Td (are ) Tj ET Q q 0 0 0 rg BT 273.56 496.05 Td (beyond ) Tj ET Q q 0 0 0 rg BT 305.96 496.05 Td (our ) Tj ET Q q 0 0 0 rg BT 322.26 496.05 Td (control, ) Tj ET Q q 0 0 0 rg BT 356.05 496.05 Td (including ) Tj ET Q q 0 0 0 rg BT 396.80 496.05 Td (general ) Tj ET Q q 0 0 0 rg BT 429.19 496.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 471.03 496.05 Td (conditions ) Tj ET Q q 0 0 0 rg BT 515.66 496.05 Td (and ) Tj ET Q q 0 0 0 rg BT 533.07 496.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 568.24 496.05 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 484.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 67.25 484.05 Td (rates, ) Tj ET Q q 0 0 0 rg BT 90.44 484.05 Td (loan ) Tj ET Q q 0 0 0 rg BT 109.47 484.05 Td (origination ) Tj ET Q q 0 0 0 rg BT 155.17 484.05 Td (volumes ) Tj ET Q q 0 0 0 rg BT 190.87 484.05 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 248.24 484.05 Td (and ) Tj ET Q q 0 0 0 rg BT 264.49 484.05 Td (at ) Tj ET Q q 0 0 0 rg BT 273.52 484.05 Td (the ) Tj ET Q q 0 0 0 rg BT 287.55 484.05 Td (sellers ) Tj ET Q q 0 0 0 rg BT 314.92 484.05 Td (we ) Tj ET Q q 0 0 0 rg BT 328.39 484.05 Td (purchase ) Tj ET Q q 0 0 0 rg BT 365.74 484.05 Td (our ) Tj ET Q q 0 0 0 rg BT 380.89 484.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 403.81 484.05 Td (from, ) Tj ET Q q 0 0 0 rg BT 427.57 484.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 467.14 484.05 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 511.99 484.05 Td (and ) Tj ET Q q 0 0 0 rg BT 528.25 484.05 Td (competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 472.05 Td (from ) Tj ET Q q 0 0 0 rg BT 58.52 472.05 Td (other ) Tj ET Q q 0 0 0 rg BT 82.15 472.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 120.21 472.05 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 170.24 472.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 188.87 472.05 Td (profitability ) Tj ET Q q 0 0 0 rg BT 239.72 472.05 Td (from ) Tj ET Q q 0 0 0 rg BT 262.24 472.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 303.08 472.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 338.38 472.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 377.56 472.05 Td (is ) Tj ET Q q 0 0 0 rg BT 387.31 472.05 Td (also ) Tj ET Q q 0 0 0 rg BT 406.50 472.05 Td (dependent ) Tj ET Q q 0 0 0 rg BT 450.67 472.05 Td (on ) Tj ET Q q 0 0 0 rg BT 463.75 472.05 Td (many ) Tj ET Q q 0 0 0 rg BT 489.05 472.05 Td (factors, ) Tj ET Q q 0 0 0 rg BT 521.83 472.05 Td (including ) Tj ET Q q 0 0 0 rg BT 562.69 472.05 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 460.05 Td (ability ) Tj ET Q q 0 0 0 rg BT 63.36 460.05 Td (to ) Tj ET Q q 0 0 0 rg BT 72.94 460.05 Td (ef) Tj ET Q q 0 0 0 rg BT 80.53 460.05 Td (fectively ) Tj ET Q q 0 0 0 rg BT 117.31 460.05 Td (hedge ) Tj ET Q q 0 0 0 rg BT 142.99 460.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 172.00 460.05 Td (risks ) Tj ET Q q 0 0 0 rg BT 192.69 460.05 Td (related ) Tj ET Q q 0 0 0 rg BT 221.70 460.05 Td (to ) Tj ET Q q 0 0 0 rg BT 231.28 460.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 265.29 460.05 Td (in ) Tj ET Q q 0 0 0 rg BT 274.88 460.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 306.11 460.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 326.80 460.05 Td (and ) Tj ET Q q 0 0 0 rg BT 343.04 460.05 Td (other ) Tj ET Q q 0 0 0 rg BT 365.39 460.05 Td (factors ) Tj ET Q q 0 0 0 rg BT 394.40 460.05 Td (that ) Tj ET Q q 0 0 0 rg BT 411.20 460.05 Td (are ) Tj ET Q q 0 0 0 rg BT 425.21 460.05 Td (beyond ) Tj ET Q q 0 0 0 rg BT 456.45 460.05 Td (our ) Tj ET Q q 0 0 0 rg BT 471.59 460.05 Td (control, ) Tj ET Q q 0 0 0 rg BT 504.22 460.05 Td (including ) Tj ET Q q 0 0 0 rg BT 543.80 460.05 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 448.05 Td (in ) Tj ET Q q 0 0 0 rg BT 45.69 448.05 Td (market ) Tj ET Q q 0 0 0 rg BT 75.36 448.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 100.03 448.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.94 448.05 Td (pricing. ) Tj ET Q q 0 0 0 rg BT 149.25 448.05 Td (Additionally) Tj ET Q q 0 0 0 rg BT 199.15 448.05 Td (, ) Tj ET Q q 0 0 0 rg BT 203.56 448.05 Td (our ) Tj ET Q q 0 0 0 rg BT 218.80 448.05 Td (income ) Tj ET Q q 0 0 0 rg BT 250.14 448.05 Td (from ) Tj ET Q q 0 0 0 rg BT 271.49 448.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 311.16 448.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 345.28 448.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 383.29 448.05 Td (is ) Tj ET Q q 0 0 0 rg BT 391.87 448.05 Td (generally ) Tj ET Q q 0 0 0 rg BT 430.98 448.05 Td (generated ) Tj ET Q q 0 0 0 rg BT 471.75 448.05 Td (over ) Tj ET Q q 0 0 0 rg BT 491.43 448.05 Td (the ) Tj ET Q q 0 0 0 rg BT 505.55 448.05 Td (period ) Tj ET Q q 0 0 0 rg BT 533.01 448.05 Td (from ) Tj ET Q q 0 0 0 rg BT 554.35 448.05 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 436.05 Td (we ) Tj ET Q q 0 0 0 rg BT 49.75 436.05 Td (identify ) Tj ET Q q 0 0 0 rg BT 82.95 436.05 Td (a ) Tj ET Q q 0 0 0 rg BT 89.48 436.05 Td (loan ) Tj ET Q q 0 0 0 rg BT 108.79 436.05 Td (for ) Tj ET Q q 0 0 0 rg BT 122.54 436.05 Td (purchase ) Tj ET Q q 0 0 0 rg BT 160.17 436.05 Td (until ) Tj ET Q q 0 0 0 rg BT 180.60 436.05 Td (we ) Tj ET Q q 0 0 0 rg BT 194.35 436.05 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 248.66 436.05 Td (sell ) Tj ET Q q 0 0 0 rg BT 264.64 436.05 Td (or ) Tj ET Q q 0 0 0 rg BT 275.06 436.05 Td (securitize ) Tj ET Q q 0 0 0 rg BT 315.46 436.05 Td (the ) Tj ET Q q 0 0 0 rg BT 329.77 436.05 Td (loan. ) Tj ET Q q 0 0 0 rg BT 351.43 436.05 Td (This ) Tj ET Q q 0 0 0 rg BT 371.30 436.05 Td (income ) Tj ET Q q 0 0 0 rg BT 402.83 436.05 Td (may ) Tj ET Q q 0 0 0 rg BT 422.14 436.05 Td (encompass ) Tj ET Q q 0 0 0 rg BT 468.10 436.05 Td (positive ) Tj ET Q q 0 0 0 rg BT 501.86 436.05 Td (or ) Tj ET Q q 0 0 0 rg BT 512.28 436.05 Td (negative ) Tj ET Q q 0 0 0 rg BT 548.25 436.05 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 424.05 Td (valuation ) Tj ET Q q 0 0 0 rg BT 74.58 424.05 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 123.72 424.05 Td (on ) Tj ET Q q 0 0 0 rg BT 135.09 424.05 Td (loans, ) Tj ET Q q 0 0 0 rg BT 160.06 424.05 Td (hedging ) Tj ET Q q 0 0 0 rg BT 193.65 424.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 216.12 424.05 Td (or ) Tj ET Q q 0 0 0 rg BT 225.82 424.05 Td (losses ) Tj ET Q q 0 0 0 rg BT 251.08 424.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 293.54 424.05 Td (with ) Tj ET Q q 0 0 0 rg BT 312.68 424.05 Td (related ) Tj ET Q q 0 0 0 rg BT 341.25 424.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 357.62 424.05 Td (management ) Tj ET Q q 0 0 0 rg BT 410.08 424.05 Td (activities, ) Tj ET Q q 0 0 0 rg BT 450.04 424.05 Td (and ) Tj ET Q q 0 0 0 rg BT 465.85 424.05 Td (any ) Tj ET Q q 0 0 0 rg BT 481.65 424.05 Td (other ) Tj ET Q q 0 0 0 rg BT 503.57 424.05 Td (related ) Tj ET Q q 0 0 0 rg BT 532.14 424.05 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 412.05 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 76.91 412.05 Td (and ) Tj ET Q q 0 0 0 rg BT 93.66 412.05 Td (may ) Tj ET Q q 0 0 0 rg BT 113.19 412.05 Td (be ) Tj ET Q q 0 0 0 rg BT 124.95 412.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 158.90 412.05 Td (unevenly ) Tj ET Q q 0 0 0 rg BT 197.87 412.05 Td (over ) Tj ET Q q 0 0 0 rg BT 217.95 412.05 Td (the ) Tj ET Q q 0 0 0 rg BT 232.48 412.05 Td (course ) Tj ET Q q 0 0 0 rg BT 260.89 412.05 Td (of ) Tj ET Q q 0 0 0 rg BT 271.54 412.05 Td (one ) Tj ET Q q 0 0 0 rg BT 288.29 412.05 Td (or ) Tj ET Q q 0 0 0 rg BT 298.93 412.05 Td (more ) Tj ET Q q 0 0 0 rg BT 321.79 412.05 Td (quarters ) Tj ET Q q 0 0 0 rg BT 356.31 412.05 Td (for ) Tj ET Q q 0 0 0 rg BT 370.29 412.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.58 412.05 Td (reporting ) Tj ET Q q 0 0 0 rg BT 446.55 412.05 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 486.40 412.05 Td (Additional ) Tj ET Q q 0 0 0 rg BT 531.49 412.05 Td (factors ) Tj ET Q q 0 0 0 rg BT 561.01 412.05 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 400.05 Td (could ) Tj ET Q q 0 0 0 rg BT 60.75 400.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 90.49 400.05 Td (our ) Tj ET Q q 0 0 0 rg BT 106.35 400.05 Td (profitability ) Tj ET Q q 0 0 0 rg BT 156.64 400.05 Td (are ) Tj ET Q q 0 0 0 rg BT 171.38 400.05 Td (discussed ) Tj ET Q q 0 0 0 rg BT 212.24 400.05 Td (in ) Tj ET Q q 0 0 0 rg BT 222.55 400.05 Td (Part ) Tj ET Q q 0 0 0 rg BT 241.19 400.05 Td (I, ) Tj ET Q q 0 0 0 rg BT 249.54 400.05 Td (Item1A) Tj ET Q q 0 0 0 rg BT 282.04 400.05 Td ( ) Tj ET Q q 0 0 0 rg BT 284.57 400.05 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.43 400.05 Td (Risk ) Tj ET Q q 0 0 0 rg BT 310.17 400.05 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.28 400.05 Td ( ) Tj ET Q q 0 0 0 rg BT 343.81 400.05 Td (of ) Tj ET Q q 0 0 0 rg BT 354.67 400.05 Td (this ) Tj ET Q q 0 0 0 rg BT 371.09 400.05 Td (Annual ) Tj ET Q q 0 0 0 rg BT 403.06 400.05 Td (Report ) Tj ET Q q 0 0 0 rg BT 432.81 400.05 Td (on ) Tj ET Q q 0 0 0 rg BT 445.33 400.05 Td (Form ) Tj ET Q q 0 0 0 rg BT 469.53 400.05 Td (10-K ) Tj ET Q q 0 0 0 rg BT 492.61 400.05 Td (and ) Tj ET Q q 0 0 0 rg BT 509.58 400.05 Td (above, ) Tj ET Q q 0 0 0 rg BT 538.49 400.05 Td (under ) Tj ET Q q 0 0 0 rg BT 563.79 400.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 388.05 Td (headings ) Tj ET Q q 0 0 0 rg BT 73.29 388.05 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.73 388.05 Td (Changes ) Tj ET Q q 0 0 0 rg BT 114.47 388.05 Td (in ) Tj ET Q q 0 0 0 rg BT 123.99 388.05 Td (the ) Tj ET Q q 0 0 0 rg BT 137.95 388.05 Td (Fair ) Tj ET Q q 0 0 0 rg BT 157.47 388.05 Td (V) Tj ET Q q 0 0 0 rg BT 162.47 388.05 Td (alue ) Tj ET Q q 0 0 0 rg BT 181.43 388.05 Td (of ) Tj ET Q q 0 0 0 rg BT 190.95 388.05 Td (Residential ) Tj ET Q q 0 0 0 rg BT 237.68 388.05 Td (and ) Tj ET Q q 0 0 0 rg BT 254.42 388.05 Td (Commer) Tj ET Q q 0 0 0 rg BT 288.50 388.05 Td (cial ) Tj ET Q q 0 0 0 rg BT 305.23 388.05 Td (Loans ) Tj ET Q q 0 0 0 rg BT 331.43 388.05 Td (Held ) Tj ET Q q 0 0 0 rg BT 352.61 388.05 Td (at ) Tj ET Q q 0 0 0 rg BT 362.13 388.05 Td (Fair ) Tj ET Q q 0 0 0 rg BT 381.65 388.05 Td (V) Tj ET Q q 0 0 0 rg BT 386.65 388.05 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.87 388.05 Td ( ) Tj ET Q q 0 0 0 rg BT 410.05 388.05 Td (and ) Tj ET Q q 0 0 0 rg BT 426.23 388.05 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.67 388.05 Td (Changes ) Tj ET Q q 0 0 0 rg BT 467.41 388.05 Td (in ) Tj ET Q q 0 0 0 rg BT 476.93 388.05 Td (Fair ) Tj ET Q q 0 0 0 rg BT 496.45 388.05 Td (V) Tj ET Q q 0 0 0 rg BT 501.45 388.05 Td (alues ) Tj ET Q q 0 0 0 rg BT 524.30 388.05 Td (of ) Tj ET Q q 0 0 0 rg BT 533.82 388.05 Td (Derivative ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 376.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 77.25 376.05 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.47 376.05 Td (. ) Tj ET Q q 0 0 0 rg BT 133.78 376.05 Td (Changes ) Tj ET Q q 0 0 0 rg BT 170.58 376.05 Td (in ) Tj ET Q q 0 0 0 rg BT 180.73 376.05 Td (the ) Tj ET Q q 0 0 0 rg BT 195.32 376.05 Td (volumes ) Tj ET Q q 0 0 0 rg BT 231.57 376.05 Td (of ) Tj ET Q q 0 0 0 rg BT 242.27 376.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 265.75 376.05 Td (acquired ) Tj ET Q q 0 0 0 rg BT 302.54 376.05 Td (or ) Tj ET Q q 0 0 0 rg BT 313.24 376.05 Td (originated ) Tj ET Q q 0 0 0 rg BT 356.15 376.05 Td (in ) Tj ET Q q 0 0 0 rg BT 366.29 376.05 Td (connection ) Tj ET Q q 0 0 0 rg BT 412.53 376.05 Td (with ) Tj ET Q q 0 0 0 rg BT 432.68 376.05 Td (our ) Tj ET Q q 0 0 0 rg BT 448.38 376.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 488.51 376.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 523.09 376.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 561.56 376.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 364.05 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 364.05 Td (profitability ) Tj ET Q q 0 0 0 rg BT 102.10 364.05 Td (on ) Tj ET Q q 0 0 0 rg BT 114.60 364.05 Td (these ) Tj ET Q q 0 0 0 rg BT 137.65 364.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 176.24 364.05 Td (can ) Tj ET Q q 0 0 0 rg BT 192.62 364.05 Td (lead ) Tj ET Q q 0 0 0 rg BT 211.78 364.05 Td (to ) Tj ET Q q 0 0 0 rg BT 222.05 364.05 Td (significant ) Tj ET Q q 0 0 0 rg BT 266.77 364.05 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 334.80 364.05 Td (GAAP) Tj ET Q q 0 0 0 rg BT 361.65 364.05 Td ( ) Tj ET Q q 0 0 0 rg BT 364.15 364.05 Td (earnings ) Tj ET Q q 0 0 0 rg BT 400.53 364.05 Td (volatility) Tj ET Q q 0 0 0 rg BT 435.99 364.05 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.49 364.05 Td ( ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 362.85 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 332.85 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 332.85 Td (in ) Tj ET Q q 0 0 0 rg BT 85.28 332.85 Td (Y) Tj ET Q q 0 0 0 rg BT 90.84 332.85 Td (ields ) Tj ET Q q 0 0 0 rg BT 112.23 332.85 Td (for ) Tj ET Q q 0 0 0 rg BT 126.95 332.85 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 314.85 Td (The ) Tj ET Q q 0 0 0 rg BT 71.67 314.85 Td (yields ) Tj ET Q q 0 0 0 rg BT 97.69 314.85 Td (we ) Tj ET Q q 0 0 0 rg BT 111.47 314.85 Td (project ) Tj ET Q q 0 0 0 rg BT 141.36 314.85 Td (on ) Tj ET Q q 0 0 0 rg BT 153.49 314.85 Td (real ) Tj ET Q q 0 0 0 rg BT 170.60 314.85 Td (estate ) Tj ET Q q 0 0 0 rg BT 195.49 314.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 235.38 314.85 Td (can ) Tj ET Q q 0 0 0 rg BT 251.39 314.85 Td (have ) Tj ET Q q 0 0 0 rg BT 272.39 314.85 Td (a ) Tj ET Q q 0 0 0 rg BT 278.95 314.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 323.29 314.85 Td (ef) Tj ET Q q 0 0 0 rg BT 330.88 314.85 Td (fect ) Tj ET Q q 0 0 0 rg BT 347.99 314.85 Td (on ) Tj ET Q q 0 0 0 rg BT 360.12 314.85 Td (the ) Tj ET Q q 0 0 0 rg BT 374.46 314.85 Td (periodic ) Tj ET Q q 0 0 0 rg BT 409.35 314.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.91 314.85 Td (income ) Tj ET Q q 0 0 0 rg BT 472.47 314.85 Td (we ) Tj ET Q q 0 0 0 rg BT 486.26 314.85 Td (recognize ) Tj ET Q q 0 0 0 rg BT 527.25 314.85 Td (for ) Tj ET Q q 0 0 0 rg BT 541.03 314.85 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 302.85 Td (reporting ) Tj ET Q q 0 0 0 rg BT 75.32 302.85 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 115.65 302.85 Td (Y) Tj ET Q q 0 0 0 rg BT 122.32 302.85 Td (ields ) Tj ET Q q 0 0 0 rg BT 143.87 302.85 Td (can ) Tj ET Q q 0 0 0 rg BT 160.41 302.85 Td (vary ) Tj ET Q q 0 0 0 rg BT 180.85 302.85 Td (as ) Tj ET Q q 0 0 0 rg BT 191.85 302.85 Td (a ) Tj ET Q q 0 0 0 rg BT 198.95 302.85 Td (function ) Tj ET Q q 0 0 0 rg BT 234.95 302.85 Td (of ) Tj ET Q q 0 0 0 rg BT 245.94 302.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 271.38 302.85 Td (results, ) Tj ET Q q 0 0 0 rg BT 302.65 302.85 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 352.52 302.85 Td (rates, ) Tj ET Q q 0 0 0 rg BT 376.57 302.85 Td (and ) Tj ET Q q 0 0 0 rg BT 393.67 302.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 425.77 302.85 Td (rates. ) Tj ET Q q 0 0 0 rg BT 449.82 302.85 Td (If ) Tj ET Q q 0 0 0 rg BT 459.14 302.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 500.13 302.85 Td (future ) Tj ET Q q 0 0 0 rg BT 526.68 302.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 552.11 302.85 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.85 Td (are ) Tj ET Q q 0 0 0 rg BT 50.33 290.85 Td (less ) Tj ET Q q 0 0 0 rg BT 67.46 290.85 Td (than ) Tj ET Q q 0 0 0 rg BT 86.81 290.85 Td (our ) Tj ET Q q 0 0 0 rg BT 102.27 290.85 Td (prior ) Tj ET Q q 0 0 0 rg BT 123.83 290.85 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 161.78 290.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 186.67 290.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 212.69 290.85 Td (occur ) Tj ET Q q 0 0 0 rg BT 237.03 290.85 Td (later ) Tj ET Q q 0 0 0 rg BT 256.92 290.85 Td (than ) Tj ET Q q 0 0 0 rg BT 276.26 290.85 Td (expected, ) Tj ET Q q 0 0 0 rg BT 316.42 290.85 Td (or ) Tj ET Q q 0 0 0 rg BT 326.88 290.85 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 376.21 290.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 397.22 290.85 Td (are ) Tj ET Q q 0 0 0 rg BT 411.55 290.85 Td (faster ) Tj ET Q q 0 0 0 rg BT 435.89 290.85 Td (than ) Tj ET Q q 0 0 0 rg BT 455.23 290.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 492.89 290.85 Td (\(meaning ) Tj ET Q q 0 0 0 rg BT 532.78 290.85 Td (the ) Tj ET Q q 0 0 0 rg BT 547.13 290.85 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.85 Td (value ) Tj ET Q q 0 0 0 rg BT 60.46 278.85 Td (of ) Tj ET Q q 0 0 0 rg BT 71.59 278.85 Td (projected ) Tj ET Q q 0 0 0 rg BT 111.59 278.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 132.16 278.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 157.19 278.85 Td (is ) Tj ET Q q 0 0 0 rg BT 166.66 278.85 Td (greater ) Tj ET Q q 0 0 0 rg BT 197.21 278.85 Td (than ) Tj ET Q q 0 0 0 rg BT 217.23 278.85 Td (previously ) Tj ET Q q 0 0 0 rg BT 262.25 278.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 300.58 278.85 Td (for ) Tj ET Q q 0 0 0 rg BT 315.05 278.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.18 278.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 378.40 278.85 Td (at ) Tj ET Q q 0 0 0 rg BT 388.42 278.85 Td (a ) Tj ET Q q 0 0 0 rg BT 395.66 278.85 Td (discount ) Tj ET Q q 0 0 0 rg BT 432.35 278.85 Td (to ) Tj ET Q q 0 0 0 rg BT 442.93 278.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 481.28 278.85 Td (balance\), ) Tj ET Q q 0 0 0 rg BT 520.44 278.85 Td (the ) Tj ET Q q 0 0 0 rg BT 535.46 278.85 Td (yield ) Tj ET Q q 0 0 0 rg BT 558.25 278.85 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 266.85 Td (the ) Tj ET Q q 0 0 0 rg BT 50.73 266.85 Td (remaining ) Tj ET Q q 0 0 0 rg BT 93.78 266.85 Td (life ) Tj ET Q q 0 0 0 rg BT 109.61 266.85 Td (of ) Tj ET Q q 0 0 0 rg BT 120.45 266.85 Td (the ) Tj ET Q q 0 0 0 rg BT 135.18 266.85 Td (security ) Tj ET Q q 0 0 0 rg BT 169.34 266.85 Td (may ) Tj ET Q q 0 0 0 rg BT 189.07 266.85 Td (be ) Tj ET Q q 0 0 0 rg BT 201.02 266.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 236.85 266.85 Td (upwards. ) Tj ET Q q 0 0 0 rg BT 275.75 266.85 Td (If ) Tj ET Q q 0 0 0 rg BT 284.92 266.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 325.75 266.85 Td (future ) Tj ET Q q 0 0 0 rg BT 352.13 266.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 377.41 266.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 403.81 266.85 Td (exceed ) Tj ET Q q 0 0 0 rg BT 434.07 266.85 Td (our ) Tj ET Q q 0 0 0 rg BT 449.91 266.85 Td (prior ) Tj ET Q q 0 0 0 rg BT 471.86 266.85 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 526.85 266.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 552.12 266.85 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.85 Td (occur ) Tj ET Q q 0 0 0 rg BT 60.54 254.85 Td (more ) Tj ET Q q 0 0 0 rg BT 83.42 254.85 Td (quickly ) Tj ET Q q 0 0 0 rg BT 115.76 254.85 Td (than ) Tj ET Q q 0 0 0 rg BT 135.31 254.85 Td (expected, ) Tj ET Q q 0 0 0 rg BT 175.68 254.85 Td (or ) Tj ET Q q 0 0 0 rg BT 186.34 254.85 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 239.77 254.85 Td (occur ) Tj ET Q q 0 0 0 rg BT 264.31 254.85 Td (more ) Tj ET Q q 0 0 0 rg BT 287.19 254.85 Td (slowly ) Tj ET Q q 0 0 0 rg BT 316.20 254.85 Td (than ) Tj ET Q q 0 0 0 rg BT 335.75 254.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 373.62 254.85 Td (\(meaning ) Tj ET Q q 0 0 0 rg BT 413.72 254.85 Td (the ) Tj ET Q q 0 0 0 rg BT 428.27 254.85 Td (present ) Tj ET Q q 0 0 0 rg BT 459.48 254.85 Td (value ) Tj ET Q q 0 0 0 rg BT 483.47 254.85 Td (of ) Tj ET Q q 0 0 0 rg BT 494.14 254.85 Td (projected ) Tj ET Q q 0 0 0 rg BT 533.68 254.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 553.78 254.85 Td (flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.85 Td (is ) Tj ET Q q 0 0 0 rg BT 45.42 242.85 Td (less ) Tj ET Q q 0 0 0 rg BT 63.17 242.85 Td (than ) Tj ET Q q 0 0 0 rg BT 83.13 242.85 Td (previously ) Tj ET Q q 0 0 0 rg BT 128.10 242.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 166.38 242.85 Td (for ) Tj ET Q q 0 0 0 rg BT 180.79 242.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 206.87 242.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 244.04 242.85 Td (at ) Tj ET Q q 0 0 0 rg BT 254.01 242.85 Td (a ) Tj ET Q q 0 0 0 rg BT 261.20 242.85 Td (discount ) Tj ET Q q 0 0 0 rg BT 297.83 242.85 Td (to ) Tj ET Q q 0 0 0 rg BT 308.36 242.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 346.65 242.85 Td (balance\), ) Tj ET Q q 0 0 0 rg BT 385.76 242.85 Td (the ) Tj ET Q q 0 0 0 rg BT 400.73 242.85 Td (yield ) Tj ET Q q 0 0 0 rg BT 423.47 242.85 Td (over ) Tj ET Q q 0 0 0 rg BT 443.99 242.85 Td (the ) Tj ET Q q 0 0 0 rg BT 458.95 242.85 Td (remaining ) Tj ET Q q 0 0 0 rg BT 502.25 242.85 Td (life ) Tj ET Q q 0 0 0 rg BT 518.32 242.85 Td (of ) Tj ET Q q 0 0 0 rg BT 529.40 242.85 Td (the ) Tj ET Q q 0 0 0 rg BT 544.36 242.85 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 230.85 Td (may ) Tj ET Q q 0 0 0 rg BT 55.72 230.85 Td (be ) Tj ET Q q 0 0 0 rg BT 67.66 230.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 103.48 230.85 Td (downward. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.85 Td (Changes ) Tj ET Q q 0 0 0 rg BT 90.61 206.85 Td (in ) Tj ET Q q 0 0 0 rg BT 100.57 206.85 Td (the ) Tj ET Q q 0 0 0 rg BT 114.96 206.85 Td (actual ) Tj ET Q q 0 0 0 rg BT 141.00 206.85 Td (maturities ) Tj ET Q q 0 0 0 rg BT 183.17 206.85 Td (of ) Tj ET Q q 0 0 0 rg BT 193.67 206.85 Td (real ) Tj ET Q q 0 0 0 rg BT 210.83 206.85 Td (estate ) Tj ET Q q 0 0 0 rg BT 235.77 206.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 275.71 206.85 Td (may ) Tj ET Q q 0 0 0 rg BT 295.10 206.85 Td (also ) Tj ET Q q 0 0 0 rg BT 313.38 206.85 Td (af) Tj ET Q q 0 0 0 rg BT 320.97 206.85 Td (fect ) Tj ET Q q 0 0 0 rg BT 338.13 206.85 Td (their ) Tj ET Q q 0 0 0 rg BT 358.63 206.85 Td (yields ) Tj ET Q q 0 0 0 rg BT 384.69 206.85 Td (to ) Tj ET Q q 0 0 0 rg BT 394.64 206.85 Td (maturity) Tj ET Q q 0 0 0 rg BT 427.87 206.85 Td (. ) Tj ET Q q 0 0 0 rg BT 432.07 206.85 Td (Actual ) Tj ET Q q 0 0 0 rg BT 460.90 206.85 Td (maturities ) Tj ET Q q 0 0 0 rg BT 503.06 206.85 Td (are ) Tj ET Q q 0 0 0 rg BT 517.44 206.85 Td (af) Tj ET Q q 0 0 0 rg BT 525.03 206.85 Td (fected ) Tj ET Q q 0 0 0 rg BT 551.63 206.85 Td (by ) Tj ET Q q 0 0 0 rg BT 563.80 206.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 194.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 83.08 194.85 Td (lives ) Tj ET Q q 0 0 0 rg BT 104.64 194.85 Td (of ) Tj ET Q q 0 0 0 rg BT 115.63 194.85 Td (the ) Tj ET Q q 0 0 0 rg BT 130.51 194.85 Td (associated ) Tj ET Q q 0 0 0 rg BT 174.27 194.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 214.70 194.85 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 257.06 194.85 Td (periodic ) Tj ET Q q 0 0 0 rg BT 292.49 194.85 Td (payments ) Tj ET Q q 0 0 0 rg BT 333.48 194.85 Td (of ) Tj ET Q q 0 0 0 rg BT 344.48 194.85 Td (principal, ) Tj ET Q q 0 0 0 rg BT 385.18 194.85 Td (and ) Tj ET Q q 0 0 0 rg BT 402.29 194.85 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 456.05 194.85 Td (of ) Tj ET Q q 0 0 0 rg BT 467.04 194.85 Td (principal. ) Tj ET Q q 0 0 0 rg BT 507.56 194.85 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 552.13 194.85 Td (actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.85 Td (maturities ) Tj ET Q q 0 0 0 rg BT 78.80 182.85 Td (of ) Tj ET Q q 0 0 0 rg BT 89.32 182.85 Td (AFS ) Tj ET Q q 0 0 0 rg BT 110.48 182.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 151.06 182.85 Td (are ) Tj ET Q q 0 0 0 rg BT 166.08 182.85 Td (generally ) Tj ET Q q 0 0 0 rg BT 206.09 182.85 Td (shorter ) Tj ET Q q 0 0 0 rg BT 236.67 182.85 Td (than ) Tj ET Q q 0 0 0 rg BT 256.70 182.85 Td (stated ) Tj ET Q q 0 0 0 rg BT 282.84 182.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 330.07 182.85 Td (maturities. ) Tj ET Q q 0 0 0 rg BT 375.37 182.85 Td (Stated ) Tj ET Q q 0 0 0 rg BT 403.18 182.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 450.41 182.85 Td (maturities ) Tj ET Q q 0 0 0 rg BT 493.22 182.85 Td (are ) Tj ET Q q 0 0 0 rg BT 508.24 182.85 Td (generally ) Tj ET Q q 0 0 0 rg BT 548.25 182.85 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 170.85 Td (than ) Tj ET Q q 0 0 0 rg BT 55.78 170.85 Td (10 ) Tj ET Q q 0 0 0 rg BT 68.34 170.85 Td (years. ) Tj ET Q q 0 0 0 rg BT 94.32 170.85 Td (There ) Tj ET Q q 0 0 0 rg BT 120.20 170.85 Td (is ) Tj ET Q q 0 0 0 rg BT 129.43 170.85 Td (no ) Tj ET Q q 0 0 0 rg BT 142.00 170.85 Td (assurance ) Tj ET Q q 0 0 0 rg BT 183.43 170.85 Td (that ) Tj ET Q q 0 0 0 rg BT 200.99 170.85 Td (our ) Tj ET Q q 0 0 0 rg BT 216.88 170.85 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 268.89 170.85 Td (used ) Tj ET Q q 0 0 0 rg BT 289.78 170.85 Td (to ) Tj ET Q q 0 0 0 rg BT 300.13 170.85 Td (estimate ) Tj ET Q q 0 0 0 rg BT 336.01 170.85 Td (future ) Tj ET Q q 0 0 0 rg BT 362.45 170.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 382.78 170.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 407.57 170.85 Td (or ) Tj ET Q q 0 0 0 rg BT 418.46 170.85 Td (the ) Tj ET Q q 0 0 0 rg BT 433.24 170.85 Td (current ) Tj ET Q q 0 0 0 rg BT 464.12 170.85 Td (period) Tj ET Q q 0 0 0 rg BT 492.45 170.85 Td (s ) Tj ET Q q 0 0 0 rg BT 498.90 170.85 Td (yield ) Tj ET Q q 0 0 0 rg BT 521.46 170.85 Td (for ) Tj ET Q q 0 0 0 rg BT 535.68 170.85 Td (each ) Tj ET Q q 0 0 0 rg BT 556.56 170.85 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.85 Td (will ) Tj ET Q q 0 0 0 rg BT 54.06 158.85 Td (not ) Tj ET Q q 0 0 0 rg BT 69.33 158.85 Td (change ) Tj ET Q q 0 0 0 rg BT 100.15 158.85 Td (in ) Tj ET Q q 0 0 0 rg BT 110.43 158.85 Td (the ) Tj ET Q q 0 0 0 rg BT 125.15 158.85 Td (near ) Tj ET Q q 0 0 0 rg BT 144.85 158.85 Td (term, ) Tj ET Q q 0 0 0 rg BT 168.18 158.85 Td (and ) Tj ET Q q 0 0 0 rg BT 185.12 158.85 Td (any ) Tj ET Q q 0 0 0 rg BT 202.05 158.85 Td (change ) Tj ET Q q 0 0 0 rg BT 232.87 158.85 Td (could ) Tj ET Q q 0 0 0 rg BT 257.59 158.85 Td (be ) Tj ET Q q 0 0 0 rg BT 269.53 158.85 Td (material. ) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (94) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 731.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 731.25 Td (Loss ) Tj ET Q q 0 0 0 rg BT 106.85 731.25 Td (Contingency ) Tj ET Q q 0 0 0 rg BT 161.58 731.25 Td (Reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 713.25 Td (e ) Tj ET Q q 0 0 0 rg BT 70.43 713.25 Td (may ) Tj ET Q q 0 0 0 rg BT 91.00 713.25 Td (be ) Tj ET Q q 0 0 0 rg BT 103.80 713.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 139.92 713.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.06 713.25 Td (various ) Tj ET Q q 0 0 0 rg BT 183.85 713.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 202.77 713.25 Td (contingencies, ) Tj ET Q q 0 0 0 rg BT 263.61 713.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 307.24 713.25 Td (without ) Tj ET Q q 0 0 0 rg BT 341.15 713.25 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 385.89 713.25 Td (those ) Tj ET Q q 0 0 0 rg BT 410.36 713.25 Td (described ) Tj ET Q q 0 0 0 rg BT 452.03 713.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 463.16 713.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 485.40 713.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.40 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 498.76 713.25 Td (to ) Tj ET Q q 0 0 0 rg BT 509.89 713.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.47 713.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.51 701.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 118.25 701.25 Td (included ) Tj ET Q q 0 0 0 rg BT 155.22 701.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.53 701.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 184.17 701.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 195.86 701.25 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 224.21 701.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.07 701.25 Td (this ) Tj ET Q q 0 0 0 rg BT 251.49 701.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 283.46 701.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 313.21 701.25 Td (on ) Tj ET Q q 0 0 0 rg BT 325.74 701.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 349.94 701.25 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 375.53 701.25 Td (In ) Tj ET Q q 0 0 0 rg BT 386.39 701.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 433.88 701.25 Td (with ) Tj ET Q q 0 0 0 rg BT 454.19 701.25 Td (F) Tj ET Q q 0 0 0 rg BT 459.01 701.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 480.99 701.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 519.61 701.25 Td (on ) Tj ET Q q 0 0 0 rg BT 532.15 701.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.48 689.25 Td (contingencies, ) Tj ET Q q 0 0 0 rg BT 110.79 689.25 Td (we ) Tj ET Q q 0 0 0 rg BT 125.27 689.25 Td (review ) Tj ET Q q 0 0 0 rg BT 155.31 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.35 689.25 Td (need ) Tj ET Q q 0 0 0 rg BT 192.05 689.25 Td (for ) Tj ET Q q 0 0 0 rg BT 206.53 689.25 Td (any ) Tj ET Q q 0 0 0 rg BT 223.80 689.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 242.18 689.25 Td (contingency ) Tj ET Q q 0 0 0 rg BT 293.88 689.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 329.46 689.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.73 689.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 384.55 689.25 Td (them ) Tj ET Q q 0 0 0 rg BT 407.37 689.25 Td (when, ) Tj ET Q q 0 0 0 rg BT 434.35 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 444.96 689.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.00 689.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 493.38 689.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.53 689.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 560.95 689.25 Td (it ) Tj ET Q q 0 0 0 rg BT 569.33 689.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 73.32 677.25 Td (that ) Tj ET Q q 0 0 0 rg BT 90.65 677.25 Td (a ) Tj ET Q q 0 0 0 rg BT 97.43 677.25 Td (matter ) Tj ET Q q 0 0 0 rg BT 125.31 677.25 Td (would ) Tj ET Q q 0 0 0 rg BT 152.64 677.25 Td (result ) Tj ET Q q 0 0 0 rg BT 177.20 677.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.31 677.25 Td (a ) Tj ET Q q 0 0 0 rg BT 194.09 677.25 Td (liability) Tj ET Q q 0 0 0 rg BT 224.54 677.25 Td (, ) Tj ET Q q 0 0 0 rg BT 229.38 677.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.16 677.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.71 677.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 293.04 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.71 677.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 324.11 677.25 Td (if ) Tj ET Q q 0 0 0 rg BT 332.55 677.25 Td (any) Tj ET Q q 0 0 0 rg BT 346.34 677.25 Td (, ) Tj ET Q q 0 0 0 rg BT 351.18 677.25 Td (can ) Tj ET Q q 0 0 0 rg BT 367.39 677.25 Td (be ) Tj ET Q q 0 0 0 rg BT 379.16 677.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 424.82 677.25 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 467.80 677.25 Td (The ) Tj ET Q q 0 0 0 rg BT 485.69 677.25 Td (establishment ) Tj ET Q q 0 0 0 rg BT 543.01 677.25 Td (of ) Tj ET Q q 0 0 0 rg BT 553.68 677.25 Td (a ) Tj ET Q q 0 0 0 rg BT 560.46 677.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (contingency ) Tj ET Q q 0 0 0 rg BT 87.91 665.25 Td (reserve, ) Tj ET Q q 0 0 0 rg BT 122.31 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.57 665.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 185.04 665.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 220.83 665.25 Td (in ) Tj ET Q q 0 0 0 rg BT 231.65 665.25 Td (a ) Tj ET Q q 0 0 0 rg BT 239.13 665.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 271.03 665.25 Td (or ) Tj ET Q q 0 0 0 rg BT 282.40 665.25 Td (release ) Tj ET Q q 0 0 0 rg BT 313.19 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.55 665.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 360.35 665.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 405.60 665.25 Td (established, ) Tj ET Q q 0 0 0 rg BT 455.58 665.25 Td (or ) Tj ET Q q 0 0 0 rg BT 466.94 665.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.20 665.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 530.78 665.25 Td (of ) Tj ET Q q 0 0 0 rg BT 542.14 665.25 Td (a ) Tj ET Q q 0 0 0 rg BT 549.62 665.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 568.22 665.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 64.16 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 74.55 653.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 118.83 653.25 Td (established ) Tj ET Q q 0 0 0 rg BT 165.32 653.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 202.64 653.25 Td (can ) Tj ET Q q 0 0 0 rg BT 218.58 653.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 242.85 653.25 Td (as ) Tj ET Q q 0 0 0 rg BT 253.24 653.25 Td (a ) Tj ET Q q 0 0 0 rg BT 259.74 653.25 Td (result ) Tj ET Q q 0 0 0 rg BT 284.01 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.40 653.25 Td (various ) Tj ET Q q 0 0 0 rg BT 325.90 653.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 355.17 653.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.67 653.25 Td (events ) Tj ET Q q 0 0 0 rg BT 399.28 653.25 Td (that ) Tj ET Q q 0 0 0 rg BT 416.33 653.25 Td (af) Tj ET Q q 0 0 0 rg BT 423.92 653.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 440.97 653.25 Td (management) Tj ET Q q 0 0 0 rg BT 494.83 653.25 Td (s ) Tj ET Q q 0 0 0 rg BT 500.79 653.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 533.40 653.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.79 653.25 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.39 641.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 86.44 641.25 Td (for ) Tj ET Q q 0 0 0 rg BT 100.28 641.25 Td (establishing, ) Tj ET Q q 0 0 0 rg BT 152.73 641.25 Td (increasing, ) Tj ET Q q 0 0 0 rg BT 198.50 641.25 Td (or ) Tj ET Q q 0 0 0 rg BT 209.00 641.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 253.95 641.25 Td (to ) Tj ET Q q 0 0 0 rg BT 263.91 641.25 Td (maintain, ) Tj ET Q q 0 0 0 rg BT 303.57 641.25 Td (a ) Tj ET Q q 0 0 0 rg BT 310.18 641.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 341.23 641.25 Td (has ) Tj ET Q q 0 0 0 rg BT 356.73 641.25 Td (been ) Tj ET Q q 0 0 0 rg BT 377.78 641.25 Td (met. ) Tj ET Q q 0 0 0 rg BT 397.46 641.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 434.07 641.25 Td (in ) Tj ET Q q 0 0 0 rg BT 444.02 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.41 641.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 476.15 641.25 Td (contingency ) Tj ET Q q 0 0 0 rg BT 527.20 641.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 562.13 641.25 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 55.16 629.25 Td (to ) Tj ET Q q 0 0 0 rg BT 65.43 629.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 110.15 629.25 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 178.18 629.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 205.03 629.25 Td ( ) Tj ET Q q 0 0 0 rg BT 207.53 629.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 243.91 629.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 279.37 629.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 74.62 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 85.46 599.25 Td (Provision ) Tj ET Q q 0 0 0 rg BT 127.41 599.25 Td (for ) Tj ET Q q 0 0 0 rg BT 142.13 599.25 Td (T) Tj ET Q q 0 0 0 rg BT 147.32 599.25 Td (axes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.56 581.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 111.35 581.25 Td (for ) Tj ET Q q 0 0 0 rg BT 125.02 581.25 Td (income ) Tj ET Q q 0 0 0 rg BT 156.47 581.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 179.02 581.25 Td (is ) Tj ET Q q 0 0 0 rg BT 187.71 581.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 226.93 581.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.16 581.25 Td (result ) Tj ET Q q 0 0 0 rg BT 265.38 581.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.72 581.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 302.58 581.25 Td ( ) Tj ET Q q 0 0 0 rg BT 304.59 581.25 Td (income ) Tj ET Q q 0 0 0 rg BT 336.03 581.25 Td (or ) Tj ET Q q 0 0 0 rg BT 346.38 581.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 372.28 581.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 413.15 581.25 Td (at ) Tj ET Q q 0 0 0 rg BT 422.38 581.25 Td (our ) Tj ET Q q 0 0 0 rg BT 437.57 581.25 Td (TRS.Deferred ) Tj ET Q q 0 0 0 rg BT 498.45 581.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 512.68 581.25 Td (assets/liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.44 569.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 91.54 569.25 Td (by ) Tj ET Q q 0 0 0 rg BT 103.77 569.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 147.10 569.25 Td (dif) Tj ET Q q 0 0 0 rg BT 158.03 569.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 193.57 569.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.58 569.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 230.43 569.25 Td ( ) Tj ET Q q 0 0 0 rg BT 232.67 569.25 Td (income ) Tj ET Q q 0 0 0 rg BT 264.33 569.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.01 569.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 312.11 569.25 Td (income ) Tj ET Q q 0 0 0 rg BT 343.78 569.25 Td (at ) Tj ET Q q 0 0 0 rg BT 353.23 569.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.80 569.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 399.90 569.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 449.35 569.25 Td (and ) Tj ET Q q 0 0 0 rg BT 466.02 569.25 Td (are ) Tj ET Q q 0 0 0 rg BT 480.47 569.25 Td (a ) Tj ET Q q 0 0 0 rg BT 487.14 569.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 531.58 569.25 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.78 557.25 Td (our ) Tj ET Q q 0 0 0 rg BT 62.56 557.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 89.41 557.25 Td ( ) Tj ET Q q 0 0 0 rg BT 91.86 557.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 132.09 557.25 Td (for ) Tj ET Q q 0 0 0 rg BT 146.20 557.25 Td (income ) Tj ET Q q 0 0 0 rg BT 178.08 557.25 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 203.58 557.25 Td (In ) Tj ET Q q 0 0 0 rg BT 214.35 557.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 254.02 557.25 Td (the ) Tj ET Q q 0 0 0 rg BT 268.69 557.25 Td (realizability ) Tj ET Q q 0 0 0 rg BT 318.89 557.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.67 557.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 365.43 557.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 380.09 557.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 408.37 557.25 Td (we ) Tj ET Q q 0 0 0 rg BT 422.48 557.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 458.81 557.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 493.46 557.25 Td (it ) Tj ET Q q 0 0 0 rg BT 501.47 557.25 Td (is ) Tj ET Q q 0 0 0 rg BT 510.58 557.25 Td (more ) Tj ET Q q 0 0 0 rg BT 533.58 557.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 558.80 557.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.25 Td (not ) Tj ET Q q 0 0 0 rg BT 51.71 545.25 Td (that ) Tj ET Q q 0 0 0 rg BT 69.63 545.25 Td (some ) Tj ET Q q 0 0 0 rg BT 93.67 545.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 125.48 545.25 Td (or ) Tj ET Q q 0 0 0 rg BT 136.74 545.25 Td (all ) Tj ET Q q 0 0 0 rg BT 149.67 545.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.92 545.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.07 545.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 212.30 545.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 227.45 545.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 253.71 545.25 Td (will ) Tj ET Q q 0 0 0 rg BT 272.19 545.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.90 545.25 Td (be ) Tj ET Q q 0 0 0 rg BT 300.27 545.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 337.13 545.25 Td (The ) Tj ET Q q 0 0 0 rg BT 355.60 545.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 391.30 545.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 436.42 545.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.68 545.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 483.92 545.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 499.06 545.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 525.32 545.25 Td (is ) Tj ET Q q 0 0 0 rg BT 534.92 545.25 Td (dependent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 58.59 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.40 533.25 Td (generation ) Tj ET Q q 0 0 0 rg BT 118.19 533.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.12 533.25 Td (future ) Tj ET Q q 0 0 0 rg BT 155.58 533.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 187.05 533.25 Td (income ) Tj ET Q q 0 0 0 rg BT 219.07 533.25 Td (during ) Tj ET Q q 0 0 0 rg BT 247.77 533.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.58 533.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 294.61 533.25 Td (in ) Tj ET Q q 0 0 0 rg BT 304.98 533.25 Td (which ) Tj ET Q q 0 0 0 rg BT 332.01 533.25 Td (those ) Tj ET Q q 0 0 0 rg BT 355.71 533.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 399.40 533.25 Td (dif) Tj ET Q q 0 0 0 rg BT 410.33 533.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 446.22 533.25 Td (become ) Tj ET Q q 0 0 0 rg BT 479.91 533.25 Td (deductible. ) Tj ET Q q 0 0 0 rg BT 526.46 533.25 Td (W) Tj ET Q q 0 0 0 rg BT 535.10 533.25 Td (e ) Tj ET Q q 0 0 0 rg BT 542.13 533.25 Td (consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 75.00 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.23 521.25 Td (projected ) Tj ET Q q 0 0 0 rg BT 130.23 521.25 Td (future ) Tj ET Q q 0 0 0 rg BT 155.90 521.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 186.56 521.25 Td (income ) Tj ET Q q 0 0 0 rg BT 217.79 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.02 521.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 262.46 521.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 285.36 521.25 Td (as ) Tj ET Q q 0 0 0 rg BT 295.48 521.25 Td (well ) Tj ET Q q 0 0 0 rg BT 314.49 521.25 Td (as ) Tj ET Q q 0 0 0 rg BT 324.61 521.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 338.62 521.25 Td (planning ) Tj ET Q q 0 0 0 rg BT 375.41 521.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 414.96 521.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.54 521.25 Td (making ) Tj ET Q q 0 0 0 rg BT 456.32 521.25 Td (this ) Tj ET Q q 0 0 0 rg BT 472.56 521.25 Td (assessment. ) Tj ET Q q 0 0 0 rg BT 521.16 521.25 Td (W) Tj ET Q q 0 0 0 rg BT 529.80 521.25 Td (e ) Tj ET Q q 0 0 0 rg BT 536.03 521.25 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.79 509.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 77.80 509.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.16 509.25 Td (which ) Tj ET Q q 0 0 0 rg BT 115.17 509.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 159.94 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.85 509.25 Td (this ) Tj ET Q q 0 0 0 rg BT 187.87 509.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 223.75 509.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 245.77 509.25 Td (is ) Tj ET Q q 0 0 0 rg BT 255.01 509.25 Td (not ) Tj ET Q q 0 0 0 rg BT 270.37 509.25 Td (assured ) Tj ET Q q 0 0 0 rg BT 302.93 509.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.95 509.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 357.52 509.25 Td (a ) Tj ET Q q 0 0 0 rg BT 364.53 509.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 404.32 509.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 447.43 509.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 493.98 509.25 Td (. ) Tj ET Q q 0 0 0 rg BT 498.87 509.25 Td (The ) Tj ET Q q 0 0 0 rg BT 516.99 509.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 552.89 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 509.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 72.12 497.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 87.16 497.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.30 497.25 Td (and ) Tj ET Q q 0 0 0 rg BT 130.56 497.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 174.47 497.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 214.50 497.25 Td (allowances ) Tj ET Q q 0 0 0 rg BT 261.74 497.25 Td (could ) Tj ET Q q 0 0 0 rg BT 286.77 497.25 Td (change ) Tj ET Q q 0 0 0 rg BT 317.90 497.25 Td (in ) Tj ET Q q 0 0 0 rg BT 328.50 497.25 Td (future ) Tj ET Q q 0 0 0 rg BT 355.19 497.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 387.44 497.25 Td (to ) Tj ET Q q 0 0 0 rg BT 398.04 497.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.07 497.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 440.32 497.25 Td (that ) Tj ET Q q 0 0 0 rg BT 458.13 497.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 484.82 497.25 Td (or ) Tj ET Q q 0 0 0 rg BT 495.97 497.25 Td (revised ) Tj ET Q q 0 0 0 rg BT 527.66 497.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 567.69 497.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (future ) Tj ET Q q 0 0 0 rg BT 62.13 485.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 93.26 485.25 Td (income ) Tj ET Q q 0 0 0 rg BT 124.95 485.25 Td (during ) Tj ET Q q 0 0 0 rg BT 153.32 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.79 485.25 Td (carry-forward ) Tj ET Q q 0 0 0 rg BT 225.57 485.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 257.27 485.25 Td (change ) Tj ET Q q 0 0 0 rg BT 287.84 485.25 Td (from ) Tj ET Q q 0 0 0 rg BT 309.53 485.25 Td (current ) Tj ET Q q 0 0 0 rg BT 340.11 485.25 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 394.84 485.25 Td (causing ) Tj ET Q q 0 0 0 rg BT 427.65 485.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 472.12 485.25 Td (period-to-period ) Tj ET Q q 0 0 0 rg BT 539.91 485.25 Td (volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 473.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 73.13 473.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.63 473.25 Td (earnings. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (Market Risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 429.25 Td (e ) Tj ET Q q 0 0 0 rg BT 70.46 429.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 91.62 429.25 Td (to ) Tj ET Q q 0 0 0 rg BT 102.78 429.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 137.26 429.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 159.53 429.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 195.68 429.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.85 429.25 Td (our ) Tj ET Q q 0 0 0 rg BT 223.56 429.25 Td (businessincluding ) Tj ET Q q 0 0 0 rg BT 313.61 429.25 Td (but ) Tj ET Q q 0 0 0 rg BT 329.78 429.25 Td (not ) Tj ET Q q 0 0 0 rg BT 345.94 429.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 377.66 429.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.82 429.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 414.97 429.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 435.85 429.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 468.67 429.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 487.04 429.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 507.93 429.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 558.52 429.25 Td (risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 417.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 72.90 417.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 93.41 417.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.85 417.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.74 417.25 Td (value ) Tj ET Q q 0 0 0 rg BT 152.40 417.25 Td (riskin ) Tj ET Q q 0 0 0 rg BT 193.19 417.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.63 417.25 Td (prudent ) Tj ET Q q 0 0 0 rg BT 234.19 417.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 267.18 417.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 305.74 417.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.52 417.25 Td (enhance ) Tj ET Q q 0 0 0 rg BT 352.28 417.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.62 417.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 405.51 417.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.95 417.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 464.85 417.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.29 417.25 Td (preserve ) Tj ET Q q 0 0 0 rg BT 519.17 417.25 Td (our ) Tj ET Q q 0 0 0 rg BT 535.51 417.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 567.67 417.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 405.25 Td (general, ) Tj ET Q q 0 0 0 rg BT 70.17 405.25 Td (we ) Tj ET Q q 0 0 0 rg BT 84.07 405.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 104.09 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.11 405.25 Td (assume ) Tj ET Q q 0 0 0 rg BT 145.79 405.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 166.93 405.25 Td (that ) Tj ET Q q 0 0 0 rg BT 184.17 405.25 Td (can ) Tj ET Q q 0 0 0 rg BT 200.29 405.25 Td (be ) Tj ET Q q 0 0 0 rg BT 211.98 405.25 Td (quantified ) Tj ET Q q 0 0 0 rg BT 254.76 405.25 Td (from ) Tj ET Q q 0 0 0 rg BT 276.45 405.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 315.91 405.25 Td (experience, ) Tj ET Q q 0 0 0 rg BT 363.95 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.97 405.25 Td (actively ) Tj ET Q q 0 0 0 rg BT 407.87 405.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 441.21 405.25 Td (such ) Tj ET Q q 0 0 0 rg BT 461.78 405.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 485.42 405.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.10 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.13 405.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 549.36 405.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 393.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 61.07 393.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 102.81 393.25 Td (with ) Tj ET Q q 0 0 0 rg BT 122.33 393.25 Td (these ) Tj ET Q q 0 0 0 rg BT 144.62 393.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 167.76 393.25 Td (Information ) Tj ET Q q 0 0 0 rg BT 217.27 393.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 263.44 393.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.40 393.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 298.03 393.25 Td (we ) Tj ET Q q 0 0 0 rg BT 311.44 393.25 Td (are ) Tj ET Q q 0 0 0 rg BT 325.39 393.25 Td (managing, ) Tj ET Q q 0 0 0 rg BT 369.07 393.25 Td (how ) Tj ET Q q 0 0 0 rg BT 388.04 393.25 Td (these ) Tj ET Q q 0 0 0 rg BT 410.33 393.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 430.96 393.25 Td (are ) Tj ET Q q 0 0 0 rg BT 444.92 393.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 483.31 393.25 Td (over ) Tj ET Q q 0 0 0 rg BT 502.83 393.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 524.85 393.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.03 393.25 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 381.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.86 381.25 Td ( ) Tj ET Q q 0 0 0 rg BT 65.18 381.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 101.39 381.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.15 381.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 149.35 381.25 Td (income ) Tj ET Q q 0 0 0 rg BT 181.11 381.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 219.54 381.25 Td (we ) Tj ET Q q 0 0 0 rg BT 233.53 381.25 Td (may ) Tj ET Q q 0 0 0 rg BT 253.08 381.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 298.70 381.25 Td (as ) Tj ET Q q 0 0 0 rg BT 309.36 381.25 Td (a ) Tj ET Q q 0 0 0 rg BT 316.12 381.25 Td (result ) Tj ET Q q 0 0 0 rg BT 340.67 381.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.32 381.25 Td (these ) Tj ET Q q 0 0 0 rg BT 374.20 381.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 395.42 381.25 Td (is ) Tj ET Q q 0 0 0 rg BT 404.41 381.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 445.07 381.25 Td (under ) Tj ET Q q 0 0 0 rg BT 470.17 381.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.71 381.25 Td (caption ) Tj ET Q q 0 0 0 rg BT 516.47 381.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.91 381.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 540.45 381.25 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.56 381.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.27 369.25 Td (this ) Tj ET Q q 0 0 0 rg BT 64.01 369.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 96.39 369.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 126.55 369.25 Td (on ) Tj ET Q q 0 0 0 rg BT 139.49 369.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 164.11 369.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 187.60 369.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.98 369.25 Td (under ) Tj ET Q q 0 0 0 rg BT 230.69 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.85 369.25 Td (caption ) Tj ET Q q 0 0 0 rg BT 278.22 369.25 Td (") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.31 369.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 306.36 369.25 Td (Relating ) Tj ET Q q 0 0 0 rg BT 343.18 369.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.90 369.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 376.28 369.25 Td (Incurr) Tj ET Q q 0 0 0 rg BT 401.46 369.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 413.84 369.25 Td (under ) Tj ET Q q 0 0 0 rg BT 440.11 369.25 Td (Short- ) Tj ET Q q 0 0 0 rg BT 468.06 369.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.00 369.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 514.53 369.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 533.03 369.25 Td (Borr) Tj ET Q q 0 0 0 rg BT 551.55 369.25 Td (owing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 357.25 Td (Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.77 357.25 Td (" ) Tj ET Q q 0 0 0 rg BT 80.35 357.25 Td (within ) Tj ET Q q 0 0 0 rg BT 108.41 357.25 Td (this ) Tj ET Q q 0 0 0 rg BT 125.36 357.25 Td (MD&A. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 333.25 Td (Other) Tj ET Q q 0 0 0 rg BT 61.37 333.25 Td ( Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.88 313.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 100.19 313.25 Td (to ) Tj ET Q q 0 0 0 rg BT 110.52 313.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.28 313.25 Td (market ) Tj ET Q q 0 0 0 rg BT 155.59 313.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.57 313.25 Td (other ) Tj ET Q q 0 0 0 rg BT 195.67 313.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 217.10 313.25 Td (described ) Tj ET Q q 0 0 0 rg BT 257.96 313.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 286.89 313.25 Td (our ) Tj ET Q q 0 0 0 rg BT 302.76 313.25 Td (business ) Tj ET Q q 0 0 0 rg BT 339.20 313.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.18 313.25 Td (results ) Tj ET Q q 0 0 0 rg BT 384.84 313.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.71 313.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 439.91 313.25 Td (are ) Tj ET Q q 0 0 0 rg BT 454.66 313.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 485.54 313.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.86 313.25 Td (a ) Tj ET Q q 0 0 0 rg BT 502.84 313.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 533.15 313.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.03 313.25 Td (types ) Tj ET Q q 0 0 0 rg BT 567.68 313.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 301.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 57.34 301.25 Td (and ) Tj ET Q q 0 0 0 rg BT 74.23 301.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 130.26 301.25 Td (including, ) Tj ET Q q 0 0 0 rg BT 172.98 301.25 Td (among ) Tj ET Q q 0 0 0 rg BT 202.65 301.25 Td (other ) Tj ET Q q 0 0 0 rg BT 225.64 301.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 255.04 301.25 Td (those ) Tj ET Q q 0 0 0 rg BT 278.59 301.25 Td (described ) Tj ET Q q 0 0 0 rg BT 319.36 301.25 Td (under ) Tj ET Q q 0 0 0 rg BT 344.57 301.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.24 301.25 Td (caption ) Tj ET Q q 0 0 0 rg BT 391.12 301.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 395.56 301.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 415.22 301.25 Td (Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.33 301.25 Td ( ) Tj ET Q q 0 0 0 rg BT 453.22 301.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.00 301.25 Td (this ) Tj ET Q q 0 0 0 rg BT 480.35 301.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 512.24 301.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 541.90 301.25 Td (on ) Tj ET Q q 0 0 0 rg BT 554.35 301.25 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 289.25 Td (10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 262.25 Td (NEW) Tj ET Q q 0 0 0 rg BT 59.71 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 61.66 262.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 133.61 262.25 Td (ST) Tj ET Q q 0 0 0 rg BT 145.10 262.25 Td (ANDARDS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.25 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 244.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.82 244.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 108.65 244.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.13 244.25 Td (new ) Tj ET Q q 0 0 0 rg BT 139.94 244.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 186.97 244.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 227.89 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 245.48 244.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.85 244.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 296.78 244.25 Td (ef) Tj ET Q q 0 0 0 rg BT 304.37 244.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 326.40 244.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.89 244.25 Td (these ) Tj ET Q q 0 0 0 rg BT 361.59 244.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 402.51 244.25 Td (on ) Tj ET Q q 0 0 0 rg BT 415.66 244.25 Td (our ) Tj ET Q q 0 0 0 rg BT 432.14 244.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 485.84 244.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 523.97 244.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 569.34 244.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 232.25 Td (included ) Tj ET Q q 0 0 0 rg BT 72.93 232.25 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.21 232.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 104.60 232.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 112.10 232.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.49 232.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 163.76 232.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.04 232.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 219.69 232.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 267.73 232.25 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 232.25 Td ( ) Tj ET Q q 0 0 0 rg BT 302.45 232.25 Td (included ) Tj ET Q q 0 0 0 rg BT 339.38 232.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.66 232.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 368.27 232.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 379.93 232.25 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 408.25 232.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.08 232.25 Td (this ) Tj ET Q q 0 0 0 rg BT 435.48 232.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 467.42 232.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 497.13 232.25 Td (on ) Tj ET Q q 0 0 0 rg BT 509.63 232.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 533.80 232.25 Td (10-K.) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (ITEM7A. QUANTIT) Tj ET Q q 0 0 0 rg BT 128.32 731.25 Td (A) Tj ET Q q 0 0 0 rg BT 134.80 731.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 161.21 731.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 224.08 731.25 Td (A) Tj ET Q q 0 0 0 rg BT 230.56 731.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 330.04 731.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 365.42 731.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 412.74 731.25 Td ( RISK ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 70.71 713.25 Td (Risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 695.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.93 695.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 88.56 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.19 695.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 131.14 695.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 151.89 695.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 186.50 695.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.14 695.25 Td (our ) Tj ET Q q 0 0 0 rg BT 211.32 695.25 Td (business-including ) Tj ET Q q 0 0 0 rg BT 293.17 695.25 Td (but ) Tj ET Q q 0 0 0 rg BT 307.81 695.25 Td (not ) Tj ET Q q 0 0 0 rg BT 322.44 695.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 352.63 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 362.26 695.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 386.88 695.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 406.24 695.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 437.53 695.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 454.37 695.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 473.72 695.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 522.78 695.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 542.13 695.25 Td (inflation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 683.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 56.00 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 72.93 683.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 89.30 683.25 Td (value ) Tj ET Q q 0 0 0 rg BT 113.45 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 130.38 683.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 166.77 683.25 Td (risk-in ) Tj ET Q q 0 0 0 rg BT 200.38 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 207.31 683.25 Td (prudent ) Tj ET Q q 0 0 0 rg BT 240.35 683.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 272.83 683.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 310.87 683.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.15 683.25 Td (enhance ) Tj ET Q q 0 0 0 rg BT 356.40 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.22 683.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 408.59 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.53 683.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 466.91 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.84 683.25 Td (preserve ) Tj ET Q q 0 0 0 rg BT 520.20 683.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.03 683.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 567.67 683.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 671.25 Td (general, ) Tj ET Q q 0 0 0 rg BT 70.17 671.25 Td (we ) Tj ET Q q 0 0 0 rg BT 84.07 671.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 104.09 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.11 671.25 Td (assume ) Tj ET Q q 0 0 0 rg BT 145.79 671.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 166.93 671.25 Td (that ) Tj ET Q q 0 0 0 rg BT 184.17 671.25 Td (can ) Tj ET Q q 0 0 0 rg BT 200.29 671.25 Td (be ) Tj ET Q q 0 0 0 rg BT 211.98 671.25 Td (quantified ) Tj ET Q q 0 0 0 rg BT 254.76 671.25 Td (from ) Tj ET Q q 0 0 0 rg BT 276.45 671.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 315.91 671.25 Td (experience, ) Tj ET Q q 0 0 0 rg BT 363.95 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.97 671.25 Td (actively ) Tj ET Q q 0 0 0 rg BT 407.87 671.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 441.21 671.25 Td (such ) Tj ET Q q 0 0 0 rg BT 461.78 671.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 485.42 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.10 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.13 671.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 549.36 671.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 61.44 659.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 103.55 659.25 Td (with ) Tj ET Q q 0 0 0 rg BT 123.45 659.25 Td (these ) Tj ET Q q 0 0 0 rg BT 146.11 659.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 169.46 659.25 Td (This ) Tj ET Q q 0 0 0 rg BT 189.36 659.25 Td (section ) Tj ET Q q 0 0 0 rg BT 219.80 659.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 254.68 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 261.24 659.25 Td (general ) Tj ET Q q 0 0 0 rg BT 292.78 659.25 Td (overview ) Tj ET Q q 0 0 0 rg BT 332.10 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.54 659.25 Td (these ) Tj ET Q q 0 0 0 rg BT 365.21 659.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 388.25 659.25 Td (Additional ) Tj ET Q q 0 0 0 rg BT 433.14 659.25 Td (information ) Tj ET Q q 0 0 0 rg BT 482.46 659.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 529.00 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 543.34 659.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 564.34 659.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.90 647.25 Td (managing, ) Tj ET Q q 0 0 0 rg BT 95.52 647.25 Td (how ) Tj ET Q q 0 0 0 rg BT 115.43 647.25 Td (these ) Tj ET Q q 0 0 0 rg BT 138.67 647.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 160.25 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 175.15 647.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 214.50 647.25 Td (over ) Tj ET Q q 0 0 0 rg BT 234.96 647.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 257.92 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.05 647.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 312.73 647.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 339.58 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.27 647.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 378.84 647.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.97 647.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 427.53 647.25 Td (income ) Tj ET Q q 0 0 0 rg BT 459.66 647.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 498.46 647.25 Td (we ) Tj ET Q q 0 0 0 rg BT 512.81 647.25 Td (may ) Tj ET Q q 0 0 0 rg BT 532.71 647.25 Td (experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (as ) Tj ET Q q 0 0 0 rg BT 46.83 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 53.77 635.25 Td (result ) Tj ET Q q 0 0 0 rg BT 78.49 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.32 635.25 Td (these ) Tj ET Q q 0 0 0 rg BT 112.36 635.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 133.75 635.25 Td (is ) Tj ET Q q 0 0 0 rg BT 142.92 635.25 Td (further ) Tj ET Q q 0 0 0 rg BT 172.63 635.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 213.46 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.74 635.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 242.35 635.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 254.01 635.25 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 282.33 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.16 635.25 Td (this ) Tj ET Q q 0 0 0 rg BT 309.56 635.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 341.50 635.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 371.21 635.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.71 635.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 407.88 635.25 Td (10-K. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 605.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 64.06 605.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (Integral ) Tj ET Q q 0 0 0 rg BT 87.69 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.06 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 113.98 587.25 Td (business ) Tj ET Q q 0 0 0 rg BT 150.46 587.25 Td (is ) Tj ET Q q 0 0 0 rg BT 159.73 587.25 Td (assuming ) Tj ET Q q 0 0 0 rg BT 200.10 587.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 225.46 587.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 243.05 587.25 Td (through ) Tj ET Q q 0 0 0 rg BT 276.75 587.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.67 587.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 336.92 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.85 587.25 Td (real ) Tj ET Q q 0 0 0 rg BT 365.43 587.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 390.78 587.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 416.98 587.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 457.34 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.37 587.25 Td (other ) Tj ET Q q 0 0 0 rg BT 497.51 587.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 547.88 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 558.80 587.25 Td (well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (as ) Tj ET Q q 0 0 0 rg BT 46.65 575.25 Td (through ) Tj ET Q q 0 0 0 rg BT 80.08 575.25 Td (our ) Tj ET Q q 0 0 0 rg BT 95.74 575.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 129.70 575.25 Td (on ) Tj ET Q q 0 0 0 rg BT 142.03 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.57 575.25 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 224.98 575.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.64 575.25 Td (business ) Tj ET Q q 0 0 0 rg BT 271.85 575.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 333.15 575.25 Td (W) Tj ET Q q 0 0 0 rg BT 341.78 575.25 Td (e ) Tj ET Q q 0 0 0 rg BT 348.55 575.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 379.74 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.28 575.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 434.37 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.13 575.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 474.56 575.25 Td (we ) Tj ET Q q 0 0 0 rg BT 488.54 575.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 526.41 575.25 Td (are ) Tj ET Q q 0 0 0 rg BT 540.94 575.25 Td (priced ) Tj ET Q q 0 0 0 rg BT 568.24 575.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 71.88 563.25 Td (an ) Tj ET Q q 0 0 0 rg BT 83.33 563.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 120.88 563.25 Td (return ) Tj ET Q q 0 0 0 rg BT 146.78 563.25 Td (that ) Tj ET Q q 0 0 0 rg BT 163.79 563.25 Td (compensates ) Tj ET Q q 0 0 0 rg BT 216.90 563.25 Td (us ) Tj ET Q q 0 0 0 rg BT 227.81 563.25 Td (for ) Tj ET Q q 0 0 0 rg BT 241.48 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.72 563.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 301.06 563.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 325.84 563.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 342.86 563.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 385.97 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 405.76 563.25 Td (these ) Tj ET Q q 0 0 0 rg BT 428.32 563.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 480.61 563.25 Td (Nevertheless, ) Tj ET Q q 0 0 0 rg BT 536.78 563.25 Td (there ) Tj ET Q q 0 0 0 rg BT 558.78 563.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (be ) Tj ET Q q 0 0 0 rg BT 47.94 551.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 92.65 551.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 117.91 551.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 144.31 551.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 187.90 551.25 Td (with ) Tj ET Q q 0 0 0 rg BT 208.18 551.25 Td (these ) Tj ET Q q 0 0 0 rg BT 231.22 551.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 281.50 551.25 Td (should ) Tj ET Q q 0 0 0 rg BT 310.67 551.25 Td (they ) Tj ET Q q 0 0 0 rg BT 330.38 551.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 365.09 551.25 Td (worse ) Tj ET Q q 0 0 0 rg BT 391.47 551.25 Td (than ) Tj ET Q q 0 0 0 rg BT 411.19 551.25 Td (we ) Tj ET Q q 0 0 0 rg BT 425.35 551.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 453.94 551.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.44 551.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.38 551.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 498.65 551.25 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 527.25 Td (e ) Tj ET Q q 0 0 0 rg BT 70.31 527.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 104.65 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 121.22 527.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 147.22 527.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 169.35 527.25 Td (by ) Tj ET Q q 0 0 0 rg BT 182.59 527.25 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 224.70 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.15 527.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 267.83 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 279.40 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.85 527.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 313.09 527.25 Td (we ) Tj ET Q q 0 0 0 rg BT 327.99 527.25 Td (are ) Tj ET Q q 0 0 0 rg BT 343.43 527.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 371.67 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 389.35 527.25 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 432.57 527.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 468.02 527.25 Td (we ) Tj ET Q q 0 0 0 rg BT 482.91 527.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 515.03 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.48 527.25 Td (appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 90.04 515.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 120.74 515.25 Td (are ) Tj ET Q q 0 0 0 rg BT 135.33 515.25 Td (met, ) Tj ET Q q 0 0 0 rg BT 155.21 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.04 515.25 Td (we ) Tj ET Q q 0 0 0 rg BT 186.09 515.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 213.46 515.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 247.52 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.35 515.25 Td (staf) Tj ET Q q 0 0 0 rg BT 278.60 515.25 Td (f ) Tj ET Q q 0 0 0 rg BT 284.32 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.49 515.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 328.54 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.14 515.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 378.31 515.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.46 515.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 456.37 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.08 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 482.80 515.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 506.29 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.12 515.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 565.60 515.25 Td (T) Tj ET Q q 0 0 0 rg BT 571.01 515.25 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.74 503.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 77.69 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 91.87 503.25 Td (find ) Tj ET Q q 0 0 0 rg BT 110.50 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.23 503.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 150.52 503.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 171.93 503.25 Td (on ) Tj ET Q q 0 0 0 rg BT 184.45 503.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 218.06 503.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 243.91 503.25 Td (are ) Tj ET Q q 0 0 0 rg BT 258.64 503.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 297.81 503.25 Td (adversely) Tj ET Q q 0 0 0 rg BT 335.48 503.25 Td (, ) Tj ET Q q 0 0 0 rg BT 340.50 503.25 Td (we ) Tj ET Q q 0 0 0 rg BT 354.68 503.25 Td (may ) Tj ET Q q 0 0 0 rg BT 374.41 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 386.37 503.25 Td (able ) Tj ET Q q 0 0 0 rg BT 405.55 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 415.84 503.25 Td (take ) Tj ET Q q 0 0 0 rg BT 435.02 503.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 468.36 503.25 Td (such ) Tj ET Q q 0 0 0 rg BT 489.21 503.25 Td (as ) Tj ET Q q 0 0 0 rg BT 500.06 503.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 529.25 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 543.98 503.25 Td (af) Tj ET Q q 0 0 0 rg BT 551.57 503.25 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (investments, ) Tj ET Q q 0 0 0 rg BT 88.54 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.59 491.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 133.63 491.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 170.89 491.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 199.55 491.25 Td (However) Tj ET Q q 0 0 0 rg BT 235.80 491.25 Td (, ) Tj ET Q q 0 0 0 rg BT 240.58 491.25 Td (we ) Tj ET Q q 0 0 0 rg BT 254.51 491.25 Td (may ) Tj ET Q q 0 0 0 rg BT 273.99 491.25 Td (not ) Tj ET Q q 0 0 0 rg BT 289.04 491.25 Td (always ) Tj ET Q q 0 0 0 rg BT 319.08 491.25 Td (be ) Tj ET Q q 0 0 0 rg BT 330.79 491.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 374.16 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 384.21 491.25 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 425.35 491.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 449.01 491.25 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 491.27 491.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 545.19 491.25 Td (criteria, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (foreseeing ) Tj ET Q q 0 0 0 rg BT 80.26 479.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 113.41 479.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 148.22 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 158.61 479.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 183.99 479.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 237.12 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 248.06 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.45 479.25 Td (ef) Tj ET Q q 0 0 0 rg BT 266.04 479.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 303.63 479.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 347.35 479.25 Td (future ) Tj ET Q q 0 0 0 rg BT 373.84 479.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 399.22 479.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 425.72 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.77 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.60 479.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 485.76 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.15 479.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 512.65 479.25 Td (an ) Tj ET Q q 0 0 0 rg BT 524.70 479.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 546.75 479.25 Td (may ) Tj ET Q q 0 0 0 rg BT 566.58 479.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 66.83 467.25 Td (due ) Tj ET Q q 0 0 0 rg BT 83.77 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.05 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.76 467.25 Td (structure ) Tj ET Q q 0 0 0 rg BT 146.25 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.08 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.80 467.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 193.73 467.25 Td (or ) Tj ET Q q 0 0 0 rg BT 204.56 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.28 467.25 Td (absence ) Tj ET Q q 0 0 0 rg BT 253.43 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.26 467.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.20 467.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 297.03 467.25 Td (market ) Tj ET Q q 0 0 0 rg BT 327.29 467.25 Td (for ) Tj ET Q q 0 0 0 rg BT 341.45 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.17 467.25 Td (asset. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 83.49 437.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 110.44 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 127.94 437.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.35 419.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 116.79 419.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 140.70 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.93 419.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 198.49 419.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 229.60 419.25 Td (by ) Tj ET Q q 0 0 0 rg BT 242.40 419.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 286.84 419.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 310.75 419.25 Td (are ) Tj ET Q q 0 0 0 rg BT 325.75 419.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 365.75 419.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 399.08 419.25 Td (by ) Tj ET Q q 0 0 0 rg BT 411.87 419.25 Td (real ) Tj ET Q q 0 0 0 rg BT 429.65 419.25 Td (property) Tj ET Q q 0 0 0 rg BT 462.88 419.25 Td (. ) Tj ET Q q 0 0 0 rg BT 468.18 419.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 495.97 419.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 522.65 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 535.45 419.25 Td (real ) Tj ET Q q 0 0 0 rg BT 553.23 419.25 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 60.09 407.25 Td (and ) Tj ET Q q 0 0 0 rg BT 77.51 407.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 118.25 407.25 Td (can ) Tj ET Q q 0 0 0 rg BT 135.11 407.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 160.29 407.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.93 407.25 Td (many ) Tj ET Q q 0 0 0 rg BT 200.13 407.25 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 235.60 407.25 Td (including: ) Tj ET Q q 0 0 0 rg BT 279.13 407.25 Td (poor ) Tj ET Q q 0 0 0 rg BT 300.44 407.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 347.31 407.25 Td (practices; ) Tj ET Q q 0 0 0 rg BT 388.60 407.25 Td (fraud; ) Tj ET Q q 0 0 0 rg BT 415.45 407.25 Td (faulty ) Tj ET Q q 0 0 0 rg BT 441.76 407.25 Td (appraisals; ) Tj ET Q q 0 0 0 rg BT 487.50 407.25 Td (documentation ) Tj ET Q q 0 0 0 rg BT 549.91 407.25 Td (errors; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.25 Td (poor ) Tj ET Q q 0 0 0 rg BT 58.06 395.25 Td (underwriting; ) Tj ET Q q 0 0 0 rg BT 116.23 395.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 139.40 395.25 Td (errors; ) Tj ET Q q 0 0 0 rg BT 169.23 395.25 Td (poor ) Tj ET Q q 0 0 0 rg BT 191.30 395.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 231.69 395.25 Td (practices; ) Tj ET Q q 0 0 0 rg BT 273.73 395.25 Td (weak ) Tj ET Q q 0 0 0 rg BT 298.57 395.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 341.17 395.25 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 389.35 395.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 421.96 395.25 Td (in ) Tj ET Q q 0 0 0 rg BT 433.47 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.42 395.25 Td (value ) Tj ET Q q 0 0 0 rg BT 474.81 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.87 395.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 519.22 395.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 567.67 395.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 84.66 383.25 Td (properties; ) Tj ET Q q 0 0 0 rg BT 128.89 383.25 Td (special ) Tj ET Q q 0 0 0 rg BT 158.12 383.25 Td (hazards; ) Tj ET Q q 0 0 0 rg BT 192.90 383.25 Td (earthquakes ) Tj ET Q q 0 0 0 rg BT 242.11 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.02 383.25 Td (other ) Tj ET Q q 0 0 0 rg BT 280.03 383.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 309.25 383.25 Td (events; ) Tj ET Q q 0 0 0 rg BT 339.04 383.25 Td (over) Tj ET Q q 0 0 0 rg BT 356.61 383.25 Td (-leveraging ) Tj ET Q q 0 0 0 rg BT 403.61 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 413.40 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.08 383.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 465.20 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 474.99 383.25 Td (on ) Tj ET Q q 0 0 0 rg BT 486.45 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 500.13 383.25 Td (property; ) Tj ET Q q 0 0 0 rg BT 538.25 383.25 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.95 371.25 Td (market ) Tj ET Q q 0 0 0 rg BT 75.89 371.25 Td (rents ) Tj ET Q q 0 0 0 rg BT 97.50 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.11 371.25 Td (occupancies ) Tj ET Q q 0 0 0 rg BT 165.14 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.75 371.25 Td (poor ) Tj ET Q q 0 0 0 rg BT 202.25 371.25 Td (property ) Tj ET Q q 0 0 0 rg BT 238.30 371.25 Td (management ) Tj ET Q q 0 0 0 rg BT 291.56 371.25 Td (practices; ) Tj ET Q q 0 0 0 rg BT 332.04 371.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 366.42 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 376.37 371.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 397.98 371.25 Td (protections ) Tj ET Q q 0 0 0 rg BT 444.58 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 458.42 371.25 Td (lenders; ) Tj ET Q q 0 0 0 rg BT 492.24 371.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 532.18 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 542.13 371.25 Td (personal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (incomes; ) Tj ET Q q 0 0 0 rg BT 74.56 359.25 Td (job ) Tj ET Q q 0 0 0 rg BT 89.79 359.25 Td (loss; ) Tj ET Q q 0 0 0 rg BT 110.59 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 127.48 359.25 Td (personal ) Tj ET Q q 0 0 0 rg BT 163.82 359.25 Td (events ) Tj ET Q q 0 0 0 rg BT 191.82 359.25 Td (such ) Tj ET Q q 0 0 0 rg BT 212.61 359.25 Td (as ) Tj ET Q q 0 0 0 rg BT 223.39 359.25 Td (divorce ) Tj ET Q q 0 0 0 rg BT 255.83 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 266.62 359.25 Td (health ) Tj ET Q q 0 0 0 rg BT 293.51 359.25 Td (problems. ) Tj ET Q q 0 0 0 rg BT 335.68 359.25 Td (In ) Tj ET Q q 0 0 0 rg BT 346.47 359.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 384.20 359.25 Td (if ) Tj ET Q q 0 0 0 rg BT 392.76 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.44 359.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 427.67 359.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 466.79 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 477.57 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.25 359.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 526.37 359.25 Td (market ) Tj ET Q q 0 0 0 rg BT 556.59 359.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 45.72 347.25 Td (weaken ) Tj ET Q q 0 0 0 rg BT 78.20 347.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 97.91 347.25 Td (that ) Tj ET Q q 0 0 0 rg BT 114.84 347.25 Td (weakening ) Tj ET Q q 0 0 0 rg BT 160.10 347.25 Td (was ) Tj ET Q q 0 0 0 rg BT 177.59 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.31 347.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 215.35 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.62 347.25 Td (what ) Tj ET Q q 0 0 0 rg BT 247.00 347.25 Td (we ) Tj ET Q q 0 0 0 rg BT 260.60 347.25 Td (anticipated\), ) Tj ET Q q 0 0 0 rg BT 312.24 347.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 336.94 347.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 362.78 347.25 Td (could ) Tj ET Q q 0 0 0 rg BT 386.94 347.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 421.63 347.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 453.01 347.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 478.28 347.25 Td (that ) Tj ET Q q 0 0 0 rg BT 495.21 347.25 Td (we ) Tj ET Q q 0 0 0 rg BT 508.81 347.25 Td (have ) Tj ET Q q 0 0 0 rg BT 529.63 347.25 Td (anticipated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 323.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 76.21 323.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 107.14 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.54 323.25 Td (most ) Tj ET Q q 0 0 0 rg BT 139.60 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.55 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.38 323.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 189.11 323.25 Td (securitized ) Tj ET Q q 0 0 0 rg BT 235.03 323.25 Td (by ) Tj ET Q q 0 0 0 rg BT 247.65 323.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 304.13 323.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 335.63 323.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 378.80 323.25 Td (by ) Tj ET Q q 0 0 0 rg BT 391.41 323.25 Td (us ) Tj ET Q q 0 0 0 rg BT 402.92 323.25 Td (that ) Tj ET Q q 0 0 0 rg BT 420.53 323.25 Td (we ) Tj ET Q q 0 0 0 rg BT 434.81 323.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 482.97 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.02 323.25 Td (for ) Tj ET Q q 0 0 0 rg BT 514.30 323.25 Td (a ) Tj ET Q q 0 0 0 rg BT 521.35 323.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 552.86 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.80 323.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 60.22 311.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 106.66 311.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 151.43 311.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 171.76 311.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.64 311.25 Td (we ) Tj ET Q q 0 0 0 rg BT 227.41 311.25 Td (have ) Tj ET Q q 0 0 0 rg BT 249.40 311.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 286.94 311.25 Td (from ) Tj ET Q q 0 0 0 rg BT 309.49 311.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 370.37 311.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 414.03 311.25 Td (by ) Tj ET Q q 0 0 0 rg BT 427.15 311.25 Td (others, ) Tj ET Q q 0 0 0 rg BT 457.20 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.53 311.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 505.08 311.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 523.18 311.25 Td (is ) Tj ET Q q 0 0 0 rg BT 532.96 311.25 Td (adjustable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 85.34 299.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.21 299.25 Td (when ) Tj ET Q q 0 0 0 rg BT 114.25 299.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 158.28 299.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 190.09 299.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 211.34 299.25 Td (rise, ) Tj ET Q q 0 0 0 rg BT 230.65 299.25 Td (required ) Tj ET Q q 0 0 0 rg BT 266.34 299.25 Td (monthly ) Tj ET Q q 0 0 0 rg BT 302.05 299.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 342.76 299.25 Td (from ) Tj ET Q q 0 0 0 rg BT 364.57 299.25 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 418.04 299.25 Td (may ) Tj ET Q q 0 0 0 rg BT 437.64 299.25 Td (rise ) Tj ET Q q 0 0 0 rg BT 454.45 299.25 Td (under ) Tj ET Q q 0 0 0 rg BT 479.59 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.19 299.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 518.78 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 529.48 299.25 Td (these ) Tj ET Q q 0 0 0 rg BT 552.41 299.25 Td (loans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 287.25 Td (this ) Tj ET Q q 0 0 0 rg BT 69.89 287.25 Td (may ) Tj ET Q q 0 0 0 rg BT 89.60 287.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 124.86 287.25 Td (borrowers) Tj ET Q q 0 0 0 rg BT 167.99 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.49 287.25 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 227.97 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.91 287.25 Td (defaults ) Tj ET Q q 0 0 0 rg BT 279.06 287.25 Td (that ) Tj ET Q q 0 0 0 rg BT 296.56 287.25 Td (can ) Tj ET Q q 0 0 0 rg BT 312.93 287.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 332.09 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 342.37 287.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 384.86 287.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 410.12 287.25 Td (losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 263.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.38 263.25 Td (may ) Tj ET Q q 0 0 0 rg BT 88.90 263.25 Td (also ) Tj ET Q q 0 0 0 rg BT 107.32 263.25 Td (own ) Tj ET Q q 0 0 0 rg BT 126.84 263.25 Td (some ) Tj ET Q q 0 0 0 rg BT 150.25 263.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 190.32 263.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 220.94 263.25 Td (by ) Tj ET Q q 0 0 0 rg BT 232.74 263.25 Td (Alt-A) Tj ET Q q 0 0 0 rg BT 255.52 263.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.82 263.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 287.90 263.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 311.31 263.25 Td (\(and, ) Tj ET Q q 0 0 0 rg BT 333.89 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.97 263.25 Td (a ) Tj ET Q q 0 0 0 rg BT 350.71 263.25 Td (lesser ) Tj ET Q q 0 0 0 rg BT 375.79 263.25 Td (degree, ) Tj ET Q q 0 0 0 rg BT 407.24 263.25 Td (some ) Tj ET Q q 0 0 0 rg BT 430.65 263.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 461.27 263.25 Td (by ) Tj ET Q q 0 0 0 rg BT 473.57 263.25 Td (subprime ) Tj ET Q q 0 0 0 rg BT 513.10 263.25 Td (loans\) ) Tj ET Q q 0 0 0 rg BT 539.84 263.25 Td (that ) Tj ET Q q 0 0 0 rg BT 557.14 263.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 89.25 251.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 117.50 251.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 142.97 251.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 160.67 251.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 220.56 251.25 Td (than ) Tj ET Q q 0 0 0 rg BT 240.48 251.25 Td (prime-quality ) Tj ET Q q 0 0 0 rg BT 297.61 251.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 323.92 251.25 Td (Consequently) Tj ET Q q 0 0 0 rg BT 378.27 251.25 Td (, ) Tj ET Q q 0 0 0 rg BT 383.47 251.25 Td (we ) Tj ET Q q 0 0 0 rg BT 397.84 251.25 Td (can ) Tj ET Q q 0 0 0 rg BT 414.42 251.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 443.21 251.25 Td (these ) Tj ET Q q 0 0 0 rg BT 466.46 251.25 Td (lower) Tj ET Q q 0 0 0 rg BT 489.03 251.25 Td (-quality ) Tj ET Q q 0 0 0 rg BT 522.84 251.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 546.65 251.25 Td (to ) Tj ET Q q 0 0 0 rg BT 557.13 251.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 64.29 239.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 85.91 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.98 239.25 Td (delinquency ) Tj ET Q q 0 0 0 rg BT 148.59 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 165.77 239.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 186.58 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 203.76 239.25 Td (if ) Tj ET Q q 0 0 0 rg BT 212.61 239.25 Td (such ) Tj ET Q q 0 0 0 rg BT 233.68 239.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 260.31 239.25 Td (dif) Tj ET Q q 0 0 0 rg BT 271.24 239.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 285.08 239.25 Td (from ) Tj ET Q q 0 0 0 rg BT 307.26 239.25 Td (our ) Tj ET Q q 0 0 0 rg BT 323.33 239.25 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 378.02 239.25 Td (we ) Tj ET Q q 0 0 0 rg BT 392.42 239.25 Td (could ) Tj ET Q q 0 0 0 rg BT 417.38 239.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 440.67 239.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 466.18 239.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 495.31 239.25 Td (In ) Tj ET Q q 0 0 0 rg BT 506.38 239.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 544.40 239.25 Td (we ) Tj ET Q q 0 0 0 rg BT 558.80 239.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 62.35 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 72.60 227.25 Td (riskier ) Tj ET Q q 0 0 0 rg BT 100.61 227.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 120.29 227.25 Td (types ) Tj ET Q q 0 0 0 rg BT 143.87 227.25 Td (with ) Tj ET Q q 0 0 0 rg BT 164.11 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.79 227.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 216.25 227.25 Td (for ) Tj ET Q q 0 0 0 rg BT 230.38 227.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 258.39 227.25 Td (delinquencies ) Tj ET Q q 0 0 0 rg BT 315.83 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.74 227.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 359.10 227.25 Td (as ) Tj ET Q q 0 0 0 rg BT 369.89 227.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 411.78 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.03 227.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 452.81 227.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 505.81 227.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 531.88 227.25 Td (but ) Tj ET Q q 0 0 0 rg BT 547.13 227.25 Td (believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.25 Td (these ) Tj ET Q q 0 0 0 rg BT 58.39 215.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 98.00 215.25 Td (of) Tj ET Q q 0 0 0 rg BT 106.15 215.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 119.09 215.25 Td (us ) Tj ET Q q 0 0 0 rg BT 129.82 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.88 215.25 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 192.39 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 202.01 215.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 237.72 215.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 276.76 215.25 Td (risk-adjusted ) Tj ET Q q 0 0 0 rg BT 330.26 215.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 359.87 215.25 Td (as ) Tj ET Q q 0 0 0 rg BT 370.04 215.25 Td (a ) Tj ET Q q 0 0 0 rg BT 376.32 215.25 Td (result ) Tj ET Q q 0 0 0 rg BT 400.38 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.56 215.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 449.60 215.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 479.77 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.05 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.11 215.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 541.94 215.25 Td (in ) Tj ET Q q 0 0 0 rg BT 551.56 215.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.25 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 203.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 119.31 203.25 Td (are ) Tj ET Q q 0 0 0 rg BT 134.01 203.25 Td (structured. ) Tj ET Q q 0 0 0 rg BT 179.00 203.25 Td (Nevertheless, ) Tj ET Q q 0 0 0 rg BT 235.64 203.25 Td (there ) Tj ET Q q 0 0 0 rg BT 258.13 203.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 292.28 203.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 337.56 203.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 385.04 203.25 Td (about ) Tj ET Q q 0 0 0 rg BT 409.75 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.47 203.25 Td (future ) Tj ET Q q 0 0 0 rg BT 450.85 203.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 503.87 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.70 203.25 Td (these ) Tj ET Q q 0 0 0 rg BT 537.75 203.25 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 179.25 Td (, ) Tj ET Q q 0 0 0 rg BT 109.23 179.25 Td (we ) Tj ET Q q 0 0 0 rg BT 123.71 179.25 Td (own ) Tj ET Q q 0 0 0 rg BT 143.76 179.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 188.24 179.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 228.83 179.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 254.42 179.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 272.25 179.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 305.61 179.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 320.09 179.25 Td ("CR) Tj ET Q q 0 0 0 rg BT 336.92 179.25 Td (T"\) ) Tj ET Q q 0 0 0 rg BT 353.26 179.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 393.85 179.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 421.68 179.25 Td (by ) Tj ET Q q 0 0 0 rg BT 434.50 179.25 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 464.55 179.25 Td (Mae ) Tj ET Q q 0 0 0 rg BT 485.14 179.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.41 179.25 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 535.78 179.25 Td (Mac ) Tj ET Q q 0 0 0 rg BT 556.38 179.25 Td (\("the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.25 Td (Agencies"\), ) Tj ET Q q 0 0 0 rg BT 86.03 167.25 Td (for ) Tj ET Q q 0 0 0 rg BT 100.60 167.25 Td (which ) Tj ET Q q 0 0 0 rg BT 127.95 167.25 Td (we ) Tj ET Q q 0 0 0 rg BT 142.52 167.25 Td (assume ) Tj ET Q q 0 0 0 rg BT 174.87 167.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 200.54 167.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 218.45 167.25 Td (both ) Tj ET Q q 0 0 0 rg BT 239.14 167.25 Td (on ) Tj ET Q q 0 0 0 rg BT 252.05 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.18 167.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 311.74 167.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 335.76 167.25 Td (that ) Tj ET Q q 0 0 0 rg BT 353.66 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.79 167.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 409.46 167.25 Td (reference, ) Tj ET Q q 0 0 0 rg BT 452.05 167.25 Td (as ) Tj ET Q q 0 0 0 rg BT 463.29 167.25 Td (well ) Tj ET Q q 0 0 0 rg BT 483.42 167.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.66 167.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 535.33 167.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 561.00 167.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.25 Td (from ) Tj ET Q q 0 0 0 rg BT 57.94 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 72.10 155.25 Td (Agencies, ) Tj ET Q q 0 0 0 rg BT 114.31 155.25 Td (as ) Tj ET Q q 0 0 0 rg BT 125.14 155.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.97 155.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.24 155.25 Td (in ) Tj ET Q q 0 0 0 rg BT 201.52 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.24 155.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 256.50 155.25 Td (are ) Tj ET Q q 0 0 0 rg BT 271.21 155.25 Td (not ) Tj ET Q q 0 0 0 rg BT 286.49 155.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 319.53 155.25 Td (by ) Tj ET Q q 0 0 0 rg BT 332.03 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.74 155.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 386.42 155.25 Td (loans.) Tj ET Q endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (96) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 731.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 70.07 731.10 Td (cial ) Tj ET Q q 0 0 0 rg BT 87.57 731.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.75 713.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 123.14 713.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 164.10 713.10 Td (we ) Tj ET Q q 0 0 0 rg BT 178.96 713.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 206.05 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.02 713.10 Td (are ) Tj ET Q q 0 0 0 rg BT 232.43 713.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 272.84 713.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 322.69 713.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 362.01 713.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.98 713.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 433.94 713.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 477.69 713.10 Td (by ) Tj ET Q q 0 0 0 rg BT 490.89 713.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 524.63 713.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 545.60 713.10 Td (that ) Tj ET Q q 0 0 0 rg BT 563.79 713.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 80.49 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.65 701.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 115.59 701.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 172.28 701.10 Td (by ) Tj ET Q q 0 0 0 rg BT 185.11 701.10 Td (multi-family ) Tj ET Q q 0 0 0 rg BT 238.49 701.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 283.61 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 292.25 701.10 Td (e ) Tj ET Q q 0 0 0 rg BT 299.52 701.10 Td (may ) Tj ET Q q 0 0 0 rg BT 319.57 701.10 Td (also ) Tj ET Q q 0 0 0 rg BT 338.51 701.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 365.23 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.84 701.10 Td (other ) Tj ET Q q 0 0 0 rg BT 399.22 701.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 444.82 701.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 488.20 701.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 538.24 701.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 66.48 689.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 108.92 689.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 136.08 689.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 162.14 689.10 Td (on ) Tj ET Q q 0 0 0 rg BT 174.31 689.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 223.67 689.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.60 689.10 Td (can ) Tj ET Q q 0 0 0 rg BT 279.65 689.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 304.02 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.85 689.10 Td (many ) Tj ET Q q 0 0 0 rg BT 342.24 689.10 Td (reasons, ) Tj ET Q q 0 0 0 rg BT 376.89 689.10 Td (including: ) Tj ET Q q 0 0 0 rg BT 419.61 689.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 440.11 689.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 486.16 689.10 Td (practices; ) Tj ET Q q 0 0 0 rg BT 526.64 689.10 Td (fraud; ) Tj ET Q q 0 0 0 rg BT 552.68 689.10 Td (faulty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (appraisals; ) Tj ET Q q 0 0 0 rg BT 81.89 677.10 Td (documentation ) Tj ET Q q 0 0 0 rg BT 144.44 677.10 Td (errors; ) Tj ET Q q 0 0 0 rg BT 173.66 677.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 195.11 677.10 Td (underwriting; ) Tj ET Q q 0 0 0 rg BT 252.67 677.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 275.22 677.10 Td (errors; ) Tj ET Q q 0 0 0 rg BT 304.44 677.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 325.90 677.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 365.68 677.10 Td (practices; ) Tj ET Q q 0 0 0 rg BT 407.11 677.10 Td (weak ) Tj ET Q q 0 0 0 rg BT 431.33 677.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 473.32 677.10 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 520.89 677.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 552.88 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.79 677.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (value ) Tj ET Q q 0 0 0 rg BT 59.99 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 70.66 665.10 Td (properties; ) Tj ET Q q 0 0 0 rg BT 115.76 665.10 Td (special ) Tj ET Q q 0 0 0 rg BT 145.86 665.10 Td (hazards; ) Tj ET Q q 0 0 0 rg BT 181.52 665.10 Td (earthquakes ) Tj ET Q q 0 0 0 rg BT 231.61 665.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.39 665.10 Td (other ) Tj ET Q q 0 0 0 rg BT 271.27 665.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 301.37 665.10 Td (events; ) Tj ET Q q 0 0 0 rg BT 332.04 665.10 Td (over) Tj ET Q q 0 0 0 rg BT 349.60 665.10 Td (-leveraging ) Tj ET Q q 0 0 0 rg BT 397.47 665.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.14 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.70 665.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 461.68 665.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.35 665.10 Td (on ) Tj ET Q q 0 0 0 rg BT 484.69 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.25 665.10 Td (property; ) Tj ET Q q 0 0 0 rg BT 538.24 665.10 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.65 653.10 Td (market ) Tj ET Q q 0 0 0 rg BT 77.29 653.10 Td (rents ) Tj ET Q q 0 0 0 rg BT 99.61 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.92 653.10 Td (occupancies ) Tj ET Q q 0 0 0 rg BT 168.66 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.98 653.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 207.18 653.10 Td (property ) Tj ET Q q 0 0 0 rg BT 243.93 653.10 Td (management ) Tj ET Q q 0 0 0 rg BT 297.90 653.10 Td (practices; ) Tj ET Q q 0 0 0 rg BT 339.09 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.40 653.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 391.48 653.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.14 653.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 424.45 653.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 471.76 653.10 Td (for ) Tj ET Q q 0 0 0 rg BT 486.29 653.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 520.55 653.10 Td (In ) Tj ET Q q 0 0 0 rg BT 531.75 653.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 569.90 653.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.15 641.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.86 641.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 111.45 641.10 Td (or ) Tj ET Q q 0 0 0 rg BT 122.71 641.10 Td (were ) Tj ET Q q 0 0 0 rg BT 145.07 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.79 641.10 Td (weaken ) Tj ET Q q 0 0 0 rg BT 189.25 641.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 209.96 641.10 Td (that ) Tj ET Q q 0 0 0 rg BT 227.88 641.10 Td (weakening ) Tj ET Q q 0 0 0 rg BT 274.13 641.10 Td (was ) Tj ET Q q 0 0 0 rg BT 292.61 641.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.32 641.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 332.35 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.62 641.10 Td (what ) Tj ET Q q 0 0 0 rg BT 365.99 641.10 Td (we ) Tj ET Q q 0 0 0 rg BT 380.58 641.10 Td (anticipated\), ) Tj ET Q q 0 0 0 rg BT 433.21 641.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 458.91 641.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 485.73 641.10 Td (could ) Tj ET Q q 0 0 0 rg BT 510.88 641.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 546.56 641.10 Td (beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 61.83 629.10 Td (that ) Tj ET Q q 0 0 0 rg BT 79.32 629.10 Td (we ) Tj ET Q q 0 0 0 rg BT 93.48 629.10 Td (have ) Tj ET Q q 0 0 0 rg BT 114.86 629.10 Td (anticipated.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 599.10 Td (Counterparties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 581.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.95 581.10 Td (are ) Tj ET Q q 0 0 0 rg BT 85.04 581.10 Td (also ) Tj ET Q q 0 0 0 rg BT 104.02 581.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 139.67 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.33 581.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 175.97 581.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 193.84 581.10 Td (with ) Tj ET Q q 0 0 0 rg BT 214.50 581.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 245.69 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.35 581.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.56 581.10 Td (business ) Tj ET Q q 0 0 0 rg BT 309.33 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.64 581.10 Td (lender ) Tj ET Q q 0 0 0 rg BT 354.50 581.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 416.52 581.10 Td (For ) Tj ET Q q 0 0 0 rg BT 433.29 581.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 472.54 581.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 532.06 581.10 Td (we ) Tj ET Q q 0 0 0 rg BT 546.60 581.10 Td (acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 569.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 60.05 569.10 Td (from, ) Tj ET Q q 0 0 0 rg BT 84.93 569.10 Td (lend ) Tj ET Q q 0 0 0 rg BT 105.09 569.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 118.32 569.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.59 569.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 156.42 569.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 169.64 569.10 Td (make ) Tj ET Q q 0 0 0 rg BT 194.24 569.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 257.71 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.10 569.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 319.69 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.07 569.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 380.00 569.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.72 569.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 405.05 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.43 569.10 Td (may ) Tj ET Q q 0 0 0 rg BT 442.59 569.10 Td (also ) Tj ET Q q 0 0 0 rg BT 461.65 569.10 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 505.69 569.10 Td (us ) Tj ET Q q 0 0 0 rg BT 517.53 569.10 Td (against ) Tj ET Q q 0 0 0 rg BT 548.80 569.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 557.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 64.88 557.10 Td (T) Tj ET Q q 0 0 0 rg BT 70.29 557.10 Td (o ) Tj ET Q q 0 0 0 rg BT 77.98 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.88 557.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 120.00 557.10 Td (we ) Tj ET Q q 0 0 0 rg BT 134.35 557.10 Td (have ) Tj ET Q q 0 0 0 rg BT 155.91 557.10 Td (suf) Tj ET Q q 0 0 0 rg BT 167.95 557.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 191.17 557.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.30 557.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 216.54 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.67 557.10 Td (are ) Tj ET Q q 0 0 0 rg BT 248.56 557.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 281.24 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.70 557.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 324.36 557.10 Td (those ) Tj ET Q q 0 0 0 rg BT 348.15 557.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 396.37 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.84 557.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 439.50 557.10 Td (damages, ) Tj ET Q q 0 0 0 rg BT 479.67 557.10 Td (if ) Tj ET Q q 0 0 0 rg BT 488.46 557.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.48 557.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 563.80 557.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (insolvent ) Tj ET Q q 0 0 0 rg BT 76.11 545.10 Td (or ) Tj ET Q q 0 0 0 rg BT 87.89 545.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 118.00 545.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.78 545.10 Td (unwilling ) Tj ET Q q 0 0 0 rg BT 171.56 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.79 545.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 216.23 545.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.46 545.10 Td (these ) Tj ET Q q 0 0 0 rg BT 261.45 545.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 310.43 545.10 Td (we ) Tj ET Q q 0 0 0 rg BT 325.54 545.10 Td (would ) Tj ET Q q 0 0 0 rg BT 353.99 545.10 Td (suf) Tj ET Q q 0 0 0 rg BT 366.03 545.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 380.58 545.10 Td (a ) Tj ET Q q 0 0 0 rg BT 388.47 545.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 407.48 545.10 Td (due ) Tj ET Q q 0 0 0 rg BT 425.36 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.59 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.26 545.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 478.47 545.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 496.92 545.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 541.46 545.10 Td (with ) Tj ET Q q 0 0 0 rg BT 562.69 545.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 97.30 533.10 Td (As ) Tj ET Q q 0 0 0 rg BT 111.19 533.10 Td (an ) Tj ET Q q 0 0 0 rg BT 123.41 533.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 162.56 533.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.10 533.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 232.53 533.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 276.97 533.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 314.17 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.39 533.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 361.36 533.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 384.69 533.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.91 533.10 Td (other ) Tj ET Q q 0 0 0 rg BT 425.23 533.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 467.98 533.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 518.79 533.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.23 533.10 Td (sometimes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 68.79 521.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 94.37 521.10 Td (as ) Tj ET Q q 0 0 0 rg BT 104.96 521.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 144.41 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 154.44 521.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.02 521.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 231.25 521.10 Td (T) Tj ET Q q 0 0 0 rg BT 236.66 521.10 Td (o ) Tj ET Q q 0 0 0 rg BT 243.92 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.39 521.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 285.08 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.77 521.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 344.55 521.10 Td (is ) Tj ET Q q 0 0 0 rg BT 353.48 521.10 Td (not ) Tj ET Q q 0 0 0 rg BT 368.51 521.10 Td (able ) Tj ET Q q 0 0 0 rg BT 387.42 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.45 521.10 Td (return ) Tj ET Q q 0 0 0 rg BT 423.58 521.10 Td (this ) Tj ET Q q 0 0 0 rg BT 440.28 521.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 479.73 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.76 521.10 Td (us ) Tj ET Q q 0 0 0 rg BT 500.91 521.10 Td (if ) Tj ET Q q 0 0 0 rg BT 509.27 521.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.96 521.10 Td (when ) Tj ET Q q 0 0 0 rg BT 549.88 521.10 Td (we ) Tj ET Q q 0 0 0 rg BT 563.79 521.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 68.49 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.77 509.10 Td (its ) Tj ET Q q 0 0 0 rg BT 90.72 509.10 Td (return, ) Tj ET Q q 0 0 0 rg BT 119.59 509.10 Td (we ) Tj ET Q q 0 0 0 rg BT 133.75 509.10 Td (could ) Tj ET Q q 0 0 0 rg BT 158.47 509.10 Td (suf) Tj ET Q q 0 0 0 rg BT 170.51 509.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 184.11 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.05 509.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 209.11 509.10 Td (due ) Tj ET Q q 0 0 0 rg BT 226.05 509.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.33 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.04 509.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 276.31 509.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 293.81 509.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 337.40 509.10 Td (with ) Tj ET Q q 0 0 0 rg BT 357.68 509.10 Td (that ) Tj ET Q q 0 0 0 rg BT 375.17 509.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 425.06 509.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.39 485.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 101.72 485.10 Td (because ) Tj ET Q q 0 0 0 rg BT 135.42 485.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.14 485.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 166.74 485.10 Td (on ) Tj ET Q q 0 0 0 rg BT 178.80 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.07 485.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 240.12 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.50 485.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 275.32 485.10 Td (under ) Tj ET Q q 0 0 0 rg BT 300.15 485.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 344.97 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.47 485.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 416.30 485.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 460.01 485.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 496.50 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.33 485.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 526.72 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.11 485.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.90 473.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 105.63 473.10 Td (our ) Tj ET Q q 0 0 0 rg BT 121.42 473.10 Td (counterparties) Tj ET Q q 0 0 0 rg BT 180.65 473.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.11 473.10 Td (willingness ) Tj ET Q q 0 0 0 rg BT 231.13 473.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.03 473.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 276.04 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.28 473.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 315.39 473.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 340.61 473.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.85 473.10 Td (us ) Tj ET Q q 0 0 0 rg BT 362.20 473.10 Td (under ) Tj ET Q q 0 0 0 rg BT 387.43 473.10 Td (these ) Tj ET Q q 0 0 0 rg BT 410.44 473.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 447.33 473.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.46 473.10 Td (a ) Tj ET Q q 0 0 0 rg BT 463.36 473.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 508.03 473.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 561.02 473.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 56.27 461.10 Td (is ) Tj ET Q q 0 0 0 rg BT 65.44 461.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 106.27 461.10 Td (further ) Tj ET Q q 0 0 0 rg BT 135.98 461.10 Td (below ) Tj ET Q q 0 0 0 rg BT 162.91 461.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.18 461.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.90 461.10 Td (heading ) Tj ET Q q 0 0 0 rg BT 237.05 461.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 259.92 461.10 Td (V) Tj ET Q q 0 0 0 rg BT 266.03 461.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 285.19 461.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.13 461.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 341.85 461.10 Td (Risks\). ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 70.17 431.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 91.56 431.10 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 91.71 413.10 Td (in ) Tj ET Q q 0 0 0 rg BT 102.75 413.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.45 413.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 157.59 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.30 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.78 413.10 Td (shape ) Tj ET Q q 0 0 0 rg BT 216.82 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.41 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.90 413.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 267.16 413.10 Td (curve ) Tj ET Q q 0 0 0 rg BT 292.63 413.10 Td (can ) Tj ET Q q 0 0 0 rg BT 309.78 413.10 Td (af) Tj ET Q q 0 0 0 rg BT 317.36 413.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 335.62 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.10 413.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 372.13 413.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 397.62 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.33 413.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 432.47 413.10 Td (values ) Tj ET Q q 0 0 0 rg BT 461.29 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.88 413.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.48 413.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 518.58 413.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 561.56 413.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 78.48 401.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 115.96 401.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 165.13 401.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 184.56 401.10 Td (consequently) Tj ET Q q 0 0 0 rg BT 236.68 401.10 Td (, ) Tj ET Q q 0 0 0 rg BT 241.68 401.10 Td (af) Tj ET Q q 0 0 0 rg BT 249.27 401.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 266.75 401.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.58 401.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 318.96 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.90 401.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 371.71 401.10 Td (equity) Tj ET Q q 0 0 0 rg BT 396.06 401.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.06 401.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 419.11 401.10 Td (general ) Tj ET Q q 0 0 0 rg BT 451.03 401.10 Td (strategy ) Tj ET Q q 0 0 0 rg BT 485.19 401.10 Td (with ) Tj ET Q q 0 0 0 rg BT 505.47 401.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 536.28 401.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.56 401.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 57.81 389.10 Td (is ) Tj ET Q q 0 0 0 rg BT 67.42 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.13 389.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 116.06 389.10 Td (an ) Tj ET Q q 0 0 0 rg BT 128.43 389.10 Td (asset/liability ) Tj ET Q q 0 0 0 rg BT 184.70 389.10 Td (posture ) Tj ET Q q 0 0 0 rg BT 217.07 389.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 261.11 389.10 Td (hedges\) ) Tj ET Q q 0 0 0 rg BT 295.14 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 313.08 389.10 Td (assumes ) Tj ET Q q 0 0 0 rg BT 349.34 389.10 Td (some ) Tj ET Q q 0 0 0 rg BT 373.39 389.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 405.76 389.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 423.68 389.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 445.50 389.10 Td (but ) Tj ET Q q 0 0 0 rg BT 461.22 389.10 Td (not ) Tj ET Q q 0 0 0 rg BT 476.93 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.65 389.10 Td (such ) Tj ET Q q 0 0 0 rg BT 508.91 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.29 389.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 545.87 389.10 Td (that ) Tj ET Q q 0 0 0 rg BT 563.80 389.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (achievement ) Tj ET Q q 0 0 0 rg BT 88.63 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.06 377.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.50 377.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 156.04 377.10 Td (goals ) Tj ET Q q 0 0 0 rg BT 179.25 377.10 Td (would ) Tj ET Q q 0 0 0 rg BT 206.35 377.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 231.23 377.10 Td (be ) Tj ET Q q 0 0 0 rg BT 242.77 377.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 283.19 377.10 Td (af) Tj ET Q q 0 0 0 rg BT 290.78 377.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 317.30 377.10 Td (by ) Tj ET Q q 0 0 0 rg BT 329.41 377.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 363.72 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.60 377.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 405.14 377.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 428.15 377.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 477.49 377.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.09 377.10 Td (we ) Tj ET Q q 0 0 0 rg BT 495.86 377.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.17 377.10 Td (willing ) Tj ET Q q 0 0 0 rg BT 540.60 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.49 377.10 Td (accept ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 80.68 365.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 119.81 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.16 365.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 168.06 365.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.52 365.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 220.75 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.54 365.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.90 365.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 284.23 365.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 312.25 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.05 365.10 Td (order ) Tj ET Q q 0 0 0 rg BT 347.17 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.97 365.10 Td (accomplish ) Tj ET Q q 0 0 0 rg BT 406.53 365.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.88 365.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 443.12 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.47 365.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 496.37 365.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 536.59 365.10 Td (long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (returns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 329.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.73 329.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 107.91 329.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 152.21 329.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 175.97 329.10 Td (from ) Tj ET Q q 0 0 0 rg BT 198.06 329.10 Td (third ) Tj ET Q q 0 0 0 rg BT 219.60 329.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 251.41 329.10 Td (then ) Tj ET Q q 0 0 0 rg BT 271.27 329.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 287.81 329.10 Td (or ) Tj ET Q q 0 0 0 rg BT 298.79 329.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 339.75 329.10 Td (these ) Tj ET Q q 0 0 0 rg BT 362.95 329.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 391.24 329.10 Td (W) Tj ET Q q 0 0 0 rg BT 399.87 329.10 Td (e ) Tj ET Q q 0 0 0 rg BT 406.96 329.10 Td (are ) Tj ET Q q 0 0 0 rg BT 421.82 329.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 457.24 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.67 329.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 499.75 329.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 517.39 329.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 535.04 329.10 Td (during ) Tj ET Q q 0 0 0 rg BT 563.80 329.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (accumulation ) Tj ET Q q 0 0 0 rg BT 100.87 317.10 Td (period ) Tj ET Q q 0 0 0 rg BT 128.54 317.10 Td (- ) Tj ET Q q 0 0 0 rg BT 134.00 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.34 317.10 Td (period ) Tj ET Q q 0 0 0 rg BT 176.01 317.10 Td (from ) Tj ET Q q 0 0 0 rg BT 197.58 317.10 Td (when ) Tj ET Q q 0 0 0 rg BT 221.36 317.10 Td (we ) Tj ET Q q 0 0 0 rg BT 235.15 317.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 257.26 317.10 Td (into ) Tj ET Q q 0 0 0 rg BT 274.94 317.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 322.60 317.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.50 317.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 370.16 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.51 317.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 407.74 317.10 Td (with ) Tj ET Q q 0 0 0 rg BT 427.64 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.99 317.10 Td (intention ) Tj ET Q q 0 0 0 rg BT 479.66 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.12 317.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 518.91 317.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.37 317.10 Td (securitizing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (them ) Tj ET Q q 0 0 0 rg BT 58.50 305.10 Td (at ) Tj ET Q q 0 0 0 rg BT 68.21 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 75.15 305.10 Td (future ) Tj ET Q q 0 0 0 rg BT 101.53 305.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 122.63 305.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 172.53 305.10 Td (, ) Tj ET Q q 0 0 0 rg BT 177.53 305.10 Td (we ) Tj ET Q q 0 0 0 rg BT 191.69 305.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 218.08 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.36 305.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 258.37 305.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 301.14 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.08 305.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 362.23 305.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 388.33 305.10 Td (which ) Tj ET Q q 0 0 0 rg BT 415.27 305.10 Td (all ) Tj ET Q q 0 0 0 rg BT 427.77 305.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 458.04 305.10 Td (us ) Tj ET Q q 0 0 0 rg BT 469.43 305.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.71 305.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 511.64 305.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 529.13 305.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 281.10 Td (o ) Tj ET Q q 0 0 0 rg BT 66.54 281.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 101.44 281.10 Td (this ) Tj ET Q q 0 0 0 rg BT 118.02 281.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 149.59 281.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 166.70 281.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 186.33 281.10 Td (we ) Tj ET Q q 0 0 0 rg BT 200.13 281.10 Td (use ) Tj ET Q q 0 0 0 rg BT 215.59 281.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 257.70 281.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.81 281.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.61 281.10 Td (for ) Tj ET Q q 0 0 0 rg BT 357.40 281.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 374.53 281.10 Td (management ) Tj ET Q q 0 0 0 rg BT 427.75 281.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 467.78 281.10 Td (W) Tj ET Q q 0 0 0 rg BT 476.42 281.10 Td (e ) Tj ET Q q 0 0 0 rg BT 482.99 281.10 Td (may ) Tj ET Q q 0 0 0 rg BT 502.33 281.10 Td (also ) Tj ET Q q 0 0 0 rg BT 520.57 281.10 Td (use ) Tj ET Q q 0 0 0 rg BT 536.04 281.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.66 269.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 123.01 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.47 269.10 Td (an ) Tj ET Q q 0 0 0 rg BT 145.59 269.10 Td (ef) Tj ET Q q 0 0 0 rg BT 153.18 269.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 170.30 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.76 269.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 218.43 269.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.55 269.10 Td (close ) Tj ET Q q 0 0 0 rg BT 248.78 269.10 Td (match ) Tj ET Q q 0 0 0 rg BT 275.90 269.10 Td (between ) Tj ET Q q 0 0 0 rg BT 311.90 269.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 346.23 269.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 372.24 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.37 269.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 411.76 269.10 Td (However) Tj ET Q q 0 0 0 rg BT 448.01 269.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.20 269.10 Td (we ) Tj ET Q q 0 0 0 rg BT 467.54 269.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 507.42 269.10 Td (do ) Tj ET Q q 0 0 0 rg BT 520.10 269.10 Td (not ) Tj ET Q q 0 0 0 rg BT 535.57 269.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 568.24 269.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (completely ) Tj ET Q q 0 0 0 rg BT 82.64 257.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 108.72 257.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 143.13 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.12 257.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 184.76 257.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 208.34 257.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.99 257.10 Td (at ) Tj ET Q q 0 0 0 rg BT 234.41 257.10 Td (times, ) Tj ET Q q 0 0 0 rg BT 260.79 257.10 Td (we ) Tj ET Q q 0 0 0 rg BT 274.65 257.10 Td (may ) Tj ET Q q 0 0 0 rg BT 294.08 257.10 Td (be ) Tj ET Q q 0 0 0 rg BT 305.72 257.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 336.25 257.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.24 257.10 Td (more ) Tj ET Q q 0 0 0 rg BT 368.99 257.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 400.63 257.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 417.83 257.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 435.03 257.10 Td (than ) Tj ET Q q 0 0 0 rg BT 454.46 257.10 Td (we ) Tj ET Q q 0 0 0 rg BT 468.32 257.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 507.73 257.10 Td (desire ) Tj ET Q q 0 0 0 rg BT 533.82 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.80 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 558.23 257.10 Td (long ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 59.33 245.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 96.26 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.54 245.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 138.48 245.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 159.85 245.10 Td (will ) Tj ET Q q 0 0 0 rg BT 177.91 245.10 Td (have ) Tj ET Q q 0 0 0 rg BT 199.29 245.10 Td (an ) Tj ET Q q 0 0 0 rg BT 211.22 245.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 240.94 245.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.44 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.15 245.10 Td (values ) Tj ET Q q 0 0 0 rg BT 296.20 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.14 245.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 333.41 245.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 358.13 245.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.96 245.10 Td (our ) Tj ET Q q 0 0 0 rg BT 384.79 245.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 410.62 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.56 245.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 487.26 245.10 Td (liabilities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (Prepayment ) Tj ET Q q 0 0 0 rg BT 87.93 215.10 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (Prepayment ) Tj ET Q q 0 0 0 rg BT 104.39 197.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 125.91 197.10 Td (exist ) Tj ET Q q 0 0 0 rg BT 147.43 197.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.83 197.10 Td (many ) Tj ET Q q 0 0 0 rg BT 182.68 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.64 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.48 197.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.44 197.10 Td (on ) Tj ET Q q 0 0 0 rg BT 247.07 197.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.03 197.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 316.20 197.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 349.36 197.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 378.93 197.10 Td (In ) Tj ET Q q 0 0 0 rg BT 389.88 197.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 424.44 197.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 460.95 197.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.34 197.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 531.74 197.10 Td (from ) Tj ET Q q 0 0 0 rg BT 553.80 197.10 Td (faster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 85.24 185.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 106.16 185.10 Td (on ) Tj ET Q q 0 0 0 rg BT 118.20 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.46 185.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 177.83 185.10 Td (real ) Tj ET Q q 0 0 0 rg BT 194.85 185.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 219.66 185.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 242.81 185.10 Td (while ) Tj ET Q q 0 0 0 rg BT 267.06 185.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 305.21 185.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 345.01 185.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 368.71 185.10 Td (as ) Tj ET Q q 0 0 0 rg BT 379.09 185.10 Td (IOs\), ) Tj ET Q q 0 0 0 rg BT 401.40 185.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.88 185.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 444.94 185.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 474.74 185.10 Td (from ) Tj ET Q q 0 0 0 rg BT 496.22 185.10 Td (slower ) Tj ET Q q 0 0 0 rg BT 524.92 185.10 Td (prepayments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 173.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.22 173.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 109.04 173.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 135.15 173.10 Td (In ) Tj ET Q q 0 0 0 rg BT 145.98 173.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 183.75 173.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 207.36 173.10 Td (held ) Tj ET Q q 0 0 0 rg BT 227.08 173.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.24 173.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 287.62 173.10 Td (at ) Tj ET Q q 0 0 0 rg BT 297.34 173.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 339.83 173.10 Td (also ) Tj ET Q q 0 0 0 rg BT 358.44 173.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 388.71 173.10 Td (from ) Tj ET Q q 0 0 0 rg BT 410.64 173.10 Td (slower ) Tj ET Q q 0 0 0 rg BT 439.80 173.10 Td (prepayments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (When ) Tj ET Q q 0 0 0 rg BT 80.64 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 95.06 155.10 Td (make ) Tj ET Q q 0 0 0 rg BT 119.47 155.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 170.01 155.10 Td (that ) Tj ET Q q 0 0 0 rg BT 187.76 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 202.73 155.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 233.81 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.35 155.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 294.32 155.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 314.58 155.10 Td (we ) Tj ET Q q 0 0 0 rg BT 329.00 155.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 353.97 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.17 155.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 406.69 155.10 Td (baseline ) Tj ET Q q 0 0 0 rg BT 442.21 155.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 492.17 155.10 Td (range ) Tj ET Q q 0 0 0 rg BT 517.14 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.68 155.10 Td (determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 74.51 143.10 Td (returns. ) Tj ET Q q 0 0 0 rg BT 110.26 143.10 Td (If ) Tj ET Q q 0 0 0 rg BT 119.90 143.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 146.76 143.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 196.94 143.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 218.80 143.10 Td (deviate ) Tj ET Q q 0 0 0 rg BT 250.65 143.10 Td (from ) Tj ET Q q 0 0 0 rg BT 273.07 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.38 143.10 Td (baseline ) Tj ET Q q 0 0 0 rg BT 325.13 143.10 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 380.59 143.10 Td (it ) Tj ET Q q 0 0 0 rg BT 389.13 143.10 Td (could ) Tj ET Q q 0 0 0 rg BT 414.32 143.10 Td (have ) Tj ET Q q 0 0 0 rg BT 436.18 143.10 Td (an ) Tj ET Q q 0 0 0 rg BT 448.60 143.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 482.12 143.10 Td (change ) Tj ET Q q 0 0 0 rg BT 513.41 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.17 143.10 Td (our ) Tj ET Q q 0 0 0 rg BT 540.48 143.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (returns. ) Tj ET Q q 0 0 0 rg BT 71.82 131.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.21 131.10 Td (order ) Tj ET Q q 0 0 0 rg BT 107.36 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.20 131.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 154.02 131.10 Td (this ) Tj ET Q q 0 0 0 rg BT 171.53 131.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 192.08 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 206.80 131.10 Td (may ) Tj ET Q q 0 0 0 rg BT 227.07 131.10 Td (use ) Tj ET Q q 0 0 0 rg BT 243.46 131.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 286.49 131.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.53 131.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 379.03 131.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.67 131.10 Td (e ) Tj ET Q q 0 0 0 rg BT 395.16 131.10 Td (caution ) Tj ET Q q 0 0 0 rg BT 427.65 131.10 Td (that ) Tj ET Q q 0 0 0 rg BT 445.70 131.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 495.96 131.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 517.89 131.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.15 131.10 Td (dif) Tj ET Q q 0 0 0 rg BT 544.08 131.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 568.24 131.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 66.26 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 77.09 119.10 Td (anticipate, ) Tj ET Q q 0 0 0 rg BT 120.96 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.90 119.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 170.94 119.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 205.64 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.92 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.64 119.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.12 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.95 119.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 308.66 119.10 Td (could ) Tj ET Q q 0 0 0 rg BT 333.37 119.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 362.52 119.10 Td (our ) Tj ET Q q 0 0 0 rg BT 378.35 119.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 398.62 119.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 425.84 119.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 464.72 119.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.65 119.10 Td (dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td ( ) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 42.60 Td (97) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (Inflation ) Tj ET Q q 0 0 0 rg BT 75.18 731.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (V) Tj ET Q q 0 0 0 rg BT 60.62 713.25 Td (irtually ) Tj ET Q q 0 0 0 rg BT 92.20 713.25 Td (all ) Tj ET Q q 0 0 0 rg BT 104.90 713.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.93 713.25 Td (our ) Tj ET Q q 0 0 0 rg BT 131.96 713.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 185.20 713.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.23 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.37 713.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 268.29 713.25 Td (are ) Tj ET Q q 0 0 0 rg BT 283.19 713.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.88 713.25 Td (in ) Tj ET Q q 0 0 0 rg BT 331.35 713.25 Td (nature. ) Tj ET Q q 0 0 0 rg BT 360.94 713.25 Td (As ) Tj ET Q q 0 0 0 rg BT 374.76 713.25 Td (a ) Tj ET Q q 0 0 0 rg BT 381.90 713.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 409.31 713.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 444.22 713.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.70 713.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 486.83 713.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 508.41 713.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.55 713.25 Td (other ) Tj ET Q q 0 0 0 rg BT 548.79 713.25 Td (factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (drive ) Tj ET Q q 0 0 0 rg BT 59.76 701.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.30 701.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 130.04 701.25 Td (more ) Tj ET Q q 0 0 0 rg BT 153.79 701.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 187.55 701.25 Td (than ) Tj ET Q q 0 0 0 rg BT 207.98 701.25 Td (does ) Tj ET Q q 0 0 0 rg BT 229.52 701.25 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 269.11 701.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 306.76 701.25 Td (in ) Tj ET Q q 0 0 0 rg BT 317.75 701.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 350.40 701.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 372.49 701.25 Td (do ) Tj ET Q q 0 0 0 rg BT 385.70 701.25 Td (not ) Tj ET Q q 0 0 0 rg BT 401.69 701.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 449.33 701.25 Td (correlate ) Tj ET Q q 0 0 0 rg BT 487.51 701.25 Td (with ) Tj ET Q q 0 0 0 rg BT 508.50 701.25 Td (inflation ) Tj ET Q q 0 0 0 rg BT 545.59 701.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 567.68 701.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.71 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 80.99 689.25 Td (inflation ) Tj ET Q q 0 0 0 rg BT 117.37 689.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 141.24 689.25 Td (Separately) Tj ET Q q 0 0 0 rg BT 182.80 689.25 Td (, ) Tj ET Q q 0 0 0 rg BT 187.80 689.25 Td (inflation ) Tj ET Q q 0 0 0 rg BT 224.18 689.25 Td (or ) Tj ET Q q 0 0 0 rg BT 235.01 689.25 Td (deflation ) Tj ET Q q 0 0 0 rg BT 273.05 689.25 Td (in ) Tj ET Q q 0 0 0 rg BT 283.33 689.25 Td (home ) Tj ET Q q 0 0 0 rg BT 308.05 689.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 334.42 689.25 Td (can ) Tj ET Q q 0 0 0 rg BT 350.80 689.25 Td (af) Tj ET Q q 0 0 0 rg BT 358.39 689.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 375.87 689.25 Td (our ) Tj ET Q q 0 0 0 rg BT 391.70 689.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 416.97 689.25 Td (risk. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 688.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 664.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.08 664.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 125.16 664.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.67 664.05 Td (statements ) Tj ET Q q 0 0 0 rg BT 207.41 664.05 Td (are ) Tj ET Q q 0 0 0 rg BT 222.15 664.05 Td (prepared ) Tj ET Q q 0 0 0 rg BT 259.66 664.05 Td (in ) Tj ET Q q 0 0 0 rg BT 269.97 664.05 Td (accordance ) Tj ET Q q 0 0 0 rg BT 317.46 664.05 Td (with ) Tj ET Q q 0 0 0 rg BT 337.77 664.05 Td (GAAP) Tj ET Q q 0 0 0 rg BT 363.89 664.05 Td (. ) Tj ET Q q 0 0 0 rg BT 368.92 664.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 387.01 664.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 425.64 664.05 Td (and ) Tj ET Q q 0 0 0 rg BT 442.61 664.05 Td (balance ) Tj ET Q q 0 0 0 rg BT 475.67 664.05 Td (sheets ) Tj ET Q q 0 0 0 rg BT 502.64 664.05 Td (are ) Tj ET Q q 0 0 0 rg BT 517.38 664.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 558.23 664.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 652.05 Td (reference ) Tj ET Q q 0 0 0 rg BT 75.68 652.05 Td (to ) Tj ET Q q 0 0 0 rg BT 85.96 652.05 Td (historical ) Tj ET Q q 0 0 0 rg BT 125.67 652.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 144.28 652.05 Td (or ) Tj ET Q q 0 0 0 rg BT 155.11 652.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 171.49 652.05 Td (value ) Tj ET Q q 0 0 0 rg BT 195.64 652.05 Td (without ) Tj ET Q q 0 0 0 rg BT 228.70 652.05 Td (considering ) Tj ET Q q 0 0 0 rg BT 277.86 652.05 Td (inflation. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 622.05 Td (Fair ) Tj ET Q q 0 0 0 rg BT 56.84 622.05 Td (V) Tj ET Q q 0 0 0 rg BT 62.40 622.05 Td (alue ) Tj ET Q q 0 0 0 rg BT 82.68 622.05 Td (and ) Tj ET Q q 0 0 0 rg BT 100.74 622.05 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 140.46 622.05 Td (Risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 604.05 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 604.05 Td (o ) Tj ET Q q 0 0 0 rg BT 66.75 604.05 Td (fund ) Tj ET Q q 0 0 0 rg BT 87.42 604.05 Td (our ) Tj ET Q q 0 0 0 rg BT 103.09 604.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 128.77 604.05 Td (we ) Tj ET Q q 0 0 0 rg BT 142.77 604.05 Td (may ) Tj ET Q q 0 0 0 rg BT 162.33 604.05 Td (use ) Tj ET Q q 0 0 0 rg BT 178.00 604.05 Td (a ) Tj ET Q q 0 0 0 rg BT 184.78 604.05 Td (variety ) Tj ET Q q 0 0 0 rg BT 214.88 604.05 Td (of ) Tj ET Q q 0 0 0 rg BT 225.55 604.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 245.11 604.05 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 293.54 604.05 Td (in ) Tj ET Q q 0 0 0 rg BT 303.66 604.05 Td (addition ) Tj ET Q q 0 0 0 rg BT 338.78 604.05 Td (to ) Tj ET Q q 0 0 0 rg BT 348.90 604.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 376.23 604.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 405.22 604.05 Td (that ) Tj ET Q q 0 0 0 rg BT 422.56 604.05 Td (present ) Tj ET Q q 0 0 0 rg BT 453.78 604.05 Td (us ) Tj ET Q q 0 0 0 rg BT 465.01 604.05 Td (with ) Tj ET Q q 0 0 0 rg BT 485.13 604.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 501.35 604.05 Td (value ) Tj ET Q q 0 0 0 rg BT 525.35 604.05 Td (and ) Tj ET Q q 0 0 0 rg BT 542.13 604.05 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 592.05 Td (risks. ) Tj ET Q q 0 0 0 rg BT 59.71 592.05 Td (W) Tj ET Q q 0 0 0 rg BT 68.35 592.05 Td (e ) Tj ET Q q 0 0 0 rg BT 75.29 592.05 Td (seek ) Tj ET Q q 0 0 0 rg BT 95.56 592.05 Td (to ) Tj ET Q q 0 0 0 rg BT 105.83 592.05 Td (manage ) Tj ET Q q 0 0 0 rg BT 139.43 592.05 Td (these ) Tj ET Q q 0 0 0 rg BT 162.47 592.05 Td (risks, ) Tj ET Q q 0 0 0 rg BT 186.37 592.05 Td (including ) Tj ET Q q 0 0 0 rg BT 226.64 592.05 Td (by ) Tj ET Q q 0 0 0 rg BT 239.14 592.05 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 289.41 592.05 Td (what ) Tj ET Q q 0 0 0 rg BT 311.35 592.05 Td (we ) Tj ET Q q 0 0 0 rg BT 325.51 592.05 Td (believe ) Tj ET Q q 0 0 0 rg BT 356.88 592.05 Td (to ) Tj ET Q q 0 0 0 rg BT 367.16 592.05 Td (be ) Tj ET Q q 0 0 0 rg BT 379.10 592.05 Td (adequate ) Tj ET Q q 0 0 0 rg BT 417.13 592.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 437.40 592.05 Td (and ) Tj ET Q q 0 0 0 rg BT 454.33 592.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.49 592.05 Td (levels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.05 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 568.05 Td (e ) Tj ET Q q 0 0 0 rg BT 69.69 568.05 Td (acquire ) Tj ET Q q 0 0 0 rg BT 101.73 568.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 146.00 568.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 169.72 568.05 Td (and ) Tj ET Q q 0 0 0 rg BT 186.78 568.05 Td (then ) Tj ET Q q 0 0 0 rg BT 206.61 568.05 Td (sell ) Tj ET Q q 0 0 0 rg BT 223.11 568.05 Td (or ) Tj ET Q q 0 0 0 rg BT 234.06 568.05 Td (securitize ) Tj ET Q q 0 0 0 rg BT 274.99 568.05 Td (them ) Tj ET Q q 0 0 0 rg BT 297.60 568.05 Td (as ) Tj ET Q q 0 0 0 rg BT 308.54 568.05 Td (part ) Tj ET Q q 0 0 0 rg BT 326.71 568.05 Td (of ) Tj ET Q q 0 0 0 rg BT 337.65 568.05 Td (our ) Tj ET Q q 0 0 0 rg BT 353.60 568.05 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 393.98 568.05 Td (banking ) Tj ET Q q 0 0 0 rg BT 428.81 568.05 Td (operations. ) Tj ET Q q 0 0 0 rg BT 475.58 568.05 Td (Changes ) Tj ET Q q 0 0 0 rg BT 512.64 568.05 Td (in ) Tj ET Q q 0 0 0 rg BT 523.03 568.05 Td (the ) Tj ET Q q 0 0 0 rg BT 537.87 568.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 554.36 568.05 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 556.05 Td (of ) Tj ET Q q 0 0 0 rg BT 46.99 556.05 Td (the ) Tj ET Q q 0 0 0 rg BT 61.86 556.05 Td (loans, ) Tj ET Q q 0 0 0 rg BT 88.12 556.05 Td (once ) Tj ET Q q 0 0 0 rg BT 109.66 556.05 Td (sold ) Tj ET Q q 0 0 0 rg BT 128.98 556.05 Td (or ) Tj ET Q q 0 0 0 rg BT 139.97 556.05 Td (securitized, ) Tj ET Q q 0 0 0 rg BT 188.44 556.05 Td (do ) Tj ET Q q 0 0 0 rg BT 201.09 556.05 Td (not ) Tj ET Q q 0 0 0 rg BT 216.53 556.05 Td (have ) Tj ET Q q 0 0 0 rg BT 238.06 556.05 Td (an ) Tj ET Q q 0 0 0 rg BT 250.16 556.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 280.02 556.05 Td (on ) Tj ET Q q 0 0 0 rg BT 292.68 556.05 Td (our ) Tj ET Q q 0 0 0 rg BT 308.67 556.05 Td (liquidity) Tj ET Q q 0 0 0 rg BT 341.91 556.05 Td (. ) Tj ET Q q 0 0 0 rg BT 347.06 556.05 Td (However) Tj ET Q q 0 0 0 rg BT 383.31 556.05 Td (, ) Tj ET Q q 0 0 0 rg BT 388.47 556.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 423.33 556.05 Td (in ) Tj ET Q q 0 0 0 rg BT 433.77 556.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 450.30 556.05 Td (values ) Tj ET Q q 0 0 0 rg BT 478.50 556.05 Td (during ) Tj ET Q q 0 0 0 rg BT 507.27 556.05 Td (the ) Tj ET Q q 0 0 0 rg BT 522.14 556.05 Td (accumulation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 544.05 Td (period ) Tj ET Q q 0 0 0 rg BT 63.76 544.05 Td (\(while ) Tj ET Q q 0 0 0 rg BT 91.52 544.05 Td (these ) Tj ET Q q 0 0 0 rg BT 114.28 544.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 137.61 544.05 Td (are ) Tj ET Q q 0 0 0 rg BT 152.03 544.05 Td (typically ) Tj ET Q q 0 0 0 rg BT 189.23 544.05 Td (funded ) Tj ET Q q 0 0 0 rg BT 219.22 544.05 Td (with ) Tj ET Q q 0 0 0 rg BT 239.21 544.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 283.08 544.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 302.51 544.05 Td (before ) Tj ET Q q 0 0 0 rg BT 330.26 544.05 Td (they ) Tj ET Q q 0 0 0 rg BT 349.69 544.05 Td (are ) Tj ET Q q 0 0 0 rg BT 364.11 544.05 Td (sold ) Tj ET Q q 0 0 0 rg BT 383.00 544.05 Td (or ) Tj ET Q q 0 0 0 rg BT 393.54 544.05 Td (securitized\) ) Tj ET Q q 0 0 0 rg BT 442.40 544.05 Td (may ) Tj ET Q q 0 0 0 rg BT 461.83 544.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 491.25 544.05 Td (our ) Tj ET Q q 0 0 0 rg BT 506.80 544.05 Td (liquidity) Tj ET Q q 0 0 0 rg BT 540.04 544.05 Td (. ) Tj ET Q q 0 0 0 rg BT 544.59 544.05 Td (W) Tj ET Q q 0 0 0 rg BT 553.23 544.05 Td (e ) Tj ET Q q 0 0 0 rg BT 559.89 544.05 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.05 Td (own ) Tj ET Q q 0 0 0 rg BT 56.30 532.05 Td (residential ) Tj ET Q q 0 0 0 rg BT 101.02 532.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 125.20 532.05 Td (that ) Tj ET Q q 0 0 0 rg BT 143.27 532.05 Td (are ) Tj ET Q q 0 0 0 rg BT 158.55 532.05 Td (held-for) Tj ET Q q 0 0 0 rg BT 190.56 532.05 Td (-investment ) Tj ET Q q 0 0 0 rg BT 240.84 532.05 Td (and ) Tj ET Q q 0 0 0 rg BT 258.36 532.05 Td (may ) Tj ET Q q 0 0 0 rg BT 278.65 532.05 Td (be ) Tj ET Q q 0 0 0 rg BT 291.16 532.05 Td (financed ) Tj ET Q q 0 0 0 rg BT 328.66 532.05 Td (with ) Tj ET Q q 0 0 0 rg BT 349.51 532.05 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 398.13 532.05 Td (from ) Tj ET Q q 0 0 0 rg BT 420.65 532.05 Td (the ) Tj ET Q q 0 0 0 rg BT 435.94 532.05 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 471.24 532.05 Td (or ) Tj ET Q q 0 0 0 rg BT 482.65 532.05 Td (funded ) Tj ET Q q 0 0 0 rg BT 513.49 532.05 Td (with ) Tj ET Q q 0 0 0 rg BT 534.34 532.05 Td (short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 520.05 Td (debt. ) Tj ET Q q 0 0 0 rg BT 58.37 520.05 Td (W) Tj ET Q q 0 0 0 rg BT 67.01 520.05 Td (e ) Tj ET Q q 0 0 0 rg BT 74.32 520.05 Td (would ) Tj ET Q q 0 0 0 rg BT 102.18 520.05 Td (be ) Tj ET Q q 0 0 0 rg BT 114.48 520.05 Td (exposed ) Tj ET Q q 0 0 0 rg BT 150.12 520.05 Td (to ) Tj ET Q q 0 0 0 rg BT 160.76 520.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 197.52 520.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 215.38 520.05 Td (to ) Tj ET Q q 0 0 0 rg BT 226.03 520.05 Td (the ) Tj ET Q q 0 0 0 rg BT 241.11 520.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 268.41 520.05 Td (the ) Tj ET Q q 0 0 0 rg BT 283.49 520.05 Td (values ) Tj ET Q q 0 0 0 rg BT 311.90 520.05 Td (of ) Tj ET Q q 0 0 0 rg BT 323.10 520.05 Td (these ) Tj ET Q q 0 0 0 rg BT 346.51 520.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 370.48 520.05 Td (decline ) Tj ET Q q 0 0 0 rg BT 402.22 520.05 Td (and/or ) Tj ET Q q 0 0 0 rg BT 430.63 520.05 Td (the ) Tj ET Q q 0 0 0 rg BT 445.72 520.05 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 505.22 520.05 Td (we ) Tj ET Q q 0 0 0 rg BT 519.75 520.05 Td (use ) Tj ET Q q 0 0 0 rg BT 535.94 520.05 Td (to ) Tj ET Q q 0 0 0 rg BT 546.59 520.05 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 508.05 Td (these ) Tj ET Q q 0 0 0 rg BT 58.78 508.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 108.80 508.05 Td (adversely ) Tj ET Q q 0 0 0 rg BT 149.35 508.05 Td (change ) Tj ET Q q 0 0 0 rg BT 179.90 508.05 Td (our ) Tj ET Q q 0 0 0 rg BT 195.47 508.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 239.37 508.05 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 296.15 508.05 Td (W) Tj ET Q q 0 0 0 rg BT 304.78 508.05 Td (e ) Tj ET Q q 0 0 0 rg BT 311.46 508.05 Td (attempt ) Tj ET Q q 0 0 0 rg BT 343.69 508.05 Td (to ) Tj ET Q q 0 0 0 rg BT 353.70 508.05 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 388.71 508.05 Td (our ) Tj ET Q q 0 0 0 rg BT 404.28 508.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 440.41 508.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 457.65 508.05 Td (from ) Tj ET Q q 0 0 0 rg BT 479.32 508.05 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 513.79 508.05 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 561.58 508.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 496.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 80.16 496.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 120.42 496.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 157.35 496.05 Td (by ) Tj ET Q q 0 0 0 rg BT 169.85 496.05 Td (setting ) Tj ET Q q 0 0 0 rg BT 199.01 496.05 Td (aside ) Tj ET Q q 0 0 0 rg BT 222.06 496.05 Td (adequate ) Tj ET Q q 0 0 0 rg BT 260.09 496.05 Td (capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 472.05 Td (Many ) Tj ET Q q 0 0 0 rg BT 79.93 472.05 Td (of ) Tj ET Q q 0 0 0 rg BT 90.85 472.05 Td (the ) Tj ET Q q 0 0 0 rg BT 105.67 472.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 146.03 472.05 Td (we ) Tj ET Q q 0 0 0 rg BT 160.28 472.05 Td (acquire ) Tj ET Q q 0 0 0 rg BT 192.30 472.05 Td (are ) Tj ET Q q 0 0 0 rg BT 207.11 472.05 Td (funded ) Tj ET Q q 0 0 0 rg BT 237.47 472.05 Td (with ) Tj ET Q q 0 0 0 rg BT 257.85 472.05 Td (a ) Tj ET Q q 0 0 0 rg BT 264.88 472.05 Td (combination ) Tj ET Q q 0 0 0 rg BT 317.47 472.05 Td (of ) Tj ET Q q 0 0 0 rg BT 328.40 472.05 Td (our ) Tj ET Q q 0 0 0 rg BT 344.32 472.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 373.57 472.05 Td (and ) Tj ET Q q 0 0 0 rg BT 390.61 472.05 Td (secured ) Tj ET Q q 0 0 0 rg BT 423.74 472.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 464.10 472.05 Td (or ) Tj ET Q q 0 0 0 rg BT 475.03 472.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 519.28 472.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 539.09 472.05 Td (facilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 460.05 Td (T) Tj ET Q q 0 0 0 rg BT 41.41 460.05 Td (o ) Tj ET Q q 0 0 0 rg BT 48.16 460.05 Td (the ) Tj ET Q q 0 0 0 rg BT 62.12 460.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 88.30 460.05 Td (we ) Tj ET Q q 0 0 0 rg BT 101.71 460.05 Td (use ) Tj ET Q q 0 0 0 rg BT 116.79 460.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 145.18 460.05 Td (or ) Tj ET Q q 0 0 0 rg BT 155.26 460.05 Td (secured ) Tj ET Q q 0 0 0 rg BT 187.54 460.05 Td (financing, ) Tj ET Q q 0 0 0 rg BT 229.56 460.05 Td (we ) Tj ET Q q 0 0 0 rg BT 242.96 460.05 Td (can ) Tj ET Q q 0 0 0 rg BT 258.59 460.05 Td (reduce ) Tj ET Q q 0 0 0 rg BT 286.98 460.05 Td (our ) Tj ET Q q 0 0 0 rg BT 302.06 460.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 337.70 460.05 Td (risks; ) Tj ET Q q 0 0 0 rg BT 361.11 460.05 Td (however) Tj ET Q q 0 0 0 rg BT 395.14 460.05 Td (, ) Tj ET Q q 0 0 0 rg BT 399.39 460.05 Td (we ) Tj ET Q q 0 0 0 rg BT 412.79 460.05 Td (would ) Tj ET Q q 0 0 0 rg BT 439.54 460.05 Td (still ) Tj ET Q q 0 0 0 rg BT 456.29 460.05 Td (be ) Tj ET Q q 0 0 0 rg BT 467.48 460.05 Td (exposed ) Tj ET Q q 0 0 0 rg BT 502.00 460.05 Td (to ) Tj ET Q q 0 0 0 rg BT 511.52 460.05 Td (adverse ) Tj ET Q q 0 0 0 rg BT 543.80 460.05 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 448.05 Td (in ) Tj ET Q q 0 0 0 rg BT 46.82 448.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 63.74 448.05 Td (value ) Tj ET Q q 0 0 0 rg BT 88.44 448.05 Td (of ) Tj ET Q q 0 0 0 rg BT 99.81 448.05 Td (these ) Tj ET Q q 0 0 0 rg BT 123.40 448.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 164.21 448.05 Td (as ) Tj ET Q q 0 0 0 rg BT 175.59 448.05 Td (a ) Tj ET Q q 0 0 0 rg BT 183.07 448.05 Td (result ) Tj ET Q q 0 0 0 rg BT 208.33 448.05 Td (of ) Tj ET Q q 0 0 0 rg BT 219.70 448.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 254.95 448.05 Td (in ) Tj ET Q q 0 0 0 rg BT 265.77 448.05 Td (overall ) Tj ET Q q 0 0 0 rg BT 296.58 448.05 Td (market ) Tj ET Q q 0 0 0 rg BT 327.39 448.05 Td (liquidity) Tj ET Q q 0 0 0 rg BT 360.63 448.05 Td (. ) Tj ET Q q 0 0 0 rg BT 366.17 448.05 Td (For ) Tj ET Q q 0 0 0 rg BT 383.11 448.05 Td (the ) Tj ET Q q 0 0 0 rg BT 398.37 448.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 439.18 448.05 Td (we ) Tj ET Q q 0 0 0 rg BT 453.88 448.05 Td (acquire ) Tj ET Q q 0 0 0 rg BT 486.35 448.05 Td (with ) Tj ET Q q 0 0 0 rg BT 507.17 448.05 Td (a ) Tj ET Q q 0 0 0 rg BT 514.65 448.05 Td (combination ) Tj ET Q q 0 0 0 rg BT 567.68 448.05 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 436.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 66.29 436.05 Td (and ) Tj ET Q q 0 0 0 rg BT 84.38 436.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 129.68 436.05 Td (debt, ) Tj ET Q q 0 0 0 rg BT 153.04 436.05 Td (we ) Tj ET Q q 0 0 0 rg BT 168.34 436.05 Td (would ) Tj ET Q q 0 0 0 rg BT 196.99 436.05 Td (be ) Tj ET Q q 0 0 0 rg BT 210.07 436.05 Td (exposed ) Tj ET Q q 0 0 0 rg BT 246.48 436.05 Td (to ) Tj ET Q q 0 0 0 rg BT 257.90 436.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 295.44 436.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 314.08 436.05 Td (to ) Tj ET Q q 0 0 0 rg BT 325.50 436.05 Td (the ) Tj ET Q q 0 0 0 rg BT 341.37 436.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 369.44 436.05 Td (the ) Tj ET Q q 0 0 0 rg BT 385.30 436.05 Td (values ) Tj ET Q q 0 0 0 rg BT 414.50 436.05 Td (of ) Tj ET Q q 0 0 0 rg BT 426.47 436.05 Td (these ) Tj ET Q q 0 0 0 rg BT 450.66 436.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 502.08 436.05 Td (decline ) Tj ET Q q 0 0 0 rg BT 534.59 436.05 Td (and/or ) Tj ET Q q 0 0 0 rg BT 563.78 436.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 424.05 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 95.34 424.05 Td (we ) Tj ET Q q 0 0 0 rg BT 109.70 424.05 Td (use ) Tj ET Q q 0 0 0 rg BT 125.73 424.05 Td (to ) Tj ET Q q 0 0 0 rg BT 136.21 424.05 Td (finance ) Tj ET Q q 0 0 0 rg BT 168.33 424.05 Td (these ) Tj ET Q q 0 0 0 rg BT 191.58 424.05 Td (investments ) Tj ET Q q 0 0 0 rg BT 242.05 424.05 Td (adversely ) Tj ET Q q 0 0 0 rg BT 283.06 424.05 Td (change ) Tj ET Q q 0 0 0 rg BT 314.08 424.05 Td (our ) Tj ET Q q 0 0 0 rg BT 330.11 424.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 374.47 424.05 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 431.67 424.05 Td (W) Tj ET Q q 0 0 0 rg BT 440.31 424.05 Td (e ) Tj ET Q q 0 0 0 rg BT 447.45 424.05 Td (attempt ) Tj ET Q q 0 0 0 rg BT 480.14 424.05 Td (to ) Tj ET Q q 0 0 0 rg BT 490.61 424.05 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 526.08 424.05 Td (our ) Tj ET Q q 0 0 0 rg BT 542.11 424.05 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 412.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 53.50 412.05 Td (from ) Tj ET Q q 0 0 0 rg BT 75.44 412.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 119.59 412.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 159.86 412.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 196.79 412.05 Td (by ) Tj ET Q q 0 0 0 rg BT 209.29 412.05 Td (setting ) Tj ET Q q 0 0 0 rg BT 238.45 412.05 Td (aside ) Tj ET Q q 0 0 0 rg BT 261.50 412.05 Td (adequate ) Tj ET Q q 0 0 0 rg BT 299.53 412.05 Td (capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 388.05 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.67 388.05 Td (our ) Tj ET Q q 0 0 0 rg BT 97.69 388.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 142.03 388.05 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 181.64 388.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 213.76 388.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 231.43 388.05 Td (swaps ) Tj ET Q q 0 0 0 rg BT 258.55 388.05 Td (and ) Tj ET Q q 0 0 0 rg BT 275.67 388.05 Td (other ) Tj ET Q q 0 0 0 rg BT 298.90 388.05 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 345.46 388.05 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 396.18 388.05 Td (we ) Tj ET Q q 0 0 0 rg BT 410.52 388.05 Td (pledge ) Tj ET Q q 0 0 0 rg BT 439.86 388.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 465.87 388.05 Td (as ) Tj ET Q q 0 0 0 rg BT 476.88 388.05 Td (security ) Tj ET Q q 0 0 0 rg BT 511.22 388.05 Td (for ) Tj ET Q q 0 0 0 rg BT 525.56 388.05 Td (our ) Tj ET Q q 0 0 0 rg BT 541.58 388.05 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 376.05 Td (obligations ) Tj ET Q q 0 0 0 rg BT 82.15 376.05 Td (and ) Tj ET Q q 0 0 0 rg BT 98.29 376.05 Td (make ) Tj ET Q q 0 0 0 rg BT 121.66 376.05 Td (various ) Tj ET Q q 0 0 0 rg BT 152.80 376.05 Td (representations ) Tj ET Q q 0 0 0 rg BT 215.04 376.05 Td (and ) Tj ET Q q 0 0 0 rg BT 231.19 376.05 Td (warranties ) Tj ET Q q 0 0 0 rg BT 274.54 376.05 Td (and ) Tj ET Q q 0 0 0 rg BT 290.68 376.05 Td (agree ) Tj ET Q q 0 0 0 rg BT 314.03 376.05 Td (to ) Tj ET Q q 0 0 0 rg BT 323.52 376.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 352.43 376.05 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 396.62 376.05 Td (events ) Tj ET Q q 0 0 0 rg BT 423.87 376.05 Td (of ) Tj ET Q q 0 0 0 rg BT 433.91 376.05 Td (default, ) Tj ET Q q 0 0 0 rg BT 465.88 376.05 Td (and ) Tj ET Q q 0 0 0 rg BT 482.03 376.05 Td (other ) Tj ET Q q 0 0 0 rg BT 504.28 376.05 Td (terms. ) Tj ET Q q 0 0 0 rg BT 530.70 376.05 Td (In ) Tj ET Q q 0 0 0 rg BT 540.74 376.05 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 364.05 Td (our ) Tj ET Q q 0 0 0 rg BT 51.88 364.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 96.09 364.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 133.07 364.05 Td (are ) Tj ET Q q 0 0 0 rg BT 147.83 364.05 Td (generally ) Tj ET Q q 0 0 0 rg BT 187.58 364.05 Td (uncommitted, ) Tj ET Q q 0 0 0 rg BT 245.40 364.05 Td (meaning ) Tj ET Q q 0 0 0 rg BT 282.39 364.05 Td (that ) Tj ET Q q 0 0 0 rg BT 299.94 364.05 Td (each ) Tj ET Q q 0 0 0 rg BT 320.80 364.05 Td (time ) Tj ET Q q 0 0 0 rg BT 341.13 364.05 Td (we ) Tj ET Q q 0 0 0 rg BT 355.34 364.05 Td (request ) Tj ET Q q 0 0 0 rg BT 386.77 364.05 Td (a ) Tj ET Q q 0 0 0 rg BT 393.76 364.05 Td (new ) Tj ET Q q 0 0 0 rg BT 412.97 364.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 457.18 364.05 Td (under ) Tj ET Q q 0 0 0 rg BT 482.50 364.05 Td (a ) Tj ET Q q 0 0 0 rg BT 489.49 364.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 520.36 364.05 Td (the ) Tj ET Q q 0 0 0 rg BT 535.13 364.05 Td (lender ) Tj ET Q q 0 0 0 rg BT 562.67 364.05 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 352.05 Td (the ) Tj ET Q q 0 0 0 rg BT 51.03 352.05 Td (option ) Tj ET Q q 0 0 0 rg BT 79.39 352.05 Td (to ) Tj ET Q q 0 0 0 rg BT 89.98 352.05 Td (decline ) Tj ET Q q 0 0 0 rg BT 121.66 352.05 Td (to ) Tj ET Q q 0 0 0 rg BT 132.25 352.05 Td (extend ) Tj ET Q q 0 0 0 rg BT 161.72 352.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 187.29 352.05 Td (to ) Tj ET Q q 0 0 0 rg BT 197.88 352.05 Td (us. ) Tj ET Q q 0 0 0 rg BT 211.88 352.05 Td (The ) Tj ET Q q 0 0 0 rg BT 230.24 352.05 Td (terms ) Tj ET Q q 0 0 0 rg BT 255.26 352.05 Td (of ) Tj ET Q q 0 0 0 rg BT 266.40 352.05 Td (these ) Tj ET Q q 0 0 0 rg BT 289.76 352.05 Td (facilities ) Tj ET Q q 0 0 0 rg BT 327.00 352.05 Td (and ) Tj ET Q q 0 0 0 rg BT 344.25 352.05 Td (agreements ) Tj ET Q q 0 0 0 rg BT 392.59 352.05 Td (typically ) Tj ET Q q 0 0 0 rg BT 430.39 352.05 Td (include ) Tj ET Q q 0 0 0 rg BT 462.63 352.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 500.42 352.05 Td (covenants ) Tj ET Q q 0 0 0 rg BT 543.22 352.05 Td (\(such ) Tj ET Q q 0 0 0 rg BT 567.69 352.05 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 340.05 Td (covenants ) Tj ET Q q 0 0 0 rg BT 79.23 340.05 Td (to ) Tj ET Q q 0 0 0 rg BT 90.26 340.05 Td (maintain ) Tj ET Q q 0 0 0 rg BT 128.49 340.05 Td (a ) Tj ET Q q 0 0 0 rg BT 136.18 340.05 Td (minimum ) Tj ET Q q 0 0 0 rg BT 178.31 340.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 211.56 340.05 Td (of ) Tj ET Q q 0 0 0 rg BT 223.13 340.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 258.59 340.05 Td (net ) Tj ET Q q 0 0 0 rg BT 274.05 340.05 Td (worth ) Tj ET Q q 0 0 0 rg BT 300.63 340.05 Td (or ) Tj ET Q q 0 0 0 rg BT 312.21 340.05 Td (stockholders) Tj ET Q q 0 0 0 rg BT 365.34 340.05 Td ( ) Tj ET Q q 0 0 0 rg BT 368.59 340.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 396.83 340.05 Td (and/or ) Tj ET Q q 0 0 0 rg BT 425.62 340.05 Td (a ) Tj ET Q q 0 0 0 rg BT 433.30 340.05 Td (minimum ) Tj ET Q q 0 0 0 rg BT 475.44 340.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 508.68 340.05 Td (of ) Tj ET Q q 0 0 0 rg BT 520.26 340.05 Td (liquid ) Tj ET Q q 0 0 0 rg BT 546.84 340.05 Td (assets\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 328.05 Td (mar) Tj ET Q q 0 0 0 rg BT 51.37 328.05 Td (gin ) Tj ET Q q 0 0 0 rg BT 67.07 328.05 Td (requirements ) Tj ET Q q 0 0 0 rg BT 122.19 328.05 Td (\(which ) Tj ET Q q 0 0 0 rg BT 152.88 328.05 Td (typically ) Tj ET Q q 0 0 0 rg BT 190.79 328.05 Td (require ) Tj ET Q q 0 0 0 rg BT 222.03 328.05 Td (us ) Tj ET Q q 0 0 0 rg BT 233.85 328.05 Td (to ) Tj ET Q q 0 0 0 rg BT 244.55 328.05 Td (pledge ) Tj ET Q q 0 0 0 rg BT 274.13 328.05 Td (additional ) Tj ET Q q 0 0 0 rg BT 317.04 328.05 Td (collateral ) Tj ET Q q 0 0 0 rg BT 357.16 328.05 Td (if ) Tj ET Q q 0 0 0 rg BT 366.19 328.05 Td (and ) Tj ET Q q 0 0 0 rg BT 383.55 328.05 Td (when ) Tj ET Q q 0 0 0 rg BT 408.13 328.05 Td (the ) Tj ET Q q 0 0 0 rg BT 423.27 328.05 Td (value ) Tj ET Q q 0 0 0 rg BT 447.85 328.05 Td (of ) Tj ET Q q 0 0 0 rg BT 459.10 328.05 Td (previously ) Tj ET Q q 0 0 0 rg BT 504.24 328.05 Td (pledged ) Tj ET Q q 0 0 0 rg BT 538.82 328.05 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 316.05 Td (declines\), ) Tj ET Q q 0 0 0 rg BT 75.92 316.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 115.00 316.05 Td (covenants ) Tj ET Q q 0 0 0 rg BT 156.31 316.05 Td (\(such ) Tj ET Q q 0 0 0 rg BT 179.29 316.05 Td (as ) Tj ET Q q 0 0 0 rg BT 188.94 316.05 Td (covenants ) Tj ET Q q 0 0 0 rg BT 230.25 316.05 Td (to ) Tj ET Q q 0 0 0 rg BT 239.35 316.05 Td (conduct ) Tj ET Q q 0 0 0 rg BT 272.33 316.05 Td (our ) Tj ET Q q 0 0 0 rg BT 286.98 316.05 Td (business ) Tj ET Q q 0 0 0 rg BT 322.20 316.05 Td (in ) Tj ET Q q 0 0 0 rg BT 331.30 316.05 Td (accordance ) Tj ET Q q 0 0 0 rg BT 377.58 316.05 Td (with ) Tj ET Q q 0 0 0 rg BT 396.68 316.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 439.09 316.05 Td (laws ) Tj ET Q q 0 0 0 rg BT 458.74 316.05 Td (and ) Tj ET Q q 0 0 0 rg BT 474.50 316.05 Td (regulations ) Tj ET Q q 0 0 0 rg BT 520.26 316.05 Td (and ) Tj ET Q q 0 0 0 rg BT 536.02 316.05 Td (covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 304.05 Td (to ) Tj ET Q q 0 0 0 rg BT 47.66 304.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 82.09 304.05 Td (notice ) Tj ET Q q 0 0 0 rg BT 110.41 304.05 Td (of ) Tj ET Q q 0 0 0 rg BT 122.62 304.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.71 304.05 Td (events ) Tj ET Q q 0 0 0 rg BT 183.14 304.05 Td (to ) Tj ET Q q 0 0 0 rg BT 194.80 304.05 Td (creditors\), ) Tj ET Q q 0 0 0 rg BT 239.50 304.05 Td (representations ) Tj ET Q q 0 0 0 rg BT 303.92 304.05 Td (and ) Tj ET Q q 0 0 0 rg BT 322.24 304.05 Td (warranties ) Tj ET Q q 0 0 0 rg BT 367.77 304.05 Td (\(such ) Tj ET Q q 0 0 0 rg BT 393.31 304.05 Td (as ) Tj ET Q q 0 0 0 rg BT 405.53 304.05 Td (representations ) Tj ET Q q 0 0 0 rg BT 469.94 304.05 Td (and ) Tj ET Q q 0 0 0 rg BT 488.27 304.05 Td (warranties ) Tj ET Q q 0 0 0 rg BT 533.79 304.05 Td (relating ) Tj ET Q q 0 0 0 rg BT 568.22 304.05 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 292.05 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 95.24 292.05 Td (of ) Tj ET Q q 0 0 0 rg BT 105.63 292.05 Td (pledged ) Tj ET Q q 0 0 0 rg BT 139.34 292.05 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 181.09 292.05 Td (our ) Tj ET Q q 0 0 0 rg BT 196.48 292.05 Td (exposure ) Tj ET Q q 0 0 0 rg BT 234.63 292.05 Td (to ) Tj ET Q q 0 0 0 rg BT 244.47 292.05 Td (litigation ) Tj ET Q q 0 0 0 rg BT 282.63 292.05 Td (and/or ) Tj ET Q q 0 0 0 rg BT 310.23 292.05 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 353.38 292.05 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 405.41 292.05 Td (actions ) Tj ET Q q 0 0 0 rg BT 435.79 292.05 Td (and ) Tj ET Q q 0 0 0 rg BT 452.28 292.05 Td (the ) Tj ET Q q 0 0 0 rg BT 466.56 292.05 Td (absence ) Tj ET Q q 0 0 0 rg BT 500.26 292.05 Td (of ) Tj ET Q q 0 0 0 rg BT 510.64 292.05 Td (material ) Tj ET Q q 0 0 0 rg BT 545.46 292.05 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 280.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 71.30 280.05 Td (to ) Tj ET Q q 0 0 0 rg BT 82.17 280.05 Td (our ) Tj ET Q q 0 0 0 rg BT 98.58 280.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.66 280.05 Td (condition, ) Tj ET Q q 0 0 0 rg BT 180.02 280.05 Td (our ) Tj ET Q q 0 0 0 rg BT 196.44 280.05 Td (operations, ) Tj ET Q q 0 0 0 rg BT 243.68 280.05 Td (or ) Tj ET Q q 0 0 0 rg BT 255.10 280.05 Td (our ) Tj ET Q q 0 0 0 rg BT 271.52 280.05 Td (business ) Tj ET Q q 0 0 0 rg BT 308.50 280.05 Td (prospects\), ) Tj ET Q q 0 0 0 rg BT 355.19 280.05 Td (and ) Tj ET Q q 0 0 0 rg BT 372.72 280.05 Td (events ) Tj ET Q q 0 0 0 rg BT 401.36 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 412.78 280.05 Td (default ) Tj ET Q q 0 0 0 rg BT 443.63 280.05 Td (\(such ) Tj ET Q q 0 0 0 rg BT 468.38 280.05 Td (as ) Tj ET Q q 0 0 0 rg BT 479.80 280.05 Td (a ) Tj ET Q q 0 0 0 rg BT 487.33 280.05 Td (breach ) Tj ET Q q 0 0 0 rg BT 517.07 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 528.49 280.05 Td (covenant ) Tj ET Q q 0 0 0 rg BT 567.67 280.05 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 268.05 Td (representation/warranty ) Tj ET Q q 0 0 0 rg BT 133.73 268.05 Td (and ) Tj ET Q q 0 0 0 rg BT 150.94 268.05 Td (cross-defaults, ) Tj ET Q q 0 0 0 rg BT 211.76 268.05 Td (under ) Tj ET Q q 0 0 0 rg BT 237.30 268.05 Td (which ) Tj ET Q q 0 0 0 rg BT 264.51 268.05 Td (an ) Tj ET Q q 0 0 0 rg BT 276.73 268.05 Td (event ) Tj ET Q q 0 0 0 rg BT 301.16 268.05 Td (of ) Tj ET Q q 0 0 0 rg BT 312.26 268.05 Td (default ) Tj ET Q q 0 0 0 rg BT 342.80 268.05 Td (is ) Tj ET Q q 0 0 0 rg BT 352.25 268.05 Td (triggered ) Tj ET Q q 0 0 0 rg BT 391.11 268.05 Td (under ) Tj ET Q q 0 0 0 rg BT 416.66 268.05 Td (a ) Tj ET Q q 0 0 0 rg BT 423.87 268.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 449.41 268.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 480.50 268.05 Td (if ) Tj ET Q q 0 0 0 rg BT 489.39 268.05 Td (an ) Tj ET Q q 0 0 0 rg BT 501.60 268.05 Td (event ) Tj ET Q q 0 0 0 rg BT 526.03 268.05 Td (of ) Tj ET Q q 0 0 0 rg BT 537.14 268.05 Td (default ) Tj ET Q q 0 0 0 rg BT 567.67 268.05 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 256.05 Td (similar ) Tj ET Q q 0 0 0 rg BT 66.27 256.05 Td (event ) Tj ET Q q 0 0 0 rg BT 90.43 256.05 Td (occurs ) Tj ET Q q 0 0 0 rg BT 119.03 256.05 Td (under ) Tj ET Q q 0 0 0 rg BT 144.30 256.05 Td (another ) Tj ET Q q 0 0 0 rg BT 176.78 256.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 202.04 256.05 Td (facility\). ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 254.85 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 224.85 Td (Quantitative ) Tj ET Q q 0 0 0 rg BT 89.61 224.85 Td (Information ) Tj ET Q q 0 0 0 rg BT 142.68 224.85 Td (on ) Tj ET Q q 0 0 0 rg BT 155.75 224.85 Td (Market ) Tj ET Q q 0 0 0 rg BT 188.25 224.85 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.33 206.85 Td (future ) Tj ET Q q 0 0 0 rg BT 98.98 206.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 135.64 206.85 Td (are ) Tj ET Q q 0 0 0 rg BT 150.62 206.85 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 188.39 206.85 Td (to ) Tj ET Q q 0 0 0 rg BT 198.95 206.85 Td (a ) Tj ET Q q 0 0 0 rg BT 206.17 206.85 Td (number ) Tj ET Q q 0 0 0 rg BT 239.49 206.85 Td (of ) Tj ET Q q 0 0 0 rg BT 250.60 206.85 Td (market ) Tj ET Q q 0 0 0 rg BT 281.14 206.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 298.92 206.85 Td (factors ) Tj ET Q q 0 0 0 rg BT 328.90 206.85 Td (and ) Tj ET Q q 0 0 0 rg BT 346.12 206.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 381.10 206.85 Td (in ) Tj ET Q q 0 0 0 rg BT 391.66 206.85 Td (these ) Tj ET Q q 0 0 0 rg BT 414.98 206.85 Td (factors ) Tj ET Q q 0 0 0 rg BT 444.96 206.85 Td (may ) Tj ET Q q 0 0 0 rg BT 464.96 206.85 Td (have ) Tj ET Q q 0 0 0 rg BT 486.61 206.85 Td (a ) Tj ET Q q 0 0 0 rg BT 493.83 206.85 Td (variety ) Tj ET Q q 0 0 0 rg BT 524.37 206.85 Td (of ) Tj ET Q q 0 0 0 rg BT 535.48 206.85 Td (secondary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 194.85 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 194.85 Td (fects ) Tj ET Q q 0 0 0 rg BT 64.16 194.85 Td (that, ) Tj ET Q q 0 0 0 rg BT 83.35 194.85 Td (in ) Tj ET Q q 0 0 0 rg BT 92.83 194.85 Td (turn, ) Tj ET Q q 0 0 0 rg BT 113.13 194.85 Td (will ) Tj ET Q q 0 0 0 rg BT 130.39 194.85 Td (also ) Tj ET Q q 0 0 0 rg BT 148.19 194.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 177.10 194.85 Td (our ) Tj ET Q q 0 0 0 rg BT 192.13 194.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 227.70 194.85 Td (and ) Tj ET Q q 0 0 0 rg BT 243.84 194.85 Td (equity) Tj ET Q q 0 0 0 rg BT 268.18 194.85 Td (. ) Tj ET Q q 0 0 0 rg BT 272.26 194.85 Td (T) Tj ET Q q 0 0 0 rg BT 277.67 194.85 Td (o ) Tj ET Q q 0 0 0 rg BT 284.36 194.85 Td (supplement ) Tj ET Q q 0 0 0 rg BT 332.16 194.85 Td (the ) Tj ET Q q 0 0 0 rg BT 346.08 194.85 Td (discussion ) Tj ET Q q 0 0 0 rg BT 389.44 194.85 Td (above ) Tj ET Q q 0 0 0 rg BT 415.02 194.85 Td (of ) Tj ET Q q 0 0 0 rg BT 425.04 194.85 Td (the ) Tj ET Q q 0 0 0 rg BT 438.96 194.85 Td (market ) Tj ET Q q 0 0 0 rg BT 468.42 194.85 Td (risks ) Tj ET Q q 0 0 0 rg BT 489.01 194.85 Td (we ) Tj ET Q q 0 0 0 rg BT 502.36 194.85 Td (face, ) Tj ET Q q 0 0 0 rg BT 523.21 194.85 Td (the ) Tj ET Q q 0 0 0 rg BT 537.12 194.85 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.85 Td (table ) Tj ET Q q 0 0 0 rg BT 58.61 182.85 Td (incorporates ) Tj ET Q q 0 0 0 rg BT 111.21 182.85 Td (information ) Tj ET Q q 0 0 0 rg BT 161.61 182.85 Td (that ) Tj ET Q q 0 0 0 rg BT 179.78 182.85 Td (may ) Tj ET Q q 0 0 0 rg BT 200.17 182.85 Td (be ) Tj ET Q q 0 0 0 rg BT 212.79 182.85 Td (useful ) Tj ET Q q 0 0 0 rg BT 240.41 182.85 Td (in ) Tj ET Q q 0 0 0 rg BT 251.37 182.85 Td (analyzing ) Tj ET Q q 0 0 0 rg BT 293.42 182.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.80 182.85 Td (market ) Tj ET Q q 0 0 0 rg BT 354.74 182.85 Td (risks ) Tj ET Q q 0 0 0 rg BT 376.81 182.85 Td (that ) Tj ET Q q 0 0 0 rg BT 394.98 182.85 Td (may ) Tj ET Q q 0 0 0 rg BT 415.38 182.85 Td (af) Tj ET Q q 0 0 0 rg BT 422.97 182.85 Td (fect ) Tj ET Q q 0 0 0 rg BT 441.13 182.85 Td (our ) Tj ET Q q 0 0 0 rg BT 457.64 182.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 511.36 182.85 Td (balance ) Tj ET Q q 0 0 0 rg BT 545.07 182.85 Td (sheet ) Tj ET Q q 0 0 0 rg BT 568.80 182.85 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 170.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.60 170.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.60 170.85 Td (. ) Tj ET Q q 0 0 0 rg BT 119.44 170.85 Td (The ) Tj ET Q q 0 0 0 rg BT 137.50 170.85 Td (table ) Tj ET Q q 0 0 0 rg BT 159.45 170.85 Td (presents ) Tj ET Q q 0 0 0 rg BT 194.74 170.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 232.80 170.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 253.08 170.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 277.82 170.85 Td (and ) Tj ET Q q 0 0 0 rg BT 294.78 170.85 Td (related ) Tj ET Q q 0 0 0 rg BT 324.49 170.85 Td (average ) Tj ET Q q 0 0 0 rg BT 358.10 170.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 390.05 170.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 411.44 170.85 Td (by ) Tj ET Q q 0 0 0 rg BT 423.96 170.85 Td (year ) Tj ET Q q 0 0 0 rg BT 443.68 170.85 Td (of ) Tj ET Q q 0 0 0 rg BT 454.53 170.85 Td (repayment. ) Tj ET Q q 0 0 0 rg BT 501.57 170.85 Td (The ) Tj ET Q q 0 0 0 rg BT 519.63 170.85 Td (forward ) Tj ET Q q 0 0 0 rg BT 553.80 170.85 Td (curve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.85 Td (\(future ) Tj ET Q q 0 0 0 rg BT 66.06 158.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 98.35 158.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 120.08 158.85 Td (as ) Tj ET Q q 0 0 0 rg BT 131.26 158.85 Td (implied ) Tj ET Q q 0 0 0 rg BT 164.66 158.85 Td (by ) Tj ET Q q 0 0 0 rg BT 177.52 158.85 Td (the ) Tj ET Q q 0 0 0 rg BT 192.59 158.85 Td (yield ) Tj ET Q q 0 0 0 rg BT 215.44 158.85 Td (structure ) Tj ET Q q 0 0 0 rg BT 253.27 158.85 Td (of ) Tj ET Q q 0 0 0 rg BT 264.46 158.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 284.53 158.85 Td (markets\) ) Tj ET Q q 0 0 0 rg BT 322.37 158.85 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.44 158.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 391.37 158.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.37 158.85 Td (, ) Tj ET Q q 0 0 0 rg BT 416.73 158.85 Td (was ) Tj ET Q q 0 0 0 rg BT 435.13 158.85 Td (used ) Tj ET Q q 0 0 0 rg BT 456.31 158.85 Td (to ) Tj ET Q q 0 0 0 rg BT 466.94 158.85 Td (project ) Tj ET Q q 0 0 0 rg BT 497.56 158.85 Td (the ) Tj ET Q q 0 0 0 rg BT 512.63 158.85 Td (average ) Tj ET Q q 0 0 0 rg BT 546.57 158.85 Td (coupon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 146.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 57.08 146.85 Td (for ) Tj ET Q q 0 0 0 rg BT 70.93 146.85 Td (each ) Tj ET Q q 0 0 0 rg BT 91.45 146.85 Td (year ) Tj ET Q q 0 0 0 rg BT 110.85 146.85 Td (presented. ) Tj ET Q q 0 0 0 rg BT 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414.50 444.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 444.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 444.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 444.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 444.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 414.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 414.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 414.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 414.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 414.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 414.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 414.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 414.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 414.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 414.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 414.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 384.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 384.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 384.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 384.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 384.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 384.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 384.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 384.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 384.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 384.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 384.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 354.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 354.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 354.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 354.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 354.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 354.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 354.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 354.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 354.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 354.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 354.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 324.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 324.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 324.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 324.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 324.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 324.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 324.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 324.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 324.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 324.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 324.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 294.50 126.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 294.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 294.50 50.00 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0.8 0.9333333333333333 1 rg /GS0 gs 525.50 294.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 264.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 264.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 264.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 264.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 264.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 264.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 264.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 264.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 264.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 264.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 264.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 234.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 234.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 234.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 234.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 234.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 234.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 234.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 234.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 234.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 234.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 234.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 197.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 197.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 197.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 197.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 197.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 197.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 197.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 197.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 197.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 197.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 197.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 197.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 197.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 197.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 197.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 197.50 50.00 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0.8 0.9333333333333333 1 rg /GS0 gs 363.50 167.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 167.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 167.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 167.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 167.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 167.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 167.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 137.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 137.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 137.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 137.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 137.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 137.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 137.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 137.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 137.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 137.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 137.50 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 707.5 m 215.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 707.5 m 219.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 707.5 m 263.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 707.5 m 267.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 707.5 m 311.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 707.5 m 315.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 707.5 m 359.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 707.5 m 363.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 707.5 m 410.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 707.5 m 414.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 707.5 m 467.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 707.5 m 521.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 707.5 m 525.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 707.5 m 575.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 686.5 m 105.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 105.5 686.5 m 161.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 707.5 m 215.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 686.5 m 215.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 707.5 m 219.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 707.5 m 263.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 686.5 m 263.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 707.5 m 267.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 707.5 m 311.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 686.5 m 311.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 707.5 m 315.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 707.5 m 359.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 686.5 m 359.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 707.5 m 363.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 707.5 m 410.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 686.5 m 410.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 707.5 m 414.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 707.5 m 467.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 686.5 m 467.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 686.5 m 521.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 686.5 m 575.5 686.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 726.95 Td (Quantitative Information on Market Risk) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 711.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 108.00 711.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.10 711.95 Td (Principal Amounts Maturing and Effective Rates During Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.70 711.95 Td (December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 690.95 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 181.00 690.95 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 690.95 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.00 690.95 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.00 690.95 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 690.95 Td (2021) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.90 690.95 Td (Ther) Tj ET Q q 0 0 0 rg BT 438.73 690.95 Td (eafter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.25 698.90 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 689.90 Td (Balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.80 698.90 Td (Fair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.15 689.90 Td (V) Tj ET Q q 0 0 0 rg BT 544.82 689.90 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 678.58 Td (Interest rate sensitive assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 663.58 Td (Residential loans - HFI at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 655.58 Td (Redwood) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 642.45 Td (Fixed Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 642.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 640.96 Td (212,441) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.25 640.96 Td (192,144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.25 640.96 Td (173,786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.25 640.96 Td (157,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 640.96 Td (142,165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 640.96 Td (1,345,822) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.00 640.96 Td (2,223,540) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.00 640.96 Td (2,250,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 628.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 626.96 Td (4.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 626.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 626.96 Td (4.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 626.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 626.96 Td (4.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 626.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 626.96 Td (4.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 626.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 626.96 Td (4.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 626.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 626.96 Td (4.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 626.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 614.45 Td (Hybrid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 614.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 194.00 612.96 Td (980) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 612.96 Td (886) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.00 612.96 Td (802) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.00 612.96 Td (725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 612.96 Td (656) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 612.96 Td (6,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 612.96 Td (10,257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 612.96 Td (10,354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 600.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 598.96 Td (3.73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 598.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 598.96 Td (3.73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 598.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 598.96 Td (3.73) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 598.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 598.96 Td (5.16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 598.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 598.96 Td (5.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 598.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 598.96 Td (5.55) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 598.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 586.58 Td (Residential loans - HFI at Sequoia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 571.45 Td (AdjustableRate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 571.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 568.96 Td (162,900) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.25 568.96 Td (141,681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.25 568.96 Td (122,709) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.25 568.96 Td (106,674) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 568.96 Td (92,770) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 568.96 Td (260,247) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 568.96 Td (886,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 568.96 Td (791,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 556.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 553.96 Td (2.62) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 553.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 553.96 Td (3.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 553.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 553.96 Td (3.51) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 553.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 553.96 Td (3.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 553.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 553.96 Td (3.91) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 553.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 553.96 Td (3.47) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 553.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 541.58 Td (Residential loans - HFS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 526.45 Td (AdjustableRate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 526.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 194.00 523.96 Td (882) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 523.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 523.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 523.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 523.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 523.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 523.96 Td (882) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 523.96 Td (616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 511.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 508.96 Td (2.40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 508.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.95 508.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.95 508.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.95 508.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.95 508.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.95 508.96 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 496.45 Td (Fixed Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 496.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 493.96 Td (144,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 493.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 493.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 493.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 493.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 493.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 493.96 Td (144,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 493.96 Td (144,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 481.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 478.96 Td (3.97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 478.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.95 478.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.95 478.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.95 478.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.95 478.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.95 478.96 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 466.45 Td (Hybrid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 466.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 463.96 Td (688,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 463.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 463.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 463.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 463.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 463.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 463.96 Td (688,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 463.96 Td (690,557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 451.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 448.96 Td (3.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 448.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.95 448.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.95 448.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.95 448.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.95 448.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 448.95 448.96 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 436.58 Td (Commercial Loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 421.45 Td (Fixed Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 421.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 418.96 Td (3,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 418.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 418.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 418.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 418.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 418.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 418.96 Td (3,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 418.96 Td (2,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 406.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 403.96 Td (11.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 403.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 244.95 410.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 244.95 403.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 292.95 410.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 292.95 403.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 340.95 410.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 340.95 403.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 391.95 410.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 391.95 403.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 448.95 410.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 448.95 403.96 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 391.58 Td (Residential Senior Securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 376.45 Td (AdjustableRate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 376.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 373.96 Td (3,978) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.25 373.96 Td (3,384) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 373.96 Td (2,868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 373.96 Td (2,439) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 373.96 Td (2,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 373.96 Td (9,544) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 373.96 Td (24,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 373.96 Td (22,866) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 361.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 358.96 Td (2.59) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 358.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 358.96 Td (3.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 358.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 358.96 Td (3.35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 358.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 358.96 Td (3.58) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 358.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 358.96 Td (3.74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 358.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 358.96 Td (3.90) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 358.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 346.45 Td (Fixed Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 346.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 343.96 Td (3,644) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.25 343.96 Td (3,257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 343.96 Td (2,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 343.96 Td (2,322) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 343.96 Td (1,992) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 343.96 Td (12,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 343.96 Td (26,498) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 343.96 Td (59,957) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 331.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 328.96 Td (5.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 328.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 328.96 Td (2.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 328.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 328.96 Td (5.48) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 328.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 328.96 Td (5.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 328.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 328.96 Td (5.55) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 328.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 328.96 Td (5.36) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 328.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 316.45 Td (Hybrid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 316.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.75 313.96 Td (15,279) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.75 313.96 Td (13,162) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.75 313.96 Td (11,327) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 313.96 Td (9,742) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 313.96 Td (8,491) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 313.96 Td (40,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 313.96 Td (98,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 313.96 Td (90,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 301.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 298.96 Td (3.48) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 298.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 298.96 Td (4.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 298.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 298.96 Td (4.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 298.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 298.96 Td (4.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 298.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 298.96 Td (4.18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 298.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 298.96 Td (4.15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 298.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 286.58 Td (ResidentialRe-REMICSecurities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 271.45 Td (Fixed Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 271.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 268.96 Td (1,999) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.25 268.96 Td (2,021) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 268.96 Td (3,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 268.96 Td (3,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 268.96 Td (27,465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 268.96 Td (3,905) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 268.96 Td (42,331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 268.96 Td (35,854) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 256.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 253.96 Td (5.74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 253.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 253.96 Td (5.74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 253.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 253.96 Td (5.76) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 253.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 253.96 Td (5.77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 253.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 253.96 Td (5.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 253.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 253.96 Td (5.62) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 253.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 241.45 Td (Hybrid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 241.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 238.96 Td (2,802) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.25 238.96 Td (5,193) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 238.96 Td (5,239) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 238.96 Td (4,728) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 238.96 Td (29,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 238.96 Td (5,689) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 238.96 Td (53,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 238.96 Td (49,625) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 226.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 223.96 Td (3.33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 223.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 223.96 Td (3.87) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 223.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 223.96 Td (4.33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 223.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 223.96 Td (4.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 223.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 223.96 Td (4.95) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 223.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 223.96 Td (5.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 223.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 209.73 Td (ResidentialSubordinate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 201.73 Td (Securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 189.45 Td (AdjustableRate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 189.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 186.96 Td (1,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.25 186.96 Td (1,444) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 186.96 Td (1,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 186.96 Td (1,595) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 186.96 Td (10,656) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 186.96 Td (1,640) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 186.96 Td (17,994) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 186.96 Td (16,485) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 174.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 171.96 Td (3.64) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 171.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 171.96 Td (4.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 171.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 171.96 Td (3.86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 171.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 171.96 Td (3.93) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 171.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 171.96 Td (3.98) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 171.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 171.96 Td (3.86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 171.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 159.45 Td (Fixed Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 159.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.75 156.96 Td (23,145) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.75 156.96 Td (28,382) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.75 156.96 Td (36,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.75 156.96 Td (41,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 156.96 Td (483,650) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 156.96 Td (49,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 156.96 Td (662,393) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 156.96 Td (581,476) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 144.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 141.96 Td (4.53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 141.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 141.96 Td (5.32) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 141.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 141.96 Td (4.80) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 141.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 141.96 Td (4.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 141.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 141.96 Td (4.82) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 141.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 141.96 Td (4.86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 141.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 129.45 Td (Hybrid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 129.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 126.96 Td (5,002) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.25 126.96 Td (5,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 126.96 Td (4,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 126.96 Td (5,393) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 126.96 Td (63,460) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 126.96 Td (5,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 126.96 Td (89,091) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 126.96 Td (69,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 114.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 111.96 Td (2.51) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 111.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 111.96 Td (3.67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 111.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 111.96 Td (3.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 111.96 Td 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1 rg /GS0 gs 359.50 339.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 339.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 339.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 339.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 339.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 339.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 339.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 339.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 310.50 70.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 310.50 56.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 310.50 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 310.50 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 310.50 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 310.50 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 310.50 47.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 310.50 53.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 310.50 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 310.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 310.50 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 266.50 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 266.50 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 266.50 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 266.50 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 266.50 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 266.50 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 266.50 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 266.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 266.50 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 266.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 266.50 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 231.50 70.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 105.50 231.50 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 161.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 231.50 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 231.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 231.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 231.50 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 231.50 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 231.50 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 231.50 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 231.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 231.50 50.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 707.5 m 215.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 707.5 m 219.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 707.5 m 263.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 707.5 m 267.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 707.5 m 311.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 707.5 m 315.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 707.5 m 359.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 707.5 m 363.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 707.5 m 410.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 707.5 m 414.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 707.5 m 467.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 707.5 m 521.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 707.5 m 525.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 707.5 m 575.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 686.5 m 105.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 105.5 686.5 m 161.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 707.5 m 215.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 686.5 m 215.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 707.5 m 219.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 707.5 m 263.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 686.5 m 263.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 707.5 m 267.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 707.5 m 311.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 686.5 m 311.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 707.5 m 315.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 707.5 m 359.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 686.5 m 359.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 707.5 m 363.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 707.5 m 410.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 686.5 m 410.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 707.5 m 414.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 707.5 m 467.5 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 686.5 m 467.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 686.5 m 521.5 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 686.5 m 575.5 686.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 726.95 Td (Quantitative Information on Market Risk) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 726.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 711.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 108.00 711.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.10 711.95 Td (Principal Amounts Maturing and Effective Rates During Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.70 711.95 Td (December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 690.95 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 181.00 690.95 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.00 690.95 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.00 690.95 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.00 690.95 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.50 690.95 Td (2021) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.90 690.95 Td (Ther) Tj ET Q q 0 0 0 rg BT 438.73 690.95 Td (eafter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.25 698.90 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.75 689.90 Td (Balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.80 698.90 Td (Fair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.15 689.90 Td (V) Tj ET Q q 0 0 0 rg BT 544.82 689.90 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 678.58 Td (Interest rate sensitive assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 670.58 Td (\(continued\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 657.58 Td (Commercial Securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 641.45 Td (AdjustableRate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 641.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.25 638.96 Td (1,817) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 222.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.25 638.96 Td (2,518) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.25 638.96 Td (2,490) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.25 638.96 Td (2,309) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 366.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 382.25 638.96 Td (2,190) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 638.96 Td (17,492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 638.96 Td (28,816) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 638.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 638.96 Td (28,957) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 626.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 623.96 Td (6.34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 623.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 623.96 Td (6.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 623.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 623.96 Td (7.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 623.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 623.96 Td (7.42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 623.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 623.96 Td (7.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 623.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 623.96 Td (7.84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 623.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 611.45 Td (Fixed Rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 611.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 608.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 608.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 608.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 608.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 608.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 608.96 Td (80,315) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 608.96 Td (80,315) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 608.96 Td (62,813) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 596.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 593.96 Td (3.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 593.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 593.96 Td (3.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 593.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 593.96 Td (3.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 593.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 593.96 Td (3.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 593.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 593.96 Td (3.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 593.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 593.96 Td (3.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 593.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 581.58 Td (Interest rate sensitive liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 566.58 Td (Asset-backed securities issued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 551.58 Td (Sequoia Entities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 536.45 Td (AdjustableRate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 536.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 182.75 533.96 Td (54,413) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.75 533.96 Td (54,017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.75 533.96 Td (54,058) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.75 533.96 Td (54,892) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 533.96 Td (56,010) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 533.96 Td (589,434) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 533.96 Td (862,825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 533.96 Td (757,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 521.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 518.96 Td (1.46) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 518.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 518.96 Td (1.89) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 518.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 518.96 Td (2.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 518.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 518.96 Td (2.46) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 518.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 518.96 Td (2.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 518.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 518.96 Td (2.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 518.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 506.45 Td (Hybrid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 506.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 194.00 503.96 Td (766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 503.96 Td (754) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.00 503.96 Td (760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.00 503.96 Td (766) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 503.96 Td (794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 503.96 Td (13,852) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 503.96 Td (17,692) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 503.96 Td (16,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 491.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 488.96 Td (3.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 488.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 488.96 Td (3.92) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 488.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 488.96 Td (4.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 488.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 488.96 Td (4.92) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 488.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 488.96 Td (5.16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 488.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 488.96 Td (5.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 488.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 476.58 Td (Short-termDebt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 476.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.25 473.96 Td (791,539) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 473.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 473.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 473.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 473.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 473.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 473.96 Td (791,539) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 473.96 Td (791,539) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 461.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 458.96 Td (2.21) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 458.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 244.95 465.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 244.95 458.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 292.95 465.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 292.95 458.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 340.95 465.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 340.95 458.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 391.95 465.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 391.95 458.96 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 448.95 465.20 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 448.95 458.96 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 446.58 Td (Long-term Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 431.58 Td (FHLBC) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 423.58 Td (Borr) Tj ET Q q 0 0 0 rg BT 54.29 423.58 Td (owings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 431.45 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 198.50 424.95 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 424.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.50 424.95 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 424.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 424.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 424.96 Td (1,999,999) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.00 424.96 Td (1,999,999) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.00 424.96 Td (1,999,999) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 412.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 409.96 Td (1.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 409.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 409.96 Td (1.79) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 409.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 409.96 Td (2.17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 409.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 409.96 Td (2.37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 409.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 409.96 Td (2.51) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 409.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 409.96 Td (2.74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 409.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 397.58 Td (ConvertibleNotes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 397.45 Td (Principal) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 394.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.25 394.96 Td (287,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.25 394.96 Td (200,765) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 394.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 394.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 394.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 394.96 Td (488,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 394.96 Td (493,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 382.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 379.96 Td (5.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 379.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 379.96 Td (5.04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 379.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 379.96 Td (5.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 379.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 379.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 379.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 379.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 379.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 379.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 379.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 367.58 Td (Otherlong-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 359.58 Td (termdebt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 367.45 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 198.50 358.95 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.50 358.95 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.50 358.95 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 358.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 358.96 Td (139,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 358.96 Td (139,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 358.96 Td (96,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 346.45 Td (InterestRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 343.96 Td (6.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 343.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 343.96 Td (6.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 343.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 343.96 Td (6.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 343.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 343.96 Td (6.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 343.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 343.96 Td (6.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 343.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 343.96 Td (6.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 343.96 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 331.58 Td (Interest rate agreements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 316.58 Td (Interest Rate Swaps) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 302.45 Td (\(Purchased\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 302.45 Td (Notional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 294.45 Td (Amount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 291.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.75 291.96 Td (90,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.25 291.96 Td (513,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.75 291.96 Td (95,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 291.96 Td (342,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 291.96 Td (805,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.00 291.96 Td (1,845,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 291.96 Td (\(27,572) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 291.96 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 279.45 Td (ReceiveStrike) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 271.45 Td (Rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 270.96 Td (1.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 270.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 270.96 Td (1.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 270.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 270.96 Td (2.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 270.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 270.96 Td (2.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 270.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 270.96 Td (2.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 270.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 270.96 Td (2.84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 270.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 258.45 Td (PayStrikeRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 256.96 Td (1.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 256.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 256.96 Td (1.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 256.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 256.96 Td (1.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 256.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 256.96 Td (1.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 256.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 256.96 Td (1.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 256.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 256.96 Td (1.96) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 256.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 244.45 Td (\(Sold\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 244.45 Td (Notional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 236.45 Td (Amount) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 235.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.50 235.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 294.50 235.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 326.75 235.96 Td (60,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 235.96 Td (20,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.25 235.96 Td (325,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 235.96 Td (405,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.75 235.96 Td (\(9,488) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 235.96 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 223.45 Td (ReceiveStrike) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 215.45 Td (Rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 214.96 Td (1.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 214.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 214.96 Td (1.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 214.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 214.96 Td (1.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 214.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 214.96 Td (1.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 214.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 214.96 Td (1.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 214.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 214.96 Td (1.78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 214.96 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 108.00 202.45 Td (PayStrikeRate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 200.96 Td (1.30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 200.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.75 200.96 Td (1.83) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.50 200.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 200.96 Td (2.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.50 200.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 200.96 Td (2.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.50 200.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.75 200.96 Td (2.52) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.50 200.96 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 200.96 Td (2.84) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 200.96 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 167.00 Td (ITEM8. ) Tj ET Q q 0 0 0 rg BT 75.17 167.00 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 131.29 167.00 Td ( ) Tj ET Q q 0 0 0 rg BT 133.79 167.00 Td (ST) Tj ET Q q 0 0 0 rg BT 145.28 167.00 Td (A) Tj ET Q q 0 0 0 rg BT 151.76 167.00 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 202.61 167.00 Td (AND ) Tj ET Q q 0 0 0 rg BT 226.77 167.00 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 294.37 167.00 Td (AR) Tj ET Q q 0 0 0 rg BT 308.46 167.00 Td (Y) Tj ET Q q 0 0 0 rg BT 315.31 167.00 Td ( ) Tj ET Q q 0 0 0 rg BT 317.81 167.00 Td (DA) Tj ET Q q 0 0 0 rg BT 331.51 167.00 Td (T) Tj ET Q q 0 0 0 rg BT 337.44 167.00 Td (A) Tj ET Q q 0 0 0 rg BT 344.11 167.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.00 Td (The ) Tj ET Q q 0 0 0 rg BT 71.02 149.00 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 125.27 149.00 Td (Financial ) Tj ET Q q 0 0 0 rg BT 163.96 149.00 Td (Statements ) Tj ET Q q 0 0 0 rg BT 209.32 149.00 Td (of ) Tj ET Q q 0 0 0 rg BT 219.12 149.00 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 258.82 149.00 Td (T) Tj ET Q q 0 0 0 rg BT 264.58 149.00 Td (rust, ) Tj ET Q q 0 0 0 rg BT 283.56 149.00 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 300.30 149.00 Td (and ) Tj ET Q q 0 0 0 rg BT 316.22 149.00 Td (Notes ) Tj ET Q q 0 0 0 rg BT 341.02 149.00 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 372.76 149.00 Td (together ) Tj ET Q q 0 0 0 rg BT 407.00 149.00 Td (with ) Tj ET Q q 0 0 0 rg BT 426.26 149.00 Td (the ) Tj ET Q q 0 0 0 rg BT 439.95 149.00 Td (Reports ) Tj ET Q q 0 0 0 rg BT 472.53 149.00 Td (of ) Tj ET Q q 0 0 0 rg BT 482.34 149.00 Td (Independent ) Tj ET Q q 0 0 0 rg BT 533.24 149.00 Td (Registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 137.00 Td (Public ) Tj ET Q q 0 0 0 rg BT 63.64 137.00 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 112.96 137.00 Td (Firm ) Tj ET Q q 0 0 0 rg BT 135.07 137.00 Td (thereon, ) Tj ET Q q 0 0 0 rg BT 170.23 137.00 Td (are ) Tj ET Q q 0 0 0 rg BT 185.10 137.00 Td (set ) Tj ET Q q 0 0 0 rg BT 198.88 137.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 220.98 137.00 Td (on ) Tj ET Q q 0 0 0 rg BT 233.65 137.00 Td (pages ) Tj ET Q q 0 0 0 rg BT 259.09 137.00 Td (F-1 ) Tj ET Q q 0 0 0 rg BT 275.65 137.00 Td (through ) Tj ET Q q 0 0 0 rg BT 309.42 137.00 Td (F-88 ) Tj ET Q q 0 0 0 rg BT 330.98 137.00 Td (of ) Tj ET Q q 0 0 0 rg BT 341.98 137.00 Td (this ) Tj ET Q q 0 0 0 rg BT 358.50 137.00 Td (Annual ) Tj ET Q q 0 0 0 rg BT 390.61 137.00 Td (Report ) Tj ET Q q 0 0 0 rg BT 420.50 137.00 Td (on ) Tj ET Q q 0 0 0 rg BT 433.16 137.00 Td (Form ) Tj ET Q q 0 0 0 rg BT 457.50 137.00 Td (10-K ) Tj ET Q q 0 0 0 rg BT 480.72 137.00 Td (and ) Tj ET Q q 0 0 0 rg BT 497.83 137.00 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 551.02 137.00 Td (herein ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 125.00 Td (by ) Tj ET Q q 0 0 0 rg BT 48.50 125.00 Td (reference. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 95.00 Td (ITEM9. ) Tj ET Q q 0 0 0 rg BT 79.99 95.00 Td (CHANGES ) Tj ET Q q 0 0 0 rg BT 136.77 95.00 Td (IN ) Tj ET Q q 0 0 0 rg BT 153.59 95.00 Td (AND ) Tj ET Q q 0 0 0 rg BT 182.58 95.00 Td (DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 277.17 95.00 Td (WITH ) Tj ET Q q 0 0 0 rg BT 311.22 95.00 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 361.03 95.00 Td (ANTS ) Tj ET Q q 0 0 0 rg BT 395.03 95.00 Td (ON ) Tj ET Q q 0 0 0 rg BT 415.74 95.00 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 490.89 95.00 Td (AND ) Tj ET Q q 0 0 0 rg BT 519.88 95.00 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 576.00 95.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 83.00 Td (DISCLOSURE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.00 Td (None. ) Tj ET Q endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 42.60 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 731.25 Td (ITEM9A. ) Tj ET Q q 0 0 0 rg BT 82.39 731.25 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 140.46 731.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 164.63 731.25 Td (PROCEDURES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 711.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.72 711.25 Td (have ) Tj ET Q q 0 0 0 rg BT 89.25 711.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 122.55 711.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.64 711.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 175.28 711.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 217.47 711.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 251.34 711.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.42 711.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 312.94 711.25 Td (that ) Tj ET Q q 0 0 0 rg BT 329.58 711.25 Td (are ) Tj ET Q q 0 0 0 rg BT 343.44 711.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 380.63 711.25 Td (to ) Tj ET Q q 0 0 0 rg BT 390.06 711.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 417.80 711.25 Td (that ) Tj ET Q q 0 0 0 rg BT 434.45 711.25 Td (information ) Tj ET Q q 0 0 0 rg BT 483.31 711.25 Td (required ) Tj ET Q q 0 0 0 rg BT 518.27 711.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.70 711.25 Td (be ) Tj ET Q q 0 0 0 rg BT 538.78 711.25 Td (disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 699.25 Td (on ) Tj ET Q q 0 0 0 rg BT 49.14 699.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.61 699.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 96.51 699.25 Td (under ) Tj ET Q q 0 0 0 rg BT 122.42 699.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.78 699.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 180.35 699.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 222.22 699.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 239.80 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.27 699.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 276.90 699.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.37 699.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 327.60 699.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 346.29 699.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 388.16 699.25 Td (Act\), ) Tj ET Q q 0 0 0 rg BT 411.57 699.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.38 699.25 Td (recorded, ) Tj ET Q q 0 0 0 rg BT 461.99 699.25 Td (processed, ) Tj ET Q q 0 0 0 rg BT 507.06 699.25 Td (summarized, ) Tj ET Q q 0 0 0 rg BT 561.57 699.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 687.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 72.01 687.25 Td (within ) Tj ET Q q 0 0 0 rg BT 100.27 687.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.18 687.25 Td (time ) Tj ET Q q 0 0 0 rg BT 135.65 687.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 167.78 687.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 206.58 687.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.05 687.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.96 687.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 252.44 687.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 294.57 687.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.71 687.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 353.83 687.25 Td (Commission) Tj ET Q q 0 0 0 rg BT 407.17 687.25 Td (s ) Tj ET Q q 0 0 0 rg BT 413.76 687.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 435.90 687.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.03 687.25 Td (forms ) Tj ET Q q 0 0 0 rg BT 479.06 687.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.20 687.25 Td (that ) Tj ET Q q 0 0 0 rg BT 513.89 687.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.80 687.25 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 675.25 Td (is ) Tj ET Q q 0 0 0 rg BT 45.29 675.25 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 98.45 675.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.51 675.25 Td (communicated ) Tj ET Q q 0 0 0 rg BT 177.00 675.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.40 675.25 Td (our ) Tj ET Q q 0 0 0 rg BT 203.36 675.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 259.57 675.25 Td (including ) Tj ET Q q 0 0 0 rg BT 299.97 675.25 Td (our ) Tj ET Q q 0 0 0 rg BT 315.92 675.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 338.53 675.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 379.47 675.25 Td (of) Tj ET Q q 0 0 0 rg BT 387.62 675.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 408.56 675.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.62 675.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 448.23 675.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 485.84 675.25 Td (of) Tj ET Q q 0 0 0 rg BT 493.99 675.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 511.90 675.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.03 675.25 Td (as ) Tj ET Q q 0 0 0 rg BT 527.98 675.25 Td (appropriate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 663.25 Td (to ) Tj ET Q q 0 0 0 rg BT 48.27 663.25 Td (allow ) Tj ET Q q 0 0 0 rg BT 74.97 663.25 Td (for ) Tj ET Q q 0 0 0 rg BT 91.12 663.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 121.16 663.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 162.86 663.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 205.67 663.25 Td (required ) Tj ET Q q 0 0 0 rg BT 243.47 663.25 Td (disclosure. ) Tj ET Q q 0 0 0 rg BT 291.00 663.25 Td (In ) Tj ET Q q 0 0 0 rg BT 303.82 663.25 Td (designing ) Tj ET Q q 0 0 0 rg BT 347.20 663.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.12 663.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 412.26 663.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.97 663.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 474.00 663.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 510.70 663.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.63 663.25 Td (procedures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 651.25 Td (management ) Tj ET Q q 0 0 0 rg BT 90.73 651.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 137.12 651.25 Td (that ) Tj ET Q q 0 0 0 rg BT 155.76 651.25 Td (any ) Tj ET Q q 0 0 0 rg BT 173.83 651.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 209.69 651.25 Td (and ) Tj ET Q q 0 0 0 rg BT 227.77 651.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 277.77 651.25 Td (no ) Tj ET Q q 0 0 0 rg BT 291.41 651.25 Td (matter ) Tj ET Q q 0 0 0 rg BT 320.59 651.25 Td (how ) Tj ET Q q 0 0 0 rg BT 341.45 651.25 Td (well ) Tj ET Q q 0 0 0 rg BT 362.31 651.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 401.50 651.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.57 651.25 Td (operated, ) Tj ET Q q 0 0 0 rg BT 460.14 651.25 Td (can ) Tj ET Q q 0 0 0 rg BT 477.65 651.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 511.84 651.25 Td (only ) Tj ET Q q 0 0 0 rg BT 533.26 651.25 Td (reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 639.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 77.64 639.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.74 639.25 Td (achieving ) Tj ET Q q 0 0 0 rg BT 130.39 639.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.38 639.25 Td (desired ) Tj ET Q q 0 0 0 rg BT 177.03 639.25 Td (control ) Tj ET Q q 0 0 0 rg BT 208.12 639.25 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 253.94 639.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.15 639.25 Td (management ) Tj ET Q q 0 0 0 rg BT 325.01 639.25 Td (is ) Tj ET Q q 0 0 0 rg BT 334.45 639.25 Td (required ) Tj ET Q q 0 0 0 rg BT 370.54 639.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.09 639.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 406.08 639.25 Td (its ) Tj ET Q q 0 0 0 rg BT 418.30 639.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 458.85 639.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.40 639.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 513.82 639.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.81 639.25 Td (cost-benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 627.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 85.71 627.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.54 627.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 131.82 627.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 166.54 627.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.48 627.25 Td (procedures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 607.25 Td (As ) Tj ET Q q 0 0 0 rg BT 66.64 607.25 Td (required ) Tj ET Q q 0 0 0 rg BT 101.47 607.25 Td (by ) Tj ET Q q 0 0 0 rg BT 113.00 607.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 133.41 607.25 Td (13a-15\(b\) ) Tj ET Q q 0 0 0 rg BT 174.36 607.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.21 607.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.95 607.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 238.56 607.25 Td (Act, ) Tj ET Q q 0 0 0 rg BT 257.02 607.25 Td (we ) Tj ET Q q 0 0 0 rg BT 270.20 607.25 Td (have ) Tj ET Q q 0 0 0 rg BT 290.60 607.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 319.88 607.25 Td (out ) Tj ET Q q 0 0 0 rg BT 334.18 607.25 Td (an ) Tj ET Q q 0 0 0 rg BT 345.14 607.25 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 390.81 607.25 Td (under ) Tj ET Q q 0 0 0 rg BT 415.10 607.25 Td (the ) Tj ET Q q 0 0 0 rg BT 428.84 607.25 Td (supervision ) Tj ET Q q 0 0 0 rg BT 476.47 607.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.43 607.25 Td (with ) Tj ET Q q 0 0 0 rg BT 511.73 607.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.47 607.25 Td (participation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 595.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.89 595.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 103.04 595.25 Td (including ) Tj ET Q q 0 0 0 rg BT 143.37 595.25 Td (our ) Tj ET Q q 0 0 0 rg BT 159.26 595.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 181.80 595.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 222.67 595.25 Td (of) Tj ET Q q 0 0 0 rg BT 230.82 595.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 251.69 595.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.69 595.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 291.23 595.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.77 595.25 Td (of) Tj ET Q q 0 0 0 rg BT 336.92 595.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 354.84 595.25 Td (, ) Tj ET Q q 0 0 0 rg BT 359.90 595.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.79 595.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.56 595.25 Td (ef) Tj ET Q q 0 0 0 rg BT 393.15 595.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 440.13 595.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.02 595.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.79 595.25 Td (design ) Tj ET Q q 0 0 0 rg BT 494.46 595.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.46 595.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 551.78 595.25 Td (of ) Tj ET Q q 0 0 0 rg BT 562.67 595.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 583.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 78.74 583.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 113.14 583.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.77 583.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 175.83 583.25 Td (as ) Tj ET Q q 0 0 0 rg BT 186.35 583.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.87 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.28 583.25 Td (end ) Tj ET Q q 0 0 0 rg BT 227.90 583.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.42 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.83 583.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 283.34 583.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 317.17 583.25 Td (by ) Tj ET Q q 0 0 0 rg BT 329.36 583.25 Td (this ) Tj ET Q q 0 0 0 rg BT 346.00 583.25 Td (report. ) Tj ET Q q 0 0 0 rg BT 374.57 583.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 401.20 583.25 Td (on ) Tj ET Q q 0 0 0 rg BT 413.39 583.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.79 583.25 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 471.36 583.25 Td (our ) Tj ET Q q 0 0 0 rg BT 486.88 583.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 509.05 583.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 549.55 583.25 Td (of) Tj ET Q q 0 0 0 rg BT 557.70 583.25 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 571.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 75.42 571.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 112.90 571.25 Td (of) Tj ET Q q 0 0 0 rg BT 121.05 571.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 141.87 571.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 185.46 571.25 Td (that ) Tj ET Q q 0 0 0 rg BT 202.96 571.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.79 571.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 261.83 571.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 296.55 571.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.49 571.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 359.86 571.25 Td (were ) Tj ET Q q 0 0 0 rg BT 381.79 571.25 Td (ef) Tj ET Q q 0 0 0 rg BT 389.37 571.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 419.08 571.25 Td (at ) Tj ET Q q 0 0 0 rg BT 428.79 571.25 Td (a ) Tj ET Q q 0 0 0 rg BT 435.73 571.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 480.99 571.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 522.35 571.25 Td (level.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (There ) Tj ET Q q 0 0 0 rg BT 80.09 551.25 Td (have ) Tj ET Q q 0 0 0 rg BT 101.75 551.25 Td (been ) Tj ET Q q 0 0 0 rg BT 123.40 551.25 Td (no ) Tj ET Q q 0 0 0 rg BT 136.18 551.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 171.16 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 181.72 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 197.83 551.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 231.15 551.25 Td (control ) Tj ET Q q 0 0 0 rg BT 262.25 551.25 Td (over ) Tj ET Q q 0 0 0 rg BT 282.79 551.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.55 551.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 359.98 551.25 Td (during ) Tj ET Q q 0 0 0 rg BT 388.87 551.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.86 551.25 Td (fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.30 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 431.08 551.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 462.17 551.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.28 551.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.28 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 496.06 551.25 Td (that ) Tj ET Q q 0 0 0 rg BT 513.83 551.25 Td (have ) Tj ET Q q 0 0 0 rg BT 535.48 551.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 539.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 73.01 539.25 Td (or ) Tj ET Q q 0 0 0 rg BT 83.84 539.25 Td (are ) Tj ET Q q 0 0 0 rg BT 98.55 539.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 144.36 539.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 169.64 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 179.92 539.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 222.95 539.25 Td (af) Tj ET Q q 0 0 0 rg BT 230.54 539.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 250.53 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 266.36 539.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 299.40 539.25 Td (control ) Tj ET Q q 0 0 0 rg BT 330.22 539.25 Td (over ) Tj ET Q q 0 0 0 rg BT 350.49 539.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.97 539.25 Td (reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 109.59 519.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.31 519.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 162.78 519.25 Td (T) Tj ET Q q 0 0 0 rg BT 168.54 519.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 189.42 519.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 210.58 519.25 Td (together ) Tj ET Q q 0 0 0 rg BT 246.73 519.25 Td (with ) Tj ET Q q 0 0 0 rg BT 267.90 519.25 Td (its ) Tj ET Q q 0 0 0 rg BT 280.73 519.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 334.66 519.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 385.27 519.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 404.20 519.25 Td (company) Tj ET Q q 0 0 0 rg BT 440.21 519.25 Td (, ) Tj ET Q q 0 0 0 rg BT 446.10 519.25 Td (or ) Tj ET Q q 0 0 0 rg BT 457.81 519.25 Td (Redwood\), ) Tj ET Q q 0 0 0 rg BT 505.36 519.25 Td (is ) Tj ET Q q 0 0 0 rg BT 515.42 519.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 564.35 519.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 507.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 86.06 507.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.78 507.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 152.83 507.25 Td (adequate ) Tj ET Q q 0 0 0 rg BT 190.64 507.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 223.47 507.25 Td (control ) Tj ET Q q 0 0 0 rg BT 254.08 507.25 Td (over ) Tj ET Q q 0 0 0 rg BT 274.13 507.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.39 507.25 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 352.83 507.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 370.66 507.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 403.49 507.25 Td (control ) Tj ET Q q 0 0 0 rg BT 434.10 507.25 Td (over ) Tj ET Q q 0 0 0 rg BT 454.15 507.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 491.41 507.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 530.35 507.25 Td (is ) Tj ET Q q 0 0 0 rg BT 539.30 507.25 Td (a ) Tj ET Q q 0 0 0 rg BT 546.02 507.25 Td (process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 495.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 74.36 495.25 Td (under ) Tj ET Q q 0 0 0 rg BT 99.94 495.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.97 495.25 Td (supervision ) Tj ET Q q 0 0 0 rg BT 163.89 495.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.03 495.25 Td (our ) Tj ET Q q 0 0 0 rg BT 191.17 495.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 213.97 495.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 255.09 495.25 Td (of) Tj ET Q q 0 0 0 rg BT 263.24 495.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 284.37 495.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.62 495.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 324.41 495.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.20 495.25 Td (of) Tj ET Q q 0 0 0 rg BT 370.35 495.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 391.48 495.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.07 495.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 435.43 495.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 480.99 495.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 522.67 495.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 563.80 495.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 483.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 76.69 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 86.83 483.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 123.62 483.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 162.08 483.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.33 483.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.36 483.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 239.70 483.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.84 483.25 Td (our ) Tj ET Q q 0 0 0 rg BT 264.99 483.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 317.34 483.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 354.13 483.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 398.15 483.25 Td (for ) Tj ET Q q 0 0 0 rg BT 411.62 483.25 Td (external ) Tj ET Q q 0 0 0 rg BT 445.63 483.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 484.10 483.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 521.46 483.25 Td (in ) Tj ET Q q 0 0 0 rg BT 531.05 483.25 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 471.25 Td (with ) Tj ET Q q 0 0 0 rg BT 56.28 471.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 76.56 471.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 116.26 471.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 153.73 471.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 200.11 471.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 242.04 471.25 Td (\(GAAP\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (As ) Tj ET Q q 0 0 0 rg BT 67.08 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.39 451.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.58 451.25 Td (end ) Tj ET Q q 0 0 0 rg BT 107.99 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.29 451.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.59 451.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.59 451.25 Td ( ) Tj ET Q q 0 0 0 rg BT 155.56 451.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 179.19 451.25 Td (year) Tj ET Q q 0 0 0 rg BT 195.99 451.25 Td (, ) Tj ET Q q 0 0 0 rg BT 200.47 451.25 Td (management ) Tj ET Q q 0 0 0 rg BT 253.53 451.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 296.59 451.25 Td (an ) Tj ET Q q 0 0 0 rg BT 308.00 451.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 354.41 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 364.71 451.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.90 451.25 Td (ef) Tj ET Q q 0 0 0 rg BT 386.49 451.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 432.89 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.19 451.25 Td (our ) Tj ET Q q 0 0 0 rg BT 458.49 451.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 491.00 451.25 Td (control ) Tj ET Q q 0 0 0 rg BT 521.30 451.25 Td (over ) Tj ET Q q 0 0 0 rg BT 541.04 451.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 439.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 76.15 439.25 Td (based ) Tj ET Q q 0 0 0 rg BT 102.41 439.25 Td (on ) Tj ET Q q 0 0 0 rg BT 115.90 439.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.61 439.25 Td (framework ) Tj ET Q q 0 0 0 rg BT 178.96 439.25 Td (established ) Tj ET Q q 0 0 0 rg BT 226.89 439.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.16 439.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 272.74 439.25 Td (Control-Integrated ) Tj ET Q q 0 0 0 rg BT 355.65 439.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 405.24 439.25 Td (released ) Tj ET Q q 0 0 0 rg BT 441.49 439.25 Td (by ) Tj ET Q q 0 0 0 rg BT 454.98 439.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.69 439.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 518.62 439.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.44 439.25 Td (Sponsoring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 427.25 Td (Or) Tj ET Q q 0 0 0 rg BT 46.37 427.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 93.92 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.26 427.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.34 427.25 Td (T) Tj ET Q q 0 0 0 rg BT 124.09 427.25 Td (readway ) Tj ET Q q 0 0 0 rg BT 159.97 427.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 212.54 427.25 Td (\(COSO\) ) Tj ET Q q 0 0 0 rg BT 247.88 427.25 Td (in ) Tj ET Q q 0 0 0 rg BT 257.67 427.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 282.17 427.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 308.62 427.25 Td (on ) Tj ET Q q 0 0 0 rg BT 320.63 427.25 Td (this ) Tj ET Q q 0 0 0 rg BT 337.08 427.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 386.03 427.25 Td (management ) Tj ET Q q 0 0 0 rg BT 439.12 427.25 Td (has ) Tj ET Q q 0 0 0 rg BT 454.46 427.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 501.45 427.25 Td (that ) Tj ET Q q 0 0 0 rg BT 518.45 427.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.67 427.25 Td (company) Tj ET Q q 0 0 0 rg BT 572.10 427.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 415.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 69.04 415.25 Td (control ) Tj ET Q q 0 0 0 rg BT 99.87 415.25 Td (over ) Tj ET Q q 0 0 0 rg BT 120.14 415.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.62 415.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 196.77 415.25 Td (as ) Tj ET Q q 0 0 0 rg BT 207.60 415.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.43 415.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 277.02 415.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.02 415.25 Td (, ) Tj ET Q q 0 0 0 rg BT 302.02 415.25 Td (was ) Tj ET Q q 0 0 0 rg BT 320.07 415.25 Td (ef) Tj ET Q q 0 0 0 rg BT 327.66 415.25 Td (fective. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.84 395.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 106.66 395.25 Td (control ) Tj ET Q q 0 0 0 rg BT 138.27 395.25 Td (over ) Tj ET Q q 0 0 0 rg BT 159.33 395.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.59 395.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 237.53 395.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 274.14 395.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 308.53 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.26 395.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 373.41 395.25 Td (that ) Tj ET Q q 0 0 0 rg BT 391.69 395.25 Td (pertain ) Tj ET Q q 0 0 0 rg BT 422.74 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.80 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.30 395.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 503.12 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.73 395.25 Td (records ) Tj ET Q q 0 0 0 rg BT 547.45 395.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 568.23 395.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 80.90 383.25 Td (detail, ) Tj ET Q q 0 0 0 rg BT 107.76 383.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 150.99 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.58 383.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 191.38 383.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 219.06 383.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 268.97 383.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.56 383.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 335.50 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.98 383.25 Td (assets; ) Tj ET Q q 0 0 0 rg BT 374.23 383.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 406.93 383.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 451.83 383.25 Td (assurances ) Tj ET Q q 0 0 0 rg BT 496.74 383.25 Td (that ) Tj ET Q q 0 0 0 rg BT 513.88 383.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 563.79 383.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 74.06 371.25 Td (as ) Tj ET Q q 0 0 0 rg BT 85.47 371.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 127.42 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.29 371.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 167.47 371.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 216.09 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.50 371.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.57 371.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 310.86 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.72 371.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 369.77 371.25 Td (with ) Tj ET Q q 0 0 0 rg BT 390.63 371.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 416.75 371.25 Td (, ) Tj ET Q q 0 0 0 rg BT 422.33 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.85 371.25 Td (that ) Tj ET Q q 0 0 0 rg BT 457.93 371.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 492.11 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.63 371.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 563.81 371.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (being ) Tj ET Q q 0 0 0 rg BT 61.65 359.25 Td (made ) Tj ET Q q 0 0 0 rg BT 86.75 359.25 Td (only ) Tj ET Q q 0 0 0 rg BT 107.96 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.17 359.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 167.57 359.25 Td (with ) Tj ET Q q 0 0 0 rg BT 188.79 359.25 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 248.87 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.64 359.25 Td (management ) Tj ET Q q 0 0 0 rg BT 315.17 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.04 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.69 359.25 Td (board ) Tj ET Q q 0 0 0 rg BT 374.90 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.67 359.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 425.09 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.85 359.25 Td (Redwood; ) Tj ET Q q 0 0 0 rg BT 481.40 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.27 359.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 533.26 359.25 Td (reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 76.91 347.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 117.26 347.25 Td (prevention ) Tj ET Q q 0 0 0 rg BT 162.07 347.25 Td (or ) Tj ET Q q 0 0 0 rg BT 172.44 347.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 200.03 347.25 Td (detection ) Tj ET Q q 0 0 0 rg BT 238.72 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.10 347.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 303.34 347.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 351.76 347.25 Td (use ) Tj ET Q q 0 0 0 rg BT 367.13 347.25 Td (or ) Tj ET Q q 0 0 0 rg BT 377.50 347.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 423.44 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.81 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 449.18 347.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 474.55 347.25 Td (that ) Tj ET Q q 0 0 0 rg BT 491.59 347.25 Td (could ) Tj ET Q q 0 0 0 rg BT 515.85 347.25 Td (have ) Tj ET Q q 0 0 0 rg BT 536.77 347.25 Td (a ) Tj ET Q q 0 0 0 rg BT 543.25 347.25 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 335.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 61.07 335.25 Td (on ) Tj ET Q q 0 0 0 rg BT 73.57 335.25 Td (our ) Tj ET Q q 0 0 0 rg BT 89.40 335.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 142.45 335.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.93 335.25 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.86 315.25 Td (company) Tj ET Q q 0 0 0 rg BT 112.29 315.25 Td (s ) Tj ET Q q 0 0 0 rg BT 119.50 315.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 153.35 315.25 Td (control ) Tj ET Q q 0 0 0 rg BT 184.99 315.25 Td (over ) Tj ET Q q 0 0 0 rg BT 206.07 315.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.36 315.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 284.33 315.25 Td (as ) Tj ET Q q 0 0 0 rg BT 295.97 315.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.61 315.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.01 315.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.01 315.25 Td (, ) Tj ET Q q 0 0 0 rg BT 392.82 315.25 Td (has ) Tj ET Q q 0 0 0 rg BT 409.46 315.25 Td (been ) Tj ET Q q 0 0 0 rg BT 431.65 315.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 464.40 315.25 Td (by ) Tj ET Q q 0 0 0 rg BT 477.71 315.25 Td (Grant ) Tj ET Q q 0 0 0 rg BT 503.55 315.25 Td (Thornton ) Tj ET Q q 0 0 0 rg BT 544.08 315.25 Td (LLP) Tj ET Q q 0 0 0 rg BT 560.75 315.25 Td (, ) Tj ET Q q 0 0 0 rg BT 566.56 315.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 303.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 87.57 303.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 129.68 303.25 Td (public ) Tj ET Q q 0 0 0 rg BT 157.37 303.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 203.94 303.25 Td (firm, ) Tj ET Q q 0 0 0 rg BT 226.35 303.25 Td (as ) Tj ET Q q 0 0 0 rg BT 237.38 303.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 263.40 303.25 Td (in ) Tj ET Q q 0 0 0 rg BT 273.87 303.25 Td (their ) Tj ET Q q 0 0 0 rg BT 294.89 303.25 Td (report ) Tj ET Q q 0 0 0 rg BT 321.46 303.25 Td (appearing ) Tj ET Q q 0 0 0 rg BT 363.58 303.25 Td (on ) Tj ET Q q 0 0 0 rg BT 376.27 303.25 Td (page ) Tj ET Q q 0 0 0 rg BT 397.84 303.25 Td (F-4, ) Tj ET Q q 0 0 0 rg BT 416.93 303.25 Td (which ) Tj ET Q q 0 0 0 rg BT 444.06 303.25 Td (expresses ) Tj ET Q q 0 0 0 rg BT 485.08 303.25 Td (an ) Tj ET Q q 0 0 0 rg BT 497.21 303.25 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 545.45 303.25 Td (opinion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 291.25 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.22 291.25 Td (ef) Tj ET Q q 0 0 0 rg BT 70.80 291.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 117.73 291.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.56 291.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.28 291.25 Td (company) Tj ET Q q 0 0 0 rg BT 182.71 291.25 Td (s ) Tj ET Q q 0 0 0 rg BT 189.10 291.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 222.14 291.25 Td (control ) Tj ET Q q 0 0 0 rg BT 252.97 291.25 Td (over ) Tj ET Q q 0 0 0 rg BT 273.24 291.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.72 291.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 349.87 291.25 Td (as ) Tj ET Q q 0 0 0 rg BT 360.70 291.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.53 291.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.12 291.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.12 291.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 261.25 Td (ITEM9B. ) Tj ET Q q 0 0 0 rg BT 81.84 261.25 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 120.46 261.25 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 168.60 261.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 243.25 Td (There ) Tj ET Q q 0 0 0 rg BT 86.48 243.25 Td (is ) Tj ET Q q 0 0 0 rg BT 96.32 243.25 Td (no ) Tj ET Q q 0 0 0 rg BT 109.48 243.25 Td (information ) Tj ET Q q 0 0 0 rg BT 159.86 243.25 Td (required ) Tj ET Q q 0 0 0 rg BT 196.35 243.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.29 243.25 Td (be ) Tj ET Q q 0 0 0 rg BT 219.90 243.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 260.28 243.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.22 243.25 Td (a ) Tj ET Q q 0 0 0 rg BT 278.83 243.25 Td (report ) Tj ET Q q 0 0 0 rg BT 305.87 243.25 Td (on ) Tj ET Q q 0 0 0 rg BT 319.04 243.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 343.87 243.25 Td (8-K ) Tj ET Q q 0 0 0 rg BT 362.59 243.25 Td (during ) Tj ET Q q 0 0 0 rg BT 391.87 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.25 243.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 434.86 243.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 466.34 243.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.83 243.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.22 243.25 Td (year ) Tj ET Q q 0 0 0 rg BT 513.59 243.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 548.40 243.25 Td (by ) Tj ET Q q 0 0 0 rg BT 561.57 243.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 231.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 67.94 231.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 97.66 231.25 Td (on ) Tj ET Q q 0 0 0 rg BT 110.16 231.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 134.33 231.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 157.38 231.25 Td (that ) Tj ET Q q 0 0 0 rg BT 174.87 231.25 Td (has ) Tj ET Q q 0 0 0 rg BT 190.70 231.25 Td (not ) Tj ET Q q 0 0 0 rg BT 205.98 231.25 Td (been ) Tj ET Q q 0 0 0 rg BT 227.36 231.25 Td (so ) Tj ET Q q 0 0 0 rg BT 238.75 231.25 Td (reported. ) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 42.60 Td (101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 731.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (ITEM10. DIRECT) Tj ET Q q 0 0 0 rg BT 118.89 695.25 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 258.92 695.25 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 332.89 695.25 Td (TE GOVERNANCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.03 671.25 Td (information ) Tj ET Q q 0 0 0 rg BT 121.72 671.25 Td (required ) Tj ET Q q 0 0 0 rg BT 157.52 671.25 Td (by ) Tj ET Q q 0 0 0 rg BT 170.01 671.25 Td (Item10 ) Tj ET Q q 0 0 0 rg BT 203.31 671.25 Td (is ) Tj ET Q q 0 0 0 rg BT 212.47 671.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 265.48 671.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 292.95 671.25 Td (by ) Tj ET Q q 0 0 0 rg BT 305.43 671.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 345.10 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.36 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 370.06 671.25 Td (definitive ) Tj ET Q q 0 0 0 rg BT 410.86 671.25 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 437.24 671.25 Td (Statement ) Tj ET Q q 0 0 0 rg BT 479.71 671.25 Td (to ) Tj ET Q q 0 0 0 rg BT 489.97 671.25 Td (be ) Tj ET Q q 0 0 0 rg BT 501.89 671.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 522.70 671.25 Td (with ) Tj ET Q q 0 0 0 rg BT 542.96 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 557.66 671.25 Td (SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 72.94 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 83.22 659.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 129.60 659.25 Td (14A) Tj ET Q q 0 0 0 rg BT 146.27 659.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.77 659.25 Td (within ) Tj ET Q q 0 0 0 rg BT 176.83 659.25 Td (120 ) Tj ET Q q 0 0 0 rg BT 194.33 659.25 Td (days ) Tj ET Q q 0 0 0 rg BT 215.16 659.25 Td (after ) Tj ET Q q 0 0 0 rg BT 235.97 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.69 659.25 Td (end ) Tj ET Q q 0 0 0 rg BT 267.63 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.46 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.17 659.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 317.33 659.25 Td (year ) Tj ET Q q 0 0 0 rg BT 337.04 659.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 371.18 659.25 Td (by ) Tj ET Q q 0 0 0 rg BT 383.68 659.25 Td (this ) Tj ET Q q 0 0 0 rg BT 400.08 659.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 432.02 659.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 461.73 659.25 Td (on ) Tj ET Q q 0 0 0 rg BT 474.23 659.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 498.40 659.25 Td (10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (ITEM1) Tj ET Q q 0 0 0 rg BT 69.62 635.25 Td (1. EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 198.06 635.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.96 615.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 103.27 615.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 153.17 615.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 194.47 615.25 Td (had ) Tj ET Q q 0 0 0 rg BT 211.88 615.25 Td (six ) Tj ET Q q 0 0 0 rg BT 226.51 615.25 Td (Named ) Tj ET Q q 0 0 0 rg BT 258.36 615.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 301.31 615.25 Td (Of) Tj ET Q q 0 0 0 rg BT 311.68 615.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 336.86 615.25 Td (\(NEOs\) ) Tj ET Q q 0 0 0 rg BT 370.93 615.25 Td (for ) Tj ET Q q 0 0 0 rg BT 385.56 615.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 411.03 615.25 Td (which ) Tj ET Q q 0 0 0 rg BT 438.43 615.25 Td (are ) Tj ET Q q 0 0 0 rg BT 453.61 615.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 478.24 615.25 Td (below ) Tj ET Q q 0 0 0 rg BT 505.65 615.25 Td (with ) Tj ET Q q 0 0 0 rg BT 526.40 615.25 Td (their ) Tj ET Q q 0 0 0 rg BT 547.69 615.25 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 603.25 Td (titles:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 581.9169921875 m 162.10546875 581.9169921875 l s q 0 0 0 rg BT 54.00 583.25 Td (Current ) Tj ET Q q 0 0 0 rg BT 87.05 583.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 129.53 583.25 Td (Of) Tj ET Q q 0 0 0 rg BT 139.90 583.25 Td (ficers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 565.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 565.85 Td (Martin ) Tj ET Q q 0 0 0 rg BT 101.72 565.85 Td (S. ) Tj ET Q q 0 0 0 rg BT 112.28 565.85 Td (Hughes, ) Tj ET Q q 0 0 0 rg BT 147.83 565.85 Td (Chief ) Tj ET Q q 0 0 0 rg BT 172.55 565.85 Td (Executive ) Tj ET Q q 0 0 0 rg BT 215.03 565.85 Td (Of) Tj ET Q q 0 0 0 rg BT 225.40 565.85 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 548.45 Td (Christopher J. ) Tj ET Q q 0 0 0 rg BT 130.06 548.45 Td (Abate, President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 290.39 548.45 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 531.05 Td (Shoshone \(Bo\) Stern, Chief Investment Of) Tj ET Q q 0 0 0 rg BT 242.35 531.05 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 513.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 513.65 Td (Andrew P) Tj ET Q q 0 0 0 rg BT 111.17 513.65 Td (. Stone, Executive ) Tj ET Q q 0 0 0 rg BT 186.24 513.65 Td (V) Tj ET Q q 0 0 0 rg BT 192.86 513.65 Td (ice President, General Counsel, and Secretary) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 488.3169921875 m 160.9970703125 488.3169921875 l s q 0 0 0 rg BT 54.00 489.65 Td (Former ) Tj ET Q q 0 0 0 rg BT 85.94 489.65 Td (Executive ) Tj ET Q q 0 0 0 rg BT 128.42 489.65 Td (Of) Tj ET Q q 0 0 0 rg BT 138.79 489.65 Td (ficers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 489.65 Td ( ) Tj ET Q q 0 0 0 rg BT 163.50 489.65 Td (\(included ) Tj ET Q q 0 0 0 rg BT 203.76 489.65 Td (as ) Tj ET Q q 0 0 0 rg BT 214.59 489.65 Td (NEOs ) Tj ET Q q 0 0 0 rg BT 241.53 489.65 Td (for ) Tj ET Q q 0 0 0 rg BT 255.69 489.65 Td (2016 ) Tj ET Q q 0 0 0 rg BT 278.19 489.65 Td (in ) Tj ET Q q 0 0 0 rg BT 288.47 489.65 Td (accordance ) Tj ET Q q 0 0 0 rg BT 335.93 489.65 Td (with ) Tj ET Q q 0 0 0 rg BT 356.21 489.65 Td (SEC ) Tj ET Q q 0 0 0 rg BT 377.05 489.65 Td (regulations\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 472.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 472.25 Td (Brett D. Nicholas, former President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 454.85 Td (Fred J. Matera, former Executive ) Tj ET Q q 0 0 0 rg BT 207.04 454.85 Td (V) Tj ET Q q 0 0 0 rg BT 213.67 454.85 Td (ice President, Commercial Investments and Finance) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 39.00 430.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 61.50 430.85 Td (Performance-Based ) Tj ET Q q 0 0 0 rg BT 145.84 430.85 Td (Annual ) Tj ET Q q 0 0 0 rg BT 179.47 430.85 Td (Bonus ) Tj ET Q q 0 0 0 rg BT 208.65 430.85 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 410.85 Td (Redwood) Tj ET Q q 0 0 0 rg BT 95.11 410.85 Td (s ) Tj ET Q q 0 0 0 rg BT 100.35 410.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 157.24 410.85 Td (program ) Tj ET Q q 0 0 0 rg BT 192.47 410.85 Td (is ) Tj ET Q q 0 0 0 rg BT 200.49 410.85 Td (designed ) Tj ET Q q 0 0 0 rg BT 237.38 410.85 Td (to ) Tj ET Q q 0 0 0 rg BT 246.51 410.85 Td (reward ) Tj ET Q q 0 0 0 rg BT 275.62 410.85 Td (NEOs ) Tj ET Q q 0 0 0 rg BT 301.41 410.85 Td (based ) Tj ET Q q 0 0 0 rg BT 325.53 410.85 Td (on ) Tj ET Q q 0 0 0 rg BT 336.88 410.85 Td (Redwood) Tj ET Q q 0 0 0 rg BT 377.98 410.85 Td (s ) Tj ET Q q 0 0 0 rg BT 383.23 410.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.55 410.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 471.43 410.85 Td (and ) Tj ET Q q 0 0 0 rg BT 487.21 410.85 Td (each ) Tj ET Q q 0 0 0 rg BT 506.88 410.85 Td (NEO) Tj ET Q q 0 0 0 rg BT 530.21 410.85 Td (s ) Tj ET Q q 0 0 0 rg BT 535.45 410.85 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 398.85 Td (performance, ) Tj ET Q q 0 0 0 rg BT 91.52 398.85 Td (including ) Tj ET Q q 0 0 0 rg BT 131.80 398.85 Td (each ) Tj ET Q q 0 0 0 rg BT 152.61 398.85 Td (NEO) Tj ET Q q 0 0 0 rg BT 175.94 398.85 Td (s ) Tj ET Q q 0 0 0 rg BT 182.33 398.85 Td (contribution ) Tj ET Q q 0 0 0 rg BT 233.71 398.85 Td (to ) Tj ET Q q 0 0 0 rg BT 243.99 398.85 Td (Redwood) Tj ET Q q 0 0 0 rg BT 285.10 398.85 Td (s ) Tj ET Q q 0 0 0 rg BT 291.49 398.85 Td (performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 378.85 Td (During ) Tj ET Q q 0 0 0 rg BT 83.88 378.85 Td (the ) Tj ET Q q 0 0 0 rg BT 97.64 378.85 Td (first ) Tj ET Q q 0 0 0 rg BT 115.29 378.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 145.15 378.85 Td (of ) Tj ET Q q 0 0 0 rg BT 155.03 378.85 Td (2016, ) Tj ET Q q 0 0 0 rg BT 179.07 378.85 Td (after ) Tj ET Q q 0 0 0 rg BT 198.93 378.85 Td (a ) Tj ET Q q 0 0 0 rg BT 204.92 378.85 Td (review ) Tj ET Q q 0 0 0 rg BT 233.67 378.85 Td (of ) Tj ET Q q 0 0 0 rg BT 243.55 378.85 Td (Redwood's ) Tj ET Q q 0 0 0 rg BT 289.11 378.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 346.20 378.85 Td (program, ) Tj ET Q q 0 0 0 rg BT 384.12 378.85 Td (and ) Tj ET Q q 0 0 0 rg BT 400.11 378.85 Td (with ) Tj ET Q q 0 0 0 rg BT 419.43 378.85 Td (input ) Tj ET Q q 0 0 0 rg BT 441.53 378.85 Td (and ) Tj ET Q q 0 0 0 rg BT 457.52 378.85 Td (guidance ) Tj ET Q q 0 0 0 rg BT 495.16 378.85 Td (from ) Tj ET Q q 0 0 0 rg BT 516.14 378.85 Td (its ) Tj ET Q q 0 0 0 rg BT 527.13 378.85 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 366.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 93.25 366.85 Td (consultant, ) Tj ET Q q 0 0 0 rg BT 138.57 366.85 Td (Frederic ) Tj ET Q q 0 0 0 rg BT 173.48 366.85 Td (W) Tj ET Q q 0 0 0 rg BT 182.00 366.85 Td (. ) Tj ET Q q 0 0 0 rg BT 186.21 366.85 Td (Cook ) Tj ET Q q 0 0 0 rg BT 209.59 366.85 Td (& ) Tj ET Q q 0 0 0 rg BT 219.08 366.85 Td (Co., ) Tj ET Q q 0 0 0 rg BT 237.47 366.85 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 254.45 366.85 Td (\(Cook ) Tj ET Q q 0 0 0 rg BT 281.16 366.85 Td (& ) Tj ET Q q 0 0 0 rg BT 290.65 366.85 Td (Co.\), ) Tj ET Q q 0 0 0 rg BT 312.36 366.85 Td (the ) Tj ET Q q 0 0 0 rg BT 326.29 366.85 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 385.78 366.85 Td (Committee ) Tj ET Q q 0 0 0 rg BT 431.93 366.85 Td (of ) Tj ET Q q 0 0 0 rg BT 441.97 366.85 Td (the ) Tj ET Q q 0 0 0 rg BT 455.90 366.85 Td (Board ) Tj ET Q q 0 0 0 rg BT 482.06 366.85 Td (of ) Tj ET Q q 0 0 0 rg BT 492.10 366.85 Td (Directors ) Tj ET Q q 0 0 0 rg BT 531.02 366.85 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 354.85 Td (to ) Tj ET Q q 0 0 0 rg BT 45.97 354.85 Td (continue ) Tj ET Q q 0 0 0 rg BT 82.59 354.85 Td (to ) Tj ET Q q 0 0 0 rg BT 92.56 354.85 Td (use ) Tj ET Q q 0 0 0 rg BT 108.08 354.85 Td (in ) Tj ET Q q 0 0 0 rg BT 118.05 354.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 140.24 354.85 Td (a ) Tj ET Q q 0 0 0 rg BT 146.87 354.85 Td (formula ) Tj ET Q q 0 0 0 rg BT 180.71 354.85 Td (for ) Tj ET Q q 0 0 0 rg BT 194.56 354.85 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 273.37 354.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 302.22 354.85 Td (bonus ) Tj ET Q q 0 0 0 rg BT 328.30 354.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 386.03 354.85 Td (based ) Tj ET Q q 0 0 0 rg BT 410.99 354.85 Td (on ) Tj ET Q q 0 0 0 rg BT 423.18 354.85 Td (a ) Tj ET Q q 0 0 0 rg BT 429.81 354.85 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 474.99 354.85 Td ( ) Tj ET Q q 0 0 0 rg BT 477.18 354.85 Td (ROE-based ) Tj ET Q q 0 0 0 rg BT 525.47 354.85 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 342.85 Td (metric ) Tj ET Q q 0 0 0 rg BT 64.31 342.85 Td (as ) Tj ET Q q 0 0 0 rg BT 75.40 342.85 Td (in ) Tj ET Q q 0 0 0 rg BT 85.94 342.85 Td (prior ) Tj ET Q q 0 0 0 rg BT 108.14 342.85 Td (years. ) Tj ET Q q 0 0 0 rg BT 134.31 342.85 Td (The ) Tj ET Q q 0 0 0 rg BT 152.62 342.85 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 197.80 342.85 Td ( ) Tj ET Q q 0 0 0 rg BT 200.57 342.85 Td (ROE-based ) Tj ET Q q 0 0 0 rg BT 249.43 342.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.17 342.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 340.46 342.85 Td (measure ) Tj ET Q q 0 0 0 rg BT 376.54 342.85 Td (reflects ) Tj ET Q q 0 0 0 rg BT 408.73 342.85 Td (GAAP) Tj ET Q q 0 0 0 rg BT 435.58 342.85 Td ( ) Tj ET Q q 0 0 0 rg BT 438.34 342.85 Td (earnings ) Tj ET Q q 0 0 0 rg BT 474.98 342.85 Td (on ) Tj ET Q q 0 0 0 rg BT 487.75 342.85 Td (average ) Tj ET Q q 0 0 0 rg BT 521.60 342.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 549.35 342.85 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 330.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 71.83 330.85 Td (to ) Tj ET Q q 0 0 0 rg BT 82.10 330.85 Td (exclude ) Tj ET Q q 0 0 0 rg BT 115.70 330.85 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 168.72 330.85 Td (other ) Tj ET Q q 0 0 0 rg BT 191.77 330.85 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 254.80 330.85 Td (income. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 310.85 Td (Elements ) Tj ET Q q 0 0 0 rg BT 95.17 310.85 Td (of ) Tj ET Q q 0 0 0 rg BT 106.33 310.85 Td (CEO) Tj ET Q q 0 0 0 rg BT 129.48 310.85 Td (s ) Tj ET Q q 0 0 0 rg BT 136.20 310.85 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 198.49 310.85 Td (for ) Tj ET Q q 0 0 0 rg BT 213.54 310.85 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.04 310.85 Td (For ) Tj ET Q q 0 0 0 rg BT 257.76 310.85 Td (2016, ) Tj ET Q q 0 0 0 rg BT 283.09 310.85 Td (the ) Tj ET Q q 0 0 0 rg BT 298.14 310.85 Td (CEO) Tj ET Q q 0 0 0 rg BT 320.92 310.85 Td (s ) Tj ET Q q 0 0 0 rg BT 327.64 310.85 Td (base ) Tj ET Q q 0 0 0 rg BT 348.24 310.85 Td (salary) Tj ET Q q 0 0 0 rg BT 371.47 310.85 Td (, ) Tj ET Q q 0 0 0 rg BT 376.80 310.85 Td (tar) Tj ET Q q 0 0 0 rg BT 387.17 310.85 Td (get ) Tj ET Q q 0 0 0 rg BT 402.22 310.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 431.70 310.85 Td (bonus ) Tj ET Q q 0 0 0 rg BT 458.42 310.85 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 519.30 310.85 Td (and ) Tj ET Q q 0 0 0 rg BT 536.57 310.85 Td (long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 298.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 63.50 298.85 Td (based ) Tj ET Q q 0 0 0 rg BT 88.76 298.85 Td (awards ) Tj ET Q q 0 0 0 rg BT 119.58 298.85 Td (were ) Tj ET Q q 0 0 0 rg BT 141.51 298.85 Td (as ) Tj ET Q q 0 0 0 rg BT 152.34 298.85 Td (set ) Tj ET Q q 0 0 0 rg BT 165.95 298.85 Td (forth ) Tj ET Q q 0 0 0 rg BT 187.89 298.85 Td (in ) Tj ET Q q 0 0 0 rg BT 198.17 298.85 Td (the ) Tj ET Q q 0 0 0 rg BT 212.88 298.85 Td (table ) Tj ET Q q 0 0 0 rg BT 234.82 298.85 Td (below) Tj ET Q q 0 0 0 rg BT 258.61 298.85 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 222.35 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 222.35 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 222.35 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 222.35 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 222.35 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 222.35 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 222.35 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 222.35 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 222.35 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 222.35 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 222.35 74.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 266.35 m 497.5 266.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 266.35 m 501.5 266.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 266.35 m 575.5 266.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 222.35000000000002 m 263.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 222.35000000000002 m 341.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 222.35000000000002 m 419.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 222.35000000000002 m 497.5 222.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 222.35000000000002 m 575.5 222.35000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.75 247.03 Td (2016 Base ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.10 237.03 Td (Salary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.25 227.03 Td (\(per) Tj ET Q q 0 0 0 rg BT 216.84 227.03 Td ( annum\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.85 257.03 Td (2016 Target) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.55 247.03 Td (Annual Bonus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.95 237.03 Td (\(as % of Base) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.40 227.03 Td (Salary\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.80 247.03 Td (Total 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.20 237.03 Td (Target Annual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.55 227.03 Td (Bonus \($\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.70 271.03 Td (Long-Term Equity Based Awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.05 257.03 Td (DSUs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.45 247.03 Td (\(Aggr) Tj ET Q q 0 0 0 rg BT 461.26 247.03 Td (egate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.70 237.03 Td (Grant Date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 227.03 Td ( Fair) Tj ET Q q 0 0 0 rg BT 454.14 227.03 Td ( ) Tj ET Q q 0 0 0 rg BT 456.46 227.03 Td (V) Tj ET Q q 0 0 0 rg BT 462.77 227.03 Td (alue\) ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 486.38 231.56 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.60 257.03 Td (PSUs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.45 247.03 Td (\(Aggr) Tj ET Q q 0 0 0 rg BT 539.26 247.03 Td (egate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.70 237.03 Td (Grant Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 227.03 Td ( Fair) Tj ET Q q 0 0 0 rg BT 532.14 227.03 Td ( ) Tj ET Q q 0 0 0 rg BT 534.46 227.03 Td (V) Tj ET Q q 0 0 0 rg BT 540.77 227.03 Td (alue\) ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 564.38 231.56 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 212.02 Td (Mr) Tj ET Q q 0 0 0 rg BT 49.67 212.02 Td (. Hughes,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 202.02 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 133.57 202.02 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 202.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 202.02 Td (750,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 202.02 Td (175%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 202.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 202.02 Td (1,312,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 202.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 202.02 Td (1,250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 202.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 202.02 Td (1,250,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 184.65 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 173.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 173.85 Td (Grant ) Tj ET Q q 0 0 0 rg BT 76.28 173.85 Td (date ) Tj ET Q q 0 0 0 rg BT 93.06 173.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 107.34 173.85 Td (value ) Tj ET Q q 0 0 0 rg BT 128.62 173.85 Td (of ) Tj ET Q q 0 0 0 rg BT 137.91 173.85 Td (deferred ) Tj ET Q q 0 0 0 rg BT 169.68 173.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 190.47 173.85 Td (units ) Tj ET Q q 0 0 0 rg BT 209.76 173.85 Td (\(DSUs\) ) Tj ET Q q 0 0 0 rg BT 239.05 173.85 Td (and ) Tj ET Q q 0 0 0 rg BT 253.84 173.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 301.10 173.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 321.89 173.85 Td (units ) Tj ET Q q 0 0 0 rg BT 341.18 173.85 Td (\(PSUs\) ) Tj ET Q q 0 0 0 rg BT 368.98 173.85 Td (was ) Tj ET Q q 0 0 0 rg BT 384.77 173.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 427.04 173.85 Td (at ) Tj ET Q q 0 0 0 rg BT 435.33 173.85 Td (the ) Tj ET Q q 0 0 0 rg BT 448.11 173.85 Td (time ) Tj ET Q q 0 0 0 rg BT 465.90 173.85 Td (the ) Tj ET Q q 0 0 0 rg BT 478.69 173.85 Td (grant ) Tj ET Q q 0 0 0 rg BT 498.97 173.85 Td (was ) Tj ET Q q 0 0 0 rg BT 514.76 173.85 Td (made ) Tj ET Q q 0 0 0 rg BT 536.04 173.85 Td (\(December ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 163.05 Td (14, ) Tj ET Q q 0 0 0 rg BT 67.50 163.05 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 90.75 163.05 Td (in ) Tj ET Q q 0 0 0 rg BT 100.00 163.05 Td (accordance ) Tj ET Q q 0 0 0 rg BT 142.71 163.05 Td (with ) Tj ET Q q 0 0 0 rg BT 160.96 163.05 Td (F) Tj ET Q q 0 0 0 rg BT 165.30 163.05 Td (ASB ) Tj ET Q q 0 0 0 rg BT 184.56 163.05 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 228.80 163.05 Td (Standards ) Tj ET Q q 0 0 0 rg BT 266.55 163.05 Td (Codification ) Tj ET Q q 0 0 0 rg BT 313.62 163.05 Td (T) Tj ET Q q 0 0 0 rg BT 318.49 163.05 Td (opic ) Tj ET Q q 0 0 0 rg BT 336.24 163.05 Td (718.) Tj ET Q endstream endobj 209 0 obj <> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 42.60 Td (102) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 96.24 731.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 152.92 731.25 Td (Component ) Tj ET Q q 0 0 0 rg BT 203.50 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.63 731.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 237.01 731.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 270.93 731.25 Td (Bonuses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.45 731.25 Td (For ) Tj ET Q q 0 0 0 rg BT 330.14 731.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 355.43 731.25 Td (based ) Tj ET Q q 0 0 0 rg BT 380.99 731.25 Td (on ) Tj ET Q q 0 0 0 rg BT 393.79 731.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.80 731.25 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 488.22 731.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 517.67 731.25 Td (bonus ) Tj ET Q q 0 0 0 rg BT 544.36 731.25 Td (formula ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 719.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 75.76 719.25 Td (by ) Tj ET Q q 0 0 0 rg BT 88.32 719.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.09 719.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 163.42 719.25 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 212.92 719.25 Td (each ) Tj ET Q q 0 0 0 rg BT 233.79 719.25 Td (NEO ) Tj ET Q q 0 0 0 rg BT 256.90 719.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 286.10 719.25 Td (a ) Tj ET Q q 0 0 0 rg BT 293.09 719.25 Td (company ) Tj ET Q q 0 0 0 rg BT 332.30 719.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 385.38 719.25 Td (component ) Tj ET Q q 0 0 0 rg BT 432.37 719.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.26 719.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 472.47 719.25 Td (bonus ) Tj ET Q q 0 0 0 rg BT 498.92 719.25 Td (that ) Tj ET Q q 0 0 0 rg BT 516.47 719.25 Td (was ) Tj ET Q q 0 0 0 rg BT 534.58 719.25 Td (above ) Tj ET Q q 0 0 0 rg BT 561.01 719.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (NEO) Tj ET Q q 0 0 0 rg BT 59.33 707.25 Td (s ) Tj ET Q q 0 0 0 rg BT 65.72 707.25 Td (tar) Tj ET Q q 0 0 0 rg BT 76.09 707.25 Td (get ) Tj ET Q q 0 0 0 rg BT 90.80 707.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 125.80 707.25 Td (as ) Tj ET Q q 0 0 0 rg BT 136.63 707.25 Td (set ) Tj ET Q q 0 0 0 rg BT 150.24 707.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 172.18 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 182.46 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.17 707.25 Td (table ) Tj ET Q q 0 0 0 rg BT 219.11 707.25 Td (below) Tj ET Q q 0 0 0 rg BT 242.89 707.25 Td (.) 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10.00 Tf ET q 0 0 0 rg BT 99.00 583.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 614.07 Td (Amended and Restated Trust Agreement dated December 12, 2006 among the Registrant, The Bank of New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 604.07 Td (Trust Company, National Association, The Bank of New York \(Delaware\), the Administrative Trustees \(as named) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 594.07 Td (therein\) and the several holders of the Preferred Securities from time to time \(incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 584.07 Td (Registrants Current Report on Form8-K, Exhibit 1.3, filed on December 12, 2006\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 569.07 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 548.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 569.07 Td (Purchase Agreement dated December12, 2006 among the Registrant, Redwood Capital Trust I and Merrill Lynch) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 559.07 Td (International \(incorporated by reference to the Registrants Current Report on Form 8-K, Exhibit 1.1, filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 549.07 Td (December12, 2006\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 530.07 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 530.07 Td (Purchase Agreement dated December 12, 2006 among the Registrant, Redwood Capital Trust I and Bear, Stearns &) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 520.07 Td (Co. Inc. \(incorporated by reference to the Registrants Current Report on Form 8-K, Exhibit 1.2, filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 510.07 Td (December12, 2006\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 491.07 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 480.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 491.07 Td (Subordinated Indenture dated as of May 23, 2007 between the Registrant and Wilmington Trust Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 481.07 Td (\(incorporated by reference to the Registrants Current Report on Form 8-K, Exhibit 1.2, filed on May 23, 2007\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 462.07 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 451.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 462.07 Td (Purchase Agreement dated May 23, 2007 between the Registrant and Obsidian CDO Warehouse, LLC \(incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 452.07 Td (by reference to the Registrants Current Report on Form 8-K, Exhibit 1.1, filed on May 23, 2007\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 433.07 Td (4.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 402.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 433.07 Td (Indenture, dated as of November 28, 2012, among RCMC 2012-CREL1, LLC, as Issuer, KeyCorp Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 423.07 Td (Capital Markets, Inc., as Advancing Agent, and Wells Fargo Bank, National Association, as Trustee, Paying Agent,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 413.07 Td (Transfer Agent, Custodian, Backup Advancing Agent and Notes Registrar \(incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 403.07 Td (Registrants Current Report on Form 8-K, Exhibit 10.1, filed on December 4, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 384.07 Td (4.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 363.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 384.07 Td (Indenture, dated March 6, 2013, between Redwood Trust, Inc. and Wilmington Trust, National Association, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 374.07 Td (Trustee \(incorporated by reference to the Registrants Current Report on Form 8-K/A, Exhibit 4.1, filed on March 6,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 364.07 Td (2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 345.07 Td (4.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 324.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 345.07 Td (First Supplemental Indenture, dated March 6, 2013, between Redwood Trust, Inc. and Wilmington Trust, National) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 335.07 Td (Association, as Trustee \(including the form of 4.625% Convertible Senior Note due 2018\) \(incorporated by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 325.07 Td (to the Registrants Current Report on Form 8-K/A, Exhibit 4.2, filed on March 6, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 306.07 Td (4.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 285.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 306.07 Td (Indenture, by and among Redwood Trust, Inc., RWT Holdings, Inc. and Wilmington Trust, National Association, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 296.07 Td (Trustee, dated as of November 24, 2014 \(including the form of 5.625% Exchangeable Senior Note due 2019\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 286.07 Td (\(incorporated by reference to the Registrants Current Report on Form 8-K, Exhibit 4.1, filed on November 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 267.07 Td (9.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 256.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 267.07 Td (Waiver Agreement dated as of November 15, 2007 between the Registrant and Davis Selected Advisors, L.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 257.07 Td (\(incorporated by reference to the Registrants Annual Report on Form 10-K, Exhibit 9.1, filed on March 5, 2008\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 238.07 Td (9.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 227.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 238.07 Td (Amendment of Waiver Agreement dated as of January 16, 2008 between Registrant and Davis Selected Advisors,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 228.07 Td (L.P. \(incorporated by reference to the Registrants Annual Report on Form 10-K, Exhibit 9.2, filed on March 5, 2008\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 209.07 Td (10.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 198.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 209.07 Td (2014 Incentive Award Plan \(incorporated by reference to the Registrants Current Report on Form8-K, Exhibit 10.1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 199.07 Td (filed on May 23, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 180.07 Td (10.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 169.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 180.07 Td (Form of Redwood Trust, Inc. Deferred Stock Unit Award Agreement under 2014 Incentive Award Plan \(2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 170.07 Td (\(incorporated by reference to the Registrants Quarterly Report on Form 10-Q, Exhibit 10.2, filed on August 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 151.07 Td (10.3*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 130.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 151.07 Td (Form of Redwood Trust, Inc. Performance Stock Unit Award Agreement under 2014 Incentive Award Plan \(2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 141.07 Td (\(incorporated by reference to the Registrants Current Report on Form 8-K, Exhibit 10.1, filed on December 19,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 131.07 Td (2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 112.07 Td (10.4*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 101.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 112.07 Td (Form of Redwood Trust, Inc. Restricted Stock Award Agreement under 2014 Incentive Award Plan \(2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 102.07 Td (\(incorporated by reference to the Registrants Quarterly Report on Form 10-Q, Exhibit 10.4, filed on August 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 83.07 Td (10.5*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 62.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 83.07 Td (Amended and Restated 1994 Executive and Non-Employee Director Stock Option Plan, as last amended January 24,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 73.07 Td (2002 \(incorporated by reference to the Registrants Quarterly Report on Form 10-Q, Exhibit 10.14.5, filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 63.07 Td (May15, 2002\)) Tj ET Q endstream endobj 217 0 obj <> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 42.60 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 716.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 39 704.61259765625 m 74.46142578125 704.61259765625 l s q 0 0 0 rg BT 39.00 706.18 Td (Number) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 706.17 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 322.15 704.61259765625 m 353.8296875 704.61259765625 l s q 0 0 0 rg BT 322.15 706.18 Td (Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 688.07 Td (10.6*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 677.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 688.07 Td (2002 Incentive Plan, as amended through May 16, 2013 \(incorporated by reference to the Registrants Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 678.07 Td (Report on Form8-K, Exhibit 10.1, filed on May 21, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 659.07 Td (10.7*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 648.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 659.07 Td (Form of Employee Incentive Stock Option Grant Agreement under 2002 Incentive Plan \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 649.07 Td (the Registrants Annual Report on Form 10-K, Exhibit 10.8.1, filed on March 16, 2005\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 630.07 Td (10.8*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 619.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 630.07 Td (Form of Employee Non-Qualified Stock Option Grant Agreement under 2002 Incentive Plan \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 620.07 Td (reference to the Registrants Annual Report on Form 10-K, Exhibit 10.8.2, filed on filed on March 16, 2005\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 601.07 Td (10.9*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 580.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 601.07 Td (Form of Amendment to Employee Non-Qualified Stock Option Grant Agreement under 2002 Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 591.07 Td (\(incorporated by reference to the Registrants Current Report on Form 8-K, Exhibit 10.2, filed on November17,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 581.07 Td (2005\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 562.07 Td (10.10*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 551.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 562.07 Td (Form of Restricted Stock Award Agreement under 2002 Incentive Plan Pre-December 2011 \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 552.07 Td (reference to the Registrants Annual Report on Form 10-K, Exhibit 10.8.3, filed on March 16, 2005\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 533.07 Td (10.11*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 522.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 533.07 Td (Form of Deferred Stock Unit Award Agreement under 2002 Incentive Plan Pre-December 2011 \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 523.07 Td (reference to the Registrants Current Report on Form 8-K, Exhibit 10.1, filed on December 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 504.07 Td (10.12*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 493.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 504.07 Td (Form of Performance Stock Unit Award Agreement under 2002 Incentive Plan Pre-December 2011 \(incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 494.07 Td (by reference to the Registrants Current Report on Form 8-K, Exhibit 10.2, filed on December 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 475.07 Td (10.13*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 464.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 475.07 Td (Form of Restricted Stock Award Agreement under 2002 Incentive Plan \(incorporated by reference to the Registrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 465.07 Td (Current Report on Form 8-K, Exhibit 10.3, filed on December 8, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 450.07 Td (10.14*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 439.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 449.17 Td (Form of Deferred Stock Unit Award Agreement under 2002 Incentive Plan \(incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 439.17 Td (Registrants Current Report on Form 8-K, Exhibit 10.1, filed on December 8, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 421.07 Td (10.15*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 410.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 420.17 Td (Form of Performance Stock Unit Award Agreement under 2002 Incentive Plan December 2011 \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 410.17 Td (reference to the Registrants Current Report on Form 8-K, Exhibit 10.2, filed on December 8, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 392.07 Td (10.16*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 381.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 391.17 Td (Form of Performance Stock Unit Award Agreement under 2002 Incentive Plan December 2012 \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 381.17 Td (reference to the Registrants Current Report on Form 8-K, Exhibit 10.1, filed on December 11, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 363.07 Td (10.17*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 352.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 362.17 Td (2002 Employee Stock Purchase Plan, as amended through May 16, 2013 \(incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 352.17 Td (Registrants Current Report on Form 8-K, Exhibit 10.2, filed on May 21, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 334.07 Td (10.18*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 323.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 333.17 Td (Executive Deferred Compensation Plan, as amended and restated on December 10, 2008 \(incorporated by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 323.17 Td (to the Registrants Current Report on Form 8-K, Exhibit 10.1, filed on January 14, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 305.07 Td (10.19*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 284.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 304.17 Td (First Amendment to Amended and Restated Executive Deferred Compensation Plan, effective as of November 23,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 294.17 Td (2013 \(incorporated by reference to the Registrants Annual Report on Form 10-K, Exhibit 10.15, filed on February) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 284.17 Td (26, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 266.07 Td (10.20*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 255.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 265.17 Td (Direct Stock Purchase and Dividend Reinvestment Plan \(incorporated by reference to the Plan text included in the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 255.17 Td (Registrants Prospectus Supplement filed on September 5, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 237.07 Td (10.21*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 226.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 236.17 Td (Summary of the Registrants Compensation Arrangements for Non-Employee Directors \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 226.17 Td (the Director Compensation section of the Registrants Definitive Proxy Statement filed on March 20, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 208.07 Td (10.22*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 197.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 207.17 Td (Revised Form of Indemnification Agreement for Directors and Executive Officers \(incorporated by reference to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 197.17 Td (Registrants Current Report on Form 8-K, Exhibit 99.3, filed on November16, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 179.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 168.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 178.17 Td (Office Building Lease, dated February27, 2003 \(incorporated by reference to the Registrants Annual Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 168.17 Td (Form 10-K, Exhibit 10.30.2, filed on March12, 2004\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 150.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 139.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 149.17 Td (Office Building Lease \(second floor\), dated July 31, 2006 \(incorporated by reference to the Registrants Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 139.17 Td (Report on Form 10-Q, Exhibit 10.1, filed November 2, 2006\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 121.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 120.17 Td (Second Amendment to Lease, dated July 31, 2006 \(incorporated by reference to the Registrants Quarterly Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 110.17 Td (Form 10-Q, Exhibit 10.3, filed November 2, 2006\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 92.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 81.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 91.17 Td (Office Building Lease, effective as of and dated as of June 1, 2012 \(incorporated by reference to the Registrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 81.17 Td (Quarterly Report on Form 10-Q, Exhibit 10.1, filed November 3, 2011\)) Tj ET Q endstream endobj 219 0 obj <> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 42.60 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 716.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 39 704.61259765625 m 74.46142578125 704.61259765625 l s q 0 0 0 rg BT 39.00 706.18 Td (Number) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 706.17 Td () Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 322.15 704.61259765625 m 353.8296875 704.61259765625 l s q 0 0 0 rg BT 322.15 706.18 Td (Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 692.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 671.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 691.17 Td (Lease Agreement, dated as of January 11, 2013, between MG-Point, LLC, as Landlord, and the Registrant, as Tenant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 681.17 Td (\(incorporated by reference to the Registrants Annual Report on Form 10-K, Exhibit 10.22, filed on February 26,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 671.17 Td (2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 653.07 Td (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 632.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 652.17 Td (First Amendment to Lease, effective as of June 27, 2013, between MG-Point, LLC, as Landlord, and the Registrant,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 642.17 Td (as Tenant \(incorporated by reference to the Registrants Quarterly Report on Form 10-Q, Exhibit 10.4, filed August) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 632.17 Td (8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 614.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 593.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 613.17 Td (Second Amendment to Lease, effective as of June 23, 2014, between MG-Point, LLC, as Landlord, and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 603.17 Td (Registrant, as Tenant \(incorporated by reference to the Registrants Quarterly Report on Form 10-Q, Exhibit 10.7,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 593.17 Td (filed August 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 575.07 Td (10.31*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 564.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 574.17 Td (Amended and Restated Employment Agreement, dated as of February 22, 2017, by and between Martin S. Hughes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 564.17 Td (and the Registrant \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 546.07 Td (10.32*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 525.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 545.17 Td (Amended and Restated Employment Agreement, dated as of March 31, 2009, by and between Brett D. Nicholas and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 535.17 Td (the Registrant \(incorporated by reference to the Registrants Quarterly Report on Form 10-Q, Exhibit 10.3, filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 525.17 Td (May 5, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 507.07 Td (10.35*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 486.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 506.17 Td (First Amendment to Amended and Restated Employment Agreement, by and between Brett D. 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Tj ET Q endstream endobj 223 0 obj <> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 42.60 Td (109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.35 731.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 318.28 731.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 91.05 707.25 Td (to ) Tj ET Q q 0 0 0 rg BT 100.89 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.16 707.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 169.42 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.80 707.25 Td (Section13 ) Tj ET Q q 0 0 0 rg BT 224.35 707.25 Td (or ) Tj ET Q q 0 0 0 rg BT 234.74 707.25 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 258.45 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.83 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.11 707.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 324.59 707.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 365.62 707.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 382.11 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.50 707.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 417.05 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.32 707.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 471.14 707.25 Td (has ) Tj ET Q q 0 0 0 rg BT 486.53 707.25 Td (duly ) Tj ET Q q 0 0 0 rg BT 506.36 707.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 535.62 707.25 Td (this ) Tj ET Q q 0 0 0 rg BT 552.12 707.25 Td (report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 695.25 Td (be ) Tj ET Q q 0 0 0 rg BT 58.22 695.25 Td (signed ) Tj ET Q q 0 0 0 rg BT 86.83 695.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.33 695.25 Td (its ) Tj ET Q q 0 0 0 rg BT 111.27 695.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 138.76 695.25 Td (by ) Tj ET Q q 0 0 0 rg BT 151.26 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.98 695.25 Td (undersigned, ) Tj ET Q q 0 0 0 rg BT 219.85 695.25 Td (hereunto ) Tj ET Q q 0 0 0 rg BT 257.34 695.25 Td (duly ) Tj ET Q q 0 0 0 rg BT 277.62 695.25 Td (authorized.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.94 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 80.88 527.25 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 116.55 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.38 527.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 184.53 527.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.12 527.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 266.95 527.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 301.19 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.58 527.25 Td (above ) Tj ET Q q 0 0 0 rg BT 338.07 527.25 Td (present ) Tj ET Q q 0 0 0 rg BT 369.56 527.25 Td (fairly) Tj ET Q q 0 0 0 rg BT 390.57 527.25 Td (, ) Tj ET Q q 0 0 0 rg BT 395.68 527.25 Td (in ) Tj ET Q q 0 0 0 rg BT 406.07 527.25 Td (all ) Tj ET Q q 0 0 0 rg BT 418.67 527.25 Td (material ) Tj ET Q q 0 0 0 rg BT 454.04 527.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 491.36 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.19 527.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 543.78 527.25 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.98 515.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 87.76 515.25 Td (T) Tj ET Q q 0 0 0 rg BT 93.52 515.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 113.66 515.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 131.58 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.66 515.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 198.52 515.25 Td (as ) Tj ET Q q 0 0 0 rg BT 209.50 515.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.47 515.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 279.20 515.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.20 515.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.85 515.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.93 515.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.93 515.25 Td (, ) Tj ET Q q 0 0 0 rg BT 344.08 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.16 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.02 515.25 Td (results ) Tj ET Q q 0 0 0 rg BT 404.78 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.75 515.25 Td (their ) Tj ET Q q 0 0 0 rg BT 436.72 515.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 481.03 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.11 515.25 Td (their ) Tj ET Q q 0 0 0 rg BT 519.08 515.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.49 515.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 564.36 515.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (each ) Tj ET Q q 0 0 0 rg BT 56.41 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 66.83 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.14 503.25 Td (three ) Tj ET Q q 0 0 0 rg BT 103.22 503.25 Td (years ) Tj ET Q q 0 0 0 rg BT 126.42 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 136.29 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.60 503.25 Td (period ) Tj ET Q q 0 0 0 rg BT 178.24 503.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.21 503.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 262.39 503.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.39 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.48 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 294.35 503.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 340.88 503.25 Td (with ) Tj ET Q q 0 0 0 rg BT 360.75 503.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 406.72 503.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 448.25 503.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 487.54 503.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 524.61 503.25 Td (in ) Tj ET Q q 0 0 0 rg BT 534.48 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.79 503.25 Td (United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (States ) Tj ET Q q 0 0 0 rg BT 62.39 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 72.67 491.25 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 467.25 Td (e ) Tj ET Q q 0 0 0 rg BT 70.09 467.25 Td (also ) Tj ET Q q 0 0 0 rg BT 89.20 467.25 Td (have ) Tj ET Q q 0 0 0 rg BT 111.09 467.25 Td (audited, ) Tj ET Q q 0 0 0 rg BT 146.03 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.82 467.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 204.79 467.25 Td (with ) Tj ET Q q 0 0 0 rg BT 225.58 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.80 467.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 281.58 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.92 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.15 467.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 336.71 467.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.94 467.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 427.61 467.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 470.06 467.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 497.50 467.25 Td (\(United ) Tj ET Q q 0 0 0 rg BT 531.06 467.25 Td (States\), ) Tj ET Q q 0 0 0 rg BT 563.79 467.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (Company) Tj ET Q q 0 0 0 rg BT 77.67 455.25 Td (s ) Tj ET Q q 0 0 0 rg BT 83.99 455.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 116.96 455.25 Td (control ) Tj ET Q q 0 0 0 rg BT 147.72 455.25 Td (over ) Tj ET Q q 0 0 0 rg BT 167.92 455.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 205.33 455.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 244.42 455.25 Td (as ) Tj ET Q q 0 0 0 rg BT 255.18 455.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.94 455.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 324.46 455.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.46 455.25 Td (, ) Tj ET Q q 0 0 0 rg BT 349.39 455.25 Td (based ) Tj ET Q q 0 0 0 rg BT 374.59 455.25 Td (on ) Tj ET Q q 0 0 0 rg BT 387.02 455.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 417.76 455.25 Td (established ) Tj ET Q q 0 0 0 rg BT 464.63 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.84 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.49 455.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 511.92 455.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 545.44 455.25 Td (Control) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 89.28 443.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 138.12 443.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 165.86 443.25 Td (by ) Tj ET Q q 0 0 0 rg BT 178.60 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.56 443.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 240.75 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.82 443.25 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 300.12 443.25 Td (Or) Tj ET Q q 0 0 0 rg BT 310.49 443.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 358.78 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.85 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.61 443.25 Td (T) Tj ET Q q 0 0 0 rg BT 390.37 443.25 Td (readway ) Tj ET Q q 0 0 0 rg BT 426.98 443.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 480.29 443.25 Td (\(COSO\), ) Tj ET Q q 0 0 0 rg BT 518.87 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 536.05 443.25 Td (our ) Tj ET Q q 0 0 0 rg BT 552.12 443.25 Td (report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.16 431.25 Td (February24, ) Tj ET Q q 0 0 0 rg BT 113.75 431.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.75 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.25 431.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 178.18 431.25 Td (an ) Tj ET Q q 0 0 0 rg BT 190.12 431.25 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 238.16 431.25 Td (opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 399.32 Td (/s/ GRANT THORNTON LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 370.32 Td (Irvine, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 360.32 Td (February 24, 2017) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 42.60 Td (F- 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.40 731.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 731.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 731.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 731.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 731.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 707.25 Td (Board of Directors and Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 695.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 76.65 695.25 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 695.25 Td (rust, Inc.) 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rg BT 560.45 671.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 659.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 89.60 659.25 Td (as ) Tj ET Q q 0 0 0 rg BT 100.44 659.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.28 659.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 169.88 659.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.88 659.25 Td (, ) Tj ET Q q 0 0 0 rg BT 194.89 659.25 Td (based ) Tj ET Q q 0 0 0 rg BT 220.17 659.25 Td (on ) Tj ET Q q 0 0 0 rg BT 232.67 659.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 263.50 659.25 Td (established ) Tj ET Q q 0 0 0 rg BT 310.44 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 320.73 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.45 659.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 357.96 659.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 391.57 659.25 Td (ControlIntegrated ) Tj ET Q q 0 0 0 rg BT 475.17 659.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 523.77 659.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 551.28 659.25 Td (by ) Tj ET Q q 0 0 0 rg BT 563.79 659.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 647.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 84.99 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.88 647.25 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 148.00 647.25 Td (Or) Tj ET Q q 0 0 0 rg BT 158.37 647.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 208.46 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.35 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.79 647.25 Td (T) Tj ET Q q 0 0 0 rg BT 243.55 647.25 Td (readway ) Tj ET Q q 0 0 0 rg BT 281.97 647.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 337.09 647.25 Td (\(COSO\). ) Tj ET Q q 0 0 0 rg BT 377.15 647.25 Td (The ) Tj ET Q q 0 0 0 rg BT 397.26 647.25 Td (Company) Tj ET Q q 0 0 0 rg BT 438.92 647.25 Td (s ) Tj ET Q q 0 0 0 rg BT 447.37 647.25 Td (management ) Tj ET Q q 0 0 0 rg BT 503.01 647.25 Td (is ) Tj ET Q q 0 0 0 rg BT 514.24 647.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 564.34 647.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 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575.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 74.05 563.25 Td (was ) Tj ET Q q 0 0 0 rg BT 91.00 563.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 136.83 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.01 563.25 Td (all ) Tj ET Q q 0 0 0 rg BT 157.40 563.25 Td (material ) Tj ET Q q 0 0 0 rg BT 191.56 563.25 Td (respects. ) Tj ET Q q 0 0 0 rg BT 227.67 563.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 244.62 563.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 266.01 563.25 Td (included ) Tj ET Q q 0 0 0 rg BT 301.84 563.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 341.02 563.25 Td (an ) Tj ET Q q 0 0 0 rg BT 351.85 563.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 409.91 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.64 563.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 451.58 563.25 Td (control ) Tj ET Q q 0 0 0 rg BT 481.30 563.25 Td (over ) Tj ET Q q 0 0 0 rg BT 500.47 563.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 536.85 563.25 Td (reporting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 75.56 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.12 551.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 107.47 551.25 Td (that ) Tj ET Q q 0 0 0 rg BT 124.80 551.25 Td (a ) Tj ET Q q 0 0 0 rg BT 131.59 551.25 Td (material ) Tj ET Q q 0 0 0 rg BT 166.69 551.25 Td (weakness ) Tj ET Q q 0 0 0 rg BT 207.35 551.25 Td (exists, ) Tj ET Q q 0 0 0 rg BT 234.97 551.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 263.98 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.76 551.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 324.75 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.31 551.25 Td (design ) Tj ET Q q 0 0 0 rg BT 367.76 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.55 551.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 424.65 551.25 Td (ef) Tj ET Q q 0 0 0 rg BT 432.24 551.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 479.01 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 489.68 551.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 522.56 551.25 Td (control ) Tj ET Q q 0 0 0 rg BT 553.23 551.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (on ) Tj ET Q q 0 0 0 rg BT 48.64 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.50 539.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 100.03 539.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 120.17 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 137.25 539.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 184.88 539.25 Td (such ) Tj ET Q q 0 0 0 rg BT 205.85 539.25 Td (other ) Tj ET Q q 0 0 0 rg BT 229.04 539.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 275.55 539.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.53 539.25 Td (we ) Tj ET Q q 0 0 0 rg BT 300.83 539.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 346.79 539.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 388.30 539.25 Td (in ) Tj ET Q q 0 0 0 rg BT 398.72 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.58 539.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 475.17 539.25 Td (W) Tj ET Q q 0 0 0 rg BT 483.81 539.25 Td (e ) Tj ET Q q 0 0 0 rg BT 490.89 539.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 522.41 539.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.05 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 556.02 539.25 Td (audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 72.94 527.25 Td (a ) Tj ET Q q 0 0 0 rg BT 79.88 527.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 125.13 527.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 147.63 527.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.79 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.62 527.25 Td (opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.25 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 503.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.89 503.25 Td (company) Tj ET Q q 0 0 0 rg BT 102.32 503.25 Td (s ) Tj ET Q q 0 0 0 rg BT 108.44 503.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 141.20 503.25 Td (control ) Tj ET Q q 0 0 0 rg BT 171.75 503.25 Td (over ) Tj ET Q q 0 0 0 rg BT 191.73 503.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.94 503.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 267.81 503.25 Td (is ) Tj ET Q q 0 0 0 rg BT 276.70 503.25 Td (a ) Tj ET Q q 0 0 0 rg BT 283.36 503.25 Td (process ) Tj ET Q q 0 0 0 rg BT 315.57 503.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 353.34 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.34 503.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 396.11 503.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 441.08 503.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 482.17 503.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 522.71 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.14 503.25 Td (reliability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.47 491.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 83.59 491.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 122.38 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.96 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.31 491.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 200.99 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.45 491.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.57 491.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 292.92 491.25 Td (for ) Tj ET Q q 0 0 0 rg BT 306.72 491.25 Td (external ) Tj ET Q q 0 0 0 rg BT 341.06 491.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 378.75 491.25 Td (in ) Tj ET Q q 0 0 0 rg BT 388.67 491.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 435.77 491.25 Td (with ) Tj ET Q q 0 0 0 rg BT 455.69 491.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 495.03 491.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 532.14 491.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (principles. ) Tj ET Q q 0 0 0 rg BT 79.26 479.25 Td (A) Tj ET Q q 0 0 0 rg BT 85.93 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 87.63 479.25 Td (company) Tj ET Q q 0 0 0 rg BT 127.06 479.25 Td (s ) Tj ET Q q 0 0 0 rg BT 132.65 479.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 164.89 479.25 Td (control ) Tj ET Q q 0 0 0 rg BT 194.92 479.25 Td (over ) Tj ET Q q 0 0 0 rg BT 214.38 479.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.06 479.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 289.42 479.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 324.44 479.25 Td (those ) Tj ET Q q 0 0 0 rg BT 347.25 479.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 380.05 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.19 479.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 441.76 479.25 Td (that ) Tj ET Q q 0 0 0 rg BT 458.45 479.25 Td (\(1\)pertain ) Tj ET Q q 0 0 0 rg BT 502.08 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 511.55 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.47 479.25 Td (maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.13 467.25 Td (records ) Tj ET Q q 0 0 0 rg BT 77.36 467.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 96.66 467.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.24 467.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 150.79 467.25 Td (detail, ) Tj ET Q q 0 0 0 rg BT 177.31 467.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 220.19 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.43 467.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 259.89 467.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 287.22 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.24 467.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 350.80 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.04 467.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 416.63 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.77 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.79 467.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 465.92 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.05 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.07 467.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 531.30 467.25 Td (\(2\)provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 455.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 80.44 455.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 120.99 455.25 Td (that ) Tj ET Q q 0 0 0 rg BT 137.66 455.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 187.11 455.25 Td (are ) Tj ET Q q 0 0 0 rg BT 201.00 455.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 237.66 455.25 Td (as ) Tj ET Q q 0 0 0 rg BT 247.67 455.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 288.22 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 297.68 455.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 325.46 455.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 372.68 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.69 455.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 419.35 455.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 463.25 455.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.71 455.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 519.35 455.25 Td (with ) Tj ET Q q 0 0 0 rg BT 538.81 455.25 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 72.91 443.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 118.72 443.25 Td (principles, ) Tj ET Q q 0 0 0 rg BT 162.60 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.98 443.25 Td (that ) Tj ET Q q 0 0 0 rg BT 195.91 443.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 228.95 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 245.33 443.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 298.36 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.63 443.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.79 443.25 Td (company ) Tj ET Q q 0 0 0 rg BT 361.39 443.25 Td (are ) Tj ET Q q 0 0 0 rg BT 375.54 443.25 Td (being ) Tj ET Q q 0 0 0 rg BT 399.69 443.25 Td (made ) Tj ET Q q 0 0 0 rg BT 423.29 443.25 Td (only ) Tj ET Q q 0 0 0 rg BT 443.01 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.73 443.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 499.63 443.25 Td (with ) Tj ET Q q 0 0 0 rg BT 519.35 443.25 Td (authorizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 48.73 431.25 Td (management ) Tj ET Q q 0 0 0 rg BT 104.23 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.07 431.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 162.46 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.19 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.82 431.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 235.65 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.50 431.25 Td (\(3\)provide ) Tj ET Q q 0 0 0 rg BT 303.61 431.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 350.77 431.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 394.04 431.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 436.76 431.25 Td (prevention ) Tj ET Q q 0 0 0 rg BT 483.92 431.25 Td (or ) Tj ET Q q 0 0 0 rg BT 496.66 431.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 526.62 431.25 Td (detection ) Tj ET Q q 0 0 0 rg BT 567.67 431.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 90.70 419.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 139.58 419.25 Td (use, ) Tj ET Q q 0 0 0 rg BT 157.91 419.25 Td (or ) Tj ET Q q 0 0 0 rg BT 168.74 419.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 215.14 419.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.97 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.69 419.25 Td (company) Tj ET Q q 0 0 0 rg BT 280.12 419.25 Td (s ) Tj ET Q q 0 0 0 rg BT 286.51 419.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 312.34 419.25 Td (that ) Tj ET Q q 0 0 0 rg BT 329.84 419.25 Td (could ) Tj ET Q q 0 0 0 rg BT 354.55 419.25 Td (have ) Tj ET Q q 0 0 0 rg BT 375.93 419.25 Td (a ) Tj ET Q q 0 0 0 rg BT 382.87 419.25 Td (material ) Tj ET Q q 0 0 0 rg BT 418.13 419.25 Td (ef) Tj ET Q q 0 0 0 rg BT 425.72 419.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 443.20 419.25 Td (on ) Tj ET Q q 0 0 0 rg BT 455.70 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.42 419.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 507.90 419.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 88.95 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 98.92 395.25 Td (its ) Tj ET Q q 0 0 0 rg BT 110.00 395.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 144.40 395.25 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 191.31 395.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 223.49 395.25 Td (control ) Tj ET Q q 0 0 0 rg BT 253.45 395.25 Td (over ) Tj ET Q q 0 0 0 rg BT 272.85 395.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.46 395.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 347.75 395.25 Td (may ) Tj ET Q q 0 0 0 rg BT 366.61 395.25 Td (not ) Tj ET Q q 0 0 0 rg BT 381.02 395.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 412.64 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 422.60 395.25 Td (detect ) Tj ET Q q 0 0 0 rg BT 448.11 395.25 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 508.55 395.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 531.57 395.25 Td (projections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.18 383.25 Td (any ) Tj ET Q q 0 0 0 rg BT 64.47 383.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 108.97 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.15 383.25 Td (ef) Tj ET Q q 0 0 0 rg BT 127.73 383.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 175.01 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.63 383.25 Td (future ) Tj ET Q q 0 0 0 rg BT 212.36 383.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 244.65 383.25 Td (are ) Tj ET Q q 0 0 0 rg BT 259.70 383.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 290.88 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 301.51 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.57 383.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 334.42 383.25 Td (that ) Tj ET Q q 0 0 0 rg BT 352.26 383.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 387.33 383.25 Td (may ) Tj ET Q q 0 0 0 rg BT 407.40 383.25 Td (become ) Tj ET Q q 0 0 0 rg BT 441.34 383.25 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 487.50 383.25 Td (because ) Tj ET Q q 0 0 0 rg BT 521.99 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 533.17 383.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 568.23 383.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 82.67 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 93.50 371.25 Td (that ) Tj ET Q q 0 0 0 rg BT 110.99 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.71 371.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 154.85 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.68 371.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 214.27 371.25 Td (with ) Tj ET Q q 0 0 0 rg BT 234.55 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.27 371.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 282.87 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 293.70 371.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 340.07 371.25 Td (may ) Tj ET Q q 0 0 0 rg BT 359.78 371.25 Td (deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (In ) Tj ET Q q 0 0 0 rg BT 63.90 347.25 Td (our ) Tj ET Q q 0 0 0 rg BT 78.79 347.25 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 113.42 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.20 347.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.66 347.25 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 216.15 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 225.50 347.25 Td (all ) Tj ET Q q 0 0 0 rg BT 237.06 347.25 Td (material ) Tj ET Q q 0 0 0 rg BT 271.39 347.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 307.66 347.25 Td (ef) Tj ET Q q 0 0 0 rg BT 315.25 347.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 344.02 347.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 376.13 347.25 Td (control ) Tj ET Q q 0 0 0 rg BT 406.02 347.25 Td (over ) Tj ET Q q 0 0 0 rg BT 425.36 347.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.91 347.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 500.13 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.03 347.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 347.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 335.25 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 335.25 Td (based ) Tj ET Q q 0 0 0 rg BT 86.27 335.25 Td (on ) Tj ET Q q 0 0 0 rg BT 98.77 335.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 129.58 335.25 Td (established ) Tj ET Q q 0 0 0 rg BT 176.51 335.25 Td (in ) Tj ET Q q 0 0 0 rg BT 186.79 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.51 335.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 224.01 335.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 257.60 335.25 Td (ControlIntegrated ) Tj ET Q q 0 0 0 rg BT 341.19 335.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 389.79 335.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 417.29 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 429.79 335.25 Td (COSO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 311.25 Td (e ) Tj ET Q q 0 0 0 rg BT 70.09 311.25 Td (also ) Tj ET Q q 0 0 0 rg BT 89.20 311.25 Td (have ) Tj ET Q q 0 0 0 rg BT 111.09 311.25 Td (audited, ) Tj ET Q q 0 0 0 rg BT 146.03 311.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.82 311.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 204.79 311.25 Td (with ) Tj ET Q q 0 0 0 rg BT 225.58 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.80 311.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 281.58 311.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.92 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.15 311.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 336.71 311.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 377.94 311.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 427.61 311.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 470.06 311.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 497.50 311.25 Td (\(United ) Tj ET Q q 0 0 0 rg BT 531.06 311.25 Td (States\), ) Tj ET Q q 0 0 0 rg BT 563.79 311.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 299.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.37 299.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 127.18 299.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 172.23 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.39 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.44 299.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 240.15 299.25 Td (as ) Tj ET Q q 0 0 0 rg BT 251.32 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.48 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.75 299.25 Td (for ) Tj ET Q q 0 0 0 rg BT 294.24 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.29 299.25 Td (year ) Tj ET Q q 0 0 0 rg BT 329.32 299.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.03 299.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 414.95 299.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.95 299.25 Td (, ) Tj ET Q q 0 0 0 rg BT 440.28 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.55 299.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.71 299.25 Td (report ) Tj ET Q q 0 0 0 rg BT 500.42 299.25 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.90 299.25 Td (February24, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 287.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 287.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 287.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 100.43 287.25 Td (an ) Tj ET Q q 0 0 0 rg BT 112.37 287.25 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 160.41 287.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 193.47 287.25 Td (on ) Tj ET Q q 0 0 0 rg BT 205.97 287.25 Td (those ) Tj ET Q q 0 0 0 rg BT 229.57 287.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.05 287.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 255.32 Td (/s/ GRANT THORNTON LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 226.32 Td (Irvine, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 216.32 Td (February 24, 2017) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 42.60 Td (F- 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 731.25 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 731.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 731.25 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.40 719.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 719.25 Td (TED BALANCE SHEETS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 667.75 349.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 667.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 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0 rg BT 39.00 288.42 Td (76,834,663 and 78,162,765 issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 288.42 Td (768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 288.42 Td (782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 273.42 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 273.42 Td (1,676,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 273.42 Td (1,695,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 258.42 Td (Accumulated other comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 258.42 Td (71,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 258.42 Td (91,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 243.42 Td (Cumulative earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 243.42 Td (1,149,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 243.42 Td (1,018,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 228.42 Td (Cumulative distributions to stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 228.47 Td (\(1,749,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 228.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.30 228.42 Td (\(1,661,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 228.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 213.43 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 213.42 Td (1,149,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 213.42 Td (1,146,265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 198.43 Td (Total Liabilities and Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 198.42 Td (5,483,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 198.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 198.42 Td (6,220,047) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 181.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 170.25 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 170.25 Td (Our ) 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BT 557.50 170.25 Td (these ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 159.45 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 74.82 159.45 Td (and ) Tj ET Q q 0 0 0 rg BT 90.15 159.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 125.97 159.45 Td (of ) Tj ET Q q 0 0 0 rg BT 135.80 159.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 183.44 159.45 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 204.27 159.45 Td (for ) Tj ET Q q 0 0 0 rg BT 217.09 159.45 Td (which ) Tj ET Q q 0 0 0 rg BT 241.41 159.45 Td (creditors ) Tj ET Q q 0 0 0 rg BT 275.23 159.45 Td (do ) Tj ET Q q 0 0 0 rg BT 286.56 159.45 Td (not ) Tj ET Q q 0 0 0 rg BT 300.38 159.45 Td (have ) Tj ET Q q 0 0 0 rg BT 319.70 159.45 Td (recourse ) Tj ET Q q 0 0 0 rg BT 352.51 159.45 Td (to ) Tj ET Q q 0 0 0 rg BT 361.84 159.45 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 398.50 159.45 Td (T) Tj ET Q q 0 0 0 rg BT 403.68 159.45 Td (rust, ) Tj ET Q q 0 0 0 rg BT 421.76 159.45 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 437.83 159.45 Td (or ) Tj ET Q q 0 0 0 rg BT 447.65 159.45 Td (its ) Tj ET Q q 0 0 0 rg BT 458.48 159.45 Td (af) Tj ET Q q 0 0 0 rg BT 465.31 159.45 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 493.87 159.45 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.19 159.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 558.00 159.45 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 576.00 159.45 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 148.65 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.91 148.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.29 148.65 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 141.29 148.65 Td (, ) Tj ET Q q 0 0 0 rg BT 146.46 148.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 170.36 148.65 Td (of ) Tj ET Q q 0 0 0 rg BT 180.77 148.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 228.96 148.65 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 250.37 148.65 Td (totaled ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.77 148.65 Td ($798,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.52 148.65 Td ( ) Tj ET Q q 0 0 0 rg BT 314.43 148.65 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.34 148.65 Td ($1,195,574) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.84 148.65 Td (, ) Tj ET Q q 0 0 0 rg BT 376.00 148.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 418.90 148.65 Td (. ) Tj ET Q q 0 0 0 rg BT 423.42 148.65 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.33 148.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 488.71 148.65 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.71 148.65 Td ( ) Tj ET Q q 0 0 0 rg BT 509.63 148.65 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.53 148.65 Td (December31, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 137.85 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 137.85 Td (, ) Tj ET Q q 0 0 0 rg BT 76.50 137.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 112.25 137.85 Td (of ) Tj ET Q q 0 0 0 rg BT 121.99 137.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 169.57 137.85 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 190.31 137.85 Td (totaled ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.05 137.85 Td ($773,980) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.80 137.85 Td ( ) Tj ET Q q 0 0 0 rg BT 253.05 137.85 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.30 137.85 Td ($1,050,861) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.80 137.85 Td (, ) Tj ET Q q 0 0 0 rg BT 313.30 137.85 Td (respectively) Tj ET Q q 0 0 0 rg BT 356.19 137.85 Td (. ) Tj ET Q q 0 0 0 rg BT 360.69 137.85 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.94 137.85 Td (Note ) Tj ET Q q 0 0 0 rg BT 395.19 137.85 Td (4 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.94 137.85 Td (for ) Tj ET Q q 0 0 0 rg BT 414.68 137.85 Td (further ) Tj ET Q q 0 0 0 rg BT 441.42 137.85 Td (discussion.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 124.05 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 124.05 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 65.29 124.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 118.06 124.05 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.06 124.05 Td ( ) Tj ET Q q 0 0 0 rg BT 138.35 124.05 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.64 124.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 206.41 124.05 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.41 124.05 Td (, ) Tj ET Q q 0 0 0 rg BT 228.45 124.05 Td (Asset-backed ) Tj ET Q q 0 0 0 rg BT 279.22 124.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.50 124.05 Td (issued, ) Tj ET Q q 0 0 0 rg BT 342.54 124.05 Td (net ) Tj ET Q q 0 0 0 rg BT 355.83 124.05 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.12 124.05 Td ($0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.12 124.05 Td ( ) Tj ET Q q 0 0 0 rg BT 400.41 124.05 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.70 124.05 Td ($542) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 433.70 124.05 Td (, ) Tj ET Q q 0 0 0 rg BT 438.24 124.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 481.13 124.05 Td (, ) Tj ET Q q 0 0 0 rg BT 485.68 124.05 Td (of ) Tj ET Q q 0 0 0 rg BT 495.47 124.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 527.73 124.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 545.52 124.05 Td (issuance ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 113.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 76.50 113.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.74 113.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 129.48 113.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 149.48 113.25 Td (net ) Tj ET Q q 0 0 0 rg BT 162.73 113.25 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.97 113.25 Td ($7,081) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.72 113.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.97 113.25 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.21 113.25 Td ($10,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.46 113.25 Td (, ) Tj ET Q q 0 0 0 rg BT 271.96 113.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 314.85 113.25 Td (, ) Tj ET Q q 0 0 0 rg BT 319.35 113.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.10 113.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 361.33 113.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 379.07 113.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 411.81 113.25 Td (costs. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.15 85.65 Td (The accompanying notes ar) Tj ET Q q 0 0 0 rg BT 246.55 85.65 Td (e an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 42.60 Td (F- 6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 719.25 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 719.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 719.25 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 719.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.75 707.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 260.57 707.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 295.13 707.25 Td (A) Tj ET Q q 0 0 0 rg BT 301.60 707.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 366.52 707.25 Td ( INCOME) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.00 634.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 634.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 634.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 634.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 634.75 96.00 -15.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 379.00 574.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 574.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 574.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.00 544.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 544.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 544.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 544.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 544.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 544.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 544.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.00 514.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 514.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 514.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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0.9333333333333333 1 rg /GS0 gs 275.00 334.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 334.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 334.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 334.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 334.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 334.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.00 304.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 304.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 304.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 304.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 304.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 304.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 304.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.00 274.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 274.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 274.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 274.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 274.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 274.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 274.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.00 244.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 244.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 244.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 244.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 244.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 244.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 244.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.00 214.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 214.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 214.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 214.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 214.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 214.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 214.75 96.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 664.75 m 375 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 664.75 m 379 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 664.75 m 475 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 664.75 m 479 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 664.75 m 575 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36 649.75 m 275 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 649.75 m 375 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 649.75 m 475 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 649.75 m 575 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 574.75 m 375 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 574.75 m 475 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 574.75 m 375 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 574.75 m 475 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 574.75 m 575 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 499.75 m 475 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 499.75 m 375 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 484.75 m 375 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 499.75 m 475 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 484.75 m 475 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 499.75 m 575 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 484.75 m 575 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 484.75 m 475 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 484.75 m 575 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 454.75 m 375 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 454.75 m 475 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 454.75 m 375 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 454.75 m 475 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 454.75 m 575 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 349.75 m 375 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 349.75 m 475 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 349.75 m 475 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 349.75 m 575 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 319.75 m 375 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 319.75 m 475 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 319.75 m 575 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 289.75 m 375 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 289.75 m 375 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 275.75 m 375 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 273.75 m 375 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 289.75 m 475 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 275.75 m 475 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 273.75 m 475 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 289.75 m 575 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 275.75 m 575 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 273.75 m 575 273.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.10 669.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 654.43 Td (\(In Thousands, except Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.50 654.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 654.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 654.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 639.43 Td (Interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 624.42 Td (Residential loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 624.42 Td (137,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 624.42 Td (114,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 624.42 Td (68,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 609.42 Td (Commercial loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 609.42 Td (30,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 609.42 Td (46,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 609.42 Td (47,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 594.42 Td (Real estate securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 594.42 Td (76,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 594.42 Td (97,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 594.42 Td (125,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 579.42 Td (Other interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 579.42 Td (1,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 579.42 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.15 579.42 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.50 564.42 Td (Total interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 564.42 Td (246,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 564.42 Td (259,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 564.42 Td (242,070) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 549.43 Td (Interest Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 534.42 Td (Short-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 534.47 Td (\(22,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 534.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 534.47 Td (\(30,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 534.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 534.42 Td (\(25,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 534.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 519.42 Td (Asset-backed securities issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 519.47 Td (\(14,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 519.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 519.47 Td (\(21,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 519.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 519.42 Td (\(31,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 519.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 504.42 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 504.47 Td (\(51,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 504.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 504.47 Td (\(43,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 504.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 504.42 Td (\(30,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 504.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.50 489.42 Td (Total interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 489.47 Td (\(88,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 489.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 489.47 Td (\(95,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 489.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 489.42 Td (\(87,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 489.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 474.43 Td (Net Interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 474.42 Td (157,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 474.42 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 474.42 Td (154,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 459.42 Td (Reversal of \(provision for\) loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 459.42 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 459.42 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.80 459.42 Td (\(961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 459.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 444.43 Td (Net Interest Income after Provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 444.42 Td (164,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 444.42 Td (163,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 444.42 Td (153,646) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 429.43 Td (Non-interest Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 414.42 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 414.42 Td (38,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 414.42 Td (10,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 414.42 Td (34,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 399.42 Td (Mortgage servicing rights income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 399.42 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 399.47 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 399.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 399.42 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 399.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 384.42 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 384.47 Td (\(28,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 384.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 384.47 Td (\(21,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 384.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 384.42 Td (\(10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 384.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 369.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 369.42 Td (6,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 369.42 Td (3,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 369.42 Td (1,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 354.42 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 354.42 Td (28,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 354.42 Td (36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 354.42 Td (15,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.50 339.42 Td (Total non-interest income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 339.42 Td (58,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 339.42 Td (25,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 339.42 Td (37,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 324.42 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 324.47 Td (\(88,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 324.47 Td (\(97,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 324.42 Td (\(90,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 324.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 309.43 Td (Net Income before Provision for Income Taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 309.42 Td (134,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 309.42 Td (91,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 309.42 Td (101,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 294.42 Td (\(Provision for\) benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.30 294.47 Td (\(3,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 294.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 294.42 Td (10,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.80 294.42 Td (\(744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.15 294.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.50 279.43 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 279.42 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 279.42 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 279.42 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 249.42 Td (Basic earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 249.42 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 249.42 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 249.42 Td (1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 234.42 Td (Diluted earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 234.42 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 234.42 Td (1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 234.42 Td (1.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 219.42 Td (Regular dividends declared per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 219.42 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 219.42 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 219.42 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 204.42 Td (Basic weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 204.42 Td (76,747,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 204.42 Td (82,945,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 204.42 Td (82,837,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.50 189.42 Td (Diluted weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 189.42 Td (97,909,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 189.42 Td (84,518,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 189.42 Td (85,098,579) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.15 143.85 Td (The accompanying notes ar) Tj ET Q q 0 0 0 rg BT 246.55 143.85 Td (e an integral part of these consolidated financial statements.) 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381.98 493.25 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.98 493.25 Td ( ) Tj ET Q q 0 0 0 rg BT 410.13 493.25 Td (for ) Tj ET Q q 0 0 0 rg BT 422.78 493.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.93 493.25 Td (years ) Tj ET Q q 0 0 0 rg BT 457.07 493.25 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.71 493.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 533.34 493.25 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.34 493.25 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.75 493.25 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.75 493.25 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 482.45 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.24 482.45 Td (2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 87.24 482.45 Td (, ) Tj ET Q q 0 0 0 rg BT 91.74 482.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 134.64 482.45 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.15 448.85 Td (The accompanying notes ar) Tj ET Q q 0 0 0 rg BT 246.55 448.85 Td (e an integral part of these consolidated financial statements.) 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304.50 590.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 590.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 590.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 590.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 590.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 590.75 75.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 590.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 590.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 556.75 109.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 556.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 556.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 556.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 556.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 556.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 556.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 556.75 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 664.75 m 195.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 664.75 m 199.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 664.75 m 246.5 664.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 650.75 m 144.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 650.75 m 195.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 650.75 m 246.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 650.75 m 304.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 650.75 m 380.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 650.75 m 437.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 650.75 m 516.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 650.75 m 575.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 650.75 m 195.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 650.75 m 246.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 650.75 m 304.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 650.75 m 380.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 650.75 m 437.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 650.75 m 516.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 650.75 m 575.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 543.75 m 195.5 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 531.75 m 195.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148.5 529.75 m 195.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 543.75 m 246.5 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 531.75 m 246.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 529.75 m 246.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 543.75 m 304.5 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 531.75 m 304.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 529.75 m 304.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 543.75 m 380.5 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 531.75 m 380.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 529.75 m 380.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 543.75 m 437.5 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 531.75 m 437.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 529.75 m 437.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 543.75 m 516.5 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 531.75 m 516.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 529.75 m 516.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 543.75 m 575.5 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 531.75 m 575.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 529.75 m 575.5 529.75 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 38.00 663.59 Td (\(In Thousands, except) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 38.00 655.09 Td (Share Data\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 169.00 669.09 Td (Common Stock) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 257.60 672.09 Td (Additional ) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 263.30 663.59 Td (Paid-In) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 263.50 655.09 Td (Capital) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 319.90 680.49 Td (Accumulated) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 333.20 671.99 Td (Other) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 315.70 663.49 Td (Compr) Tj ET Q q 0 0 0 rg BT 341.52 663.49 Td (ehensive) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 330.50 654.99 Td (Income) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 389.20 663.59 Td (Cumulative) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 392.90 655.09 Td ( Earnings) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 457.20 672.09 Td (Cumulative) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 454.60 663.59 Td (Distributions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 450.25 655.09 Td (to Stockholders) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 538.20 655.09 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.55 655.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 206.70 655.20 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 642.15 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 156.25 642.00 Td (78,162,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.30 642.00 Td (782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.25 642.00 Td (1,695,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 642.00 Td (91,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.25 642.00 Td (1,018,683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 642.00 Td (\(1,661,149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.30 642.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.25 642.00 Td (1,146,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 629.00 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.25 629.00 Td (131,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.25 629.00 Td (131,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 616.00 Td (Other comprehensive loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.60 616.00 Td (\(20,140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 616.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 616.05 Td (\(20,140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 616.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 603.00 Td (Employee stock purchase and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 595.00 Td (incentive plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 166.25 595.00 Td (614,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.30 595.00 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.60 595.00 Td (\(7,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 595.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 595.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 595.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 595.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.60 595.05 Td (\(7,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 595.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 582.00 Td (Non-cash equity award) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 574.00 Td (compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.30 574.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.30 574.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.25 574.00 Td (12,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 574.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 574.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 574.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 574.00 Td (12,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 561.00 Td (Share repurchases) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.60 561.00 Td (\(1,943,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.30 561.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.60 561.00 Td (\(19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.30 561.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.60 561.00 Td (\(25,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 561.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 561.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 561.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 561.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 561.05 Td (\(25,107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 561.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 548.00 Td (Common dividends declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.30 548.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.30 548.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.30 548.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 548.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 548.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 548.00 Td (\(88,465) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.30 548.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 548.05 Td (\(88,465) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 548.00 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 535.15 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 156.25 535.00 Td (76,834,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.00 535.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.30 535.00 Td (768) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 253.00 535.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.25 535.00 Td (1,676,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.00 535.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.30 535.00 Td (71,853) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.00 535.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.25 535.00 Td (1,149,935) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.00 535.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.60 535.00 Td (\(1,749,614) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.30 535.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 535.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.25 535.00 Td (1,149,428) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 36 509.68505859375 m 202.552734375 509.68505859375 l s q 0 0 0 rg BT 36.00 511.25 Td (For) Tj ET Q q 0 0 0 rg BT 51.37 511.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 69.33 511.25 Td (Y) Tj ET Q q 0 0 0 rg BT 75.44 511.25 Td (ear) Tj ET Q q 0 0 0 rg BT 89.13 511.25 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 165.05 511.25 Td ( 31, 2015) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 463.75 109.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 463.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 463.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 463.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 463.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 463.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 463.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 463.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 463.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 463.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 463.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 463.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 463.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 463.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 463.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 429.75 109.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 429.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 429.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 429.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 429.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 429.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 429.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 429.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 429.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 402.75 109.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 402.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 402.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 402.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 402.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 402.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 402.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 402.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 402.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 368.75 109.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 368.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 368.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 368.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 368.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 368.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 368.75 54.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 368.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 368.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 368.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 368.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 368.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 368.75 75.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 368.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 368.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 326.75 109.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 326.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 326.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 326.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 326.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 326.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 326.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 326.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 300.75 109.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 300.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 300.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 300.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 300.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 300.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 300.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 300.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 300.75 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 477.75 m 196.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 477.75 m 200.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 477.75 m 247.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 463.75 m 196.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 463.75 m 247.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 463.75 m 305.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 463.75 m 381.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 463.75 m 438.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 463.75 m 517.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 463.75 m 576.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 463.75 m 145.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 429.75 m 196.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 429.75 m 247.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 429.75 m 305.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 429.75 m 381.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 429.75 m 438.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 429.75 m 517.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 429.75 m 576.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 429.75 m 196.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 429.75 m 247.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 429.75 m 305.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 429.75 m 381.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 429.75 m 438.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 429.75 m 517.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 429.75 m 576.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 300.75 m 196.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 288.75 m 196.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 286.75 m 196.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 300.75 m 247.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 288.75 m 247.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 286.75 m 247.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 300.75 m 305.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 288.75 m 305.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 286.75 m 305.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 300.75 m 381.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 288.75 m 381.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 286.75 m 381.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 300.75 m 438.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 288.75 m 438.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 286.75 m 438.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 300.75 m 517.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 288.75 m 517.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 286.75 m 517.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 300.75 m 576.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 288.75 m 576.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 286.75 m 576.5 286.75 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 476.59 Td (\(In Thousands, except) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 468.09 Td (Share Data\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 170.00 482.09 Td (Common Stock) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 258.60 485.09 Td (Additional) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 264.30 476.59 Td (Paid-In) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 264.50 468.09 Td (Capital) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 320.90 492.49 Td (Accumulated) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 334.20 483.99 Td (Other) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 316.70 475.49 Td (Comprehensive) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 331.50 466.99 Td (Income) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 390.20 476.59 Td (Cumulative) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 393.90 468.09 Td ( Earnings) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 458.20 485.09 Td (Cumulative) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 455.60 476.59 Td (Distributions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 451.25 468.09 Td (to Stockholders) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 539.20 468.09 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.55 468.20 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.70 468.20 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 455.15 Td (December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.25 455.00 Td (83,443,141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.30 455.00 Td (834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.25 455.00 Td (1,774,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 455.00 Td (140,688) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 455.00 Td (906,867) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 455.00 Td (\(1,566,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 455.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.00 455.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.25 455.00 Td (1,256,141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 442.00 Td (Cumulative ef) Tj ET Q q 0 0 0 rg BT 84.40 442.00 Td (fect adjustment - ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 434.00 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 77.22 434.00 Td (ASU 2014-13 ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 123.89 437.63 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 434.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 434.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 434.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 434.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.30 434.00 Td (9,728) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 434.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 434.00 Td (9,728) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 420.20 Td (January 1, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.25 420.00 Td (83,443,141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.30 420.00 Td (834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.25 420.00 Td (1,774,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 420.00 Td (140,688) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 420.00 Td (916,595) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 420.00 Td (\(1,566,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 420.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.25 420.00 Td (1,265,869) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 407.00 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 407.00 Td (102,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.25 407.00 Td (102,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 394.00 Td (Other comprehensive loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 394.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 394.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 394.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.60 394.00 Td (\(48,695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 394.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 394.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 394.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 394.05 Td (\(48,695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.30 394.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 381.00 Td (Dividend reinvestment & stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 373.00 Td (purchase plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.25 373.00 Td (418,508) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.30 373.00 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 373.00 Td (6,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 373.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 373.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 373.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 373.00 Td (6,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 360.00 Td (Employee stock purchase and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 352.00 Td (incentive plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.25 352.00 Td (753,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.30 352.00 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 352.00 Td (\(7,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 352.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 352.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 352.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 352.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.60 352.05 Td (\(7,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.30 352.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 339.00 Td (Non-cash equity award) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 331.00 Td (compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 331.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 331.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.25 331.00 Td (11,806) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 331.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 331.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 331.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 331.00 Td (11,806) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 318.00 Td (Share repurchases) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.60 318.00 Td (\(6,452,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.30 318.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.60 318.00 Td (\(63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.30 318.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.60 318.00 Td (\(88,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 318.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 318.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 318.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 318.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 318.05 Td (\(88,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.30 318.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 305.00 Td (Common dividends declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 305.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 305.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 305.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 305.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 305.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 305.00 Td (\(94,871) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 305.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 305.05 Td (\(94,871) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.30 305.00 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 292.15 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.25 292.00 Td (78,162,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.00 292.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.30 292.00 Td (782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.00 292.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.25 292.00 Td (1,695,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.00 292.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.30 292.00 Td (91,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 292.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.25 292.00 Td (1,018,683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 292.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 292.00 Td (\(1,661,149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 292.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.00 292.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.25 292.00 Td (1,146,265) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 36 266.68505859375 m 202.552734375 266.68505859375 l s q 0 0 0 rg BT 36.00 268.25 Td (For) Tj ET Q q 0 0 0 rg BT 51.37 268.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 69.33 268.25 Td (Y) Tj ET Q q 0 0 0 rg BT 75.44 268.25 Td (ear) Tj ET Q q 0 0 0 rg BT 89.13 268.25 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 165.05 268.25 Td ( 31, 2014) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 218.75 109.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 218.75 47.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 218.75 47.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 218.75 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 218.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 218.75 53.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 218.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 218.75 55.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 196.75 109.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 196.75 47.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 196.75 47.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 196.75 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 196.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 196.75 53.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 196.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 196.75 55.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 164.75 109.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 164.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 164.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 164.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 164.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 164.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 164.75 54.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 164.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 164.75 72.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 164.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 164.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 164.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 164.75 75.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 164.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 164.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 123.75 109.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 123.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 149.50 123.75 47.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 123.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 123.75 47.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 123.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 123.75 54.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 123.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 123.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 123.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 123.75 53.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 123.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 123.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 123.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 123.75 55.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 232.75 m 196.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 232.75 m 200.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 232.75 m 247.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 218.75 m 145.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 218.75 m 196.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 218.75 m 247.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 218.75 m 305.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 218.75 m 381.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 218.75 m 438.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 218.75 m 517.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 218.75 m 576.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 218.75 m 196.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 218.75 m 247.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 218.75 m 305.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 218.75 m 381.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 218.75 m 438.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 218.75 m 517.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 218.75 m 576.5 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 112.75 m 196.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 112.75 m 247.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 112.75 m 305.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 112.75 m 381.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 112.75 m 438.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 112.75 m 517.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 112.75 m 576.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 100.75 m 196.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 149.5 98.75 m 196.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 100.75 m 247.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 98.75 m 247.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 112.75 m 305.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 100.75 m 305.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 98.75 m 305.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 112.75 m 381.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 100.75 m 381.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 98.75 m 381.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 112.75 m 438.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 100.75 m 438.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 98.75 m 438.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 112.75 m 517.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 100.75 m 517.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 98.75 m 517.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 112.75 m 576.5 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 100.75 m 576.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 98.75 m 576.5 98.75 l s BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 231.59 Td (\(In Thousands, except) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 39.00 223.09 Td (Share Data\)) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 170.00 237.09 Td (Common Stock) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 258.60 240.09 Td (Additional) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 264.30 231.59 Td (Paid-In) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 264.50 223.09 Td (Capital) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 320.90 248.59 Td (Accumulated) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 334.20 240.09 Td (Other) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 316.70 231.59 Td (Comprehensive) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 331.50 223.09 Td (Income) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 390.20 231.59 Td (Cumulative) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 394.95 223.09 Td (Earnings) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 458.20 240.09 Td (Cumulative) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 455.60 231.59 Td (Distributions) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 451.25 223.09 Td (toStockholders) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 539.20 223.09 Td (Total) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 160.25 223.09 Td (Shares) Tj ET Q BT /F2 8.50 Tf ET q 0 0 0 rg BT 208.60 223.09 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 210.20 Td (December 31, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.25 210.70 Td (82,504,801) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.00 210.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.30 210.70 Td (825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.00 210.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.25 210.70 Td (1,760,899) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.00 210.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 210.70 Td (148,766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 210.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 210.70 Td (806,298) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 210.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 210.70 Td (\(1,471,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 210.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.00 210.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.25 210.70 Td (1,245,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 199.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 199.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 199.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 199.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 199.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 199.70 Td (100,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 199.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.25 199.70 Td (100,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 188.70 Td (Other comprehensive income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 188.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 188.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 188.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.60 188.70 Td (\(8,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 188.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 188.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 188.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.60 188.75 Td (\(8,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.30 188.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 177.70 Td (Dividend reinvestment& stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 169.70 Td (purchase plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.25 169.00 Td (488,174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.30 169.00 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 169.00 Td (9,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 169.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 169.00 Td (9,017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 156.70 Td (Employee stock purchase and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 148.70 Td (incentive plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.25 148.00 Td (450,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.30 148.00 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 148.00 Td (\(7,152) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 148.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 148.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 552.60 148.05 Td (\(7,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.30 148.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 135.70 Td (Non-cash equity award) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 127.70 Td (compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 128.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 128.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.25 128.00 Td (11,271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 128.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 128.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 128.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 128.00 Td (11,271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 115.70 Td (Common dividends declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.30 115.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.30 115.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.30 115.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 115.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 115.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 115.70 Td (\(95,273) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 115.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 115.75 Td (\(95,273) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.30 115.70 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 104.15 Td (December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.25 104.00 Td (83,443,141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.00 104.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 232.30 104.00 Td (834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.00 104.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.25 104.00 Td (1,774,030) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.00 104.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 104.00 Td (140,688) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 104.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.25 104.00 Td (906,867) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.00 104.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.60 104.00 Td (\(1,566,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 104.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.00 104.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.25 104.00 Td (1,256,141) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 36.00 87.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 76.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 76.25 Td (On January 1, 2015, we adopted ) Tj ET Q q 0 0 0 rg BT 171.98 76.25 Td (ASU 2014-13. See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.97 76.25 Td (Note 3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 265.72 76.25 Td ( for further discussion.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.15 56.45 Td (The accompanying notes ar) Tj ET Q q 0 0 0 rg BT 246.55 56.45 Td (e an integral part of these consolidated financial statements.) 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4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 350.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 328.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 328.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 328.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 328.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 328.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 328.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 328.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 306.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 306.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 306.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 306.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 306.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 306.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 306.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 284.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 284.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 284.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 284.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 284.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 284.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 284.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 262.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 262.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 262.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 262.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 262.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 262.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 262.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 240.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 240.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 240.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 240.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 240.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 240.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 240.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 218.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 218.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 218.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 218.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 196.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 196.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 196.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 196.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 174.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 174.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 174.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 174.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 174.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 174.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 174.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 152.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 152.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 152.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 152.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 152.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 152.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 152.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 130.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 130.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 130.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 130.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 130.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 130.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 130.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 108.75 352.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 108.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 108.75 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 108.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 108.75 59.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 108.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 108.75 59.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 694.75 m 449.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 694.75 m 453.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 694.75 m 512.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 694.75 m 516.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 694.75 m 575.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 680.75 m 387.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 694.75 m 449.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 680.75 m 449.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 694.75 m 512.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 680.75 m 512.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 694.75 m 575.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 680.75 m 575.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 504.75 m 449.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 493.75 m 449.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 504.75 m 512.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 493.75 m 512.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 504.75 m 575.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 493.75 m 575.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 383.75 m 449.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 372.75 m 449.5 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 383.75 m 512.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 372.75 m 512.5 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 383.75 m 575.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 372.75 m 575.5 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 240.75 m 449.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 229.75 m 449.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 240.75 m 512.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 229.75 m 512.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 240.75 m 575.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 229.75 m 575.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 229.75 m 512.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 229.75 m 575.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 207.75 m 449.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 197.75 m 449.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 195.75 m 449.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 207.75 m 512.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 197.75 m 512.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 195.75 m 512.5 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 207.75 m 575.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 197.75 m 575.5 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 195.75 m 575.5 195.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 685.20 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 699.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.00 685.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 685.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.50 685.43 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 672.20 Td (Cash Flows From Operating Activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 661.06 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 661.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 661.06 Td (131,252) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 661.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 661.06 Td (102,088) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 661.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 661.06 Td (100,569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 650.06 Td (Adjustments to reconcile net income to net cash used in operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 639.06 Td (Amortization of premiums, discounts, and securities issuance costs, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 639.06 Td (\(26,487) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 639.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 639.06 Td (\(34,089) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 639.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 639.06 Td (\(34,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 639.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 628.06 Td (Depreciation and amortization of non-financial assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 628.06 Td (1,140) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 628.06 Td (824) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 628.06 Td (513) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 617.06 Td (Purchases of held-for-sale loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 617.06 Td (\(4,953,619) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 617.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.50 617.06 Td (\(11,045,813) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 617.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.00 617.06 Td (\(9,917,943) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 617.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 606.06 Td (Proceeds from sales of held-for-sale loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 606.06 Td (4,192,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 606.06 Td (9,761,010) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.00 606.06 Td (8,126,249) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 595.06 Td (Principal payments on held-for-sale loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 595.06 Td (80,033) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 595.06 Td (80,299) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 595.06 Td (30,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 584.06 Td (Net settlements of derivatives) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 584.06 Td (\(7,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 584.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 584.06 Td (\(59,406) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 584.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 584.06 Td (\(33,220) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 584.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 573.06 Td (\(Reversal of\) provision for loan losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 573.06 Td (\(7,102) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 573.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 573.06 Td (\(355) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 573.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 573.06 Td (961) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 562.06 Td (Non-cash equity award compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 562.06 Td (12,648) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 562.06 Td (11,806) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 562.06 Td (11,271) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 551.06 Td (Market valuation adjustments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 551.06 Td (12,917) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 551.06 Td (51,975) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 551.06 Td (298) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 540.06 Td (Realized gains, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 540.06 Td (\(28,009) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 540.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 540.06 Td (\(36,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 540.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 540.06 Td (\(15,478) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 540.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 529.06 Td (Net change in:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 518.06 Td (Accrued interest receivable and other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 518.06 Td (42,572) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 518.06 Td (\(88,173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 518.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 518.06 Td (\(57,685) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 518.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 507.06 Td (Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 507.06 Td (3,632) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 507.06 Td (5,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.75 507.06 Td (\(2,768) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 507.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 496.06 Td (Net cash used in operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.75 496.06 Td (\(545,653) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 496.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 496.06 Td (\(1,250,210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 496.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.00 496.06 Td (\(1,791,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 496.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 485.20 Td (Cash Flows From Investing Activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 474.06 Td (Purchases of loans held-for-investment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 474.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 474.06 Td (\(22,219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 474.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 474.06 Td (\(87,454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 474.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 463.06 Td (Proceeds from sales of loans held-for-investment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 463.06 Td (235,604) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 463.06 Td (6,459) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 463.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 452.06 Td (Principal payments on loans held-for-investment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 452.06 Td (798,831) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 452.06 Td (500,239) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 452.06 Td (364,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 441.06 Td (Purchases of real estate securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.75 441.06 Td (\(318,268) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 441.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 441.06 Td (\(179,265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 441.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.75 441.06 Td (\(168,654) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 441.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 430.06 Td (Proceeds from sales of real estate securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 430.06 Td (497,191) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 430.06 Td (439,493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 430.06 Td (504,754) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 419.06 Td (Principal payments on real estate securities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 419.06 Td (80,055) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 419.06 Td (138,630) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 419.06 Td (174,241) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 408.06 Td (Purchase of mortgage servicing rights) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 408.06 Td (\(15,338) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 408.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 408.06 Td (\(32,388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 408.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 408.06 Td (\(46,113) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 408.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 397.06 Td (Proceeds from sales of mortgage servicing rights) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 397.06 Td (58,642) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 397.06 Td (17,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 397.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 386.06 Td (Net change in restricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 386.06 Td (\(3,056) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 386.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.75 386.06 Td (\(4,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 386.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.50 386.06 Td (\(230) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 386.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 375.06 Td (Net cash provided by investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 375.06 Td (1,333,661) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 375.06 Td (863,245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 375.06 Td (740,584) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 364.20 Td (Cash Flows From Financing Activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 353.06 Td (Proceeds from borrowings on short-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 353.06 Td (3,918,083) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 353.06 Td (8,570,291) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.00 353.06 Td (8,320,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 342.06 Td (Repayments on short-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.00 342.06 Td (\(4,981,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 342.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 470.00 342.06 Td (\(8,534,802) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 342.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.00 342.06 Td (\(7,442,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 342.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 331.06 Td (Repayments on asset-backed securities issued) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.75 331.06 Td (\(261,351) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 331.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 331.06 Td (\(388,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 331.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.75 331.06 Td (\(396,734) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 331.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 320.06 Td (Deferred securities issuance costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.00 320.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 320.06 Td (\(33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 320.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.75 320.06 Td (\(6,934) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 320.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 309.06 Td (Proceeds from issuance of long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 309.06 Td (771,287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 309.06 Td (1,400,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 309.06 Td (770,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 298.06 Td (Repayments on long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.75 298.06 Td (\(118,146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 298.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 298.06 Td (\(527,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 298.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 555.50 298.06 Td (\(685) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 298.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 287.06 Td (Net settlements of derivatives) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.50 287.06 Td (\(156) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 287.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 287.06 Td (\(43) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 287.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.75 287.06 Td (\(3,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 287.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 276.06 Td (Net proceeds from issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.50 276.06 Td (304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 276.06 Td (7,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 276.06 Td (9,511) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 265.06 Td (Net payments on repurchase of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 265.06 Td (\(28,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 265.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 265.06 Td (\(85,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 265.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 265.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 254.06 Td (Taxes paid on equity award distributions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 254.06 Td (\(7,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 254.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.75 254.06 Td (\(8,448) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 254.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.75 254.06 Td (\(7,643) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 254.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 243.06 Td (Dividends paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 243.06 Td (\(88,465) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 243.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 243.06 Td (\(94,871) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 243.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.25 243.06 Td (\(95,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 243.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 232.06 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.75 232.06 Td (\(795,393) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 232.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 232.06 Td (337,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.00 232.06 Td (1,147,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 221.06 Td (Net \(decrease\) increase in cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 221.06 Td (\(7,385) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 221.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 221.06 Td (\(49,501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 221.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 221.06 Td (96,529) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 210.06 Td (Cash and cash equivalents at beginning of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 210.06 Td (220,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 210.06 Td (269,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 210.06 Td (173,201) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 199.06 Td (Cash and cash equivalents at end of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 199.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 199.06 Td (212,844) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 199.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 199.06 Td (220,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 199.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 199.06 Td (269,730) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 188.20 Td (Supplemental Cash Flow Information:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 177.06 Td (Cash paid during the period for:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 166.06 Td ( Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 166.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 166.06 Td (87,164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 166.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 166.06 Td (86,849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 166.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 166.06 Td (81,350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 155.06 Td ( Taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 155.06 Td (1,303) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 155.06 Td (165) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 155.06 Td (1,407) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 144.20 Td (Supplemental Noncash Information:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 133.06 Td (Real estate securities retained from loan securitizations) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.00 133.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 133.06 Td (9,127) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 133.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 133.06 Td (244,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 133.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 133.06 Td (150,387) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 122.06 Td (Retention of mortgage servicing rights from loan securitizations and sales) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 122.06 Td (10,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 122.06 Td (64,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 122.06 Td (48,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 111.06 Td (Transfers from loans held-for-sale to loans held-for-investment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.00 111.06 Td (1,063,860) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.00 111.06 Td (1,555,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 111.06 Td (633,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 100.06 Td (Transfers from loans held-for-investment to loans held-for-sale) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 100.06 Td (359,005) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 100.06 Td (154,012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 100.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 44.00 89.06 Td (Transfers from residential loans to real estate owned) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 89.06 Td (11,632) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 89.06 Td (8,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 89.06 Td (6,844) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.15 73.45 Td (The accompanying notes ar) Tj ET Q q 0 0 0 rg BT 246.55 73.45 Td (e an integral part of these consolidated financial statements.) Tj ET Q endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 656.25 Td (Note 1. Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 93.92 635.25 Td (T) Tj ET Q q 0 0 0 rg BT 99.68 635.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 118.90 635.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 138.38 635.25 Td (together ) Tj ET Q q 0 0 0 rg BT 172.86 635.25 Td (with ) Tj ET Q q 0 0 0 rg BT 192.35 635.25 Td (its ) Tj ET Q q 0 0 0 rg BT 203.52 635.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 254.95 635.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 286.66 635.25 Td (on ) Tj ET Q q 0 0 0 rg BT 298.38 635.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 336.76 635.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.25 635.25 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 389.62 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.78 635.25 Td (other ) Tj ET Q q 0 0 0 rg BT 428.04 635.25 Td (real ) Tj ET Q q 0 0 0 rg BT 444.74 635.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 469.22 635.25 Td (related ) Tj ET Q q 0 0 0 rg BT 498.14 635.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 523.19 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 539.34 635.25 Td (engaging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.59 623.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 85.17 623.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 119.20 623.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 159.48 623.25 Td (W) Tj ET Q q 0 0 0 rg BT 168.12 623.25 Td (e ) Tj ET Q q 0 0 0 rg BT 174.37 623.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 193.96 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 203.55 623.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 229.25 623.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.84 623.25 Td (real ) Tj ET Q q 0 0 0 rg BT 255.64 623.25 Td (estate-related ) Tj ET Q q 0 0 0 rg BT 310.75 623.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 335.89 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 352.70 623.25 Td (have ) Tj ET Q q 0 0 0 rg BT 373.39 623.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.42 623.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 424.23 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.82 623.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 469.50 623.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 508.51 623.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 528.09 623.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 548.23 623.25 Td (returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (over ) Tj ET Q q 0 0 0 rg BT 57.31 611.25 Td (time ) Tj ET Q q 0 0 0 rg BT 78.62 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.60 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.92 611.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 145.32 611.25 Td (income ) Tj ET Q q 0 0 0 rg BT 178.29 611.25 Td (through ) Tj ET Q q 0 0 0 rg BT 212.94 611.25 Td (our ) Tj ET Q q 0 0 0 rg BT 229.81 611.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 271.12 611.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 306.87 611.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 348.76 611.25 Td (W) Tj ET Q q 0 0 0 rg BT 357.39 611.25 Td (e ) Tj ET Q q 0 0 0 rg BT 365.37 611.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 398.34 611.25 Td (our ) Tj ET Q q 0 0 0 rg BT 415.21 611.25 Td (business ) Tj ET Q q 0 0 0 rg BT 452.64 611.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.96 611.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.94 611.25 Td ( ) Tj ET Q q 0 0 0 rg BT 487.48 611.25 Td (segments: ) Tj ET Q q 0 0 0 rg BT 531.02 611.25 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 89.33 599.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 136.82 599.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 178.19 599.25 Td (Banking, ) Tj ET Q q 0 0 0 rg BT 217.08 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.02 599.25 Td (Commercial.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 578.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.11 578.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 106.32 578.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 138.87 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.76 578.25 Td (income ) Tj ET Q q 0 0 0 rg BT 181.75 578.25 Td (are ) Tj ET Q q 0 0 0 rg BT 196.52 578.25 Td (net ) Tj ET Q q 0 0 0 rg BT 211.29 578.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 243.29 578.25 Td (income ) Tj ET Q q 0 0 0 rg BT 275.28 578.25 Td (from ) Tj ET Q q 0 0 0 rg BT 297.28 578.25 Td (our ) Tj ET Q q 0 0 0 rg BT 313.17 578.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 359.61 578.25 Td (portfolios ) Tj ET Q q 0 0 0 rg BT 401.05 578.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.05 578.25 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 468.37 578.25 Td (income ) Tj ET Q q 0 0 0 rg BT 500.36 578.25 Td (from ) Tj ET Q q 0 0 0 rg BT 522.36 578.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.25 578.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 566.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 71.57 566.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 113.52 566.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 131.32 566.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 164.11 566.25 Td (income ) Tj ET Q q 0 0 0 rg BT 196.89 566.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 231.92 566.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.60 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.17 566.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 291.96 566.25 Td (income ) Tj ET Q q 0 0 0 rg BT 324.75 566.25 Td (we ) Tj ET Q q 0 0 0 rg BT 339.76 566.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 360.33 566.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.68 566.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.81 566.25 Td (less ) Tj ET Q q 0 0 0 rg BT 443.16 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.73 566.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 491.52 566.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 527.08 566.25 Td (we ) Tj ET Q q 0 0 0 rg BT 542.10 566.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 566.00 566.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 554.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 77.50 554.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.90 554.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.52 554.25 Td (other ) Tj ET Q q 0 0 0 rg BT 144.25 554.25 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 187.15 554.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 220.32 554.25 Td (from ) Tj ET Q q 0 0 0 rg BT 242.94 554.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 283.88 554.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 319.28 554.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 358.56 554.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 393.41 554.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.92 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.32 554.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 445.72 554.25 Td (we ) Tj ET Q q 0 0 0 rg BT 460.56 554.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 481.51 554.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.47 554.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 529.51 554.25 Td (through ) Tj ET Q q 0 0 0 rg BT 563.80 554.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 542.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 82.38 542.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.21 542.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 116.82 542.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.76 542.25 Td (their ) Tj ET Q q 0 0 0 rg BT 154.58 542.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 201.52 542.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 219.57 542.25 Td (or ) Tj ET Q q 0 0 0 rg BT 230.40 542.25 Td (securitization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 94.59 518.25 Td (T) Tj ET Q q 0 0 0 rg BT 100.35 518.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 120.28 518.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 137.98 518.25 Td (has ) Tj ET Q q 0 0 0 rg BT 153.75 518.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 184.49 518.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.70 518.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.58 518.25 Td (taxed ) Tj ET Q q 0 0 0 rg BT 230.67 518.25 Td (as ) Tj ET Q q 0 0 0 rg BT 241.43 518.25 Td (a ) Tj ET Q q 0 0 0 rg BT 248.30 518.25 Td (real ) Tj ET Q q 0 0 0 rg BT 265.72 518.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 290.92 518.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 337.23 518.25 Td (trust ) Tj ET Q q 0 0 0 rg BT 357.45 518.25 Td (\(REIT\) ) Tj ET Q q 0 0 0 rg BT 397.64 518.25 Td (under ) Tj ET Q q 0 0 0 rg BT 422.84 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.49 518.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 471.02 518.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 508.44 518.25 Td (Code ) Tj ET Q q 0 0 0 rg BT 531.98 518.25 Td (of ) Tj ET Q q 0 0 0 rg BT 542.74 518.25 Td (1986, ) Tj ET Q q 0 0 0 rg BT 567.68 518.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 506.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 74.64 506.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 92.74 506.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 130.82 506.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 168.35 506.25 Td (Code\), ) Tj ET Q q 0 0 0 rg BT 202.28 506.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 244.82 506.25 Td (with ) Tj ET Q q 0 0 0 rg BT 265.15 506.25 Td (its ) Tj ET Q q 0 0 0 rg BT 277.15 506.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 308.57 506.25 Td (year ) Tj ET Q q 0 0 0 rg BT 328.32 506.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 354.75 506.25 Td (December ) Tj ET Q q 0 0 0 rg BT 398.38 506.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 413.43 506.25 Td (1994. ) Tj ET Q q 0 0 0 rg BT 438.30 506.25 Td (W) Tj ET Q q 0 0 0 rg BT 446.93 506.25 Td (e ) Tj ET Q q 0 0 0 rg BT 453.92 506.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 493.67 506.25 Td (refer) Tj ET Q q 0 0 0 rg BT 512.14 506.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.19 506.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 563.18 506.25 Td (, ) Tj ET Q q 0 0 0 rg BT 568.23 506.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 494.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 77.23 494.25 Td (T) Tj ET Q q 0 0 0 rg BT 82.99 494.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 103.62 494.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 122.02 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.59 494.25 Td (those ) Tj ET Q q 0 0 0 rg BT 163.83 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.29 494.25 Td (its ) Tj ET Q q 0 0 0 rg BT 187.86 494.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 238.21 494.25 Td (that ) Tj ET Q q 0 0 0 rg BT 256.34 494.25 Td (are ) Tj ET Q q 0 0 0 rg BT 271.67 494.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.58 494.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 319.04 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 329.94 494.25 Td (subsidiary-level ) Tj ET Q q 0 0 0 rg BT 396.95 494.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 437.83 494.25 Td (income ) Tj ET Q q 0 0 0 rg BT 470.39 494.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.74 494.25 Td (as ) Tj ET Q q 0 0 0 rg BT 497.20 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.98 494.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 546.77 494.25 Td (or ) Tj ET Q q 0 0 0 rg BT 558.23 494.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 482.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 57.47 482.25 Td (. ) Tj ET Q q 0 0 0 rg BT 65.90 482.25 Td (W) Tj ET Q q 0 0 0 rg BT 74.54 482.25 Td (e ) Tj ET Q q 0 0 0 rg BT 80.58 482.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 119.38 482.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 139.85 482.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.24 482.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 198.06 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.99 482.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 247.81 482.25 Td (T) Tj ET Q q 0 0 0 rg BT 253.56 482.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 272.67 482.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 289.54 482.25 Td (that ) Tj ET Q q 0 0 0 rg BT 306.14 482.25 Td (are ) Tj ET Q q 0 0 0 rg BT 319.95 482.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 349.87 482.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.25 482.25 Td (subsidiary-level ) Tj ET Q q 0 0 0 rg BT 424.73 482.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 464.09 482.25 Td (income ) Tj ET Q q 0 0 0 rg BT 495.12 482.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.94 482.25 Td (as ) Tj ET Q q 0 0 0 rg BT 518.88 482.25 Td (our ) Tj ET Q q 0 0 0 rg BT 538.25 482.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 470.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 90.16 470.25 Td (or ) Tj ET Q q 0 0 0 rg BT 100.99 470.25 Td (our ) Tj ET Q q 0 0 0 rg BT 121.25 470.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 152.63 470.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 174.66 470.25 Td ( ) Tj ET Q q 0 0 0 rg BT 177.16 470.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 231.32 470.25 Td (or ) Tj ET Q q 0 0 0 rg BT 242.15 470.25 Td (TRS. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 94.56 449.25 Td (was ) Tj ET Q q 0 0 0 rg BT 112.34 449.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 165.11 449.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.12 449.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.57 449.25 Td (State ) Tj ET Q q 0 0 0 rg BT 211.79 449.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.35 449.25 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 263.46 449.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.20 449.25 Td (April1) Tj ET Q q 0 0 0 rg BT 303.44 449.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 313.17 449.25 Td (1994, ) Tj ET Q q 0 0 0 rg BT 337.90 449.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.57 449.25 Td (commenced ) Tj ET Q q 0 0 0 rg BT 405.11 449.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 449.00 449.25 Td (on ) Tj ET Q q 0 0 0 rg BT 460.74 449.25 Td (August19, ) Tj ET Q q 0 0 0 rg BT 506.86 449.25 Td (1994. ) Tj ET Q q 0 0 0 rg BT 531.59 449.25 Td (References ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 63.79 437.25 Td (to ) Tj ET Q q 0 0 0 rg BT 74.38 437.25 Td (Redwood, ) Tj ET Q q 0 0 0 rg BT 126.89 437.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.92 437.25 Td (company) Tj ET Q q 0 0 0 rg BT 182.36 437.25 Td (, ) Tj ET Q q 0 0 0 rg BT 192.11 437.25 Td (we, ) Tj ET Q q 0 0 0 rg BT 217.95 437.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 241.03 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.28 437.25 Td (our ) Tj ET Q q 0 0 0 rg BT 283.29 437.25 Td (include ) Tj ET Q q 0 0 0 rg BT 315.53 437.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 356.47 437.25 Td (T) Tj ET Q q 0 0 0 rg BT 362.22 437.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 382.53 437.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 400.61 437.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.85 437.25 Td (its ) Tj ET Q q 0 0 0 rg BT 430.11 437.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.46 437.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 535.98 437.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 563.79 437.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.25 Td (context ) Tj ET Q q 0 0 0 rg BT 67.93 425.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 109.31 425.25 Td (requires. ) Tj ET Q q 0 0 0 rg BT 146.52 425.25 Td (Refer ) Tj ET Q q 0 0 0 rg BT 171.22 425.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.50 425.25 Td (Item1 ) Tj ET Q q 0 0 0 rg BT 209.83 425.25 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.66 425.25 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.66 425.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.16 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 263.44 425.25 Td (this ) Tj ET Q q 0 0 0 rg BT 279.83 425.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 311.77 425.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 341.49 425.25 Td (on ) Tj ET Q q 0 0 0 rg BT 353.99 425.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 378.16 425.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 401.21 425.25 Td (for ) Tj ET Q q 0 0 0 rg BT 415.37 425.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 457.86 425.25 Td (information ) Tj ET Q q 0 0 0 rg BT 507.57 425.25 Td (on ) Tj ET Q q 0 0 0 rg BT 520.07 425.25 Td (our ) Tj ET Q q 0 0 0 rg BT 535.90 425.25 Td (business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 572.29 425.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 401.25 Td (Note 2. Basis of Pr) Tj ET Q q 0 0 0 rg BT 114.42 401.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.11 381.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 125.22 381.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.76 381.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 207.54 381.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 248.42 381.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 275.97 381.25 Td (are ) Tj ET Q q 0 0 0 rg BT 290.74 381.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.53 381.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 359.17 381.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.17 381.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.74 381.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.74 381.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 457.39 381.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.39 381.25 Td (, ) Tj ET Q q 0 0 0 rg BT 482.46 381.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.46 381.25 Td (for ) Tj ET Q q 0 0 0 rg BT 513.69 381.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.47 381.25 Td (years ) Tj ET Q q 0 0 0 rg BT 552.13 381.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 369.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 95.36 369.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.36 369.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.13 369.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.13 369.25 Td (, ) Tj ET Q q 0 0 0 rg BT 146.91 369.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.62 369.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.62 369.25 Td (. ) Tj ET Q q 0 0 0 rg BT 190.16 369.25 Td (These ) Tj ET Q q 0 0 0 rg BT 217.31 369.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 271.12 369.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 309.38 369.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 354.86 369.25 Td (have ) Tj ET Q q 0 0 0 rg BT 377.01 369.25 Td (been ) Tj ET Q q 0 0 0 rg BT 399.16 369.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 437.41 369.25 Td (in ) Tj ET Q q 0 0 0 rg BT 448.47 369.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 496.70 369.25 Td (with ) Tj ET Q q 0 0 0 rg BT 517.75 369.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 538.81 369.25 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 357.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 75.28 357.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 123.46 357.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 167.20 357.25 Td (\("GAAP"\) ) Tj ET Q q 0 0 0 rg BT 213.56 357.25 Td (as ) Tj ET Q q 0 0 0 rg BT 238.70 357.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 284.65 357.25 Td (by ) Tj ET Q q 0 0 0 rg BT 298.96 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.48 357.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 356.05 357.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 407.02 357.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 450.76 357.25 Td (Board) Tj ET Q q 0 0 0 rg BT 477.98 357.25 Td (s ) Tj ET Q q 0 0 0 rg BT 486.18 357.25 Td (\(F) Tj ET Q q 0 0 0 rg BT 498.77 357.25 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 529.35 357.25 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 345.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 78.20 345.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 130.95 345.25 Td (\(ASC\) ) Tj ET Q q 0 0 0 rg BT 181.20 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 198.40 345.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.38 345.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 235.58 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.78 345.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 299.97 345.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.07 345.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.04 345.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 368.24 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.44 345.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 427.62 345.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 480.95 345.25 Td (\("SEC"\). ) Tj ET Q q 0 0 0 rg BT 519.38 345.25 Td (In ) Tj ET Q q 0 0 0 rg BT 530.47 345.25 Td (the ) Tj ET Q q 0 0 0 rg BT 545.45 345.25 Td (opinion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 333.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.58 333.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 102.41 333.25 Td (all ) Tj ET Q q 0 0 0 rg BT 114.65 333.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 145.22 333.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.91 333.25 Td (recurring ) Tj ET Q q 0 0 0 rg BT 200.80 333.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 250.82 333.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.84 333.25 Td (present ) Tj ET Q q 0 0 0 rg BT 291.97 333.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 315.87 333.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.33 333.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.56 333.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 407.58 333.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.15 333.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.62 333.25 Td (company ) Tj ET Q q 0 0 0 rg BT 471.52 333.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.98 333.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 539.31 333.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.31 333.25 Td ( ) Tj ET Q q 0 0 0 rg BT 561.56 333.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 321.25 Td (results ) Tj ET Q q 0 0 0 rg BT 64.61 321.25 Td (of ) Tj ET Q q 0 0 0 rg BT 75.44 321.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 119.59 321.25 Td (for ) Tj ET Q q 0 0 0 rg BT 133.75 321.25 Td (all ) Tj ET Q q 0 0 0 rg BT 146.25 321.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 178.19 321.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 219.00 321.25 Td (have ) Tj ET Q q 0 0 0 rg BT 240.38 321.25 Td (been ) Tj ET Q q 0 0 0 rg BT 261.76 321.25 Td (made. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.25 Td ( ) Tj ET Q q 0 0 0 rg BT 56.66 297.25 Td (In ) Tj ET Q q 0 0 0 rg BT 67.66 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.53 297.25 Td (second ) Tj ET Q q 0 0 0 rg BT 112.97 297.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 143.94 297.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.94 297.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 180.10 297.25 Td (we ) Tj ET Q q 0 0 0 rg BT 194.42 297.25 Td (began ) Tj ET Q q 0 0 0 rg BT 220.96 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 231.40 297.25 Td (specifically ) Tj ET Q q 0 0 0 rg BT 280.15 297.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 313.92 297.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 360.45 297.25 Td (that ) Tj ET Q q 0 0 0 rg BT 378.11 297.25 Td (are ) Tj ET Q q 0 0 0 rg BT 392.98 297.25 Td (used ) Tj ET Q q 0 0 0 rg BT 413.97 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.42 297.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 450.96 297.25 Td (our ) Tj ET Q q 0 0 0 rg BT 466.95 297.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 505.71 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 516.15 297.25 Td (market ) Tj ET Q q 0 0 0 rg BT 546.58 297.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 285.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 53.99 285.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 72.00 285.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 116.10 285.25 Td (with ) Tj ET Q q 0 0 0 rg BT 136.88 285.25 Td (our ) Tj ET Q q 0 0 0 rg BT 153.22 285.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 193.99 285.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 233.65 285.25 Td (right ) Tj ET Q q 0 0 0 rg BT 255.55 285.25 Td (\("MSR"\) ) Tj ET Q q 0 0 0 rg BT 294.50 285.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 347.12 285.25 Td (As ) Tj ET Q q 0 0 0 rg BT 361.24 285.25 Td (a ) Tj ET Q q 0 0 0 rg BT 368.68 285.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 396.41 285.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 439.41 285.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.19 285.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.42 285.25 Td (second ) Tj ET Q q 0 0 0 rg BT 496.19 285.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 527.52 285.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.85 285.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 564.36 285.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 273.25 Td (changed ) Tj ET Q q 0 0 0 rg BT 71.13 273.25 Td (our ) Tj ET Q q 0 0 0 rg BT 86.28 273.25 Td (income ) Tj ET Q q 0 0 0 rg BT 117.53 273.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 157.66 273.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 208.35 273.25 Td (to ) Tj ET Q q 0 0 0 rg BT 217.94 273.25 Td (include ) Tj ET Q q 0 0 0 rg BT 249.19 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.22 273.25 Td (change ) Tj ET Q q 0 0 0 rg BT 293.35 273.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.95 273.25 Td (market ) Tj ET Q q 0 0 0 rg BT 332.53 273.25 Td (value ) Tj ET Q q 0 0 0 rg BT 356.00 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.14 273.25 Td (these ) Tj ET Q q 0 0 0 rg BT 388.51 273.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 434.19 273.25 Td (in ) Tj ET Q q 0 0 0 rg BT 443.79 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.82 273.25 Td (line ) Tj ET Q q 0 0 0 rg BT 474.63 273.25 Td (item ) Tj ET Q q 0 0 0 rg BT 494.22 273.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 539.35 273.25 Td (servicing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 261.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 61.19 261.25 Td (income ) Tj ET Q q 0 0 0 rg BT 93.04 261.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 120.17 261.25 Td (net. ) Tj ET Q q 0 0 0 rg BT 141.21 261.25 Td (As ) Tj ET Q q 0 0 0 rg BT 154.74 261.25 Td (we ) Tj ET Q q 0 0 0 rg BT 168.81 261.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 213.44 261.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 251.95 261.25 Td (our ) Tj ET Q q 0 0 0 rg BT 267.69 261.25 Td (market ) Tj ET Q q 0 0 0 rg BT 297.87 261.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 329.72 261.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 347.12 261.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 364.53 261.25 Td (on ) Tj ET Q q 0 0 0 rg BT 376.94 261.25 Td (a ) Tj ET Q q 0 0 0 rg BT 383.79 261.25 Td (portfolio-wide ) Tj ET Q q 0 0 0 rg BT 443.97 261.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 466.39 261.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.24 261.25 Td (did ) Tj ET Q q 0 0 0 rg BT 498.43 261.25 Td (not ) Tj ET Q q 0 0 0 rg BT 513.62 261.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 560.46 261.25 Td (rely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 249.25 Td (on ) Tj ET Q q 0 0 0 rg BT 48.22 249.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 94.32 249.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.32 249.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 130.42 249.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.98 249.25 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 175.72 249.25 Td (we ) Tj ET Q q 0 0 0 rg BT 189.60 249.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 218.48 249.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 254.58 249.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 276.24 249.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 307.91 249.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.91 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.35 249.25 Td (current ) Tj ET Q q 0 0 0 rg BT 362.89 249.25 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 416.33 249.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 460.46 249.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.47 249.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 502.13 249.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 523.79 249.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.79 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.23 249.25 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 237.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 67.10 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.22 237.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 101.00 237.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 142.10 237.25 Td (in ) Tj ET Q q 0 0 0 rg BT 152.67 237.25 Td (our ) Tj ET Q q 0 0 0 rg BT 168.78 237.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 222.11 237.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 267.11 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.22 237.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 312.94 237.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 349.62 237.25 Td (in ) Tj ET Q q 0 0 0 rg BT 360.18 237.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 406.28 237.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 445.72 237.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 471.29 237.25 Td (income ) Tj ET Q q 0 0 0 rg BT 503.50 237.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 531.01 237.25 Td (net ) Tj ET Q q 0 0 0 rg BT 550.45 237.25 Td (do ) Tj ET Q q 0 0 0 rg BT 563.24 237.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 225.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 62.89 225.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.46 225.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 105.03 225.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.71 225.25 Td (hedging. ) Tj ET Q q 0 0 0 rg BT 150.68 225.25 Td (These ) Tj ET Q q 0 0 0 rg BT 175.92 225.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 209.48 225.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.27 225.25 Td (year) Tj ET Q q 0 0 0 rg BT 242.28 225.25 Td (-over) Tj ET Q q 0 0 0 rg BT 263.18 225.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 285.07 225.25 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 336.97 225.25 Td (are ) Tj ET Q q 0 0 0 rg BT 350.53 225.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 390.22 225.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.35 225.25 Td (further ) Tj ET Q q 0 0 0 rg BT 427.91 225.25 Td (detail ) Tj ET Q q 0 0 0 rg BT 451.48 225.25 Td (in ) Tj ET Q q 0 0 0 rg BT 460.61 225.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 478.08 225.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 488.59 225.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 508.27 225.25 Td (7, ) Tj ET Q q 0 0 0 rg BT 517.13 225.25 Td (Management) Tj ET Q q 0 0 0 rg BT 572.11 225.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 213.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 82.39 213.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.78 213.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 136.28 213.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.11 213.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 186.82 213.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 229.33 213.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.26 213.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 278.21 213.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.04 213.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 335.42 213.25 Td (in ) Tj ET Q q 0 0 0 rg BT 345.70 213.25 Td (this ) Tj ET Q q 0 0 0 rg BT 362.09 213.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 394.03 213.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 423.75 213.25 Td (on ) Tj ET Q q 0 0 0 rg BT 436.25 213.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 460.42 213.25 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 103.90 189.25 Td (, ) Tj ET Q q 0 0 0 rg BT 109.13 189.25 Td (in ) Tj ET Q q 0 0 0 rg BT 119.63 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.58 189.25 Td (first ) Tj ET Q q 0 0 0 rg BT 153.41 189.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 184.46 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.51 189.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 220.74 189.25 Td (we ) Tj ET Q q 0 0 0 rg BT 235.13 189.25 Td (began ) Tj ET Q q 0 0 0 rg BT 261.73 189.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.24 189.25 Td (present ) Tj ET Q q 0 0 0 rg BT 303.84 189.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.79 189.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 353.72 189.25 Td (in ) Tj ET Q q 0 0 0 rg BT 364.22 189.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 380.83 189.25 Td (value ) Tj ET Q q 0 0 0 rg BT 405.21 189.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.27 189.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 446.20 189.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 496.70 189.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.86 189.25 Td (their ) Tj ET Q q 0 0 0 rg BT 534.92 189.25 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 177.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 83.01 177.25 Td (in ) Tj ET Q q 0 0 0 rg BT 93.93 177.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.29 177.25 Td (new ) Tj ET Q q 0 0 0 rg BT 129.10 177.25 Td (line ) Tj ET Q q 0 0 0 rg BT 147.23 177.25 Td (item ) Tj ET Q q 0 0 0 rg BT 168.15 177.25 Td ("Investment ) Tj ET Q q 0 0 0 rg BT 219.81 177.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 236.83 177.25 Td (value ) Tj ET Q q 0 0 0 rg BT 261.62 177.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 299.47 177.25 Td (net" ) Tj ET Q q 0 0 0 rg BT 318.91 177.25 Td (on ) Tj ET Q q 0 0 0 rg BT 332.05 177.25 Td (our ) Tj ET Q q 0 0 0 rg BT 348.53 177.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 402.21 177.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 447.56 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.04 177.25 Td (income ) Tj ET Q q 0 0 0 rg BT 491.61 177.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.19 177.25 Td (began ) Tj ET Q q 0 0 0 rg BT 536.21 177.25 Td (to ) Tj ET Q q 0 0 0 rg BT 547.13 177.25 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 165.25 Td (income ) Tj ET Q q 0 0 0 rg BT 67.47 165.25 Td (from ) Tj ET Q q 0 0 0 rg BT 88.94 165.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 128.74 165.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 163.00 165.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 201.13 165.25 Td (in ) Tj ET Q q 0 0 0 rg BT 210.95 165.25 Td ("Mortgage ) Tj ET Q q 0 0 0 rg BT 255.94 165.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 290.19 165.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 330.83 165.25 Td (net" ) Tj ET Q q 0 0 0 rg BT 349.16 165.25 Td (on ) Tj ET Q q 0 0 0 rg BT 361.20 165.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.57 165.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 429.14 165.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 473.39 165.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.76 165.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 517.58 165.25 Td (W) Tj ET Q q 0 0 0 rg BT 526.22 165.25 Td (e ) Tj ET Q q 0 0 0 rg BT 532.69 165.25 Td (conformed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 153.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.84 153.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 102.33 153.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.28 153.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 135.34 153.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 167.40 153.25 Td (related ) Tj ET Q q 0 0 0 rg BT 197.22 153.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.62 153.25 Td (this ) Tj ET Q q 0 0 0 rg BT 224.69 153.25 Td (change ) Tj ET Q q 0 0 0 rg BT 255.63 153.25 Td (for ) Tj ET Q q 0 0 0 rg BT 269.91 153.25 Td (consistency ) Tj ET Q q 0 0 0 rg BT 319.19 153.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.14 153.25 Td (comparison. ) Tj ET Q q 0 0 0 rg BT 381.92 153.25 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 398.97 153.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 420.48 153.25 Td (18 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.10 153.25 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.54 153.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.16 153.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 471.67 153.25 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.67 153.25 Td ( ) Tj ET Q q 0 0 0 rg BT 484.29 153.25 Td (for ) Tj ET Q q 0 0 0 rg BT 498.57 153.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 541.18 153.25 Td (detail ) Tj ET Q q 0 0 0 rg BT 566.02 153.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 141.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 141.25 Td (components ) Tj ET Q q 0 0 0 rg BT 101.54 141.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.37 141.25 Td (these ) Tj ET Q q 0 0 0 rg BT 135.42 141.25 Td (income ) Tj ET Q q 0 0 0 rg BT 167.35 141.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 208.17 141.25 Td (line ) Tj ET Q q 0 0 0 rg BT 225.67 141.25 Td (items.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 111.25 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.25 Td (In ) Tj ET Q q 0 0 0 rg BT 65.78 87.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 114.20 87.25 Td (with ) Tj ET Q q 0 0 0 rg BT 135.43 87.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 161.55 87.25 Td (, ) Tj ET Q q 0 0 0 rg BT 167.50 87.25 Td (we ) Tj ET Q q 0 0 0 rg BT 182.62 87.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 226.05 87.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 261.71 87.25 Td (we ) Tj ET Q q 0 0 0 rg BT 276.82 87.25 Td (must ) Tj ET Q q 0 0 0 rg BT 299.73 87.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 348.72 87.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 395.48 87.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 433.92 87.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 460.70 87.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.59 87.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 514.25 87.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.13 87.25 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 75.25 Td (\(VIEs\) ) Tj ET Q q 0 0 0 rg BT 75.24 75.25 Td (for ) Tj ET Q q 0 0 0 rg BT 90.05 75.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 128.18 75.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 167.98 75.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 208.96 75.25 Td (W) Tj ET Q q 0 0 0 rg BT 217.59 75.25 Td (e ) Tj ET Q q 0 0 0 rg BT 225.18 75.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 264.42 75.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 313.12 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.48 75.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 354.96 75.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.55 75.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 412.92 75.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.40 75.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 454.75 75.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 490.11 75.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 547.13 75.25 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 63.25 Td (where ) Tj ET Q q 0 0 0 rg BT 62.42 63.25 Td (we ) Tj ET Q q 0 0 0 rg BT 76.07 63.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 113.05 63.25 Td (an ) Tj ET Q q 0 0 0 rg BT 124.48 63.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 159.25 63.25 Td (involvement. ) Tj ET Q q 0 0 0 rg BT 213.73 63.25 Td (From ) Tj ET Q q 0 0 0 rg BT 237.39 63.25 Td (its ) Tj ET Q q 0 0 0 rg BT 248.83 63.25 Td (creation ) Tj ET Q q 0 0 0 rg BT 283.03 63.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.80 63.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 314.79 63.25 Td (through ) Tj ET Q q 0 0 0 rg BT 347.89 63.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.10 63.25 Td (second ) Tj ET Q q 0 0 0 rg BT 391.86 63.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 422.16 63.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.48 63.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 456.97 63.25 Td (when ) Tj ET Q q 0 0 0 rg BT 480.63 63.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.83 63.25 Td (third ) Tj ET Q q 0 0 0 rg BT 515.71 63.25 Td (party ) Tj ET Q q 0 0 0 rg BT 538.25 63.25 Td (financing ) Tj ET Q endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 2. Basis of Pr) Tj ET Q q 0 0 0 rg BT 114.42 692.60 Td (esentation - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.45 42.60 Td (F- 1) Tj ET Q q 0 0 0 rg BT 311.47 42.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (was ) Tj ET Q q 0 0 0 rg BT 54.52 668.10 Td (repaid, ) Tj ET Q q 0 0 0 rg BT 84.97 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 99.60 668.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 153.10 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.29 668.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 194.58 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.99 668.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 252.17 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.47 668.10 Td (an ) Tj ET Q q 0 0 0 rg BT 275.87 668.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 301.61 668.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 333.46 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.20 668.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 391.04 668.10 Td (with ) Tj ET Q q 0 0 0 rg BT 411.78 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.19 668.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 469.35 668.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 526.19 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.93 668.10 Td (which ) Tj ET Q q 0 0 0 rg BT 564.33 668.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 73.66 656.10 Td (\(Commercial ) Tj ET Q q 0 0 0 rg BT 135.19 656.10 Td (Securitization\). ) Tj ET Q q 0 0 0 rg BT 205.02 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 213.66 656.10 Td (e ) Tj ET Q q 0 0 0 rg BT 222.44 656.10 Td (also ) Tj ET Q q 0 0 0 rg BT 242.89 656.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 297.77 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.33 656.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 342.00 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.78 656.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 402.33 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.00 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 428.78 656.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 455.89 656.10 Td (formed ) Tj ET Q q 0 0 0 rg BT 489.11 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.23 656.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 549.44 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 571.56 656.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (resecuritization ) Tj ET Q q 0 0 0 rg BT 100.04 644.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 146.31 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 160.38 644.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 196.09 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.27 644.10 Td (\(Residential ) Tj ET Q q 0 0 0 rg BT 261.43 644.10 Td (Resecuritization\) ) Tj ET Q q 0 0 0 rg BT 336.58 644.10 Td (from ) Tj ET Q q 0 0 0 rg BT 358.42 644.10 Td (its ) Tj ET Q q 0 0 0 rg BT 370.27 644.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 404.88 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.06 644.10 Td (201) Tj ET Q q 0 0 0 rg BT 429.69 644.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 437.09 644.10 Td (through ) Tj ET Q q 0 0 0 rg BT 470.60 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.22 644.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 512.06 644.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 542.78 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 553.51 644.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (when ) Tj ET Q q 0 0 0 rg BT 60.70 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.95 632.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 96.21 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.58 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.83 632.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 148.65 632.10 Td (was ) Tj ET Q q 0 0 0 rg BT 167.24 632.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 195.26 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.74 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.99 632.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 254.36 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.73 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.98 632.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 306.80 632.10 Td (were ) Tj ET Q q 0 0 0 rg BT 329.26 632.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 375.08 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.89 632.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 400.32 632.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 423.35 632.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 480.25 632.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 506.06 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 515.77 632.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 567.68 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 77.50 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.11 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.61 620.10 Td (each ) Tj ET Q q 0 0 0 rg BT 128.10 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 151.82 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.43 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.82 620.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.32 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.93 620.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 269.32 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.69 620.10 Td (not ) Tj ET Q q 0 0 0 rg BT 300.64 620.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 330.48 620.10 Td (by ) Tj ET Q q 0 0 0 rg BT 343.65 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.26 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 376.63 620.10 Td (not ) Tj ET Q q 0 0 0 rg BT 392.58 620.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 415.19 620.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 462.80 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.31 620.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 515.58 620.10 Td (T) Tj ET Q q 0 0 0 rg BT 521.33 620.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 542.01 620.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 560.45 620.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 74.37 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.42 608.10 Td (these ) Tj ET Q q 0 0 0 rg BT 107.24 608.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 138.40 608.10 Td (is ) Tj ET Q q 0 0 0 rg BT 147.34 608.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 186.83 608.10 Td (through ) Tj ET Q q 0 0 0 rg BT 220.21 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.70 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 271.95 608.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 307.55 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 321.48 608.10 Td (have ) Tj ET Q q 0 0 0 rg BT 342.63 608.10 Td (retained, ) Tj ET Q q 0 0 0 rg BT 379.61 608.10 Td (although ) Tj ET Q q 0 0 0 rg BT 416.87 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 430.81 608.10 Td (are ) Tj ET Q q 0 0 0 rg BT 445.29 608.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 480.33 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.38 608.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 519.85 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 557.11 608.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 596.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.47 596.10 Td (with ) Tj ET Q q 0 0 0 rg BT 99.63 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.34 596.10 Td (role ) Tj ET Q q 0 0 0 rg BT 133.26 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 143.97 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 150.79 596.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 181.50 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.38 596.10 Td (manager) Tj ET Q q 0 0 0 rg BT 220.40 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.28 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.99 596.10 Td (depositor ) Tj ET Q q 0 0 0 rg BT 275.58 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.29 596.10 Td (these ) Tj ET Q q 0 0 0 rg BT 309.21 596.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 340.47 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.18 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 361.89 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.71 596.10 Td (result ) Tj ET Q q 0 0 0 rg BT 393.30 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.01 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.72 596.10 Td (having ) Tj ET Q q 0 0 0 rg BT 449.31 596.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 468.36 596.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 494.07 596.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 526.99 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 537.69 596.10 Td (indirectly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 584.10 Td (these ) Tj ET Q q 0 0 0 rg BT 69.33 584.10 Td (entities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.10 Td (For ) Tj ET Q q 0 0 0 rg BT 71.15 560.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.39 560.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 149.30 560.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 190.61 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.09 560.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 252.67 560.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 277.04 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.73 560.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 335.76 560.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 365.67 560.10 Td (at ) Tj ET Q q 0 0 0 rg BT 376.15 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.63 560.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 445.43 560.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 480.90 560.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 515.54 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.02 560.10 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (Resecuritization ) Tj ET Q q 0 0 0 rg BT 104.62 548.10 Td (entity) Tj ET Q q 0 0 0 rg BT 126.75 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.89 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.98 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.84 548.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 219.92 548.10 Td (Securitization ) Tj ET Q q 0 0 0 rg BT 279.10 548.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 305.52 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 321.37 548.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 351.13 548.10 Td (under ) Tj ET Q q 0 0 0 rg BT 377.55 548.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 422.84 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.93 548.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 491.77 548.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 516.53 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.61 548.10 Td (real ) Tj ET Q q 0 0 0 rg BT 553.25 548.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.86 536.10 Td (on ) Tj ET Q q 0 0 0 rg BT 89.95 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.37 536.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 160.01 536.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 193.63 536.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 223.44 536.10 Td (The ) Tj ET Q q 0 0 0 rg BT 242.08 536.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 296.26 536.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 337.12 536.10 Td (\(ABS\) ) Tj ET Q q 0 0 0 rg BT 375.20 536.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 403.29 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.17 536.10 Td (third ) Tj ET Q q 0 0 0 rg BT 436.15 536.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 465.89 536.10 Td (by ) Tj ET Q q 0 0 0 rg BT 478.99 536.10 Td (these ) Tj ET Q q 0 0 0 rg BT 502.63 536.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 534.60 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 549.90 536.10 Td (shown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (under ) Tj ET Q q 0 0 0 rg BT 61.14 524.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 83.63 524.10 Td (issued. ) Tj ET Q q 0 0 0 rg BT 114.17 524.10 Td (In ) Tj ET Q q 0 0 0 rg BT 125.54 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.92 524.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 195.50 524.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 240.75 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.12 524.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 287.10 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 301.80 524.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 339.81 524.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 372.29 524.10 Td (income ) Tj ET Q q 0 0 0 rg BT 404.76 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 417.81 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.06 524.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 457.21 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.69 524.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 515.50 524.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 545.20 524.10 Td (at ) Tj ET Q q 0 0 0 rg BT 555.46 524.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 67.98 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.52 512.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 118.06 512.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 153.37 512.10 Td (on ) Tj ET Q q 0 0 0 rg BT 166.47 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.10 512.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 203.66 512.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 231.76 512.10 Td (by ) Tj ET Q q 0 0 0 rg BT 244.86 512.10 Td (these ) Tj ET Q q 0 0 0 rg BT 268.51 512.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 300.50 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 311.93 512.10 Td (well ) Tj ET Q q 0 0 0 rg BT 332.25 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.68 512.10 Td (other ) Tj ET Q q 0 0 0 rg BT 367.33 512.10 Td (income ) Tj ET Q q 0 0 0 rg BT 399.86 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.41 512.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 456.61 512.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 500.80 512.10 Td (with ) Tj ET Q q 0 0 0 rg BT 521.68 512.10 Td (these ) Tj ET Q q 0 0 0 rg BT 545.33 512.10 Td (entities' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 77.10 500.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 94.04 500.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 115.42 500.10 Td (13 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.92 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 142.08 500.10 Td (further ) Tj ET Q q 0 0 0 rg BT 171.79 500.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 215.96 500.10 Td (on ) Tj ET Q q 0 0 0 rg BT 227.91 500.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 249.86 500.10 Td (issued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 476.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 92.33 476.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.83 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.99 476.10 Td (further ) Tj ET Q q 0 0 0 rg BT 143.69 476.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 187.86 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.36 476.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 242.30 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.13 476.10 Td (consolidation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 446.10 Td (Use of Estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.94 426.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 119.86 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.58 426.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.95 426.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.55 426.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 247.15 426.10 Td (us ) Tj ET Q q 0 0 0 rg BT 258.43 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 268.60 426.10 Td (make ) Tj ET Q q 0 0 0 rg BT 292.65 426.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.47 426.10 Td (number ) Tj ET Q q 0 0 0 rg BT 332.41 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.13 426.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 387.73 426.10 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 429.66 426.10 Td (These ) Tj ET Q q 0 0 0 rg BT 455.93 426.10 Td (include ) Tj ET Q q 0 0 0 rg BT 487.75 426.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 527.35 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.08 426.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 554.34 426.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.20 414.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 75.26 414.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 100.46 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.76 414.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 158.34 414.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 194.10 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.40 414.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 238.38 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.57 414.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 273.20 414.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 301.46 414.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 350.53 414.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 373.77 414.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.07 414.10 Td (other ) Tj ET Q q 0 0 0 rg BT 412.48 414.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 451.56 414.10 Td (that ) Tj ET Q q 0 0 0 rg BT 468.42 414.10 Td (af) Tj ET Q q 0 0 0 rg BT 476.01 414.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 492.86 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.94 414.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 542.12 414.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.01 402.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 76.90 402.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 102.91 402.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.03 402.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 159.93 402.10 Td (as ) Tj ET Q q 0 0 0 rg BT 170.94 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.95 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.85 402.10 Td (date ) Tj ET Q q 0 0 0 rg BT 216.19 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.20 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.10 402.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 295.32 402.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.99 402.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 377.88 402.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.00 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.90 402.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 445.90 402.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 482.47 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.48 402.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 523.36 402.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 561.58 402.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 390.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 74.10 390.10 Td (during ) Tj ET Q q 0 0 0 rg BT 102.22 390.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.44 390.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 151.76 390.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 185.71 390.10 Td (It ) Tj ET Q q 0 0 0 rg BT 193.82 390.10 Td (is ) Tj ET Q q 0 0 0 rg BT 202.50 390.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 227.28 390.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.28 390.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 278.49 390.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.27 390.10 Td (these ) Tj ET Q q 0 0 0 rg BT 310.83 390.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 350.04 390.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 372.32 390.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 411.54 390.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 445.75 390.10 Td (due ) Tj ET Q q 0 0 0 rg BT 462.19 390.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.98 390.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 500.65 390.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.10 390.10 Td (demand, ) Tj ET Q q 0 0 0 rg BT 553.26 390.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 378.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 91.43 378.10 Td (prepayments, ) Tj ET Q q 0 0 0 rg BT 147.44 378.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 179.28 378.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 203.07 378.10 Td (or ) Tj ET Q q 0 0 0 rg BT 213.81 378.10 Td (other ) Tj ET Q q 0 0 0 rg BT 236.76 378.10 Td (reasons\) ) Tj ET Q q 0 0 0 rg BT 272.49 378.10 Td (will ) Tj ET Q q 0 0 0 rg BT 290.46 378.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 315.07 378.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.26 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.89 378.10 Td (near ) Tj ET Q q 0 0 0 rg BT 359.51 378.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 382.74 378.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 400.70 378.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 440.32 378.10 Td (are ) Tj ET Q q 0 0 0 rg BT 454.94 378.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 497.89 378.10 Td (subjective ) Tj ET Q q 0 0 0 rg BT 540.84 378.10 Td (in ) Tj ET Q q 0 0 0 rg BT 551.03 378.10 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 366.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 79.31 366.10 Td (results ) Tj ET Q q 0 0 0 rg BT 107.92 366.10 Td (could ) Tj ET Q q 0 0 0 rg BT 132.64 366.10 Td (dif) Tj ET Q q 0 0 0 rg BT 143.56 366.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 157.16 366.10 Td (from ) Tj ET Q q 0 0 0 rg BT 179.10 366.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.93 366.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 234.64 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.58 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.30 366.10 Td (dif) Tj ET Q q 0 0 0 rg BT 277.23 366.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 313.03 366.10 Td (could ) Tj ET Q q 0 0 0 rg BT 337.75 366.10 Td (be ) Tj ET Q q 0 0 0 rg BT 349.69 366.10 Td (material.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 345.10 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 345.10 Td (Accounting Policies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 315.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 83.70 315.10 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 283.7669921875 m 141.4443359375 283.7669921875 l s q 0 0 0 rg BT 36.00 285.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 61.28 285.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 111.18 285.10 Td (ements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.50 267.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 123.98 267.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.90 267.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 205.06 267.10 Td (include ) Tj ET Q q 0 0 0 rg BT 236.44 267.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 261.71 267.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.09 267.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 317.25 267.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.19 267.10 Td (are ) Tj ET Q q 0 0 0 rg BT 348.34 267.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 388.60 267.10 Td (at ) Tj ET Q q 0 0 0 rg BT 397.76 267.10 Td (their ) Tj ET Q q 0 0 0 rg BT 418.03 267.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 458.29 267.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 474.11 267.10 Td (values ) Tj ET Q q 0 0 0 rg BT 501.60 267.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.32 267.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 558.23 267.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 255.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 62.12 255.10 Td (. ) Tj ET Q q 0 0 0 rg BT 66.63 255.10 Td (A) Tj ET Q q 0 0 0 rg BT 73.30 255.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.89 255.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 92.36 255.10 Td (value ) Tj ET Q q 0 0 0 rg BT 116.60 255.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 172.50 255.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 215.62 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.43 255.10 Td (price ) Tj ET Q q 0 0 0 rg BT 253.00 255.10 Td (at ) Tj ET Q q 0 0 0 rg BT 262.81 255.10 Td (which ) Tj ET Q q 0 0 0 rg BT 289.83 255.10 Td (an ) Tj ET Q q 0 0 0 rg BT 301.86 255.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 333.32 255.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 379.78 255.10 Td (would ) Tj ET Q q 0 0 0 rg BT 407.37 255.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 432.17 255.10 Td (between ) Tj ET Q q 0 0 0 rg BT 468.07 255.10 Td (willing ) Tj ET Q q 0 0 0 rg BT 498.99 255.10 Td (market ) Tj ET Q q 0 0 0 rg BT 529.34 255.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 243.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.72 243.10 Td (the ) Tj ET Q q 0 0 0 rg BT 60.43 243.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 116.24 243.10 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 225.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 225.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.93 225.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 104.45 225.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 121.18 225.10 Td (values ) Tj ET Q q 0 0 0 rg BT 149.59 225.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.10 225.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.94 225.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.13 225.10 Td (or ) Tj ET Q q 0 0 0 rg BT 239.32 225.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 279.39 225.10 Td (based ) Tj ET Q q 0 0 0 rg BT 305.02 225.10 Td (on ) Tj ET Q q 0 0 0 rg BT 317.88 225.10 Td (available ) Tj ET Q q 0 0 0 rg BT 356.83 225.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 384.13 225.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.43 225.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 432.61 225.10 Td (that ) Tj ET Q q 0 0 0 rg BT 450.46 225.10 Td (is ) Tj ET Q q 0 0 0 rg BT 459.99 225.10 Td (observed ) Tj ET Q q 0 0 0 rg BT 498.95 225.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.58 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.66 225.10 Td (marketplace. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 213.10 Td (After ) Tj ET Q q 0 0 0 rg BT 60.77 213.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 111.09 213.10 Td (all ) Tj ET Q q 0 0 0 rg BT 124.75 213.10 Td (available ) Tj ET Q q 0 0 0 rg BT 164.51 213.10 Td (indications ) Tj ET Q q 0 0 0 rg BT 212.06 213.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.06 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.95 213.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 289.15 213.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 307.80 213.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.80 213.10 Td (return ) Tj ET Q q 0 0 0 rg BT 347.34 213.10 Td (that ) Tj ET Q q 0 0 0 rg BT 366.01 213.10 Td (market ) Tj ET Q q 0 0 0 rg BT 397.44 213.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 447.76 213.10 Td (would ) Tj ET Q q 0 0 0 rg BT 476.43 213.10 Td (require, ) Tj ET Q q 0 0 0 rg BT 510.91 213.10 Td (we ) Tj ET Q q 0 0 0 rg BT 526.24 213.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 563.79 213.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 201.10 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 98.48 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.31 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.02 201.10 Td (range ) Tj ET Q q 0 0 0 rg BT 148.73 201.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 187.88 201.10 Td (by ) Tj ET Q q 0 0 0 rg BT 200.38 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 201.10 Td (results ) Tj ET Q q 0 0 0 rg BT 243.71 201.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.98 201.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 296.46 201.10 Td (an ) Tj ET Q q 0 0 0 rg BT 308.40 201.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 344.22 201.10 Td (that ) Tj ET Q q 0 0 0 rg BT 361.72 201.10 Td (is ) Tj ET Q q 0 0 0 rg BT 370.89 201.10 Td (most ) Tj ET Q q 0 0 0 rg BT 392.84 201.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 451.42 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.25 201.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 478.62 201.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.11 183.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 106.32 183.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.54 183.10 Td (many ) Tj ET Q q 0 0 0 rg BT 145.32 183.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.21 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.99 183.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 196.88 183.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.43 183.10 Td (we ) Tj ET Q q 0 0 0 rg BT 228.65 183.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 255.10 183.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.44 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.44 183.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 305.00 183.10 Td (are ) Tj ET Q q 0 0 0 rg BT 319.76 183.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 359.52 183.10 Td (illiquid. ) Tj ET Q q 0 0 0 rg BT 393.48 183.10 Td (Establishing ) Tj ET Q q 0 0 0 rg BT 445.48 183.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 461.92 183.10 Td (values ) Tj ET Q q 0 0 0 rg BT 490.02 183.10 Td (for ) Tj ET Q q 0 0 0 rg BT 504.24 183.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 535.70 183.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 561.59 183.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 171.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 75.81 171.10 Td (is ) Tj ET Q q 0 0 0 rg BT 85.08 171.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 128.21 171.10 Td (subjective ) Tj ET Q q 0 0 0 rg BT 171.35 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.39 171.10 Td (is ) Tj ET Q q 0 0 0 rg BT 197.65 171.10 Td (often ) Tj ET Q q 0 0 0 rg BT 220.79 171.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 264.48 171.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 287.08 171.10 Td (our ) Tj ET Q q 0 0 0 rg BT 303.00 171.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 342.81 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.84 171.10 Td (modeling ) Tj ET Q q 0 0 0 rg BT 400.21 171.10 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 454.75 171.10 Td (If ) Tj ET Q q 0 0 0 rg BT 464.01 171.10 Td (we ) Tj ET Q q 0 0 0 rg BT 478.27 171.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 520.84 171.10 Td (that ) Tj ET Q q 0 0 0 rg BT 538.43 171.10 Td (either ) Tj ET Q q 0 0 0 rg BT 563.79 171.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 159.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 69.56 159.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 98.67 159.10 Td (level ) Tj ET Q q 0 0 0 rg BT 121.66 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.55 159.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 165.44 159.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 198.99 159.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.22 159.10 Td (an ) Tj ET Q q 0 0 0 rg BT 227.22 159.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 250.22 159.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.11 159.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 296.78 159.10 Td (has ) Tj ET Q q 0 0 0 rg BT 313.67 159.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 367.22 159.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 410.20 159.10 Td (from ) Tj ET Q q 0 0 0 rg BT 433.20 159.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 465.09 159.10 Td (market ) Tj ET Q q 0 0 0 rg BT 496.41 159.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 544.14 159.10 Td (or ) Tj ET Q q 0 0 0 rg BT 556.03 159.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 147.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 80.12 147.10 Td (or ) Tj ET Q q 0 0 0 rg BT 90.90 147.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 136.66 147.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 163.56 147.10 Td (are ) Tj ET Q q 0 0 0 rg BT 178.22 147.10 Td (not ) Tj ET Q q 0 0 0 rg BT 193.45 147.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 237.00 147.10 Td (with ) Tj ET Q q 0 0 0 rg BT 257.23 147.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 288.55 147.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 341.27 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.94 147.10 Td (market ) Tj ET Q q 0 0 0 rg BT 386.15 147.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 413.05 147.10 Td (that ) Tj ET Q q 0 0 0 rg BT 430.50 147.10 Td (we ) Tj ET Q q 0 0 0 rg BT 444.61 147.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 472.05 147.10 Td (might ) Tj ET Q q 0 0 0 rg BT 497.84 147.10 Td (not ) Tj ET Q q 0 0 0 rg BT 513.07 147.10 Td (be ) Tj ET Q q 0 0 0 rg BT 524.96 147.10 Td (relevant. ) Tj ET Q q 0 0 0 rg BT 562.11 147.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 135.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 74.83 135.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 103.39 135.10 Td (or ) Tj ET Q q 0 0 0 rg BT 114.18 135.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 144.97 135.10 Td (service ) Tj ET Q q 0 0 0 rg BT 175.74 135.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 204.31 135.10 Td (might ) Tj ET Q q 0 0 0 rg BT 230.10 135.10 Td (not ) Tj ET Q q 0 0 0 rg BT 245.34 135.10 Td (be ) Tj ET Q q 0 0 0 rg BT 257.24 135.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 291.90 135.10 Td (if ) Tj ET Q q 0 0 0 rg BT 300.47 135.10 Td (an ) Tj ET Q q 0 0 0 rg BT 312.37 135.10 Td (active ) Tj ET Q q 0 0 0 rg BT 338.70 135.10 Td (market ) Tj ET Q q 0 0 0 rg BT 368.93 135.10 Td (does ) Tj ET Q q 0 0 0 rg BT 389.72 135.10 Td (not ) Tj ET Q q 0 0 0 rg BT 404.95 135.10 Td (exist ) Tj ET Q q 0 0 0 rg BT 426.30 135.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.42 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.10 135.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.54 135.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 514.44 135.10 Td (or ) Tj ET Q q 0 0 0 rg BT 525.23 135.10 Td (liability) Tj ET Q q 0 0 0 rg BT 555.69 135.10 Td (. ) Tj ET Q q 0 0 0 rg BT 560.47 135.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 63.49 123.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.32 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.03 123.10 Td (quote ) Tj ET Q q 0 0 0 rg BT 113.75 123.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 131.24 123.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 170.11 123.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 204.82 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.54 123.10 Td (quote ) Tj ET Q q 0 0 0 rg BT 244.25 123.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.42 123.10 Td (an ) Tj ET Q q 0 0 0 rg BT 265.36 123.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 307.29 123.10 Td (price ) Tj ET Q q 0 0 0 rg BT 329.77 123.10 Td (or ) Tj ET Q q 0 0 0 rg BT 340.60 123.10 Td (a ) Tj ET Q q 0 0 0 rg BT 347.54 123.10 Td (binding ) Tj ET Q q 0 0 0 rg BT 380.60 123.10 Td (of) Tj ET Q q 0 0 0 rg BT 388.75 123.10 Td (fer\) ) Tj ET Q q 0 0 0 rg BT 405.68 123.10 Td (is ) Tj ET Q q 0 0 0 rg BT 414.85 123.10 Td (also ) Tj ET Q q 0 0 0 rg BT 433.46 123.10 Td (evaluated. ) Tj ET Q endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.37 668.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 125.04 668.10 Td (where ) Tj ET Q q 0 0 0 rg BT 152.51 668.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 187.75 668.10 Td (market ) Tj ET Q q 0 0 0 rg BT 218.55 668.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 246.04 668.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 275.73 668.10 Td (be ) Tj ET Q q 0 0 0 rg BT 288.20 668.10 Td (obtained, ) Tj ET Q q 0 0 0 rg BT 328.17 668.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 368.97 668.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 404.22 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.70 668.10 Td (management ) Tj ET Q q 0 0 0 rg BT 475.82 668.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 516.63 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 531.88 668.10 Td (required ) Tj ET Q q 0 0 0 rg BT 568.23 668.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 72.40 656.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 89.35 656.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 116.36 656.10 Td (This ) Tj ET Q q 0 0 0 rg BT 137.22 656.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 177.50 656.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 212.78 656.10 Td (us ) Tj ET Q q 0 0 0 rg BT 224.75 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.61 656.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 273.68 656.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 307.30 656.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 359.83 656.10 Td (about ) Tj ET Q q 0 0 0 rg BT 385.12 656.10 Td (future ) Tj ET Q q 0 0 0 rg BT 412.08 656.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 432.92 656.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 458.22 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.74 656.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 524.35 656.10 Td (risk-adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 72.54 644.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 96.57 644.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 143.09 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.08 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.94 644.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 208.81 644.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 235.91 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 250.22 644.10 Td (apply) Tj ET Q q 0 0 0 rg BT 271.79 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 276.94 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.81 644.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 331.11 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.09 644.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 358.62 644.10 Td (value ) Tj ET Q q 0 0 0 rg BT 382.92 644.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 438.89 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 453.20 644.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 479.18 644.10 Td (is ) Tj ET Q q 0 0 0 rg BT 488.50 644.10 Td (unchanged ) Tj ET Q q 0 0 0 rg BT 534.47 644.10 Td (from ) Tj ET Q q 0 0 0 rg BT 556.56 644.10 Td (what ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (it ) Tj ET Q q 0 0 0 rg BT 44.62 632.10 Td (would ) Tj ET Q q 0 0 0 rg BT 72.68 632.10 Td (be ) Tj ET Q q 0 0 0 rg BT 85.19 632.10 Td (if ) Tj ET Q q 0 0 0 rg BT 94.36 632.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 129.08 632.10 Td (were ) Tj ET Q q 0 0 0 rg BT 151.57 632.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 192.40 632.10 Td (at ) Tj ET Q q 0 0 0 rg BT 202.68 632.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 234.07 632.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 267.12 632.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 293.51 632.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 322.12 632.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 372.95 632.10 Td (were ) Tj ET Q q 0 0 0 rg BT 395.44 632.10 Td (orderly; ) Tj ET Q q 0 0 0 rg BT 430.16 632.10 Td (that ) Tj ET Q q 0 0 0 rg BT 448.22 632.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 460.46 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.30 632.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 514.34 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.62 632.10 Td (current ) Tj ET Q q 0 0 0 rg BT 561.00 632.10 Td (exit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (price. ) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.25 596.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.19 596.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 92.58 596.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.58 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.08 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.24 596.10 Td (further ) Tj ET Q q 0 0 0 rg BT 143.94 596.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 188.11 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.61 596.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 216.99 596.10 Td (value ) Tj ET Q q 0 0 0 rg BT 241.14 596.10 Td (measurements. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 564.7669921875 m 111.2734375 564.7669921875 l s q 0 0 0 rg BT 36.00 566.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 61.28 566.10 Td (alue Option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 548.10 Td (e ) Tj ET Q q 0 0 0 rg BT 70.14 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.09 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.37 548.10 Td (option ) Tj ET Q q 0 0 0 rg BT 135.99 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.84 548.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 183.22 548.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 216.28 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.32 548.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 283.22 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.27 548.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 364.05 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.55 548.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 439.06 548.10 Td (at ) Tj ET Q q 0 0 0 rg BT 449.34 548.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 466.29 548.10 Td (value ) Tj ET Q q 0 0 0 rg BT 491.01 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.07 548.10 Td (an ) Tj ET Q q 0 0 0 rg BT 516.58 548.10 Td (instrument-by-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 81.09 536.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 105.74 536.10 Td (This ) Tj ET Q q 0 0 0 rg BT 125.83 536.10 Td (option ) Tj ET Q q 0 0 0 rg BT 153.71 536.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.70 536.10 Td (available ) Tj ET Q q 0 0 0 rg BT 201.10 536.10 Td (when ) Tj ET Q q 0 0 0 rg BT 225.08 536.10 Td (we ) Tj ET Q q 0 0 0 rg BT 239.06 536.10 Td (first ) Tj ET Q q 0 0 0 rg BT 257.48 536.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 298.66 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.42 536.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.71 536.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 364.47 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.11 536.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.41 536.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 445.84 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 456.48 536.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 478.79 536.10 Td (into ) Tj ET Q q 0 0 0 rg BT 496.66 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 503.42 536.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 522.95 536.10 Td (commitment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 84.58 524.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 119.25 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.50 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.19 524.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 160.54 524.10 Td (value ) Tj ET Q q 0 0 0 rg BT 184.66 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.46 524.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 223.76 524.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 265.95 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.86 524.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 339.76 524.10 Td (where ) Tj ET Q q 0 0 0 rg BT 366.66 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 380.79 524.10 Td (have ) Tj ET Q q 0 0 0 rg BT 402.14 524.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 432.92 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.61 524.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.95 524.10 Td (value ) Tj ET Q q 0 0 0 rg BT 488.08 524.10 Td (option ) Tj ET Q q 0 0 0 rg BT 516.10 524.10 Td (are ) Tj ET Q q 0 0 0 rg BT 530.78 524.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 568.23 524.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 512.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 104.87 512.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 149.58 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.41 512.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 488.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.82 488.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 91.44 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.40 488.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 123.02 488.10 Td (value ) Tj ET Q q 0 0 0 rg BT 147.42 488.10 Td (option ) Tj ET Q q 0 0 0 rg BT 175.72 488.10 Td (for ) Tj ET Q q 0 0 0 rg BT 190.12 488.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 220.07 488.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 264.46 488.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 290.82 488.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 321.08 488.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 353.25 488.10 Td (only ) Tj ET Q q 0 0 0 rg BT 373.78 488.10 Td (\(IO\) ) Tj ET Q q 0 0 0 rg BT 402.61 488.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 445.62 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.80 488.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 492.75 488.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 538.24 488.10 Td (classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 85.87 476.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 129.12 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 137.76 476.10 Td (e ) Tj ET Q q 0 0 0 rg BT 145.41 476.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 185.83 476.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 207.92 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.35 476.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 240.45 476.10 Td (value ) Tj ET Q q 0 0 0 rg BT 265.32 476.10 Td (option ) Tj ET Q q 0 0 0 rg BT 294.09 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.97 476.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 353.84 476.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 378.16 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 396.37 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 411.80 476.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 443.81 476.10 Td (-sale, ) Tj ET Q q 0 0 0 rg BT 468.40 476.10 Td (due ) Tj ET Q q 0 0 0 rg BT 486.05 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.05 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.60 476.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 539.59 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.58 476.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 567.69 476.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td (securitize ) Tj ET Q q 0 0 0 rg BT 77.10 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.11 464.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 116.01 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.58 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.59 464.10 Td (near) Tj ET Q q 0 0 0 rg BT 158.60 464.10 Td (-term. ) Tj ET Q q 0 0 0 rg BT 185.34 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.98 464.10 Td (e ) Tj ET Q q 0 0 0 rg BT 201.21 464.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 222.88 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.88 464.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 254.55 464.10 Td (value ) Tj ET Q q 0 0 0 rg BT 279.00 464.10 Td (option ) Tj ET Q q 0 0 0 rg BT 307.35 464.10 Td (for ) Tj ET Q q 0 0 0 rg BT 321.80 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.92 464.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 368.23 464.10 Td (IO ) Tj ET Q q 0 0 0 rg BT 381.57 464.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 424.63 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.86 464.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 471.85 464.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 521.30 464.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 564.36 464.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 61.99 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 75.21 452.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 113.96 452.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 139.39 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 168.71 452.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 199.70 452.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 216.24 452.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 234.95 452.10 Td (As ) Tj ET Q q 0 0 0 rg BT 247.62 452.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 270.00 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 283.22 452.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 302.54 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.87 452.10 Td (of) Tj ET Q q 0 0 0 rg BT 320.02 452.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 336.01 452.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 367.00 452.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 383.54 452.10 Td (related ) Tj ET Q q 0 0 0 rg BT 412.30 452.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 446.06 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.39 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.16 452.10 Td (values ) Tj ET Q q 0 0 0 rg BT 496.26 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.15 452.10 Td (these ) Tj ET Q q 0 0 0 rg BT 528.25 452.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.40 440.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 91.22 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.62 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.46 440.10 Td (values ) Tj ET Q q 0 0 0 rg BT 144.62 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.57 440.10 Td (their ) Tj ET Q q 0 0 0 rg BT 176.51 440.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 220.23 440.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 250.61 440.10 Td (through ) Tj ET Q q 0 0 0 rg BT 284.34 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.29 440.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 353.45 440.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 398.28 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.23 440.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 443.78 440.10 Td (In ) Tj ET Q q 0 0 0 rg BT 454.73 440.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 492.62 440.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 515.24 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.08 440.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 567.69 440.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 58.50 428.10 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 94.33 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.61 428.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 129.61 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 143.77 428.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 174.58 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.30 428.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 205.68 428.10 Td (value ) Tj ET Q q 0 0 0 rg BT 229.83 428.10 Td (option ) Tj ET Q q 0 0 0 rg BT 257.89 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 272.05 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.77 428.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 312.60 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.54 428.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 369.25 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.08 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.91 428.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.95 428.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 483.67 428.10 Td (entities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 404.10 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 404.10 Td ( for further discussion on the fair value option. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 372.7669921875 m 111.2734375 372.7669921875 l s q 0 0 0 rg BT 36.00 374.10 Td (Real Estate Loans ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 356.10 Td (Residential and Commer) Tj ET Q q 0 0 0 rg BT 135.06 356.10 Td (cial Loans - Held-for) Tj ET Q q 0 0 0 rg BT 219.58 356.10 Td (-Sale at Fair V) Tj ET Q q 0 0 0 rg BT 278.18 356.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 101.79 338.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.03 338.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 169.03 338.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 192.94 338.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 224.95 338.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 246.63 338.10 Td (include ) Tj ET Q q 0 0 0 rg BT 278.86 338.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 302.77 338.10 Td (that ) Tj ET Q q 0 0 0 rg BT 320.57 338.10 Td (we ) Tj ET Q q 0 0 0 rg BT 335.03 338.10 Td (are ) Tj ET Q q 0 0 0 rg BT 350.04 338.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 393.38 338.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.85 338.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 426.19 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.77 338.10 Td (third ) Tj ET Q q 0 0 0 rg BT 458.46 338.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 490.42 338.10 Td (including ) Tj ET Q q 0 0 0 rg BT 531.00 338.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 568.23 338.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 326.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.08 326.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 123.17 326.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.38 326.10 Td (we ) Tj ET Q q 0 0 0 rg BT 154.25 326.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 173.68 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.67 326.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 217.00 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.65 326.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 261.95 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.94 326.10 Td (be ) Tj ET Q q 0 0 0 rg BT 283.59 326.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 326.34 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.21 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.75 326.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 372.40 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 386.27 326.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.47 326.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 462.33 326.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 502.44 326.10 Td (W) Tj ET Q q 0 0 0 rg BT 511.07 326.10 Td (e ) Tj ET Q q 0 0 0 rg BT 517.73 326.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 557.14 326.10 Td (elect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.90 314.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.46 314.10 Td (value ) Tj ET Q q 0 0 0 rg BT 91.80 314.10 Td (option ) Tj ET Q q 0 0 0 rg BT 120.04 314.10 Td (for ) Tj ET Q q 0 0 0 rg BT 134.39 314.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 178.72 314.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 202.52 314.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 222.97 314.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 267.87 314.10 Td (for ) Tj ET Q q 0 0 0 rg BT 282.22 314.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 332.10 314.10 Td (loans\) ) Tj ET Q q 0 0 0 rg BT 359.22 314.10 Td (that ) Tj ET Q q 0 0 0 rg BT 376.90 314.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.25 314.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 429.47 314.10 Td (with ) Tj ET Q q 0 0 0 rg BT 449.93 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.83 314.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 490.29 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.75 314.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 517.32 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 314.10 Td (third ) Tj ET Q q 0 0 0 rg BT 549.36 314.10 Td (parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 302.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.78 302.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 81.76 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.98 302.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 128.65 302.10 Td (securitizations. ) Tj ET Q q 0 0 0 rg BT 192.35 302.10 Td (Coupon ) Tj ET Q q 0 0 0 rg BT 227.47 302.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 260.35 302.10 Td (is ) Tj ET Q q 0 0 0 rg BT 270.46 302.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 317.77 302.10 Td (as ) Tj ET Q q 0 0 0 rg BT 329.55 302.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 364.64 302.10 Td (when ) Tj ET Q q 0 0 0 rg BT 389.75 302.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 419.84 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.72 302.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 472.26 302.10 Td (collectible ) Tj ET Q q 0 0 0 rg BT 517.36 302.10 Td (or ) Tj ET Q q 0 0 0 rg BT 529.13 302.10 Td (until ) Tj ET Q q 0 0 0 rg BT 550.91 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 558.80 302.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 73.10 290.10 Td (more ) Tj ET Q q 0 0 0 rg BT 95.76 290.10 Td (than ) Tj ET Q q 0 0 0 rg BT 115.09 290.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 127.20 290.10 Td (days ) Tj ET Q q 0 0 0 rg BT 147.65 290.10 Td (past ) Tj ET Q q 0 0 0 rg BT 165.87 290.10 Td (due. ) Tj ET Q q 0 0 0 rg BT 184.92 290.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 221.47 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.36 290.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 247.35 290.10 Td (value ) Tj ET Q q 0 0 0 rg BT 271.12 290.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.44 290.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 324.20 290.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.75 290.10 Td (are ) Tj ET Q q 0 0 0 rg BT 355.07 290.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 390.50 290.10 Td (through ) Tj ET Q q 0 0 0 rg BT 423.72 290.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.17 290.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 491.82 290.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 536.15 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.59 290.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 278.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 87.66 278.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 122.37 278.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 163.47 278.10 Td (net. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 83.49 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.99 254.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 135.06 254.10 Td (cial ) Tj ET Q q 0 0 0 rg BT 152.56 254.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 179.51 254.10 Td (- ) Tj ET Q q 0 0 0 rg BT 185.34 254.10 Td (Held-for) Tj ET Q q 0 0 0 rg BT 219.58 254.10 Td (-Sale ) Tj ET Q q 0 0 0 rg BT 242.63 254.10 Td (at ) Tj ET Q q 0 0 0 rg BT 252.90 254.10 Td (Lower ) Tj ET Q q 0 0 0 rg BT 280.97 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.24 254.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 312.08 254.10 Td (or ) Tj ET Q q 0 0 0 rg BT 323.48 254.10 Td (Market) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 82.12 236.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 114.13 236.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 136.69 236.10 Td (at ) Tj ET Q q 0 0 0 rg BT 147.59 236.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 174.04 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.05 236.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 205.84 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 217.86 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 249.30 236.10 Td (include ) Tj ET Q q 0 0 0 rg BT 282.42 236.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.31 236.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 358.64 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.76 236.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 427.64 236.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 454.67 236.10 Td (These ) Tj ET Q q 0 0 0 rg BT 482.23 236.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 507.02 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.91 236.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 561.57 236.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 224.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 90.77 224.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 126.63 224.10 Td (at ) Tj ET Q q 0 0 0 rg BT 136.40 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.17 224.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 176.49 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.37 224.10 Td (their ) Tj ET Q q 0 0 0 rg BT 208.25 224.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 234.13 224.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 270.00 224.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 302.54 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 313.42 224.10 Td (current ) Tj ET Q q 0 0 0 rg BT 344.29 224.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 360.72 224.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 387.43 224.10 Td (Coupon ) Tj ET Q q 0 0 0 rg BT 421.65 224.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 453.63 224.10 Td (is ) Tj ET Q q 0 0 0 rg BT 462.85 224.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 509.27 224.10 Td (as ) Tj ET Q q 0 0 0 rg BT 520.15 224.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 554.34 224.10 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 212.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 64.74 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.27 212.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 114.45 212.10 Td (collectible ) Tj ET Q q 0 0 0 rg BT 158.19 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.61 212.10 Td (until ) Tj ET Q q 0 0 0 rg BT 189.04 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.57 212.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 214.87 212.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 251.95 212.10 Td (more ) Tj ET Q q 0 0 0 rg BT 274.59 212.10 Td (than ) Tj ET Q q 0 0 0 rg BT 293.90 212.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 305.99 212.10 Td (days ) Tj ET Q q 0 0 0 rg BT 326.41 212.10 Td (past ) Tj ET Q q 0 0 0 rg BT 344.61 212.10 Td (due, ) Tj ET Q q 0 0 0 rg BT 363.64 212.10 Td (at ) Tj ET Q q 0 0 0 rg BT 372.95 212.10 Td (which ) Tj ET Q q 0 0 0 rg BT 399.48 212.10 Td (point ) Tj ET Q q 0 0 0 rg BT 422.13 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.43 212.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 455.74 212.10 Td (is ) Tj ET Q q 0 0 0 rg BT 464.50 212.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 492.69 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.78 212.10 Td (nonaccrual ) Tj ET Q q 0 0 0 rg BT 550.73 212.10 Td (status. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 200.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 63.83 200.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 109.43 200.10 Td (more ) Tj ET Q q 0 0 0 rg BT 133.36 200.10 Td (than ) Tj ET Q q 0 0 0 rg BT 153.97 200.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 167.36 200.10 Td (days ) Tj ET Q q 0 0 0 rg BT 189.08 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 200.79 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.96 200.10 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 260.33 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 275.92 200.10 Td (characterized ) Tj ET Q q 0 0 0 rg BT 332.60 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 344.32 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.14 200.10 Td (serious ) Tj ET Q q 0 0 0 rg BT 383.86 200.10 Td (delinquency) Tj ET Q q 0 0 0 rg BT 432.08 200.10 Td (. ) Tj ET Q q 0 0 0 rg BT 437.97 200.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 461.36 200.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 500.29 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.12 200.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 550.94 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 569.33 200.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 188.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 76.44 188.10 Td (from ) Tj ET Q q 0 0 0 rg BT 98.56 188.10 Td (servicers ) Tj ET Q q 0 0 0 rg BT 136.79 188.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 183.91 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.37 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.50 188.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 245.83 188.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 265.74 188.10 Td (becoming ) Tj ET Q q 0 0 0 rg BT 307.86 188.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 338.29 188.10 Td (than ) Tj ET Q q 0 0 0 rg BT 358.20 188.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 370.88 188.10 Td (days ) Tj ET Q q 0 0 0 rg BT 391.90 188.10 Td (past ) Tj ET Q q 0 0 0 rg BT 410.69 188.10 Td (due ) Tj ET Q q 0 0 0 rg BT 427.82 188.10 Td (is ) Tj ET Q q 0 0 0 rg BT 437.17 188.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 480.39 188.10 Td (for ) Tj ET Q q 0 0 0 rg BT 494.74 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.75 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 512.88 188.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 553.32 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.79 188.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 176.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 85.99 176.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 106.53 176.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 145.40 176.10 Td (balance. ) Tj ET Q q 0 0 0 rg BT 181.52 176.10 Td (When ) Tj ET Q q 0 0 0 rg BT 208.72 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.48 176.10 Td (seriously ) Tj ET Q q 0 0 0 rg BT 255.92 176.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 301.45 176.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 322.00 176.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 367.54 176.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 396.96 176.10 Td (on ) Tj ET Q q 0 0 0 rg BT 410.28 176.10 Td (nonaccrual ) Tj ET Q q 0 0 0 rg BT 457.47 176.10 Td (status ) Tj ET Q q 0 0 0 rg BT 483.57 176.10 Td (has ) Tj ET Q q 0 0 0 rg BT 500.23 176.10 Td (cured, ) Tj ET Q q 0 0 0 rg BT 528.26 176.10 Td (meaning ) Tj ET Q q 0 0 0 rg BT 566.02 176.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 164.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 80.54 164.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 118.41 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.17 164.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 166.93 164.10 Td (have ) Tj ET Q q 0 0 0 rg BT 188.13 164.10 Td (been ) Tj ET Q q 0 0 0 rg BT 209.33 164.10 Td (remitted ) Tj ET Q q 0 0 0 rg BT 244.98 164.10 Td (by ) Tj ET Q q 0 0 0 rg BT 257.31 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.85 164.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 308.10 164.10 Td (, ) Tj ET Q q 0 0 0 rg BT 312.92 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.47 164.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 347.01 164.10 Td (is ) Tj ET Q q 0 0 0 rg BT 356.00 164.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 384.42 164.10 Td (back ) Tj ET Q q 0 0 0 rg BT 405.63 164.10 Td (on ) Tj ET Q q 0 0 0 rg BT 417.95 164.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 449.14 164.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 476.74 164.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 513.51 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.61 164.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 539.81 164.10 Td (value ) Tj ET Q q 0 0 0 rg BT 563.80 164.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 152.10 Td (non-recurring ) Tj ET Q q 0 0 0 rg BT 93.78 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.02 152.10 Td (are ) Tj ET Q q 0 0 0 rg BT 126.03 152.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 162.15 152.10 Td (through ) Tj ET Q q 0 0 0 rg BT 196.07 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.20 152.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 265.55 152.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 310.56 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.70 152.10 Td (income ) Tj ET Q q 0 0 0 rg BT 353.93 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.52 152.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 406.20 152.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 441.22 152.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 482.62 152.10 Td (net ) Tj ET Q q 0 0 0 rg BT 497.64 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.89 152.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 562.12 152.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 140.10 Td (value ) Tj ET Q q 0 0 0 rg BT 60.16 140.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 97.36 140.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 114.58 140.10 Td (for ) Tj ET Q q 0 0 0 rg BT 128.74 140.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 172.89 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.83 140.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 239.53 140.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 265.63 140.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 313.29 140.10 Td (.) Tj ET Q endstream endobj 249 0 obj <> endobj 250 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 13) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Residential Loans Held-for) Tj ET Q q 0 0 0 rg BT 144.68 668.10 Td (-Investment - ) Tj ET Q q 0 0 0 rg BT 199.48 668.10 Td (At Fair V) Tj ET Q q 0 0 0 rg BT 236.14 668.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 86.22 650.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 110.12 650.10 Td (that ) Tj ET Q q 0 0 0 rg BT 127.90 650.10 Td (were ) Tj ET Q q 0 0 0 rg BT 150.12 650.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 191.79 650.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 235.11 650.10 Td (with ) Tj ET Q q 0 0 0 rg BT 255.68 650.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.68 650.10 Td (intent ) Tj ET Q q 0 0 0 rg BT 296.25 650.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.81 650.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 323.49 650.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.61 650.10 Td (part ) Tj ET Q q 0 0 0 rg BT 352.94 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.06 650.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.18 650.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 424.62 650.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 465.17 650.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 500.17 650.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 547.12 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 564.34 650.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (which ) Tj ET Q q 0 0 0 rg BT 62.61 638.10 Td (we ) Tj ET Q q 0 0 0 rg BT 76.45 638.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 106.94 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.33 638.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.38 638.10 Td (value ) Tj ET Q q 0 0 0 rg BT 161.21 638.10 Td (option ) Tj ET Q q 0 0 0 rg BT 188.94 638.10 Td (at ) Tj ET Q q 0 0 0 rg BT 198.33 638.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 246.89 638.10 Td (were ) Tj ET Q q 0 0 0 rg BT 268.50 638.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 322.89 638.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 370.59 638.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.55 638.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 412.56 638.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 461.94 638.10 Td (\("HFI"\) ) Tj ET Q q 0 0 0 rg BT 495.06 638.10 Td (when ) Tj ET Q q 0 0 0 rg BT 518.89 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.28 638.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 556.57 638.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 82.62 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.71 626.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.35 626.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 145.90 626.10 Td (member ) Tj ET Q q 0 0 0 rg BT 181.97 626.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 226.40 626.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.15 626.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 279.12 626.10 Td (as ) Tj ET Q q 0 0 0 rg BT 290.76 626.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 331.27 626.10 Td (for ) Tj ET Q q 0 0 0 rg BT 346.24 626.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 395.11 626.10 Td (made ) Tj ET Q q 0 0 0 rg BT 420.07 626.10 Td (from ) Tj ET Q q 0 0 0 rg BT 442.83 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.36 626.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 491.65 626.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 519.41 626.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 543.27 626.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 567.69 626.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 614.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 72.15 614.10 Td (\(FHLBC\). ) Tj ET Q q 0 0 0 rg BT 124.63 614.10 Td (As ) Tj ET Q q 0 0 0 rg BT 138.57 614.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.73 614.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 208.64 614.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.64 614.10 Td (, ) Tj ET Q q 0 0 0 rg BT 233.97 614.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.13 614.10 Td (current ) Tj ET Q q 0 0 0 rg BT 281.27 614.10 Td (intention ) Tj ET Q q 0 0 0 rg BT 319.65 614.10 Td (is ) Tj ET Q q 0 0 0 rg BT 329.15 614.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.76 614.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 360.36 614.10 Td (these ) Tj ET Q q 0 0 0 rg BT 383.74 614.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 407.68 614.10 Td (for ) Tj ET Q q 0 0 0 rg BT 422.17 614.10 Td (longer) Tj ET Q q 0 0 0 rg BT 447.51 614.10 Td (-term ) Tj ET Q q 0 0 0 rg BT 472.00 614.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 518.71 614.10 Td (while ) Tj ET Q q 0 0 0 rg BT 543.75 614.10 Td (they ) Tj ET Q q 0 0 0 rg BT 563.80 614.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 602.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 72.14 602.10 Td (by ) Tj ET Q q 0 0 0 rg BT 83.85 602.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.79 602.10 Td (FHLBC. ) Tj ET Q q 0 0 0 rg BT 134.23 602.10 Td (In ) Tj ET Q q 0 0 0 rg BT 144.28 602.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 181.27 602.10 Td (on ) Tj ET Q q 0 0 0 rg BT 192.98 602.10 Td (January ) Tj ET Q q 0 0 0 rg BT 225.80 602.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 235.01 602.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 259.23 602.10 Td (we ) Tj ET Q q 0 0 0 rg BT 272.60 602.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 305.59 602.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 327.31 602.10 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 362.36 602.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.51 602.10 Td (began ) Tj ET Q q 0 0 0 rg BT 404.11 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.60 602.10 Td (record ) Tj ET Q q 0 0 0 rg BT 440.85 602.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 463.68 602.10 Td (held ) Tj ET Q q 0 0 0 rg BT 482.61 602.10 Td (at ) Tj ET Q q 0 0 0 rg BT 491.54 602.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 543.80 602.10 Td (Sequoia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 590.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 67.38 590.10 Td (at ) Tj ET Q q 0 0 0 rg BT 77.10 590.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 93.48 590.10 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td (Coupon ) Tj ET Q q 0 0 0 rg BT 88.08 572.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 119.92 572.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.98 572.10 Td (these ) Tj ET Q q 0 0 0 rg BT 156.94 572.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 180.45 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 189.53 572.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 235.79 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 246.53 572.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 280.58 572.10 Td (when ) Tj ET Q q 0 0 0 rg BT 304.65 572.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 333.70 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.55 572.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 384.05 572.10 Td (collectible ) Tj ET Q q 0 0 0 rg BT 428.10 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 438.83 572.10 Td (until ) Tj ET Q q 0 0 0 rg BT 459.58 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.42 572.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 486.04 572.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 523.43 572.10 Td (more ) Tj ET Q q 0 0 0 rg BT 546.39 572.10 Td (than ) Tj ET Q q 0 0 0 rg BT 566.01 572.10 Td (90 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (days ) Tj ET Q q 0 0 0 rg BT 56.67 560.10 Td (past ) Tj ET Q q 0 0 0 rg BT 75.13 560.10 Td (due, ) Tj ET Q q 0 0 0 rg BT 94.41 560.10 Td (at ) Tj ET Q q 0 0 0 rg BT 103.97 560.10 Td (which ) Tj ET Q q 0 0 0 rg BT 130.75 560.10 Td (point ) Tj ET Q q 0 0 0 rg BT 153.65 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.21 560.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 187.77 560.10 Td (is ) Tj ET Q q 0 0 0 rg BT 196.79 560.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 225.22 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 237.57 560.10 Td (nonaccrual ) Tj ET Q q 0 0 0 rg BT 283.77 560.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 311.23 560.10 Td (When ) Tj ET Q q 0 0 0 rg BT 337.45 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 344.23 560.10 Td (seriously ) Tj ET Q q 0 0 0 rg BT 382.68 560.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 427.24 560.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 446.80 560.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 491.36 560.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 519.80 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 532.14 560.10 Td (nonaccrual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (status ) Tj ET Q q 0 0 0 rg BT 61.69 548.10 Td (has ) Tj ET Q q 0 0 0 rg BT 77.93 548.10 Td (cured, ) Tj ET Q q 0 0 0 rg BT 105.55 548.10 Td (meaning ) Tj ET Q q 0 0 0 rg BT 142.90 548.10 Td (all ) Tj ET Q q 0 0 0 rg BT 155.81 548.10 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 200.93 548.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 239.39 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.74 548.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.08 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 310.87 548.10 Td (been ) Tj ET Q q 0 0 0 rg BT 332.66 548.10 Td (remitted ) Tj ET Q q 0 0 0 rg BT 368.90 548.10 Td (by ) Tj ET Q q 0 0 0 rg BT 381.81 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.94 548.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 433.19 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 438.60 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.73 548.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 473.86 548.10 Td (is ) Tj ET Q q 0 0 0 rg BT 483.44 548.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 512.45 548.10 Td (back ) Tj ET Q q 0 0 0 rg BT 534.24 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 547.15 548.10 Td (accrual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 64.72 536.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 102.61 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.83 536.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.16 536.10 Td (value ) Tj ET Q q 0 0 0 rg BT 156.26 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 171.91 536.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 212.00 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.89 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 245.54 536.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 282.30 536.10 Td (through ) Tj ET Q q 0 0 0 rg BT 316.86 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.63 536.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 387.62 536.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 433.28 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.06 536.10 Td (income ) Tj ET Q q 0 0 0 rg BT 477.94 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.16 536.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 537.04 536.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 554.37 536.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 73.21 524.10 Td (net. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 70.07 500.10 Td (cial Loans Held-for) Tj ET Q q 0 0 0 rg BT 148.76 500.10 Td (-Investment - ) Tj ET Q q 0 0 0 rg BT 203.55 500.10 Td (At Fair V) Tj ET Q q 0 0 0 rg BT 240.22 500.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 482.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.20 482.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 99.63 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.97 482.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 129.97 482.10 Td (value ) Tj ET Q q 0 0 0 rg BT 153.75 482.10 Td (option ) Tj ET Q q 0 0 0 rg BT 181.43 482.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.21 482.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 224.54 482.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 251.10 482.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 300.42 482.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 340.31 482.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 363.54 482.10 Td (that ) Tj ET Q q 0 0 0 rg BT 380.66 482.10 Td (we ) Tj ET Q q 0 0 0 rg BT 394.44 482.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 437.11 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.67 482.10 Td (bifurcated ) Tj ET Q q 0 0 0 rg BT 496.32 482.10 Td (into ) Tj ET Q q 0 0 0 rg BT 514.00 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.56 482.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 547.13 482.10 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 470.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.66 470.10 Td (was ) Tj ET Q q 0 0 0 rg BT 71.88 470.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 91.21 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.66 470.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.76 470.10 Td (third ) Tj ET Q q 0 0 0 rg BT 130.31 470.10 Td (party ) Tj ET Q q 0 0 0 rg BT 153.52 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.63 470.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.73 470.10 Td (junior ) Tj ET Q q 0 0 0 rg BT 204.28 470.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 235.83 470.10 Td (that ) Tj ET Q q 0 0 0 rg BT 253.49 470.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.82 470.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 302.69 470.10 Td (as ) Tj ET Q q 0 0 0 rg BT 313.68 470.10 Td (an ) Tj ET Q q 0 0 0 rg BT 325.78 470.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 372.33 470.10 Td (\(during ) Tj ET Q q 0 0 0 rg BT 404.43 470.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 429.60 470.10 Td (we ) Tj ET Q q 0 0 0 rg BT 443.92 470.10 Td (disposed ) Tj ET Q q 0 0 0 rg BT 481.59 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.58 470.10 Td (all ) Tj ET Q q 0 0 0 rg BT 505.25 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.24 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 532.24 470.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 568.23 470.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 458.10 Td (these ) Tj ET Q q 0 0 0 rg BT 58.47 458.10 Td (loans\). ) Tj ET Q q 0 0 0 rg BT 86.91 458.10 Td (As ) Tj ET Q q 0 0 0 rg BT 99.94 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.08 458.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 139.33 458.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 171.79 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.05 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.19 458.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 222.55 458.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 257.25 458.10 Td (did ) Tj ET Q q 0 0 0 rg BT 271.95 458.10 Td (not ) Tj ET Q q 0 0 0 rg BT 286.65 458.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 308.01 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.15 458.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 352.38 458.10 Td (for ) Tj ET Q q 0 0 0 rg BT 365.96 458.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 383.43 458.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 423.12 458.10 Td (under ) Tj ET Q q 0 0 0 rg BT 447.81 458.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 473.93 458.10 Td (, ) Tj ET Q q 0 0 0 rg BT 478.35 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.49 458.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 515.52 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.22 458.10 Td (their ) Tj ET Q q 0 0 0 rg BT 545.47 458.10 Td (entirety ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 446.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 53.97 446.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 80.83 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.69 446.10 Td (junior ) Tj ET Q q 0 0 0 rg BT 123.99 446.10 Td (portions\) ) Tj ET Q q 0 0 0 rg BT 162.52 446.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 202.15 446.10 Td (on ) Tj ET Q q 0 0 0 rg BT 214.57 446.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.32 446.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 283.28 446.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 316.23 446.10 Td (sheet, ) Tj ET Q q 0 0 0 rg BT 341.70 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.56 446.10 Td (we ) Tj ET Q q 0 0 0 rg BT 372.64 446.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 415.60 446.10 Td (for ) Tj ET Q q 0 0 0 rg BT 429.68 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.31 446.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 477.27 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.02 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.66 446.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 529.52 446.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 560.83 446.10 Td (as ) Tj ET Q q 0 0 0 rg BT 571.58 446.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 434.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 68.37 434.10 Td (borrowing. ) Tj ET Q q 0 0 0 rg BT 114.36 434.10 Td (Coupon ) Tj ET Q q 0 0 0 rg BT 147.87 434.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 179.13 434.10 Td (was ) Tj ET Q q 0 0 0 rg BT 196.52 434.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 242.22 434.10 Td (as ) Tj ET Q q 0 0 0 rg BT 252.38 434.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 285.86 434.10 Td (when ) Tj ET Q q 0 0 0 rg BT 309.35 434.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 337.83 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.10 434.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 387.03 434.10 Td (collectible. ) Tj ET Q q 0 0 0 rg BT 433.01 434.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 469.28 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.89 434.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 494.60 434.10 Td (value ) Tj ET Q q 0 0 0 rg BT 518.09 434.10 Td (were ) Tj ET Q q 0 0 0 rg BT 539.35 434.10 Td (recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 422.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 88.75 422.10 Td (through ) Tj ET Q q 0 0 0 rg BT 122.36 422.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.19 422.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.23 422.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 235.95 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.78 422.10 Td (income ) Tj ET Q q 0 0 0 rg BT 278.71 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.99 422.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 330.37 422.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 365.08 422.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 406.18 422.10 Td (net. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 398.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 70.07 398.10 Td (cial ) Tj ET Q q 0 0 0 rg BT 87.57 398.10 Td (LoansHeld-for) Tj ET Q q 0 0 0 rg BT 148.76 398.10 Td (-Investment ) Tj ET Q q 0 0 0 rg BT 197.90 398.10 Td (-) Tj ET Q q 0 0 0 rg BT 203.55 398.10 Td (At ) Tj ET Q q 0 0 0 rg BT 214.76 398.10 Td (Amortized ) Tj ET Q q 0 0 0 rg BT 258.37 398.10 Td (Cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 105.28 380.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 128.24 380.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 160.25 380.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 209.31 380.10 Td (at ) Tj ET Q q 0 0 0 rg BT 218.38 380.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 260.21 380.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 278.17 380.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 325.01 380.10 Td (included ) Tj ET Q q 0 0 0 rg BT 361.29 380.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 390.34 380.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 439.39 380.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 462.35 380.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 483.64 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.27 380.10 Td (their ) Tj ET Q q 0 0 0 rg BT 513.44 380.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 545.83 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 555.46 380.10 Td (held-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 368.10 Td (for) Tj ET Q q 0 0 0 rg BT 47.46 368.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 68.10 368.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 122.62 368.10 Td (during ) Tj ET Q q 0 0 0 rg BT 150.49 368.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 174.75 368.10 Td (Coupon ) Tj ET Q q 0 0 0 rg BT 208.18 368.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 239.38 368.10 Td (was ) Tj ET Q q 0 0 0 rg BT 256.69 368.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 302.32 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 312.41 368.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 345.81 368.10 Td (when ) Tj ET Q q 0 0 0 rg BT 369.24 368.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 397.64 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.84 368.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 446.70 368.10 Td (collectible ) Tj ET Q q 0 0 0 rg BT 490.11 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.20 368.10 Td (until ) Tj ET Q q 0 0 0 rg BT 520.29 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 526.50 368.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 545.47 368.10 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 356.10 Td (more ) Tj ET Q q 0 0 0 rg BT 58.25 356.10 Td (than ) Tj ET Q q 0 0 0 rg BT 77.16 356.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 88.86 356.10 Td (days ) Tj ET Q q 0 0 0 rg BT 108.89 356.10 Td (past ) Tj ET Q q 0 0 0 rg BT 126.70 356.10 Td (due ) Tj ET Q q 0 0 0 rg BT 142.84 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 152.87 356.10 Td (had ) Tj ET Q q 0 0 0 rg BT 169.00 356.10 Td (been ) Tj ET Q q 0 0 0 rg BT 189.58 356.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 239.61 356.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 279.35 356.10 Td (at ) Tj ET Q q 0 0 0 rg BT 288.27 356.10 Td (which ) Tj ET Q q 0 0 0 rg BT 314.40 356.10 Td (point ) Tj ET Q q 0 0 0 rg BT 336.66 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.58 356.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 369.49 356.10 Td (was ) Tj ET Q q 0 0 0 rg BT 386.74 356.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 414.54 356.10 Td (on ) Tj ET Q q 0 0 0 rg BT 426.23 356.10 Td (non-accrual ) Tj ET Q q 0 0 0 rg BT 475.13 356.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 502.10 356.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 533.79 356.10 Td (previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 344.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 70.23 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 85.03 344.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 109.28 344.10 Td (that ) Tj ET Q q 0 0 0 rg BT 127.41 344.10 Td (had ) Tj ET Q q 0 0 0 rg BT 144.99 344.10 Td (become ) Tj ET Q q 0 0 0 rg BT 179.23 344.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 210.12 344.10 Td (than ) Tj ET Q q 0 0 0 rg BT 230.48 344.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 243.62 344.10 Td (days ) Tj ET Q q 0 0 0 rg BT 265.09 344.10 Td (past ) Tj ET Q q 0 0 0 rg BT 284.34 344.10 Td (due ) Tj ET Q q 0 0 0 rg BT 301.92 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 313.39 344.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 364.86 344.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 403.55 344.10 Td (was ) Tj ET Q q 0 0 0 rg BT 422.24 344.10 Td (reserved ) Tj ET Q q 0 0 0 rg BT 459.25 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 474.05 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.97 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.33 344.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 544.00 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 558.80 344.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 332.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 308.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 92.33 308.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.83 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.99 308.10 Td (further ) Tj ET Q q 0 0 0 rg BT 143.69 308.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 187.86 308.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.36 308.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 250.06 308.10 Td (loans. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (Residential Loans-) Tj ET Q q 0 0 0 rg BT 116.09 278.10 Td (Allowance for Loan Losses and For) Tj ET Q q 0 0 0 rg BT 259.34 278.10 Td (eclosed Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 78.59 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.18 254.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 130.54 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.72 254.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 163.09 254.10 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 198.79 254.10 Td (on ) Tj ET Q q 0 0 0 rg BT 211.16 254.10 Td (January ) Tj ET Q q 0 0 0 rg BT 244.63 254.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 254.50 254.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 279.37 254.10 Td (we ) Tj ET Q q 0 0 0 rg BT 293.40 254.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 341.30 254.10 Td (all ) Tj ET Q q 0 0 0 rg BT 353.67 254.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 397.69 254.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 421.17 254.10 Td (held ) Tj ET Q q 0 0 0 rg BT 440.75 254.10 Td (at ) Tj ET Q q 0 0 0 rg BT 450.34 254.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 492.69 254.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 511.17 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.31 254.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.56 254.10 Td (value ) Tj ET Q q 0 0 0 rg BT 561.59 254.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 80.71 242.10 Td (our ) Tj ET Q q 0 0 0 rg BT 96.54 242.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 139.57 242.10 Td (for ) Tj ET Q q 0 0 0 rg BT 153.73 242.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 173.45 242.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 199.84 242.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.00 242.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 258.15 242.10 Td (loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 218.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 92.33 218.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 99.83 218.10 Td (for ) Tj ET Q q 0 0 0 rg BT 113.99 218.10 Td (further ) Tj ET Q q 0 0 0 rg BT 143.69 218.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 187.86 218.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.36 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.08 218.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 258.11 218.10 Td (for ) Tj ET Q q 0 0 0 rg BT 272.27 218.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 291.99 218.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 318.38 218.10 Td (for ) Tj ET Q q 0 0 0 rg BT 332.54 218.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 376.69 218.10 Td (loans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.30 218.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 188.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 70.07 188.10 Td (cial Loans-) Tj ET Q q 0 0 0 rg BT 120.17 188.10 Td (Allowance for Loan Losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.10 Td (For ) Tj ET Q q 0 0 0 rg BT 71.55 170.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 122.41 170.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 147.17 170.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 195.82 170.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 237.24 170.10 Td (as ) Tj ET Q q 0 0 0 rg BT 249.23 170.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 281.24 170.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 332.11 170.10 Td (at ) Tj ET Q q 0 0 0 rg BT 342.99 170.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 386.63 170.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 408.89 170.10 Td (we ) Tj ET Q q 0 0 0 rg BT 424.21 170.10 Td (established ) Tj ET Q q 0 0 0 rg BT 472.30 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.40 170.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 538.49 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 546.59 170.10 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 79.16 158.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.45 158.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 113.29 158.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 139.81 158.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 175.21 158.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.61 158.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.57 158.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 239.20 158.10 Td (at ) Tj ET Q q 0 0 0 rg BT 249.04 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.89 158.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 303.17 158.10 Td (date ) Tj ET Q q 0 0 0 rg BT 322.45 158.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 342.02 158.10 Td (where ) Tj ET Q q 0 0 0 rg BT 369.08 158.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 419.74 158.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.80 158.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 460.53 158.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 503.69 158.10 Td (for ) Tj ET Q q 0 0 0 rg BT 517.98 158.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 537.82 158.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 564.34 158.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 146.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.32 146.10 Td (we ) Tj ET Q q 0 0 0 rg BT 73.20 146.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 120.39 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.38 146.10 Td (be ) Tj ET Q q 0 0 0 rg BT 142.04 146.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 179.79 146.10 Td (at ) Tj ET Q q 0 0 0 rg BT 189.23 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.66 146.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 242.53 146.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 263.41 146.10 Td (An ) Tj ET Q q 0 0 0 rg BT 277.84 146.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 320.61 146.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 340.04 146.10 Td (was ) Tj ET Q q 0 0 0 rg BT 357.81 146.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 403.34 146.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 441.09 146.10 Td (when ) Tj ET Q q 0 0 0 rg BT 464.97 146.10 Td (it ) Tj ET Q q 0 0 0 rg BT 472.74 146.10 Td (was ) Tj ET Q q 0 0 0 rg BT 490.50 146.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 523.81 146.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 561.01 146.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 134.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.16 134.10 Td (would ) Tj ET Q q 0 0 0 rg BT 77.66 134.10 Td (not ) Tj ET Q q 0 0 0 rg BT 92.94 134.10 Td (be ) Tj ET Q q 0 0 0 rg BT 104.88 134.10 Td (able ) Tj ET Q q 0 0 0 rg BT 124.03 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.31 134.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 163.46 134.10 Td (all ) Tj ET Q q 0 0 0 rg BT 175.96 134.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 212.34 134.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.28 134.10 Td (according ) Tj ET Q q 0 0 0 rg BT 271.21 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.48 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.20 134.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 343.12 134.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 367.84 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.67 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.38 134.10 Td (loan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 82.70 110.10 Td (an ) Tj ET Q q 0 0 0 rg BT 94.19 110.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 136.79 110.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 186.04 110.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 205.30 110.10 Td (was ) Tj ET Q q 0 0 0 rg BT 222.91 110.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 263.00 110.10 Td (we ) Tj ET Q q 0 0 0 rg BT 276.71 110.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 313.74 110.10 Td (an ) Tj ET Q q 0 0 0 rg BT 325.23 110.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 367.81 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 377.64 110.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 406.33 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.60 110.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 455.97 110.10 Td (value ) Tj ET Q q 0 0 0 rg BT 479.67 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.05 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.32 110.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 523.59 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.42 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.69 110.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 98.10 Td (present ) Tj ET Q q 0 0 0 rg BT 67.48 98.10 Td (value ) Tj ET Q q 0 0 0 rg BT 91.75 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.68 98.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 140.82 98.10 Td (future ) Tj ET Q q 0 0 0 rg BT 167.31 98.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.68 98.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 212.51 98.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 258.45 98.10 Td (at ) Tj ET Q q 0 0 0 rg BT 268.27 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.09 98.10 Td (loan) Tj ET Q q 0 0 0 rg BT 303.09 98.10 Td (s ) Tj ET Q q 0 0 0 rg BT 309.59 98.10 Td (ef) Tj ET Q q 0 0 0 rg BT 317.18 98.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 346.99 98.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 364.58 98.10 Td (or ) Tj ET Q q 0 0 0 rg BT 375.52 98.10 Td (if ) Tj ET Q q 0 0 0 rg BT 384.23 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.28 98.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 411.10 98.10 Td (was ) Tj ET Q q 0 0 0 rg BT 429.26 98.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 469.07 98.10 Td (dependent, ) Tj ET Q q 0 0 0 rg BT 515.27 98.10 Td (we ) Tj ET Q q 0 0 0 rg BT 529.54 98.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 563.79 98.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 86.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 71.48 86.10 Td (value ) Tj ET Q q 0 0 0 rg BT 95.30 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.24 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.62 86.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 160.10 86.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.14 86.10 Td (market ) Tj ET Q q 0 0 0 rg BT 206.07 86.10 Td (value ) Tj ET Q q 0 0 0 rg BT 229.89 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.38 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.76 86.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 274.14 86.10 Td (with ) Tj ET Q q 0 0 0 rg BT 294.08 86.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.68 86.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 360.05 86.10 Td (char) Tj ET Q q 0 0 0 rg BT 377.08 86.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 388.68 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.62 86.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 438.56 86.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.39 86.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 471.77 86.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 497.82 86.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.98 86.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.48 86.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 74.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 79.68 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.48 74.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 122.89 74.10 Td (For ) Tj ET Q q 0 0 0 rg BT 138.25 74.10 Td (all ) Tj ET Q q 0 0 0 rg BT 149.72 74.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 198.39 74.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 220.97 74.10 Td (that ) Tj ET Q q 0 0 0 rg BT 237.43 74.10 Td (were ) Tj ET Q q 0 0 0 rg BT 258.33 74.10 Td (not ) Tj ET Q q 0 0 0 rg BT 272.58 74.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 322.38 74.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 361.90 74.10 Td (we ) Tj ET Q q 0 0 0 rg BT 375.03 74.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 410.38 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.07 74.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 472.74 74.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 491.43 74.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 527.89 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.14 74.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 62.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.16 62.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 69.88 62.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 96.27 62.10 Td (based ) Tj ET Q q 0 0 0 rg BT 121.54 62.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.04 62.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.87 62.10 Td (expectation ) Tj ET Q q 0 0 0 rg BT 198.46 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.29 62.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 234.55 62.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 260.94 62.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 296.21 62.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.48 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.20 62.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 358.70 62.10 Td (at ) Tj ET Q q 0 0 0 rg BT 368.41 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.13 62.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 422.28 62.10 Td (date. ) Tj ET Q endstream endobj 251 0 obj <> endobj 252 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Repur) Tj ET Q q 0 0 0 rg BT 60.07 668.10 Td (chase Reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 650.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.67 650.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 86.15 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.18 650.10 Td (have ) Tj ET Q q 0 0 0 rg BT 124.65 650.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 143.91 650.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 188.15 650.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 228.50 650.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 252.21 650.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.58 650.10 Td (various ) Tj ET Q q 0 0 0 rg BT 294.61 650.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 326.35 650.10 Td (including ) Tj ET Q q 0 0 0 rg BT 366.72 650.10 Td (\(1\)securitization ) Tj ET Q q 0 0 0 rg BT 437.34 650.10 Td (trusts, ) Tj ET Q q 0 0 0 rg BT 464.10 650.10 Td (\(2\)Fannie ) Tj ET Q q 0 0 0 rg BT 508.07 650.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 528.43 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.46 650.10 Td (Freddie ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 57.82 638.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 80.96 638.10 Td (Agencies\), ) Tj ET Q q 0 0 0 rg BT 132.48 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.97 638.10 Td (\(3\)banks ) Tj ET Q q 0 0 0 rg BT 192.51 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.00 638.10 Td (other ) Tj ET Q q 0 0 0 rg BT 235.60 638.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.63 638.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 323.13 638.10 Td (that ) Tj ET Q q 0 0 0 rg BT 342.18 638.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 381.76 638.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 423.58 638.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 448.73 638.10 Td (for ) Tj ET Q q 0 0 0 rg BT 464.44 638.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 512.38 638.10 Td (or ) Tj ET Q q 0 0 0 rg BT 524.76 638.10 Td (private ) Tj ET Q q 0 0 0 rg BT 556.57 638.10 Td (label ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.10 Td (securitization. ) Tj ET Q q 0 0 0 rg BT 95.57 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.21 626.10 Td (e ) Tj ET Q q 0 0 0 rg BT 112.11 626.10 Td (may ) Tj ET Q q 0 0 0 rg BT 132.78 626.10 Td (be ) Tj ET Q q 0 0 0 rg BT 145.67 626.10 Td (required ) Tj ET Q q 0 0 0 rg BT 182.44 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.68 626.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 240.44 626.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 285.55 626.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 326.77 626.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 351.33 626.10 Td (we ) Tj ET Q q 0 0 0 rg BT 366.45 626.10 Td (have ) Tj ET Q q 0 0 0 rg BT 388.78 626.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 411.41 626.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.19 626.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 447.76 626.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 492.31 626.10 Td (with ) Tj ET Q q 0 0 0 rg BT 513.54 626.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 542.01 626.10 Td (we ) Tj ET Q q 0 0 0 rg BT 557.13 626.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 614.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 82.46 614.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.65 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.29 614.10 Td (event ) Tj ET Q q 0 0 0 rg BT 134.36 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.11 614.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.96 614.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 184.03 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.78 614.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 235.29 614.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 283.12 614.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 347.07 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.93 614.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 409.99 614.10 Td (made ) Tj ET Q q 0 0 0 rg BT 435.07 614.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.26 614.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 493.55 614.10 Td (with ) Tj ET Q q 0 0 0 rg BT 514.75 614.10 Td (these ) Tj ET Q q 0 0 0 rg BT 538.71 614.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 561.57 614.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 602.10 Td (purchases. ) Tj ET Q q 0 0 0 rg BT 80.11 602.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.15 602.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 102.06 602.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 132.73 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.87 602.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 170.24 602.10 Td (we ) Tj ET Q q 0 0 0 rg BT 184.25 602.10 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 224.64 602.10 Td (if ) Tj ET Q q 0 0 0 rg BT 233.11 602.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.68 602.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 291.13 602.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 335.13 602.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 354.70 602.10 Td (has ) Tj ET Q q 0 0 0 rg BT 370.39 602.10 Td (been ) Tj ET Q q 0 0 0 rg BT 391.62 602.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 410.65 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.78 602.10 Td (one ) Tj ET Q q 0 0 0 rg BT 437.57 602.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.26 602.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.31 602.10 Td (Agencies ) Tj ET Q q 0 0 0 rg BT 501.87 602.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 532.00 602.10 Td (is ) Tj ET Q q 0 0 0 rg BT 541.02 602.10 Td (typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.67 590.10 Td (case\), ) Tj ET Q q 0 0 0 rg BT 78.15 590.10 Td (that ) Tj ET Q q 0 0 0 rg BT 95.84 590.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 130.39 590.10 Td (can ) Tj ET Q q 0 0 0 rg BT 147.71 590.10 Td (require ) Tj ET Q q 0 0 0 rg BT 179.48 590.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 194.32 590.10 Td (as ) Tj ET Q q 0 0 0 rg BT 206.10 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.76 590.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 250.20 590.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.98 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.65 590.10 Td (MSR, ) Tj ET Q q 0 0 0 rg BT 304.72 590.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.95 590.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 362.71 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.37 590.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 423.47 590.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 444.14 590.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.37 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.03 590.10 Td (event ) Tj ET Q q 0 0 0 rg BT 496.14 590.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.92 590.10 Td (such ) Tj ET Q q 0 0 0 rg BT 529.70 590.10 Td (a ) Tj ET Q q 0 0 0 rg BT 537.59 590.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 567.68 590.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 578.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 99.83 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.57 578.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 162.52 578.10 Td (even ) Tj ET Q q 0 0 0 rg BT 184.70 578.10 Td (though ) Tj ET Q q 0 0 0 rg BT 215.78 578.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.74 578.10 Td (were ) Tj ET Q q 0 0 0 rg BT 253.47 578.10 Td (not ) Tj ET Q q 0 0 0 rg BT 269.54 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.06 578.10 Td (party ) Tj ET Q q 0 0 0 rg BT 308.91 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 327.21 578.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 347.18 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.69 578.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 407.09 578.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 427.61 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.69 578.10 Td (that ) Tj ET Q q 0 0 0 rg BT 456.25 578.10 Td (Agency) Tj ET Q q 0 0 0 rg BT 486.70 578.10 Td (. ) Tj ET Q q 0 0 0 rg BT 492.50 578.10 Td (In ) Tj ET Q q 0 0 0 rg BT 504.13 578.10 Td (January ) Tj ET Q q 0 0 0 rg BT 538.53 578.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 564.33 578.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 566.10 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 89.60 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.32 566.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 150.70 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.64 566.10 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 217.34 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.17 566.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 277.33 566.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 300.94 566.10 Td (for ) Tj ET Q q 0 0 0 rg BT 315.10 566.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 340.91 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.19 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.36 566.10 Td (Agencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 542.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 542.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.95 542.10 Td (do ) Tj ET Q q 0 0 0 rg BT 82.82 542.10 Td (not ) Tj ET Q q 0 0 0 rg BT 98.47 542.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 136.88 542.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 181.40 542.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 222.04 542.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 246.02 542.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.33 542.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 295.07 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.16 542.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 336.36 542.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 354.23 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.43 542.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 383.86 542.10 Td (due ) Tj ET Q q 0 0 0 rg BT 401.17 542.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.82 542.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 431.91 542.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 481.98 542.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 502.90 542.10 Td (due ) Tj ET Q q 0 0 0 rg BT 520.21 542.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.86 542.10 Td (a ) Tj ET Q q 0 0 0 rg BT 538.17 542.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 567.68 542.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 530.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 98.32 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.54 530.10 Td (warranties\) ) Tj ET Q q 0 0 0 rg BT 161.30 530.10 Td (would ) Tj ET Q q 0 0 0 rg BT 188.08 530.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 227.07 530.10 Td (be ) Tj ET Q q 0 0 0 rg BT 238.29 530.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.52 530.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 295.17 530.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.74 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.74 530.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 363.29 530.10 Td (from ) Tj ET Q q 0 0 0 rg BT 384.51 530.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 411.30 530.10 Td (we ) Tj ET Q q 0 0 0 rg BT 424.74 530.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 460.95 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.95 530.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 497.84 530.10 Td (or ) Tj ET Q q 0 0 0 rg BT 507.96 530.10 Td (MSRs. ) Tj ET Q q 0 0 0 rg BT 537.26 530.10 Td (However) Tj ET Q q 0 0 0 rg BT 573.51 530.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 518.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.23 518.10 Td (some ) Tj ET Q q 0 0 0 rg BT 69.78 518.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 95.83 518.10 Td (such ) Tj ET Q q 0 0 0 rg BT 116.61 518.10 Td (as ) Tj ET Q q 0 0 0 rg BT 127.38 518.10 Td (where ) Tj ET Q q 0 0 0 rg BT 154.26 518.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 177.82 518.10 Td (or ) Tj ET Q q 0 0 0 rg BT 188.59 518.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 216.06 518.10 Td (were ) Tj ET Q q 0 0 0 rg BT 237.93 518.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 274.81 518.10 Td (from ) Tj ET Q q 0 0 0 rg BT 296.69 518.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 341.90 518.10 Td (that ) Tj ET Q q 0 0 0 rg BT 359.35 518.10 Td (have ) Tj ET Q q 0 0 0 rg BT 380.67 518.10 Td (since ) Tj ET Q q 0 0 0 rg BT 403.67 518.10 Td (become ) Tj ET Q q 0 0 0 rg BT 437.21 518.10 Td (insolvent, ) Tj ET Q q 0 0 0 rg BT 478.82 518.10 Td (we ) Tj ET Q q 0 0 0 rg BT 492.93 518.10 Td (may ) Tj ET Q q 0 0 0 rg BT 512.59 518.10 Td (have ) Tj ET Q q 0 0 0 rg BT 533.92 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.14 518.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 563.80 518.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 506.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 54.03 506.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 97.60 506.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.85 506.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.76 506.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 144.45 506.10 Td (repurchase. ) Tj ET Q q 0 0 0 rg BT 192.73 506.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 247.69 506.10 Td (even ) Tj ET Q q 0 0 0 rg BT 269.03 506.10 Td (if ) Tj ET Q q 0 0 0 rg BT 277.61 506.10 Td (we ) Tj ET Q q 0 0 0 rg BT 291.75 506.10 Td (do ) Tj ET Q q 0 0 0 rg BT 304.22 506.10 Td (not ) Tj ET Q q 0 0 0 rg BT 319.47 506.10 Td (have ) Tj ET Q q 0 0 0 rg BT 340.82 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.07 506.10 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 394.09 506.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 413.77 506.10 Td (such ) Tj ET Q q 0 0 0 rg BT 434.57 506.10 Td (a ) Tj ET Q q 0 0 0 rg BT 441.48 506.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 459.51 506.10 Td (because ) Tj ET Q q 0 0 0 rg BT 493.63 506.10 Td (we ) Tj ET Q q 0 0 0 rg BT 507.76 506.10 Td (can ) Tj ET Q q 0 0 0 rg BT 524.11 506.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 556.56 506.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 494.10 Td (company ) Tj ET Q q 0 0 0 rg BT 89.87 494.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.37 494.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 126.54 494.10 Td (us ) Tj ET Q q 0 0 0 rg BT 137.93 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.65 494.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 172.36 494.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.19 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.91 494.10 Td (MSR, ) Tj ET Q q 0 0 0 rg BT 224.03 494.10 Td (there ) Tj ET Q q 0 0 0 rg BT 246.52 494.10 Td (could ) Tj ET Q q 0 0 0 rg BT 271.23 494.10 Td (be ) Tj ET Q q 0 0 0 rg BT 283.17 494.10 Td (a ) Tj ET Q q 0 0 0 rg BT 290.11 494.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 314.27 494.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.54 494.10 Td (making ) Tj ET Q q 0 0 0 rg BT 357.04 494.10 Td (that ) Tj ET Q q 0 0 0 rg BT 374.54 494.10 Td (recovery) Tj ET Q q 0 0 0 rg BT 408.86 494.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 470.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.20 470.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 106.33 470.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 141.21 470.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.00 470.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 194.89 470.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 240.33 470.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 279.67 470.10 Td (related ) Tj ET Q q 0 0 0 rg BT 309.00 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.91 470.10 Td (various ) Tj ET Q q 0 0 0 rg BT 350.47 470.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 413.13 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.70 470.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 473.47 470.10 Td (that ) Tj ET Q q 0 0 0 rg BT 490.60 470.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 518.26 470.10 Td (management) Tj ET Q q 0 0 0 rg BT 572.13 470.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 458.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 71.42 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.86 458.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 107.86 458.10 Td (for ) Tj ET Q q 0 0 0 rg BT 121.62 458.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 144.83 458.10 Td (for ) Tj ET Q q 0 0 0 rg BT 158.60 458.10 Td (which ) Tj ET Q q 0 0 0 rg BT 185.14 458.10 Td (we ) Tj ET Q q 0 0 0 rg BT 198.91 458.10 Td (could ) Tj ET Q q 0 0 0 rg BT 223.23 458.10 Td (have ) Tj ET Q q 0 0 0 rg BT 244.21 458.10 Td (a ) Tj ET Q q 0 0 0 rg BT 250.75 458.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 296.16 458.10 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 341.32 458.10 Td (based ) Tj ET Q q 0 0 0 rg BT 366.19 458.10 Td (on ) Tj ET Q q 0 0 0 rg BT 378.29 458.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.84 458.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 436.93 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.37 458.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 479.18 458.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 501.28 458.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 530.59 458.10 Td (can ) Tj ET Q q 0 0 0 rg BT 546.58 458.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 446.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 76.52 446.10 Td (future ) Tj ET Q q 0 0 0 rg BT 102.61 446.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 136.47 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.11 446.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 172.53 446.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 218.04 446.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 241.62 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.04 446.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 293.24 446.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 327.10 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.63 446.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 355.40 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.38 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.80 446.10 Td (event ) Tj ET Q q 0 0 0 rg BT 403.66 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.20 446.10 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 450.56 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.20 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.62 446.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 527.71 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.24 446.10 Td (our ) Tj ET Q q 0 0 0 rg BT 553.78 446.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 434.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 60.73 434.10 Td (for ) Tj ET Q q 0 0 0 rg BT 74.90 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 81.86 434.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 127.68 434.10 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 173.07 434.10 Td (W) Tj ET Q q 0 0 0 rg BT 181.70 434.10 Td (e ) Tj ET Q q 0 0 0 rg BT 188.66 434.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 226.17 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.12 434.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 264.51 434.10 Td (at ) Tj ET Q q 0 0 0 rg BT 274.24 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.97 434.10 Td (time ) Tj ET Q q 0 0 0 rg BT 309.26 434.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 332.89 434.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.61 434.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 366.80 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.75 434.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 411.28 434.10 Td (are ) Tj ET Q q 0 0 0 rg BT 426.01 434.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 469.06 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.01 434.10 Td (continually ) Tj ET Q q 0 0 0 rg BT 533.52 434.10 Td (update ) Tj ET Q q 0 0 0 rg BT 562.69 434.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 422.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 66.73 422.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 101.92 422.10 Td (during ) Tj ET Q q 0 0 0 rg BT 129.89 422.10 Td (its ) Tj ET Q q 0 0 0 rg BT 141.20 422.10 Td (life. ) Tj ET Q q 0 0 0 rg BT 158.76 422.10 Td (The ) Tj ET Q q 0 0 0 rg BT 176.17 422.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 206.90 422.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.42 422.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 260.05 422.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 279.13 422.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 324.30 422.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 350.06 422.10 Td (is ) Tj ET Q q 0 0 0 rg BT 358.59 422.10 Td (included ) Tj ET Q q 0 0 0 rg BT 394.89 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.53 422.10 Td (other ) Tj ET Q q 0 0 0 rg BT 426.94 422.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 466.02 422.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.89 422.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.08 422.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 545.49 422.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 410.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 64.04 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 82.09 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.91 410.10 Td (related ) Tj ET Q q 0 0 0 rg BT 128.72 410.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 164.53 410.10 Td (is ) Tj ET Q q 0 0 0 rg BT 174.80 410.10 Td (included ) Tj ET Q q 0 0 0 rg BT 212.84 410.10 Td (as ) Tj ET Q q 0 0 0 rg BT 224.78 410.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.82 410.10 Td (component ) Tj ET Q q 0 0 0 rg BT 280.86 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.79 410.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 335.28 410.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 371.10 410.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 413.30 410.10 Td (net ) Tj ET Q q 0 0 0 rg BT 429.12 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.17 410.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 471.89 410.10 Td (income ) Tj ET Q q 0 0 0 rg BT 504.93 410.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 533.26 410.10 Td (net ) Tj ET Q q 0 0 0 rg BT 549.08 410.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.69 410.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 398.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 398.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 133.75 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.58 398.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 374.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 92.33 374.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.83 374.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.99 374.10 Td (further ) Tj ET Q q 0 0 0 rg BT 148.69 374.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 192.86 374.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.36 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.08 374.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 264.23 374.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 310.04 374.10 Td (reserves. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 342.7669921875 m 184.02734375 342.7669921875 l s q 0 0 0 rg BT 36.00 344.10 Td (Real Estate Securities, at Fair V) Tj ET Q q 0 0 0 rg BT 164.31 344.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 326.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 70.90 326.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 110.02 326.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 148.58 326.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 177.71 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.39 326.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 230.40 326.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 269.51 326.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 299.18 326.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.29 326.10 Td (\(RMBS\) ) Tj ET Q q 0 0 0 rg BT 382.97 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.76 326.10 Td (may ) Tj ET Q q 0 0 0 rg BT 417.33 326.10 Td (include ) Tj ET Q q 0 0 0 rg BT 448.12 326.10 Td (other ) Tj ET Q q 0 0 0 rg BT 470.02 326.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 513.02 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.81 326.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 314.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 78.16 314.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.80 314.10 Td (e ) Tj ET Q q 0 0 0 rg BT 93.28 314.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 125.87 314.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.24 314.10 Td (real ) Tj ET Q q 0 0 0 rg BT 158.27 314.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 183.08 314.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 222.89 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 233.26 314.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 263.63 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 274.00 314.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 324.88 314.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 345.80 314.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 387.96 314.10 Td (W) Tj ET Q q 0 0 0 rg BT 396.60 314.10 Td (e ) Tj ET Q q 0 0 0 rg BT 403.08 314.10 Td (use ) Tj ET Q q 0 0 0 rg BT 418.45 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.71 314.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 466.96 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.33 314.10 Td (non-prime ) Tj ET Q q 0 0 0 rg BT 529.91 314.10 Td (designation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.57 302.10 Td (categorize ) Tj ET Q q 0 0 0 rg BT 90.44 302.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.56 302.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 151.00 302.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 191.55 302.10 Td (based ) Tj ET Q q 0 0 0 rg BT 217.11 302.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 239.90 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.91 302.10 Td (general ) Tj ET Q q 0 0 0 rg BT 287.13 302.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 312.68 302.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 372.66 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.78 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.79 302.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 443.23 302.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 467.13 302.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 513.24 302.10 Td (each ) Tj ET Q q 0 0 0 rg BT 534.35 302.10 Td (security ) Tj ET Q q 0 0 0 rg BT 568.79 302.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.24 290.10 Td (time ) Tj ET Q q 0 0 0 rg BT 72.04 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.40 290.10 Td (origination. ) Tj ET Q q 0 0 0 rg BT 132.81 290.10 Td (For ) Tj ET Q q 0 0 0 rg BT 149.73 290.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 189.12 290.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 215.48 290.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 260.15 290.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 284.29 290.10 Td (are ) Tj ET Q q 0 0 0 rg BT 299.52 290.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 339.75 290.10 Td (characterized ) Tj ET Q q 0 0 0 rg BT 396.06 290.10 Td (by ) Tj ET Q q 0 0 0 rg BT 409.09 290.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 434.88 290.10 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 491.22 290.10 Td (\(L) Tj ET Q q 0 0 0 rg BT 504.18 290.10 Td (TV\) ) Tj ET Q q 0 0 0 rg BT 528.30 290.10 Td (ratios ) Tj ET Q q 0 0 0 rg BT 553.55 290.10 Td (at ) Tj ET Q q 0 0 0 rg BT 563.79 290.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (time ) Tj ET Q q 0 0 0 rg BT 56.56 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 71.57 278.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 95.46 278.10 Td (were ) Tj ET Q q 0 0 0 rg BT 117.68 278.10 Td (originated, ) Tj ET Q q 0 0 0 rg BT 163.51 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.74 278.10 Td (are ) Tj ET Q q 0 0 0 rg BT 195.73 278.10 Td (made ) Tj ET Q q 0 0 0 rg BT 220.17 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.74 278.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 274.07 278.10 Td (with ) Tj ET Q q 0 0 0 rg BT 294.64 278.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 322.97 278.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 341.87 278.10 Td (Isaac ) Tj ET Q q 0 0 0 rg BT 365.19 278.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 416.31 278.10 Td (\(FICO\) ) Tj ET Q q 0 0 0 rg BT 457.42 278.10 Td (scores. ) Tj ET Q q 0 0 0 rg BT 487.69 278.10 Td (Non-prime ) Tj ET Q q 0 0 0 rg BT 534.36 278.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 266.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.49 266.10 Td (are ) Tj ET Q q 0 0 0 rg BT 74.08 266.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 113.67 266.10 Td (characterized ) Tj ET Q q 0 0 0 rg BT 169.33 266.10 Td (by ) Tj ET Q q 0 0 0 rg BT 181.72 266.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 209.65 266.10 Td (L) Tj ET Q q 0 0 0 rg BT 214.84 266.10 Td (TV) Tj ET Q q 0 0 0 rg BT 227.99 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 230.37 266.10 Td (ratios ) Tj ET Q q 0 0 0 rg BT 254.97 266.10 Td (at ) Tj ET Q q 0 0 0 rg BT 264.57 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.17 266.10 Td (time ) Tj ET Q q 0 0 0 rg BT 299.33 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.92 266.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 337.42 266.10 Td (were ) Tj ET Q q 0 0 0 rg BT 359.23 266.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 402.15 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.97 266.10 Td (may ) Tj ET Q q 0 0 0 rg BT 438.57 266.10 Td (have ) Tj ET Q q 0 0 0 rg BT 459.83 266.10 Td (been ) Tj ET Q q 0 0 0 rg BT 481.09 266.10 Td (made ) Tj ET Q q 0 0 0 rg BT 505.13 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.29 266.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 558.22 266.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 61.96 254.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 87.92 254.10 Td (scores ) Tj ET Q q 0 0 0 rg BT 116.11 254.10 Td (or ) Tj ET Q q 0 0 0 rg BT 127.64 254.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 166.37 254.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 192.33 254.10 Td (histories ) Tj ET Q q 0 0 0 rg BT 229.42 254.10 Td (\(while ) Tj ET Q q 0 0 0 rg BT 258.16 254.10 Td (exhibiting ) Tj ET Q q 0 0 0 rg BT 301.91 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.32 254.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 346.07 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.04 254.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 382.44 254.10 Td (their ) Tj ET Q q 0 0 0 rg BT 403.96 254.10 Td (loans\) ) Tj ET Q q 0 0 0 rg BT 431.60 254.10 Td (at ) Tj ET Q q 0 0 0 rg BT 442.01 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.42 254.10 Td (time ) Tj ET Q q 0 0 0 rg BT 478.39 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.81 254.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 514.22 254.10 Td (was ) Tj ET Q q 0 0 0 rg BT 532.97 254.10 Td (originated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 82.33 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.12 242.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 127.78 242.10 Td (or ) Tj ET Q q 0 0 0 rg BT 138.56 242.10 Td (not ) Tj ET Q q 0 0 0 rg BT 153.80 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.47 242.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 192.03 242.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 237.81 242.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.71 242.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 288.81 242.10 Td (security ) Tj ET Q q 0 0 0 rg BT 322.92 242.10 Td (were ) Tj ET Q q 0 0 0 rg BT 344.81 242.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 390.03 242.10 Td (as ) Tj ET Q q 0 0 0 rg BT 400.81 242.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 426.59 242.10 Td (or ) Tj ET Q q 0 0 0 rg BT 437.38 242.10 Td (non-prime ) Tj ET Q q 0 0 0 rg BT 481.49 242.10 Td (at ) Tj ET Q q 0 0 0 rg BT 491.16 242.10 Td (origination, ) Tj ET Q q 0 0 0 rg BT 540.00 242.10 Td (there ) Tj ET Q q 0 0 0 rg BT 562.44 242.10 Td (is ) Tj ET Q q 0 0 0 rg BT 571.56 242.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 230.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 53.50 230.10 Td (that ) Tj ET Q q 0 0 0 rg BT 71.00 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.71 230.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 124.86 230.10 Td (may ) Tj ET Q q 0 0 0 rg BT 144.58 230.10 Td (not ) Tj ET Q q 0 0 0 rg BT 159.86 230.10 Td (be ) Tj ET Q q 0 0 0 rg BT 171.80 230.10 Td (able ) Tj ET Q q 0 0 0 rg BT 190.95 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.23 230.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 225.94 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.65 230.10 Td (loan. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 206.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.01 206.10 Td (rading Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 188.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.21 188.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 108.55 188.10 Td (denote ) Tj ET Q q 0 0 0 rg BT 137.33 188.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 167.79 188.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 207.68 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 218.14 188.10 Td (those ) Tj ET Q q 0 0 0 rg BT 241.38 188.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 281.28 188.10 Td (where ) Tj ET Q q 0 0 0 rg BT 307.84 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 321.63 188.10 Td (have ) Tj ET Q q 0 0 0 rg BT 342.63 188.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 376.42 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.77 188.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 406.77 188.10 Td (value ) Tj ET Q q 0 0 0 rg BT 430.56 188.10 Td (option. ) Tj ET Q q 0 0 0 rg BT 460.59 188.10 Td (T) Tj ET Q q 0 0 0 rg BT 466.35 188.10 Td (rading ) Tj ET Q q 0 0 0 rg BT 494.03 188.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 533.92 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 548.26 188.10 Td (carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 176.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.67 176.10 Td (their ) Tj ET Q q 0 0 0 rg BT 66.45 176.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 107.23 176.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 123.56 176.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 154.06 176.10 Td (Coupon ) Tj ET Q q 0 0 0 rg BT 188.19 176.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 220.08 176.10 Td (is ) Tj ET Q q 0 0 0 rg BT 229.20 176.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 275.52 176.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.30 176.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.19 176.10 Td (income ) Tj ET Q q 0 0 0 rg BT 350.08 176.10 Td (when ) Tj ET Q q 0 0 0 rg BT 374.20 176.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 403.30 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.19 176.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 453.74 176.10 Td (collectible. ) Tj ET Q q 0 0 0 rg BT 500.34 176.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 537.23 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.47 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 562.14 176.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 164.10 Td (value ) Tj ET Q q 0 0 0 rg BT 60.31 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.30 164.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 111.72 164.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 157.14 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 168.12 164.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 199.11 164.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 239.53 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 254.39 164.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 290.36 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.79 164.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 347.88 164.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 364.42 164.10 Td (value ) Tj ET Q q 0 0 0 rg BT 388.73 164.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 426.09 164.10 Td (net ) Tj ET Q q 0 0 0 rg BT 440.97 164.10 Td (on ) Tj ET Q q 0 0 0 rg BT 453.62 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.61 164.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 522.81 164.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 567.67 164.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 152.10 Td (income. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 128.10 Td (A) Tj ET Q q 0 0 0 rg BT 41.56 128.10 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 88.57 128.10 Td (-Sale Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 56.28 110.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 77.54 110.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 118.22 110.10 Td (are ) Tj ET Q q 0 0 0 rg BT 133.35 110.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 164.02 110.10 Td (at ) Tj ET Q q 0 0 0 rg BT 174.16 110.10 Td (their ) Tj ET Q q 0 0 0 rg BT 195.41 110.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 236.65 110.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 253.44 110.10 Td (value ) Tj ET Q q 0 0 0 rg BT 278.02 110.10 Td (with ) Tj ET Q q 0 0 0 rg BT 298.72 110.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 343.28 110.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 367.31 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 384.66 110.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 411.48 110.10 Td (excluded ) Tj ET Q q 0 0 0 rg BT 450.49 110.10 Td (from ) Tj ET Q q 0 0 0 rg BT 472.85 110.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 509.64 110.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 541.99 110.10 Td (when ) Tj ET Q q 0 0 0 rg BT 566.57 110.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 98.10 Td (other) Tj ET Q q 0 0 0 rg BT 56.35 98.10 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 123.02 98.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 170.82 98.10 Td (\(OTTI\) ) Tj ET Q q 0 0 0 rg BT 210.83 98.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.20 98.10 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 267.27 98.10 Td (as ) Tj ET Q q 0 0 0 rg BT 277.30 98.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 317.34 98.10 Td (below\) ) Tj ET Q q 0 0 0 rg BT 346.81 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.95 98.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 397.97 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 407.07 98.10 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 462.09 98.10 Td (other ) Tj ET Q q 0 0 0 rg BT 484.34 98.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 546.57 98.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 86.10 Td (\(AOCI\), ) Tj ET Q q 0 0 0 rg BT 80.98 86.10 Td (a ) Tj ET Q q 0 0 0 rg BT 87.92 86.10 Td (component ) Tj ET Q q 0 0 0 rg BT 134.85 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.68 86.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 198.82 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.32 86.10 Td (equity) Tj ET Q q 0 0 0 rg BT 225.66 86.10 Td (. ) Tj ET Q endstream endobj 253 0 obj <> endobj 254 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 86.26 668.10 Td (income ) Tj ET Q q 0 0 0 rg BT 117.98 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 129.75 668.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 150.38 668.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 190.42 668.10 Td (is ) Tj ET Q q 0 0 0 rg BT 199.37 668.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 232.73 668.10 Td (based ) Tj ET Q q 0 0 0 rg BT 257.78 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 270.06 668.10 Td (their ) Tj ET Q q 0 0 0 rg BT 290.66 668.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 339.61 668.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 377.43 668.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 410.24 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.96 668.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 473.66 668.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 498.15 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.87 668.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.58 668.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 45.48 656.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 92.15 656.10 Td (based ) Tj ET Q q 0 0 0 rg BT 117.72 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.53 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.55 656.10 Td (security) Tj ET Q q 0 0 0 rg BT 179.98 656.10 Td (s ) Tj ET Q q 0 0 0 rg BT 186.68 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 194.27 656.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 224.28 656.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 256.52 656.10 Td (rate. ) Tj ET Q q 0 0 0 rg BT 276.81 656.10 Td (In ) Tj ET Q q 0 0 0 rg BT 287.95 656.10 Td (order ) Tj ET Q q 0 0 0 rg BT 311.85 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.44 656.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 360.77 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.80 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 383.38 656.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 413.39 656.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 445.63 656.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 465.92 656.10 Td (we ) Tj ET Q q 0 0 0 rg BT 480.39 656.10 Td (must ) Tj ET Q q 0 0 0 rg BT 502.65 656.10 Td (project ) Tj ET Q q 0 0 0 rg BT 533.22 656.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 553.79 656.10 Td (flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (over ) Tj ET Q q 0 0 0 rg BT 56.53 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 71.50 644.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 114.80 644.10 Td (life ) Tj ET Q q 0 0 0 rg BT 130.89 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.98 644.10 Td (each ) Tj ET Q q 0 0 0 rg BT 163.05 644.10 Td (security ) Tj ET Q q 0 0 0 rg BT 197.46 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.66 644.10 Td (make ) Tj ET Q q 0 0 0 rg BT 239.08 644.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 291.28 644.10 Td (with ) Tj ET Q q 0 0 0 rg BT 311.82 644.10 Td (regards ) Tj ET Q q 0 0 0 rg BT 344.01 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.54 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 386.74 644.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 410.87 644.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 460.83 644.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 484.97 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.95 644.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 528.82 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.01 644.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 45.90 632.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 70.23 632.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 98.18 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.19 632.10 Td (other ) Tj ET Q q 0 0 0 rg BT 136.30 632.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 167.58 632.10 Td (On ) Tj ET Q q 0 0 0 rg BT 181.36 632.10 Td (at ) Tj ET Q q 0 0 0 rg BT 190.15 632.10 Td (least ) Tj ET Q q 0 0 0 rg BT 210.04 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.04 632.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 253.70 632.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 277.77 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 291.00 632.10 Td (review ) Tj ET Q q 0 0 0 rg BT 319.77 632.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 338.28 632.10 Td (if ) Tj ET Q q 0 0 0 rg BT 345.95 632.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 395.55 632.10 Td (make ) Tj ET Q q 0 0 0 rg BT 418.77 632.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 468.11 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.46 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.35 632.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 511.69 632.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 531.58 632.10 Td (projections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (based ) Tj ET Q q 0 0 0 rg BT 61.73 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 74.68 620.10 Td (input ) Tj ET Q q 0 0 0 rg BT 98.19 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.59 620.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 150.76 620.10 Td (received ) Tj ET Q q 0 0 0 rg BT 187.58 620.10 Td (from ) Tj ET Q q 0 0 0 rg BT 209.98 620.10 Td (external ) Tj ET Q q 0 0 0 rg BT 245.14 620.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 280.58 620.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 314.08 620.10 Td (models, ) Tj ET Q q 0 0 0 rg BT 348.42 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.82 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 382.11 620.10 Td (own ) Tj ET Q q 0 0 0 rg BT 402.28 620.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 446.91 620.10 Td (about ) Tj ET Q q 0 0 0 rg BT 472.08 620.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 504.47 620.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 528.80 620.10 Td (prepayment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 60.40 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.64 608.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 104.77 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.24 608.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 155.25 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.61 608.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 192.39 608.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 221.81 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.27 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 262.84 608.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 295.57 608.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 333.03 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.83 608.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 364.62 608.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 389.86 608.10 Td (from ) Tj ET Q q 0 0 0 rg BT 412.32 608.10 Td (those ) Tj ET Q q 0 0 0 rg BT 436.45 608.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 478.36 608.10 Td (projected, ) Tj ET Q q 0 0 0 rg BT 521.08 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 532.44 608.10 Td (from ) Tj ET Q q 0 0 0 rg BT 554.90 608.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 596.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 76.89 596.10 Td (at ) Tj ET Q q 0 0 0 rg BT 86.68 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.47 596.10 Td (last ) Tj ET Q q 0 0 0 rg BT 117.93 596.10 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 164.65 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 184.44 596.10 Td (result ) Tj ET Q q 0 0 0 rg BT 209.23 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.58 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.59 596.10 Td (prospective ) Tj ET Q q 0 0 0 rg BT 275.26 596.10 Td (change ) Tj ET Q q 0 0 0 rg BT 306.15 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.50 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.29 596.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 353.85 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.86 596.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 402.87 596.10 Td (income ) Tj ET Q q 0 0 0 rg BT 434.88 596.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 481.31 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 493.88 596.10 Td (these ) Tj ET Q q 0 0 0 rg BT 517.00 596.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 557.34 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 568.24 596.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 584.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 98.76 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.59 584.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 134.86 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 145.69 584.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 186.52 584.10 Td (below) Tj ET Q q 0 0 0 rg BT 210.31 584.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.10 Td (For ) Tj ET Q q 0 0 0 rg BT 69.39 560.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 89.66 560.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 129.34 560.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 171.80 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.16 560.10 Td (held ) Tj ET Q q 0 0 0 rg BT 207.30 560.10 Td (at ) Tj ET Q q 0 0 0 rg BT 216.44 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.79 560.10 Td (discount, ) Tj ET Q q 0 0 0 rg BT 261.10 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.46 560.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 298.27 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.52 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.66 560.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 358.47 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 377.61 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 388.97 560.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 433.65 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 443.90 560.10 Td (non-accretable ) Tj ET Q q 0 0 0 rg BT 504.67 560.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 542.13 560.10 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (\(credit ) Tj ET Q q 0 0 0 rg BT 69.02 548.10 Td (reserve\), ) Tj ET Q q 0 0 0 rg BT 110.64 548.10 Td (based ) Tj ET Q q 0 0 0 rg BT 135.89 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.37 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.08 548.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 183.33 548.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 208.03 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 222.18 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 243.54 548.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 283.23 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 297.37 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.07 548.10 Td (security) Tj ET Q q 0 0 0 rg BT 343.08 548.10 Td (. ) Tj ET Q q 0 0 0 rg BT 347.88 548.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.91 548.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 398.39 548.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 443.64 548.10 Td (as ) Tj ET Q q 0 0 0 rg BT 454.46 548.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 479.70 548.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 511.06 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 530.76 548.10 Td (be ) Tj ET Q q 0 0 0 rg BT 542.68 548.10 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (over ) Tj ET Q q 0 0 0 rg BT 55.54 536.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 77.59 536.10 Td (based ) Tj ET Q q 0 0 0 rg BT 102.13 536.10 Td (on ) Tj ET Q q 0 0 0 rg BT 113.91 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.01 536.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 163.55 536.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 206.97 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.08 536.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 256.05 536.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 275.59 536.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 302.09 536.10 Td (If ) Tj ET Q q 0 0 0 rg BT 310.52 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.52 536.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 376.81 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.92 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 393.13 536.10 Td (security ) Tj ET Q q 0 0 0 rg BT 426.56 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.11 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 452.32 536.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 476.86 536.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 507.50 536.10 Td (is ) Tj ET Q q 0 0 0 rg BT 515.94 536.10 Td (more ) Tj ET Q q 0 0 0 rg BT 538.27 536.10 Td (favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (than ) Tj ET Q q 0 0 0 rg BT 55.64 524.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 100.28 524.10 Td (forecasted, ) Tj ET Q q 0 0 0 rg BT 146.29 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.15 524.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 184.46 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.22 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.86 524.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 235.05 524.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 266.34 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 285.98 524.10 Td (be ) Tj ET Q q 0 0 0 rg BT 297.84 524.10 Td (reallocated ) Tj ET Q q 0 0 0 rg BT 344.13 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.33 524.10 Td (accretable ) Tj ET Q q 0 0 0 rg BT 397.27 524.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 433.58 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.44 524.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 496.73 524.10 Td (into ) Tj ET Q q 0 0 0 rg BT 514.71 524.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 546.57 524.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (over ) Tj ET Q q 0 0 0 rg BT 56.34 512.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 79.18 512.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 124.07 512.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.14 512.10 Td (if ) Tj ET Q q 0 0 0 rg BT 137.82 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.60 512.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 205.69 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.59 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 223.59 512.10 Td (security ) Tj ET Q q 0 0 0 rg BT 257.82 512.10 Td (with ) Tj ET Q q 0 0 0 rg BT 278.16 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 285.17 512.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 310.50 512.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 341.93 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.17 512.10 Td (less ) Tj ET Q q 0 0 0 rg BT 368.74 512.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 409.06 512.10 Td (than ) Tj ET Q q 0 0 0 rg BT 428.84 512.10 Td (forecasted, ) Tj ET Q q 0 0 0 rg BT 475.00 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.78 512.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 522.34 512.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 567.67 512.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.26 500.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 92.63 500.10 Td (may ) Tj ET Q q 0 0 0 rg BT 112.35 500.10 Td (be ) Tj ET Q q 0 0 0 rg BT 124.29 500.10 Td (increased, ) Tj ET Q q 0 0 0 rg BT 167.04 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 177.87 500.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 226.47 500.10 Td (char) Tj ET Q q 0 0 0 rg BT 243.50 500.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 259.33 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.26 500.10 Td (write-downs ) Tj ET Q q 0 0 0 rg BT 328.75 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.58 500.10 Td (such ) Tj ET Q q 0 0 0 rg BT 360.41 500.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 400.68 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.96 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.89 500.10 Td (new ) Tj ET Q q 0 0 0 rg BT 437.05 500.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 455.66 500.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 478.16 500.10 Td (could ) Tj ET Q q 0 0 0 rg BT 502.88 500.10 Td (result. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (When ) Tj ET Q q 0 0 0 rg BT 80.43 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.20 476.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 111.63 476.10 Td (value ) Tj ET Q q 0 0 0 rg BT 135.84 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.72 476.10 Td (an ) Tj ET Q q 0 0 0 rg BT 158.15 476.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 179.04 476.10 Td (security ) Tj ET Q q 0 0 0 rg BT 213.25 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 222.48 476.10 Td (less ) Tj ET Q q 0 0 0 rg BT 240.03 476.10 Td (than ) Tj ET Q q 0 0 0 rg BT 259.80 476.10 Td (its ) Tj ET Q q 0 0 0 rg BT 271.80 476.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 314.33 476.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 332.99 476.10 Td (at ) Tj ET Q q 0 0 0 rg BT 342.76 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.53 476.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 396.74 476.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 418.45 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.22 476.10 Td (security ) Tj ET Q q 0 0 0 rg BT 467.43 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 476.65 476.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 522.52 476.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 562.93 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 571.56 476.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 63.67 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 80.24 464.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 119.01 464.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 160.00 464.10 Td (at ) Tj ET Q q 0 0 0 rg BT 170.45 464.10 Td (least ) Tj ET Q q 0 0 0 rg BT 192.01 464.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 231.33 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.34 464.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 285.56 464.10 Td (if ) Tj ET Q q 0 0 0 rg BT 294.90 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.34 464.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 359.67 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 369.58 464.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 413.90 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 425.46 464.10 Td (other) Tj ET Q q 0 0 0 rg BT 445.81 464.10 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 514.01 464.10 Td (\(resulting ) Tj ET Q q 0 0 0 rg BT 555.57 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 566.58 464.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (OTTI\). ) Tj ET Q q 0 0 0 rg BT 66.91 452.10 Td (If ) Tj ET Q q 0 0 0 rg BT 75.89 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 89.86 452.10 Td (either ) Tj ET Q q 0 0 0 rg BT 114.94 452.10 Td (- ) Tj ET Q q 0 0 0 rg BT 120.58 452.10 Td (\(i\)intend ) Tj ET Q q 0 0 0 rg BT 159.83 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.93 452.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 186.13 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.66 452.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 238.51 452.10 Td (security; ) Tj ET Q q 0 0 0 rg BT 275.26 452.10 Td (\(ii\)will ) Tj ET Q q 0 0 0 rg BT 307.85 452.10 Td (more ) Tj ET Q q 0 0 0 rg BT 330.71 452.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 355.80 452.10 Td (than ) Tj ET Q q 0 0 0 rg BT 375.33 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 390.42 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 402.18 452.10 Td (required ) Tj ET Q q 0 0 0 rg BT 437.81 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.90 452.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 464.10 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.63 452.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 516.49 452.10 Td (security ) Tj ET Q q 0 0 0 rg BT 550.46 452.10 Td (before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (it ) Tj ET Q q 0 0 0 rg BT 43.85 440.10 Td (recovers ) Tj ET Q q 0 0 0 rg BT 80.01 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.09 440.10 Td (value; ) Tj ET Q q 0 0 0 rg BT 116.82 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 127.44 440.10 Td (\(iii\)if ) Tj ET Q q 0 0 0 rg BT 153.34 440.10 Td (there ) Tj ET Q q 0 0 0 rg BT 175.62 440.10 Td (has ) Tj ET Q q 0 0 0 rg BT 191.24 440.10 Td (been ) Tj ET Q q 0 0 0 rg BT 212.42 440.10 Td (an ) Tj ET Q q 0 0 0 rg BT 224.15 440.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 256.98 440.10 Td (change ) Tj ET Q q 0 0 0 rg BT 287.59 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.67 440.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 317.73 440.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 342.25 440.10 Td (- ) Tj ET Q q 0 0 0 rg BT 347.87 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.38 440.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 410.78 440.10 Td (is ) Tj ET Q q 0 0 0 rg BT 419.74 440.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 453.13 440.10 Td (an ) Tj ET Q q 0 0 0 rg BT 464.86 440.10 Td (OTTI. ) Tj ET Q q 0 0 0 rg BT 492.43 440.10 Td (In ) Tj ET Q q 0 0 0 rg BT 503.05 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.56 440.10 Td (case ) Tj ET Q q 0 0 0 rg BT 537.06 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 547.69 440.10 Td (criteria ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.10 Td (\(i\)and ) Tj ET Q q 0 0 0 rg BT 65.02 428.10 Td (\(ii\), ) Tj ET Q q 0 0 0 rg BT 82.38 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 96.69 428.10 Td (record ) Tj ET Q q 0 0 0 rg BT 124.87 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.74 428.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 165.14 428.10 Td (dif) Tj ET Q q 0 0 0 rg BT 176.07 428.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 208.13 428.10 Td (between ) Tj ET Q q 0 0 0 rg BT 244.09 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.96 428.10 Td (security) Tj ET Q q 0 0 0 rg BT 293.39 428.10 Td (s ) Tj ET Q q 0 0 0 rg BT 299.93 428.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 340.89 428.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.41 428.10 Td (value ) Tj ET Q q 0 0 0 rg BT 381.71 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.80 428.10 Td (its ) Tj ET Q q 0 0 0 rg BT 410.89 428.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 453.52 428.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 472.27 428.10 Td (at ) Tj ET Q q 0 0 0 rg BT 482.13 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.00 428.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 536.30 428.10 Td (date ) Tj ET Q q 0 0 0 rg BT 555.60 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 566.57 428.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 84.26 416.10 Td (through ) Tj ET Q q 0 0 0 rg BT 117.52 416.10 Td (market ) Tj ET Q q 0 0 0 rg BT 147.45 416.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 186.82 416.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 236.75 416.10 Td (on ) Tj ET Q q 0 0 0 rg BT 248.91 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.39 416.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 317.09 416.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 361.46 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.95 416.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 406.04 416.10 Td (If ) Tj ET Q q 0 0 0 rg BT 414.86 416.10 Td (there ) Tj ET Q q 0 0 0 rg BT 437.01 416.10 Td (has ) Tj ET Q q 0 0 0 rg BT 452.49 416.10 Td (been ) Tj ET Q q 0 0 0 rg BT 473.53 416.10 Td (an ) Tj ET Q q 0 0 0 rg BT 485.13 416.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 517.82 416.10 Td (change ) Tj ET Q q 0 0 0 rg BT 548.29 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 558.23 416.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 62.41 404.10 Td (only ) Tj ET Q q 0 0 0 rg BT 81.88 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.78 404.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 126.36 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.38 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.28 404.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 174.74 404.10 Td (related ) Tj ET Q q 0 0 0 rg BT 203.63 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.10 404.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 246.42 404.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 272.00 404.10 Td (is ) Tj ET Q q 0 0 0 rg BT 280.36 404.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 325.91 404.10 Td (through ) Tj ET Q q 0 0 0 rg BT 358.71 404.10 Td (other ) Tj ET Q q 0 0 0 rg BT 380.95 404.10 Td (market ) Tj ET Q q 0 0 0 rg BT 410.40 404.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 449.30 404.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 498.76 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.45 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.47 404.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 392.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 80.60 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.31 392.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 125.63 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.79 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.39 392.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 203.32 392.10 Td (non-credit ) Tj ET Q q 0 0 0 rg BT 255.67 392.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 286.94 392.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 333.19 392.10 Td (through ) Tj ET Q q 0 0 0 rg BT 366.16 392.10 Td (AOCI ) Tj ET Q q 0 0 0 rg BT 392.98 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 405.37 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 421.08 392.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 474.01 392.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 506.93 392.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 536.25 392.10 Td (If ) Tj ET Q q 0 0 0 rg BT 545.29 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 559.89 392.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 380.10 Td (two ) Tj ET Q q 0 0 0 rg BT 53.61 380.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 84.52 380.10 Td (are ) Tj ET Q q 0 0 0 rg BT 99.34 380.10 Td (not ) Tj ET Q q 0 0 0 rg BT 114.72 380.10 Td (met ) Tj ET Q q 0 0 0 rg BT 132.32 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.37 380.10 Td (there ) Tj ET Q q 0 0 0 rg BT 171.96 380.10 Td (has ) Tj ET Q q 0 0 0 rg BT 187.90 380.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.28 380.10 Td (been ) Tj ET Q q 0 0 0 rg BT 224.76 380.10 Td (an ) Tj ET Q q 0 0 0 rg BT 236.81 380.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 269.95 380.10 Td (change ) Tj ET Q q 0 0 0 rg BT 300.88 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.26 380.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 331.63 380.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 358.96 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.79 380.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 422.49 380.10 Td (is ) Tj ET Q q 0 0 0 rg BT 431.77 380.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 477.69 380.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 521.39 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.43 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 553.26 380.10 Td (entire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 368.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 80.14 368.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 98.20 368.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.37 368.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 153.73 368.10 Td (through ) Tj ET Q q 0 0 0 rg BT 186.79 368.10 Td (AOCI ) Tj ET Q q 0 0 0 rg BT 213.73 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 226.23 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.06 368.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 295.11 368.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 328.14 368.10 Td (sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.41 344.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 107.92 344.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 128.79 344.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 171.57 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.87 344.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 224.38 344.10 Td (if ) Tj ET Q q 0 0 0 rg BT 233.01 344.10 Td (there ) Tj ET Q q 0 0 0 rg BT 255.51 344.10 Td (has ) Tj ET Q q 0 0 0 rg BT 271.37 344.10 Td (been ) Tj ET Q q 0 0 0 rg BT 292.76 344.10 Td (an ) Tj ET Q q 0 0 0 rg BT 304.73 344.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 337.78 344.10 Td (change ) Tj ET Q q 0 0 0 rg BT 368.62 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.92 344.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 399.21 344.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 423.96 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.92 344.10 Td (if ) Tj ET Q q 0 0 0 rg BT 449.55 344.10 Td (any ) Tj ET Q q 0 0 0 rg BT 466.51 344.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 497.92 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.77 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 515.73 344.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 553.25 344.10 Td (OTTI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 332.10 Td (is ) Tj ET Q q 0 0 0 rg BT 45.37 332.10 Td (related ) Tj ET Q q 0 0 0 rg BT 75.28 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.76 332.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 111.22 332.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 140.32 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 154.68 332.10 Td (compare ) Tj ET Q q 0 0 0 rg BT 191.81 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.73 332.10 Td (present ) Tj ET Q q 0 0 0 rg BT 238.31 332.10 Td (value ) Tj ET Q q 0 0 0 rg BT 262.67 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.70 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.62 332.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 309.09 332.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 334.01 332.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 372.25 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.73 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 394.87 332.10 Td (collected ) Tj ET Q q 0 0 0 rg BT 433.66 332.10 Td (as ) Tj ET Q q 0 0 0 rg BT 444.69 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.73 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.65 332.10 Td (current ) Tj ET Q q 0 0 0 rg BT 501.66 332.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 539.35 332.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 320.10 Td (date ) Tj ET Q q 0 0 0 rg BT 55.07 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 65.27 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.90 320.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 122.29 320.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 140.82 320.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 163.24 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.98 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.61 320.10 Td (security) Tj ET Q q 0 0 0 rg BT 219.62 320.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.36 320.10 Td (The ) Tj ET Q q 0 0 0 rg BT 242.32 320.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 278.63 320.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 296.03 320.10 Td (used ) Tj ET Q q 0 0 0 rg BT 316.77 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.97 320.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 364.91 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.54 320.10 Td (present ) Tj ET Q q 0 0 0 rg BT 410.84 320.10 Td (value ) Tj ET Q q 0 0 0 rg BT 434.91 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.66 320.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 483.60 320.10 Td (future ) Tj ET Q q 0 0 0 rg BT 509.90 320.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 530.08 320.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 554.72 320.10 Td (is ) Tj ET Q q 0 0 0 rg BT 563.80 320.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 308.10 Td (current ) Tj ET Q q 0 0 0 rg BT 66.48 308.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 88.65 308.10 Td (used ) Tj ET Q q 0 0 0 rg BT 109.14 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 122.97 308.10 Td (income ) Tj ET Q q 0 0 0 rg BT 154.57 308.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 202.28 308.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 242.50 308.10 Td (If ) Tj ET Q q 0 0 0 rg BT 251.33 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.72 308.10 Td (present ) Tj ET Q q 0 0 0 rg BT 296.76 308.10 Td (value ) Tj ET Q q 0 0 0 rg BT 320.58 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.08 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.47 308.10 Td (current ) Tj ET Q q 0 0 0 rg BT 375.95 308.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 413.65 308.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 433.59 308.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 457.98 308.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.82 308.10 Td (less ) Tj ET Q q 0 0 0 rg BT 483.98 308.10 Td (than ) Tj ET Q q 0 0 0 rg BT 503.37 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.75 308.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 559.90 308.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 296.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 60.67 296.10 Td (there ) Tj ET Q q 0 0 0 rg BT 82.83 296.10 Td (has ) Tj ET Q q 0 0 0 rg BT 98.33 296.10 Td (been ) Tj ET Q q 0 0 0 rg BT 119.38 296.10 Td (an ) Tj ET Q q 0 0 0 rg BT 131.00 296.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 163.71 296.10 Td (change ) Tj ET Q q 0 0 0 rg BT 194.19 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.80 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.19 296.10 Td (security ) Tj ET Q q 0 0 0 rg BT 259.02 296.10 Td (is ) Tj ET Q q 0 0 0 rg BT 267.87 296.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 313.35 296.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 338.29 296.10 Td (with ) Tj ET Q q 0 0 0 rg BT 358.25 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.64 296.10 Td (dif) Tj ET Q q 0 0 0 rg BT 383.56 296.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 415.15 296.10 Td (between ) Tj ET Q q 0 0 0 rg BT 450.64 296.10 Td (these ) Tj ET Q q 0 0 0 rg BT 473.36 296.10 Td (two ) Tj ET Q q 0 0 0 rg BT 490.53 296.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 526.59 296.10 Td (representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.25 284.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 77.05 284.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 97.93 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 116.51 284.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 175.08 284.10 Td (as ) Tj ET Q q 0 0 0 rg BT 186.44 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.26 284.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 232.50 284.10 Td (an ) Tj ET Q q 0 0 0 rg BT 244.97 284.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 270.78 284.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 296.59 284.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 316.56 284.10 Td (if ) Tj ET Q q 0 0 0 rg BT 325.71 284.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 340.13 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.38 284.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 388.41 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.78 284.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 425.58 284.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 474.71 284.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 521.61 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.42 284.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 569.33 284.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 272.10 Td (subjective, ) Tj ET Q q 0 0 0 rg BT 82.13 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.66 272.10 Td (based ) Tj ET Q q 0 0 0 rg BT 125.52 272.10 Td (on ) Tj ET Q q 0 0 0 rg BT 138.61 272.10 Td (information ) Tj ET Q q 0 0 0 rg BT 188.92 272.10 Td (available ) Tj ET Q q 0 0 0 rg BT 228.09 272.10 Td (at ) Tj ET Q q 0 0 0 rg BT 238.40 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.71 272.10 Td (time ) Tj ET Q q 0 0 0 rg BT 274.57 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.00 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.30 272.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 348.83 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 360.25 272.10 Td (well ) Tj ET Q q 0 0 0 rg BT 380.56 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 391.98 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 408.40 272.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 448.71 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.13 272.10 Td (future ) Tj ET Q q 0 0 0 rg BT 487.09 272.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 540.71 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.24 272.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 260.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 62.67 260.10 Td (As ) Tj ET Q q 0 0 0 rg BT 76.28 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 83.22 260.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 110.44 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.16 260.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 153.77 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.71 260.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 203.20 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.03 260.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 239.30 260.10 Td (constitute ) Tj ET Q q 0 0 0 rg BT 280.68 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 287.62 260.10 Td (material ) Tj ET Q q 0 0 0 rg BT 322.88 260.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 358.70 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 376.20 260.10 Td (is ) Tj ET Q q 0 0 0 rg BT 385.37 260.10 Td (susceptible ) Tj ET Q q 0 0 0 rg BT 432.30 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.58 260.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 487.29 260.10 Td (change. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 236.10 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 236.10 Td ( for further discussion on real estate securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.38 236.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 204.76699218750002 m 61.830078125 204.76699218750002 l s q 0 0 0 rg BT 36.00 206.10 Td (MSRs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 188.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.14 188.10 Td (e ) Tj ET Q q 0 0 0 rg BT 75.05 188.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 117.38 188.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 145.87 188.10 Td (through ) Tj ET Q q 0 0 0 rg BT 180.45 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.14 188.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 235.15 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.95 188.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 287.08 188.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 313.33 188.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 357.89 188.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.14 188.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 424.27 188.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 465.50 188.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 490.08 188.10 Td (that ) Tj ET Q q 0 0 0 rg BT 508.55 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 523.68 188.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 561.58 188.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 176.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 90.54 176.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 136.17 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.27 176.10 Td (third ) Tj ET Q q 0 0 0 rg BT 167.48 176.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 196.46 176.10 Td (when ) Tj ET Q q 0 0 0 rg BT 220.45 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.99 176.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 267.85 176.10 Td (meets ) Tj ET Q q 0 0 0 rg BT 293.50 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.04 176.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 334.90 176.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.22 176.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 367.86 176.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.84 176.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 399.71 176.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 448.41 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 459.06 176.10 Td (through ) Tj ET Q q 0 0 0 rg BT 492.49 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.04 176.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 532.12 176.10 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 164.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 74.34 164.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 93.51 164.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.01 164.10 Td (third ) Tj ET Q q 0 0 0 rg BT 127.40 164.10 Td (parties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 140.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.14 140.10 Td (e ) Tj ET Q q 0 0 0 rg BT 74.37 140.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 109.37 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 129.94 140.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 165.50 140.10 Td (sub-servicers ) Tj ET Q q 0 0 0 rg BT 221.05 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.62 140.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 266.63 140.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 306.08 140.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 346.09 140.10 Td (for ) Tj ET Q q 0 0 0 rg BT 360.54 140.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 384.44 140.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 428.33 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 448.90 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.03 140.10 Td (MSRs. ) Tj ET Q q 0 0 0 rg BT 495.14 140.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.77 140.10 Td (e ) Tj ET Q q 0 0 0 rg BT 511.01 140.10 Td (have ) Tj ET Q q 0 0 0 rg BT 532.68 140.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 563.78 140.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 128.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 52.66 128.10 Td (value ) Tj ET Q q 0 0 0 rg BT 77.11 128.10 Td (option ) Tj ET Q q 0 0 0 rg BT 105.45 128.10 Td (for ) Tj ET Q q 0 0 0 rg BT 119.90 128.10 Td (all ) Tj ET Q q 0 0 0 rg BT 132.68 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.80 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.91 128.10 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 190.22 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.44 128.10 Td (they ) Tj ET Q q 0 0 0 rg BT 227.45 128.10 Td (are ) Tj ET Q q 0 0 0 rg BT 242.44 128.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 276.33 128.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 322.98 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.21 128.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 370.75 128.10 Td (at ) Tj ET Q q 0 0 0 rg BT 380.75 128.10 Td (their ) Tj ET Q q 0 0 0 rg BT 401.87 128.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 442.97 128.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 459.64 128.10 Td (values. ) Tj ET Q q 0 0 0 rg BT 490.47 128.10 Td (Servicing ) Tj ET Q q 0 0 0 rg BT 531.58 128.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 546.58 128.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 116.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.34 116.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 84.26 116.10 Td (is ) Tj ET Q q 0 0 0 rg BT 92.84 116.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 129.72 116.10 Td (on ) Tj ET Q q 0 0 0 rg BT 141.62 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.96 116.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 167.64 116.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 189.54 116.10 Td (when ) Tj ET Q q 0 0 0 rg BT 213.10 116.10 Td (received. ) Tj ET Q q 0 0 0 rg BT 251.37 116.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 267.71 116.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 306.27 116.10 Td (income ) Tj ET Q q 0 0 0 rg BT 337.61 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.95 116.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 388.07 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.75 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.87 116.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 452.09 116.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.88 116.10 Td (value ) Tj ET Q q 0 0 0 rg BT 491.43 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.67 116.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 528.59 116.10 Td (are ) Tj ET Q q 0 0 0 rg BT 542.70 116.10 Td (reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 104.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 69.90 104.10 Td (income ) Tj ET Q q 0 0 0 rg BT 101.83 104.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 129.06 104.10 Td (net ) Tj ET Q q 0 0 0 rg BT 143.77 104.10 Td (on ) Tj ET Q q 0 0 0 rg BT 156.27 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.10 104.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 225.15 104.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 269.86 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.69 104.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 80.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 75.44 80.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 96.83 80.10 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.83 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.33 80.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.49 80.10 Td (further ) Tj ET Q q 0 0 0 rg BT 148.19 80.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 192.36 80.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.86 80.10 Td (MSRs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.38 80.10 Td ( ) Tj ET Q endstream endobj 255 0 obj <> endobj 256 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 16) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 666.7669921875 m 149.3349609375 666.7669921875 l s q 0 0 0 rg BT 36.00 668.10 Td (Cash and Cash Equivalents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 76.11 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.66 650.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.53 650.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 160.18 650.10 Td (include ) Tj ET Q q 0 0 0 rg BT 191.72 650.10 Td (non-restricted ) Tj ET Q q 0 0 0 rg BT 249.37 650.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 269.24 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.79 650.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 313.45 650.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 338.90 650.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 388.78 650.10 Td (with ) Tj ET Q q 0 0 0 rg BT 408.67 650.10 Td (original ) Tj ET Q q 0 0 0 rg BT 441.88 650.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 483.98 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.42 650.10 Td (three ) Tj ET Q q 0 0 0 rg BT 516.51 650.10 Td (months ) Tj ET Q q 0 0 0 rg BT 548.07 650.10 Td (or ) Tj ET Q q 0 0 0 rg BT 558.50 650.10 Td (less. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (The ) Tj ET Q q 0 0 0 rg BT 53.94 638.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 95.23 638.10 Td (maintains ) Tj ET Q q 0 0 0 rg BT 136.51 638.10 Td (its ) Tj ET Q q 0 0 0 rg BT 148.35 638.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 168.52 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.36 638.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 205.52 638.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 253.46 638.10 Td (with ) Tj ET Q q 0 0 0 rg BT 273.64 638.10 Td (major ) Tj ET Q q 0 0 0 rg BT 299.36 638.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 336.74 638.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 385.56 638.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 425.72 638.10 Td (at ) Tj ET Q q 0 0 0 rg BT 435.34 638.10 Td (these ) Tj ET Q q 0 0 0 rg BT 458.28 638.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 505.13 638.10 Td (are ) Tj ET Q q 0 0 0 rg BT 519.74 638.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 566.00 638.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.68 626.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 83.12 626.10 Td (Deposit ) Tj ET Q q 0 0 0 rg BT 116.69 626.10 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 158.02 626.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 208.81 626.10 Td (\(FDIC\) ) Tj ET Q q 0 0 0 rg BT 249.59 626.10 Td (up ) Tj ET Q q 0 0 0 rg BT 262.05 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.29 626.10 Td ($250,000 ) Tj ET Q q 0 0 0 rg BT 312.25 626.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.37 626.10 Td (each ) Tj ET Q q 0 0 0 rg BT 347.15 626.10 Td (bank. ) Tj ET Q q 0 0 0 rg BT 371.37 626.10 Td (The ) Tj ET Q q 0 0 0 rg BT 389.38 626.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 430.72 626.10 Td (is ) Tj ET Q q 0 0 0 rg BT 439.86 626.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 475.08 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.32 626.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 510.55 626.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 528.01 626.10 Td (for ) Tj ET Q q 0 0 0 rg BT 542.13 626.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 614.10 Td (held ) Tj ET Q q 0 0 0 rg BT 55.72 614.10 Td (in ) Tj ET Q q 0 0 0 rg BT 66.00 614.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 94.59 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.42 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.14 614.10 Td (FDIC ) Tj ET Q q 0 0 0 rg BT 145.42 614.10 Td (limit. ) Tj ET Q q 0 0 0 rg BT 169.13 614.10 Td (The ) Tj ET Q q 0 0 0 rg BT 187.18 614.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 228.57 614.10 Td (does ) Tj ET Q q 0 0 0 rg BT 249.40 614.10 Td (not ) Tj ET Q q 0 0 0 rg BT 264.68 614.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 306.04 614.10 Td (nonperformance ) Tj ET Q q 0 0 0 rg BT 374.07 614.10 Td (by ) Tj ET Q q 0 0 0 rg BT 386.57 614.10 Td (these ) Tj ET Q q 0 0 0 rg BT 409.61 614.10 Td (institutions. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 582.7669921875 m 102.103515625 582.7669921875 l s q 0 0 0 rg BT 36.00 584.10 Td (Restricted Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 566.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 96.57 566.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 116.37 566.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 155.61 566.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 190.96 566.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 210.76 566.10 Td (held ) Tj ET Q q 0 0 0 rg BT 230.00 566.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.81 566.10 Td (association ) Tj ET Q q 0 0 0 rg BT 286.27 566.10 Td (with ) Tj ET Q q 0 0 0 rg BT 306.07 566.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 353.65 566.10 Td (from ) Tj ET Q q 0 0 0 rg BT 375.12 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.36 566.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 421.38 566.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 447.84 566.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 470.42 566.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 493.55 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.91 566.10 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 541.77 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.23 566.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 554.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 78.86 554.10 Td (with ) Tj ET Q q 0 0 0 rg BT 98.41 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.50 554.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 130.27 554.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 161.47 554.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 211.00 554.10 Td (with ) Tj ET Q q 0 0 0 rg BT 230.55 554.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.14 554.10 Td (Agencies, ) Tj ET Q q 0 0 0 rg BT 285.62 554.10 Td (as ) Tj ET Q q 0 0 0 rg BT 295.71 554.10 Td (well ) Tj ET Q q 0 0 0 rg BT 314.70 554.10 Td (as ) Tj ET Q q 0 0 0 rg BT 324.79 554.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 362.10 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.31 554.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 409.51 554.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 449.60 554.10 Td (that ) Tj ET Q q 0 0 0 rg BT 466.36 554.10 Td (are ) Tj ET Q q 0 0 0 rg BT 480.33 554.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 519.30 554.10 Td (for) Tj ET Q q 0 0 0 rg BT 530.56 554.10 Td (, ) Tj ET Q q 0 0 0 rg BT 534.82 554.10 Td (or ) Tj ET Q q 0 0 0 rg BT 544.92 554.10 Td (payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 542.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 48.78 542.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 80.16 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.44 542.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 112.39 542.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 139.89 542.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.39 542.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 205.43 542.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 261.80 542.10 Td (entities. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 510.7669921875 m 150.8486328125 510.7669921875 l s q 0 0 0 rg BT 36.00 512.10 Td (Accrued Inter) Tj ET Q q 0 0 0 rg BT 90.88 512.10 Td (est Receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 89.96 494.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 121.48 494.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 164.65 494.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 200.06 494.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 231.59 494.10 Td (that ) Tj ET Q q 0 0 0 rg BT 248.67 494.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.43 494.10 Td (due ) Tj ET Q q 0 0 0 rg BT 273.96 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.49 494.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 323.67 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.54 494.10 Td (us ) Tj ET Q q 0 0 0 rg BT 344.52 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.05 494.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 394.23 494.10 Td (collectible. ) Tj ET Q q 0 0 0 rg BT 440.47 494.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 462.56 494.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.08 494.10 Td (is ) Tj ET Q q 0 0 0 rg BT 502.84 494.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 542.13 494.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 482.10 Td (within ) Tj ET Q q 0 0 0 rg BT 64.37 482.10 Td (thirty ) Tj ET Q q 0 0 0 rg BT 88.85 482.10 Td (days ) Tj ET Q q 0 0 0 rg BT 110.00 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.15 482.10 Td (recording ) Tj ET Q q 0 0 0 rg BT 162.28 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.31 482.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 223.71 482.10 Td (For ) Tj ET Q q 0 0 0 rg BT 240.42 482.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.21 482.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 304.36 482.10 Td (where ) Tj ET Q q 0 0 0 rg BT 331.60 482.10 Td (we ) Tj ET Q q 0 0 0 rg BT 346.08 482.10 Td (have ) Tj ET Q q 0 0 0 rg BT 367.77 482.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 398.90 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.93 482.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.63 482.10 Td (value ) Tj ET Q q 0 0 0 rg BT 455.10 482.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 485.97 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.01 482.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.92 482.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 470.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 68.57 470.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 112.79 470.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.94 470.10 Td (these ) Tj ET Q q 0 0 0 rg BT 149.62 470.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 176.10 470.10 Td (is ) Tj ET Q q 0 0 0 rg BT 185.91 470.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 227.36 470.10 Td (at ) Tj ET Q q 0 0 0 rg BT 237.72 470.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 254.74 470.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 282.04 470.10 Td (For ) Tj ET Q q 0 0 0 rg BT 299.07 470.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 337.19 470.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 363.66 470.10 Td (where ) Tj ET Q q 0 0 0 rg BT 391.23 470.10 Td (we ) Tj ET Q q 0 0 0 rg BT 406.03 470.10 Td (have ) Tj ET Q q 0 0 0 rg BT 428.05 470.10 Td (not ) Tj ET Q q 0 0 0 rg BT 443.97 470.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 475.42 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.78 470.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 507.80 470.10 Td (value ) Tj ET Q q 0 0 0 rg BT 532.59 470.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 563.79 470.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 458.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.59 458.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 113.18 458.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 145.11 458.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 180.93 458.10 Td (values ) Tj ET Q q 0 0 0 rg BT 208.97 458.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 261.45 458.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.83 458.10 Td (values. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 426.7669921875 m 171.8056640625 426.7669921875 l s q 0 0 0 rg BT 36.00 428.10 Td (Derivative Financial Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 410.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 99.51 410.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.80 410.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 187.77 410.10 Td (we ) Tj ET Q q 0 0 0 rg BT 202.74 410.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 241.04 410.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 269.34 410.10 Td (include ) Tj ET Q q 0 0 0 rg BT 302.08 410.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 332.33 410.10 Td (swaptions, ) Tj ET Q q 0 0 0 rg BT 378.14 410.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.43 410.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 447.50 410.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 489.41 410.10 Td (CMBX ) Tj ET Q q 0 0 0 rg BT 522.17 410.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 548.24 410.10 Td (default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 398.10 Td (index ) Tj ET Q q 0 0 0 rg BT 61.09 398.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 90.91 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.22 398.10 Td (T) Tj ET Q q 0 0 0 rg BT 118.07 398.10 Td (o ) Tj ET Q q 0 0 0 rg BT 125.95 398.10 Td (Be ) Tj ET Q q 0 0 0 rg BT 139.30 398.10 Td (Announced ) Tj ET Q q 0 0 0 rg BT 192.71 398.10 Td (\(TBA\) ) Tj ET Q q 0 0 0 rg BT 231.12 398.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 272.38 398.10 Td (These ) Tj ET Q q 0 0 0 rg BT 299.13 398.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 345.88 398.10 Td (are ) Tj ET Q q 0 0 0 rg BT 360.96 398.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 401.05 398.10 Td (used ) Tj ET Q q 0 0 0 rg BT 422.25 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.91 398.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 466.88 398.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 499.18 398.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 517.04 398.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 534.92 398.10 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 386.10 Td (with ) Tj ET Q q 0 0 0 rg BT 55.98 386.10 Td (our ) Tj ET Q q 0 0 0 rg BT 71.51 386.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 117.87 386.10 Td (In ) Tj ET Q q 0 0 0 rg BT 128.40 386.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 165.87 386.10 Td (we ) Tj ET Q q 0 0 0 rg BT 179.73 386.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 201.92 386.10 Td (into ) Tj ET Q q 0 0 0 rg BT 219.68 386.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 249.08 386.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 292.93 386.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 312.35 386.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 350.09 386.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 406.73 386.10 Td (\(LPCs\) ) Tj ET Q q 0 0 0 rg BT 446.70 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.34 386.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 507.19 386.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 526.61 386.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 560.46 386.10 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 374.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 92.90 374.10 Td (\(FSCs\) ) Tj ET Q q 0 0 0 rg BT 132.58 374.10 Td (that ) Tj ET Q q 0 0 0 rg BT 150.04 374.10 Td (are ) Tj ET Q q 0 0 0 rg BT 164.70 374.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 194.36 374.10 Td (as ) Tj ET Q q 0 0 0 rg BT 205.15 374.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 251.49 374.10 Td (for ) Tj ET Q q 0 0 0 rg BT 265.61 374.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.05 374.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 342.16 374.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 382.13 374.10 Td (All ) Tj ET Q q 0 0 0 rg BT 397.37 374.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 439.81 374.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 477.25 374.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 526.38 374.10 Td (are ) Tj ET Q q 0 0 0 rg BT 541.04 374.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 362.10 Td (at ) Tj ET Q q 0 0 0 rg BT 46.36 362.10 Td (their ) Tj ET Q q 0 0 0 rg BT 67.83 362.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 109.29 362.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.31 362.10 Td (value ) Tj ET Q q 0 0 0 rg BT 151.11 362.10 Td (on ) Tj ET Q q 0 0 0 rg BT 164.26 362.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.73 362.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 234.42 362.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 268.09 362.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 298.17 362.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 347.41 362.10 Td (with ) Tj ET Q q 0 0 0 rg BT 368.33 362.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 403.14 362.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 420.16 362.10 Td (values ) Tj ET Q q 0 0 0 rg BT 448.85 362.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.77 362.10 Td (us ) Tj ET Q q 0 0 0 rg BT 471.81 362.10 Td (are ) Tj ET Q q 0 0 0 rg BT 487.16 362.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 523.62 362.10 Td (as ) Tj ET Q q 0 0 0 rg BT 535.09 362.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 561.57 362.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 350.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 82.93 350.10 Td (with ) Tj ET Q q 0 0 0 rg BT 103.77 350.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 140.71 350.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 157.65 350.10 Td (values ) Tj ET Q q 0 0 0 rg BT 186.25 350.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.09 350.10 Td (us ) Tj ET Q q 0 0 0 rg BT 209.05 350.10 Td (are ) Tj ET Q q 0 0 0 rg BT 224.32 350.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 260.69 350.10 Td (as ) Tj ET Q q 0 0 0 rg BT 272.08 350.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 314.64 350.10 Td (W) Tj ET Q q 0 0 0 rg BT 323.28 350.10 Td (e ) Tj ET Q q 0 0 0 rg BT 330.78 350.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 364.39 350.10 Td (each ) Tj ET Q q 0 0 0 rg BT 385.76 350.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 428.81 350.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.20 350.10 Td (either ) Tj ET Q q 0 0 0 rg BT 466.02 350.10 Td (\(i\)a ) Tj ET Q q 0 0 0 rg BT 485.46 350.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 516.85 350.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 562.68 350.10 Td (\(no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 338.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 69.15 338.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 103.42 338.10 Td (designation ) Tj ET Q q 0 0 0 rg BT 151.57 338.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.28 338.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 202.32 338.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 241.02 338.10 Td (purposes\) ) Tj ET Q q 0 0 0 rg BT 281.96 338.10 Td (or ) Tj ET Q q 0 0 0 rg BT 292.34 338.10 Td (\(ii\)a ) Tj ET Q q 0 0 0 rg BT 313.55 338.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 339.48 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.86 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.35 338.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 399.49 338.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 445.41 338.10 Td (or ) Tj ET Q q 0 0 0 rg BT 455.79 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.17 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.44 338.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 523.59 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.98 338.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 553.80 338.10 Td (flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 326.10 Td (be ) Tj ET Q q 0 0 0 rg BT 58.22 326.10 Td (received ) Tj ET Q q 0 0 0 rg BT 94.58 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 105.41 326.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 125.13 326.10 Td (related ) Tj ET Q q 0 0 0 rg BT 154.83 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.11 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.04 326.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 218.41 326.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 240.35 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 251.18 326.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 284.78 326.10 Td (\(cash ) Tj ET Q q 0 0 0 rg BT 308.38 326.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 329.21 326.10 Td (hedge\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 90.81 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.96 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.55 302.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.80 302.10 Td (values ) Tj ET Q q 0 0 0 rg BT 159.72 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.43 302.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 216.67 302.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 259.58 302.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.61 302.10 Td (as ) Tj ET Q q 0 0 0 rg BT 284.31 302.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 315.01 302.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 366.55 302.10 Td (including ) Tj ET Q q 0 0 0 rg BT 406.70 302.10 Td (any ) Tj ET Q q 0 0 0 rg BT 423.51 302.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 466.97 302.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 498.78 302.10 Td (income ) Tj ET Q q 0 0 0 rg BT 530.59 302.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.29 302.10 Td (expense, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (are ) Tj ET Q q 0 0 0 rg BT 50.69 290.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.14 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.40 290.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.21 290.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.24 290.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 211.93 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.74 290.10 Td (income ) Tj ET Q q 0 0 0 rg BT 254.65 290.10 Td (through ) Tj ET Q q 0 0 0 rg BT 288.24 290.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 311.84 290.10 Td (income ) Tj ET Q q 0 0 0 rg BT 343.76 290.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 370.96 290.10 Td (net ) Tj ET Q q 0 0 0 rg BT 385.66 290.10 Td (if ) Tj ET Q q 0 0 0 rg BT 394.25 290.10 Td (they ) Tj ET Q q 0 0 0 rg BT 413.94 290.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.63 290.10 Td (used ) Tj ET Q q 0 0 0 rg BT 449.44 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.70 290.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 493.28 290.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 514.65 290.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 558.22 290.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.88 278.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 75.55 278.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 128.38 278.10 Td (through ) Tj ET Q q 0 0 0 rg BT 162.04 278.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 203.46 285.03 70.87 -9.09 re f /GS0 gs q 0 0 0 rg BT 203.46 278.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 238.23 278.10 Td (activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.33 278.10 Td (, ) Tj ET Q q 0 0 0 rg BT 279.38 278.10 Td (net ) Tj ET Q q 0 0 0 rg BT 294.15 278.10 Td (if ) Tj ET Q q 0 0 0 rg BT 302.81 278.10 Td (they ) Tj ET Q q 0 0 0 rg BT 322.57 278.10 Td (are ) Tj ET Q q 0 0 0 rg BT 337.33 278.10 Td (used ) Tj ET Q q 0 0 0 rg BT 358.21 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.54 278.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 402.18 278.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 423.62 278.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 467.27 278.10 Td (with ) Tj ET Q q 0 0 0 rg BT 487.60 278.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.48 278.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 543.79 278.10 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 266.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 77.91 266.10 Td (or ) Tj ET Q q 0 0 0 rg BT 89.55 266.10 Td (through ) Tj ET Q q 0 0 0 rg BT 123.97 266.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 171.71 266.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 188.90 266.10 Td (value ) Tj ET Q q 0 0 0 rg BT 213.87 266.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 251.88 266.10 Td (net ) Tj ET Q q 0 0 0 rg BT 267.41 266.10 Td (if ) Tj ET Q q 0 0 0 rg BT 276.83 266.10 Td (they ) Tj ET Q q 0 0 0 rg BT 297.36 266.10 Td (are ) Tj ET Q q 0 0 0 rg BT 312.88 266.10 Td (used ) Tj ET Q q 0 0 0 rg BT 334.52 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.60 266.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 380.01 266.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 402.21 266.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 446.62 266.10 Td (with ) Tj ET Q q 0 0 0 rg BT 467.70 266.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.34 266.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 537.69 266.10 Td (V) Tj ET Q q 0 0 0 rg BT 543.80 266.10 Td (aluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.32 254.10 Td (related ) Tj ET Q q 0 0 0 rg BT 99.64 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.53 254.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 153.29 254.10 Td (LPCs ) Tj ET Q q 0 0 0 rg BT 177.64 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.19 254.10 Td (FSCs ) Tj ET Q q 0 0 0 rg BT 217.99 254.10 Td (are ) Tj ET Q q 0 0 0 rg BT 232.31 254.10 Td (included ) Tj ET Q q 0 0 0 rg BT 268.85 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.74 254.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 319.73 254.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 354.06 254.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 394.78 254.10 Td (net ) Tj ET Q q 0 0 0 rg BT 409.11 254.10 Td (on ) Tj ET Q q 0 0 0 rg BT 421.22 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.66 254.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 489.32 254.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 533.64 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.09 254.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 89.80 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.94 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.52 230.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.76 230.10 Td (values ) Tj ET Q q 0 0 0 rg BT 154.66 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.36 230.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 209.59 230.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 251.48 230.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.50 230.10 Td (as ) Tj ET Q q 0 0 0 rg BT 274.20 230.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 293.33 230.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 313.02 230.10 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 344.65 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.79 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.36 230.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 393.16 230.10 Td (they ) Tj ET Q q 0 0 0 rg BT 411.74 230.10 Td (are ) Tj ET Q q 0 0 0 rg BT 425.31 230.10 Td (ef) Tj ET Q q 0 0 0 rg BT 432.89 230.10 Td (fective, ) Tj ET Q q 0 0 0 rg BT 463.96 230.10 Td (are ) Tj ET Q q 0 0 0 rg BT 477.53 230.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 513.86 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.70 230.10 Td (Accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 218.10 Td (other ) Tj ET Q q 0 0 0 rg BT 61.38 218.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 126.74 218.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 163.50 218.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.77 218.10 Td (component ) Tj ET Q q 0 0 0 rg BT 222.04 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.20 218.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 265.02 218.10 Td (on ) Tj ET Q q 0 0 0 rg BT 279.85 218.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.01 218.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 353.38 218.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 388.75 218.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 420.51 218.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 455.33 218.10 Td (income ) Tj ET Q q 0 0 0 rg BT 489.59 218.10 Td (or ) Tj ET Q q 0 0 0 rg BT 502.75 218.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 542.29 218.10 Td (and ) Tj ET Q q 0 0 0 rg BT 561.56 218.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 206.10 Td (inef) Tj ET Q q 0 0 0 rg BT 51.37 206.10 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 98.48 206.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 142.26 206.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.73 206.10 Td (these ) Tj ET Q q 0 0 0 rg BT 185.97 206.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 235.03 206.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.93 206.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 287.60 206.10 Td (as ) Tj ET Q q 0 0 0 rg BT 298.62 206.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.75 206.10 Td (component ) Tj ET Q q 0 0 0 rg BT 352.87 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.89 206.10 Td (net ) Tj ET Q q 0 0 0 rg BT 378.80 206.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 410.92 206.10 Td (income ) Tj ET Q q 0 0 0 rg BT 443.05 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.51 206.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.54 206.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 522.77 206.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 567.67 206.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 194.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 69.92 194.10 Td (W) Tj ET Q q 0 0 0 rg BT 78.56 194.10 Td (e ) Tj ET Q q 0 0 0 rg BT 85.15 194.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 120.61 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.97 194.10 Td (ef) Tj ET Q q 0 0 0 rg BT 142.56 194.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 171.91 194.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 202.94 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.42 194.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 233.33 194.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 253.81 194.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 283.72 194.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.87 194.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 340.78 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.14 194.10 Td (change ) Tj ET Q q 0 0 0 rg BT 385.60 194.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.52 194.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 411.55 194.10 Td (value ) Tj ET Q q 0 0 0 rg BT 435.35 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.83 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.19 194.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 497.87 194.10 Td (future ) Tj ET Q q 0 0 0 rg BT 523.89 194.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 558.24 194.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 60.72 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.54 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.26 182.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 128.74 182.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 163.45 182.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 212.61 182.10 Td (with ) Tj ET Q q 0 0 0 rg BT 232.89 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.60 182.10 Td (change ) Tj ET Q q 0 0 0 rg BT 278.41 182.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.69 182.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 305.06 182.10 Td (value ) Tj ET Q q 0 0 0 rg BT 329.21 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.04 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.75 182.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 392.78 182.10 Td (future ) Tj ET Q q 0 0 0 rg BT 419.15 182.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 453.85 182.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 474.12 182.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 498.84 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.66 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.38 182.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 555.75 182.10 Td (item. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 158.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.50 158.10 Td (will ) Tj ET Q q 0 0 0 rg BT 87.48 158.10 Td (discontinue ) Tj ET Q q 0 0 0 rg BT 136.01 158.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.87 158.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 188.06 158.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 208.25 158.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 229.00 158.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 255.30 158.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 304.94 158.10 Td (if ) Tj ET Q q 0 0 0 rg BT 313.47 158.10 Td (\(i\)we ) Tj ET Q q 0 0 0 rg BT 339.49 158.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 381.89 158.10 Td (that ) Tj ET Q q 0 0 0 rg BT 399.31 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.95 158.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 448.59 158.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 491.00 158.10 Td (is ) Tj ET Q q 0 0 0 rg BT 500.09 158.10 Td (no ) Tj ET Q q 0 0 0 rg BT 512.51 158.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 540.48 158.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.21 146.10 Td (be ) Tj ET Q q 0 0 0 rg BT 58.09 146.10 Td (ef) Tj ET Q q 0 0 0 rg BT 65.68 146.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 95.32 146.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.53 146.10 Td (of) Tj ET Q q 0 0 0 rg BT 113.68 146.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 146.11 146.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 180.76 146.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.97 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.62 146.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 225.83 146.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 250.49 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.25 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.91 146.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 321.11 146.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 352.42 146.10 Td (item; ) Tj ET Q q 0 0 0 rg BT 375.41 146.10 Td (\(ii\)the ) Tj ET Q q 0 0 0 rg BT 404.78 146.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 447.20 146.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 478.51 146.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.28 146.10 Td (is ) Tj ET Q q 0 0 0 rg BT 498.38 146.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 519.99 146.10 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 567.68 146.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 134.10 Td (exercised; ) Tj ET Q q 0 0 0 rg BT 78.74 134.10 Td (\(iii\)the ) Tj ET Q q 0 0 0 rg BT 110.65 134.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 152.84 134.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.71 134.10 Td (de-designated ) Tj ET Q q 0 0 0 rg BT 219.45 134.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.98 134.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.63 134.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 256.60 134.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 277.14 134.10 Td (hedge; ) Tj ET Q q 0 0 0 rg BT 306.00 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.53 134.10 Td (\(iv\)it ) Tj ET Q q 0 0 0 rg BT 341.23 134.10 Td (is ) Tj ET Q q 0 0 0 rg BT 350.10 134.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 387.29 134.10 Td (that ) Tj ET Q q 0 0 0 rg BT 404.49 134.10 Td (a ) Tj ET Q q 0 0 0 rg BT 411.14 134.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 454.43 134.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 500.50 134.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 543.80 134.10 Td (with ) Tj ET Q q 0 0 0 rg BT 563.78 134.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 122.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 67.88 122.10 Td (item ) Tj ET Q q 0 0 0 rg BT 88.66 122.10 Td (will ) Tj ET Q q 0 0 0 rg BT 107.23 122.10 Td (not ) Tj ET Q q 0 0 0 rg BT 123.01 122.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 148.23 122.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.23 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.46 122.10 Td (end ) Tj ET Q q 0 0 0 rg BT 193.90 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.24 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.46 122.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 262.35 122.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 301.45 122.10 Td (time ) Tj ET Q q 0 0 0 rg BT 322.23 122.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 353.07 122.10 Td (T) Tj ET Q q 0 0 0 rg BT 358.48 122.10 Td (o ) Tj ET Q q 0 0 0 rg BT 366.49 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.71 122.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 409.15 122.10 Td (we ) Tj ET Q q 0 0 0 rg BT 423.82 122.10 Td (de-designate ) Tj ET Q q 0 0 0 rg BT 477.36 122.10 Td (or ) Tj ET Q q 0 0 0 rg BT 488.69 122.10 Td (terminate ) Tj ET Q q 0 0 0 rg BT 529.46 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 536.90 122.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 557.68 122.10 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 110.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 70.63 110.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 120.25 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.10 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.73 110.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.23 110.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 226.52 110.10 Td (item ) Tj ET Q q 0 0 0 rg BT 246.71 110.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 287.44 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.63 110.10 Td (exist, ) Tj ET Q q 0 0 0 rg BT 321.43 110.10 Td (any ) Tj ET Q q 0 0 0 rg BT 338.28 110.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 382.33 110.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 401.96 110.10 Td (or ) Tj ET Q q 0 0 0 rg BT 412.70 110.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 430.67 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.41 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.04 110.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 476.22 110.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 496.96 110.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 523.25 110.10 Td (at ) Tj ET Q q 0 0 0 rg BT 532.88 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.51 110.10 Td (time ) Tj ET Q q 0 0 0 rg BT 567.69 110.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 98.10 Td (de-designation ) Tj ET Q q 0 0 0 rg BT 97.99 98.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 132.77 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.67 98.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 197.32 98.10 Td (other ) Tj ET Q q 0 0 0 rg BT 220.99 98.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 284.64 98.10 Td (income ) Tj ET Q q 0 0 0 rg BT 317.20 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.76 98.10 Td (is ) Tj ET Q q 0 0 0 rg BT 344.55 98.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 387.65 98.10 Td (using ) Tj ET Q q 0 0 0 rg BT 412.44 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.78 98.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 479.22 98.10 Td (method ) Tj ET Q q 0 0 0 rg BT 512.34 98.10 Td (through ) Tj ET Q q 0 0 0 rg BT 546.57 98.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 86.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 70.71 86.10 Td (over ) Tj ET Q q 0 0 0 rg BT 90.98 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.69 86.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 148.73 86.10 Td (life ) Tj ET Q q 0 0 0 rg BT 164.56 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.39 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.11 86.10 Td (hedged ) Tj ET Q q 0 0 0 rg BT 221.48 86.10 Td (item. ) Tj ET Q endstream endobj 257 0 obj <> endobj 258 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 17) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Swaps and Swaptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 88.38 650.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 107.76 650.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 136.60 650.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.20 650.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 203.12 650.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.30 650.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.13 650.10 Td (\(i\)one ) Tj ET Q q 0 0 0 rg BT 274.90 650.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 329.83 650.10 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 375.87 650.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.70 650.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 415.75 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.47 650.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 453.41 650.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 487.24 650.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 529.96 650.10 Td (for ) Tj ET Q q 0 0 0 rg BT 546.01 650.10 Td (another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 89.31 638.10 Td (s ) Tj ET Q q 0 0 0 rg BT 95.49 638.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 124.43 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.05 638.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 169.54 638.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 201.26 638.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.31 638.10 Td (flows; ) Tj ET Q q 0 0 0 rg BT 248.60 638.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.21 638.10 Td (\(ii\)each ) Tj ET Q q 0 0 0 rg BT 294.53 638.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 347.35 638.10 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 391.28 638.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 425.77 638.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 457.49 638.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 477.55 638.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 502.06 638.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.34 638.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.83 638.10 Td (referenced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.42 626.10 Td (dif) Tj ET Q q 0 0 0 rg BT 56.35 626.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 81.31 626.10 Td (indices. ) Tj ET Q q 0 0 0 rg BT 113.78 626.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 145.41 626.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 162.04 626.10 Td (swaptions ) Tj ET Q q 0 0 0 rg BT 203.69 626.10 Td (are ) Tj ET Q q 0 0 0 rg BT 217.54 626.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 264.72 626.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.36 626.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 313.55 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.42 626.10 Td (owner ) Tj ET Q q 0 0 0 rg BT 354.05 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.91 626.10 Td (right ) Tj ET Q q 0 0 0 rg BT 388.45 626.10 Td (but ) Tj ET Q q 0 0 0 rg BT 402.87 626.10 Td (not ) Tj ET Q q 0 0 0 rg BT 417.29 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.16 626.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 473.35 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.78 626.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 504.41 626.10 Td (into ) Tj ET Q q 0 0 0 rg BT 521.61 626.10 Td (an ) Tj ET Q q 0 0 0 rg BT 532.69 626.10 Td (underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 614.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 68.55 614.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 86.64 614.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 110.31 614.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.20 614.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.75 614.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 192.40 614.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.29 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.62 614.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 247.88 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.52 614.10 Td (e ) Tj ET Q q 0 0 0 rg BT 264.07 614.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 287.17 614.10 Td (into ) Tj ET Q q 0 0 0 rg BT 305.84 614.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 329.50 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.05 614.10 Td (swaptions ) Tj ET Q q 0 0 0 rg BT 390.17 614.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 430.49 614.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.38 614.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 471.14 614.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 516.47 614.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 551.79 614.10 Td (in ) Tj ET Q q 0 0 0 rg BT 562.68 614.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 602.10 Td (income ) Tj ET Q q 0 0 0 rg BT 67.93 602.10 Td (or ) Tj ET Q q 0 0 0 rg BT 78.76 602.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 106.26 602.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 135.97 602.10 Td (by ) Tj ET Q q 0 0 0 rg BT 148.47 602.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 180.40 602.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 197.88 602.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 233.34 602.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.34 602.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 270.28 602.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.11 602.10 Td (these ) Tj ET Q q 0 0 0 rg BT 304.15 602.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 336.09 602.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 353.57 602.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 401.61 602.10 Td (may ) Tj ET Q q 0 0 0 rg BT 421.32 602.10 Td (be ) Tj ET Q q 0 0 0 rg BT 433.26 602.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 478.52 602.10 Td (as ) Tj ET Q q 0 0 0 rg BT 489.35 602.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 509.62 602.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 530.45 602.10 Td (hedges. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 578.10 Td (Eur) Tj ET Q q 0 0 0 rg BT 50.63 578.10 Td (odollar Futur) Tj ET Q q 0 0 0 rg BT 104.98 578.10 Td (es and Financial Futur) Tj ET Q q 0 0 0 rg BT 197.10 578.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.10 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 99.12 560.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 129.24 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 143.81 560.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 173.93 560.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 212.38 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.74 560.10 Td (time ) Tj ET Q q 0 0 0 rg BT 244.87 560.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 280.00 560.10 Td (denominated ) Tj ET Q q 0 0 0 rg BT 334.01 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.14 560.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 364.28 560.10 Td (dollars ) Tj ET Q q 0 0 0 rg BT 393.85 560.10 Td (at ) Tj ET Q q 0 0 0 rg BT 403.43 560.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 429.11 560.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 460.35 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.93 560.10 Td (United ) Tj ET Q q 0 0 0 rg BT 504.50 560.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 533.24 560.10 Td (Eurodollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (futures, ) Tj ET Q q 0 0 0 rg BT 68.80 548.10 Td (unlike ) Tj ET Q q 0 0 0 rg BT 96.32 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.18 548.10 Td (other ) Tj ET Q q 0 0 0 rg BT 135.25 548.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 184.15 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 205.56 548.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 248.08 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.94 548.10 Td (only ) Tj ET Q q 0 0 0 rg BT 279.24 548.10 Td (three ) Tj ET Q q 0 0 0 rg BT 301.76 548.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 336.05 548.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 380.49 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.80 548.10 Td (order ) Tj ET Q q 0 0 0 rg BT 414.43 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.73 548.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 457.79 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.54 548.10 Td (desired ) Tj ET Q q 0 0 0 rg BT 503.94 548.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 535.91 548.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 553.42 548.10 Td (of) Tj ET Q q 0 0 0 rg BT 561.57 548.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 77.01 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.93 536.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 120.17 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.64 536.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 155.29 536.10 Td (consecutively ) Tj ET Q q 0 0 0 rg BT 212.41 536.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 250.66 536.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 288.90 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 303.25 536.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 341.21 536.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 378.34 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.27 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.85 536.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 420.32 536.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 455.23 536.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 487.37 536.10 Td (that ) Tj ET Q q 0 0 0 rg BT 504.51 536.10 Td (is ) Tj ET Q q 0 0 0 rg BT 513.32 536.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 550.46 536.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (than ) Tj ET Q q 0 0 0 rg BT 55.72 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 71.55 524.10 Td (other ) Tj ET Q q 0 0 0 rg BT 94.59 524.10 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 143.47 524.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 183.18 524.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 213.45 524.10 Td (are ) Tj ET Q q 0 0 0 rg BT 228.15 524.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 258.42 524.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 297.02 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 309.52 524.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 356.44 524.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 376.54 524.10 Td (T) Tj ET Q q 0 0 0 rg BT 382.30 524.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 414.23 524.10 Td (rates. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (TBA) Tj ET Q q 0 0 0 rg BT 53.60 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 55.92 500.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 70.55 500.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (TBA) Tj ET Q q 0 0 0 rg BT 73.45 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.86 482.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 123.81 482.10 Td (are ) Tj ET Q q 0 0 0 rg BT 138.44 482.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 172.50 482.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 211.01 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.21 482.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 259.16 482.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 330.98 482.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 371.16 482.10 Td (that ) Tj ET Q q 0 0 0 rg BT 388.58 482.10 Td (will ) Tj ET Q q 0 0 0 rg BT 406.55 482.10 Td (be ) Tj ET Q q 0 0 0 rg BT 418.40 482.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 445.82 482.10 Td (by ) Tj ET Q q 0 0 0 rg BT 458.23 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.09 482.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 485.29 482.10 Td (government ) Tj ET Q q 0 0 0 rg BT 535.47 482.10 Td (sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 470.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 77.81 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 87.98 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.59 470.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 131.18 470.10 Td (W) Tj ET Q q 0 0 0 rg BT 139.82 470.10 Td (e ) Tj ET Q q 0 0 0 rg BT 146.65 470.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 184.58 470.10 Td (or ) Tj ET Q q 0 0 0 rg BT 195.30 470.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 211.57 470.10 Td (these ) Tj ET Q q 0 0 0 rg BT 234.51 470.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 280.77 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.94 470.10 Td (of) Tj ET Q q 0 0 0 rg BT 299.09 470.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 315.92 470.10 Td (- ) Tj ET Q q 0 0 0 rg BT 321.64 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.81 470.10 Td (varying ) Tj ET Q q 0 0 0 rg BT 364.75 470.10 Td (degrees ) Tj ET Q q 0 0 0 rg BT 397.67 470.10 Td (- ) Tj ET Q q 0 0 0 rg BT 403.39 470.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 437.99 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 448.16 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.77 470.10 Td (values ) Tj ET Q q 0 0 0 rg BT 490.70 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.42 470.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 541.58 470.10 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 458.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.16 458.10 Td (which ) Tj ET Q q 0 0 0 rg BT 77.10 458.10 Td (we ) Tj ET Q q 0 0 0 rg BT 91.26 458.10 Td (have ) Tj ET Q q 0 0 0 rg BT 112.64 458.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 151.23 458.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.51 458.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.45 458.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 210.93 458.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 246.39 458.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 434.10 Td (CMBX Cr) Tj ET Q q 0 0 0 rg BT 75.91 434.10 Td (edit Default Index Swaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.10 Td (CMBX ) Tj ET Q q 0 0 0 rg BT 85.45 416.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 110.20 416.10 Td (default ) Tj ET Q q 0 0 0 rg BT 139.96 416.10 Td (index ) Tj ET Q q 0 0 0 rg BT 164.17 416.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 190.61 416.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.81 416.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 246.78 416.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 295.44 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 312.43 416.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 351.61 416.10 Td (an ) Tj ET Q q 0 0 0 rg BT 363.04 416.10 Td (index ) Tj ET Q q 0 0 0 rg BT 387.25 416.10 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 427.55 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.76 416.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 494.28 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.60 416.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 542.69 416.10 Td (tranches ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.53 404.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 91.83 404.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 141.11 404.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 212.62 404.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.47 404.10 Td (\(CMBS\) ) Tj ET Q q 0 0 0 rg BT 297.89 404.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 350.10 404.10 Td (T) Tj ET Q q 0 0 0 rg BT 355.86 404.10 Td (ransacting ) Tj ET Q q 0 0 0 rg BT 399.04 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.91 404.10 Td (CMBX ) Tj ET Q q 0 0 0 rg BT 440.46 404.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 465.31 404.10 Td (default ) Tj ET Q q 0 0 0 rg BT 495.17 404.10 Td (index ) Tj ET Q q 0 0 0 rg BT 519.48 404.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 546.01 404.10 Td (enables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 392.10 Td (us ) Tj ET Q q 0 0 0 rg BT 46.98 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 56.84 392.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 82.81 392.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 112.09 392.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 149.16 392.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 170.14 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.89 392.10 Td (are ) Tj ET Q q 0 0 0 rg BT 198.18 392.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 233.03 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.90 392.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.32 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.06 392.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 304.69 392.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 331.22 392.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 380.50 392.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 420.35 392.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 443.54 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.41 392.10 Td (anticipation ) Tj ET Q q 0 0 0 rg BT 502.70 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.12 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.42 392.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 545.06 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 555.47 392.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 380.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.61 380.10 Td (into ) Tj ET Q q 0 0 0 rg BT 77.67 380.10 Td (CMBS ) Tj ET Q q 0 0 0 rg BT 107.96 380.10 Td (transactions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 356.10 Td (Loan Pur) Tj ET Q q 0 0 0 rg BT 73.69 356.10 Td (chase and Forwar) Tj ET Q q 0 0 0 rg BT 146.65 356.10 Td (d Sale Commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 338.10 Td (e ) Tj ET Q q 0 0 0 rg BT 70.00 338.10 Td (use ) Tj ET Q q 0 0 0 rg BT 86.26 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.40 338.10 Td (term ) Tj ET Q q 0 0 0 rg BT 122.65 338.10 Td (LPCs ) Tj ET Q q 0 0 0 rg BT 147.81 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.52 338.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 180.31 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.01 338.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 239.47 338.10 Td (with ) Tj ET Q q 0 0 0 rg BT 260.18 338.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 305.87 338.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 350.44 338.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 370.59 338.10 Td (originators ) Tj ET Q q 0 0 0 rg BT 416.84 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.54 338.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 466.01 338.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 510.58 338.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 534.62 338.10 Td (at ) Tj ET Q q 0 0 0 rg BT 544.76 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 552.13 338.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 326.10 Td (date ) Tj ET Q q 0 0 0 rg BT 55.05 326.10 Td (that ) Tj ET Q q 0 0 0 rg BT 72.43 326.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 103.15 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 113.87 326.10 Td (a ) Tj ET Q q 0 0 0 rg BT 120.69 326.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 163.07 326.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.22 326.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 215.08 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.47 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.30 326.10 Td (we ) Tj ET Q q 0 0 0 rg BT 248.35 326.10 Td (use ) Tj ET Q q 0 0 0 rg BT 264.07 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.68 326.10 Td (term ) Tj ET Q q 0 0 0 rg BT 299.39 326.10 Td (FSCs ) Tj ET Q q 0 0 0 rg BT 323.47 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.63 326.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 354.89 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.06 326.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 412.98 326.10 Td (with ) Tj ET Q q 0 0 0 rg BT 433.15 326.10 Td (third-parties ) Tj ET Q q 0 0 0 rg BT 484.41 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.58 326.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 510.86 326.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 554.90 326.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 314.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.05 314.10 Td (a ) Tj ET Q q 0 0 0 rg BT 51.32 314.10 Td (future ) Tj ET Q q 0 0 0 rg BT 77.03 314.10 Td (date ) Tj ET Q q 0 0 0 rg BT 95.51 314.10 Td (that ) Tj ET Q q 0 0 0 rg BT 112.34 314.10 Td (also ) Tj ET Q q 0 0 0 rg BT 130.28 314.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 160.43 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 170.59 314.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 216.30 314.10 Td (under ) Tj ET Q q 0 0 0 rg BT 240.90 314.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 267.02 314.10 Td (. ) Tj ET Q q 0 0 0 rg BT 271.35 314.10 Td (LPCs ) Tj ET Q q 0 0 0 rg BT 295.41 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.68 314.10 Td (FSCs ) Tj ET Q q 0 0 0 rg BT 335.19 314.10 Td (are ) Tj ET Q q 0 0 0 rg BT 349.23 314.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 386.04 314.10 Td (at ) Tj ET Q q 0 0 0 rg BT 395.09 314.10 Td (their ) Tj ET Q q 0 0 0 rg BT 415.24 314.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 455.39 314.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 471.10 314.10 Td (values ) Tj ET Q q 0 0 0 rg BT 498.48 314.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.31 314.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.47 314.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 302.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 68.15 302.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 94.22 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.28 302.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 144.11 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.51 302.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 169.01 302.10 Td (value ) Tj ET Q q 0 0 0 rg BT 192.28 302.10 Td (are ) Tj ET Q q 0 0 0 rg BT 206.11 302.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 244.38 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.44 302.10 Td (are ) Tj ET Q q 0 0 0 rg BT 274.27 302.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 309.21 302.10 Td (through ) Tj ET Q q 0 0 0 rg BT 341.94 302.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.89 302.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 409.06 302.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 452.89 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.85 302.10 Td (income ) Tj ET Q q 0 0 0 rg BT 493.90 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.30 302.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 543.80 302.10 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 77.10 290.10 Td (net. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 269.10 Td (Note 10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 269.10 Td ( for further discussion on derivative financial instruments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.49 269.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 243.76699218750002 m 178.6904296875 243.76699218750002 l s q 0 0 0 rg BT 36.00 245.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 62.29 245.10 Td (ed T) Tj ET Q q 0 0 0 rg BT 78.87 245.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 90.63 245.10 Td (Assets and Liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.18 227.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 108.12 227.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 122.96 227.10 Td (assets/liabilities ) Tj ET Q q 0 0 0 rg BT 188.92 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 203.75 227.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 245.25 227.10 Td (by ) Tj ET Q q 0 0 0 rg BT 257.87 227.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 301.60 227.10 Td (dif) Tj ET Q q 0 0 0 rg BT 312.53 227.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 348.46 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.87 227.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 385.72 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 388.35 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.42 227.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 436.92 227.10 Td (income ) Tj ET Q q 0 0 0 rg BT 468.99 227.10 Td (at ) Tj ET Q q 0 0 0 rg BT 478.83 227.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.79 227.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 526.29 227.10 Td (subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (These ) Tj ET Q q 0 0 0 rg BT 62.19 215.10 Td (dif) Tj ET Q q 0 0 0 rg BT 73.11 215.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 108.73 215.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 148.24 215.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 176.08 215.10 Td (dif) Tj ET Q q 0 0 0 rg BT 187.01 215.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 213.20 215.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 259.38 215.10 Td (treatments ) Tj ET Q q 0 0 0 rg BT 303.34 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.31 215.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 344.16 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.47 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.22 215.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 380.25 215.10 Td (such ) Tj ET Q q 0 0 0 rg BT 400.89 215.10 Td (as ) Tj ET Q q 0 0 0 rg BT 411.53 215.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 457.71 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.68 215.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 511.75 215.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 550.72 215.10 Td (rights, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 72.02 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.58 203.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 126.82 203.10 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 181.98 203.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.87 203.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 235.39 203.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 256.96 203.10 Td (impairments, ) Tj ET Q q 0 0 0 rg BT 311.58 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.15 203.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 357.48 203.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 396.82 203.10 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 438.19 203.10 Td (As ) Tj ET Q q 0 0 0 rg BT 451.43 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.00 203.10 Td (result ) Tj ET Q q 0 0 0 rg BT 482.35 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.81 203.10 Td (these ) Tj ET Q q 0 0 0 rg BT 515.48 203.10 Td (dif) Tj ET Q q 0 0 0 rg BT 526.41 203.10 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 564.34 203.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 56.06 191.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 97.77 191.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 129.49 191.10 Td (income ) Tj ET Q q 0 0 0 rg BT 161.77 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.39 191.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 204.68 191.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 226.96 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.58 191.10 Td (when ) Tj ET Q q 0 0 0 rg BT 262.09 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 276.60 191.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 318.30 191.10 Td (income ) Tj ET Q q 0 0 0 rg BT 350.58 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 365.09 191.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 391.21 191.10 Td (. ) Tj ET Q q 0 0 0 rg BT 396.35 191.10 Td (When ) Tj ET Q q 0 0 0 rg BT 423.07 191.10 Td (this ) Tj ET Q q 0 0 0 rg BT 440.36 191.10 Td (occurs, ) Tj ET Q q 0 0 0 rg BT 471.81 191.10 Td (we ) Tj ET Q q 0 0 0 rg BT 486.31 191.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 503.60 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.66 191.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 533.72 191.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 567.68 191.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (required ) Tj ET Q q 0 0 0 rg BT 71.84 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.80 179.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 126.31 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.28 179.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 169.10 179.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.84 179.10 Td (asset. ) Tj ET Q q 0 0 0 rg BT 207.75 179.10 Td (As ) Tj ET Q q 0 0 0 rg BT 221.38 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.12 179.10 Td (income ) Tj ET Q q 0 0 0 rg BT 268.08 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.27 179.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 332.01 179.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 366.17 179.10 Td (in ) Tj ET Q q 0 0 0 rg BT 376.47 179.10 Td (future ) Tj ET Q q 0 0 0 rg BT 402.87 179.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 434.83 179.10 Td (under ) Tj ET Q q 0 0 0 rg BT 460.12 179.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 486.24 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 491.26 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.00 179.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 541.83 179.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 556.56 179.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 45.03 167.10 Td (reduced. ) Tj ET Q q 0 0 0 rg BT 81.37 167.10 Td (W) Tj ET Q q 0 0 0 rg BT 90.01 167.10 Td (e ) Tj ET Q q 0 0 0 rg BT 96.81 167.10 Td (may ) Tj ET Q q 0 0 0 rg BT 116.39 167.10 Td (also ) Tj ET Q q 0 0 0 rg BT 134.86 167.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 176.08 167.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 202.94 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.30 167.10 Td (income ) Tj ET Q q 0 0 0 rg BT 237.10 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.24 167.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 279.04 167.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 300.84 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.98 167.10 Td (when ) Tj ET Q q 0 0 0 rg BT 335.00 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 349.02 167.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 390.25 167.10 Td (income ) Tj ET Q q 0 0 0 rg BT 422.04 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.07 167.10 Td (tax. ) Tj ET Q q 0 0 0 rg BT 452.97 167.10 Td (When ) Tj ET Q q 0 0 0 rg BT 479.21 167.10 Td (this ) Tj ET Q q 0 0 0 rg BT 496.02 167.10 Td (occurs, ) Tj ET Q q 0 0 0 rg BT 526.99 167.10 Td (we ) Tj ET Q q 0 0 0 rg BT 541.01 167.10 Td (establish ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 42.94 155.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 78.74 155.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 93.46 155.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 127.07 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 141.23 155.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 167.35 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 171.80 155.10 Td (As ) Tj ET Q q 0 0 0 rg BT 185.41 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.13 155.10 Td (income ) Tj ET Q q 0 0 0 rg BT 232.06 155.10 Td (is ) Tj ET Q q 0 0 0 rg BT 241.23 155.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 295.95 155.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 330.09 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.37 155.10 Td (future ) Tj ET Q q 0 0 0 rg BT 366.74 155.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 398.68 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.84 155.10 Td (tax, ) Tj ET Q q 0 0 0 rg BT 430.06 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.77 155.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 480.58 155.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 495.30 155.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 528.91 155.10 Td (is ) Tj ET Q q 0 0 0 rg BT 538.08 155.10 Td (reduced. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.36 131.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 105.61 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.85 131.10 Td (realizability ) Tj ET Q q 0 0 0 rg BT 171.64 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.00 131.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 219.33 131.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.58 131.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 263.44 131.10 Td (we ) Tj ET Q q 0 0 0 rg BT 278.12 131.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 315.03 131.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 350.27 131.10 Td (it ) Tj ET Q q 0 0 0 rg BT 358.85 131.10 Td (is ) Tj ET Q q 0 0 0 rg BT 368.55 131.10 Td (more ) Tj ET Q q 0 0 0 rg BT 392.13 131.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 417.93 131.10 Td (than ) Tj ET Q q 0 0 0 rg BT 438.17 131.10 Td (not ) Tj ET Q q 0 0 0 rg BT 453.98 131.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.00 131.10 Td (some ) Tj ET Q q 0 0 0 rg BT 496.14 131.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 528.06 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 539.42 131.10 Td (all ) Tj ET Q q 0 0 0 rg BT 552.44 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.80 131.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 71.61 119.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 86.14 119.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 111.77 119.10 Td (will ) Tj ET Q q 0 0 0 rg BT 129.64 119.10 Td (not ) Tj ET Q q 0 0 0 rg BT 144.72 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 156.47 119.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 192.75 119.10 Td (The ) Tj ET Q q 0 0 0 rg BT 210.60 119.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 245.68 119.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 290.18 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.82 119.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 336.43 119.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 350.96 119.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 376.60 119.10 Td (is ) Tj ET Q q 0 0 0 rg BT 385.57 119.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 428.97 119.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 451.28 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.80 119.10 Td (generation ) Tj ET Q q 0 0 0 rg BT 510.31 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.95 119.10 Td (future ) Tj ET Q q 0 0 0 rg BT 547.13 119.10 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (income ) Tj ET Q q 0 0 0 rg BT 67.82 107.10 Td (during ) Tj ET Q q 0 0 0 rg BT 96.31 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.91 107.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 142.73 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.90 107.10 Td (which ) Tj ET Q q 0 0 0 rg BT 179.72 107.10 Td (those ) Tj ET Q q 0 0 0 rg BT 203.21 107.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 246.69 107.10 Td (dif) Tj ET Q q 0 0 0 rg BT 257.62 107.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 293.31 107.10 Td (become ) Tj ET Q q 0 0 0 rg BT 326.79 107.10 Td (deductible. ) Tj ET Q q 0 0 0 rg BT 373.15 107.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.79 107.10 Td (e ) Tj ET Q q 0 0 0 rg BT 388.61 107.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 424.87 107.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 464.47 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.29 107.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 520.88 107.10 Td (future ) Tj ET Q q 0 0 0 rg BT 547.14 107.10 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 95.10 Td (income ) Tj ET Q q 0 0 0 rg BT 68.20 95.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.41 95.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 114.83 95.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 138.70 95.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.80 95.10 Td (well ) Tj ET Q q 0 0 0 rg BT 169.78 95.10 Td (as ) Tj ET Q q 0 0 0 rg BT 180.88 95.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 195.87 95.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 233.63 95.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 274.16 95.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.71 95.10 Td (making ) Tj ET Q q 0 0 0 rg BT 317.47 95.10 Td (this ) Tj ET Q q 0 0 0 rg BT 334.68 95.10 Td (assessment. ) Tj ET Q q 0 0 0 rg BT 384.19 95.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.83 95.10 Td (e ) Tj ET Q q 0 0 0 rg BT 400.03 95.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 442.78 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.77 95.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 484.97 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.51 95.10 Td (which ) Tj ET Q q 0 0 0 rg BT 522.72 95.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 567.68 95.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (this ) Tj ET Q q 0 0 0 rg BT 53.15 83.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 89.16 83.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 111.31 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 120.68 83.10 Td (not ) Tj ET Q q 0 0 0 rg BT 136.17 83.10 Td (assured ) Tj ET Q q 0 0 0 rg BT 168.86 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.00 83.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 223.71 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 230.85 83.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 270.77 83.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 314.00 83.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 360.56 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 365.57 83.10 Td (The ) Tj ET Q q 0 0 0 rg BT 383.82 83.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 419.84 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.88 83.10 Td (net ) Tj ET Q q 0 0 0 rg BT 445.80 83.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 481.81 83.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 496.73 83.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 522.77 83.10 Td (could ) Tj ET Q q 0 0 0 rg BT 547.69 83.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.93 71.10 Td (future ) Tj ET Q q 0 0 0 rg BT 73.95 71.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 106.54 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.47 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.84 71.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 160.42 71.10 Td (that ) Tj ET Q q 0 0 0 rg BT 178.56 71.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 205.58 71.10 Td (or ) Tj ET Q q 0 0 0 rg BT 217.06 71.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 249.09 71.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 289.45 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.93 71.10 Td (future ) Tj ET Q q 0 0 0 rg BT 327.96 71.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 359.98 71.10 Td (income ) Tj ET Q q 0 0 0 rg BT 392.56 71.10 Td (during ) Tj ET Q q 0 0 0 rg BT 421.82 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.19 71.10 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 492.52 71.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 525.11 71.10 Td (change ) Tj ET Q q 0 0 0 rg BT 556.58 71.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 59.10 Td (current ) Tj ET Q q 0 0 0 rg BT 66.82 59.10 Td (expectations. ) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 18) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 666.7669921875 m 175.541015625 666.7669921875 l s q 0 0 0 rg BT 36.00 668.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 61.65 668.10 Td (Assets and Other Liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.40 647.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 105.36 647.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 145.20 647.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 179.49 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.45 647.10 Td (mar) Tj ET Q q 0 0 0 rg BT 205.82 647.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 221.23 647.10 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 267.43 647.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 301.72 647.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 344.04 647.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 378.90 647.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 405.14 647.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 446.63 647.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 471.20 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.26 647.10 Td (REO. ) Tj ET Q q 0 0 0 rg BT 513.39 647.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 538.79 647.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 75.71 635.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 109.88 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.71 635.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 154.30 635.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 214.84 635.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 256.20 635.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 305.64 635.10 Td (mar) Tj ET Q q 0 0 0 rg BT 321.01 635.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 336.29 635.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 372.38 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.32 635.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 433.47 635.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 453.19 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.13 635.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 493.75 635.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 539.55 635.10 Td (reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (FHLBC Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 590.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.59 590.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 111.82 590.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.86 590.10 Td (its ) Tj ET Q q 0 0 0 rg BT 143.57 590.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 187.49 590.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 231.40 590.10 Td (with ) Tj ET Q q 0 0 0 rg BT 251.44 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.92 590.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 302.91 590.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.51 590.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 382.43 590.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 425.80 590.10 Td (is ) Tj ET Q q 0 0 0 rg BT 434.73 590.10 Td (required ) Tj ET Q q 0 0 0 rg BT 470.31 590.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.35 590.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 518.15 590.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.85 590.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 554.89 590.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.73 578.10 Td (the ) Tj ET Q q 0 0 0 rg BT 59.90 578.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 94.08 578.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.81 578.10 Td (an ) Tj ET Q q 0 0 0 rg BT 115.20 578.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 147.15 578.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 170.76 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.49 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.88 578.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 224.93 578.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 270.18 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.46 578.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 329.08 578.10 Td (advances. ) Tj ET Q q 0 0 0 rg BT 370.18 578.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 404.36 578.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 427.42 578.10 Td (is ) Tj ET Q q 0 0 0 rg BT 436.04 578.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 481.31 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 487.70 578.10 Td (non-marketable, ) Tj ET Q q 0 0 0 rg BT 554.90 578.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 566.10 Td (term ) Tj ET Q q 0 0 0 rg BT 56.44 566.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 104.94 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 121.50 566.10 Td (is ) Tj ET Q q 0 0 0 rg BT 130.29 566.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 160.16 566.10 Td (at ) Tj ET Q q 0 0 0 rg BT 169.50 566.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 190.22 566.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 225.66 566.10 Td (this ) Tj ET Q q 0 0 0 rg BT 242.22 566.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 265.45 566.10 Td (can ) Tj ET Q q 0 0 0 rg BT 281.44 566.10 Td (only ) Tj ET Q q 0 0 0 rg BT 301.34 566.10 Td (be ) Tj ET Q q 0 0 0 rg BT 312.90 566.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 353.88 566.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.33 566.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 383.11 566.10 Td (at ) Tj ET Q q 0 0 0 rg BT 392.45 566.10 Td (its ) Tj ET Q q 0 0 0 rg BT 404.01 566.10 Td (par ) Tj ET Q q 0 0 0 rg BT 418.90 566.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 445.17 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.73 566.10 Td (only ) Tj ET Q q 0 0 0 rg BT 481.63 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.52 566.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.86 566.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 542.71 566.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 554.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 63.21 554.10 Td (or ) Tj ET Q q 0 0 0 rg BT 74.59 554.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 96.25 554.10 Td (approximates ) Tj ET Q q 0 0 0 rg BT 153.17 554.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 170.10 554.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 197.30 554.10 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 241.46 554.10 Td (received ) Tj ET Q q 0 0 0 rg BT 278.38 554.10 Td (from ) Tj ET Q q 0 0 0 rg BT 300.86 554.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 336.15 554.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 360.31 554.10 Td (are ) Tj ET Q q 0 0 0 rg BT 375.56 554.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 413.59 554.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.42 554.10 Td (other ) Tj ET Q q 0 0 0 rg BT 448.02 554.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 483.00 554.10 Td (net ) Tj ET Q q 0 0 0 rg BT 498.27 554.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.10 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.48 554.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 542.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 80.71 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.54 542.10 Td (income.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 518.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 52.85 518.10 Td (gin Receivable and Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 70.48 497.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 84.82 497.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 127.45 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.45 497.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 176.10 497.10 Td (result ) Tj ET Q q 0 0 0 rg BT 199.87 497.10 Td (from ) Tj ET Q q 0 0 0 rg BT 220.87 497.10 Td (mar) Tj ET Q q 0 0 0 rg BT 236.24 497.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 250.57 497.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 270.46 497.10 Td (between ) Tj ET Q q 0 0 0 rg BT 305.33 497.10 Td (us ) Tj ET Q q 0 0 0 rg BT 315.78 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.77 497.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.66 497.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 394.59 497.10 Td (master ) Tj ET Q q 0 0 0 rg BT 422.80 497.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 467.67 497.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 517.26 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.25 497.10 Td (warehouse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 72.93 485.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 134.57 485.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 171.50 485.10 Td (we ) Tj ET Q q 0 0 0 rg BT 185.66 485.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.49 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.21 485.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 264.24 485.10 Td (were ) Tj ET Q q 0 0 0 rg BT 286.17 485.10 Td (required ) Tj ET Q q 0 0 0 rg BT 321.98 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.26 485.10 Td (post ) Tj ET Q q 0 0 0 rg BT 351.43 485.10 Td (collateral.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (Agency Risk-Sharing - Other ) Tj ET Q q 0 0 0 rg BT 154.12 461.10 Td (Assets and Liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (During ) Tj ET Q q 0 0 0 rg BT 86.77 443.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 111.21 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.09 443.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 157.03 443.10 Td (we ) Tj ET Q q 0 0 0 rg BT 173.13 443.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 206.99 443.10 Td (into ) Tj ET Q q 0 0 0 rg BT 226.99 443.10 Td (various ) Tj ET Q q 0 0 0 rg BT 260.86 443.10 Td (risk-sharing ) Tj ET Q q 0 0 0 rg BT 313.07 443.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 371.37 443.10 Td (with ) Tj ET Q q 0 0 0 rg BT 393.59 443.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 425.25 443.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 447.46 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.33 443.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 501.32 443.10 Td (Mac. ) Tj ET Q q 0 0 0 rg BT 526.03 443.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 555.46 443.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 431.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 95.02 431.10 Td (we ) Tj ET Q q 0 0 0 rg BT 109.33 431.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 154.76 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.19 431.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 197.29 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.16 431.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.93 431.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.76 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 259.41 431.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.40 431.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.23 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.89 431.10 Td (\(depending ) Tj ET Q q 0 0 0 rg BT 346.53 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 359.18 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.06 431.10 Td (arrangement\) ) Tj ET Q q 0 0 0 rg BT 430.01 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.00 431.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 467.55 431.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 501.84 431.10 Td (on ) Tj ET Q q 0 0 0 rg BT 514.50 431.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 554.34 431.10 Td (pools ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.35 419.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 97.02 419.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 141.69 419.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 182.48 419.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 206.60 419.10 Td (that ) Tj ET Q q 0 0 0 rg BT 224.62 419.10 Td (we ) Tj ET Q q 0 0 0 rg BT 239.30 419.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 276.74 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.20 419.10 Td (then ) Tj ET Q q 0 0 0 rg BT 314.43 419.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 334.12 419.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.92 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.49 419.10 Td (Agencies. ) Tj ET Q q 0 0 0 rg BT 401.55 419.10 Td (As ) Tj ET Q q 0 0 0 rg BT 415.68 419.10 Td (part ) Tj ET Q q 0 0 0 rg BT 434.25 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.60 419.10 Td (these ) Tj ET Q q 0 0 0 rg BT 469.16 419.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 487.18 419.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 519.64 419.10 Td (arrangements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.10 Td (during ) Tj ET Q q 0 0 0 rg BT 64.30 407.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.71 407.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.71 407.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.90 407.10 Td (year ) Tj ET Q q 0 0 0 rg BT 110.30 407.10 Td (term ) Tj ET Q q 0 0 0 rg BT 130.82 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.34 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.86 407.10 Td (first ) Tj ET Q q 0 0 0 rg BT 175.17 407.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 204.57 407.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 224.54 407.10 Td (arrangement, ) Tj ET Q q 0 0 0 rg BT 279.20 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 293.05 407.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 324.11 407.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 359.63 407.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 379.59 407.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 420.11 407.10 Td (from ) Tj ET Q q 0 0 0 rg BT 441.74 407.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 471.15 407.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 491.11 407.10 Td (based ) Tj ET Q q 0 0 0 rg BT 516.07 407.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.27 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.67 407.10 Td (monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 84.23 395.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 113.01 395.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 150.12 395.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 182.22 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.11 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.89 395.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 244.64 395.10 Td (pool ) Tj ET Q q 0 0 0 rg BT 263.98 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.88 395.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 299.05 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.06 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 328.28 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 343.18 395.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 375.29 395.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 394.62 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.62 395.10 Td (our ) Tj ET Q q 0 0 0 rg BT 425.52 395.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 471.52 395.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 500.30 395.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 519.64 395.10 Td (arrangements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 49.74 383.10 Td (Agencies ) Tj ET Q q 0 0 0 rg BT 88.91 383.10 Td (char) Tj ET Q q 0 0 0 rg BT 105.94 383.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 122.34 383.10 Td (us ) Tj ET Q q 0 0 0 rg BT 133.19 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.59 383.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 173.19 383.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 214.02 383.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 228.18 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.81 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.98 383.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 295.13 383.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 318.19 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 331.81 383.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 370.98 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.72 383.10 Td (them ) Tj ET Q q 0 0 0 rg BT 402.67 383.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.41 383.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 452.13 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.75 383.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 505.47 383.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 535.75 383.10 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (which ) Tj ET Q q 0 0 0 rg BT 62.94 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 77.10 371.10 Td (then ) Tj ET Q q 0 0 0 rg BT 96.82 371.10 Td (sold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 81.86 353.10 Td (these ) Tj ET Q q 0 0 0 rg BT 105.27 353.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 162.00 353.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.53 353.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.60 353.10 Td (required ) Tj ET Q q 0 0 0 rg BT 227.79 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.43 353.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 267.96 353.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 294.15 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.80 353.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.25 353.10 Td (Agencies ) Tj ET Q q 0 0 0 rg BT 359.33 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.97 353.10 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 421.69 353.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.89 353.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 455.76 353.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 488.06 353.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 545.37 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 556.02 353.10 Td (them ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 82.73 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.79 341.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 122.85 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.02 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.08 341.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 208.08 341.10 Td (These ) Tj ET Q q 0 0 0 rg BT 234.80 341.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 269.30 341.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 295.48 341.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.53 341.10 Td (held ) Tj ET Q q 0 0 0 rg BT 330.59 341.10 Td (by ) Tj ET Q q 0 0 0 rg BT 343.43 341.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.71 341.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 396.32 341.10 Td (custodian ) Tj ET Q q 0 0 0 rg BT 437.49 341.10 Td (for ) Tj ET Q q 0 0 0 rg BT 451.99 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.05 341.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 497.66 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.83 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.26 341.10 Td (Agencies. ) Tj ET Q q 0 0 0 rg BT 565.61 341.10 Td (T) Tj ET Q q 0 0 0 rg BT 571.02 341.10 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.02 329.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 76.27 329.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 115.28 329.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 140.98 329.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.00 329.10 Td (incurred, ) Tj ET Q q 0 0 0 rg BT 192.62 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.65 329.10 Td (custodian ) Tj ET Q q 0 0 0 rg BT 246.78 329.10 Td (will ) Tj ET Q q 0 0 0 rg BT 264.14 329.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 296.49 329.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 335.49 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.08 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.71 329.10 Td (Agencies. ) Tj ET Q q 0 0 0 rg BT 399.82 329.10 Td (As ) Tj ET Q q 0 0 0 rg BT 412.74 329.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.99 329.10 Td (result ) Tj ET Q q 0 0 0 rg BT 443.01 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.15 329.10 Td (these ) Tj ET Q q 0 0 0 rg BT 475.51 329.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 527.58 329.10 Td (we ) Tj ET Q q 0 0 0 rg BT 541.05 329.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 74.05 317.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 117.64 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.37 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.54 317.10 Td (other ) Tj ET Q q 0 0 0 rg BT 164.04 317.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 189.33 317.10 Td (line ) Tj ET Q q 0 0 0 rg BT 206.28 317.10 Td (item, ) Tj ET Q q 0 0 0 rg BT 228.51 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.90 317.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 290.16 317.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 340.99 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.72 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.90 317.10 Td (other ) Tj ET Q q 0 0 0 rg BT 387.40 317.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 426.57 317.10 Td (line ) Tj ET Q q 0 0 0 rg BT 443.52 317.10 Td (item, ) Tj ET Q q 0 0 0 rg BT 465.75 317.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.70 317.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.99 317.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 545.48 317.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 65.18 305.10 Td (In ) Tj ET Q q 0 0 0 rg BT 75.76 305.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 113.27 305.10 Td (for ) Tj ET Q q 0 0 0 rg BT 127.18 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.64 305.10 Td (first ) Tj ET Q q 0 0 0 rg BT 159.99 305.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 189.45 305.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 209.46 305.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 258.08 305.10 Td (we ) Tj ET Q q 0 0 0 rg BT 271.98 305.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 309.20 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.88 305.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 361.43 305.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 387.55 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.57 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.03 305.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.82 305.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 460.39 305.10 Td (line ) Tj ET Q q 0 0 0 rg BT 477.63 305.10 Td (item ) Tj ET Q q 0 0 0 rg BT 497.65 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.89 305.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.47 305.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 69.03 293.10 Td (sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.71 271.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 112.75 271.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 159.36 271.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 198.17 271.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.67 271.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 270.27 271.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.22 271.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 311.83 271.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 337.89 271.10 Td (under ) Tj ET Q q 0 0 0 rg BT 362.82 271.10 Td (these ) Tj ET Q q 0 0 0 rg BT 385.54 271.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 444.07 271.10 Td (which ) Tj ET Q q 0 0 0 rg BT 470.67 271.10 Td (at ) Tj ET Q q 0 0 0 rg BT 480.06 271.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 519.44 271.10 Td (were ) Tj ET Q q 0 0 0 rg BT 541.04 271.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 259.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.90 259.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 62.46 259.10 Td (value ) Tj ET Q q 0 0 0 rg BT 86.80 259.10 Td (based ) Tj ET Q q 0 0 0 rg BT 112.25 259.10 Td (on ) Tj ET Q q 0 0 0 rg BT 124.93 259.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.83 259.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 156.39 259.10 Td (value ) Tj ET Q q 0 0 0 rg BT 180.73 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.74 259.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.64 259.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 248.19 259.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 270.31 259.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.77 259.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.67 259.10 Td (case ) Tj ET Q q 0 0 0 rg BT 315.56 259.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.58 259.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.48 259.10 Td (first ) Tj ET Q q 0 0 0 rg BT 360.27 259.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 390.17 259.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 410.62 259.10 Td (arrangement, ) Tj ET Q q 0 0 0 rg BT 465.77 259.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.89 259.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.79 259.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 540.47 259.10 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 247.10 Td (received ) Tj ET Q q 0 0 0 rg BT 71.93 247.10 Td (that ) Tj ET Q q 0 0 0 rg BT 88.99 247.10 Td (were ) Tj ET Q q 0 0 0 rg BT 110.49 247.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 158.09 247.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.94 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.22 247.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 215.93 247.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 256.86 247.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 275.03 247.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.75 247.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.04 247.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 335.65 247.10 Td (Mac ) Tj ET Q q 0 0 0 rg BT 355.49 247.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.99 247.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 418.50 247.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 447.78 247.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 467.62 247.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 525.90 247.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.53 247.10 Td (e ) Tj ET Q q 0 0 0 rg BT 541.04 247.10 Td (amortize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.32 235.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 93.29 235.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 140.85 235.10 Td (over ) Tj ET Q q 0 0 0 rg BT 161.72 235.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.05 235.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.05 235.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.16 235.10 Td (year ) Tj ET Q q 0 0 0 rg BT 210.47 235.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 235.79 235.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.23 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.56 235.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 319.53 235.10 Td (based ) Tj ET Q q 0 0 0 rg BT 345.40 235.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 385.72 235.10 Td (on ) Tj ET Q q 0 0 0 rg BT 398.83 235.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 434.15 235.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.03 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.36 235.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 510.13 235.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 540.46 235.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 223.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 69.36 223.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.53 223.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 104.47 223.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.08 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.13 223.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 170.14 223.10 Td (pools, ) Tj ET Q q 0 0 0 rg BT 197.14 223.10 Td (with ) Tj ET Q q 0 0 0 rg BT 217.75 223.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.02 223.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 256.74 223.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.90 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.95 223.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 323.00 223.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 353.04 223.10 Td (as ) Tj ET Q q 0 0 0 rg BT 364.20 223.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.47 223.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 397.06 223.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 428.76 223.10 Td (that ) Tj ET Q q 0 0 0 rg BT 446.59 223.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.09 223.10 Td (not ) Tj ET Q q 0 0 0 rg BT 471.70 223.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 514.52 223.10 Td (into ) Tj ET Q q 0 0 0 rg BT 532.90 223.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 567.67 223.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 211.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 73.20 211.10 Td (each ) Tj ET Q q 0 0 0 rg BT 93.45 211.10 Td (period ) Tj ET Q q 0 0 0 rg BT 120.92 211.10 Td (we ) Tj ET Q q 0 0 0 rg BT 134.51 211.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 160.88 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.03 211.10 Td (need ) Tj ET Q q 0 0 0 rg BT 195.83 211.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.42 211.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.79 211.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 250.47 211.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 267.96 211.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 310.42 211.10 Td (related ) Tj ET Q q 0 0 0 rg BT 339.55 211.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.26 211.10 Td (these ) Tj ET Q q 0 0 0 rg BT 371.74 211.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 430.03 211.10 Td (based ) Tj ET Q q 0 0 0 rg BT 454.73 211.10 Td (on ) Tj ET Q q 0 0 0 rg BT 466.65 211.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.91 211.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 517.16 211.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.42 211.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 552.11 211.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 199.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 71.26 199.10 Td (in ) Tj ET Q q 0 0 0 rg BT 81.54 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.26 199.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 135.94 199.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 160.11 199.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.94 199.10 Td (loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 177.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 86.21 177.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.87 177.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 127.86 177.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 168.40 177.10 Td (received ) Tj ET Q q 0 0 0 rg BT 204.49 177.10 Td (under ) Tj ET Q q 0 0 0 rg BT 229.48 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.92 177.10 Td (first ) Tj ET Q q 0 0 0 rg BT 262.25 177.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 291.69 177.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 311.68 177.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.90 177.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 360.56 177.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 412.75 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.41 177.10 Td (income ) Tj ET Q q 0 0 0 rg BT 461.07 177.10 Td (related ) Tj ET Q q 0 0 0 rg BT 490.49 177.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.49 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.93 177.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 567.69 177.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.08 165.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 92.81 165.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 140.11 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.31 165.10 Td (all ) Tj ET Q q 0 0 0 rg BT 164.17 165.10 Td (three ) Tj ET Q q 0 0 0 rg BT 187.02 165.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 243.74 165.10 Td (are ) Tj ET Q q 0 0 0 rg BT 258.81 165.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 296.65 165.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.29 165.10 Td (other ) Tj ET Q q 0 0 0 rg BT 330.70 165.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 365.50 165.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.80 165.10 Td (market ) Tj ET Q q 0 0 0 rg BT 413.43 165.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 453.51 165.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 488.58 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.77 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.85 165.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 556.58 165.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 153.10 Td (are ) Tj ET Q q 0 0 0 rg BT 50.71 153.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 88.18 153.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.46 153.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 145.39 153.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.77 153.10 Td (value ) Tj ET Q q 0 0 0 rg BT 185.93 153.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 223.13 153.10 Td (net ) Tj ET Q q 0 0 0 rg BT 237.85 153.10 Td (on ) Tj ET Q q 0 0 0 rg BT 250.35 153.10 Td (our ) Tj ET Q q 0 0 0 rg BT 266.18 153.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 319.22 153.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 363.93 153.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.76 153.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.06 129.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 123.11 129.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 155.15 129.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 181.10 129.10 Td (include ) Tj ET Q q 0 0 0 rg BT 212.04 129.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 236.88 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.72 129.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.45 129.10 Td (special ) Tj ET Q q 0 0 0 rg BT 289.72 129.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 322.89 129.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 353.28 129.10 Td (\("SPEs"\) ) Tj ET Q q 0 0 0 rg BT 390.73 129.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 433.34 129.10 Td (with ) Tj ET Q q 0 0 0 rg BT 452.62 129.10 Td (these ) Tj ET Q q 0 0 0 rg BT 474.68 129.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 491.19 129.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 522.13 129.10 Td (arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 117.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 56.44 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 71.05 117.10 Td ("pledged ) Tj ET Q q 0 0 0 rg BT 109.18 117.10 Td (collateral" ) Tj ET Q q 0 0 0 rg BT 152.86 117.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 186.89 117.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.06 117.10 Td (above\) ) Tj ET Q q 0 0 0 rg BT 226.66 117.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.05 117.10 Td (can ) Tj ET Q q 0 0 0 rg BT 260.32 117.10 Td (only ) Tj ET Q q 0 0 0 rg BT 280.49 117.10 Td (be ) Tj ET Q q 0 0 0 rg BT 292.32 117.10 Td (used ) Tj ET Q q 0 0 0 rg BT 313.05 117.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.22 117.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 346.72 117.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 393.56 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.28 117.10 Td (these ) Tj ET Q q 0 0 0 rg BT 427.22 117.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 450.74 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.57 117.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 507.18 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.91 117.10 Td (these ) Tj ET Q q 0 0 0 rg BT 540.85 117.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 564.36 117.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 105.10 Td (which ) Tj ET Q q 0 0 0 rg BT 62.60 105.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.99 105.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 114.14 105.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.63 105.10 Td (these ) Tj ET Q q 0 0 0 rg BT 147.35 105.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 170.63 105.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 187.87 105.10 Td (Agencies\) ) Tj ET Q q 0 0 0 rg BT 230.57 105.10 Td (do ) Tj ET Q q 0 0 0 rg BT 242.74 105.10 Td (not ) Tj ET Q q 0 0 0 rg BT 257.68 105.10 Td (have ) Tj ET Q q 0 0 0 rg BT 278.72 105.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 314.76 105.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.70 105.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 365.04 105.10 Td (T) Tj ET Q q 0 0 0 rg BT 370.80 105.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 390.46 105.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 407.90 105.10 Td (or ) Tj ET Q q 0 0 0 rg BT 418.39 105.10 Td (its ) Tj ET Q q 0 0 0 rg BT 430.00 105.10 Td (af) Tj ET Q q 0 0 0 rg BT 437.59 105.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 468.99 105.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.16 105.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 539.41 105.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.41 105.10 Td ( ) Tj ET Q q 0 0 0 rg BT 561.57 105.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 93.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 93.97 93.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.97 93.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.35 93.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 143.57 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.78 93.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.99 93.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 197.00 93.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.10 93.10 Td ($49 ) Tj ET Q q 0 0 0 rg BT 242.98 93.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.87 93.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.75 93.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.08 93.10 Td ($63 ) Tj ET Q q 0 0 0 rg BT 306.96 93.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.85 93.10 Td (, ) Tj ET Q q 0 0 0 rg BT 340.24 93.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 387.90 93.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.28 93.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.60 93.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 447.70 93.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.92 93.10 Td (such ) Tj ET Q q 0 0 0 rg BT 478.13 93.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 501.14 93.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.23 93.10 Td ($22 ) Tj ET Q q 0 0 0 rg BT 547.12 93.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 81.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 81.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 70.44 81.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.33 81.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.33 81.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 151.99 81.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 57.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 57.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 92.33 57.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 57.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.83 57.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.99 57.10 Td (further ) Tj ET Q q 0 0 0 rg BT 148.69 57.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 192.86 57.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.36 57.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 223.42 57.10 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 293.40 57.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 310.90 57.10 Td (sharing.) Tj ET Q endstream endobj 261 0 obj <> endobj 262 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (REO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (REO ) Tj ET Q q 0 0 0 rg BT 76.65 650.10 Td (property ) Tj ET Q q 0 0 0 rg BT 113.18 650.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 150.25 650.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 186.51 650.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.49 650.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.92 650.10 Td (lieu ) Tj ET Q q 0 0 0 rg BT 225.57 650.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 239.05 650.10 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 286.67 650.10 Td (is ) Tj ET Q q 0 0 0 rg BT 295.99 650.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 329.75 650.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 367.38 650.10 Td (at ) Tj ET Q q 0 0 0 rg BT 377.24 650.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 393.77 650.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 420.58 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.67 650.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 492.53 650.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 528.50 650.10 Td (at ) Tj ET Q q 0 0 0 rg BT 538.37 650.10 Td (the ) Tj ET Q q 0 0 0 rg BT 553.23 650.10 Td (lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.90 638.10 Td (its ) Tj ET Q q 0 0 0 rg BT 58.92 638.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 94.80 638.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 127.36 638.10 Td (or ) Tj ET Q q 0 0 0 rg BT 138.26 638.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 154.71 638.10 Td (value ) Tj ET Q q 0 0 0 rg BT 178.93 638.10 Td (\(less ) Tj ET Q q 0 0 0 rg BT 199.83 638.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 240.72 638.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 259.39 638.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.74 638.10 Td (sell\). ) Tj ET Q q 0 0 0 rg BT 292.03 638.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 329.03 638.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.38 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.16 638.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 370.61 638.10 Td (value ) Tj ET Q q 0 0 0 rg BT 394.83 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.73 638.10 Td (an ) Tj ET Q q 0 0 0 rg BT 417.74 638.10 Td (REO ) Tj ET Q q 0 0 0 rg BT 440.31 638.10 Td (property ) Tj ET Q q 0 0 0 rg BT 476.75 638.10 Td (that ) Tj ET Q q 0 0 0 rg BT 494.32 638.10 Td (has ) Tj ET Q q 0 0 0 rg BT 510.21 638.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.22 638.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 533.67 638.10 Td (value ) Tj ET Q q 0 0 0 rg BT 557.89 638.10 Td (at ) Tj ET Q q 0 0 0 rg BT 567.67 638.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.10 Td (below ) Tj ET Q q 0 0 0 rg BT 62.68 626.10 Td (its ) Tj ET Q q 0 0 0 rg BT 74.38 626.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 109.94 626.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 142.18 626.10 Td (are ) Tj ET Q q 0 0 0 rg BT 156.63 626.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 193.86 626.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.88 626.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.46 626.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 272.25 626.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 316.70 626.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.28 626.10 Td (income ) Tj ET Q q 0 0 0 rg BT 358.96 626.10 Td (as ) Tj ET Q q 0 0 0 rg BT 369.54 626.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.22 626.10 Td (component ) Tj ET Q q 0 0 0 rg BT 422.90 626.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.48 626.10 Td (other ) Tj ET Q q 0 0 0 rg BT 456.27 626.10 Td (market ) Tj ET Q q 0 0 0 rg BT 486.28 626.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 525.74 626.10 Td (adjustments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 602.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 602.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 92.33 602.10 Td (1) Tj ET Q q 0 0 0 rg BT 96.58 602.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.58 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.08 602.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.24 602.10 Td (further ) Tj ET Q q 0 0 0 rg BT 147.95 602.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 192.12 602.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.62 602.10 Td (other ) Tj ET Q q 0 0 0 rg BT 227.67 602.10 Td (assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 253.50 602.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 574.7669921875 m 105.6337890625 574.7669921875 l s q 0 0 0 rg BT 36.00 576.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 65.64 576.10 Td (erm Debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 558.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 99.51 558.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 118.91 558.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 154.41 558.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 202.15 558.10 Td (under ) Tj ET Q q 0 0 0 rg BT 227.10 558.10 Td (master ) Tj ET Q q 0 0 0 rg BT 255.93 558.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 301.42 558.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 351.63 558.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 371.03 558.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 415.97 558.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 455.08 558.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.70 558.10 Td (other ) Tj ET Q q 0 0 0 rg BT 494.43 558.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 519.94 558.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.46 558.10 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 546.10 Td (that ) Tj ET Q q 0 0 0 rg BT 52.85 546.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 79.70 546.10 Td (within ) Tj ET Q q 0 0 0 rg BT 107.12 546.10 Td (one ) Tj ET Q q 0 0 0 rg BT 123.41 546.10 Td (year ) Tj ET Q q 0 0 0 rg BT 142.48 546.10 Td (with ) Tj ET Q q 0 0 0 rg BT 162.12 546.10 Td (various ) Tj ET Q q 0 0 0 rg BT 193.42 546.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 254.28 546.10 Td (These ) Tj ET Q q 0 0 0 rg BT 280.02 546.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 327.43 546.10 Td (may ) Tj ET Q q 0 0 0 rg BT 346.50 546.10 Td (be ) Tj ET Q q 0 0 0 rg BT 357.80 546.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 400.20 546.10 Td (or ) Tj ET Q q 0 0 0 rg BT 410.39 546.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 466.10 546.10 Td (by ) Tj ET Q q 0 0 0 rg BT 477.96 546.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 500.09 546.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 525.55 546.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.74 546.10 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 534.10 Td (If ) Tj ET Q q 0 0 0 rg BT 45.27 534.10 Td (the ) Tj ET Q q 0 0 0 rg BT 60.09 534.10 Td (value ) Tj ET Q q 0 0 0 rg BT 84.35 534.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 98.62 534.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 146.21 534.10 Td (by ) Tj ET Q q 0 0 0 rg BT 158.82 534.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.64 534.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 217.34 534.10 Td (counterparty\) ) Tj ET Q q 0 0 0 rg BT 273.81 534.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.75 534.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.57 534.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 339.37 534.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 375.86 534.10 Td (those ) Tj ET Q q 0 0 0 rg BT 399.57 534.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 447.73 534.10 Td (decreases, ) Tj ET Q q 0 0 0 rg BT 491.15 534.10 Td (we ) Tj ET Q q 0 0 0 rg BT 505.41 534.10 Td (may ) Tj ET Q q 0 0 0 rg BT 525.24 534.10 Td (be ) Tj ET Q q 0 0 0 rg BT 537.28 534.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 568.22 534.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 522.10 Td (mar) Tj ET Q q 0 0 0 rg BT 51.37 522.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 66.56 522.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 87.31 522.10 Td (during ) Tj ET Q q 0 0 0 rg BT 115.83 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.47 522.10 Td (period ) Tj ET Q q 0 0 0 rg BT 158.43 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.07 522.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 221.04 522.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.67 522.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 287.25 522.10 Td (In ) Tj ET Q q 0 0 0 rg BT 298.00 522.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 337.07 522.10 Td (where ) Tj ET Q q 0 0 0 rg BT 363.92 522.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.00 522.10 Td (do ) Tj ET Q q 0 0 0 rg BT 390.42 522.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.61 522.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 434.14 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.77 522.10 Td (mar) Tj ET Q q 0 0 0 rg BT 464.14 522.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 479.34 522.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 500.08 522.10 Td (within ) Tj ET Q q 0 0 0 rg BT 528.06 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.69 522.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 510.10 Td (time ) Tj ET Q q 0 0 0 rg BT 56.27 510.10 Td (frame, ) Tj ET Q q 0 0 0 rg BT 84.59 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.31 510.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 152.34 510.10 Td (may ) Tj ET Q q 0 0 0 rg BT 172.05 510.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 197.32 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.04 510.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 251.73 510.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.67 510.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 297.83 510.10 Td (any ) Tj ET Q q 0 0 0 rg BT 314.77 510.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 363.93 510.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 383.65 510.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 416.15 510.10 Td (from ) Tj ET Q q 0 0 0 rg BT 438.08 510.10 Td (us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 486.10 Td (Note 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 486.10 Td ( for further discussion on short-term debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.23 486.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 454.7669921875 m 139.7548828125 454.7669921875 l s q 0 0 0 rg BT 36.00 456.10 Td (Accrued Inter) Tj ET Q q 0 0 0 rg BT 90.88 456.10 Td (est Payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 89.73 438.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 121.03 438.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 153.98 438.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 189.17 438.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 220.47 438.10 Td (that ) Tj ET Q q 0 0 0 rg BT 237.33 438.10 Td (is ) Tj ET Q q 0 0 0 rg BT 245.86 438.10 Td (due ) Tj ET Q q 0 0 0 rg BT 262.16 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.46 438.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 311.42 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.06 438.10 Td (third ) Tj ET Q q 0 0 0 rg BT 341.81 438.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 372.83 438.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 404.67 438.10 Td (is ) Tj ET Q q 0 0 0 rg BT 413.21 438.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 452.27 438.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 471.35 438.10 Td (within ) Tj ET Q q 0 0 0 rg BT 498.77 438.10 Td (one ) Tj ET Q q 0 0 0 rg BT 515.07 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.71 438.10 Td (three ) Tj ET Q q 0 0 0 rg BT 546.56 438.10 Td (months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.61 426.10 Td (recording ) Tj ET Q q 0 0 0 rg BT 87.21 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.70 426.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 137.58 426.10 Td (based ) Tj ET Q q 0 0 0 rg BT 162.63 426.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 184.91 426.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.52 426.10 Td (remittance ) Tj ET Q q 0 0 0 rg BT 244.99 426.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 301.98 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.70 426.10 Td (is ) Tj ET Q q 0 0 0 rg BT 327.65 426.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 347.14 426.10 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 406.07 426.10 Td (for ) Tj ET Q q 0 0 0 rg BT 420.01 426.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.62 426.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 482.88 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.60 426.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 556.29 426.10 Td (debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 414.10 Td (For ) Tj ET Q q 0 0 0 rg BT 52.26 414.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 100.17 414.10 Td (where ) Tj ET Q q 0 0 0 rg BT 126.97 414.10 Td (we ) Tj ET Q q 0 0 0 rg BT 140.99 414.10 Td (have ) Tj ET Q q 0 0 0 rg BT 162.23 414.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 192.91 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.49 414.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.73 414.10 Td (value ) Tj ET Q q 0 0 0 rg BT 247.75 414.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 278.17 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.75 414.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 336.21 414.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 369.66 414.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 401.46 414.10 Td (on ) Tj ET Q q 0 0 0 rg BT 413.82 414.10 Td (these ) Tj ET Q q 0 0 0 rg BT 436.74 414.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 476.32 414.10 Td (is ) Tj ET Q q 0 0 0 rg BT 485.35 414.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 526.03 414.10 Td (at ) Tj ET Q q 0 0 0 rg BT 535.61 414.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 551.86 414.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 402.10 Td (For ) Tj ET Q q 0 0 0 rg BT 52.29 402.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 89.66 402.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 129.27 402.10 Td (where ) Tj ET Q q 0 0 0 rg BT 156.10 402.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.15 402.10 Td (have ) Tj ET Q q 0 0 0 rg BT 191.42 402.10 Td (not ) Tj ET Q q 0 0 0 rg BT 206.60 402.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 237.30 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.92 402.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 268.19 402.10 Td (value ) Tj ET Q q 0 0 0 rg BT 292.24 402.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 322.69 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.30 402.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 380.79 402.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 414.27 402.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 446.10 402.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 481.81 402.10 Td (values ) Tj ET Q q 0 0 0 rg BT 509.75 402.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 562.13 402.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 390.10 Td (values. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 358.7669921875 m 159.84765625 358.7669921875 l s q 0 0 0 rg BT 36.00 360.10 Td (Asset-Backed Securities Issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 342.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 75.34 342.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 102.23 342.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 144.66 342.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 197.63 342.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 237.29 342.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 264.18 342.10 Td (by ) Tj ET Q q 0 0 0 rg BT 276.07 342.10 Td (bankruptcy-remote ) Tj ET Q q 0 0 0 rg BT 354.03 342.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 384.81 342.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 437.24 342.10 Td (by ) Tj ET Q q 0 0 0 rg BT 449.13 342.10 Td (Redwood. ) Tj ET Q q 0 0 0 rg BT 491.71 342.10 Td (These ) Tj ET Q q 0 0 0 rg BT 517.48 342.10 Td (include ) Tj ET Q q 0 0 0 rg BT 548.80 342.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 330.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 70.94 330.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 105.05 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.00 330.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 167.71 330.10 Td (Resecuritization ) Tj ET Q q 0 0 0 rg BT 235.42 330.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.58 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.53 330.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 319.68 330.10 Td (Securitization. ) Tj ET Q q 0 0 0 rg BT 379.84 330.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 408.68 330.10 Td (at ) Tj ET Q q 0 0 0 rg BT 418.63 330.10 Td (these ) Tj ET Q q 0 0 0 rg BT 441.90 330.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 473.51 330.10 Td (are ) Tj ET Q q 0 0 0 rg BT 488.44 330.10 Td (held ) Tj ET Q q 0 0 0 rg BT 508.39 330.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.89 330.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.84 330.10 Td (custody ) Tj ET Q q 0 0 0 rg BT 567.67 330.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 318.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.28 318.10 Td (trustees ) Tj ET Q q 0 0 0 rg BT 125.24 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.09 318.10 Td (are ) Tj ET Q q 0 0 0 rg BT 156.71 318.10 Td (not ) Tj ET Q q 0 0 0 rg BT 171.90 318.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 200.97 318.10 Td (by ) Tj ET Q q 0 0 0 rg BT 213.38 318.10 Td (Redwood. ) Tj ET Q q 0 0 0 rg BT 256.45 318.10 Td (These ) Tj ET Q q 0 0 0 rg BT 282.74 318.10 Td (trustees ) Tj ET Q q 0 0 0 rg BT 315.70 318.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 344.76 318.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 382.72 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.57 318.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 431.41 318.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 472.15 318.10 Td (\(less ) Tj ET Q q 0 0 0 rg BT 492.89 318.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 531.96 318.10 Td (and ) Tj ET Q q 0 0 0 rg BT 548.81 318.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 306.10 Td (fees\) ) Tj ET Q q 0 0 0 rg BT 57.87 306.10 Td (from ) Tj ET Q q 0 0 0 rg BT 79.74 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.39 306.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.16 306.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.04 306.10 Td (make ) Tj ET Q q 0 0 0 rg BT 161.13 306.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 220.77 306.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 258.75 306.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.62 306.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 307.49 306.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 348.26 306.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.47 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.59 306.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 394.48 306.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 434.98 306.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 456.87 306.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 484.31 306.10 Td (are ) Tj ET Q q 0 0 0 rg BT 498.95 306.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 538.59 306.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 568.78 306.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 294.10 Td (their ) Tj ET Q q 0 0 0 rg BT 56.95 294.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 86.80 294.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 124.96 294.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 162.02 294.10 Td (net ) Tj ET Q q 0 0 0 rg BT 176.86 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.82 294.10 Td (any ) Tj ET Q q 0 0 0 rg BT 204.88 294.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 257.49 294.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 294.00 294.10 Td (or ) Tj ET Q q 0 0 0 rg BT 304.96 294.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 343.69 294.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.76 294.10 Td (net ) Tj ET Q q 0 0 0 rg BT 375.60 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.56 294.10 Td (any ) Tj ET Q q 0 0 0 rg BT 403.62 294.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 456.23 294.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 492.16 294.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 528.67 294.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 553.79 294.10 Td (Upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 282.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 73.81 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.33 282.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 107.15 282.10 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 143.30 282.10 Td (on ) Tj ET Q q 0 0 0 rg BT 156.11 282.10 Td (January ) Tj ET Q q 0 0 0 rg BT 190.03 282.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 200.34 282.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 225.66 282.10 Td (we ) Tj ET Q q 0 0 0 rg BT 240.13 282.10 Td (began ) Tj ET Q q 0 0 0 rg BT 266.82 282.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.42 282.10 Td (account ) Tj ET Q q 0 0 0 rg BT 311.33 282.10 Td (for ) Tj ET Q q 0 0 0 rg BT 325.80 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.21 282.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 362.48 282.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 390.29 282.10 Td (under ) Tj ET Q q 0 0 0 rg BT 415.88 282.10 Td (our ) Tj ET Q q 0 0 0 rg BT 432.02 282.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 485.38 282.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 520.41 282.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 552.11 282.10 Td (at ) Tj ET Q q 0 0 0 rg BT 562.14 282.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 270.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 62.66 270.10 Td (with ) Tj ET Q q 0 0 0 rg BT 82.93 270.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 118.20 270.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 152.90 270.10 Td (in ) Tj ET Q q 0 0 0 rg BT 163.18 270.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.56 270.10 Td (value ) Tj ET Q q 0 0 0 rg BT 203.71 270.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 241.19 270.10 Td (in ) Tj ET Q q 0 0 0 rg BT 251.47 270.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 298.40 270.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 314.78 270.10 Td (value ) Tj ET Q q 0 0 0 rg BT 338.93 270.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 376.14 270.10 Td (net ) Tj ET Q q 0 0 0 rg BT 390.86 270.10 Td (on ) Tj ET Q q 0 0 0 rg BT 403.36 270.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.19 270.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 472.23 270.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 516.94 270.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.77 270.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 246.10 Td (Note 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 246.10 Td ( for further discussion on ) Tj ET Q q 0 0 0 rg BT 204.81 246.10 Td (ABS issued. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 214.76699218750002 m 104.525390625 214.76699218750002 l s q 0 0 0 rg BT 36.00 216.10 Td (Long-T) Tj ET Q q 0 0 0 rg BT 64.54 216.10 Td (erm Debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 198.10 Td (FHLBC Borr) Tj ET Q q 0 0 0 rg BT 88.69 198.10 Td (owings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 88.80 180.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 136.92 180.10 Td (include ) Tj ET Q q 0 0 0 rg BT 168.93 180.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 205.38 180.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 246.27 180.10 Td (by ) Tj ET Q q 0 0 0 rg BT 258.84 180.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.74 180.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 338.97 180.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 379.43 180.10 Td (, ) Tj ET Q q 0 0 0 rg BT 384.50 180.10 Td (also ) Tj ET Q q 0 0 0 rg BT 403.17 180.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 437.38 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.73 180.10 Td (as ) Tj ET Q q 0 0 0 rg BT 458.63 180.10 Td (advances, ) Tj ET Q q 0 0 0 rg BT 509.22 180.10 Td (from ) Tj ET Q q 0 0 0 rg BT 531.23 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.02 180.10 Td (Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 168.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 62.13 168.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 84.36 168.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 107.16 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.18 168.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 152.20 168.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.88 168.10 Td (are ) Tj ET Q q 0 0 0 rg BT 182.78 168.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 215.00 168.10 Td (by ) Tj ET Q q 0 0 0 rg BT 226.69 168.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 258.37 168.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 299.76 168.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 341.72 168.10 Td (but ) Tj ET Q q 0 0 0 rg BT 356.19 168.10 Td (not ) Tj ET Q q 0 0 0 rg BT 370.66 168.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 400.68 168.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 412.65 168.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 455.99 168.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 495.44 168.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 518.24 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.36 168.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 156.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 108.03 156.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 150.91 156.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 185.76 156.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 233.93 156.10 Td (are ) Tj ET Q q 0 0 0 rg BT 248.76 156.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 279.13 156.10 Td (at ) Tj ET Q q 0 0 0 rg BT 288.97 156.10 Td (their ) Tj ET Q q 0 0 0 rg BT 309.92 156.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 339.75 156.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 377.91 156.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 411.07 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.12 156.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 460.18 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 472.80 156.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 512.06 156.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.35 156.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 541.19 156.10 Td (every ) Tj ET Q q 0 0 0 rg BT 566.01 156.10 Td (13 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 144.10 Td (weeks ) Tj ET Q q 0 0 0 rg BT 62.81 144.10 Td (from ) Tj ET Q q 0 0 0 rg BT 84.07 144.10 Td (when ) Tj ET Q q 0 0 0 rg BT 107.55 144.10 Td (each ) Tj ET Q q 0 0 0 rg BT 127.69 144.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 170.04 144.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 204.62 144.10 Td (is ) Tj ET Q q 0 0 0 rg BT 213.11 144.10 Td (made. ) Tj ET Q q 0 0 0 rg BT 239.09 144.10 Td (If ) Tj ET Q q 0 0 0 rg BT 247.57 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.61 144.10 Td (value ) Tj ET Q q 0 0 0 rg BT 285.08 144.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 298.56 144.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 345.37 144.10 Td (by ) Tj ET Q q 0 0 0 rg BT 357.19 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.22 144.10 Td (FHLBC\) ) Tj ET Q q 0 0 0 rg BT 408.61 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.76 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.80 144.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 471.82 144.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 507.51 144.10 Td (those ) Tj ET Q q 0 0 0 rg BT 530.44 144.10 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 132.10 Td (decreases, ) Tj ET Q q 0 0 0 rg BT 79.22 132.10 Td (we ) Tj ET Q q 0 0 0 rg BT 93.29 132.10 Td (may ) Tj ET Q q 0 0 0 rg BT 112.93 132.10 Td (be ) Tj ET Q q 0 0 0 rg BT 124.78 132.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 155.52 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.71 132.10 Td (mar) Tj ET Q q 0 0 0 rg BT 181.08 132.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 196.27 132.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 217.01 132.10 Td (during ) Tj ET Q q 0 0 0 rg BT 245.53 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.17 132.10 Td (period ) Tj ET Q q 0 0 0 rg BT 288.13 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.76 132.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 350.72 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 365.35 132.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 416.93 132.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.67 132.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 466.74 132.10 Td (where ) Tj ET Q q 0 0 0 rg BT 493.58 132.10 Td (we ) Tj ET Q q 0 0 0 rg BT 507.66 132.10 Td (do ) Tj ET Q q 0 0 0 rg BT 520.07 132.10 Td (not ) Tj ET Q q 0 0 0 rg BT 535.27 132.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 563.79 132.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 120.10 Td (mar) Tj ET Q q 0 0 0 rg BT 51.37 120.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 66.26 120.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 86.70 120.10 Td (within ) Tj ET Q q 0 0 0 rg BT 114.37 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.70 120.10 Td (required ) Tj ET Q q 0 0 0 rg BT 164.13 120.10 Td (time ) Tj ET Q q 0 0 0 rg BT 184.02 120.10 Td (frame, ) Tj ET Q q 0 0 0 rg BT 211.95 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.28 120.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 260.62 120.10 Td (may ) Tj ET Q q 0 0 0 rg BT 279.96 120.10 Td (foreclose ) Tj ET Q q 0 0 0 rg BT 318.71 120.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 340.83 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.16 120.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 394.47 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.02 120.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 439.80 120.10 Td (any ) Tj ET Q q 0 0 0 rg BT 456.35 120.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 505.13 120.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 524.46 120.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 556.57 120.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 108.10 Td (us. ) Tj ET Q endstream endobj 263 0 obj <> endobj 264 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 70.07 668.10 Td (cial Secur) Tj ET Q q 0 0 0 rg BT 109.96 668.10 Td (ed Borr) Tj ET Q q 0 0 0 rg BT 140.42 668.10 Td (owings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 105.27 650.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 137.64 650.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 185.03 650.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 223.51 650.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 262.57 650.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 308.27 650.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.88 650.10 Td (association ) Tj ET Q q 0 0 0 rg BT 364.15 650.10 Td (with ) Tj ET Q q 0 0 0 rg BT 383.77 650.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 403.38 650.10 Td (received ) Tj ET Q q 0 0 0 rg BT 439.07 650.10 Td (from ) Tj ET Q q 0 0 0 rg BT 460.35 650.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 496.62 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.78 650.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 541.40 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 551.57 650.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 86.58 638.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 127.74 638.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 152.23 638.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.40 638.10 Td (third ) Tj ET Q q 0 0 0 rg BT 185.67 638.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 215.72 638.10 Td (that ) Tj ET Q q 0 0 0 rg BT 234.10 638.10 Td (did ) Tj ET Q q 0 0 0 rg BT 250.26 638.10 Td (not ) Tj ET Q q 0 0 0 rg BT 266.43 638.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 289.25 638.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.86 638.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 336.55 638.10 Td (for ) Tj ET Q q 0 0 0 rg BT 351.60 638.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 370.54 638.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 411.68 638.10 Td (under ) Tj ET Q q 0 0 0 rg BT 437.84 638.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 464.70 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.08 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.91 638.10 Td (were ) Tj ET Q q 0 0 0 rg BT 508.73 638.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 552.65 638.10 Td (for ) Tj ET Q q 0 0 0 rg BT 567.69 638.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.10 Td (financings. ) Tj ET Q q 0 0 0 rg BT 81.79 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 90.42 626.10 Td (e ) Tj ET Q q 0 0 0 rg BT 96.62 626.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 126.69 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.66 626.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 156.29 626.10 Td (value ) Tj ET Q q 0 0 0 rg BT 179.71 626.10 Td (option ) Tj ET Q q 0 0 0 rg BT 207.02 626.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.44 626.10 Td (these ) Tj ET Q q 0 0 0 rg BT 242.74 626.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 275.03 626.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 322.34 626.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.54 626.10 Td (they ) Tj ET Q q 0 0 0 rg BT 357.51 626.10 Td (are ) Tj ET Q q 0 0 0 rg BT 371.47 626.10 Td (held ) Tj ET Q q 0 0 0 rg BT 390.45 626.10 Td (at ) Tj ET Q q 0 0 0 rg BT 399.42 626.10 Td (their ) Tj ET Q q 0 0 0 rg BT 419.50 626.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 459.58 626.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 475.21 626.10 Td (value ) Tj ET Q q 0 0 0 rg BT 498.63 626.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.38 626.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.47 626.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 614.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 68.57 614.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 97.40 614.10 Td (These ) Tj ET Q q 0 0 0 rg BT 123.32 614.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 159.24 614.10 Td (do ) Tj ET Q q 0 0 0 rg BT 171.28 614.10 Td (not ) Tj ET Q q 0 0 0 rg BT 186.10 614.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 224.78 614.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 246.25 614.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 292.73 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.10 614.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 343.47 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.95 614.10 Td (we ) Tj ET Q q 0 0 0 rg BT 373.65 614.10 Td (are ) Tj ET Q q 0 0 0 rg BT 387.89 614.10 Td (not ) Tj ET Q q 0 0 0 rg BT 402.71 614.10 Td (required ) Tj ET Q q 0 0 0 rg BT 438.06 614.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.88 614.10 Td (make ) Tj ET Q q 0 0 0 rg BT 471.58 614.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 503.05 614.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 543.41 614.10 Td (on ) Tj ET Q q 0 0 0 rg BT 555.45 614.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 602.10 Td (borrowings. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (Convertible Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 554.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 103.65 554.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 127.20 554.10 Td (include ) Tj ET Q q 0 0 0 rg BT 159.07 554.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 202.05 554.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 249.47 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.34 554.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 323.19 554.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 342.85 554.10 Td (that ) Tj ET Q q 0 0 0 rg BT 360.28 554.10 Td (are ) Tj ET Q q 0 0 0 rg BT 374.93 554.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 405.12 554.10 Td (at ) Tj ET Q q 0 0 0 rg BT 414.78 554.10 Td (their ) Tj ET Q q 0 0 0 rg BT 435.54 554.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 465.20 554.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 503.18 554.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 536.15 554.10 Td (net ) Tj ET Q q 0 0 0 rg BT 550.80 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 561.57 554.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 542.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 88.59 542.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 124.50 542.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 160.98 542.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 186.09 542.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 218.68 542.10 Td (on ) Tj ET Q q 0 0 0 rg BT 231.29 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.11 542.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 269.83 542.10 Td (is ) Tj ET Q q 0 0 0 rg BT 279.10 542.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 312.80 542.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 368.73 542.10 Td (until ) Tj ET Q q 0 0 0 rg BT 389.67 542.10 Td (such ) Tj ET Q q 0 0 0 rg BT 410.61 542.10 Td (time ) Tj ET Q q 0 0 0 rg BT 430.99 542.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.81 542.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 469.52 542.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 499.89 542.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.83 542.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.64 542.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 567.67 542.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 530.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 81.25 530.10 Td (into ) Tj ET Q q 0 0 0 rg BT 99.31 530.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 129.30 530.10 Td (If ) Tj ET Q q 0 0 0 rg BT 138.46 530.10 Td (converted ) Tj ET Q q 0 0 0 rg BT 180.38 530.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.21 530.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 236.47 530.10 Td (by ) Tj ET Q q 0 0 0 rg BT 248.97 530.10 Td (a ) Tj ET Q q 0 0 0 rg BT 255.91 530.10 Td (holder) Tj ET Q q 0 0 0 rg BT 281.05 530.10 Td (, ) Tj ET Q q 0 0 0 rg BT 286.05 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.77 530.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 328.82 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.65 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.36 530.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 377.97 530.10 Td (would ) Tj ET Q q 0 0 0 rg BT 405.47 530.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 436.83 530.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 464.33 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.16 530.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.99 530.10 Td (common ) Tj ET Q q 0 0 0 rg BT 528.48 530.10 Td (stock. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.01 500.10 Td (rust Pr) Tj ET Q q 0 0 0 rg BT 68.70 500.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 87.77 500.10 Td (ed Securities and Subor) Tj ET Q q 0 0 0 rg BT 182.66 500.10 Td (dinated Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 476.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 76.35 476.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 114.58 476.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 153.94 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.97 476.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 223.22 476.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 245.92 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 259.73 476.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 289.07 476.10 Td (at ) Tj ET Q q 0 0 0 rg BT 297.88 476.10 Td (their ) Tj ET Q q 0 0 0 rg BT 317.80 476.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 346.61 476.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 383.75 476.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 415.88 476.10 Td (net ) Tj ET Q q 0 0 0 rg BT 429.69 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.61 476.10 Td (any ) Tj ET Q q 0 0 0 rg BT 455.65 476.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 507.22 476.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 542.12 476.10 Td (issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 60.82 464.10 Td (This ) Tj ET Q q 0 0 0 rg BT 81.10 464.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 123.03 464.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 142.75 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.92 464.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 194.96 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.89 464.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 243.83 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.00 464.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 272.71 464.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 311.31 464.10 Td (until ) Tj ET Q q 0 0 0 rg BT 332.14 464.10 Td (it ) Tj ET Q q 0 0 0 rg BT 340.20 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 349.37 464.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 390.73 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.01 464.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 427.95 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 438.78 464.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 472.93 464.10 Td (at ) Tj ET Q q 0 0 0 rg BT 482.65 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 489.59 464.10 Td (future ) Tj ET Q q 0 0 0 rg BT 515.97 464.10 Td (date. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 434.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 62.29 434.10 Td (ed Securities Issuance Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 96.99 413.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 134.42 413.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 157.97 413.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.73 413.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 213.38 413.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 258.03 413.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.36 413.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.13 413.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 332.57 413.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.45 413.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 387.44 413.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 410.71 413.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.70 413.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 458.67 413.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 481.68 413.10 Td (issued. ) Tj ET Q q 0 0 0 rg BT 512.47 413.10 Td (These ) Tj ET Q q 0 0 0 rg BT 539.90 413.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 401.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 73.74 401.10 Td (include ) Tj ET Q q 0 0 0 rg BT 105.92 401.10 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 162.82 401.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 188.89 401.10 Td (agency) Tj ET Q q 0 0 0 rg BT 216.55 401.10 Td (, ) Tj ET Q q 0 0 0 rg BT 221.80 401.10 Td (legal, ) Tj ET Q q 0 0 0 rg BT 246.48 401.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 295.60 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.78 401.10 Td (other ) Tj ET Q q 0 0 0 rg BT 336.07 401.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 356.81 401.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 379.01 401.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 415.63 401.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 438.38 401.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 482.22 401.10 Td (with ) Tj ET Q q 0 0 0 rg BT 502.74 401.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 542.70 401.10 Td (reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.25 389.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 63.40 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 77.64 389.10 Td (deferred. ) Tj ET Q q 0 0 0 rg BT 115.48 389.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 153.05 389.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 192.85 389.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 228.76 389.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 250.79 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 265.04 389.10 Td (included ) Tj ET Q q 0 0 0 rg BT 301.51 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.32 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.58 389.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 360.93 389.10 Td (value ) Tj ET Q q 0 0 0 rg BT 384.62 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.98 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.24 389.10 Td (related ) Tj ET Q q 0 0 0 rg BT 438.48 389.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 478.28 389.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 505.31 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.79 389.10 Td (are ) Tj ET Q q 0 0 0 rg BT 536.03 389.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.96 377.10 Td (an ) Tj ET Q q 0 0 0 rg BT 59.04 377.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 105.55 377.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.97 377.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 148.03 377.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 182.88 377.10 Td (using ) Tj ET Q q 0 0 0 rg BT 207.18 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.03 377.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 254.10 377.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 289.23 377.10 Td (based ) Tj ET Q q 0 0 0 rg BT 314.63 377.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 337.26 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.12 377.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 378.62 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.69 377.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 436.65 377.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 481.49 377.10 Td (schedules ) Tj ET Q q 0 0 0 rg BT 523.00 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.96 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.81 377.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.26 365.10 Td (issued. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 341.10 Td (Note 14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 341.10 Td ( for further discussion on long-term debt.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.01 341.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 309.7669921875 m 62.103515625 309.7669921875 l s q 0 0 0 rg BT 36.00 311.10 Td (Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (Accumulated Other Compr) Tj ET Q q 0 0 0 rg BT 143.94 293.10 Td (ehensive Income \(Loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 70.21 275.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 113.62 275.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 136.50 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.71 275.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 178.37 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.14 275.10 Td (real ) Tj ET Q q 0 0 0 rg BT 206.89 275.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 231.43 275.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 270.96 275.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 321.84 275.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 342.49 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.69 275.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 389.90 275.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 406.65 275.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 453.96 275.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 498.49 275.10 Td (as ) Tj ET Q q 0 0 0 rg BT 508.59 275.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 528.13 275.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 548.23 275.10 Td (hedges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 51.31 263.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 87.72 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.15 263.10 Td (components ) Tj ET Q q 0 0 0 rg BT 150.58 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.33 263.10 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 217.74 263.10 Td (other ) Tj ET Q q 0 0 0 rg BT 241.39 263.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 305.02 263.10 Td (income ) Tj ET Q q 0 0 0 rg BT 337.55 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 350.65 263.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.08 263.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 420.73 263.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 466.04 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.47 263.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 512.78 263.10 Td (in ) Tj ET Q q 0 0 0 rg BT 523.66 263.10 Td (stockholders' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 63.10 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 79.65 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.08 251.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 147.73 251.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 180.37 251.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 209.42 251.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 225.96 251.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 269.71 251.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 292.93 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.47 251.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 335.47 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 347.58 251.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 387.45 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 403.99 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 435.53 251.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 452.63 251.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 500.27 251.10 Td (held ) Tj ET Q q 0 0 0 rg BT 519.59 251.10 Td (by ) Tj ET Q q 0 0 0 rg BT 531.70 251.10 Td (our ) Tj ET Q q 0 0 0 rg BT 547.13 251.10 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 85.88 239.10 Td (that ) Tj ET Q q 0 0 0 rg BT 103.53 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 118.40 239.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 154.38 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.81 239.10 Td (other ) Tj ET Q q 0 0 0 rg BT 188.02 239.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 251.21 239.10 Td (income ) Tj ET Q q 0 0 0 rg BT 283.31 239.10 Td (are ) Tj ET Q q 0 0 0 rg BT 298.17 239.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 334.16 239.10 Td (for ) Tj ET Q q 0 0 0 rg BT 348.48 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.36 239.10 Td (ef) Tj ET Q q 0 0 0 rg BT 370.94 239.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 392.48 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.47 239.10 Td (taxation ) Tj ET Q q 0 0 0 rg BT 438.34 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.44 239.10 Td (may ) Tj ET Q q 0 0 0 rg BT 475.32 239.10 Td (create ) Tj ET Q q 0 0 0 rg BT 501.84 239.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 537.81 239.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 552.68 239.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 227.10 Td (liabilities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 197.10 Td (Earnings per Common Shar) Tj ET Q q 0 0 0 rg BT 148.13 197.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (Basic ) Tj ET Q q 0 0 0 rg BT 78.71 179.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 115.08 179.10 Td (per ) Tj ET Q q 0 0 0 rg BT 130.35 179.10 Td (common ) Tj ET Q q 0 0 0 rg BT 167.84 179.10 Td (share ) Tj ET Q q 0 0 0 rg BT 191.43 179.10 Td (\(EPS\) ) Tj ET Q q 0 0 0 rg BT 226.70 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 235.86 179.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 277.79 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 290.28 179.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 326.11 179.10 Td (net ) Tj ET Q q 0 0 0 rg BT 340.83 179.10 Td (income ) Tj ET Q q 0 0 0 rg BT 372.75 179.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 411.34 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.61 179.10 Td (common ) Tj ET Q q 0 0 0 rg BT 459.10 179.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 512.13 179.10 Td (by ) Tj ET Q q 0 0 0 rg BT 524.63 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.34 179.10 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (average ) Tj ET Q q 0 0 0 rg BT 70.58 167.10 Td (common ) Tj ET Q q 0 0 0 rg BT 109.08 167.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 137.57 167.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 190.24 167.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 208.18 167.10 Td (income ) Tj ET Q q 0 0 0 rg BT 241.11 167.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 280.70 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.98 167.10 Td (common ) Tj ET Q q 0 0 0 rg BT 330.48 167.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 384.52 167.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 428.55 167.10 Td (net ) Tj ET Q q 0 0 0 rg BT 444.27 167.10 Td (income ) Tj ET Q q 0 0 0 rg BT 477.21 167.10 Td (less ) Tj ET Q q 0 0 0 rg BT 495.71 167.10 Td (income ) Tj ET Q q 0 0 0 rg BT 528.64 167.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 568.23 167.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 155.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 89.67 155.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 130.56 155.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 145.35 155.10 Td (described ) Tj ET Q q 0 0 0 rg BT 186.80 155.10 Td (herein\). ) Tj ET Q q 0 0 0 rg BT 220.74 155.10 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 253.87 155.10 Td (EPS ) Tj ET Q q 0 0 0 rg BT 274.23 155.10 Td (is ) Tj ET Q q 0 0 0 rg BT 284.03 155.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 326.59 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 339.72 155.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 376.19 155.10 Td (income ) Tj ET Q q 0 0 0 rg BT 408.75 155.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 447.97 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.88 155.10 Td (common ) Tj ET Q q 0 0 0 rg BT 497.00 155.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 550.67 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.80 155.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 143.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 74.90 143.10 Td (average ) Tj ET Q q 0 0 0 rg BT 108.23 143.10 Td (common ) Tj ET Q q 0 0 0 rg BT 145.47 143.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 172.70 143.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 221.61 143.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 240.52 143.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 276.65 143.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 328.32 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.78 143.10 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 375.58 143.10 Td (ef) Tj ET Q q 0 0 0 rg BT 383.16 143.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 400.39 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.97 143.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 460.41 143.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 497.08 143.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 530.15 143.10 Td (In ) Tj ET Q q 0 0 0 rg BT 540.72 143.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (if ) Tj ET Q q 0 0 0 rg BT 44.80 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 59.70 131.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 96.83 131.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 143.39 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.41 131.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 194.85 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.87 131.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 253.54 131.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.56 131.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 321.65 131.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 341.56 131.10 Td (into ) Tj ET Q q 0 0 0 rg BT 359.80 131.10 Td (common ) Tj ET Q q 0 0 0 rg BT 397.49 131.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 425.17 131.10 Td (is ) Tj ET Q q 0 0 0 rg BT 434.52 131.10 Td (dilutive, ) Tj ET Q q 0 0 0 rg BT 470.26 131.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 500.72 131.10 Td (EPS ) Tj ET Q q 0 0 0 rg BT 520.64 131.10 Td (is ) Tj ET Q q 0 0 0 rg BT 530.00 131.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 566.01 131.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 65.38 119.10 Td (back ) Tj ET Q q 0 0 0 rg BT 86.41 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.79 119.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 135.71 119.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 167.30 119.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.66 119.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 219.37 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.86 119.10 Td (any ) Tj ET Q q 0 0 0 rg BT 246.45 119.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 260.83 119.10 Td (ef) Tj ET Q q 0 0 0 rg BT 268.42 119.10 Td (fects\) ) Tj ET Q q 0 0 0 rg BT 292.78 119.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 336.03 119.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.97 119.10 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 388.68 119.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 435.82 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.31 119.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 502.88 119.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 522.25 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.19 119.10 Td (net ) Tj ET Q q 0 0 0 rg BT 546.56 119.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 107.10 Td (adding ) Tj ET Q q 0 0 0 rg BT 82.66 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.37 107.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 124.86 107.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 152.36 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.64 107.10 Td (an ) Tj ET Q q 0 0 0 rg BT 174.58 107.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 211.52 107.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 257.89 107.10 Td (or ) Tj ET Q q 0 0 0 rg BT 268.72 107.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 308.98 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.26 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.97 107.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 364.25 107.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 403.40 107.10 Td (average ) Tj ET Q q 0 0 0 rg BT 436.99 107.10 Td (share ) Tj ET Q q 0 0 0 rg BT 460.58 107.10 Td (count. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.52 83.10 Td (two-class ) Tj ET Q q 0 0 0 rg BT 111.26 83.10 Td (method ) Tj ET Q q 0 0 0 rg BT 143.23 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.87 83.10 Td (an ) Tj ET Q q 0 0 0 rg BT 163.28 83.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 199.13 83.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 240.53 83.10 Td (formula ) Tj ET Q q 0 0 0 rg BT 274.15 83.10 Td (under ) Tj ET Q q 0 0 0 rg BT 298.89 83.10 Td (which ) Tj ET Q q 0 0 0 rg BT 325.30 83.10 Td (EPS ) Tj ET Q q 0 0 0 rg BT 344.51 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 353.15 83.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 395.65 83.10 Td (for ) Tj ET Q q 0 0 0 rg BT 409.28 83.10 Td (common ) Tj ET Q q 0 0 0 rg BT 446.25 83.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 469.33 83.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.74 83.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 538.25 83.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 71.10 Td (according ) Tj ET Q q 0 0 0 rg BT 79.11 71.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.58 71.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 133.16 71.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 170.71 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.83 71.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 243.06 71.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 269.53 71.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.00 71.10 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 337.46 71.10 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 377.52 71.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 406.20 71.10 Td (this ) Tj ET Q q 0 0 0 rg BT 424.34 71.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 460.52 71.10 Td (all ) Tj ET Q q 0 0 0 rg BT 474.21 71.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 511.77 71.10 Td (\(distributed ) Tj ET Q q 0 0 0 rg BT 561.57 71.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 59.10 Td (undistributed\) ) Tj ET Q q 0 0 0 rg BT 94.53 59.10 Td (are ) Tj ET Q q 0 0 0 rg BT 109.17 59.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 147.69 59.10 Td (between ) Tj ET Q q 0 0 0 rg BT 183.43 59.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 236.40 59.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 276.59 59.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.46 59.10 Td (common ) Tj ET Q q 0 0 0 rg BT 330.88 59.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 358.30 59.10 Td (based ) Tj ET Q q 0 0 0 rg BT 383.50 59.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.93 59.10 Td (their ) Tj ET Q q 0 0 0 rg BT 416.68 59.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 459.65 59.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 484.85 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.06 59.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 526.35 59.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 567.67 59.10 Td (or ) Tj ET Q endstream endobj 265 0 obj <> endobj 266 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 73.60 668.10 Td (equivalents. ) Tj ET Q q 0 0 0 rg BT 124.25 668.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 151.11 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.72 668.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 185.21 668.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 213.36 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.41 668.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 268.56 668.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 318.37 668.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 355.41 668.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 386.34 668.10 Td (containing ) Tj ET Q q 0 0 0 rg BT 431.16 668.10 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 490.41 668.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 515.80 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.19 668.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 567.68 668.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 73.50 656.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 121.54 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.37 656.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 185.40 656.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.67 656.10 Td (that ) Tj ET Q q 0 0 0 rg BT 243.16 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 257.87 656.10 Td (included ) Tj ET Q q 0 0 0 rg BT 294.80 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.08 656.10 Td (computing ) Tj ET Q q 0 0 0 rg BT 350.36 656.10 Td (EPS ) Tj ET Q q 0 0 0 rg BT 370.09 656.10 Td (under ) Tj ET Q q 0 0 0 rg BT 395.36 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.07 656.10 Td (two-class ) Tj ET Q q 0 0 0 rg BT 450.34 656.10 Td (method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 632.10 Td (Note 16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 632.10 Td ( for further discussion on equity) Tj ET Q q 0 0 0 rg BT 229.71 632.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.21 632.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 600.7669921875 m 100.4189453125 600.7669921875 l s q 0 0 0 rg BT 36.00 602.10 Td (Incentive Plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.54 584.10 Td (May ) Tj ET Q q 0 0 0 rg BT 87.08 584.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 112.80 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.34 584.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 183.09 584.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 223.51 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.93 584.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 262.15 584.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 303.46 584.10 Td (T) Tj ET Q q 0 0 0 rg BT 309.21 584.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 329.92 584.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 348.41 584.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 388.82 584.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 409.81 584.10 Td (\(Incentive ) Tj ET Q q 0 0 0 rg BT 457.99 584.10 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 486.75 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 501.62 584.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 543.15 584.10 Td (of) Tj ET Q q 0 0 0 rg BT 551.29 584.10 Td (ficers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 83.88 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.94 572.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 160.76 572.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 200.86 572.10 Td (which ) Tj ET Q q 0 0 0 rg BT 227.92 572.10 Td (replaced ) Tj ET Q q 0 0 0 rg BT 264.40 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.24 572.10 Td (2002 ) Tj ET Q q 0 0 0 rg BT 301.86 572.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 342.62 572.10 Td (T) Tj ET Q q 0 0 0 rg BT 348.37 572.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 368.49 572.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 386.38 572.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 426.20 572.10 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 448.91 572.10 Td (The ) Tj ET Q q 0 0 0 rg BT 467.07 572.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 506.89 572.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 527.29 572.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 564.35 572.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 49.90 560.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 72.12 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.13 560.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 121.01 560.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 146.30 560.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 181.29 560.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 206.58 560.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 241.56 560.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 264.35 560.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 287.98 560.10 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 366.28 560.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 396.28 560.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 439.06 560.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 491.26 560.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 514.05 560.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 541.01 560.10 Td (dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 85.95 548.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 108.96 548.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 151.69 548.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 190.80 548.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 213.81 548.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 237.67 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.01 548.10 Td (other ) Tj ET Q q 0 0 0 rg BT 276.47 548.10 Td (types ) Tj ET Q q 0 0 0 rg BT 299.48 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.72 548.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 339.94 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.63 548.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 381.52 548.10 Td (participants. ) Tj ET Q q 0 0 0 rg BT 432.58 548.10 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 477.25 548.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 515.80 548.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 546.03 548.10 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (under ) Tj ET Q q 0 0 0 rg BT 61.80 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.04 536.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 117.27 536.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 138.08 536.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 178.30 536.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 197.44 536.10 Td (over ) Tj ET Q q 0 0 0 rg BT 218.24 536.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.70 536.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.69 536.10 Td (- ) Tj ET Q q 0 0 0 rg BT 252.04 536.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.40 536.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.86 536.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 303.43 536.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 333.83 536.10 Td (A) Tj ET Q q 0 0 0 rg BT 340.14 536.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 367.05 536.10 Td (made ) Tj ET Q q 0 0 0 rg BT 391.73 536.10 Td (under ) Tj ET Q q 0 0 0 rg BT 417.52 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.77 536.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 473.00 536.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 493.80 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.61 536.10 Td (of) Tj ET Q q 0 0 0 rg BT 512.76 536.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 537.99 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 555.46 536.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 81.57 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.15 524.10 Td (lieu ) Tj ET Q q 0 0 0 rg BT 109.94 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.07 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.09 524.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 173.33 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.91 524.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 204.48 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.61 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.85 524.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 254.54 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.67 524.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 295.13 524.10 Td (bonuses ) Tj ET Q q 0 0 0 rg BT 330.15 524.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 359.60 524.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 399.60 524.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 418.51 524.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 467.85 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 473.15 524.10 Td (but ) Tj ET Q q 0 0 0 rg BT 488.73 524.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.74 524.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 534.87 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 545.45 524.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.69 524.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.67 524.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (year ) Tj ET Q q 0 0 0 rg BT 54.82 512.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 99.20 512.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 131.37 512.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 161.04 512.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 198.18 512.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 220.90 512.10 Td (units ) Tj ET Q q 0 0 0 rg BT 241.96 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.02 512.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 296.84 512.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 319.56 512.10 Td (have ) Tj ET Q q 0 0 0 rg BT 340.05 512.10 Td (attached ) Tj ET Q q 0 0 0 rg BT 374.98 512.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 411.59 512.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 454.85 512.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 481.75 512.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 518.36 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.75 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.58 512.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.58 500.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 83.82 500.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 131.61 500.10 Td (each ) Tj ET Q q 0 0 0 rg BT 152.17 500.10 Td (time ) Tj ET Q q 0 0 0 rg BT 172.19 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 186.09 500.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 202.78 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 209.46 500.10 Td (common ) Tj ET Q q 0 0 0 rg BT 246.70 500.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 270.06 500.10 Td (dividend. ) Tj ET Q q 0 0 0 rg BT 309.80 500.10 Td (Non-employee ) Tj ET Q q 0 0 0 rg BT 371.47 500.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 408.70 500.10 Td (are ) Tj ET Q q 0 0 0 rg BT 423.15 500.10 Td (also ) Tj ET Q q 0 0 0 rg BT 441.51 500.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 479.30 500.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 508.20 500.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 538.77 500.10 Td (under ) Tj ET Q q 0 0 0 rg BT 563.78 500.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 488.10 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 75.39 488.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 95.36 488.10 Td (that ) Tj ET Q q 0 0 0 rg BT 112.54 488.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 151.93 488.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 170.23 488.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 219.57 488.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.10 488.10 Td (The ) Tj ET Q q 0 0 0 rg BT 241.83 488.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 260.13 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.65 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.06 488.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 315.56 488.10 Td (is ) Tj ET Q q 0 0 0 rg BT 324.42 488.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 366.59 488.10 Td (over ) Tj ET Q q 0 0 0 rg BT 386.55 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.96 488.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 432.03 488.10 Td (period ) Tj ET Q q 0 0 0 rg BT 459.77 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 471.96 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.58 488.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 529.09 488.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 553.78 488.10 Td (Upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 73.50 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.77 476.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 106.28 476.10 Td (2016-09, ) Tj ET Q q 0 0 0 rg BT 144.61 476.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.77 476.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 189.58 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.86 476.10 Td (begin ) Tj ET Q q 0 0 0 rg BT 224.57 476.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 270.95 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.11 476.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 329.25 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.75 476.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 383.12 476.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 410.62 476.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 441.44 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 452.27 476.10 Td (they ) Tj ET Q q 0 0 0 rg BT 471.99 476.10 Td (occur) Tj ET Q q 0 0 0 rg BT 493.64 476.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 446.10 Td (Employee Stock Pur) Tj ET Q q 0 0 0 rg BT 116.71 446.10 Td (chase Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.64 428.10 Td (May ) Tj ET Q q 0 0 0 rg BT 87.29 428.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 113.10 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.74 428.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 183.59 428.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 224.11 428.10 Td (an ) Tj ET Q q 0 0 0 rg BT 236.86 428.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 286.83 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.92 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.56 428.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 360.09 428.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 399.50 428.10 Td (2002 ) Tj ET Q q 0 0 0 rg BT 422.81 428.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 464.21 428.10 Td (T) Tj ET Q q 0 0 0 rg BT 469.97 428.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 490.78 428.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 509.37 428.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 553.22 428.10 Td (Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 74.74 416.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 95.17 416.10 Td (\(ESPP\) ) Tj ET Q q 0 0 0 rg BT 136.14 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.56 416.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 181.96 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.82 416.10 Td (number ) Tj ET Q q 0 0 0 rg BT 230.01 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.99 416.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 268.62 416.10 Td (available ) Tj ET Q q 0 0 0 rg BT 307.35 416.10 Td (under ) Tj ET Q q 0 0 0 rg BT 332.77 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.63 416.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 369.31 416.10 Td (. ) Tj ET Q q 0 0 0 rg BT 374.26 416.10 Td (The ) Tj ET Q q 0 0 0 rg BT 392.45 416.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 426.76 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.73 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.59 416.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 475.02 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 477.66 416.10 Td (is ) Tj ET Q q 0 0 0 rg BT 486.97 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.40 416.10 Td (give ) Tj ET Q q 0 0 0 rg BT 517.26 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.23 416.10 Td (employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (an ) Tj ET Q q 0 0 0 rg BT 48.24 404.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 97.70 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.27 404.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 140.49 404.10 Td (an ) Tj ET Q q 0 0 0 rg BT 152.73 404.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 180.52 404.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 212.75 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.33 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.34 404.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 280.02 404.10 Td (through ) Tj ET Q q 0 0 0 rg BT 313.93 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.94 404.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 367.28 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.40 404.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 406.19 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.32 404.10 Td (common ) Tj ET Q q 0 0 0 rg BT 455.11 404.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 479.01 404.10 Td (at ) Tj ET Q q 0 0 0 rg BT 489.03 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 496.26 404.10 Td (discount. ) Tj ET Q q 0 0 0 rg BT 535.25 404.10 Td (The ) Tj ET Q q 0 0 0 rg BT 553.59 404.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 576.01 404.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 392.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 64.87 392.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 97.62 392.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 143.14 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.68 392.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 191.98 392.10 Td (common ) Tj ET Q q 0 0 0 rg BT 229.73 392.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 253.60 392.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.58 392.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.91 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.67 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.76 392.10 Td (its ) Tj ET Q q 0 0 0 rg BT 307.97 392.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.61 392.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 351.52 392.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 382.61 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.15 392.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 423.11 392.10 Td (limits. ) Tj ET Q q 0 0 0 rg BT 451.15 392.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 470.02 392.10 Td (value ) Tj ET Q q 0 0 0 rg BT 494.44 392.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.53 392.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 538.27 392.10 Td (under ) Tj ET Q q 0 0 0 rg BT 563.80 392.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 380.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 58.42 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 61.18 380.10 Td (is ) Tj ET Q q 0 0 0 rg BT 70.60 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.58 380.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 111.10 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.19 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.16 380.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 168.81 380.10 Td (market ) Tj ET Q q 0 0 0 rg BT 199.33 380.10 Td (price ) Tj ET Q q 0 0 0 rg BT 222.07 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.15 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.13 380.10 Td (common ) Tj ET Q q 0 0 0 rg BT 285.88 380.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 309.74 380.10 Td (on ) Tj ET Q q 0 0 0 rg BT 322.50 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.47 380.10 Td (first ) Tj ET Q q 0 0 0 rg BT 356.34 380.10 Td (day ) Tj ET Q q 0 0 0 rg BT 373.53 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.62 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.59 380.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 436.21 380.10 Td (year ) Tj ET Q q 0 0 0 rg BT 456.17 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 467.26 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.23 380.10 Td (last ) Tj ET Q q 0 0 0 rg BT 498.88 380.10 Td (day ) Tj ET Q q 0 0 0 rg BT 516.07 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.16 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.13 380.10 Td (calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 368.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 63.76 368.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 338.10 Td (Executive Deferr) Tj ET Q q 0 0 0 rg BT 103.65 338.10 Td (ed Compensation Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.63 320.10 Td (November ) Tj ET Q q 0 0 0 rg BT 109.14 320.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 133.94 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.57 320.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 176.30 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.93 320.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 226.44 320.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 265.95 320.10 Td (an ) Tj ET Q q 0 0 0 rg BT 277.69 320.10 Td (amendment ) Tj ET Q q 0 0 0 rg BT 326.64 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.71 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 352.34 320.10 Td (2002 ) Tj ET Q q 0 0 0 rg BT 374.64 320.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 416.92 320.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 454.75 320.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 514.83 320.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 534.90 320.10 Td (\(EDCP\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.95 308.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 72.34 308.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 132.72 308.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 170.88 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.83 308.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 205.54 308.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 235.92 308.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 256.86 308.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 298.36 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.97 308.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 358.03 308.10 Td (into ) Tj ET Q q 0 0 0 rg BT 376.76 308.10 Td (DSUs. ) Tj ET Q q 0 0 0 rg BT 406.10 308.10 Td (The ) Tj ET Q q 0 0 0 rg BT 424.82 308.10 Td (EDCP) Tj ET Q q 0 0 0 rg BT 450.01 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 453.19 308.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 482.47 308.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 515.63 308.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 561.57 308.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 296.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 72.55 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.88 296.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 103.98 296.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 138.32 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.21 296.10 Td (current ) Tj ET Q q 0 0 0 rg BT 178.08 296.10 Td (salary ) Tj ET Q q 0 0 0 rg BT 203.52 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.52 296.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 248.28 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 270.39 296.10 Td (forms ) Tj ET Q q 0 0 0 rg BT 295.28 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.17 296.10 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 364.66 296.10 Td (The ) Tj ET Q q 0 0 0 rg BT 381.77 296.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 422.21 296.10 Td (matches ) Tj ET Q q 0 0 0 rg BT 456.54 296.10 Td (some ) Tj ET Q q 0 0 0 rg BT 479.21 296.10 Td (deferrals. ) Tj ET Q q 0 0 0 rg BT 518.24 296.10 Td (Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 284.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 71.78 284.10 Td (under ) Tj ET Q q 0 0 0 rg BT 97.02 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.71 284.10 Td (EDCP) Tj ET Q q 0 0 0 rg BT 136.90 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.37 284.10 Td (is ) Tj ET Q q 0 0 0 rg BT 148.52 284.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 185.97 284.10 Td (as ) Tj ET Q q 0 0 0 rg BT 196.77 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.68 284.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 237.26 284.10 Td (on ) Tj ET Q q 0 0 0 rg BT 249.74 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.54 284.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.55 284.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 351.56 284.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 380.79 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 398.81 284.10 Td (EDCP) Tj ET Q q 0 0 0 rg BT 424.00 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.48 284.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 455.06 284.10 Td (for ) Tj ET Q q 0 0 0 rg BT 469.19 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.88 284.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 530.24 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.04 284.10 Td (deferrals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 272.10 Td (either ) Tj ET Q q 0 0 0 rg BT 71.54 272.10 Td (an ) Tj ET Q q 0 0 0 rg BT 83.48 272.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 115.41 272.10 Td (crediting ) Tj ET Q q 0 0 0 rg BT 153.46 272.10 Td (account ) Tj ET Q q 0 0 0 rg BT 187.05 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.88 272.10 Td (DSUs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (401\(k\) Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 227.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.82 227.10 Td (of) Tj ET Q q 0 0 0 rg BT 77.97 227.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 91.81 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.99 227.10 Td (tax-qualified ) Tj ET Q q 0 0 0 rg BT 152.82 227.10 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 182.22 227.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 202.74 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.26 227.10 Td (all ) Tj ET Q q 0 0 0 rg BT 226.00 227.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 271.50 227.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.90 227.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 329.73 227.10 Td (savings. ) Tj ET Q q 0 0 0 rg BT 364.98 227.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 392.71 227.10 Td (this ) Tj ET Q q 0 0 0 rg BT 409.90 227.10 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 432.92 227.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 478.42 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 493.37 227.10 Td (allowed ) Tj ET Q q 0 0 0 rg BT 527.77 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.29 227.10 Td (defer ) Tj ET Q q 0 0 0 rg BT 561.57 227.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 215.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 61.79 215.10 Td (up ) Tj ET Q q 0 0 0 rg BT 73.69 215.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.36 215.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.69 215.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.59 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.82 215.10 Td (their ) Tj ET Q q 0 0 0 rg BT 139.05 215.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 158.71 215.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 196.99 215.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 227.22 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.89 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.01 215.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 293.46 215.10 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 322.02 215.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 341.70 215.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 392.48 215.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 413.27 215.10 Td (set ) Tj ET Q q 0 0 0 rg BT 426.28 215.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 447.62 215.10 Td (by ) Tj ET Q q 0 0 0 rg BT 459.52 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.63 215.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 506.63 215.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 543.51 215.10 Td (Service. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 203.10 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 203.10 Td (e ) Tj ET Q q 0 0 0 rg BT 52.52 203.10 Td (match ) Tj ET Q q 0 0 0 rg BT 80.39 203.10 Td (some ) Tj ET Q q 0 0 0 rg BT 104.94 203.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 147.25 203.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 203.46 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.68 203.10 Td (encourage ) Tj ET Q q 0 0 0 rg BT 259.21 203.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 313.18 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.06 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.28 203.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 376.27 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 384.14 203.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 428.67 203.10 Td (planning ) Tj ET Q q 0 0 0 rg BT 467.11 203.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 498.31 203.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.53 203.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 558.23 203.10 Td (Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 191.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 75.62 191.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 130.79 191.10 Td (made ) Tj ET Q q 0 0 0 rg BT 154.85 191.10 Td (by ) Tj ET Q q 0 0 0 rg BT 167.26 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.88 191.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.17 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.23 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.85 191.10 Td (years ) Tj ET Q q 0 0 0 rg BT 275.35 191.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.63 191.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 360.12 191.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.12 191.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.03 191.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.03 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.93 191.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.77 191.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.77 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.18 191.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.01 191.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 490.91 191.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 191.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.71 191.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 544.61 191.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 191.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.68 179.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 72.43 179.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.32 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.07 179.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 153.73 179.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.31 179.10 Td (V) Tj ET Q q 0 0 0 rg BT 164.43 179.10 Td (esting ) Tj ET Q q 0 0 0 rg BT 190.56 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.14 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.60 179.10 Td (401\(k\) ) Tj ET Q q 0 0 0 rg BT 244.50 179.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 264.53 179.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 303.99 179.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 359.01 179.10 Td (is ) Tj ET Q q 0 0 0 rg BT 367.92 179.10 Td (based ) Tj ET Q q 0 0 0 rg BT 392.94 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 405.18 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.65 179.10 Td (employee) Tj ET Q q 0 0 0 rg BT 461.30 179.10 Td (s ) Tj ET Q q 0 0 0 rg BT 467.43 179.10 Td (tenure ) Tj ET Q q 0 0 0 rg BT 494.67 179.10 Td (at ) Tj ET Q q 0 0 0 rg BT 504.13 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.59 179.10 Td (Company) Tj ET Q q 0 0 0 rg BT 556.83 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 561.58 179.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.10 Td (over ) Tj ET Q q 0 0 0 rg BT 56.27 167.10 Td (time ) Tj ET Q q 0 0 0 rg BT 76.54 167.10 Td (an ) Tj ET Q q 0 0 0 rg BT 88.48 167.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 129.85 167.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 167.34 167.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 218.71 167.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 246.76 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.04 167.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 296.75 167.10 Td (contributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 143.10 Td (Note 17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 143.10 Td ( for further discussion on equity compensation plans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 314.51 143.10 Td ( ) Tj ET Q endstream endobj 267 0 obj <> endobj 268 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 22) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 36 666.7669921875 m 58.412109375 666.7669921875 l s q 0 0 0 rg BT 36.00 668.10 Td (T) Tj ET Q q 0 0 0 rg BT 40.64 668.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 650.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.75 650.10 Td (have ) Tj ET Q q 0 0 0 rg BT 91.30 650.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 122.29 650.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.75 650.10 Td (be ) Tj ET Q q 0 0 0 rg BT 144.86 650.10 Td (taxed ) Tj ET Q q 0 0 0 rg BT 169.19 650.10 Td (as ) Tj ET Q q 0 0 0 rg BT 180.20 650.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.31 650.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 209.35 650.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.02 650.10 Td (under ) Tj ET Q q 0 0 0 rg BT 237.47 650.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.36 650.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 286.13 650.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 323.79 650.10 Td (Code ) Tj ET Q q 0 0 0 rg BT 347.57 650.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.69 650.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.58 650.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 439.46 650.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 483.81 650.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.82 650.10 Td (state ) Tj ET Q q 0 0 0 rg BT 515.82 650.10 Td (law) Tj ET Q q 0 0 0 rg BT 529.61 650.10 Td (. ) Tj ET Q q 0 0 0 rg BT 534.59 650.10 Td (T) Tj ET Q q 0 0 0 rg BT 540.00 650.10 Td (o ) Tj ET Q q 0 0 0 rg BT 547.67 650.10 Td (qualify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.75 638.10 Td (a ) Tj ET Q q 0 0 0 rg BT 53.62 638.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 75.65 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.07 638.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.16 638.10 Td (must ) Tj ET Q q 0 0 0 rg BT 114.03 638.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 154.23 638.10 Td (at ) Tj ET Q q 0 0 0 rg BT 163.87 638.10 Td (least ) Tj ET Q q 0 0 0 rg BT 184.62 638.10 Td (90% ) Tj ET Q q 0 0 0 rg BT 205.37 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.12 638.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.88 638.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 260.95 638.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 282.99 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.41 638.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 316.71 638.10 Td (income ) Tj ET Q q 0 0 0 rg BT 348.57 638.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.77 638.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 411.73 638.10 Td (\(not ) Tj ET Q q 0 0 0 rg BT 430.26 638.10 Td (including ) Tj ET Q q 0 0 0 rg BT 470.46 638.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 501.75 638.10 Td (income ) Tj ET Q q 0 0 0 rg BT 533.61 638.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 568.23 638.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.33 626.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 82.21 626.10 Td (subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 134.76 626.10 Td (within ) Tj ET Q q 0 0 0 rg BT 162.32 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.54 626.10 Td (time ) Tj ET Q q 0 0 0 rg BT 196.32 626.10 Td (frame ) Tj ET Q q 0 0 0 rg BT 221.64 626.10 Td (set ) Tj ET Q q 0 0 0 rg BT 234.75 626.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 256.20 626.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.98 626.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.20 626.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 294.42 626.10 Td (code ) Tj ET Q q 0 0 0 rg BT 315.30 626.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.75 626.10 Td (also ) Tj ET Q q 0 0 0 rg BT 349.86 626.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 371.30 626.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 400.50 626.10 Td (other ) Tj ET Q q 0 0 0 rg BT 423.06 626.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 477.26 626.10 Td (related ) Tj ET Q q 0 0 0 rg BT 506.47 626.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.25 626.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 544.09 626.10 Td (income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.92 614.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 76.50 614.10 Td (ownership. ) Tj ET Q q 0 0 0 rg BT 122.96 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 131.60 614.10 Td (e ) Tj ET Q q 0 0 0 rg BT 138.51 614.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 165.43 614.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.24 614.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 195.93 614.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 234.53 614.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.67 614.10 Td (all ) Tj ET Q q 0 0 0 rg BT 261.14 614.10 Td (open ) Tj ET Q q 0 0 0 rg BT 283.05 614.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 297.75 614.10 Td (years ) Tj ET Q q 0 0 0 rg BT 321.32 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.24 614.10 Td (record ) Tj ET Q q 0 0 0 rg BT 366.25 614.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 380.95 614.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 415.08 614.10 Td (only ) Tj ET Q q 0 0 0 rg BT 435.33 614.10 Td (if ) Tj ET Q q 0 0 0 rg BT 443.92 614.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 458.61 614.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 497.21 614.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 519.12 614.10 Td (a ) Tj ET Q q 0 0 0 rg BT 526.04 614.10 Td (more-likely-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 602.10 Td (than-not ) Tj ET Q q 0 0 0 rg BT 72.08 602.10 Td (threshold ) Tj ET Q q 0 0 0 rg BT 112.05 602.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.59 602.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 170.30 602.10 Td (with ) Tj ET Q q 0 0 0 rg BT 190.84 602.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 217.69 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.45 602.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 259.30 602.10 Td (on ) Tj ET Q q 0 0 0 rg BT 272.05 602.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 318.68 602.10 Td (for ) Tj ET Q q 0 0 0 rg BT 333.09 602.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 373.05 602.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 388.02 602.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 429.20 602.10 Td (W) Tj ET Q q 0 0 0 rg BT 437.84 602.10 Td (e ) Tj ET Q q 0 0 0 rg BT 445.03 602.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 478.33 602.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 510.52 602.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.72 602.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 566.01 602.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 590.10 Td (material ) Tj ET Q q 0 0 0 rg BT 71.26 590.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 110.96 590.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 125.68 590.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 164.30 590.10 Td (as ) Tj ET Q q 0 0 0 rg BT 175.13 590.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 207.06 590.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 241.77 590.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.71 590.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 298.97 590.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 336.18 590.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 383.84 590.10 Td (, ) Tj ET Q q 0 0 0 rg BT 388.84 590.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.12 590.10 Td (our ) Tj ET Q q 0 0 0 rg BT 414.95 590.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 467.99 590.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 512.70 590.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.53 590.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 566.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 566.10 Td (Note 21 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.83 566.10 Td (for further discussion on taxes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.41 566.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 545.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 66.45 545.10 Td (Accounting Pronouncements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (Newly ) Tj ET Q q 0 0 0 rg BT 63.31 524.10 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 98.96 524.10 Td (Accounting Standar) Tj ET Q q 0 0 0 rg BT 178.30 524.10 Td (ds Updates \("ASUs"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.32 500.10 Td (April ) Tj ET Q q 0 0 0 rg BT 87.99 500.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 113.05 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.83 500.10 Td (F) Tj ET Q q 0 0 0 rg BT 132.65 500.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 154.66 500.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 181.66 500.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 204.22 500.10 Td (2015-03, ) Tj ET Q q 0 0 0 rg BT 242.61 500.10 Td (Simplifying ) Tj ET Q q 0 0 0 rg BT 297.39 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.17 500.10 Td (Presentation ) Tj ET Q q 0 0 0 rg BT 364.16 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.05 500.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 397.05 500.10 Td (Issuance ) Tj ET Q q 0 0 0 rg BT 434.04 500.10 Td (Costs. ) Tj ET Q q 0 0 0 rg BT 465.59 500.10 Td (This ) Tj ET Q q 0 0 0 rg BT 485.93 500.10 Td (new ) Tj ET Q q 0 0 0 rg BT 505.15 500.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 543.80 500.10 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 488.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 56.35 488.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 93.36 488.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 116.49 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.40 488.10 Td (be ) Tj ET Q q 0 0 0 rg BT 139.97 488.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 181.42 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.33 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.68 488.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 241.34 488.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 265.02 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 276.49 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 284.06 488.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 309.95 488.10 Td (deduction ) Tj ET Q q 0 0 0 rg BT 352.52 488.10 Td (from ) Tj ET Q q 0 0 0 rg BT 375.09 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.44 488.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 426.89 488.10 Td (value ) Tj ET Q q 0 0 0 rg BT 451.67 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.14 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.49 488.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 522.71 488.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 543.06 488.10 Td (liability) Tj ET Q q 0 0 0 rg BT 573.52 488.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 78.70 476.10 Td (with ) Tj ET Q q 0 0 0 rg BT 99.19 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.12 476.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 165.70 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.74 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.88 476.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 203.81 476.10 Td (discount. ) Tj ET Q q 0 0 0 rg BT 242.71 476.10 Td (This ) Tj ET Q q 0 0 0 rg BT 263.20 476.10 Td (new ) Tj ET Q q 0 0 0 rg BT 282.57 476.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 321.37 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 330.75 476.10 Td (ef) Tj ET Q q 0 0 0 rg BT 338.34 476.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 368.25 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.62 476.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 406.98 476.10 Td (years ) Tj ET Q q 0 0 0 rg BT 430.79 476.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 473.49 476.10 Td (after ) Tj ET Q q 0 0 0 rg BT 494.52 476.10 Td (December ) Tj ET Q q 0 0 0 rg BT 538.31 476.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 553.52 476.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.43 464.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 83.31 464.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 114.75 464.10 Td (within ) Tj ET Q q 0 0 0 rg BT 142.30 464.10 Td (those ) Tj ET Q q 0 0 0 rg BT 165.40 464.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 189.06 464.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 214.65 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.08 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 239.75 464.10 Td (required ) Tj ET Q q 0 0 0 rg BT 275.06 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.84 464.10 Td (be ) Tj ET Q q 0 0 0 rg BT 296.27 464.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 327.70 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.70 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.13 464.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 399.77 464.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 424.12 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 432.76 464.10 Td (e ) Tj ET Q q 0 0 0 rg BT 439.19 464.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 472.84 464.10 Td (this ) Tj ET Q q 0 0 0 rg BT 489.29 464.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 529.88 464.10 Td (as ) Tj ET Q q 0 0 0 rg BT 540.20 464.10 Td (required, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.48 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 59.39 452.10 Td (first ) Tj ET Q q 0 0 0 rg BT 77.20 452.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 107.22 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.25 452.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 138.94 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.08 452.10 Td (now ) Tj ET Q q 0 0 0 rg BT 174.00 452.10 Td (present ) Tj ET Q q 0 0 0 rg BT 204.58 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.61 452.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 254.61 452.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 294.08 452.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 329.65 452.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 351.35 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 361.38 452.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.52 452.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 406.98 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.01 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.93 452.10 Td (related ) Tj ET Q q 0 0 0 rg BT 459.83 452.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 498.74 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.44 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.47 452.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 68.63 440.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 95.16 440.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.91 440.10 Td (all ) Tj ET Q q 0 0 0 rg BT 121.00 440.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 152.53 440.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 194.98 440.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.07 440.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 265.25 440.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.25 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 440.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.88 440.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 362.06 440.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.06 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 386.65 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 400.40 440.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.93 440.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.14 440.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.23 440.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.76 440.10 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 492.36 440.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.25 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.84 440.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 440.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.11 428.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 83.19 428.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 123.73 428.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 160.38 428.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 183.16 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.26 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.48 428.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 242.02 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.57 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.06 428.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 290.29 428.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 318.07 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.28 428.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 376.37 428.10 Td (these ) Tj ET Q q 0 0 0 rg BT 399.70 428.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 436.36 428.10 Td (together ) Tj ET Q q 0 0 0 rg BT 471.90 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.39 428.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 504.62 428.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 534.90 428.10 Td (net ) Tj ET Q q 0 0 0 rg BT 549.89 428.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.67 428.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 88.53 416.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 121.05 416.10 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 149.97 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.40 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 180.05 416.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.47 416.10 Td ($7 ) Tj ET Q q 0 0 0 rg BT 228.46 416.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.35 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 259.33 416.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.76 416.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 292.75 416.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.64 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.13 416.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 373.79 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 378.28 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.59 416.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 423.89 416.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 463.64 416.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 499.50 416.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 521.49 416.10 Td (as ) Tj ET Q q 0 0 0 rg BT 531.81 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 538.23 416.10 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 62.11 404.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 104.04 404.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 123.76 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.70 404.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 181.51 404.10 Td (these ) Tj ET Q q 0 0 0 rg BT 204.56 404.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 240.95 404.10 Td (together ) Tj ET Q q 0 0 0 rg BT 276.21 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 287.04 404.10 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 332.30 404.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 354.52 404.10 Td (net ) Tj ET Q q 0 0 0 rg BT 369.24 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 381.74 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.57 404.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 450.61 404.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 483.64 404.10 Td (sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.82 384.10 Td (February ) Tj ET Q q 0 0 0 rg BT 103.40 384.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 128.38 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.09 384.10 Td (F) Tj ET Q q 0 0 0 rg BT 147.91 384.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 169.84 384.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 196.78 384.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 219.27 384.10 Td (2015-02, ) Tj ET Q q 0 0 0 rg BT 257.59 384.10 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 320.62 384.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 329.36 384.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 349.07 384.10 Td (810\) ) Tj ET Q q 0 0 0 rg BT 369.88 384.10 Td (- ) Tj ET Q q 0 0 0 rg BT 375.15 384.10 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 430.96 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.22 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.93 384.10 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 513.98 384.10 Td (Analysis. ) Tj ET Q q 0 0 0 rg BT 558.22 384.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 372.10 Td (new ) Tj ET Q q 0 0 0 rg BT 54.95 372.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 93.33 372.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 130.06 372.10 Td (a ) Tj ET Q q 0 0 0 rg BT 136.79 372.10 Td (new ) Tj ET Q q 0 0 0 rg BT 155.74 372.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 180.79 372.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 221.96 372.10 Td (for ) Tj ET Q q 0 0 0 rg BT 235.90 372.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 265.40 372.10 Td (money ) Tj ET Q q 0 0 0 rg BT 294.90 372.10 Td (market ) Tj ET Q q 0 0 0 rg BT 324.95 372.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 351.96 372.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 379.80 372.10 Td (tar) Tj ET Q q 0 0 0 rg BT 390.17 372.10 Td (geted ) Tj ET Q q 0 0 0 rg BT 414.11 372.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 466.94 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.01 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.52 372.10 Td (current ) Tj ET Q q 0 0 0 rg BT 522.12 372.10 Td (consolidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 360.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 77.53 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.91 360.10 Td (ends ) Tj ET Q q 0 0 0 rg BT 116.17 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.33 360.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 165.35 360.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 198.27 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.99 360.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 255.80 360.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 301.51 360.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.88 360.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 361.81 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.75 360.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 396.35 360.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 437.67 360.10 Td (This ) Tj ET Q q 0 0 0 rg BT 458.39 360.10 Td (new ) Tj ET Q q 0 0 0 rg BT 477.98 360.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 517.01 360.10 Td (is ) Tj ET Q q 0 0 0 rg BT 526.62 360.10 Td (ef) Tj ET Q q 0 0 0 rg BT 534.21 360.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 564.35 360.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 348.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 65.64 348.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 98.05 348.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 141.03 348.10 Td (after ) Tj ET Q q 0 0 0 rg BT 162.32 348.10 Td (December ) Tj ET Q q 0 0 0 rg BT 206.39 348.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 221.87 348.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 247.13 348.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.77 348.10 Td (e ) Tj ET Q q 0 0 0 rg BT 263.19 348.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 297.82 348.10 Td (this ) Tj ET Q q 0 0 0 rg BT 315.25 348.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 356.83 348.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.14 348.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 406.93 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.69 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.89 348.10 Td (first ) Tj ET Q q 0 0 0 rg BT 451.97 348.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 483.27 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.58 348.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 520.06 348.10 Td (which ) Tj ET Q q 0 0 0 rg BT 547.48 348.10 Td (did ) Tj ET Q q 0 0 0 rg BT 563.24 348.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 336.10 Td (have ) Tj ET Q q 0 0 0 rg BT 57.38 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 64.32 336.10 Td (material ) Tj ET Q q 0 0 0 rg BT 99.57 336.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 129.29 336.10 Td (on ) Tj ET Q q 0 0 0 rg BT 141.79 336.10 Td (our ) Tj ET Q q 0 0 0 rg BT 157.62 336.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 210.66 336.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.14 336.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.43 312.10 Td (March ) Tj ET Q q 0 0 0 rg BT 94.62 312.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 120.22 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.53 312.10 Td (F) Tj ET Q q 0 0 0 rg BT 140.35 312.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 162.90 312.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 190.32 312.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 213.42 312.10 Td (2016-09, ) Tj ET Q q 0 0 0 rg BT 252.35 312.10 Td ("Compensation ) Tj ET Q q 0 0 0 rg BT 317.30 312.10 Td (- ) Tj ET Q q 0 0 0 rg BT 323.73 312.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 349.60 312.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 410.47 312.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 419.21 312.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 439.53 312.10 Td (718\): ) Tj ET Q q 0 0 0 rg BT 463.73 312.10 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 524.59 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.47 312.10 Td (Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 300.10 Td (Share-Based ) Tj ET Q q 0 0 0 rg BT 88.64 300.10 Td (Payment ) Tj ET Q q 0 0 0 rg BT 125.28 300.10 Td (Accounting." ) Tj ET Q q 0 0 0 rg BT 180.47 300.10 Td (This ) Tj ET Q q 0 0 0 rg BT 200.35 300.10 Td (new ) Tj ET Q q 0 0 0 rg BT 219.11 300.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 257.31 300.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 293.86 300.10 Td (simplifications ) Tj ET Q q 0 0 0 rg BT 355.40 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.83 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.15 300.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 426.13 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 439.90 300.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 489.20 300.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 525.74 300.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 288.10 Td (including ) Tj ET Q q 0 0 0 rg BT 77.02 288.10 Td (related ) Tj ET Q q 0 0 0 rg BT 107.47 288.10 Td (income ) Tj ET Q q 0 0 0 rg BT 140.16 288.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 155.62 288.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 205.25 288.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 261.25 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.83 288.10 Td (awards, ) Tj ET Q q 0 0 0 rg BT 306.90 288.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.59 288.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 380.60 288.10 Td (on ) Tj ET Q q 0 0 0 rg BT 393.85 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.32 288.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 450.89 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.46 288.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 483.48 288.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 511.45 288.10 Td (In ) Tj ET Q q 0 0 0 rg BT 523.03 288.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 561.56 288.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 276.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 74.23 276.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 106.37 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.73 276.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 171.21 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.68 276.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 222.69 276.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 245.38 276.10 Td (related ) Tj ET Q q 0 0 0 rg BT 274.72 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.64 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.00 276.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 347.25 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.72 276.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.86 276.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 415.32 276.10 Td (up ) Tj ET Q q 0 0 0 rg BT 427.46 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.38 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.74 276.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 494.43 276.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 537.13 276.10 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 264.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 73.28 264.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 87.79 264.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 111.29 264.10 Td (This ) Tj ET Q q 0 0 0 rg BT 131.35 264.10 Td (new ) Tj ET Q q 0 0 0 rg BT 150.30 264.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 188.68 264.10 Td (is ) Tj ET Q q 0 0 0 rg BT 197.64 264.10 Td (ef) Tj ET Q q 0 0 0 rg BT 205.23 264.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 234.72 264.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.66 264.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 272.61 264.10 Td (years ) Tj ET Q q 0 0 0 rg BT 295.99 264.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 338.28 264.10 Td (after ) Tj ET Q q 0 0 0 rg BT 358.88 264.10 Td (December ) Tj ET Q q 0 0 0 rg BT 402.25 264.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 417.04 264.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 439.33 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.05 264.10 Td (early ) Tj ET Q q 0 0 0 rg BT 478.32 264.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 515.61 264.10 Td (is ) Tj ET Q q 0 0 0 rg BT 524.56 264.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 567.67 264.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.32 252.10 Td (second ) Tj ET Q q 0 0 0 rg BT 82.20 252.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 113.62 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.06 252.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 150.67 252.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.43 252.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 200.19 252.10 Td (this ) Tj ET Q q 0 0 0 rg BT 217.75 252.10 Td (new ) Tj ET Q q 0 0 0 rg BT 237.52 252.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 279.22 252.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 304.55 252.10 Td (adoption, ) Tj ET Q q 0 0 0 rg BT 345.15 252.10 Td (we ) Tj ET Q q 0 0 0 rg BT 359.92 252.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 391.33 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.22 252.10 Td (account ) Tj ET Q q 0 0 0 rg BT 436.42 252.10 Td (for ) Tj ET Q q 0 0 0 rg BT 451.19 252.10 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 495.94 252.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.05 252.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 551.02 252.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 240.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 67.12 240.10 Td (as ) Tj ET Q q 0 0 0 rg BT 78.26 240.10 Td (they ) Tj ET Q q 0 0 0 rg BT 98.28 240.10 Td (occur) Tj ET Q q 0 0 0 rg BT 120.08 240.10 Td (, ) Tj ET Q q 0 0 0 rg BT 125.38 240.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 151.50 240.10 Td (than ) Tj ET Q q 0 0 0 rg BT 171.52 240.10 Td (estimating ) Tj ET Q q 0 0 0 rg BT 215.99 240.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 254.32 240.10 Td (forfeitures.) Tj ET Q q 0 0 0 rg BT 300.79 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 319.13 240.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 356.93 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.07 240.10 Td (this ) Tj ET Q q 0 0 0 rg BT 385.32 240.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 424.21 240.10 Td (did ) Tj ET Q q 0 0 0 rg BT 439.79 240.10 Td (not ) Tj ET Q q 0 0 0 rg BT 455.38 240.10 Td (have ) Tj ET Q q 0 0 0 rg BT 477.05 240.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.30 240.10 Td (material ) Tj ET Q q 0 0 0 rg BT 519.86 240.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 549.87 240.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.67 240.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 228.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 228.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.52 228.10 Td (statements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 204.10 Td (Other Recent ) Tj ET Q q 0 0 0 rg BT 91.35 204.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 149.02 204.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 54.00 187.03 524.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 54.00 180.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.16 180.10 Td (November ) Tj ET Q q 0 0 0 rg BT 110.19 180.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 135.52 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.56 180.10 Td (F) Tj ET Q q 0 0 0 rg BT 155.38 180.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 177.66 180.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 204.87 180.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 227.70 180.10 Td (2016-18, ) Tj ET Q q 0 0 0 rg BT 266.35 180.10 Td ("Statement ) Tj ET Q q 0 0 0 rg BT 313.25 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.41 180.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 347.24 180.10 Td (Flows ) Tj ET Q q 0 0 0 rg BT 374.52 180.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 383.26 180.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 403.30 180.10 Td (230\): ) Tj ET Q q 0 0 0 rg BT 427.24 180.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 470.61 180.10 Td (Cash." ) Tj ET Q q 0 0 0 rg BT 499.81 180.10 Td (This ) Tj ET Q q 0 0 0 rg BT 520.42 180.10 Td (new ) Tj ET Q q 0 0 0 rg BT 539.91 180.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 36.00 175.03 542.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 36.00 168.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 69.09 168.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 106.07 168.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 144.71 168.10 Td (on ) Tj ET Q q 0 0 0 rg BT 157.25 168.10 Td (how ) Tj ET Q q 0 0 0 rg BT 177.02 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.34 168.10 Td (classify ) Tj ET Q q 0 0 0 rg BT 220.43 168.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.41 168.10 Td (present ) Tj ET Q q 0 0 0 rg BT 268.83 168.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 303.58 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.90 168.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 353.64 168.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 373.96 168.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.50 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.26 168.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 442.12 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.00 168.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 473.31 168.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 500.39 168.10 Td (This ) Tj ET Q q 0 0 0 rg BT 520.71 168.10 Td (new ) Tj ET Q q 0 0 0 rg BT 539.91 168.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 36.00 163.03 542.51 -9.09 re f /GS0 gs q 0 0 0 rg BT 36.00 156.10 Td (is ) Tj ET Q q 0 0 0 rg BT 45.22 156.10 Td (ef) Tj ET Q q 0 0 0 rg BT 52.81 156.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 82.56 156.10 Td (for ) Tj ET Q q 0 0 0 rg BT 96.77 156.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 120.97 156.10 Td (years ) Tj ET Q q 0 0 0 rg BT 144.62 156.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 187.16 156.10 Td (after ) Tj ET Q q 0 0 0 rg BT 208.03 156.10 Td (December ) Tj ET Q q 0 0 0 rg BT 251.66 156.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 266.71 156.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 291.76 156.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 315.96 156.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 353.50 156.10 Td (is ) Tj ET Q q 0 0 0 rg BT 362.72 156.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 405.91 156.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.55 156.10 Td (e ) Tj ET Q q 0 0 0 rg BT 421.53 156.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 441.30 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.63 156.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 476.39 156.10 Td (this ) Tj ET Q q 0 0 0 rg BT 493.39 156.10 Td (new ) Tj ET Q q 0 0 0 rg BT 512.60 156.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 551.24 156.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.79 156.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 36.00 151.03 356.83 -9.09 re f /GS0 gs q 0 0 0 rg BT 36.00 144.10 Td (required ) Tj ET Q q 0 0 0 rg BT 71.82 144.10 Td (date ) Tj ET Q q 0 0 0 rg BT 90.97 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.91 144.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.07 144.10 Td (will ) Tj ET Q q 0 0 0 rg BT 140.13 144.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 171.51 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.23 144.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 237.60 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.43 144.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.26 144.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 284.53 144.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 305.36 144.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 346.18 144.10 Td (as ) Tj ET Q q 0 0 0 rg BT 357.01 144.10 Td (required.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 120.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.40 120.10 Td (October ) Tj ET Q q 0 0 0 rg BT 98.67 120.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.23 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.52 120.10 Td (F) Tj ET Q q 0 0 0 rg BT 142.33 120.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 163.85 120.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 190.46 120.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 212.53 120.10 Td (2016-17, ) Tj ET Q q 0 0 0 rg BT 250.43 120.10 Td ("Consolidation ) Tj ET Q q 0 0 0 rg BT 312.69 120.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 321.43 120.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 340.71 120.10 Td (810\): ) Tj ET Q q 0 0 0 rg BT 363.89 120.10 Td (Interests ) Tj ET Q q 0 0 0 rg BT 399.83 120.10 Td (Held ) Tj ET Q q 0 0 0 rg BT 421.33 120.10 Td (through ) Tj ET Q q 0 0 0 rg BT 454.51 120.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 487.11 120.10 Td (Parties ) Tj ET Q q 0 0 0 rg BT 516.25 120.10 Td (That ) Tj ET Q q 0 0 0 rg BT 536.18 120.10 Td (Are ) Tj ET Q q 0 0 0 rg BT 553.24 120.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 108.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 75.49 108.10 Td (Control." ) Tj ET Q q 0 0 0 rg BT 114.72 108.10 Td (This ) Tj ET Q q 0 0 0 rg BT 134.76 108.10 Td (new ) Tj ET Q q 0 0 0 rg BT 153.68 108.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 192.03 108.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 224.84 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.32 108.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 295.46 108.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 333.81 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.07 108.10 Td (how ) Tj ET Q q 0 0 0 rg BT 365.55 108.10 Td (a ) Tj ET Q q 0 0 0 rg BT 372.25 108.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 411.17 108.10 Td (entity) Tj ET Q q 0 0 0 rg BT 433.29 108.10 Td (, ) Tj ET Q q 0 0 0 rg BT 438.05 108.10 Td (that ) Tj ET Q q 0 0 0 rg BT 455.30 108.10 Td (is ) Tj ET Q q 0 0 0 rg BT 464.23 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.71 108.10 Td (single ) Tj ET Q q 0 0 0 rg BT 504.86 108.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 540.44 108.10 Td (maker ) Tj ET Q q 0 0 0 rg BT 567.69 108.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 42.49 96.10 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 63.87 96.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 103.28 96.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 137.70 96.10 Td (it ) Tj ET Q q 0 0 0 rg BT 145.47 96.10 Td (is ) Tj ET Q q 0 0 0 rg BT 154.35 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.78 96.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 202.65 96.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 249.84 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.38 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.87 96.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 288.09 96.10 Td (This ) Tj ET Q q 0 0 0 rg BT 308.08 96.10 Td (new ) Tj ET Q q 0 0 0 rg BT 326.95 96.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 365.26 96.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.14 96.10 Td (ef) Tj ET Q q 0 0 0 rg BT 381.73 96.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 411.15 96.10 Td (for ) Tj ET Q q 0 0 0 rg BT 425.02 96.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 448.89 96.10 Td (years ) Tj ET Q q 0 0 0 rg BT 472.20 96.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 514.41 96.10 Td (after ) Tj ET Q q 0 0 0 rg BT 534.94 96.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 84.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 50.39 84.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 74.78 84.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 98.33 84.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 135.21 84.10 Td (is ) Tj ET Q q 0 0 0 rg BT 143.78 84.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 186.35 84.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.99 84.10 Td (e ) Tj ET Q q 0 0 0 rg BT 201.32 84.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 220.43 84.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.10 84.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 254.20 84.10 Td (this ) Tj ET Q q 0 0 0 rg BT 270.54 84.10 Td (new ) Tj ET Q q 0 0 0 rg BT 289.09 84.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 327.08 84.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.97 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.08 84.10 Td (required ) Tj ET Q q 0 0 0 rg BT 388.28 84.10 Td (date ) Tj ET Q q 0 0 0 rg BT 406.83 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.16 84.10 Td (we ) Tj ET Q q 0 0 0 rg BT 436.71 84.10 Td (do ) Tj ET Q q 0 0 0 rg BT 448.60 84.10 Td (not ) Tj ET Q q 0 0 0 rg BT 463.27 84.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 491.26 84.10 Td (it ) Tj ET Q q 0 0 0 rg BT 498.70 84.10 Td (will ) Tj ET Q q 0 0 0 rg BT 516.15 84.10 Td (have ) Tj ET Q q 0 0 0 rg BT 536.92 84.10 Td (a ) Tj ET Q q 0 0 0 rg BT 543.25 84.10 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 72.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 65.71 72.10 Td (on ) Tj ET Q q 0 0 0 rg BT 78.21 72.10 Td (our ) Tj ET Q q 0 0 0 rg BT 94.04 72.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 147.08 72.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.56 72.10 Td (statements.) Tj ET Q endstream endobj 269 0 obj <> endobj 270 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.10 668.10 Td (October ) Tj ET Q q 0 0 0 rg BT 98.08 668.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 122.35 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.34 668.10 Td (F) Tj ET Q q 0 0 0 rg BT 141.16 668.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 162.38 668.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 188.76 668.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 210.54 668.10 Td (2016-16, ) Tj ET Q q 0 0 0 rg BT 248.14 668.10 Td ("Income ) Tj ET Q q 0 0 0 rg BT 283.85 668.10 Td (T) Tj ET Q q 0 0 0 rg BT 289.26 668.10 Td (axes ) Tj ET Q q 0 0 0 rg BT 308.80 668.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 317.54 668.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 336.53 668.10 Td (740\): ) Tj ET Q q 0 0 0 rg BT 359.41 668.10 Td (Intra-Entity ) Tj ET Q q 0 0 0 rg BT 407.70 668.10 Td (T) Tj ET Q q 0 0 0 rg BT 413.46 668.10 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 446.88 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.59 668.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 484.48 668.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 508.89 668.10 Td (Than ) Tj ET Q q 0 0 0 rg BT 531.21 668.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 569.44 668.10 Td (." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (This ) Tj ET Q q 0 0 0 rg BT 56.14 656.10 Td (new ) Tj ET Q q 0 0 0 rg BT 75.17 656.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 113.62 656.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 142.09 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 153.90 656.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 179.03 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.17 656.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 230.40 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.98 656.10 Td (income ) Tj ET Q q 0 0 0 rg BT 276.78 656.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 291.36 656.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 348.70 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.39 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 371.19 656.10 Td (intra-entity ) Tj ET Q q 0 0 0 rg BT 417.98 656.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 450.88 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.58 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 473.38 656.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 495.18 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 518.09 656.10 Td (than ) Tj ET Q q 0 0 0 rg BT 537.67 656.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (when ) Tj ET Q q 0 0 0 rg BT 60.29 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.15 644.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 108.32 644.10 Td (occurs. ) Tj ET Q q 0 0 0 rg BT 139.55 644.10 Td (It ) Tj ET Q q 0 0 0 rg BT 148.29 644.10 Td (also ) Tj ET Q q 0 0 0 rg BT 167.04 644.10 Td (eliminates ) Tj ET Q q 0 0 0 rg BT 210.77 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.62 644.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 271.02 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 285.31 644.10 Td (an ) Tj ET Q q 0 0 0 rg BT 297.38 644.10 Td (intra-entity ) Tj ET Q q 0 0 0 rg BT 344.45 644.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 377.62 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.58 644.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.55 644.10 Td (other ) Tj ET Q q 0 0 0 rg BT 437.73 644.10 Td (than ) Tj ET Q q 0 0 0 rg BT 457.58 644.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 495.26 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 500.20 644.10 Td (This ) Tj ET Q q 0 0 0 rg BT 520.61 644.10 Td (new ) Tj ET Q q 0 0 0 rg BT 539.91 644.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 45.22 632.10 Td (ef) Tj ET Q q 0 0 0 rg BT 52.81 632.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 82.56 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 96.77 632.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 120.97 632.10 Td (years ) Tj ET Q q 0 0 0 rg BT 144.62 632.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 187.16 632.10 Td (after ) Tj ET Q q 0 0 0 rg BT 208.03 632.10 Td (December ) Tj ET Q q 0 0 0 rg BT 251.66 632.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 266.71 632.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 291.76 632.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 315.96 632.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 353.50 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 362.72 632.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 405.91 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.55 632.10 Td (e ) Tj ET Q q 0 0 0 rg BT 421.53 632.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 441.30 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.63 632.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 476.39 632.10 Td (this ) Tj ET Q q 0 0 0 rg BT 493.39 632.10 Td (new ) Tj ET Q q 0 0 0 rg BT 512.60 632.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 551.24 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.79 632.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (required ) Tj ET Q q 0 0 0 rg BT 71.82 620.10 Td (date ) Tj ET Q q 0 0 0 rg BT 90.97 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.91 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.07 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.78 620.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 175.37 620.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 219.52 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.24 620.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 263.95 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.44 620.10 Td (this ) Tj ET Q q 0 0 0 rg BT 298.39 620.10 Td (update ) Tj ET Q q 0 0 0 rg BT 327.55 620.10 Td (will ) Tj ET Q q 0 0 0 rg BT 345.60 620.10 Td (have ) Tj ET Q q 0 0 0 rg BT 366.98 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.48 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.31 620.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.35 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 485.83 620.10 Td (statements.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.08 524.10 Td (June ) Tj ET Q q 0 0 0 rg BT 84.16 524.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 108.41 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.38 524.10 Td (F) Tj ET Q q 0 0 0 rg BT 127.19 524.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 148.40 524.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 174.76 524.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 196.51 524.10 Td (2016-13, ) Tj ET Q q 0 0 0 rg BT 234.09 524.10 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 277.14 524.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 326.10 524.10 Td (- ) Tj ET Q q 0 0 0 rg BT 331.18 524.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 357.93 524.10 Td (Losses." ) Tj ET Q q 0 0 0 rg BT 393.35 524.10 Td (This ) Tj ET Q q 0 0 0 rg BT 412.88 524.10 Td (new ) Tj ET Q q 0 0 0 rg BT 431.29 524.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 469.14 524.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 505.32 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.51 524.10 Td (new ) Tj ET Q q 0 0 0 rg BT 529.92 524.10 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (model ) Tj ET Q q 0 0 0 rg BT 64.10 512.10 Td (that ) Tj ET Q q 0 0 0 rg BT 82.19 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 91.96 512.10 Td (based ) Tj ET Q q 0 0 0 rg BT 117.83 512.10 Td (on ) Tj ET Q q 0 0 0 rg BT 130.93 512.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 169.56 512.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 196.56 512.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 222.97 512.10 Td (than ) Tj ET Q q 0 0 0 rg BT 243.29 512.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 279.71 512.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 306.70 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.58 512.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 360.66 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.98 512.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 419.61 512.10 Td (for ) Tj ET Q q 0 0 0 rg BT 434.37 512.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 460.23 512.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 489.50 512.10 Td (This ) Tj ET Q q 0 0 0 rg BT 510.38 512.10 Td (new ) Tj ET Q q 0 0 0 rg BT 530.14 512.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 569.34 512.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 500.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 73.33 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 87.52 500.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 111.71 500.10 Td (years ) Tj ET Q q 0 0 0 rg BT 135.35 500.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 177.88 500.10 Td (after ) Tj ET Q q 0 0 0 rg BT 198.73 500.10 Td (December ) Tj ET Q q 0 0 0 rg BT 242.35 500.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 257.38 500.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 282.42 500.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 306.61 500.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 344.14 500.10 Td (is ) Tj ET Q q 0 0 0 rg BT 353.35 500.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 394.20 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 408.40 500.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 432.59 500.10 Td (year ) Tj ET Q q 0 0 0 rg BT 452.33 500.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 494.86 500.10 Td (December ) Tj ET Q q 0 0 0 rg BT 538.48 500.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 553.52 500.10 Td (2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 488.10 Td (e ) Tj ET Q q 0 0 0 rg BT 52.03 488.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 72.21 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.95 488.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 108.12 488.10 Td (this ) Tj ET Q q 0 0 0 rg BT 125.53 488.10 Td (new ) Tj ET Q q 0 0 0 rg BT 145.14 488.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 184.20 488.10 Td (by ) Tj ET Q q 0 0 0 rg BT 197.15 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.33 488.10 Td (required ) Tj ET Q q 0 0 0 rg BT 248.60 488.10 Td (date ) Tj ET Q q 0 0 0 rg BT 268.22 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.61 488.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.23 488.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.40 488.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 354.45 488.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 399.06 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.23 488.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 444.40 488.10 Td (that ) Tj ET Q q 0 0 0 rg BT 462.35 488.10 Td (this ) Tj ET Q q 0 0 0 rg BT 479.76 488.10 Td (update ) Tj ET Q q 0 0 0 rg BT 509.37 488.10 Td (will ) Tj ET Q q 0 0 0 rg BT 527.89 488.10 Td (have ) Tj ET Q q 0 0 0 rg BT 549.72 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.68 488.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.52 476.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.06 452.10 Td (February ) Tj ET Q q 0 0 0 rg BT 103.89 452.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 129.12 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.07 452.10 Td (F) Tj ET Q q 0 0 0 rg BT 148.89 452.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 171.07 452.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 198.20 452.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 220.94 452.10 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 259.50 452.10 Td ("Leases." ) Tj ET Q q 0 0 0 rg BT 299.90 452.10 Td (This ) Tj ET Q q 0 0 0 rg BT 320.41 452.10 Td (new ) Tj ET Q q 0 0 0 rg BT 339.80 452.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 378.63 452.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 413.56 452.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 444.06 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.57 452.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 496.17 452.10 Td (most ) Tj ET Q q 0 0 0 rg BT 518.35 452.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 544.95 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 557.69 452.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 68.78 440.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 91.57 440.10 Td (as ) Tj ET Q q 0 0 0 rg BT 102.14 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.83 440.10 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 158.28 440.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 179.96 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 196.65 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.33 440.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 225.56 440.10 Td (liability) Tj ET Q q 0 0 0 rg BT 256.02 440.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.60 440.10 Td (This ) Tj ET Q q 0 0 0 rg BT 280.63 440.10 Td (new ) Tj ET Q q 0 0 0 rg BT 299.53 440.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 337.87 440.10 Td (retains ) Tj ET Q q 0 0 0 rg BT 366.77 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.45 440.10 Td (dual ) Tj ET Q q 0 0 0 rg BT 392.92 440.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 415.15 440.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 461.26 440.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 491.00 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 517.69 440.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 552.14 440.10 Td (leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 47.13 428.10 Td (be ) Tj ET Q q 0 0 0 rg BT 59.93 428.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 101.04 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 112.73 428.10 Td (either ) Tj ET Q q 0 0 0 rg BT 138.85 428.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 179.96 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.65 428.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 221.65 428.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 248.89 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 263.90 428.10 Td (lessees, ) Tj ET Q q 0 0 0 rg BT 297.52 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.54 428.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 351.44 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.13 428.10 Td (income ) Tj ET Q q 0 0 0 rg BT 395.92 428.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 437.59 428.10 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 488.75 428.10 Td (This ) Tj ET Q q 0 0 0 rg BT 509.88 428.10 Td (new ) Tj ET Q q 0 0 0 rg BT 529.89 428.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 569.34 428.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (ef) Tj ET Q q 0 0 0 rg BT 43.59 416.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 73.78 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 88.43 416.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 113.07 416.10 Td (years ) Tj ET Q q 0 0 0 rg BT 137.16 416.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 180.15 416.10 Td (after ) Tj ET Q q 0 0 0 rg BT 201.45 416.10 Td (December ) Tj ET Q q 0 0 0 rg BT 245.53 416.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 261.02 416.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 286.51 416.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 311.15 416.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 349.14 416.10 Td (is ) Tj ET Q q 0 0 0 rg BT 358.80 416.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 402.39 416.10 Td (W) Tj ET Q q 0 0 0 rg BT 411.03 416.10 Td (e ) Tj ET Q q 0 0 0 rg BT 418.46 416.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 438.66 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.43 416.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 474.64 416.10 Td (this ) Tj ET Q q 0 0 0 rg BT 492.07 416.10 Td (new ) Tj ET Q q 0 0 0 rg BT 511.72 416.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 550.81 416.10 Td (by ) Tj ET Q q 0 0 0 rg BT 563.80 416.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (required ) Tj ET Q q 0 0 0 rg BT 71.82 404.10 Td (date ) Tj ET Q q 0 0 0 rg BT 90.97 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.91 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 122.07 404.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.78 404.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 175.37 404.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 219.52 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.24 404.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 263.95 404.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.44 404.10 Td (this ) Tj ET Q q 0 0 0 rg BT 298.39 404.10 Td (update ) Tj ET Q q 0 0 0 rg BT 327.55 404.10 Td (will ) Tj ET Q q 0 0 0 rg BT 345.60 404.10 Td (have ) Tj ET Q q 0 0 0 rg BT 366.98 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.48 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.31 404.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 448.35 404.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 485.83 404.10 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.31 380.10 Td (January ) Tj ET Q q 0 0 0 rg BT 97.40 380.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 121.88 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.08 380.10 Td (F) Tj ET Q q 0 0 0 rg BT 140.90 380.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 162.34 380.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 188.88 380.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 210.87 380.10 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 248.69 380.10 Td ("Recognition ) Tj ET Q q 0 0 0 rg BT 303.63 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.06 380.10 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 376.46 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 386.78 380.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 425.54 380.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 453.63 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.06 380.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 509.25 380.10 Td (Liabilities." ) Tj ET Q q 0 0 0 rg BT 558.22 380.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 368.10 Td (new ) Tj ET Q q 0 0 0 rg BT 55.19 368.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 93.81 368.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 126.88 368.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 173.28 368.10 Td (related ) Tj ET Q q 0 0 0 rg BT 203.01 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.31 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.06 368.10 Td (classification ) Tj ET Q q 0 0 0 rg BT 283.34 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.31 368.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 356.15 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.00 368.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 417.30 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.61 368.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 455.13 368.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 495.42 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 512.39 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.13 368.10 Td (presentation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.03 356.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 74.93 356.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 90.51 356.10 Td (value ) Tj ET Q q 0 0 0 rg BT 113.86 356.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 147.77 356.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.13 356.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.81 356.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 236.72 356.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 276.74 356.10 Td (at ) Tj ET Q q 0 0 0 rg BT 285.65 356.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 301.23 356.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 326.96 356.10 Td (This ) Tj ET Q q 0 0 0 rg BT 346.44 356.10 Td (new ) Tj ET Q q 0 0 0 rg BT 364.80 356.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 402.59 356.10 Td (also ) Tj ET Q q 0 0 0 rg BT 420.40 356.10 Td (amends ) Tj ET Q q 0 0 0 rg BT 452.65 356.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.55 356.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 523.79 356.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 344.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.61 344.10 Td (with ) Tj ET Q q 0 0 0 rg BT 99.90 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.63 344.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.01 344.10 Td (value ) Tj ET Q q 0 0 0 rg BT 155.18 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.02 344.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.52 344.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 252.69 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.65 344.10 Td (it ) Tj ET Q q 0 0 0 rg BT 277.71 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.90 344.10 Td (ef) Tj ET Q q 0 0 0 rg BT 294.48 344.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 324.20 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 338.37 344.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 362.54 344.10 Td (years ) Tj ET Q q 0 0 0 rg BT 386.15 344.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 428.66 344.10 Td (after ) Tj ET Q q 0 0 0 rg BT 449.48 344.10 Td (December ) Tj ET Q q 0 0 0 rg BT 493.08 344.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 508.09 344.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 532.92 344.10 Td (W) Tj ET Q q 0 0 0 rg BT 541.56 344.10 Td (e ) Tj ET Q q 0 0 0 rg BT 548.51 344.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 568.24 344.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 332.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 60.88 332.10 Td (this ) Tj ET Q q 0 0 0 rg BT 77.99 332.10 Td (new ) Tj ET Q q 0 0 0 rg BT 97.31 332.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 136.06 332.10 Td (by ) Tj ET Q q 0 0 0 rg BT 148.72 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.60 332.10 Td (required ) Tj ET Q q 0 0 0 rg BT 199.57 332.10 Td (date ) Tj ET Q q 0 0 0 rg BT 218.89 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.99 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 250.31 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 265.17 332.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 303.93 332.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 348.24 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.12 332.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 392.99 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 410.64 332.10 Td (this ) Tj ET Q q 0 0 0 rg BT 427.75 332.10 Td (update ) Tj ET Q q 0 0 0 rg BT 457.07 332.10 Td (will ) Tj ET Q q 0 0 0 rg BT 475.28 332.10 Td (have ) Tj ET Q q 0 0 0 rg BT 496.82 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.48 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.47 332.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 73.48 320.10 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.10 Td (In ) Tj ET Q q 0 0 0 rg BT 63.60 296.10 Td (May ) Tj ET Q q 0 0 0 rg BT 83.21 296.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 106.98 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.47 296.10 Td (F) Tj ET Q q 0 0 0 rg BT 125.29 296.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 146.02 296.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 172.01 296.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 193.29 296.10 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 230.40 296.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 271.10 296.10 Td (from ) Tj ET Q q 0 0 0 rg BT 291.81 296.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 331.41 296.10 Td (with ) Tj ET Q q 0 0 0 rg BT 350.46 296.10 Td (Customers. ) Tj ET Q q 0 0 0 rg BT 401.36 296.10 Td (The ) Tj ET Q q 0 0 0 rg BT 418.18 296.10 Td (update ) Tj ET Q q 0 0 0 rg BT 446.11 296.10 Td (modifies ) Tj ET Q q 0 0 0 rg BT 482.38 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.87 296.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 533.24 296.10 Td (companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 284.10 Td (use ) Tj ET Q q 0 0 0 rg BT 52.37 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 63.18 284.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 105.08 284.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 139.76 284.10 Td (from ) Tj ET Q q 0 0 0 rg BT 162.24 284.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 201.37 284.10 Td (with ) Tj ET Q q 0 0 0 rg BT 222.18 284.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 265.76 284.10 Td (for ) Tj ET Q q 0 0 0 rg BT 280.46 284.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 317.92 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.29 284.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 356.22 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 367.58 284.10 Td (services ) Tj ET Q q 0 0 0 rg BT 402.83 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.30 284.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 457.77 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.13 284.10 Td (nonfinancial ) Tj ET Q q 0 0 0 rg BT 522.15 284.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 551.02 284.10 Td (unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 272.10 Td (those ) Tj ET Q q 0 0 0 rg BT 59.10 272.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 97.19 272.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.39 272.10 Td (within ) Tj ET Q q 0 0 0 rg BT 138.94 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.15 272.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 177.91 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.24 272.10 Td (other ) Tj ET Q q 0 0 0 rg BT 210.78 272.10 Td (standards. ) Tj ET Q q 0 0 0 rg BT 252.90 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 270.44 272.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 308.52 272.10 Td (also ) Tj ET Q q 0 0 0 rg BT 326.63 272.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 360.83 272.10 Td (new ) Tj ET Q q 0 0 0 rg BT 379.48 272.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 423.68 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.11 272.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 489.31 272.10 Td (disclosures, ) Tj ET Q q 0 0 0 rg BT 538.25 272.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 260.10 Td (information ) Tj ET Q q 0 0 0 rg BT 85.76 260.10 Td (about ) Tj ET Q q 0 0 0 rg BT 110.52 260.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 145.26 260.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 182.23 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.21 260.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 252.28 260.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 301.77 260.10 Td (In ) Tj ET Q q 0 0 0 rg BT 312.64 260.10 Td (July ) Tj ET Q q 0 0 0 rg BT 331.85 260.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 356.90 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.66 260.10 Td (F) Tj ET Q q 0 0 0 rg BT 376.48 260.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 398.48 260.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 438.23 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.21 260.10 Td (one ) Tj ET Q q 0 0 0 rg BT 462.19 260.10 Td (year ) Tj ET Q q 0 0 0 rg BT 481.94 260.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 515.57 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.44 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.21 260.10 Td (ef) Tj ET Q q 0 0 0 rg BT 548.79 260.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 248.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 56.94 248.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 106.28 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 111.07 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.58 248.10 Td (update ) Tj ET Q q 0 0 0 rg BT 154.52 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 163.48 248.10 Td (ef) Tj ET Q q 0 0 0 rg BT 171.07 248.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 200.57 248.10 Td (for ) Tj ET Q q 0 0 0 rg BT 214.52 248.10 Td (us ) Tj ET Q q 0 0 0 rg BT 225.70 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.77 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.28 248.10 Td (first ) Tj ET Q q 0 0 0 rg BT 268.68 248.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 299.29 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.91 248.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 332.20 248.10 Td (with ) Tj ET Q q 0 0 0 rg BT 352.27 248.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 406.20 248.10 Td (application ) Tj ET Q q 0 0 0 rg BT 452.92 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.99 248.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 484.72 248.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 516.45 248.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 557.06 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 567.68 248.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 43.50 236.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 90.98 236.10 Td (ef) Tj ET Q q 0 0 0 rg BT 98.57 236.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 116.61 236.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 163.55 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.39 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.67 236.10 Td (period ) Tj ET Q q 0 0 0 rg BT 218.27 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.66 236.10 Td (adoption. ) Tj ET Q q 0 0 0 rg BT 270.21 236.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 294.93 236.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 332.98 236.10 Td (is ) Tj ET Q q 0 0 0 rg BT 342.71 236.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 384.09 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.92 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.20 236.10 Td (first ) Tj ET Q q 0 0 0 rg BT 429.36 236.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 460.74 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.13 236.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 497.68 236.10 Td (In ) Tj ET Q q 0 0 0 rg BT 509.07 236.10 Td (March ) Tj ET Q q 0 0 0 rg BT 538.23 236.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 563.79 236.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 224.10 Td (F) Tj ET Q q 0 0 0 rg BT 40.82 224.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 63.09 224.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 90.29 224.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 113.11 224.10 Td (2016-08, ) Tj ET Q q 0 0 0 rg BT 151.76 224.10 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 193.65 224.10 Td (from ) Tj ET Q q 0 0 0 rg BT 215.90 224.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 257.05 224.10 Td (with ) Tj ET Q q 0 0 0 rg BT 277.65 224.10 Td (Customers ) Tj ET Q q 0 0 0 rg BT 323.24 224.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 331.98 224.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 352.02 224.10 Td (606\): ) Tj ET Q q 0 0 0 rg BT 375.95 224.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 414.87 224.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 442.62 224.10 Td (Agent ) Tj ET Q q 0 0 0 rg BT 469.87 224.10 Td (Considerations ) Tj ET Q q 0 0 0 rg BT 532.69 224.10 Td (\(Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 212.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 73.38 212.10 Td (Gross ) Tj ET Q q 0 0 0 rg BT 99.12 212.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 127.06 212.10 Td (Net\)." ) Tj ET Q q 0 0 0 rg BT 153.64 212.10 Td (This ) Tj ET Q q 0 0 0 rg BT 173.81 212.10 Td (new ) Tj ET Q q 0 0 0 rg BT 192.87 212.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 231.36 212.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 268.20 212.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 310.59 212.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 375.75 212.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 414.24 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 426.64 212.10 Td (how ) Tj ET Q q 0 0 0 rg BT 446.26 212.10 Td (an ) Tj ET Q q 0 0 0 rg BT 458.09 212.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 483.26 212.10 Td (should ) Tj ET Q q 0 0 0 rg BT 512.33 212.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 545.83 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 560.45 212.10 Td (unit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.10 200.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 93.74 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.18 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.16 200.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 161.48 200.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 189.80 200.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 214.23 200.10 Td (evaluations. ) Tj ET Q q 0 0 0 rg BT 265.04 200.10 Td (In ) Tj ET Q q 0 0 0 rg BT 276.14 200.10 Td (May ) Tj ET Q q 0 0 0 rg BT 297.24 200.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 322.51 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.50 200.10 Td (F) Tj ET Q q 0 0 0 rg BT 342.32 200.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 364.54 200.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 391.70 200.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 414.48 200.10 Td (2016-12, ) Tj ET Q q 0 0 0 rg BT 453.08 200.10 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 494.92 200.10 Td (from ) Tj ET Q q 0 0 0 rg BT 517.13 200.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 558.22 200.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 188.10 Td (Customers ) Tj ET Q q 0 0 0 rg BT 81.98 188.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 90.72 188.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 111.13 188.10 Td (606\): ) Tj ET Q q 0 0 0 rg BT 135.44 188.10 Td (Narrow-Scope ) Tj ET Q q 0 0 0 rg BT 196.95 188.10 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 257.91 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.55 188.10 Td (Practical ) Tj ET Q q 0 0 0 rg BT 313.72 188.10 Td (Expedients." ) Tj ET Q q 0 0 0 rg BT 367.71 188.10 Td (This ) Tj ET Q q 0 0 0 rg BT 388.68 188.10 Td (new ) Tj ET Q q 0 0 0 rg BT 407.84 188.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 431.04 188.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 468.68 188.10 Td (more ) Tj ET Q q 0 0 0 rg BT 492.42 188.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 526.71 188.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 566.01 188.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 176.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 65.42 176.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 96.52 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.90 176.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.31 176.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 131.75 176.10 Td (606. ) Tj ET Q q 0 0 0 rg BT 151.47 176.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 178.12 176.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.34 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 205.89 176.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 231.44 176.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 275.31 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.86 176.10 Td (these ) Tj ET Q q 0 0 0 rg BT 308.62 176.10 Td (new ) Tj ET Q q 0 0 0 rg BT 327.50 176.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 373.59 176.10 Td (standards, ) Tj ET Q q 0 0 0 rg BT 416.08 176.10 Td (we ) Tj ET Q q 0 0 0 rg BT 429.95 176.10 Td (do ) Tj ET Q q 0 0 0 rg BT 442.17 176.10 Td (not ) Tj ET Q q 0 0 0 rg BT 457.17 176.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 485.48 176.10 Td (that ) Tj ET Q q 0 0 0 rg BT 502.69 176.10 Td (their ) Tj ET Q q 0 0 0 rg BT 523.24 176.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 560.45 176.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 164.10 Td (have ) Tj ET Q q 0 0 0 rg BT 57.71 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 64.98 164.10 Td (material ) Tj ET Q q 0 0 0 rg BT 100.57 164.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 130.61 164.10 Td (on ) Tj ET Q q 0 0 0 rg BT 143.44 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 159.60 164.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 212.98 164.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.79 164.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 298.33 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 309.49 164.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 347.30 164.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 396.80 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 411.84 164.10 Td (explicitly ) Tj ET Q q 0 0 0 rg BT 452.44 164.10 Td (scoped ) Tj ET Q q 0 0 0 rg BT 483.04 164.10 Td (out ) Tj ET Q q 0 0 0 rg BT 498.65 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.81 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.85 164.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 561.56 164.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 152.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 64.12 152.10 Td (all ) Tj ET Q q 0 0 0 rg BT 77.24 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.70 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.17 152.10 Td (income ) Tj ET Q q 0 0 0 rg BT 137.73 152.10 Td (is ) Tj ET Q q 0 0 0 rg BT 147.53 152.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 189.53 152.10 Td (from ) Tj ET Q q 0 0 0 rg BT 212.10 152.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.21 152.10 Td (instruments.) Tj ET Q q 0 0 0 rg BT 301.69 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 310.33 152.10 Td (e ) Tj ET Q q 0 0 0 rg BT 317.90 152.10 Td (will ) Tj ET Q q 0 0 0 rg BT 336.59 152.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 374.15 152.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 418.93 152.10 Td (this ) Tj ET Q q 0 0 0 rg BT 436.51 152.10 Td (new ) Tj ET Q q 0 0 0 rg BT 456.31 152.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 493.31 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.88 152.10 Td (caution ) Tj ET Q q 0 0 0 rg BT 543.45 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 561.57 152.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 140.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 70.71 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 80.99 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 96.82 140.10 Td (business ) Tj ET Q q 0 0 0 rg BT 133.21 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 144.04 140.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 186.53 140.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 239.57 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.85 140.10 Td (this ) Tj ET Q q 0 0 0 rg BT 266.80 140.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 303.17 140.10 Td (could ) Tj ET Q q 0 0 0 rg BT 327.89 140.10 Td (change ) Tj ET Q q 0 0 0 rg BT 358.71 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.54 140.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 400.37 140.10 Td (assessment.) Tj ET Q endstream endobj 271 0 obj <> endobj 272 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 24) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Balance Sheet Netting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 86.30 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.50 648.25 Td (our ) Tj ET Q q 0 0 0 rg BT 113.70 648.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 160.44 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.74 648.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 222.27 648.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 242.35 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 257.42 648.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 288.62 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 299.26 648.25 Td (master ) Tj ET Q q 0 0 0 rg BT 328.79 648.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 359.43 648.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 416.16 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 427.36 648.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 458.00 648.25 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 508.90 648.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 536.75 648.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 562.87 648.25 Td (, ) Tj ET Q q 0 0 0 rg BT 568.24 648.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 64.50 636.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 122.43 636.25 Td (we ) Tj ET Q q 0 0 0 rg BT 135.38 636.25 Td (may ) Tj ET Q q 0 0 0 rg BT 153.90 636.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 174.06 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 183.13 636.25 Td (present ) Tj ET Q q 0 0 0 rg BT 213.30 636.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 241.80 636.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.08 636.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 305.20 636.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 343.71 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.44 636.25 Td (related ) Tj ET Q q 0 0 0 rg BT 387.94 636.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 426.43 636.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 456.05 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.12 636.25 Td (master ) Tj ET Q q 0 0 0 rg BT 493.07 636.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 522.14 636.25 Td (arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.22 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 53.10 624.25 Td (net ) Tj ET Q q 0 0 0 rg BT 67.76 624.25 Td (position ) Tj ET Q q 0 0 0 rg BT 102.43 624.25 Td (on ) Tj ET Q q 0 0 0 rg BT 114.87 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.65 624.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 183.63 624.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 216.61 624.25 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 245.99 624.25 Td (However) Tj ET Q q 0 0 0 rg BT 282.24 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 287.18 624.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.28 624.25 Td (do ) Tj ET Q q 0 0 0 rg BT 313.73 624.25 Td (not ) Tj ET Q q 0 0 0 rg BT 328.95 624.25 Td (report ) Tj ET Q q 0 0 0 rg BT 355.27 624.25 Td (any ) Tj ET Q q 0 0 0 rg BT 372.15 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.92 624.25 Td (these ) Tj ET Q q 0 0 0 rg BT 405.91 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 443.34 624.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.11 624.25 Td (or ) Tj ET Q q 0 0 0 rg BT 479.88 624.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 519.54 624.25 Td (on ) Tj ET Q q 0 0 0 rg BT 531.98 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 538.87 624.25 Td (net ) Tj ET Q q 0 0 0 rg BT 553.53 624.25 Td (basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 612.25 Td (instead ) Tj ET Q q 0 0 0 rg BT 83.76 612.25 Td (present ) Tj ET Q q 0 0 0 rg BT 115.14 612.25 Td (them ) Tj ET Q q 0 0 0 rg BT 137.64 612.25 Td (on ) Tj ET Q q 0 0 0 rg BT 150.14 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 157.07 612.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 180.69 612.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 203.19 612.25 Td (on ) Tj ET Q q 0 0 0 rg BT 215.69 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 231.52 612.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 284.56 612.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 317.59 612.25 Td (sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.25 Td (The ) Tj ET Q q 0 0 0 rg BT 73.47 592.25 Td (table ) Tj ET Q q 0 0 0 rg BT 96.82 592.25 Td (below ) Tj ET Q q 0 0 0 rg BT 125.17 592.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 161.86 592.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.76 592.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.01 592.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.37 592.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 287.50 592.25 Td (that ) Tj ET Q q 0 0 0 rg BT 306.41 592.25 Td (are ) Tj ET Q q 0 0 0 rg BT 322.54 592.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 354.78 592.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.48 592.25 Td (master ) Tj ET Q q 0 0 0 rg BT 397.05 592.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 428.75 592.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 486.53 592.25 Td (or ) Tj ET Q q 0 0 0 rg BT 498.78 592.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 530.47 592.25 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 580.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 84.33 580.25 Td (by ) Tj ET Q q 0 0 0 rg BT 96.59 580.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 133.83 580.25 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 181.36 580.25 Td (together ) Tj ET Q q 0 0 0 rg BT 216.38 580.25 Td (with ) Tj ET Q q 0 0 0 rg BT 236.41 580.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 295.87 580.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.11 580.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 382.03 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 398.72 580.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 458.19 580.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 497.64 580.25 Td (received ) Tj ET Q q 0 0 0 rg BT 533.76 580.25 Td (or ) Tj ET Q q 0 0 0 rg BT 544.34 580.25 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 568.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.72 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.30 568.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.30 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.80 568.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.74 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 202.32 568.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.32 568.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 544.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 544.25 Td (able 3.1 Of) Tj ET Q q 0 0 0 rg BT 93.78 544.25 Td (fsetting of Financial ) Tj ET Q q 0 0 0 rg BT 180.36 544.25 Td (Assets, Liabilities, and Collateral) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 460.75 156.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 460.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 460.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 460.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 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0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 402.75 m 383.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 417.75 m 447.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 404.75 m 447.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 402.75 m 447.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 417.75 m 511.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 404.75 m 511.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 402.75 m 511.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 417.75 m 575.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 404.75 m 575.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 402.75 m 575.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 304.75 m 575.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 304.75 m 255.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 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i [] 0 d 0 J 0 j 3 M 451.5 289.75 m 511.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 304.75 m 575.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 291.75 m 575.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 289.75 m 575.5 289.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.80 501.20 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.60 492.20 Td (Amounts of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 483.20 Td (Recognized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.00 474.20 Td (Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 465.20 Td (\(Liabilities\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.80 501.20 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.45 492.20 Td (Amounts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.35 483.20 Td (Offset in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.70 474.20 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.10 465.20 Td (Balance Sheet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.85 510.20 Td (Net Amounts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.35 501.20 Td (of Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.75 492.20 Td (\(Liabilities\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.20 483.20 Td (Presented in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.70 474.20 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.10 465.20 Td (Balance Sheet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.55 524.20 Td (Gr) Tj ET Q q 0 0 0 rg BT 404.38 524.20 Td (oss ) Tj ET Q q 0 0 0 rg BT 417.64 524.20 Td (Amounts Not Offset in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.70 515.20 Td (Consolidated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.55 506.20 Td (Balance Sheet ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 473.55 510.28 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.60 465.20 Td (Net Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 474.20 Td (December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 465.20 Td (\(In Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.95 474.20 Td (Financial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.45 465.20 Td (Instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.20 492.20 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 483.20 Td (Collateral) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 474.20 Td (\(Received\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 465.20 Td (Pledged) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 450.43 Td (Assets ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 67.17 454.96 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 436.32 Td (Interest rate agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 436.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.15 436.32 Td (24,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 436.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 436.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 436.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 436.32 Td (24,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 436.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 436.37 Td (\(7,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 436.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 436.37 Td (\(4,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 436.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 436.32 Td (12,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 422.32 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 422.32 Td (8,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 422.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 422.32 Td (8,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 422.37 Td (\(3,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 422.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 422.37 Td (\(4,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 422.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 422.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 408.43 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.15 408.32 Td (33,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 408.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 408.32 Td (33,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 408.37 Td (\(11,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 408.37 Td (\(9,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 408.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 408.32 Td (12,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 379.43 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 80.78 383.96 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 365.32 Td (Interest rate agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.80 365.32 Td (\(56,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 365.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 365.37 Td (\(56,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 365.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 365.32 Td (7,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 365.32 Td (49,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 351.32 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.80 351.32 Td (\(4,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 351.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 351.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 351.37 Td (\(4,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 351.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 351.32 Td (3,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 351.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 351.32 Td (\(745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 351.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 337.32 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.30 337.32 Td (\(928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 337.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 337.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.30 337.37 Td (\(928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 337.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 337.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 337.32 Td (928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 337.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 323.32 Td (Loan warehouse debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.80 323.32 Td (\(485,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 323.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 323.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 323.37 Td (\(485,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 323.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 323.32 Td (485,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 323.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 323.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 309.32 Td (Security repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.80 309.32 Td (\(305,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 309.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 309.37 Td (\(305,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 309.32 Td (305,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 309.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 309.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 295.43 Td (Total Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.80 295.32 Td (\(854,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 295.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 295.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 295.37 Td (\(854,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 295.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 295.32 Td (803,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 295.32 Td (50,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 295.32 Td (\(745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 295.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 273 0 obj <> endobj 274 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 3. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 172.11 692.60 Td (Accounting Policies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 25) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 601.50 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 601.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 601.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 601.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 601.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 601.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 601.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 601.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 601.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 601.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 601.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 601.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 601.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 573.50 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 573.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 573.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 573.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 573.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 573.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 573.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 573.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 573.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 573.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 573.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 573.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 573.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 545.50 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 545.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 545.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 545.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 545.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 545.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 545.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 545.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 545.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 545.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 545.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 545.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 545.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 516.50 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 516.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 516.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 516.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 516.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 516.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 516.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 516.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 516.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 516.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 516.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 516.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 516.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 488.50 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 488.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 488.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 488.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 488.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 488.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 488.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 488.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 488.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 488.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 488.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 488.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 488.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 460.50 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 460.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 460.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 460.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 460.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 460.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 460.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 460.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 432.50 156.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 432.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 432.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 432.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 432.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 432.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 432.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 432.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 432.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 432.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 432.50 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 432.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 432.50 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 642.5 m 447.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 642.5 m 451.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 642.5 m 511.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 601.5 m 191.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 601.5 m 255.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 601.5 m 319.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 601.5 m 383.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 601.5 m 447.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 601.5 m 511.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 601.5 m 575.5 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 545.5 m 575.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 545.5 m 255.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 532.5 m 255.5 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 530.5 m 255.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 545.5 m 319.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 532.5 m 319.5 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 530.5 m 319.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 545.5 m 383.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 532.5 m 383.5 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 530.5 m 383.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 545.5 m 447.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 532.5 m 447.5 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 530.5 m 447.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 545.5 m 511.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 532.5 m 511.5 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 530.5 m 511.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 545.5 m 575.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 532.5 m 575.5 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 530.5 m 575.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 432.5 m 319.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 432.5 m 575.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 432.5 m 255.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 419.5 m 255.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 417.5 m 255.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 432.5 m 319.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 419.5 m 319.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 417.5 m 319.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 432.5 m 383.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 419.5 m 383.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 417.5 m 383.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 432.5 m 447.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 419.5 m 447.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 417.5 m 447.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 432.5 m 511.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 419.5 m 511.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 417.5 m 511.5 417.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 432.5 m 575.5 432.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 419.5 m 575.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 417.5 m 575.5 417.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.80 641.95 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.60 632.95 Td (Amounts of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 623.95 Td (Recognized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.00 614.95 Td (Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 605.95 Td (\(Liabilities\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.80 641.95 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.45 632.95 Td (Amounts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.35 623.95 Td (Offset in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.70 614.95 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.10 605.95 Td (Balance Sheet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.85 650.95 Td (Net Amounts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.35 641.95 Td (of Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.75 632.95 Td (\(Liabilities\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 329.20 623.95 Td (Presented in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.70 614.95 Td (Consolidated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.10 605.95 Td (Balance Sheet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.55 664.95 Td (Gr) Tj ET Q q 0 0 0 rg BT 404.38 664.95 Td (oss ) Tj ET Q q 0 0 0 rg BT 417.64 664.95 Td (Amounts Not Offset in ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.70 655.95 Td (Consolidated ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.55 646.95 Td (Balance Sheet ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 473.55 651.03 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.60 605.95 Td (Net Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 614.95 Td (December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 605.95 Td (\(In Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.95 614.95 Td (Financial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.45 605.95 Td (Instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.20 632.95 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.75 623.95 Td (Collateral) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 614.95 Td (\(Received\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.75 605.95 Td (Pledged) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 592.18 Td (Assets ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 67.17 596.71 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 578.07 Td (Interest rate agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 578.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 578.07 Td (7,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 578.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 578.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 578.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 578.07 Td (7,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 578.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 578.12 Td (\(5,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 578.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 578.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 578.12 Td (\(1,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 578.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 578.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 578.07 Td (213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 564.07 Td (Credit default index swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 564.07 Td (1,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 564.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 564.07 Td (1,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 564.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 564.12 Td (\(720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 564.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 564.07 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 550.07 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 550.07 Td (2,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 550.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 550.07 Td (2,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 550.12 Td (\(1,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 550.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 550.12 Td (\(293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 550.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 550.07 Td (543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 536.18 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 536.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.15 536.07 Td (11,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 536.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 536.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 536.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 536.07 Td (11,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 536.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 536.12 Td (\(7,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 536.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 536.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 536.12 Td (\(2,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 536.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 536.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 536.07 Td (1,243) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 507.18 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 80.78 511.71 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 493.07 Td (Interest rate agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 493.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.80 493.07 Td (\(58,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 493.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 493.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 493.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 493.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 493.12 Td (\(58,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 493.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 493.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 493.07 Td (5,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 493.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 493.07 Td (52,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 493.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 493.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 479.07 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.80 479.07 Td (\(2,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 479.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 479.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 479.12 Td (\(2,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 479.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 479.07 Td (1,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 479.07 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 479.07 Td (\(614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 479.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 465.07 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.30 465.07 Td (\(445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 465.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 465.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.30 465.12 Td (\(445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 465.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 465.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 465.07 Td (445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 465.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 451.07 Td (Loan warehouse debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.30 451.07 Td (\(1,023,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 451.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 451.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 451.12 Td (\(1,023,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 451.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.60 451.07 Td (1,023,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 451.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 451.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 437.07 Td (Security repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.80 437.07 Td (\(693,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 437.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 437.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 437.12 Td (\(693,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 437.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 437.07 Td (693,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 437.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 437.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 423.18 Td (Total Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 423.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.30 423.07 Td (\(1,778,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 423.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 423.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 423.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 423.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 423.12 Td (\(1,778,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 423.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 423.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.60 423.07 Td (1,724,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 423.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 423.07 Td (53,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 423.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 423.07 Td (\(614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 423.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 402.20 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 402.20 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 89.48 402.20 Td (presented ) Tj ET Q q 0 0 0 rg BT 126.43 402.20 Td (in ) Tj ET Q q 0 0 0 rg BT 135.91 402.20 Td (these ) Tj ET Q q 0 0 0 rg BT 156.87 402.20 Td (columns ) Tj ET Q q 0 0 0 rg BT 189.84 402.20 Td (are ) Tj ET Q q 0 0 0 rg BT 203.30 402.20 Td (limited ) Tj ET Q q 0 0 0 rg BT 231.27 402.20 Td (in ) Tj ET Q q 0 0 0 rg BT 240.75 402.20 Td (total ) Tj ET Q q 0 0 0 rg BT 259.22 402.20 Td (to ) Tj ET Q q 0 0 0 rg BT 268.69 402.20 Td (the ) Tj ET Q q 0 0 0 rg BT 282.16 402.20 Td (net ) Tj ET Q q 0 0 0 rg BT 295.63 402.20 Td (amount ) Tj ET Q q 0 0 0 rg BT 325.09 402.20 Td (of ) Tj ET Q q 0 0 0 rg BT 335.06 402.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.54 402.20 Td (or ) Tj ET Q q 0 0 0 rg BT 368.51 402.20 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 404.47 402.20 Td (presented ) Tj ET Q q 0 0 0 rg BT 441.43 402.20 Td (in ) Tj ET Q q 0 0 0 rg BT 450.90 402.20 Td (the ) Tj ET Q q 0 0 0 rg BT 464.37 402.20 Td (prior ) Tj ET Q q 0 0 0 rg BT 484.34 402.20 Td (column ) Tj ET Q q 0 0 0 rg BT 513.81 402.20 Td (by ) Tj ET Q q 0 0 0 rg BT 525.28 402.20 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 568.50 402.20 Td (In ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 391.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.55 391.40 Td (cases, ) Tj ET Q q 0 0 0 rg BT 105.86 391.40 Td (there ) Tj ET Q q 0 0 0 rg BT 126.92 391.40 Td (is ) Tj ET Q q 0 0 0 rg BT 135.99 391.40 Td (excess ) Tj ET Q q 0 0 0 rg BT 162.55 391.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 181.62 391.40 Td (collateral ) Tj ET Q q 0 0 0 rg BT 218.16 391.40 Td (or ) Tj ET Q q 0 0 0 rg BT 228.73 391.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.29 391.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 287.35 391.40 Td (we ) Tj ET Q q 0 0 0 rg BT 300.92 391.40 Td (have ) Tj ET Q q 0 0 0 rg BT 320.98 391.40 Td (pledged ) Tj ET Q q 0 0 0 rg BT 352.54 391.40 Td (to ) Tj ET Q q 0 0 0 rg BT 362.61 391.40 Td (a ) Tj ET Q q 0 0 0 rg BT 369.68 391.40 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 418.23 391.40 Td (\(which ) Tj ET Q q 0 0 0 rg BT 446.29 391.40 Td (may) Tj ET Q q 0 0 0 rg BT 461.20 391.40 Td (, ) Tj ET Q q 0 0 0 rg BT 466.52 391.40 Td (in ) Tj ET Q q 0 0 0 rg BT 476.59 391.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 504.14 391.40 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 560.44 391.40 Td (be ) Tj ET Q q 0 0 0 rg BT 572.01 391.40 Td (a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 380.60 Td (clearinghouse\) ) Tj ET Q q 0 0 0 rg BT 109.90 380.60 Td (that ) Tj ET Q q 0 0 0 rg BT 126.33 380.60 Td (exceed ) Tj ET Q q 0 0 0 rg BT 154.23 380.60 Td (the ) Tj ET Q q 0 0 0 rg BT 168.15 380.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 202.56 380.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 238.98 380.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 267.40 380.60 Td (to ) Tj ET Q q 0 0 0 rg BT 277.33 380.60 Td (a ) Tj ET Q q 0 0 0 rg BT 284.25 380.60 Td (master ) Tj ET Q q 0 0 0 rg BT 311.17 380.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 339.09 380.60 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 386.99 380.60 Td (or ) Tj ET Q q 0 0 0 rg BT 397.42 380.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 425.34 380.60 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 467.35 380.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 512.26 380.60 Td (, ) Tj ET Q q 0 0 0 rg BT 517.43 380.60 Td (in ) Tj ET Q q 0 0 0 rg BT 527.36 380.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 554.77 380.60 Td (cases, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 369.80 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 107.73 369.80 Td (may ) Tj ET Q q 0 0 0 rg BT 125.97 369.80 Td (have ) Tj ET Q q 0 0 0 rg BT 145.71 369.80 Td (pledged ) Tj ET Q q 0 0 0 rg BT 176.95 369.80 Td (excess ) Tj ET Q q 0 0 0 rg BT 203.18 369.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.93 369.80 Td (collateral ) Tj ET Q q 0 0 0 rg BT 258.15 369.80 Td (to ) Tj ET Q q 0 0 0 rg BT 267.90 369.80 Td (us ) Tj ET Q q 0 0 0 rg BT 278.65 369.80 Td (that ) Tj ET Q q 0 0 0 rg BT 294.90 369.80 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 326.13 369.80 Td (our ) Tj ET Q q 0 0 0 rg BT 340.87 369.80 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 395.11 369.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 429.34 369.80 Td (assets. ) Tj ET Q q 0 0 0 rg BT 455.34 369.80 Td (In ) Tj ET Q q 0 0 0 rg BT 465.58 369.80 Td (each ) Tj ET Q q 0 0 0 rg BT 484.82 369.80 Td (case, ) Tj ET Q q 0 0 0 rg BT 505.30 369.80 Td (any ) Tj ET Q q 0 0 0 rg BT 521.04 369.80 Td (of ) Tj ET Q q 0 0 0 rg BT 531.29 369.80 Td (these ) Tj ET Q q 0 0 0 rg BT 552.53 369.80 Td (excess ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 359.00 Td (amounts ) Tj ET Q q 0 0 0 rg BT 86.75 359.00 Td (are ) Tj ET Q q 0 0 0 rg BT 99.98 359.00 Td (excluded ) Tj ET Q q 0 0 0 rg BT 134.72 359.00 Td (from ) Tj ET Q q 0 0 0 rg BT 154.46 359.00 Td (the ) Tj ET Q q 0 0 0 rg BT 167.71 359.00 Td (table ) Tj ET Q q 0 0 0 rg BT 187.45 359.00 Td (although ) Tj ET Q q 0 0 0 rg BT 221.19 359.00 Td (they ) Tj ET Q q 0 0 0 rg BT 238.94 359.00 Td (are ) Tj ET Q q 0 0 0 rg BT 252.18 359.00 Td (separately ) Tj ET Q q 0 0 0 rg BT 290.90 359.00 Td (reported ) Tj ET Q q 0 0 0 rg BT 323.14 359.00 Td (in ) Tj ET Q q 0 0 0 rg BT 332.39 359.00 Td (our ) Tj ET Q q 0 0 0 rg BT 346.64 359.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 394.37 359.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 424.10 359.00 Td (sheets ) Tj ET Q q 0 0 0 rg BT 448.35 359.00 Td (as ) Tj ET Q q 0 0 0 rg BT 458.09 359.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 481.34 359.00 Td (or ) Tj ET Q q 0 0 0 rg BT 491.09 359.00 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 529.08 359.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 571.98 359.00 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 340.20 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 340.20 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.55 340.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.60 340.20 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 145.20 340.20 Td (TBAs, ) Tj ET Q q 0 0 0 rg BT 171.51 340.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 194.56 340.20 Td (default ) Tj ET Q q 0 0 0 rg BT 222.11 340.20 Td (index ) Tj ET Q q 0 0 0 rg BT 244.67 340.20 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 271.48 340.20 Td (and ) Tj ET Q q 0 0 0 rg BT 287.03 340.20 Td (futures ) Tj ET Q q 0 0 0 rg BT 314.59 340.20 Td (are ) Tj ET Q q 0 0 0 rg BT 328.13 340.20 Td (components ) Tj ET Q q 0 0 0 rg BT 374.19 340.20 Td (of ) Tj ET Q q 0 0 0 rg BT 384.24 340.20 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 426.29 340.20 Td (instruments ) Tj ET Q q 0 0 0 rg BT 470.85 340.20 Td (on ) Tj ET Q q 0 0 0 rg BT 482.41 340.20 Td (our ) Tj ET Q q 0 0 0 rg BT 496.97 340.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 545.02 340.20 Td (balances ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 329.40 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 80.16 329.40 Td (Loan ) Tj ET Q q 0 0 0 rg BT 100.56 329.40 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 140.96 329.40 Td (debt, ) Tj ET Q q 0 0 0 rg BT 160.62 329.40 Td (which ) Tj ET Q q 0 0 0 rg BT 184.53 329.40 Td (is ) Tj ET Q q 0 0 0 rg BT 192.45 329.40 Td (secured ) Tj ET Q q 0 0 0 rg BT 221.84 329.40 Td (by ) Tj ET Q q 0 0 0 rg BT 232.76 329.40 Td (residential ) Tj ET Q q 0 0 0 rg BT 272.16 329.40 Td (and ) Tj ET Q q 0 0 0 rg BT 287.07 329.40 Td (commercial ) Tj ET Q q 0 0 0 rg BT 331.46 329.40 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 367.36 329.40 Td (loans, ) Tj ET Q q 0 0 0 rg BT 390.52 329.40 Td (and ) Tj ET Q q 0 0 0 rg BT 405.43 329.40 Td (security ) Tj ET Q q 0 0 0 rg BT 435.83 329.40 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 476.72 329.40 Td (agreements ) Tj ET Q q 0 0 0 rg BT 519.62 329.40 Td (are ) Tj ET Q q 0 0 0 rg BT 532.52 329.40 Td (components ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 318.60 Td (of ) Tj ET Q q 0 0 0 rg BT 63.75 318.60 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 104.99 318.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 122.73 318.60 Td (on ) Tj ET Q q 0 0 0 rg BT 133.98 318.60 Td (our ) Tj ET Q q 0 0 0 rg BT 148.23 318.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 195.97 318.60 Td (balance ) Tj ET Q q 0 0 0 rg BT 225.70 318.60 Td (sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 294.60 Td (For ) Tj ET Q q 0 0 0 rg BT 70.15 294.60 Td (each ) Tj ET Q q 0 0 0 rg BT 90.73 294.60 Td (category ) Tj ET Q q 0 0 0 rg BT 127.42 294.60 Td (of ) Tj ET Q q 0 0 0 rg BT 138.01 294.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 175.25 294.60 Td (instrument ) Tj ET Q q 0 0 0 rg BT 220.29 294.60 Td (set ) Tj ET Q q 0 0 0 rg BT 233.66 294.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 255.36 294.60 Td (in ) Tj ET Q q 0 0 0 rg BT 265.40 294.60 Td (the ) Tj ET Q q 0 0 0 rg BT 279.88 294.60 Td (table ) Tj ET Q q 0 0 0 rg BT 301.57 294.60 Td (above, ) Tj ET Q q 0 0 0 rg BT 330.21 294.60 Td (the ) Tj ET Q q 0 0 0 rg BT 344.69 294.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 370.29 294.60 Td (and ) Tj ET Q q 0 0 0 rg BT 386.99 294.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 426.46 294.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 463.72 294.60 Td (from ) Tj ET Q q 0 0 0 rg BT 485.42 294.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 528.24 294.60 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 282.60 Td (within ) Tj ET Q q 0 0 0 rg BT 63.32 282.60 Td (that ) Tj ET Q q 0 0 0 rg BT 80.07 282.60 Td (category ) Tj ET Q q 0 0 0 rg BT 116.26 282.60 Td (between ) Tj ET Q q 0 0 0 rg BT 151.33 282.60 Td (us ) Tj ET Q q 0 0 0 rg BT 161.98 282.60 Td (and ) Tj ET Q q 0 0 0 rg BT 178.18 282.60 Td (a ) Tj ET Q q 0 0 0 rg BT 184.38 282.60 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 236.67 282.60 Td (are ) Tj ET Q q 0 0 0 rg BT 250.64 282.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 280.73 282.60 Td (to ) Tj ET Q q 0 0 0 rg BT 290.27 282.60 Td (a ) Tj ET Q q 0 0 0 rg BT 296.46 282.60 Td (master ) Tj ET Q q 0 0 0 rg BT 324.88 282.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 354.41 282.60 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 406.14 282.60 Td (or ) Tj ET Q q 0 0 0 rg BT 416.23 282.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 445.77 282.60 Td (agreement ) Tj ET Q q 0 0 0 rg BT 489.17 282.60 Td (with ) Tj ET Q q 0 0 0 rg BT 508.71 282.60 Td (that ) Tj ET Q q 0 0 0 rg BT 525.46 282.60 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 270.60 Td (that ) Tj ET Q q 0 0 0 rg BT 53.37 270.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 90.19 270.60 Td (for ) Tj ET Q q 0 0 0 rg BT 104.23 270.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 147.16 270.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 197.30 270.60 Td (to ) Tj ET Q q 0 0 0 rg BT 207.46 270.60 Td (be ) Tj ET Q q 0 0 0 rg BT 219.27 270.60 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 265.51 270.60 Td (and ) Tj ET Q q 0 0 0 rg BT 282.33 270.60 Td (treated ) Tj ET Q q 0 0 0 rg BT 311.91 270.60 Td (as ) Tj ET Q q 0 0 0 rg BT 322.62 270.60 Td (a ) Tj ET Q q 0 0 0 rg BT 329.43 270.60 Td (single ) Tj ET Q q 0 0 0 rg BT 355.70 270.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 404.45 270.60 Td (For ) Tj ET Q q 0 0 0 rg BT 420.72 270.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 450.30 270.60 Td (categories ) Tj ET Q q 0 0 0 rg BT 493.21 270.60 Td (of ) Tj ET Q q 0 0 0 rg BT 503.92 270.60 Td (these ) Tj ET Q q 0 0 0 rg BT 526.84 270.60 Td (instruments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 258.60 Td (some ) Tj ET Q q 0 0 0 rg BT 59.48 258.60 Td (of ) Tj ET Q q 0 0 0 rg BT 70.18 258.60 Td (our ) Tj ET Q q 0 0 0 rg BT 85.88 258.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 136.01 258.60 Td (are ) Tj ET Q q 0 0 0 rg BT 150.59 258.60 Td (cleared ) Tj ET Q q 0 0 0 rg BT 181.82 258.60 Td (and ) Tj ET Q q 0 0 0 rg BT 198.63 258.60 Td (settled ) Tj ET Q q 0 0 0 rg BT 227.10 258.60 Td (through ) Tj ET Q q 0 0 0 rg BT 260.58 258.60 Td (one ) Tj ET Q q 0 0 0 rg BT 277.39 258.60 Td (or ) Tj ET Q q 0 0 0 rg BT 288.09 258.60 Td (more ) Tj ET Q q 0 0 0 rg BT 311.00 258.60 Td (clearinghouses ) Tj ET Q q 0 0 0 rg BT 372.80 258.60 Td (that ) Tj ET Q q 0 0 0 rg BT 390.16 258.60 Td (are ) Tj ET Q q 0 0 0 rg BT 404.74 258.60 Td (substituted ) Tj ET Q q 0 0 0 rg BT 450.44 258.60 Td (as ) Tj ET Q q 0 0 0 rg BT 461.14 258.60 Td (our ) Tj ET Q q 0 0 0 rg BT 476.84 258.60 Td (counterparty) Tj ET Q q 0 0 0 rg BT 526.72 258.60 Td (. ) Tj ET Q q 0 0 0 rg BT 531.59 258.60 Td (References ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 246.60 Td (herein ) Tj ET Q q 0 0 0 rg BT 62.24 246.60 Td (to ) Tj ET Q q 0 0 0 rg BT 71.27 246.60 Td (master ) Tj ET Q q 0 0 0 rg BT 99.18 246.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 128.21 246.60 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 183.33 246.60 Td (or ) Tj ET Q q 0 0 0 rg BT 192.91 246.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 221.94 246.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 268.73 246.60 Td (include ) Tj ET Q q 0 0 0 rg BT 299.42 246.60 Td (the ) Tj ET Q q 0 0 0 rg BT 312.89 246.60 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 368.01 246.60 Td (and ) Tj ET Q q 0 0 0 rg BT 383.70 246.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 430.49 246.60 Td (governing ) Tj ET Q q 0 0 0 rg BT 472.29 246.60 Td (the ) Tj ET Q q 0 0 0 rg BT 485.76 246.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 519.22 246.60 Td (and ) Tj ET Q q 0 0 0 rg BT 534.91 246.60 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 234.60 Td (of ) Tj ET Q q 0 0 0 rg BT 45.64 234.60 Td (these ) Tj ET Q q 0 0 0 rg BT 67.50 234.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 116.58 234.60 Td (through ) Tj ET Q q 0 0 0 rg BT 149.00 234.60 Td (the ) Tj ET Q q 0 0 0 rg BT 162.53 234.60 Td (clearinghouses. ) Tj ET Q q 0 0 0 rg BT 225.77 234.60 Td (In ) Tj ET Q q 0 0 0 rg BT 235.41 234.60 Td (the ) Tj ET Q q 0 0 0 rg BT 248.94 234.60 Td (event ) Tj ET Q q 0 0 0 rg BT 271.91 234.60 Td (of ) Tj ET Q q 0 0 0 rg BT 281.56 234.60 Td (the ) Tj ET Q q 0 0 0 rg BT 295.09 234.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 342.50 234.60 Td (and ) Tj ET Q q 0 0 0 rg BT 358.25 234.60 Td (close-out ) Tj ET Q q 0 0 0 rg BT 396.22 234.60 Td (of ) Tj ET Q q 0 0 0 rg BT 405.86 234.60 Td (any ) Tj ET Q q 0 0 0 rg BT 421.62 234.60 Td (of ) Tj ET Q q 0 0 0 rg BT 431.26 234.60 Td (those ) Tj ET Q q 0 0 0 rg BT 453.68 234.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 505.26 234.60 Td (the ) Tj ET Q q 0 0 0 rg BT 518.79 234.60 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 222.60 Td (master ) Tj ET Q q 0 0 0 rg BT 65.37 222.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 95.86 222.60 Td (agreement ) Tj ET Q q 0 0 0 rg BT 140.22 222.60 Td (or ) Tj ET Q q 0 0 0 rg BT 151.26 222.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 181.75 222.60 Td (agreement ) Tj ET Q q 0 0 0 rg BT 226.11 222.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 263.27 222.60 Td (for ) Tj ET Q q 0 0 0 rg BT 277.64 222.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 321.46 222.60 Td (on ) Tj ET Q q 0 0 0 rg BT 334.17 222.60 Td (a ) Tj ET Q q 0 0 0 rg BT 341.33 222.60 Td (net ) Tj ET Q q 0 0 0 rg BT 356.26 222.60 Td (basis. ) Tj ET Q q 0 0 0 rg BT 380.88 222.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 400.82 222.60 Td (such ) Tj ET Q q 0 0 0 rg BT 421.86 222.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 465.68 222.60 Td (would ) Tj ET Q q 0 0 0 rg BT 493.39 222.60 Td (include ) Tj ET Q q 0 0 0 rg BT 525.54 222.60 Td (the ) Tj ET Q q 0 0 0 rg BT 540.48 222.60 Td (proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 210.60 Td (of ) Tj ET Q q 0 0 0 rg BT 46.97 210.60 Td (the ) Tj ET Q q 0 0 0 rg BT 61.83 210.60 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 107.80 210.60 Td (of ) Tj ET Q q 0 0 0 rg BT 118.77 210.60 Td (any ) Tj ET Q q 0 0 0 rg BT 135.85 210.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 195.70 210.60 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 238.03 210.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 269.00 210.60 Td (to ) Tj ET Q q 0 0 0 rg BT 279.42 210.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 309.26 210.60 Td (limitations ) Tj ET Q q 0 0 0 rg BT 354.68 210.60 Td (on ) Tj ET Q q 0 0 0 rg BT 367.32 210.60 Td (termination, ) Tj ET Q q 0 0 0 rg BT 418.56 210.60 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 464.80 210.60 Td (and ) Tj ET Q q 0 0 0 rg BT 481.88 210.60 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 527.85 210.60 Td (of ) Tj ET Q q 0 0 0 rg BT 538.82 210.60 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 198.60 Td (that ) Tj ET Q q 0 0 0 rg BT 52.84 198.60 Td (may ) Tj ET Q q 0 0 0 rg BT 71.90 198.60 Td (apply ) Tj ET Q q 0 0 0 rg BT 95.96 198.60 Td (in ) Tj ET Q q 0 0 0 rg BT 105.58 198.60 Td (the ) Tj ET Q q 0 0 0 rg BT 119.64 198.60 Td (event ) Tj ET Q q 0 0 0 rg BT 143.13 198.60 Td (of ) Tj ET Q q 0 0 0 rg BT 153.31 198.60 Td (the ) Tj ET Q q 0 0 0 rg BT 167.36 198.60 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 214.19 198.60 Td (or ) Tj ET Q q 0 0 0 rg BT 224.36 198.60 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 269.53 198.60 Td (of ) Tj ET Q q 0 0 0 rg BT 279.70 198.60 Td (a ) Tj ET Q q 0 0 0 rg BT 285.98 198.60 Td (party) Tj ET Q q 0 0 0 rg BT 305.88 198.60 Td (. ) Tj ET Q q 0 0 0 rg BT 310.22 198.60 Td (Such ) Tj ET Q q 0 0 0 rg BT 332.07 198.60 Td (limitations ) Tj ET Q q 0 0 0 rg BT 376.69 198.60 Td (should ) Tj ET Q q 0 0 0 rg BT 405.20 198.60 Td (not ) Tj ET Q q 0 0 0 rg BT 419.82 198.60 Td (inhibit ) Tj ET Q q 0 0 0 rg BT 447.78 198.60 Td (the ) Tj ET Q q 0 0 0 rg BT 461.83 198.60 Td (eventual ) Tj ET Q q 0 0 0 rg BT 497.55 198.60 Td (practical ) Tj ET Q q 0 0 0 rg BT 533.81 198.60 Td (realization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 186.60 Td (of ) Tj ET Q q 0 0 0 rg BT 45.95 186.60 Td (the ) Tj ET Q q 0 0 0 rg BT 59.78 186.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 96.93 186.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 130.21 186.60 Td (of ) Tj ET Q q 0 0 0 rg BT 140.15 186.60 Td (those ) Tj ET Q q 0 0 0 rg BT 162.87 186.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 212.25 186.60 Td (or ) Tj ET Q q 0 0 0 rg BT 222.20 186.60 Td (the ) Tj ET Q q 0 0 0 rg BT 236.03 186.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 294.85 186.60 Td (master ) Tj ET Q q 0 0 0 rg BT 323.12 186.60 Td (netting ) Tj ET Q q 0 0 0 rg BT 352.51 186.60 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 404.10 186.60 Td (or ) Tj ET Q q 0 0 0 rg BT 414.04 186.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 443.43 186.60 Td (agreement ) Tj ET Q q 0 0 0 rg BT 486.69 186.60 Td (and ) Tj ET Q q 0 0 0 rg BT 502.74 186.60 Td (any ) Tj ET Q q 0 0 0 rg BT 518.79 186.60 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 174.60 Td (collateral. ) Tj ET Q endstream endobj 275 0 obj <> endobj 276 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 4. Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 80.86 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.62 648.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 118.59 648.25 Td (us ) Tj ET Q q 0 0 0 rg BT 130.25 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.79 648.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 177.44 648.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 212.41 648.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 272.93 648.25 Td (we ) Tj ET Q q 0 0 0 rg BT 287.36 648.25 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 321.23 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 338.44 648.25 Td (other ) Tj ET Q q 0 0 0 rg BT 361.75 648.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 398.94 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.04 648.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 447.79 648.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 473.88 648.25 Td (should ) Tj ET Q q 0 0 0 rg BT 503.32 648.25 Td (be ) Tj ET Q q 0 0 0 rg BT 515.52 648.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 545.49 648.25 Td (as ) Tj ET Q q 0 0 0 rg BT 556.58 648.25 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.06 636.25 Td (financings, ) Tj ET Q q 0 0 0 rg BT 91.94 636.25 Td (as ) Tj ET Q q 0 0 0 rg BT 102.00 636.25 Td (well ) Tj ET Q q 0 0 0 rg BT 120.95 636.25 Td (as ) Tj ET Q q 0 0 0 rg BT 131.00 636.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 164.94 636.25 Td (any ) Tj ET Q q 0 0 0 rg BT 180.98 636.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 203.26 636.25 Td (that ) Tj ET Q q 0 0 0 rg BT 219.99 636.25 Td (we ) Tj ET Q q 0 0 0 rg BT 233.38 636.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 252.88 636.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 286.81 636.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 321.87 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 331.37 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.10 636.25 Td (for ) Tj ET Q q 0 0 0 rg BT 351.49 636.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 389.59 636.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 418.52 636.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 439.68 636.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 470.29 636.25 Td (often ) Tj ET Q q 0 0 0 rg BT 492.57 636.25 Td (used ) Tj ET Q q 0 0 0 rg BT 512.63 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 522.13 636.25 Td (securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.96 624.25 Td (other ) Tj ET Q q 0 0 0 rg BT 76.03 624.25 Td (structured ) Tj ET Q q 0 0 0 rg BT 118.54 624.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 150.49 624.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 200.78 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 208.30 624.25 Td (should ) Tj ET Q q 0 0 0 rg BT 237.50 624.25 Td (be ) Tj ET Q q 0 0 0 rg BT 249.46 624.25 Td (included ) Tj ET Q q 0 0 0 rg BT 286.42 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.72 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.58 624.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 365.64 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.15 624.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 450.20 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 468.27 624.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 495.13 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.65 624.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 539.61 624.25 Td (we ) Tj ET Q q 0 0 0 rg BT 553.80 624.25 Td (apply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (require ) Tj ET Q q 0 0 0 rg BT 67.29 612.25 Td (us ) Tj ET Q q 0 0 0 rg BT 79.16 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 89.91 612.25 Td (reassess ) Tj ET Q q 0 0 0 rg BT 125.10 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 141.40 612.25 Td (requirement ) Tj ET Q q 0 0 0 rg BT 192.69 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 203.44 612.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 251.74 612.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 275.27 612.25 Td (each ) Tj ET Q q 0 0 0 rg BT 296.56 612.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 327.85 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.27 612.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 384.32 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.63 612.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 459.14 612.25 Td (may ) Tj ET Q q 0 0 0 rg BT 479.33 612.25 Td (change ) Tj ET Q q 0 0 0 rg BT 510.62 612.25 Td (based ) Tj ET Q q 0 0 0 rg BT 536.37 612.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 559.34 612.25 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 57.79 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 75.14 600.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 134.69 600.25 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 178.14 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 188.83 600.25 Td (each ) Tj ET Q q 0 0 0 rg BT 209.85 600.25 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 231.71 600.25 Td (This ) Tj ET Q q 0 0 0 rg BT 252.40 600.25 Td (could ) Tj ET Q q 0 0 0 rg BT 277.53 600.25 Td (result ) Tj ET Q q 0 0 0 rg BT 302.66 600.25 Td (in ) Tj ET Q q 0 0 0 rg BT 313.35 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 320.70 600.25 Td (material ) Tj ET Q q 0 0 0 rg BT 356.37 600.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 386.49 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 397.18 600.25 Td (our ) Tj ET Q q 0 0 0 rg BT 413.42 600.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 466.88 600.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 504.77 600.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 549.89 600.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 588.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 82.94 588.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 122.09 588.25 Td (periods. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 568.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 73.51 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.34 568.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 140.74 568.25 Td (VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.25 Td (As ) Tj ET Q q 0 0 0 rg BT 67.11 548.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.44 548.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 135.52 548.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.52 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 160.01 548.25 Td (we ) Tj ET Q q 0 0 0 rg BT 173.67 548.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 226.21 548.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 255.40 548.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 289.62 548.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 345.48 548.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 376.36 548.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 403.35 548.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 424.79 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.56 548.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 456.56 548.25 Td (that ) Tj ET Q q 0 0 0 rg BT 473.55 548.25 Td (we ) Tj ET Q q 0 0 0 rg BT 487.21 548.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 534.18 548.25 Td (were ) Tj ET Q q 0 0 0 rg BT 555.46 548.25 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.65 536.25 Td (for ) Tj ET Q q 0 0 0 rg BT 68.52 536.25 Td (which ) Tj ET Q q 0 0 0 rg BT 96.17 536.25 Td (we ) Tj ET Q q 0 0 0 rg BT 111.04 536.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 159.23 536.25 Td (we ) Tj ET Q q 0 0 0 rg BT 174.09 536.25 Td (were ) Tj ET Q q 0 0 0 rg BT 196.73 536.25 Td (the ) Tj ET Q q 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218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 4. 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Tj ET Q q 0 0 0 rg BT 519.79 668.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 564.35 668.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 74.05 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.88 656.10 Td (this ) Tj ET Q q 0 0 0 rg BT 101.83 656.10 Td (presentation. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 4.1 ) Tj ET Q q 0 0 0 rg BT 83.04 632.10 Td (Assets and Liabilities of Consolidated VIEs) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 585.60 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 585.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 585.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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0 d 0 J 0 j 3 M 327.5 480.6 m 407.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 466.6 m 407.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 464.6 m 407.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 480.6 m 491.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 466.6 m 491.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 464.6 m 491.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 480.6 m 575.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 466.6 m 575.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 464.6 m 575.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 390.6 m 323.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 390.6 m 407.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 390.6 m 491.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 390.6 m 575.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 390.6 m 407.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 390.6 m 491.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 390.6 m 575.5 390.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 315.6 m 575.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 315.6 m 407.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 301.6 m 407.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 299.6 m 407.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 315.6 m 491.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 301.6 m 491.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 299.6 m 491.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 315.6 m 575.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 301.6 m 575.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 299.6 m 575.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 299.6 m 575.5 299.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 301.6 m 575.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 255.60000000000002 m 407.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 255.60000000000002 m 491.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 255.60000000000002 m 575.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 255.60000000000002 m 407.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 241.60000000000002 m 407.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 239.60000000000002 m 407.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 255.60000000000002 m 491.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 241.60000000000002 m 491.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 239.60000000000002 m 491.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 255.60000000000002 m 575.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 241.60000000000002 m 575.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 239.60000000000002 m 575.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 239.60000000000002 m 407.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 241.60000000000002 m 407.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 239.60000000000002 m 491.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 241.60000000000002 m 491.5 241.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 604.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 600.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.60 590.28 Td (Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.70 600.28 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.25 590.28 Td (Securitization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.05 590.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 590.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 575.27 Td (Residential loans, held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 575.27 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 575.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 575.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 575.27 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 560.27 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 560.27 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 560.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 560.27 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 545.27 Td (Accrued interest receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 545.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 545.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 545.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 530.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 530.27 Td (5,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 530.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 530.27 Td (5,533) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 44.00 515.28 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 515.27 Td (798,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 515.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 515.27 Td (798,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 500.27 Td (Accrued interest payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 500.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 500.27 Td (518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 500.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 500.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 500.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 500.27 Td (518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 485.27 Td (Asset-backed securities issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 485.27 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 485.27 Td (773,462) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 44.00 470.28 Td (Total Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 470.27 Td (773,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 470.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 470.27 Td (773,980) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 440.28 Td (Number of VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 440.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 440.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 440.27 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 410.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.00 405.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.60 395.28 Td (Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.70 405.28 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.25 395.28 Td (Securitization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.05 395.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 395.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 381.17 Td (Residential loans, held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 380.27 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 380.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 380.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 380.27 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 366.17 Td (Commercial loans, held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 365.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 365.27 Td (166,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 365.27 Td (166,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 351.17 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 350.27 Td (228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 350.27 Td (137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 350.27 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 336.17 Td (Accrued interest receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 335.27 Td (1,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 335.27 Td (1,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 335.27 Td (2,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 321.17 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 320.27 Td (4,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 320.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 320.27 Td (4,895) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 306.33 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 305.27 Td (1,028,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 305.27 Td (167,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 305.27 Td (1,195,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 291.17 Td (Accrued interest payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 290.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 290.27 Td (555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 290.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 290.27 Td (249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 290.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 290.27 Td (804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 276.17 Td (Accrued expenses and other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 275.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 275.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 275.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 260.27 Td (Asset-backed securities issued, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 260.27 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 260.27 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 260.27 Td (1,049,957) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 246.33 Td (Total Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 245.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 245.27 Td (997,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 245.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 245.27 Td (53,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 245.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 245.27 Td (1,050,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 216.33 Td (Number of VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 215.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 215.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 215.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 193.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.73 193.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 117.94 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.81 193.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 158.80 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.90 193.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 215.77 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.76 193.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.62 193.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 291.50 193.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 348.02 193.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 382.06 193.10 Td (as ) Tj ET Q q 0 0 0 rg BT 393.05 193.10 Td (we ) Tj ET Q q 0 0 0 rg BT 407.37 193.10 Td (did ) Tj ET Q q 0 0 0 rg BT 422.81 193.10 Td (not ) Tj ET Q q 0 0 0 rg BT 438.25 193.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 460.34 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.21 193.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 502.07 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.73 193.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 522.93 193.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 553.90 193.10 Td (at ) Tj ET Q q 0 0 0 rg BT 563.78 193.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 181.10 Td (time ) Tj ET Q q 0 0 0 rg BT 56.20 181.10 Td (we ) Tj ET Q q 0 0 0 rg BT 70.29 181.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 116.03 181.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 153.44 181.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 179.20 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.41 181.10 Td (these ) Tj ET Q q 0 0 0 rg BT 212.39 181.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 246.20 181.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 264.18 181.10 Td (involvement ) Tj ET Q q 0 0 0 rg BT 316.61 181.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.81 181.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 379.79 181.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 414.43 181.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 445.75 181.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 486.50 181.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.71 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.36 181.10 Td (following ) Tj ET Q q 0 0 0 rg BT 552.68 181.10 Td (ways: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 169.10 Td (\(i\)we ) Tj ET Q q 0 0 0 rg BT 61.96 169.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 98.75 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.89 169.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 129.03 169.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 178.04 169.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 228.18 169.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.31 169.10 Td (each ) Tj ET Q q 0 0 0 rg BT 258.99 169.10 Td (entity) Tj ET Q q 0 0 0 rg BT 281.11 169.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.97 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.77 169.10 Td (for ) Tj ET Q q 0 0 0 rg BT 316.79 169.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 346.35 169.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 380.10 169.10 Td (more ) Tj ET Q q 0 0 0 rg BT 403.00 169.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 429.80 169.10 Td (investments; ) Tj ET Q q 0 0 0 rg BT 482.71 169.10 Td (\(ii\)we ) Tj ET Q q 0 0 0 rg BT 511.45 169.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 548.80 169.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 157.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 91.15 157.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 116.87 157.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 160.91 157.10 Td (with ) Tj ET Q q 0 0 0 rg BT 181.63 157.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.90 157.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 248.63 157.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 262.41 157.10 Td (or ) Tj ET Q q 0 0 0 rg BT 273.68 157.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.96 157.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 339.55 157.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 390.27 157.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 403.50 157.10 Td (each ) Tj ET Q q 0 0 0 rg BT 424.75 157.10 Td (entity; ) Tj ET Q q 0 0 0 rg BT 453.25 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.63 157.10 Td (\(iii\)we ) Tj ET Q q 0 0 0 rg BT 502.73 157.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 540.11 157.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.83 157.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 571.56 157.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 145.10 Td (right ) Tj ET Q q 0 0 0 rg BT 57.20 145.10 Td (to ) Tj ET Q q 0 0 0 rg BT 67.30 145.10 Td (call ) Tj ET Q q 0 0 0 rg BT 84.05 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.58 145.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.23 145.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.87 145.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.39 145.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 195.59 145.10 Td (\(once ) Tj ET Q q 0 0 0 rg BT 220.11 145.10 Td (they ) Tj ET Q q 0 0 0 rg BT 239.64 145.10 Td (have ) Tj ET Q q 0 0 0 rg BT 260.84 145.10 Td (been ) Tj ET Q q 0 0 0 rg BT 282.03 145.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 301.56 145.10 Td (down ) Tj ET Q q 0 0 0 rg BT 326.10 145.10 Td (below ) Tj ET Q q 0 0 0 rg BT 352.85 145.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.61 145.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 398.02 145.10 Td (threshold\) ) Tj ET Q q 0 0 0 rg BT 440.88 145.10 Td (at ) Tj ET Q q 0 0 0 rg BT 450.41 145.10 Td (a ) Tj ET Q q 0 0 0 rg BT 457.17 145.10 Td (price ) Tj ET Q q 0 0 0 rg BT 479.47 145.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 503.44 145.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 516.03 145.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.68 145.10 Td (in ) Tj ET Q q 0 0 0 rg BT 536.77 145.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 565.19 145.10 Td (of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.88 133.10 Td (current ) Tj ET Q q 0 0 0 rg BT 81.85 133.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 131.17 133.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 169.37 133.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 202.03 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.02 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.89 133.10 Td (entity) Tj ET Q q 0 0 0 rg BT 253.44 133.10 Td (s ) Tj ET Q q 0 0 0 rg BT 259.99 133.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 313.74 133.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 354.16 133.10 Td (issued. ) Tj ET Q q 0 0 0 rg BT 384.13 133.10 Td (These ) Tj ET Q q 0 0 0 rg BT 410.66 133.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 440.53 133.10 Td (have ) Tj ET Q q 0 0 0 rg BT 462.06 133.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 496.38 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.81 133.10 Td (our ) Tj ET Q q 0 0 0 rg BT 522.80 133.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 568.23 133.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 121.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 84.04 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.76 121.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.59 121.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.53 121.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 181.24 121.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.07 121.10 Td (these ) Tj ET Q q 0 0 0 rg BT 215.12 121.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 249.84 121.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 281.22 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.50 121.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 338.96 121.10 Td (with ) Tj ET Q q 0 0 0 rg BT 359.24 121.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 385.36 121.10 Td (. ) Tj ET Q endstream endobj 279 0 obj <> endobj 280 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 4. Principles of Consolidation - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 28) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Analysis of Unconsolidated VIEs with Continuing Involvement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 644.25 Td (Since ) Tj ET Q q 0 0 0 rg BT 79.62 644.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 105.53 644.25 Td (we ) Tj ET Q q 0 0 0 rg BT 120.60 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 142.88 644.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 189.60 644.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 234.65 644.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 259.17 644.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.35 644.25 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 283.76 644.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 319.39 644.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 376.66 644.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 408.95 644.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 452.91 644.25 Td (by ) Tj ET Q q 0 0 0 rg BT 466.32 644.25 Td (us ) Tj ET Q q 0 0 0 rg BT 478.61 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.46 644.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 540.40 644.25 Td (for ) Tj ET Q q 0 0 0 rg BT 555.47 644.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 72.57 632.25 Td (as ) Tj ET Q q 0 0 0 rg BT 83.03 632.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 104.61 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.41 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.53 632.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 194.32 632.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 234.51 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.42 632.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 291.52 632.25 Td (with ) Tj ET Q q 0 0 0 rg BT 310.97 632.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 332.56 632.25 Td (860. ) Tj ET Q q 0 0 0 rg BT 352.04 632.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.68 632.25 Td (e ) Tj ET Q q 0 0 0 rg BT 367.25 632.25 Td (also ) Tj ET Q q 0 0 0 rg BT 385.50 632.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 432.62 632.25 Td (we ) Tj ET Q q 0 0 0 rg BT 446.42 632.25 Td (were ) Tj ET Q q 0 0 0 rg BT 467.98 632.25 Td (not ) Tj ET Q q 0 0 0 rg BT 482.90 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.25 632.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 531.05 632.25 Td (beneficiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.81 620.25 Td (these ) Tj ET Q q 0 0 0 rg BT 69.66 620.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 92.69 620.25 Td (as ) Tj ET Q q 0 0 0 rg BT 103.50 620.25 Td (we ) Tj ET Q q 0 0 0 rg BT 117.64 620.25 Td (lacked ) Tj ET Q q 0 0 0 rg BT 146.21 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.91 620.25 Td (power ) Tj ET Q q 0 0 0 rg BT 188.38 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.63 620.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 223.88 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.57 620.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 277.15 620.25 Td (that ) Tj ET Q q 0 0 0 rg BT 294.63 620.25 Td (will ) Tj ET Q q 0 0 0 rg BT 312.66 620.25 Td (have ) Tj ET Q q 0 0 0 rg BT 334.02 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.72 620.25 Td (most ) Tj ET Q q 0 0 0 rg BT 370.64 620.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 415.33 620.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 456.69 620.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 486.38 620.25 Td (on ) Tj ET Q q 0 0 0 rg BT 498.86 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.55 620.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 547.41 620.25 Td (For ) Tj ET Q q 0 0 0 rg BT 563.79 620.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 81.60 608.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 105.00 608.25 Td (where ) Tj ET Q q 0 0 0 rg BT 131.72 608.25 Td (we ) Tj ET Q q 0 0 0 rg BT 145.67 608.25 Td (held ) Tj ET Q q 0 0 0 rg BT 165.18 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.69 608.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 218.64 608.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 243.71 608.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 265.44 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.51 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.02 608.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 322.85 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.58 608.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 376.31 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.38 608.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 406.45 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.96 608.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 459.91 608.25 Td (rights, ) Tj ET Q q 0 0 0 rg BT 487.48 608.25 Td (we ) Tj ET Q q 0 0 0 rg BT 501.43 608.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 538.70 608.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 566.00 608.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.61 596.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 104.43 596.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 137.24 596.25 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 166.46 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.18 596.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 223.22 596.25 Td (those ) Tj ET Q q 0 0 0 rg BT 246.61 596.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 273.90 596.25 Td (as ) Tj ET Q q 0 0 0 rg BT 284.51 596.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 309.55 596.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 316.83 596.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 344.78 596.25 Td (W) Tj ET Q q 0 0 0 rg BT 353.42 596.25 Td (e ) Tj ET Q q 0 0 0 rg BT 360.13 596.25 Td (also ) Tj ET Q q 0 0 0 rg BT 378.52 596.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 413.00 596.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 439.72 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.44 596.25 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 505.37 596.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 545.42 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 555.47 596.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 584.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 96.00 584.25 Td (that ) Tj ET Q q 0 0 0 rg BT 113.24 584.25 Td (we ) Tj ET Q q 0 0 0 rg BT 127.15 584.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 167.16 584.25 Td (as ) Tj ET Q q 0 0 0 rg BT 177.73 584.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 202.74 584.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 209.99 584.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 238.06 584.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 255.86 584.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 300.88 584.25 Td (involvement ) Tj ET Q q 0 0 0 rg BT 353.11 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 363.14 584.25 Td (these ) Tj ET Q q 0 0 0 rg BT 385.93 584.25 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 445.93 584.25 Td (is ) Tj ET Q q 0 0 0 rg BT 454.85 584.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 485.42 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.45 584.25 Td (customary ) Tj ET Q q 0 0 0 rg BT 539.35 584.25 Td (servicing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 82.74 572.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 126.13 572.25 Td (with ) Tj ET Q q 0 0 0 rg BT 146.20 572.25 Td (retaining ) Tj ET Q q 0 0 0 rg BT 184.03 572.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 227.98 572.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 255.29 572.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 285.35 572.25 Td (we ) Tj ET Q q 0 0 0 rg BT 299.30 572.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 324.36 572.25 Td (a ) Tj ET Q q 0 0 0 rg BT 331.09 572.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 376.15 572.25 Td (sub-servicer ) Tj ET Q q 0 0 0 rg BT 427.31 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.38 572.25 Td (perform\) ) Tj ET Q q 0 0 0 rg BT 475.21 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.95 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.46 572.25 Td (receipt ) Tj ET Q q 0 0 0 rg BT 535.95 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 546.58 572.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.25 Td (income ) Tj ET Q q 0 0 0 rg BT 67.93 560.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 111.53 560.25 Td (with ) Tj ET Q q 0 0 0 rg BT 131.81 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.52 560.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.79 560.25 Td (we ) Tj ET Q q 0 0 0 rg BT 200.95 560.25 Td (retained.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 540.25 Td (During ) Tj ET Q q 0 0 0 rg BT 84.10 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.09 540.25 Td (years ) Tj ET Q q 0 0 0 rg BT 120.96 540.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.61 540.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 204.47 540.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.47 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.24 540.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.45 540.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.45 540.25 Td (, ) Tj ET Q q 0 0 0 rg BT 266.72 540.25 Td (we ) Tj ET Q q 0 0 0 rg BT 280.16 540.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 325.24 540.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 368.66 540.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 391.54 540.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.09 540.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.08 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 422.85 540.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.06 540.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.72 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 457.49 540.25 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 491.48 540.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 547.12 540.25 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 528.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 79.37 528.25 Td (by ) Tj ET Q q 0 0 0 rg BT 92.19 528.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 106.40 528.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 154.06 528.25 Td (, ) Tj ET Q q 0 0 0 rg BT 159.38 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.64 528.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 219.99 528.25 Td (for ) Tj ET Q q 0 0 0 rg BT 234.47 528.25 Td (these ) Tj ET Q q 0 0 0 rg BT 257.84 528.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 295.09 528.25 Td (as ) Tj ET Q q 0 0 0 rg BT 306.24 528.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 328.50 528.25 Td (for ) Tj ET Q q 0 0 0 rg BT 342.98 528.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 380.78 528.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 420.25 528.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 460.92 528.25 Td (The ) Tj ET Q q 0 0 0 rg BT 479.29 528.25 Td (following ) Tj ET Q q 0 0 0 rg BT 520.99 528.25 Td (table ) Tj ET Q q 0 0 0 rg BT 543.25 528.25 Td (presents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 516.25 Td (information ) Tj ET Q q 0 0 0 rg BT 85.71 516.25 Td (related ) Tj ET Q q 0 0 0 rg BT 115.41 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.69 516.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 182.06 516.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 232.32 516.25 Td (that ) Tj ET Q q 0 0 0 rg BT 249.82 516.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 287.29 516.25 Td (during ) Tj ET Q q 0 0 0 rg BT 315.90 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.62 516.25 Td (years ) Tj ET Q q 0 0 0 rg BT 354.22 516.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.59 516.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 439.18 516.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.18 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.68 516.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.62 516.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.62 516.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 492.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 492.25 Td (able 4.2 Securitization ) Tj ET Q q 0 0 0 rg BT 142.77 492.25 Td (Activity Related to Unconsolidated VIEs Sponsored by Redwood) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 453.75 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 453.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 453.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 453.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 453.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 423.75 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 423.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 423.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 423.75 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 467.75 m 491.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 467.75 m 495.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 467.75 m 575.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 453.75 m 407.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 467.75 m 491.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 453.75 m 491.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 467.75 m 495.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 467.75 m 575.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 453.75 m 575.5 453.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.60 472.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 458.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 458.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.00 458.43 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 443.42 Td (Principal balance of loans transferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 443.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 443.42 Td (1,036,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 443.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 443.42 Td (1,375,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 428.42 Td (Trading securities retained, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 428.42 Td (3,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 428.42 Td (252,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 413.42 Td (AFS securities retained, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 413.42 Td (5,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 413.42 Td (7,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 398.42 Td (MSRs recognized) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 398.42 Td (6,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 398.42 Td (8,202) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.25 Td (The ) Tj ET Q q 0 0 0 rg BT 70.86 374.25 Td (following ) Tj ET Q q 0 0 0 rg BT 111.06 374.25 Td (table ) Tj ET Q q 0 0 0 rg BT 131.80 374.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 180.88 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.41 374.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.49 374.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 237.03 374.25 Td (during ) Tj ET Q q 0 0 0 rg BT 264.45 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.98 374.25 Td (years ) Tj ET Q q 0 0 0 rg BT 300.39 374.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.58 374.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 382.97 374.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.97 374.25 Td ( ) Tj ET Q q 0 0 0 rg BT 404.29 374.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.04 374.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.04 374.25 Td ( ) Tj ET Q q 0 0 0 rg BT 441.35 374.25 Td (between ) Tj ET Q q 0 0 0 rg BT 475.98 374.25 Td (us ) Tj ET Q q 0 0 0 rg BT 486.18 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.93 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.46 374.25 Td (unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 362.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 59.05 362.25 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 102.10 362.25 Td (by ) Tj ET Q q 0 0 0 rg BT 114.60 362.25 Td (us ) Tj ET Q q 0 0 0 rg BT 126.00 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.93 362.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 185.97 362.25 Td (for ) Tj ET Q q 0 0 0 rg BT 200.13 362.25 Td (as ) Tj ET Q q 0 0 0 rg BT 210.96 362.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 232.89 362.25 Td (since ) Tj ET Q q 0 0 0 rg BT 255.94 362.25 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 338.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 338.25 Td (able 4.3 Cash Flows Related to Unconsolidated VIEs Sponsored by Redwood) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 299.75 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 299.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 299.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 299.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 299.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 269.75 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 269.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 269.75 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 269.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 269.75 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 313.75 m 491.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 313.75 m 495.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 313.75 m 575.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 299.75 m 407.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 299.75 m 491.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 299.75 m 575.5 299.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.60 318.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 304.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 304.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.00 304.43 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 289.42 Td (Proceeds from new transfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 289.42 Td (1,057,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 289.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 289.42 Td (1,139,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 274.42 Td (MSR fees received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 274.42 Td (13,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 274.42 Td (14,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 259.42 Td (Funding of compensating interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 259.47 Td (\(338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 259.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 259.42 Td (\(363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 259.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 244.42 Td (Cash flows received on retained securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 244.42 Td (30,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 244.42 Td (43,460) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 281 0 obj <> endobj 282 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 4. Principles of Consolidation - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.61 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 114.57 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 137.07 668.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.90 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.18 668.10 Td (key ) Tj ET Q q 0 0 0 rg BT 205.69 668.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 245.41 668.10 Td (average ) Tj ET Q q 0 0 0 rg BT 279.56 668.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 332.08 668.10 Td (used ) Tj ET Q q 0 0 0 rg BT 353.47 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.32 668.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 400.70 668.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 428.78 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.29 668.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 487.12 668.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 522.38 668.10 Td (at ) Tj ET Q q 0 0 0 rg BT 532.67 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.95 668.10 Td (date ) Tj ET Q q 0 0 0 rg BT 567.67 668.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 92.37 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 106.53 656.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 166.79 656.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 210.94 656.10 Td (during ) Tj ET Q q 0 0 0 rg BT 239.54 656.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 262.04 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.98 656.10 Td (2015. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 4.4 ) Tj ET Q q 0 0 0 rg BT 83.04 632.10 Td (Assumptions Related to ) Tj ET Q q 0 0 0 rg BT 181.85 632.10 Td (Assets Retained from Unconsolidated VIEs Sponsored by Redwood) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 569.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 569.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 569.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 569.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 569.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 569.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 569.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 539.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 539.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 539.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 539.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 539.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 539.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 539.60 59.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 593.6 m 261.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 593.6 m 265.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 593.6 m 324.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 593.6 m 328.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 593.6 m 387.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 593.6 m 450.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 593.6 m 454.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 593.6 m 513.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 593.6 m 517.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 569.6 m 198.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 593.6 m 450.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 569.6 m 450.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 569.6 m 513.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 593.6 m 576.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 569.6 m 576.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 569.6 m 261.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 569.6 m 324.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 569.6 m 387.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 569.6 m 450.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 569.6 m 513.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 569.6 m 576.5 569.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.85 598.28 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.85 598.28 Td (Year Ended December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 574.28 Td (At Date of Securitization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.40 574.28 Td (MSRs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.70 584.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.65 574.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.10 584.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 574.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.40 574.28 Td (MSRs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.70 584.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 574.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.10 584.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 574.28 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 559.27 Td (Prepayment rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 559.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.65 559.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 559.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 559.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 559.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 559.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 559.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 559.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 559.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 559.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 559.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 544.27 Td (Discount rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 544.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.65 544.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 544.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 544.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 544.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 544.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 544.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 544.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 544.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 544.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 544.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 529.27 Td (Credit loss assumptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.30 529.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 529.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 529.27 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 529.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 529.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 529.27 Td (0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 529.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 529.27 Td (0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 529.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.94 501.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.23 501.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.06 501.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.22 501.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 212.61 501.10 Td (information ) Tj ET Q q 0 0 0 rg BT 262.22 501.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.83 501.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 330.31 501.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.31 501.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.71 501.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.54 501.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 428.02 501.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.02 501.10 Td (, ) Tj ET Q q 0 0 0 rg BT 452.92 501.10 Td (related ) Tj ET Q q 0 0 0 rg BT 482.52 501.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.69 501.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 555.46 501.10 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 489.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 79.05 489.10 Td (by ) Tj ET Q q 0 0 0 rg BT 91.55 489.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 132.38 489.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.32 489.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 192.35 489.10 Td (for ) Tj ET Q q 0 0 0 rg BT 206.51 489.10 Td (as ) Tj ET Q q 0 0 0 rg BT 217.34 489.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 239.28 489.10 Td (since ) Tj ET Q q 0 0 0 rg BT 262.33 489.10 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 465.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 465.10 Td (able 4.5 Unconsolidated VIEs Sponsored by Redwood) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 440.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 440.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 440.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 410.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 410.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 410.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 380.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 380.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 380.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 350.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 350.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 350.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 440.6 m 388.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 440.6 m 482.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 440.6 m 576.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 380.6 m 482.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 366.6 m 482.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 364.6 m 482.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 380.6 m 576.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 366.6 m 576.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 364.6 m 576.5 364.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 445.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 445.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 445.28 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 430.27 Td (On-balance sheet assets, at fair value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 415.27 Td (Interest-only, senior and subordinate securities, classified as trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 415.27 Td (41,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 415.27 Td (258,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 400.27 Td (Subordinate securities, classified as AFS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 400.27 Td (234,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 400.27 Td (272,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 385.27 Td (Mortgage servicing rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 385.27 Td (58,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 385.27 Td (56,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 370.27 Td (Maximum loss exposure ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 139.83 374.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 370.27 Td (334,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 370.27 Td (588,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 355.27 Td (Assets transferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 340.27 Td (Principal balance of loans outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 340.27 Td (6,870,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 340.27 Td (7,318,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 325.27 Td (Principal balance of loans 30+ days delinquent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 325.27 Td (21,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 325.27 Td (18,300) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 304.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 304.30 Td (Maximum ) Tj ET Q q 0 0 0 rg BT 93.66 304.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 109.83 304.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 144.49 304.30 Td (from ) Tj ET Q q 0 0 0 rg BT 164.15 304.30 Td (our ) Tj ET Q q 0 0 0 rg BT 178.31 304.30 Td (involvement ) Tj ET Q q 0 0 0 rg BT 225.46 304.30 Td (with ) Tj ET Q q 0 0 0 rg BT 243.63 304.30 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 300.12 304.30 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 320.78 304.30 Td (pertains ) Tj ET Q q 0 0 0 rg BT 351.44 304.30 Td (to ) Tj ET Q q 0 0 0 rg BT 360.60 304.30 Td (the ) Tj ET Q q 0 0 0 rg BT 373.76 304.30 Td (carrying ) Tj ET Q q 0 0 0 rg BT 405.91 304.30 Td (value ) Tj ET Q q 0 0 0 rg BT 427.57 304.30 Td (of ) Tj ET Q q 0 0 0 rg BT 437.23 304.30 Td (our ) Tj ET Q q 0 0 0 rg BT 451.39 304.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 487.54 304.30 Td (and ) Tj ET Q q 0 0 0 rg BT 502.70 304.30 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 527.38 304.30 Td (retained ) Tj ET Q q 0 0 0 rg BT 558.52 304.30 Td (from ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 293.50 Td (these ) Tj ET Q q 0 0 0 rg BT 74.80 293.50 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 95.79 293.50 Td (and ) Tj ET Q q 0 0 0 rg BT 111.28 293.50 Td (represents ) Tj ET Q q 0 0 0 rg BT 150.26 293.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 187.24 293.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 211.23 293.50 Td (that ) Tj ET Q q 0 0 0 rg BT 227.22 293.50 Td (would ) Tj ET Q q 0 0 0 rg BT 252.21 293.50 Td (be ) Tj ET Q q 0 0 0 rg BT 263.20 293.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 295.68 293.50 Td (under ) Tj ET Q q 0 0 0 rg BT 318.66 293.50 Td (severe, ) Tj ET Q q 0 0 0 rg BT 346.39 293.50 Td (hypothetical ) Tj ET Q q 0 0 0 rg BT 393.37 293.50 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 449.09 293.50 Td (such ) Tj ET Q q 0 0 0 rg BT 468.08 293.50 Td (as ) Tj ET Q q 0 0 0 rg BT 478.07 293.50 Td (if ) Tj ET Q q 0 0 0 rg BT 486.06 293.50 Td (the ) Tj ET Q q 0 0 0 rg BT 499.54 293.50 Td (value ) Tj ET Q q 0 0 0 rg BT 521.53 293.50 Td (of ) Tj ET Q q 0 0 0 rg BT 531.52 293.50 Td (our ) Tj ET Q q 0 0 0 rg BT 546.01 293.50 Td (interests ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 282.70 Td (and ) Tj ET Q q 0 0 0 rg BT 69.60 282.70 Td (any ) Tj ET Q q 0 0 0 rg BT 85.20 282.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 124.79 282.70 Td (collateral ) Tj ET Q q 0 0 0 rg BT 160.88 282.70 Td (declines ) Tj ET Q q 0 0 0 rg BT 192.97 282.70 Td (to ) Tj ET Q q 0 0 0 rg BT 202.57 282.70 Td (zero. ) Tj ET Q q 0 0 0 rg BT 222.73 282.70 Td (This ) Tj ET Q q 0 0 0 rg BT 241.33 282.70 Td (does ) Tj ET Q q 0 0 0 rg BT 260.44 282.70 Td (not ) Tj ET Q q 0 0 0 rg BT 274.54 282.70 Td (include, ) Tj ET Q q 0 0 0 rg BT 305.89 282.70 Td (for ) Tj ET Q q 0 0 0 rg BT 318.99 282.70 Td (example, ) Tj ET Q q 0 0 0 rg BT 354.33 282.70 Td (any ) Tj ET Q q 0 0 0 rg BT 369.93 282.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 404.03 282.70 Td (exposure ) Tj ET Q q 0 0 0 rg BT 439.12 282.70 Td (to ) Tj ET Q q 0 0 0 rg BT 448.73 282.70 Td (representation ) Tj ET Q q 0 0 0 rg BT 502.31 282.70 Td (and ) Tj ET Q q 0 0 0 rg BT 517.91 282.70 Td (warranty ) Tj ET Q q 0 0 0 rg BT 552.50 282.70 Td (claims ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 271.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.23 271.90 Td (with ) Tj ET Q q 0 0 0 rg BT 111.48 271.90 Td (our ) Tj ET Q q 0 0 0 rg BT 125.73 271.90 Td (initial ) Tj ET Q q 0 0 0 rg BT 148.98 271.90 Td (transfer ) Tj ET Q q 0 0 0 rg BT 178.71 271.90 Td (of ) Tj ET Q q 0 0 0 rg BT 188.46 271.90 Td (loans ) Tj ET Q q 0 0 0 rg BT 209.71 271.90 Td (into ) Tj ET Q q 0 0 0 rg BT 225.96 271.90 Td (a ) Tj ET Q q 0 0 0 rg BT 232.20 271.90 Td (securitization.) Tj ET Q endstream endobj 283 0 obj <> endobj 284 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 4. Principles of Consolidation - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.59 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.52 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 133.99 668.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 168.80 668.10 Td (key ) Tj ET Q q 0 0 0 rg BT 185.28 668.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 226.19 668.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 277.68 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.38 668.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 316.75 668.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 351.00 668.10 Td (from ) Tj ET Q q 0 0 0 rg BT 372.48 668.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 434.91 668.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 457.50 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.98 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.24 668.10 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 531.40 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.77 668.10 Td (their ) Tj ET Q q 0 0 0 rg BT 562.13 668.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (values ) Tj ET Q q 0 0 0 rg BT 64.05 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.33 656.10 Td (immediate ) Tj ET Q q 0 0 0 rg BT 119.03 656.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 152.07 656.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 186.78 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.05 656.10 Td (those ) Tj ET Q q 0 0 0 rg BT 220.66 656.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 272.61 656.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.33 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 340.91 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.91 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.41 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 438.93 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.93 656.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 4.6 Key ) Tj ET Q q 0 0 0 rg BT 101.08 632.10 Td (Assumptions and Sensitivity ) Tj ET Q q 0 0 0 rg BT 218.80 632.10 Td (Analysis for ) Tj ET Q q 0 0 0 rg BT 270.66 632.10 Td (Assets Retained from Unconsolidated VIEs Sponsored by Redwood) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 593.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 563.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 533.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 503.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 503.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 503.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 503.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 473.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 473.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 473.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 473.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 443.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 443.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 443.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 443.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 443.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 413.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 413.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 413.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 413.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 413.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 413.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 413.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 593.6 m 368.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 593.6 m 437.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 593.6 m 506.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 593.6 m 575.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 593.6 m 368.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 593.6 m 437.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 593.6 m 506.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 593.6 m 575.5 593.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 612.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.40 598.28 Td (MSRs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.70 608.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.60 598.28 Td (Securities ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 491.76 602.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.10 608.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 598.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 598.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 583.27 Td (Fair value at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 583.27 Td (58,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 583.27 Td (26,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 583.27 Td (249,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 568.27 Td (Expected life \(in years\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 131.56 572.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 568.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 568.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.00 568.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 553.27 Td (Prepayment speed assumption \(annual CPR\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 216.31 557.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 553.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 553.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 553.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 538.27 Td (Decrease in fair value from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.27 Td (10% adverse change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 523.27 Td (2,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 523.27 Td (1,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 523.27 Td (997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.27 Td (25% adverse change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 508.27 Td (5,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 508.27 Td (2,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 508.27 Td (2,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 493.27 Td (Discount rate assumption) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 139.65 497.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 493.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 493.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 493.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 478.27 Td (Decrease in fair value from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.27 Td (100 basis point increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 463.27 Td (2,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 463.27 Td (1,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 463.27 Td (19,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.27 Td (200 basis point increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 448.27 Td (4,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 448.27 Td (2,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 448.27 Td (36,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 433.27 Td (Credit loss assumption ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 131.61 437.80 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 418.95 439.30 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 418.95 433.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 433.27 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 433.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 433.27 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 433.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 418.27 Td (Decrease in fair value from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.27 Td (10% higher losses) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 418.95 409.30 15.25 -8.18 re f /GS0 gs q 0 0 0 rg BT 418.95 403.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 403.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 403.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 403.27 Td (1,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.27 Td (25% higher losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.95 388.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 388.27 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 388.27 Td (2,933) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 345.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 345.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 345.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 345.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 315.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 315.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 315.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 315.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 315.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 315.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 315.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 285.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 285.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 285.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 285.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 255.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 255.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 255.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 255.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 255.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 255.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 255.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 225.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 225.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 225.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 225.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 225.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 225.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 225.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 195.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 195.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 195.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 195.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 195.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 165.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 165.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 165.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 165.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 165.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 345.6 m 369.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 345.6 m 438.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 345.6 m 507.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 345.6 m 576.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 345.6 m 369.5 345.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 364.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.40 350.28 Td (MSRs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.70 360.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.60 350.28 Td (Securities ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 492.76 354.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.10 360.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 350.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 350.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 335.27 Td (Fair value at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 335.27 Td (56,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 335.27 Td (248,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 335.27 Td (282,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 320.27 Td (Expected life \(in years\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 132.56 324.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 320.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 320.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 320.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 305.27 Td (Prepayment speed assumption \(annual CPR\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 217.31 309.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 305.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 305.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 305.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 305.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 305.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 305.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 290.27 Td (Decrease in fair value from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 275.27 Td (10% adverse change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 275.27 Td (2,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 275.27 Td (2,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 275.27 Td (901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 260.27 Td (25% adverse change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 260.27 Td (6,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 260.27 Td (4,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 260.27 Td (2,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 245.27 Td (Discount rate assumption) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 140.65 249.80 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 245.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 245.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 245.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 245.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 245.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 245.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 230.27 Td (Decrease in fair value from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 215.27 Td (100 basis point increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 215.27 Td (2,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 215.27 Td (10,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 215.27 Td (21,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 200.27 Td (200 basis point increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 200.27 Td (4,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 200.27 Td (19,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 200.27 Td (41,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 185.27 Td (Credit loss assumption ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 132.61 189.80 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.95 185.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 185.27 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 185.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 185.27 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 185.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 170.27 Td (Decrease in fair value from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 155.27 Td (10% higher losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.95 155.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 155.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 155.27 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 155.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 155.27 Td (1,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 140.27 Td (25% higher losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.95 140.06 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 140.27 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 140.27 Td (3,129) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 115.10 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 115.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.75 115.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 115.98 115.10 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.23 115.10 Td ($27 ) Tj ET Q q 0 0 0 rg BT 164.98 115.10 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.98 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.23 115.10 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.47 115.10 Td ($31 ) Tj ET Q q 0 0 0 rg BT 224.22 115.10 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 250.22 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.47 115.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.22 115.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 290.96 115.10 Td (only ) Tj ET Q q 0 0 0 rg BT 309.21 115.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 345.45 115.10 Td (at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 354.19 115.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 406.92 115.10 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.92 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.17 115.10 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 442.42 115.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 495.14 115.10 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 513.14 115.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.64 115.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.54 115.10 Td (. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 98.30 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 98.30 Td (Expected ) Tj ET Q q 0 0 0 rg BT 89.23 98.30 Td (life, ) Tj ET Q q 0 0 0 rg BT 105.21 98.30 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 149.44 98.30 Td (speed ) Tj ET Q q 0 0 0 rg BT 171.68 98.30 Td (assumption, ) Tj ET Q q 0 0 0 rg BT 216.67 98.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 248.92 98.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 264.15 98.30 Td (assumption, ) Tj ET Q q 0 0 0 rg BT 309.14 98.30 Td (and ) Tj ET Q q 0 0 0 rg BT 323.88 98.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 346.11 98.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 361.86 98.30 Td (assumption ) Tj ET Q q 0 0 0 rg BT 404.61 98.30 Td (presented ) Tj ET Q q 0 0 0 rg BT 440.84 98.30 Td (in ) Tj ET Q q 0 0 0 rg BT 449.58 98.30 Td (the ) Tj ET Q q 0 0 0 rg BT 462.32 98.30 Td (tables ) Tj ET Q q 0 0 0 rg BT 485.06 98.30 Td (above ) Tj ET Q q 0 0 0 rg BT 508.29 98.30 Td (represent ) Tj ET Q q 0 0 0 rg BT 543.02 98.30 Td (weighted ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 87.50 Td (averages.) Tj ET Q endstream endobj 285 0 obj <> endobj 286 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 4. Principles of Consolidation - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Analysis of Third-Party VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (Third-party ) Tj ET Q q 0 0 0 rg BT 102.62 648.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 125.90 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 140.83 648.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 197.42 648.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 229.02 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 239.52 648.25 Td (which ) Tj ET Q q 0 0 0 rg BT 266.69 648.25 Td (we ) Tj ET Q q 0 0 0 rg BT 281.07 648.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 318.78 648.25 Td (an ) Tj ET Q q 0 0 0 rg BT 330.95 648.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 372.54 648.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 407.20 648.25 Td (but ) Tj ET Q q 0 0 0 rg BT 422.70 648.25 Td (do ) Tj ET Q q 0 0 0 rg BT 435.42 648.25 Td (not ) Tj ET Q q 0 0 0 rg BT 450.93 648.25 Td (sponsor) Tj ET Q q 0 0 0 rg BT 481.49 648.25 Td (. ) Tj ET Q q 0 0 0 rg BT 486.71 648.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 504.99 648.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 546.58 648.25 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (may ) Tj ET Q q 0 0 0 rg BT 55.58 636.25 Td (include ) Tj ET Q q 0 0 0 rg BT 87.38 636.25 Td (several ) Tj ET Q q 0 0 0 rg BT 118.06 636.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.19 636.25 Td (from ) Tj ET Q q 0 0 0 rg BT 179.99 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.57 636.25 Td (same ) Tj ET Q q 0 0 0 rg BT 217.48 636.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 262.44 636.25 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 283.97 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.77 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 310.91 636.25 Td (those ) Tj ET Q q 0 0 0 rg BT 334.39 636.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 360.35 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.93 636.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 409.51 636.25 Td (is ) Tj ET Q q 0 0 0 rg BT 418.55 636.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 462.56 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.70 636.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 528.94 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.63 636.25 Td (all ) Tj ET Q q 0 0 0 rg BT 551.99 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 562.69 636.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 74.14 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 92.19 624.25 Td (following ) Tj ET Q q 0 0 0 rg BT 133.58 624.25 Td (table ) Tj ET Q q 0 0 0 rg BT 155.51 624.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 190.78 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.72 624.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 237.44 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.27 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 264.10 624.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 299.92 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 310.20 624.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 355.28 624.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 378.33 624.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.05 624.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.63 624.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.63 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 471.63 624.25 Td (grouped ) Tj ET Q q 0 0 0 rg BT 506.90 624.25 Td (by ) Tj ET Q q 0 0 0 rg BT 519.40 624.25 Td (security ) Tj ET Q q 0 0 0 rg BT 553.56 624.25 Td (type. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 600.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 600.25 Td (able 4.7 Third-Party Sponsored VIE Summary) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 575.75 435.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 575.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 575.75 101.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 545.75 435.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 545.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 545.75 101.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 515.75 435.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 515.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 515.75 101.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 575.75 m 470.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 575.75 m 575.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 515.75 m 575.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 501.75 m 575.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 499.75 m 575.5 499.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 580.43 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 580.43 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 565.42 Td (Mortgage Backed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 550.42 Td (Senior) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 550.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 550.42 Td (146,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 535.42 Td (Re-REMIC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 535.42 Td (85,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 520.42 Td (Subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 520.42 Td (510,030) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 505.43 Td (Total Investments in Third-Party Sponsored VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 505.42 Td (742,504) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 481.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 481.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.69 481.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 117.29 481.25 Td (that ) Tj ET Q q 0 0 0 rg BT 134.90 481.25 Td (we ) Tj ET Q q 0 0 0 rg BT 149.17 481.25 Td (are ) Tj ET Q q 0 0 0 rg BT 163.99 481.25 Td (not ) Tj ET Q q 0 0 0 rg BT 179.39 481.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.22 481.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 228.49 481.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 276.07 481.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.02 481.25 Td (any ) Tj ET Q q 0 0 0 rg BT 304.07 481.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 349.26 481.25 Td (VIEs, ) Tj ET Q q 0 0 0 rg BT 374.93 481.25 Td (as ) Tj ET Q q 0 0 0 rg BT 385.87 481.25 Td (we ) Tj ET Q q 0 0 0 rg BT 400.15 481.25 Td (do ) Tj ET Q q 0 0 0 rg BT 412.76 481.25 Td (not ) Tj ET Q q 0 0 0 rg BT 428.15 481.25 Td (have ) Tj ET Q q 0 0 0 rg BT 449.65 481.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.48 481.25 Td (required ) Tj ET Q q 0 0 0 rg BT 500.41 481.25 Td (power ) Tj ET Q q 0 0 0 rg BT 528.01 481.25 Td (to ) Tj ET Q q 0 0 0 rg BT 538.41 481.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 563.78 481.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 469.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 75.32 469.25 Td (that ) Tj ET Q q 0 0 0 rg BT 93.54 469.25 Td (most ) Tj ET Q q 0 0 0 rg BT 116.22 469.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 169.43 469.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 199.87 469.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.31 469.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 257.41 469.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 311.16 469.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.71 469.25 Td (these ) Tj ET Q q 0 0 0 rg BT 346.48 469.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 381.09 469.25 Td (Specifically) Tj ET Q q 0 0 0 rg BT 428.20 469.25 Td (, ) Tj ET Q q 0 0 0 rg BT 433.92 469.25 Td (we ) Tj ET Q q 0 0 0 rg BT 448.81 469.25 Td (do ) Tj ET Q q 0 0 0 rg BT 462.04 469.25 Td (not ) Tj ET Q q 0 0 0 rg BT 478.04 469.25 Td (service ) Tj ET Q q 0 0 0 rg BT 509.58 469.25 Td (or ) Tj ET Q q 0 0 0 rg BT 521.13 469.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 555.45 469.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 457.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 67.59 457.25 Td (or ) Tj ET Q q 0 0 0 rg BT 78.63 457.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 120.21 457.25 Td (solely ) Tj ET Q q 0 0 0 rg BT 146.80 457.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 167.29 457.25 Td (decision ) Tj ET Q q 0 0 0 rg BT 203.32 457.25 Td (making ) Tj ET Q q 0 0 0 rg BT 236.02 457.25 Td (powers ) Tj ET Q q 0 0 0 rg BT 267.61 457.25 Td (that ) Tj ET Q q 0 0 0 rg BT 285.31 457.25 Td (are ) Tj ET Q q 0 0 0 rg BT 300.22 457.25 Td (significant. ) Tj ET Q q 0 0 0 rg BT 347.04 457.25 Td (As ) Tj ET Q q 0 0 0 rg BT 360.86 457.25 Td (a ) Tj ET Q q 0 0 0 rg BT 368.01 457.25 Td (result ) Tj ET Q q 0 0 0 rg BT 392.93 457.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.97 457.25 Td (this ) Tj ET Q q 0 0 0 rg BT 421.12 457.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 470.77 457.25 Td (we ) Tj ET Q q 0 0 0 rg BT 485.14 457.25 Td (do ) Tj ET Q q 0 0 0 rg BT 497.84 457.25 Td (not ) Tj ET Q q 0 0 0 rg BT 513.33 457.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 561.58 457.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 445.25 Td (the ) Tj ET Q q 0 0 0 rg BT 61.55 445.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 107.37 445.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 133.20 445.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.14 445.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 189.86 445.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.69 445.25 Td (these ) Tj ET Q q 0 0 0 rg BT 223.73 445.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 268.82 445.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 291.87 445.25 Td ( ) Tj ET Q q 0 0 0 rg BT 299.37 445.25 Td (we ) Tj ET Q q 0 0 0 rg BT 313.53 445.25 Td (only ) Tj ET Q q 0 0 0 rg BT 333.81 445.25 Td (account ) Tj ET Q q 0 0 0 rg BT 367.40 445.25 Td (for ) Tj ET Q q 0 0 0 rg BT 381.56 445.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.39 445.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 430.99 445.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 466.81 445.25 Td (in ) Tj ET Q q 0 0 0 rg BT 477.09 445.25 Td (them. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.81 425.25 Td (assessments ) Tj ET Q q 0 0 0 rg BT 122.40 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.98 425.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 167.45 425.25 Td (we ) Tj ET Q q 0 0 0 rg BT 181.37 425.25 Td (are ) Tj ET Q q 0 0 0 rg BT 195.83 425.25 Td (required ) Tj ET Q q 0 0 0 rg BT 231.40 425.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.44 425.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 289.24 425.25 Td (a ) Tj ET Q q 0 0 0 rg BT 295.77 425.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 314.69 425.25 Td (may ) Tj ET Q q 0 0 0 rg BT 334.16 425.25 Td (change ) Tj ET Q q 0 0 0 rg BT 364.73 425.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.77 425.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 421.47 425.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 460.38 425.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 492.07 425.25 Td (based ) Tj ET Q q 0 0 0 rg BT 517.10 425.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 539.36 425.25 Td (changing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 56.21 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.99 413.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 129.96 413.25 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 171.84 413.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.95 413.25 Td (each ) Tj ET Q q 0 0 0 rg BT 200.51 413.25 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 220.71 413.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 239.27 413.25 Td (related ) Tj ET Q q 0 0 0 rg BT 267.80 413.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 313.01 413.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 346.55 413.25 Td (could ) Tj ET Q q 0 0 0 rg BT 370.11 413.25 Td (result ) Tj ET Q q 0 0 0 rg BT 393.66 413.25 Td (in ) Tj ET Q q 0 0 0 rg BT 402.77 413.25 Td (a ) Tj ET Q q 0 0 0 rg BT 408.55 413.25 Td (material ) Tj ET Q q 0 0 0 rg BT 442.64 413.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 471.19 413.25 Td (to ) Tj ET Q q 0 0 0 rg BT 480.30 413.25 Td (our ) Tj ET Q q 0 0 0 rg BT 494.97 413.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 531.28 413.25 Td (statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 389.25 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 389.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 389.25 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 389.25 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.56 369.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 108.21 369.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 147.53 369.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 188.25 369.25 Td (we ) Tj ET Q q 0 0 0 rg BT 202.58 369.25 Td (follow ) Tj ET Q q 0 0 0 rg BT 231.36 369.25 Td (a ) Tj ET Q q 0 0 0 rg BT 238.47 369.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 255.01 369.25 Td (value ) Tj ET Q q 0 0 0 rg BT 279.33 369.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 319.76 369.25 Td (established ) Tj ET Q q 0 0 0 rg BT 366.86 369.25 Td (under ) Tj ET Q q 0 0 0 rg BT 392.30 369.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 419.15 369.25 Td ( ) Tj ET Q q 0 0 0 rg BT 421.82 369.25 Td (that ) Tj ET Q q 0 0 0 rg BT 439.48 369.25 Td (is ) Tj ET Q q 0 0 0 rg BT 448.82 369.25 Td (used ) Tj ET Q q 0 0 0 rg BT 469.82 369.25 Td (to ) Tj ET Q q 0 0 0 rg BT 480.27 369.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 522.92 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.80 369.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 554.35 369.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 357.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.72 357.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 84.09 357.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 135.47 357.25 Td (This ) Tj ET Q q 0 0 0 rg BT 155.64 357.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 195.78 357.25 Td (prioritizes ) Tj ET Q q 0 0 0 rg BT 238.71 357.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 273.30 357.25 Td (market ) Tj ET Q q 0 0 0 rg BT 303.46 357.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 330.29 357.25 Td (in ) Tj ET Q q 0 0 0 rg BT 340.46 357.25 Td (order ) Tj ET Q q 0 0 0 rg BT 363.95 357.25 Td (to ) Tj ET Q q 0 0 0 rg BT 374.12 357.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 416.49 357.25 Td (an ) Tj ET Q q 0 0 0 rg BT 428.31 357.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 450.14 357.25 Td (price ) Tj ET Q q 0 0 0 rg BT 476.95 357.25 Td (at ) Tj ET Q q 0 0 0 rg BT 486.56 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.16 357.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 556.86 357.25 Td (date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 345.25 Td (or ) Tj ET Q q 0 0 0 rg BT 47.39 345.25 Td (the ) Tj ET Q q 0 0 0 rg BT 62.67 345.25 Td (price ) Tj ET Q q 0 0 0 rg BT 85.72 345.25 Td (at ) Tj ET Q q 0 0 0 rg BT 96.00 345.25 Td (which ) Tj ET Q q 0 0 0 rg BT 123.50 345.25 Td (an ) Tj ET Q q 0 0 0 rg BT 136.00 345.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 158.51 345.25 Td (could ) Tj ET Q q 0 0 0 rg BT 183.79 345.25 Td (be ) Tj ET Q q 0 0 0 rg BT 196.29 345.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 216.02 345.25 Td (or ) Tj ET Q q 0 0 0 rg BT 227.41 345.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.91 345.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 269.09 345.25 Td (could ) Tj ET Q q 0 0 0 rg BT 294.37 345.25 Td (be ) Tj ET Q q 0 0 0 rg BT 306.87 345.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 353.24 345.25 Td (in ) Tj ET Q q 0 0 0 rg BT 364.08 345.25 Td (an ) Tj ET Q q 0 0 0 rg BT 376.58 345.25 Td (orderly ) Tj ET Q q 0 0 0 rg BT 408.52 345.25 Td (process ) Tj ET Q q 0 0 0 rg BT 441.57 345.25 Td (that ) Tj ET Q q 0 0 0 rg BT 459.63 345.25 Td (is ) Tj ET Q q 0 0 0 rg BT 469.36 345.25 Td (not ) Tj ET Q q 0 0 0 rg BT 485.20 345.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.71 345.25 Td (forced ) Tj ET Q q 0 0 0 rg BT 521.31 345.25 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 567.70 345.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 333.25 Td (distressed ) Tj ET Q q 0 0 0 rg BT 77.83 333.25 Td (sale. ) Tj ET Q q 0 0 0 rg BT 98.27 333.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 123.42 333.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 130.81 333.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 157.65 333.25 Td (are ) Tj ET Q q 0 0 0 rg BT 172.25 333.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 217.95 333.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 244.79 333.25 Td (that ) Tj ET Q q 0 0 0 rg BT 262.17 333.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 290.10 333.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 319.70 333.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 345.97 333.25 Td (for ) Tj ET Q q 0 0 0 rg BT 360.02 333.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 396.84 333.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 422.56 333.25 Td (or ) Tj ET Q q 0 0 0 rg BT 433.28 333.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 472.89 333.25 Td (in ) Tj ET Q q 0 0 0 rg BT 483.06 333.25 Td (active ) Tj ET Q q 0 0 0 rg BT 509.32 333.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 545.86 333.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 571.02 333.25 Td (2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 321.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 63.53 321.25 Td (are ) Tj ET Q q 0 0 0 rg BT 78.81 321.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 125.21 321.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 152.73 321.25 Td (other ) Tj ET Q q 0 0 0 rg BT 176.36 321.25 Td (than ) Tj ET Q q 0 0 0 rg BT 196.65 321.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 226.95 321.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 253.91 321.25 Td (for ) Tj ET Q q 0 0 0 rg BT 268.64 321.25 Td (an ) Tj ET Q q 0 0 0 rg BT 281.16 321.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 303.68 321.25 Td (or ) Tj ET Q q 0 0 0 rg BT 315.09 321.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 349.27 321.25 Td (that ) Tj ET Q q 0 0 0 rg BT 367.35 321.25 Td (are ) Tj ET Q q 0 0 0 rg BT 382.63 321.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 420.15 321.25 Td (through ) Tj ET Q q 0 0 0 rg BT 454.33 321.25 Td (corroboration ) Tj ET Q q 0 0 0 rg BT 511.83 321.25 Td (with ) Tj ET Q q 0 0 0 rg BT 532.69 321.25 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 309.25 Td (market ) Tj ET Q q 0 0 0 rg BT 66.07 309.25 Td (data. ) Tj ET Q q 0 0 0 rg BT 87.53 309.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 112.60 309.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 119.91 309.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 146.66 309.25 Td (are ) Tj ET Q q 0 0 0 rg BT 161.17 309.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 216.80 309.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 243.55 309.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 266.13 309.25 Td (our ) Tj ET Q q 0 0 0 rg BT 281.76 309.25 Td (own ) Tj ET Q q 0 0 0 rg BT 301.29 309.25 Td (data ) Tj ET Q q 0 0 0 rg BT 320.25 309.25 Td (or ) Tj ET Q q 0 0 0 rg BT 330.89 309.25 Td (assumptions\) ) Tj ET Q q 0 0 0 rg BT 385.97 309.25 Td (that ) Tj ET Q q 0 0 0 rg BT 403.27 309.25 Td (are ) Tj ET Q q 0 0 0 rg BT 417.79 309.25 Td (used ) Tj ET Q q 0 0 0 rg BT 438.42 309.25 Td (when ) Tj ET Q q 0 0 0 rg BT 462.39 309.25 Td (there ) Tj ET Q q 0 0 0 rg BT 484.68 309.25 Td (is ) Tj ET Q q 0 0 0 rg BT 493.66 309.25 Td (little, ) Tj ET Q q 0 0 0 rg BT 516.79 309.25 Td (if ) Tj ET Q q 0 0 0 rg BT 525.21 309.25 Td (any) Tj ET Q q 0 0 0 rg BT 539.00 309.25 Td (, ) Tj ET Q q 0 0 0 rg BT 543.80 309.25 Td (relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 297.25 Td (market ) Tj ET Q q 0 0 0 rg BT 66.26 297.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 98.75 297.25 Td (for ) Tj ET Q q 0 0 0 rg BT 112.91 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.63 297.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.57 297.25 Td (or ) Tj ET Q q 0 0 0 rg BT 160.40 297.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 194.01 297.25 Td (required ) Tj ET Q q 0 0 0 rg BT 229.82 297.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.10 297.25 Td (be ) Tj ET Q q 0 0 0 rg BT 252.04 297.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 292.86 297.25 Td (at ) Tj ET Q q 0 0 0 rg BT 302.57 297.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.95 297.25 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 273.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.32 273.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 93.51 273.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 119.10 273.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 145.54 273.25 Td (used ) Tj ET Q q 0 0 0 rg BT 165.87 273.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.63 273.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 210.94 273.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.81 273.25 Td (value ) Tj ET Q q 0 0 0 rg BT 250.46 273.25 Td (fall ) Tj ET Q q 0 0 0 rg BT 265.77 273.25 Td (into ) Tj ET Q q 0 0 0 rg BT 283.32 273.25 Td (dif) Tj ET Q q 0 0 0 rg BT 294.25 273.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 319.55 273.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 344.87 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.19 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.40 273.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.27 273.25 Td (value ) Tj ET Q q 0 0 0 rg BT 408.92 273.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 446.02 273.25 Td (. ) Tj ET Q q 0 0 0 rg BT 450.51 273.25 Td (In ) Tj ET Q q 0 0 0 rg BT 460.83 273.25 Td (such ) Tj ET Q q 0 0 0 rg BT 481.15 273.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 506.74 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.95 273.25 Td (level ) Tj ET Q q 0 0 0 rg BT 542.38 273.25 Td (at ) Tj ET Q q 0 0 0 rg BT 551.58 273.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.47 261.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 68.59 261.25 Td (value ) Tj ET Q q 0 0 0 rg BT 93.50 261.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 150.06 261.25 Td (falls ) Tj ET Q q 0 0 0 rg BT 170.52 261.25 Td (is ) Tj ET Q q 0 0 0 rg BT 180.44 261.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 228.67 261.25 Td (based ) Tj ET Q q 0 0 0 rg BT 254.69 261.25 Td (on ) Tj ET Q q 0 0 0 rg BT 267.94 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.41 261.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 312.77 261.25 Td (level ) Tj ET Q q 0 0 0 rg BT 335.45 261.25 Td (input ) Tj ET Q q 0 0 0 rg BT 359.25 261.25 Td (that ) Tj ET Q q 0 0 0 rg BT 377.50 261.25 Td (is ) Tj ET Q q 0 0 0 rg BT 387.42 261.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 432.88 261.25 Td (to ) Tj ET Q q 0 0 0 rg BT 443.91 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.37 261.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.50 261.25 Td (value ) Tj ET Q q 0 0 0 rg BT 501.41 261.25 Td (measurement. ) Tj ET Q q 0 0 0 rg BT 560.47 261.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 249.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 82.07 249.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.04 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.89 249.25 Td (significance ) Tj ET Q q 0 0 0 rg BT 155.83 249.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.80 249.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.87 249.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 211.82 249.25 Td (input ) Tj ET Q q 0 0 0 rg BT 234.01 249.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 267.85 249.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 307.26 249.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.33 249.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 362.74 249.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 391.58 249.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 424.31 249.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.72 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.57 249.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 468.64 249.25 Td (or ) Tj ET Q q 0 0 0 rg BT 478.61 249.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 511.35 249.25 Td (being ) Tj ET Q q 0 0 0 rg BT 535.20 249.25 Td (measured. ) Tj ET Q endstream endobj 287 0 obj <> endobj 288 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.82 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.98 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 134.69 668.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.73 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.22 668.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 219.81 668.10 Td (values ) Tj ET Q q 0 0 0 rg BT 247.64 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.35 668.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 304.94 668.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 321.09 668.10 Td (values ) Tj ET Q q 0 0 0 rg BT 348.92 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.52 668.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.13 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.84 668.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 441.33 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 458.60 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 473.08 668.10 Td (required ) Tj ET Q q 0 0 0 rg BT 508.67 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.72 668.10 Td (be ) Tj ET Q q 0 0 0 rg BT 530.44 668.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 567.69 668.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 75.72 656.10 Td (at ) Tj ET Q q 0 0 0 rg BT 85.43 656.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 101.81 656.10 Td (value ) Tj ET Q q 0 0 0 rg BT 125.97 656.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.68 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 194.27 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.27 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.77 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.71 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 292.29 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.29 656.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 632.10 Td (5.1 ) Tj ET Q q 0 0 0 rg BT 75.91 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 632.10 Td (Carrying ) Tj ET Q q 0 0 0 rg BT 123.14 632.10 Td (V) Tj ET Q q 0 0 0 rg BT 128.70 632.10 Td (alues ) Tj ET Q q 0 0 0 rg BT 152.87 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.93 632.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 191.77 632.10 Td (V) Tj ET Q q 0 0 0 rg BT 197.33 632.10 Td (alues ) Tj ET Q q 0 0 0 rg BT 221.50 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.96 632.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 260.02 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.08 632.10 Td (Liabilities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 576.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 576.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 576.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 576.60 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1 rg /GS0 gs 509.50 472.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 472.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 446.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 446.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 446.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 446.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 446.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 446.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 420.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 420.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 394.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 394.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 368.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 368.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 368.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 368.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 368.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 368.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 342.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 342.60 4.00 -13.00 re f 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0.9333333333333333 1 rg /GS0 gs 446.50 316.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 316.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 316.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 290.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 290.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 290.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 290.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 290.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 264.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 264.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 264.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 264.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 264.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 264.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 264.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 264.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 264.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 238.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 238.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 238.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 238.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 238.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 238.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 238.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 238.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 238.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 212.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 212.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 212.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 212.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 212.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 212.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 212.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 212.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 212.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 186.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 186.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 186.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 186.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 186.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 186.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 186.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 186.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 186.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 160.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 160.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 160.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 160.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 160.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 160.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 160.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 160.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 160.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 134.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 134.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 134.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 134.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 134.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 134.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 134.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 134.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 134.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 108.60 272.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 108.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 108.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 108.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 108.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 108.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 108.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 108.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 108.60 63.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 606.6 m 375.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 606.6 m 379.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 606.6 m 442.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 606.6 m 509.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 606.6 m 513.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 606.6 m 576.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 576.6 m 308.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 576.6 m 375.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 576.6 m 442.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 576.6 m 509.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 576.6 m 576.5 576.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 611.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 611.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.75 591.28 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.45 581.28 Td (V) Tj ET Q q 0 0 0 rg BT 337.75 581.28 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.40 591.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.45 581.28 Td (V) Tj ET Q q 0 0 0 rg BT 404.75 581.28 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.75 591.28 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.45 581.28 Td (V) Tj ET Q q 0 0 0 rg BT 471.75 581.28 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.40 591.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.45 581.28 Td (V) Tj ET Q q 0 0 0 rg BT 538.75 581.28 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 581.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 567.33 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 554.17 Td (Residential loans, held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 541.17 Td (At fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 541.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 541.17 Td (834,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 541.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 541.17 Td (834,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 541.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 541.17 Td (1,114,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 541.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 541.17 Td (1,114,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 528.17 Td (At lower of cost or fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 528.17 Td (1,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 528.17 Td (1,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 528.17 Td (1,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 528.17 Td (1,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 515.17 Td (Residential loans, held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 502.17 Td (At fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 502.17 Td (3,052,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 502.17 Td (3,052,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 502.17 Td (2,813,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 502.17 Td (2,813,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 489.17 Td (Commercial loans, held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 476.17 Td (At fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 476.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 476.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 476.17 Td (39,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 476.17 Td (39,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 463.17 Td (At lower of cost or fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 463.17 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 463.17 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 463.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 463.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 450.17 Td (Commercial loans, held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 437.17 Td (At fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 437.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 437.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 437.17 Td (67,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 437.17 Td (67,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 424.17 Td (At amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 424.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 424.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 424.17 Td (295,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 424.17 Td (300,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 411.17 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 411.17 Td (445,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 411.17 Td (445,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 411.17 Td (404,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 411.17 Td (404,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 398.17 Td (Available-for-sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 398.17 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 398.17 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 398.17 Td (829,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 398.17 Td (829,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 385.17 Td (MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 385.17 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 385.17 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 385.17 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 385.17 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 372.17 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 372.17 Td (212,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 372.17 Td (212,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 372.17 Td (220,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 372.17 Td (220,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 359.17 Td (Restricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.40 359.86 Td (8,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 359.17 Td (8,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 359.17 Td (5,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 359.17 Td (5,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 346.17 Td (Accrued interest receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 346.17 Td (18,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 346.17 Td (18,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 346.17 Td (23,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 346.17 Td (23,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 333.17 Td (Derivative assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 333.17 Td (36,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 333.17 Td (36,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 333.17 Td (16,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 333.17 Td (16,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 320.17 Td (REO ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 61.50 324.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 320.17 Td (5,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 320.17 Td (5,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 320.17 Td (4,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 320.17 Td (5,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 307.17 Td (Mar) Tj ET Q q 0 0 0 rg BT 55.48 307.17 Td (gin receivable) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 111.84 311.70 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 307.17 Td (68,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 307.17 Td (68,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 307.17 Td (83,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 307.17 Td (83,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 294.17 Td (FHLBC stock ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 97.34 298.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 294.17 Td (43,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 294.17 Td (43,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 294.17 Td (34,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 294.17 Td (34,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 281.17 Td (Guarantee asset) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 102.02 285.70 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 281.17 Td (4,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 281.17 Td (4,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 281.17 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 281.17 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 268.17 Td (Pledged collateral) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 110.91 272.70 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 268.17 Td (42,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 268.17 Td (42,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 268.17 Td (53,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 268.17 Td (53,600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 255.33 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 242.17 Td (Short-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 242.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 242.17 Td (791,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 242.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 242.17 Td (791,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 242.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 242.17 Td (1,855,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 242.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 242.17 Td (1,855,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 229.17 Td (Accrued interest payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 229.17 Td (9,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 229.17 Td (9,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 229.17 Td (8,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 229.17 Td (8,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 216.17 Td (Margin payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 216.17 Td (12,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 216.17 Td (12,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 216.17 Td (6,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 216.17 Td (6,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 203.17 Td (Guarantee obligation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 203.17 Td (21,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 203.17 Td (22,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 203.17 Td (22,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 203.17 Td (22,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 190.17 Td (Derivative liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 190.17 Td (66,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 190.17 Td (66,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 190.17 Td (62,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 190.17 Td (62,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 177.17 Td (ABS issued, net) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.17 181.70 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 164.17 Td (Fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 164.17 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 164.17 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 164.17 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 164.17 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 151.17 Td (Amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 151.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 151.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 151.17 Td (52,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 151.17 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 138.17 Td (FHLBC long-term borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 138.17 Td (1,999,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 138.17 Td (1,999,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 138.17 Td (1,343,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 138.17 Td (1,343,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 125.17 Td (Commercial secured borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 125.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 125.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 125.17 Td (63,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 125.17 Td (63,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 112.17 Td (Convertible notes, net ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 129.54 116.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 112.17 Td (482,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 112.17 Td (493,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 112.17 Td (483,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 112.17 Td (461,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 99.17 Td (T) Tj ET Q q 0 0 0 rg BT 44.76 99.17 Td (rust preferred securities and subordinated notes, net ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 253.58 103.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 99.17 Td (138,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 99.17 Td (96,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 99.17 Td (138,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 99.17 Td (83,700) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 82.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 82.30 Td (These ) Tj ET Q q 0 0 0 rg BT 77.74 82.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 100.99 82.30 Td (are ) Tj ET Q q 0 0 0 rg BT 114.22 82.30 Td (included ) Tj ET Q q 0 0 0 rg BT 147.46 82.30 Td (in ) Tj ET Q q 0 0 0 rg BT 156.71 82.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 179.46 82.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 202.70 82.30 Td (on ) Tj ET Q q 0 0 0 rg BT 213.95 82.30 Td (our ) Tj ET Q q 0 0 0 rg BT 228.20 82.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 275.94 82.30 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.67 82.30 Td (sheets.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 68.50 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 68.50 Td (On ) Tj ET Q q 0 0 0 rg BT 67.05 68.50 Td (January ) Tj ET Q q 0 0 0 rg BT 97.09 68.50 Td (1, ) Tj ET Q q 0 0 0 rg BT 105.88 68.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 128.18 68.50 Td (we ) Tj ET Q q 0 0 0 rg BT 140.73 68.50 Td (adopted ) Tj ET Q q 0 0 0 rg BT 170.81 68.50 Td (ASU ) Tj ET Q q 0 0 0 rg BT 190.87 68.50 Td (2015-03 ) Tj ET Q q 0 0 0 rg BT 222.91 68.50 Td (and ) Tj ET Q q 0 0 0 rg BT 237.96 68.50 Td (began ) Tj ET Q q 0 0 0 rg BT 261.49 68.50 Td (to ) Tj ET Q q 0 0 0 rg BT 270.54 68.50 Td (present ) Tj ET Q q 0 0 0 rg BT 298.13 68.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 317.69 68.50 Td (issued, ) Tj ET Q q 0 0 0 rg BT 344.48 68.50 Td (convertible ) Tj ET Q q 0 0 0 rg BT 387.02 68.50 Td (notes, ) Tj ET Q q 0 0 0 rg BT 410.31 68.50 Td (and ) Tj ET Q q 0 0 0 rg BT 425.36 68.50 Td (trust ) Tj ET Q q 0 0 0 rg BT 443.40 68.50 Td (preferred ) Tj ET Q q 0 0 0 rg BT 478.43 68.50 Td (securities ) Tj ET Q q 0 0 0 rg BT 514.46 68.50 Td (and ) Tj ET Q q 0 0 0 rg BT 529.51 68.50 Td (subordinated ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 57.70 Td (notes, ) Tj ET Q q 0 0 0 rg BT 77.50 57.70 Td (each ) Tj ET Q q 0 0 0 rg BT 96.23 57.70 Td (net ) Tj ET Q q 0 0 0 rg BT 109.48 57.70 Td (of ) Tj ET Q q 0 0 0 rg BT 119.22 57.70 Td (deferred ) Tj ET Q q 0 0 0 rg BT 151.45 57.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 169.19 57.70 Td (issuance ) Tj ET Q q 0 0 0 rg BT 201.93 57.70 Td (costs. ) Tj ET Q q 0 0 0 rg BT 224.43 57.70 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.68 57.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 258.93 57.70 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.43 57.70 Td ( ) Tj ET Q q 0 0 0 rg BT 265.68 57.70 Td (for ) Tj ET Q q 0 0 0 rg BT 278.42 57.70 Td (further ) Tj ET Q q 0 0 0 rg BT 305.16 57.70 Td (discussion.) Tj ET Q endstream endobj 289 0 obj <> endobj 290 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.80 Td (During ) Tj ET Q q 0 0 0 rg BT 84.54 648.80 Td (the ) Tj ET Q q 0 0 0 rg BT 98.96 648.80 Td (years ) Tj ET Q q 0 0 0 rg BT 122.26 648.80 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.35 648.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 206.64 648.80 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.64 648.80 Td ( ) Tj ET Q q 0 0 0 rg BT 228.84 648.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.49 648.80 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.49 648.80 Td (, ) Tj ET Q q 0 0 0 rg BT 270.19 648.80 Td (we ) Tj ET Q q 0 0 0 rg BT 284.06 648.80 Td (elected ) Tj ET Q q 0 0 0 rg BT 314.58 648.80 Td (the ) Tj ET Q q 0 0 0 rg BT 329.00 648.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 345.08 648.80 Td (value ) Tj ET Q q 0 0 0 rg BT 368.94 648.80 Td (option ) Tj ET Q q 0 0 0 rg BT 396.71 648.80 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.57 648.80 Td ($5 ) Tj ET Q q 0 0 0 rg BT 422.78 648.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.67 648.80 Td ( ) Tj ET Q q 0 0 0 rg BT 453.88 648.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.52 648.80 Td ($236 ) Tj ET Q q 0 0 0 rg BT 492.73 648.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.62 648.80 Td ( ) Tj ET Q q 0 0 0 rg BT 523.82 648.80 Td (of ) Tj ET Q q 0 0 0 rg BT 534.36 648.80 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.80 Td (senior ) Tj ET Q q 0 0 0 rg BT 62.73 636.80 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.28 636.80 Td ($288 ) Tj ET Q q 0 0 0 rg BT 127.57 636.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.46 636.80 Td ( ) Tj ET Q q 0 0 0 rg BT 158.75 636.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 636.80 Td ($164 ) Tj ET Q q 0 0 0 rg BT 197.77 636.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.66 636.80 Td ( ) Tj ET Q q 0 0 0 rg BT 228.95 636.80 Td (of ) Tj ET Q q 0 0 0 rg BT 239.57 636.80 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 288.51 636.80 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.06 636.80 Td ($4.85 ) Tj ET Q q 0 0 0 rg BT 355.85 636.80 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.97 636.80 Td ( ) Tj ET Q q 0 0 0 rg BT 384.25 636.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.98 636.80 Td ($10.21 ) Tj ET Q q 0 0 0 rg BT 430.77 636.80 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.88 636.80 Td ( ) Tj ET Q q 0 0 0 rg BT 459.17 636.80 Td (of ) Tj ET Q q 0 0 0 rg BT 469.79 636.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 513.73 636.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 537.13 636.80 Td (\(principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.80 Td (balance\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.57 624.80 Td ($38 ) Tj ET Q q 0 0 0 rg BT 91.77 624.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.66 624.80 Td ( ) Tj ET Q q 0 0 0 rg BT 122.87 624.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.51 624.80 Td ($618 ) Tj ET Q q 0 0 0 rg BT 161.72 624.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.61 624.80 Td ( ) Tj ET Q q 0 0 0 rg BT 192.81 624.80 Td (of ) Tj ET Q q 0 0 0 rg BT 203.35 624.80 Td (commercial ) Tj ET Q q 0 0 0 rg BT 252.75 624.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 276.06 624.80 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 317.14 624.80 Td (balance\), ) Tj ET Q q 0 0 0 rg BT 355.70 624.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.35 624.80 Td ($25 ) Tj ET Q q 0 0 0 rg BT 389.55 624.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.44 624.80 Td ( ) Tj ET Q q 0 0 0 rg BT 420.65 624.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.29 624.80 Td ($95 ) Tj ET Q q 0 0 0 rg BT 454.50 624.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.39 624.80 Td ( ) Tj ET Q q 0 0 0 rg BT 485.59 624.80 Td (of ) Tj ET Q q 0 0 0 rg BT 496.13 624.80 Td (MSRs, ) Tj ET Q q 0 0 0 rg BT 525.85 624.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.51 624.80 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.80 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 612.80 Td (e ) Tj ET Q q 0 0 0 rg BT 51.75 612.80 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 93.29 612.80 Td (electing ) Tj ET Q q 0 0 0 rg BT 127.62 612.80 Td (the ) Tj ET Q q 0 0 0 rg BT 142.51 612.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 159.07 612.80 Td (value ) Tj ET Q q 0 0 0 rg BT 183.40 612.80 Td (option ) Tj ET Q q 0 0 0 rg BT 211.63 612.80 Td (for ) Tj ET Q q 0 0 0 rg BT 225.97 612.80 Td (all ) Tj ET Q q 0 0 0 rg BT 238.64 612.80 Td (future ) Tj ET Q q 0 0 0 rg BT 265.19 612.80 Td (purchases ) Tj ET Q q 0 0 0 rg BT 307.29 612.80 Td (of ) Tj ET Q q 0 0 0 rg BT 318.30 612.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 362.63 612.80 Td (loans ) Tj ET Q q 0 0 0 rg BT 386.41 612.80 Td (that ) Tj ET Q q 0 0 0 rg BT 404.08 612.80 Td (we ) Tj ET Q q 0 0 0 rg BT 418.42 612.80 Td (intend ) Tj ET Q q 0 0 0 rg BT 446.09 612.80 Td (to ) Tj ET Q q 0 0 0 rg BT 456.54 612.80 Td (sell ) Tj ET Q q 0 0 0 rg BT 473.10 612.80 Td (to ) Tj ET Q q 0 0 0 rg BT 483.56 612.80 Td (third ) Tj ET Q q 0 0 0 rg BT 505.12 612.80 Td (parties ) Tj ET Q q 0 0 0 rg BT 534.45 612.80 Td (or ) Tj ET Q q 0 0 0 rg BT 545.46 612.80 Td (transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.80 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 600.80 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 106.54 600.80 Td (as ) Tj ET Q q 0 0 0 rg BT 117.37 600.80 Td (well ) Tj ET Q q 0 0 0 rg BT 137.08 600.80 Td (as ) Tj ET Q q 0 0 0 rg BT 147.91 600.80 Td (for ) Tj ET Q q 0 0 0 rg BT 162.07 600.80 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 189.59 600.80 Td (purchased ) Tj ET Q q 0 0 0 rg BT 232.63 600.80 Td (or ) Tj ET Q q 0 0 0 rg BT 243.46 600.80 Td (retained ) Tj ET Q q 0 0 0 rg BT 278.16 600.80 Td (from ) Tj ET Q q 0 0 0 rg BT 300.10 600.80 Td (sales ) Tj ET Q q 0 0 0 rg BT 322.04 600.80 Td (of ) Tj ET Q q 0 0 0 rg BT 332.87 600.80 Td (residential ) Tj ET Q q 0 0 0 rg BT 377.02 600.80 Td (loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 576.80 Td (The ) Tj ET Q q 0 0 0 rg BT 71.69 576.80 Td (following ) Tj ET Q q 0 0 0 rg BT 112.72 576.80 Td (table ) Tj ET Q q 0 0 0 rg BT 134.29 576.80 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.20 576.80 Td (the ) Tj ET Q q 0 0 0 rg BT 183.56 576.80 Td (assets ) Tj ET Q q 0 0 0 rg BT 209.03 576.80 Td (and ) Tj ET Q q 0 0 0 rg BT 225.61 576.80 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 264.97 576.80 Td (that ) Tj ET Q q 0 0 0 rg BT 282.10 576.80 Td (are ) Tj ET Q q 0 0 0 rg BT 296.45 576.80 Td (reported ) Tj ET Q q 0 0 0 rg BT 331.91 576.80 Td (at ) Tj ET Q q 0 0 0 rg BT 341.27 576.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.28 576.80 Td (value ) Tj ET Q q 0 0 0 rg BT 381.08 576.80 Td (on ) Tj ET Q q 0 0 0 rg BT 393.22 576.80 Td (our ) Tj ET Q q 0 0 0 rg BT 408.69 576.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 461.38 576.80 Td (balance ) Tj ET Q q 0 0 0 rg BT 494.05 576.80 Td (sheets ) Tj ET Q q 0 0 0 rg BT 520.63 576.80 Td (on ) Tj ET Q q 0 0 0 rg BT 532.77 576.80 Td (a ) Tj ET Q q 0 0 0 rg BT 539.35 576.80 Td (recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 564.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 58.03 564.80 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.27 564.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.39 564.80 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.39 564.80 Td ( ) Tj ET Q q 0 0 0 rg BT 147.42 564.80 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.88 564.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 222.00 564.80 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.00 564.80 Td (, ) Tj ET Q q 0 0 0 rg BT 246.52 564.80 Td (as ) Tj ET Q q 0 0 0 rg BT 256.88 564.80 Td (well ) Tj ET Q q 0 0 0 rg BT 276.13 564.80 Td (as ) Tj ET Q q 0 0 0 rg BT 286.49 564.80 Td (the ) Tj ET Q q 0 0 0 rg BT 300.73 564.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 316.64 564.80 Td (value ) Tj ET Q q 0 0 0 rg BT 340.32 564.80 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 380.11 564.80 Td (of ) Tj ET Q q 0 0 0 rg BT 390.47 564.80 Td (the ) Tj ET Q q 0 0 0 rg BT 404.71 564.80 Td (valuation ) Tj ET Q q 0 0 0 rg BT 443.95 564.80 Td (inputs ) Tj ET Q q 0 0 0 rg BT 470.43 564.80 Td (used ) Tj ET Q q 0 0 0 rg BT 490.79 564.80 Td (to ) Tj ET Q q 0 0 0 rg BT 500.59 564.80 Td (measure ) Tj ET Q q 0 0 0 rg BT 535.94 564.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 551.84 564.80 Td (value.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 540.80 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 540.80 Td (able 5.2 ) Tj ET Q q 0 0 0 rg BT 83.04 540.80 Td (Assets and Liabilities Measured at Fair V) Tj ET Q q 0 0 0 rg BT 253.06 540.80 Td (alue on a Recurring Basis) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 488.30 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 488.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 488.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 488.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 488.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 488.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 488.30 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 488.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 488.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 458.30 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 458.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 458.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 458.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 458.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 458.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 458.30 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 458.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 458.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 428.30 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 428.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 428.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 428.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 428.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 428.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 428.30 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 428.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 428.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 398.30 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 398.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 398.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 398.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 398.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 398.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 398.30 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 398.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 398.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 368.30 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 368.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 368.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 368.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 368.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 368.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 368.30 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 368.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 368.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 338.30 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 338.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 338.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 338.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 338.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 338.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 338.30 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 338.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 338.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 308.30 271.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 308.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 308.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 308.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 308.30 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 308.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 308.30 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 308.30 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 308.30 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 503.3 m 440.5 503.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 503.3 m 444.5 503.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 503.3 m 508.5 503.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 503.3 m 512.5 503.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 503.3 m 575.5 503.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 488.3 m 306.5 488.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 488.3 m 373.5 488.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 488.3 m 440.5 488.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 488.3 m 508.5 488.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 488.3 m 575.5 488.3 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 507.98 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.75 502.98 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.45 492.98 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.70 507.98 Td (Fair Value Measurements Using) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 492.98 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.05 492.98 Td (Level 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.55 492.98 Td (Level 2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.05 492.98 Td (Level 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 477.98 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 462.97 Td (Residential loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 462.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 462.97 Td (3,886,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 462.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 462.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 462.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 462.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 462.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 462.97 Td (3,886,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 447.97 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 447.97 Td (445,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 447.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 447.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 447.97 Td (445,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 432.97 Td (Available-for-sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 432.97 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 432.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 432.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 432.97 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 417.97 Td (Derivative assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 417.97 Td (36,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 417.97 Td (8,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 417.97 Td (24,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 417.97 Td (3,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 402.97 Td (MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 402.97 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 402.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 402.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 402.97 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 387.97 Td (Pledged collateral) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 387.97 Td (42,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 387.97 Td (42,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 387.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 387.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 372.97 Td (FHLBC stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 372.97 Td (43,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 372.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 372.97 Td (43,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 372.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 357.97 Td (Guarantee asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 357.97 Td (4,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 357.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 357.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 357.97 Td (4,092) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 327.98 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 312.97 Td (Derivative liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 312.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 312.97 Td (66,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 312.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 312.97 Td (5,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 312.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 312.97 Td (56,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 312.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 312.97 Td (3,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 297.97 Td (ABS issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 297.97 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 297.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 297.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 297.97 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 291 0 obj <> endobj 292 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 34) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 644.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 644.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 644.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 644.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 644.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 644.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 644.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 644.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 644.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 614.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 614.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 614.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 614.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 614.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 614.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 614.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 614.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 614.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 584.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 584.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 584.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 584.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 584.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 554.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 554.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 554.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 554.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 554.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 554.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 554.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 554.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 554.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 524.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 524.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 524.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 524.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 524.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 524.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 524.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 524.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 524.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 494.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 494.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 494.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 494.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 494.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 494.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 494.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 494.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 494.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 464.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 464.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 464.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 464.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 464.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 464.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 464.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 464.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 464.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 434.50 270.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 434.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 434.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 434.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 434.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 434.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 434.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 434.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 434.50 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 659.5 m 440.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 659.5 m 444.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 659.5 m 508.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 659.5 m 512.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 659.5 m 575.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 644.5 m 305.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 644.5 m 373.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 644.5 m 440.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 644.5 m 508.5 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 644.5 m 575.5 644.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 664.18 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.25 659.18 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.95 649.18 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.70 664.18 Td (Fair Value Measurements Using) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 649.18 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.05 649.18 Td (Level 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.55 649.18 Td (Level 2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.05 649.18 Td (Level 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 635.23 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 620.07 Td (Residential loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 619.17 Td (3,927,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 619.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 619.17 Td (129,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 619.17 Td (3,797,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 605.07 Td (Commercial loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 604.17 Td (106,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 604.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 604.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 604.17 Td (106,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 590.07 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 589.17 Td (404,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 589.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 589.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 589.17 Td (404,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 575.07 Td (Available-for-sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 574.17 Td (829,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 574.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 574.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 574.17 Td (829,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 560.07 Td (Derivative assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 559.17 Td (16,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 559.17 Td (2,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 559.17 Td (8,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 559.17 Td (4,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 545.07 Td (MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 544.17 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 544.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 544.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 544.17 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 530.07 Td (Pledged collateral) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 529.17 Td (53,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 529.17 Td (53,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 529.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 529.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 515.07 Td (FHLBC stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 514.17 Td (34,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 514.17 Td (34,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 500.07 Td (Guarantee asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 499.17 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 499.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 499.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 499.17 Td (5,697) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 470.23 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 455.07 Td (Derivative liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 454.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 454.17 Td (62,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 454.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 454.17 Td (2,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 454.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 454.17 Td (58,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 454.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 454.17 Td (1,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 440.07 Td (Commercial secured borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 439.17 Td (63,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 439.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 439.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 439.17 Td (63,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 424.17 Td (ABS issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 424.17 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 424.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 424.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 424.17 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 396.00 Td (The ) Tj ET Q q 0 0 0 rg BT 72.23 396.00 Td (following ) Tj ET Q q 0 0 0 rg BT 113.81 396.00 Td (table ) Tj ET Q q 0 0 0 rg BT 135.93 396.00 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.38 396.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 214.06 396.00 Td (information ) Tj ET Q q 0 0 0 rg BT 263.96 396.00 Td (about ) Tj ET Q q 0 0 0 rg BT 288.86 396.00 Td (Level ) Tj ET Q q 0 0 0 rg BT 314.31 396.00 Td (3 ) Tj ET Q q 0 0 0 rg BT 322.00 396.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 348.02 396.00 Td (and ) Tj ET Q q 0 0 0 rg BT 365.14 396.00 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 405.05 396.00 Td (measured ) Tj ET Q q 0 0 0 rg BT 446.05 396.00 Td (at ) Tj ET Q q 0 0 0 rg BT 455.95 396.00 Td (fair ) Tj ET Q q 0 0 0 rg BT 472.52 396.00 Td (value ) Tj ET Q q 0 0 0 rg BT 496.86 396.00 Td (on ) Tj ET Q q 0 0 0 rg BT 509.55 396.00 Td (a ) Tj ET Q q 0 0 0 rg BT 516.67 396.00 Td (recurring ) Tj ET Q q 0 0 0 rg BT 556.01 396.00 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 384.00 Td (for ) Tj ET Q q 0 0 0 rg BT 50.16 384.00 Td (the ) Tj ET Q q 0 0 0 rg BT 64.88 384.00 Td (years ) Tj ET Q q 0 0 0 rg BT 88.48 384.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.85 384.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 173.44 384.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.44 384.00 Td ( ) Tj ET Q q 0 0 0 rg BT 195.94 384.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.88 384.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 271.46 384.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.46 384.00 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 360.00 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 360.00 Td (able 5.3 Changes in Level 3 ) Tj ET Q q 0 0 0 rg BT 164.70 360.00 Td (Assets and Liabilities Measured at Fair V) Tj ET Q q 0 0 0 rg BT 334.73 360.00 Td (alue on a Recurring Basis ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 307.50 80.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 307.50 50.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 307.50 49.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 307.50 44.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 307.50 48.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 307.50 43.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 307.50 43.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 307.50 53.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 307.50 49.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 307.50 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 307.50 45.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 261.50 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 261.50 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 261.50 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 261.50 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 261.50 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 261.50 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 261.50 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 261.50 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 261.50 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 261.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 261.50 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 233.50 80.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 233.50 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 233.50 49.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 233.50 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 233.50 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 233.50 43.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 233.50 43.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 233.50 53.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 233.50 49.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 233.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 233.50 45.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 187.50 80.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 187.50 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 187.50 49.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 187.50 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 187.50 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 187.50 43.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 187.50 43.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 187.50 53.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 187.50 49.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 187.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 187.50 45.00 -23.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 336.5 m 170.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 336.5 m 174.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 336.5 m 223.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 336.5 m 227.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 336.5 m 271.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 336.5 m 275.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 336.5 m 323.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 336.5 m 327.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 336.5 m 370.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 336.5 m 374.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 336.5 m 417.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 336.5 m 421.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 336.5 m 474.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 336.5 m 527.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 336.5 m 531.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 336.5 m 576.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 336.5 m 223.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 336.5 m 271.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 336.5 m 323.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 336.5 m 370.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 336.5 m 417.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 336.5 m 474.5 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 307.5 m 116.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 307.5 m 170.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 307.5 m 223.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 307.5 m 271.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 307.5 m 323.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 307.5 m 370.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 307.5 m 417.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 307.5 m 474.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 307.5 m 527.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 307.5 m 576.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 307.5 m 116.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 307.5 m 170.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 307.5 m 417.5 307.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 164.5 m 170.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 133.5 m 170.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 131.5 m 170.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 164.5 m 223.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 133.5 m 223.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 131.5 m 223.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 164.5 m 271.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 133.5 m 271.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 131.5 m 271.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 164.5 m 323.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 133.5 m 323.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 131.5 m 323.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 164.5 m 370.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 133.5 m 370.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 131.5 m 370.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 164.5 m 417.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 133.5 m 417.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 131.5 m 417.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 164.5 m 474.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 133.5 m 474.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 131.5 m 474.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 164.5 m 527.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 133.5 m 527.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 131.5 m 527.5 131.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 164.5 m 576.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 133.5 m 576.5 133.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 131.5 m 576.5 131.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.30 340.73 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 340.73 Td (Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 125.85 319.73 Td (Residential) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 134.55 311.73 Td (Loans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.45 319.73 Td (Commer) Tj ET Q q 0 0 0 rg BT 207.51 319.73 Td (cial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.05 311.73 Td (Loans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.25 319.73 Td (Trading) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.30 311.73 Td (Securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.40 319.73 Td (AFS ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.30 311.73 Td (Securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.05 311.73 Td (MSRs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.25 319.73 Td (Guarantee) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.35 311.73 Td (Asset) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.10 311.73 Td (Derivatives ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 464.75 315.36 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.45 327.73 Td (Commercial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.75 319.73 Td (Secured) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.55 311.73 Td (Borrowings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.70 319.73 Td (ABS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.60 311.73 Td (Issued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 311.73 Td (\(In Thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 288.96 Td (Beginning balance -) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 279.96 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 123.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.00 279.96 Td (3,797,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 177.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 279.96 Td (106,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 279.96 Td (404,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 279.96 Td (829,245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.75 279.96 Td (191,976) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 279.96 Td (5,697) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 279.96 Td (3,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 279.96 Td (63,152) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.00 279.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 279.96 Td (996,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 265.96 Td (Acquisitions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.00 265.96 Td (4,747,564) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.25 265.96 Td (37,625) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 265.96 Td (292,875) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.25 265.96 Td (34,520) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.25 265.96 Td (25,362) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 265.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 265.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 265.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 265.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 251.96 Td (Sales) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 128.00 251.96 Td (\(3,813,538) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 251.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.25 251.96 Td (\(81,523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 251.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 235.75 251.96 Td (\(244,219) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 251.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 251.96 Td (\(252,696) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 251.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 251.96 Td (\(62,440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 251.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 251.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 251.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 251.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 251.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 237.96 Td (Principal paydowns) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 134.75 237.96 Td (\(806,081) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 237.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.50 237.96 Td (\(476) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 237.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.25 237.96 Td (\(17,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 237.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.25 237.96 Td (\(62,229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 237.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 237.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 237.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 237.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.50 237.96 Td (\(306) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 237.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.75 237.96 Td (\(208,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 237.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 223.96 Td (Gains \(losses\) in net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 214.96 Td (income, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 139.25 214.96 Td (\(33,893) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 214.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 214.96 Td (2,791) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.25 214.96 Td (10,847) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.25 214.96 Td (48,399) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 214.96 Td (\(36,372) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 214.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 214.96 Td (\(1,605) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 214.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 214.96 Td (30,193) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.75 214.96 Td (2,369) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.75 214.96 Td (\(8,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 214.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 200.96 Td (Unrealized losses in) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 191.96 Td (OCI, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 211.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.25 191.96 Td (\(24,487) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 191.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 191.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 177.96 Td (Other settlements, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 168.96 Td (net) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 50.00 173.04 Td ( \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.75 168.96 Td (\(4,758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 168.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.25 168.96 Td (\(65,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 168.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 168.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.00 168.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 168.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 168.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.25 168.96 Td (\(33,887) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 168.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.25 168.96 Td (\(65,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 168.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.75 168.96 Td (\(6,868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 168.96 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 145.95 Td (Ending balance -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 136.95 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 123.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.00 136.96 Td (3,886,845) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 177.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 211.00 136.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 136.96 Td (445,687) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 136.96 Td (572,752) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.75 136.96 Td (118,526) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 136.96 Td (4,092) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.50 136.96 Td (\(486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 136.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 136.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.00 136.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 136.96 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 293 0 obj <> endobj 294 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 35) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 632.50 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 632.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 632.50 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 632.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 632.50 49.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 632.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 632.50 44.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 632.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 632.50 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 632.50 4.00 -25.00 re f /GS0 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1 rg /GS0 gs 527.50 592.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 592.50 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 562.50 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 562.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 562.50 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 562.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 562.50 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 562.50 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 562.50 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 562.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 562.50 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 562.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 562.50 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 524.50 80.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 116.50 524.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 120.50 524.50 50.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 524.50 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 524.50 49.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 524.50 4.00 -23.00 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0 d 0 J 0 j 3 M 327.5 632.5 m 370.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 632.5 m 417.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 661.5 m 474.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 632.5 m 474.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 632.5 m 527.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 661.5 m 576.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 632.5 m 576.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 632.5 m 116.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 632.5 m 170.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 632.5 m 223.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 632.5 m 271.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 632.5 m 323.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 632.5 m 370.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 632.5 m 417.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 632.5 m 474.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 632.5 m 527.5 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 478.5 m 170.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 478.5 m 223.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 478.5 m 271.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 478.5 m 323.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 478.5 m 370.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 478.5 m 417.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 478.5 m 474.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 478.5 m 527.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 478.5 m 576.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 447.5 m 170.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 445.5 m 170.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 478.5 m 223.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 447.5 m 223.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 445.5 m 223.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 478.5 m 271.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 447.5 m 271.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 445.5 m 271.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 478.5 m 323.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 447.5 m 323.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 445.5 m 323.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 478.5 m 370.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 447.5 m 370.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 445.5 m 370.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 478.5 m 417.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 447.5 m 417.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 445.5 m 417.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 478.5 m 474.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 447.5 m 474.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 445.5 m 474.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 478.5 m 527.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 447.5 m 527.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 445.5 m 527.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 478.5 m 576.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 447.5 m 576.5 447.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 445.5 m 576.5 445.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 665.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.30 665.73 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 665.73 Td (Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 636.73 Td (\(In Thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 125.85 644.73 Td (Residential) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 134.55 636.73 Td (Loans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.45 644.73 Td (Commer) Tj ET Q q 0 0 0 rg BT 207.51 644.73 Td (cial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.05 636.73 Td (Loans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.25 644.73 Td (T) Tj ET Q q 0 0 0 rg BT 239.99 644.73 Td (rading) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.30 636.73 Td (Securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.40 644.73 Td (AFS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.30 636.73 Td (Securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.05 636.73 Td (MSRs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.25 644.73 Td (Guarantee) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.35 636.73 Td (Asset) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.10 636.73 Td (Derivatives ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 464.75 640.36 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.45 652.73 Td (Commer) Tj ET Q q 0 0 0 rg BT 511.51 652.73 Td (cial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.75 644.73 Td (Secur) Tj ET Q q 0 0 0 rg BT 508.16 644.73 Td (ed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.55 636.73 Td (Borr) Tj ET Q q 0 0 0 rg BT 498.84 636.73 Td (owings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.70 644.73 Td (ABS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 636.73 Td ( Issued) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 620.96 Td (Beginning balance -) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 611.96 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 123.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.00 611.96 Td (1,677,984) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 177.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 611.96 Td (237,496) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 611.96 Td (111,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 284.00 611.96 Td (1,267,624) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.75 611.96 Td (139,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 611.96 Td (7,201) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 611.96 Td (1,119) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 611.96 Td (66,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.00 611.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 611.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 596.96 Td (T) Tj ET Q q 0 0 0 rg BT 44.18 596.96 Td (ransfer to FVO ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 100.92 601.04 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.00 596.96 Td (1,370,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 211.00 596.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 596.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.00 596.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 596.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 596.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 596.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 596.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.00 596.96 Td (1,302,216) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 583.76 Td (Acquisitions) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.00 581.96 Td (5,231,532) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 581.96 Td (617,519) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 581.96 Td (399,990) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.25 581.96 Td (33,370) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 342.25 581.96 Td (95,281) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 581.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 581.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 581.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 581.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 568.76 Td (Sales) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 128.00 566.96 Td (\(3,857,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 566.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.75 566.96 Td (\(754,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 566.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.25 566.96 Td (\(83,038) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 566.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 566.96 Td (\(366,373) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 566.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 566.96 Td (\(18,206) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 566.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 566.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 566.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 566.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.75 566.96 Td (\(1,362) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 566.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 553.76 Td (Principal paydowns) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 134.75 551.96 Td (\(612,473) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 551.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.50 551.96 Td (\(780) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 551.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 244.75 551.96 Td (\(7,245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 551.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.75 551.96 Td (\(131,387) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 551.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 551.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 551.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 551.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.50 551.96 Td (\(593) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 551.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.75 551.96 Td (\(312,800) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.00 551.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 538.76 Td (Gains \(losses\) in net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 529.76 Td (income, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.75 528.96 Td (\(6,071) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 528.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.75 528.96 Td (7,199) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.25 528.96 Td (\(17,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.00 528.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 295.25 528.96 Td (72,612) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.25 528.96 Td (\(24,392) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 528.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 528.96 Td (\(1,377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 528.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.25 528.96 Td (60,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.75 528.96 Td (\(3,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 524.00 528.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 528.96 Td (8,366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 515.76 Td (Unrealized gains in) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 506.76 Td (OCI, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 211.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 292.25 505.96 Td (\(46,961) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.00 505.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 405.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 505.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 492.76 Td (Other settlements, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 483.76 Td (net ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 52.25 487.84 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.75 482.96 Td (\(6,313) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.00 482.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 211.00 482.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 482.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.50 482.96 Td (360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.00 482.96 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.50 482.96 Td (\(127) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.00 482.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.25 482.96 Td (\(58,734) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 482.96 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.00 482.96 Td (49) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 482.96 Td (400) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 459.95 Td (Ending balance -) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 450.95 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 123.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 131.00 450.96 Td (3,797,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 177.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 450.96 Td (106,798) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 450.96 Td (404,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 450.96 Td (829,245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.75 450.96 Td (191,976) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.75 450.96 Td (5,697) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 450.96 Td (3,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.25 450.96 Td (63,152) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.00 450.96 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 450.96 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 427.20 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 427.20 Td (For ) Tj ET Q q 0 0 0 rg BT 68.75 427.20 Td (the ) Tj ET Q q 0 0 0 rg BT 82.00 427.20 Td (purpose ) Tj ET Q q 0 0 0 rg BT 112.74 427.20 Td (of ) Tj ET Q q 0 0 0 rg BT 122.49 427.20 Td (this ) Tj ET Q q 0 0 0 rg BT 137.74 427.20 Td (presentation, ) Tj ET Q q 0 0 0 rg BT 186.23 427.20 Td (derivative ) Tj ET Q q 0 0 0 rg BT 224.46 427.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.71 427.20 Td (and ) Tj ET Q q 0 0 0 rg BT 262.95 427.20 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 300.95 427.20 Td (which ) Tj ET Q q 0 0 0 rg BT 325.19 427.20 Td (consist ) Tj ET Q q 0 0 0 rg BT 352.44 427.20 Td (of ) Tj ET Q q 0 0 0 rg BT 362.19 427.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 379.93 427.20 Td (purchase ) Tj ET Q q 0 0 0 rg BT 414.17 427.20 Td (commitments, ) Tj ET Q q 0 0 0 rg BT 467.66 427.20 Td (are ) Tj ET Q q 0 0 0 rg BT 480.90 427.20 Td (presented ) Tj ET Q q 0 0 0 rg BT 517.63 427.20 Td (on ) Tj ET Q q 0 0 0 rg BT 528.88 427.20 Td (a ) Tj ET Q q 0 0 0 rg BT 535.13 427.20 Td (net ) Tj ET Q q 0 0 0 rg BT 548.37 427.20 Td (basis.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 410.40 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 48.74 410.40 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 410.40 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.92 410.40 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 122.10 410.40 Td (net ) Tj ET Q q 0 0 0 rg BT 135.53 410.40 Td (for ) Tj ET Q q 0 0 0 rg BT 148.45 410.40 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 190.37 410.40 Td (represents ) Tj ET Q q 0 0 0 rg BT 229.29 410.40 Td (the ) Tj ET Q q 0 0 0 rg BT 242.71 410.40 Td (transfer ) Tj ET Q q 0 0 0 rg BT 272.63 410.40 Td (of ) Tj ET Q q 0 0 0 rg BT 282.56 410.40 Td (the ) Tj ET Q q 0 0 0 rg BT 295.99 410.40 Td (fair ) Tj ET Q q 0 0 0 rg BT 310.91 410.40 Td (value ) Tj ET Q q 0 0 0 rg BT 332.83 410.40 Td (of ) Tj ET Q q 0 0 0 rg BT 342.76 410.40 Td (loan ) Tj ET Q q 0 0 0 rg BT 360.69 410.40 Td (purchase ) Tj ET Q q 0 0 0 rg BT 395.10 410.40 Td (commitments ) Tj ET Q q 0 0 0 rg BT 446.53 410.40 Td (at ) Tj ET Q q 0 0 0 rg BT 455.46 410.40 Td (the ) Tj ET Q q 0 0 0 rg BT 468.89 410.40 Td (time ) Tj ET Q q 0 0 0 rg BT 487.32 410.40 Td (loans ) Tj ET Q q 0 0 0 rg BT 508.75 410.40 Td (are ) Tj ET Q q 0 0 0 rg BT 522.17 410.40 Td (acquired ) Tj ET Q q 0 0 0 rg BT 555.58 410.40 Td (to ) Tj ET Q q 0 0 0 rg BT 565.01 410.40 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 399.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 74.69 399.60 Td (of ) Tj ET Q q 0 0 0 rg BT 84.88 399.60 Td (residential ) Tj ET Q q 0 0 0 rg BT 125.06 399.60 Td (loans. ) Tj ET Q q 0 0 0 rg BT 149.00 399.60 Td (For ) Tj ET Q q 0 0 0 rg BT 164.20 399.60 Td (commercial ) Tj ET Q q 0 0 0 rg BT 209.37 399.60 Td (secured ) Tj ET Q q 0 0 0 rg BT 239.54 399.60 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 283.23 399.60 Td (and ) Tj ET Q q 0 0 0 rg BT 298.92 399.60 Td (commercial ) Tj ET Q q 0 0 0 rg BT 344.09 399.60 Td (loans, ) Tj ET Q q 0 0 0 rg BT 368.03 399.60 Td (the ) Tj ET Q q 0 0 0 rg BT 381.72 399.60 Td (reduction ) Tj ET Q q 0 0 0 rg BT 418.40 399.60 Td (in ) Tj ET Q q 0 0 0 rg BT 428.09 399.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 448.79 399.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 487.96 399.60 Td (the ) Tj ET Q q 0 0 0 rg BT 501.65 399.60 Td (derecognition ) Tj ET Q q 0 0 0 rg BT 553.83 399.60 Td (of ) Tj ET Q q 0 0 0 rg BT 564.02 399.60 Td (our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 388.80 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.73 388.80 Td (secured ) Tj ET Q q 0 0 0 rg BT 128.46 388.80 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 171.71 388.80 Td (and ) Tj ET Q q 0 0 0 rg BT 186.95 388.80 Td (related ) Tj ET Q q 0 0 0 rg BT 213.68 388.80 Td (commercial ) Tj ET Q q 0 0 0 rg BT 257.92 388.80 Td (A-note ) Tj ET Q q 0 0 0 rg BT 285.16 388.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 330.40 388.80 Td (upon ) Tj ET Q q 0 0 0 rg BT 350.65 388.80 Td (sale ) Tj ET Q q 0 0 0 rg BT 366.90 388.80 Td (of ) Tj ET Q q 0 0 0 rg BT 376.64 388.80 Td (the ) Tj ET Q q 0 0 0 rg BT 389.89 388.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 429.12 388.80 Td (B-notes.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 372.00 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 54.00 372.00 Td (Upon ) Tj ET Q q 0 0 0 rg BT 76.98 372.00 Td (adoption ) Tj ET Q q 0 0 0 rg BT 111.46 372.00 Td (of ) Tj ET Q q 0 0 0 rg BT 121.29 372.00 Td (ASU ) Tj ET Q q 0 0 0 rg BT 142.27 372.00 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 175.25 372.00 Td (on ) Tj ET Q q 0 0 0 rg BT 187.24 372.00 Td (January ) Tj ET Q q 0 0 0 rg BT 218.21 372.00 Td (1, ) Tj ET Q q 0 0 0 rg BT 227.94 372.00 Td (2015, ) Tj ET Q q 0 0 0 rg BT 251.18 372.00 Td (loans ) Tj ET Q q 0 0 0 rg BT 273.16 372.00 Td (held-for) Tj ET Q q 0 0 0 rg BT 301.97 372.00 Td (-investment ) Tj ET Q q 0 0 0 rg BT 347.44 372.00 Td (in, ) Tj ET Q q 0 0 0 rg BT 359.68 372.00 Td (and ) Tj ET Q q 0 0 0 rg BT 375.00 372.00 Td (ABS ) Tj ET Q q 0 0 0 rg BT 395.49 372.00 Td (issued ) Tj ET Q q 0 0 0 rg BT 420.97 372.00 Td (by) Tj ET Q q 0 0 0 rg BT 429.39 372.00 Td (, ) Tj ET Q q 0 0 0 rg BT 434.62 372.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.09 372.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.56 372.00 Td (entities ) Tj ET Q q 0 0 0 rg BT 546.54 372.00 Td (are ) Tj ET Q q 0 0 0 rg BT 560.51 372.00 Td (now ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 361.20 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.73 361.20 Td (at ) Tj ET Q q 0 0 0 rg BT 96.47 361.20 Td (fair ) Tj ET Q q 0 0 0 rg BT 111.21 361.20 Td (value. ) Tj ET Q q 0 0 0 rg BT 135.20 361.20 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.45 361.20 Td (Note ) Tj ET Q q 0 0 0 rg BT 169.69 361.20 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.19 361.20 Td ( ) Tj ET Q q 0 0 0 rg BT 176.44 361.20 Td (for ) Tj ET Q q 0 0 0 rg BT 189.19 361.20 Td (further ) Tj ET Q q 0 0 0 rg BT 215.93 361.20 Td (discussion.) Tj ET Q endstream endobj 295 0 obj <> endobj 296 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.00 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.34 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.23 668.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.45 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.12 668.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 216.46 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.24 668.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 250.80 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.58 668.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 287.93 668.10 Td (included ) Tj ET Q q 0 0 0 rg BT 324.81 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.04 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.83 668.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 403.82 668.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 448.48 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.27 668.10 Td (income ) Tj ET Q q 0 0 0 rg BT 491.15 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 508.60 668.10 Td (were ) Tj ET Q q 0 0 0 rg BT 530.48 668.10 Td (attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.79 656.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 70.56 656.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 77.57 656.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 102.91 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.36 656.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 158.58 656.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 195.57 656.10 Td (at ) Tj ET Q q 0 0 0 rg BT 204.79 656.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 220.68 656.10 Td (value ) Tj ET Q q 0 0 0 rg BT 244.34 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 256.35 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.80 656.10 Td (recurring ) Tj ET Q q 0 0 0 rg BT 301.46 656.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 323.47 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.91 656.10 Td (held ) Tj ET Q q 0 0 0 rg BT 359.14 656.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.37 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 426.46 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.46 656.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.97 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.97 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 475.48 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.93 656.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.93 656.10 Td (. ) Tj ET Q q 0 0 0 rg BT 516.43 656.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 541.77 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 552.11 656.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 71.84 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.36 644.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 110.21 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 121.06 644.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 160.80 644.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 182.49 644.10 Td (matured, ) Tj ET Q q 0 0 0 rg BT 220.27 644.10 Td (called, ) Tj ET Q q 0 0 0 rg BT 249.17 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.02 644.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 281.42 644.10 Td (written ) Tj ET Q q 0 0 0 rg BT 312.27 644.10 Td (down ) Tj ET Q q 0 0 0 rg BT 337.01 644.10 Td (during ) Tj ET Q q 0 0 0 rg BT 365.64 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.38 644.10 Td (years ) Tj ET Q q 0 0 0 rg BT 404.00 644.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.40 644.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 489.00 644.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 644.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.02 644.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.02 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 539.05 644.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 644.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (are ) Tj ET Q q 0 0 0 rg BT 50.71 632.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.99 632.10 Td (included ) Tj ET Q q 0 0 0 rg BT 102.92 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.20 632.10 Td (this ) Tj ET Q q 0 0 0 rg BT 130.15 632.10 Td (presentation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 608.10 Td (able ) Tj ET Q q 0 0 0 rg BT 61.28 608.10 Td (5.4 ) Tj ET Q q 0 0 0 rg BT 76.66 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.54 608.10 Td (Portion ) Tj ET Q q 0 0 0 rg BT 118.54 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.74 608.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 147.06 608.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 174.39 608.10 Td (\(Losses\) ) Tj ET Q q 0 0 0 rg BT 210.72 608.10 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 263.05 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.71 608.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 298.79 608.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 306.24 608.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 334.68 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.12 608.10 Td (Liabilities ) Tj ET Q q 0 0 0 rg BT 397.10 608.10 Td (Still ) Tj ET Q q 0 0 0 rg BT 416.65 608.10 Td (Held ) Tj ET Q q 0 0 0 rg BT 439.53 608.10 Td (at ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 450.18 608.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 509.70 608.10 Td (2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 529.70 608.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 535.08 608.10 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 555.08 608.10 Td (, ) Tj ET Q q 0 0 0 rg BT 560.46 608.10 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 596.10 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 596.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 97.67 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.51 596.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 125.45 596.10 Td (Income) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 540.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 540.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 540.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 540.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 510.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 510.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 510.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 510.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 480.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 480.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 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Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 485.27 Td (Commercial loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 485.32 Td (\(2,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 485.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 485.27 Td (3,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 470.27 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 470.27 Td (7,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 470.32 Td (\(13,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 470.27 Td (\(25,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 455.27 Td (Available-for-sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 455.32 Td (\(368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 455.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 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Tf ET q 0 0 0 rg BT 38.00 585.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.25 580.28 Td (Carrying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.95 570.28 Td (V) Tj ET Q q 0 0 0 rg BT 290.25 570.28 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.70 585.28 Td (Fair Value Measurements Using) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 570.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.05 570.28 Td (Level 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.55 570.28 Td (Level 2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.05 570.28 Td (Level 3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.70 570.05 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 555.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 540.27 Td (Residential loans, at lower of cost or fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 540.27 Td (867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 540.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 540.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 540.27 Td (867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.30 540.27 Td (\(17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 540.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 525.27 Td (Commercial loans, at lower of cost or fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 525.27 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 525.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 525.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 525.27 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 525.27 Td (\(300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 525.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 510.27 Td (REO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 510.27 Td (5,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 510.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 510.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 510.27 Td (5,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 510.27 Td (\(1,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 510.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.55 475.28 Td (Gain \(Loss\) for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.90 465.28 Td (Y) Tj ET Q q 0 0 0 rg BT 512.01 465.28 Td (ear) Tj ET Q q 0 0 0 rg BT 525.71 465.28 Td ( Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 465.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.25 460.28 Td (Carrying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.95 450.28 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.70 465.28 Td (Fair 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Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 420.27 Td (1,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 420.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 420.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 405.27 Td (REO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 405.27 Td (2,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 405.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 405.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 405.27 Td (2,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 405.27 Td (\(764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 405.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 390.28 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 375.27 Td (Guarantee obligation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 375.27 Td (4,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 375.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 375.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 375.27 Td (4,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 375.27 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 299 0 obj <> endobj 300 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. 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-15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 497.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 497.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 467.60 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 467.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 467.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 467.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 437.60 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 437.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 437.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 437.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 407.60 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 407.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 407.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 407.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 377.60 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 377.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 377.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 377.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 347.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 347.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 347.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 347.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 347.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 347.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 347.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 318.60 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 318.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 318.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 318.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 318.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 318.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 318.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 288.60 336.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 288.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 288.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 288.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 600.6 m 439.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 600.6 m 443.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 600.6 m 507.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 600.6 m 511.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 600.6 m 575.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 586.6 m 371.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 586.6 m 439.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 586.6 m 507.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 586.6 m 575.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 497.6 m 439.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 482.6 m 439.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 497.6 m 507.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 482.6 m 507.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 497.6 m 575.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 482.6 m 575.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 362.6 m 439.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 347.6 m 439.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 362.6 m 507.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 347.6 m 507.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 362.6 m 575.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 347.6 m 575.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 303.6 m 439.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 303.6 m 507.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 303.6 m 575.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 288.6 m 507.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 288.6 m 575.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 288.6 m 439.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 274.6 m 439.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 272.6 m 439.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 288.6 m 507.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 274.6 m 507.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 272.6 m 507.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 288.6 m 575.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 274.6 m 575.5 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 272.6 m 575.5 272.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.60 605.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 591.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.00 591.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.00 591.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.00 591.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 577.28 Td (Mortgage Banking Activities, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 562.27 Td (Residential loans held-for-sale, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 562.27 Td (5,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 562.27 Td (3,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 562.27 Td (51,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 547.27 Td (Residential loan purchase and forward sale commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 547.27 Td (25,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 547.27 Td (50,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 547.27 Td (13,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 532.27 Td (Commercial loans, at fair value ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 172.29 536.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 532.27 Td (433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 532.27 Td (10,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 532.27 Td (20,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 517.27 Td (Sequoia securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 517.27 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 517.32 Td (\(15,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 517.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 517.27 Td (\(23,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 517.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 502.27 Td (Risk management derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 502.27 Td (3,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 502.32 Td (\(42,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 502.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 502.27 Td (\(31,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 502.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 487.28 Td (T) Tj ET Q q 0 0 0 rg BT 43.75 487.28 Td (otal mortgage banking activities, net ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 201.52 491.81 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 487.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 487.27 Td (36,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 487.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 487.27 Td (6,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 487.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 487.27 Td (30,985) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 472.28 Td (Investment Fair Value Changes, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 457.27 Td (Residential loans held-for-investment at Redwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 457.32 Td (\(23,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 457.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 457.32 Td (\(6,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 457.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 457.27 Td (\(697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 457.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 442.27 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 442.27 Td (9,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 442.32 Td (\(2,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 442.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 442.27 Td (\(358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 442.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 427.27 Td (Valuation adjustments on commercial loans held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 427.32 Td (\(307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 427.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 427.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 427.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 412.27 Td (Net investments in consolidated Sequoia entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 412.32 Td (\(4,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 412.32 Td (\(1,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 412.27 Td (\(894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 397.27 Td (Risk sharing investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 397.32 Td (\(1,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 397.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 397.32 Td (\(1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 397.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 397.27 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 382.27 Td (Risk management derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 382.32 Td (\(9,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 382.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 382.32 Td (\(9,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 382.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 382.27 Td (\(7,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 382.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 367.27 Td (Impairments on AFS securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 367.32 Td (\(368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 367.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 367.32 Td (\(246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 367.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 367.27 Td (\(565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 367.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 352.28 Td (Total investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 352.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 352.32 Td (\(28,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 352.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 352.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 352.32 Td (\(21,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 352.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 352.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 352.27 Td (\(10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 352.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 338.28 Td (MSR Income \(Loss\), Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 323.27 Td (MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 323.32 Td (\(36,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 323.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 323.32 Td (\(24,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 323.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 323.27 Td (\(21,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 323.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 308.27 Td (Risk management derivatives, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 308.27 Td (15,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 308.32 Td (\(12,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 308.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 308.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 293.28 Td (T) Tj ET Q q 0 0 0 rg BT 43.75 293.28 Td (otal MSR loss, net ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 123.47 297.81 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 293.32 Td (\(20,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 293.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 293.32 Td (\(37,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 293.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 293.27 Td (\(21,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 293.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 278.28 Td (Total Market Valuation Gains \(Losses\), Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 278.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 278.32 Td (\(12,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 278.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 278.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 278.32 Td (\(51,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 278.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 278.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 278.27 Td (\(298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 278.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 260.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 260.30 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 100.50 260.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 121.51 260.30 Td (at ) Tj ET Q q 0 0 0 rg BT 130.02 260.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 144.53 260.30 Td (value ) Tj ET Q q 0 0 0 rg BT 166.03 260.30 Td (does ) Tj ET Q q 0 0 0 rg BT 184.55 260.30 Td (not ) Tj ET Q q 0 0 0 rg BT 198.06 260.30 Td (include ) Tj ET Q q 0 0 0 rg BT 226.57 260.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 270.61 260.30 Td (A-notes, ) Tj ET Q q 0 0 0 rg BT 303.37 260.30 Td (which ) Tj ET Q q 0 0 0 rg BT 327.38 260.30 Td (were ) Tj ET Q q 0 0 0 rg BT 346.88 260.30 Td (sold ) Tj ET Q q 0 0 0 rg BT 363.90 260.30 Td (in ) Tj ET Q q 0 0 0 rg BT 372.92 260.30 Td (2014, ) Tj ET Q q 0 0 0 rg BT 395.18 260.30 Td (but ) Tj ET Q q 0 0 0 rg BT 408.70 260.30 Td (did ) Tj ET Q q 0 0 0 rg BT 422.21 260.30 Td (not ) Tj ET Q q 0 0 0 rg BT 435.73 260.30 Td (qualify ) Tj ET Q q 0 0 0 rg BT 463.24 260.30 Td (for ) Tj ET Q q 0 0 0 rg BT 475.75 260.30 Td (sale ) Tj ET Q q 0 0 0 rg BT 491.75 260.30 Td (treatment ) Tj ET Q q 0 0 0 rg BT 527.75 260.30 Td (under ) Tj ET Q q 0 0 0 rg BT 550.26 260.30 Td (GAAP) Tj ET Q q 0 0 0 rg BT 573.77 260.30 Td (. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 249.50 Td (The ) Tj ET Q q 0 0 0 rg BT 69.31 249.50 Td (market ) Tj ET Q q 0 0 0 rg BT 95.62 249.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 130.43 249.50 Td (gains ) Tj ET Q q 0 0 0 rg BT 150.75 249.50 Td (and ) Tj ET Q q 0 0 0 rg BT 165.07 249.50 Td (losses ) Tj ET Q q 0 0 0 rg BT 187.89 249.50 Td (on ) Tj ET Q q 0 0 0 rg BT 198.21 249.50 Td (the ) Tj ET Q q 0 0 0 rg BT 210.53 249.50 Td (commercial ) Tj ET Q q 0 0 0 rg BT 254.03 249.50 Td (A-notes ) Tj ET Q q 0 0 0 rg BT 283.85 249.50 Td (and ) Tj ET Q q 0 0 0 rg BT 298.16 249.50 Td (associated ) Tj ET Q q 0 0 0 rg BT 336.47 249.50 Td (commercial ) Tj ET Q q 0 0 0 rg BT 380.27 249.50 Td (secured ) Tj ET Q q 0 0 0 rg BT 409.07 249.50 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 451.39 249.50 Td (net ) Tj ET Q q 0 0 0 rg BT 463.70 249.50 Td (to ) Tj ET Q q 0 0 0 rg BT 472.03 249.50 Td (zero ) Tj ET Q q 0 0 0 rg BT 488.83 249.50 Td (in ) Tj ET Q q 0 0 0 rg BT 497.15 249.50 Td (each ) Tj ET Q q 0 0 0 rg BT 514.96 249.50 Td (period ) Tj ET Q q 0 0 0 rg BT 539.27 249.50 Td (presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 231.50 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 231.50 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 91.93 231.50 Td (banking ) Tj ET Q q 0 0 0 rg BT 123.87 231.50 Td (activities, ) Tj ET Q q 0 0 0 rg BT 161.55 231.50 Td (net ) Tj ET Q q 0 0 0 rg BT 175.49 231.50 Td (presented ) Tj ET Q q 0 0 0 rg BT 212.92 231.50 Td (above ) Tj ET Q q 0 0 0 rg BT 237.35 231.50 Td (does ) Tj ET Q q 0 0 0 rg BT 256.79 231.50 Td (not ) Tj ET Q q 0 0 0 rg BT 271.24 231.50 Td (include ) Tj ET Q q 0 0 0 rg BT 300.67 231.50 Td (fee ) Tj ET Q q 0 0 0 rg BT 314.60 231.50 Td (income ) Tj ET Q q 0 0 0 rg BT 344.03 231.50 Td (or ) Tj ET Q q 0 0 0 rg BT 354.47 231.50 Td (provisions ) Tj ET Q q 0 0 0 rg BT 394.92 231.50 Td (for ) Tj ET Q q 0 0 0 rg BT 408.36 231.50 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 453.78 231.50 Td (that ) Tj ET Q q 0 0 0 rg BT 470.22 231.50 Td (are ) Tj ET Q q 0 0 0 rg BT 484.15 231.50 Td (components ) Tj ET Q q 0 0 0 rg BT 530.58 231.50 Td (of ) Tj ET Q q 0 0 0 rg BT 541.02 231.50 Td (Mortgage ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 220.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 85.25 220.70 Td (activities, ) Tj ET Q q 0 0 0 rg BT 122.23 220.70 Td (net ) Tj ET Q q 0 0 0 rg BT 135.48 220.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 172.21 220.70 Td (on ) Tj ET Q q 0 0 0 rg BT 183.46 220.70 Td (our ) Tj ET Q q 0 0 0 rg BT 197.71 220.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 245.45 220.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 285.69 220.70 Td (of ) Tj ET Q q 0 0 0 rg BT 295.44 220.70 Td (income, ) Tj ET Q q 0 0 0 rg BT 326.43 220.70 Td (as ) Tj ET Q q 0 0 0 rg BT 336.17 220.70 Td (these ) Tj ET Q q 0 0 0 rg BT 356.92 220.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 389.66 220.70 Td (do ) Tj ET Q q 0 0 0 rg BT 400.91 220.70 Td (not ) Tj ET Q q 0 0 0 rg BT 414.66 220.70 Td (represent ) Tj ET Q q 0 0 0 rg BT 449.89 220.70 Td (market ) Tj ET Q q 0 0 0 rg BT 477.13 220.70 Td (valuation ) Tj ET Q q 0 0 0 rg BT 512.87 220.70 Td (changes.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 203.90 Td (\(3\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 203.90 Td (MSR ) Tj ET Q q 0 0 0 rg BT 74.97 203.90 Td (income ) Tj ET Q q 0 0 0 rg BT 103.42 203.90 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 127.63 203.90 Td (net ) Tj ET Q q 0 0 0 rg BT 140.59 203.90 Td (presented ) Tj ET Q q 0 0 0 rg BT 177.03 203.90 Td (above ) Tj ET Q q 0 0 0 rg BT 200.48 203.90 Td (does ) Tj ET Q q 0 0 0 rg BT 218.94 203.90 Td (not ) Tj ET Q q 0 0 0 rg BT 232.40 203.90 Td (include ) Tj ET Q q 0 0 0 rg BT 260.85 203.90 Td (net ) Tj ET Q q 0 0 0 rg BT 273.81 203.90 Td (fee ) Tj ET Q q 0 0 0 rg BT 286.76 203.90 Td (income ) Tj ET Q q 0 0 0 rg BT 315.21 203.90 Td (or ) Tj ET Q q 0 0 0 rg BT 324.67 203.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 364.13 203.90 Td (for ) Tj ET Q q 0 0 0 rg BT 376.59 203.90 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 421.02 203.90 Td (that ) Tj ET Q q 0 0 0 rg BT 436.48 203.90 Td (are ) Tj ET Q q 0 0 0 rg BT 449.43 203.90 Td (components ) Tj ET Q q 0 0 0 rg BT 494.88 203.90 Td (of ) Tj ET Q q 0 0 0 rg BT 504.34 203.90 Td (MSR ) Tj ET Q q 0 0 0 rg BT 525.31 203.90 Td (income ) Tj ET Q q 0 0 0 rg BT 553.76 203.90 Td (\(loss\), ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 193.10 Td (net ) Tj ET Q q 0 0 0 rg BT 67.01 193.10 Td (on ) Tj ET Q q 0 0 0 rg BT 78.03 193.10 Td (our ) Tj ET Q q 0 0 0 rg BT 92.05 193.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 139.55 193.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 179.56 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.08 193.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 219.83 193.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.35 193.10 Td (these ) Tj ET Q q 0 0 0 rg BT 249.86 193.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 282.38 193.10 Td (do ) Tj ET Q q 0 0 0 rg BT 293.39 193.10 Td (not ) Tj ET Q q 0 0 0 rg BT 306.91 193.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 341.91 193.10 Td (market ) Tj ET Q q 0 0 0 rg BT 368.92 193.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 404.43 193.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 451.69 193.10 Td (In ) Tj ET Q q 0 0 0 rg BT 461.21 193.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 494.97 193.10 Td (we ) Tj ET Q q 0 0 0 rg BT 507.48 193.10 Td (did ) Tj ET Q q 0 0 0 rg BT 521.00 193.10 Td (not ) Tj ET Q q 0 0 0 rg BT 534.52 193.10 Td (specifically ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 182.30 Td (identify ) Tj ET Q q 0 0 0 rg BT 84.24 182.30 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 125.98 182.30 Td (used ) Tj ET Q q 0 0 0 rg BT 144.73 182.30 Td (to ) Tj ET Q q 0 0 0 rg BT 153.98 182.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 177.71 182.30 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 202.48 182.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 222.22 182.30 Td (to ) Tj ET Q q 0 0 0 rg BT 231.47 182.30 Td (the ) Tj ET Q q 0 0 0 rg BT 244.72 182.30 Td (second ) Tj ET Q q 0 0 0 rg BT 271.96 182.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 299.69 182.30 Td (of ) Tj ET Q q 0 0 0 rg BT 309.44 182.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 331.94 182.30 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.19 182.30 Td (Note ) Tj ET Q q 0 0 0 rg BT 366.43 182.30 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.93 182.30 Td ( ) Tj ET Q q 0 0 0 rg BT 373.18 182.30 Td (for ) Tj ET Q q 0 0 0 rg BT 385.93 182.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 424.17 182.30 Td (detail.) Tj ET Q endstream endobj 301 0 obj <> endobj 302 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (V) Tj ET Q q 0 0 0 rg BT 41.56 668.25 Td (aluation Policy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 650.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.58 650.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 107.08 650.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.02 650.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 141.52 650.25 Td (that ) Tj ET Q q 0 0 0 rg BT 159.02 650.25 Td (specifies ) Tj ET Q q 0 0 0 rg BT 196.51 650.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.23 650.25 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 272.62 650.25 Td (we ) Tj ET Q q 0 0 0 rg BT 286.78 650.25 Td (use ) Tj ET Q q 0 0 0 rg BT 302.62 650.25 Td (to ) Tj ET Q q 0 0 0 rg BT 312.90 650.25 Td (value ) Tj ET Q q 0 0 0 rg BT 337.06 650.25 Td (dif) Tj ET Q q 0 0 0 rg BT 347.99 650.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 373.81 650.25 Td (types ) Tj ET Q q 0 0 0 rg BT 397.42 650.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.26 650.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 445.74 650.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 497.41 650.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 543.80 650.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 638.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.18 638.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.80 638.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 100.42 638.25 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 161.70 638.25 Td (are ) Tj ET Q q 0 0 0 rg BT 176.31 638.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 215.36 638.25 Td (by ) Tj ET Q q 0 0 0 rg BT 227.77 638.25 Td (members ) Tj ET Q q 0 0 0 rg BT 266.83 638.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.56 638.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 304.40 638.25 Td (management ) Tj ET Q q 0 0 0 rg BT 357.90 638.25 Td (to ) Tj ET Q q 0 0 0 rg BT 368.08 638.25 Td (confirm ) Tj ET Q q 0 0 0 rg BT 402.14 638.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.76 638.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 451.37 638.25 Td (are ) Tj ET Q q 0 0 0 rg BT 465.98 638.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 513.92 638.25 Td (and ) Tj ET Q q 0 0 0 rg BT 530.76 638.25 Td (reasonable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 626.25 Td (V) Tj ET Q q 0 0 0 rg BT 42.11 626.25 Td (aluations ) Tj ET Q q 0 0 0 rg BT 80.83 626.25 Td (based ) Tj ET Q q 0 0 0 rg BT 106.21 626.25 Td (on ) Tj ET Q q 0 0 0 rg BT 118.82 626.25 Td (information ) Tj ET Q q 0 0 0 rg BT 168.65 626.25 Td (from ) Tj ET Q q 0 0 0 rg BT 190.70 626.25 Td (external ) Tj ET Q q 0 0 0 rg BT 225.51 626.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 258.11 626.25 Td (are ) Tj ET Q q 0 0 0 rg BT 272.93 626.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 317.19 626.25 Td (on ) Tj ET Q q 0 0 0 rg BT 329.80 626.25 Td (an ) Tj ET Q q 0 0 0 rg BT 341.85 626.25 Td (instrument-by-instrument ) Tj ET Q q 0 0 0 rg BT 446.67 626.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 469.29 626.25 Td (with ) Tj ET Q q 0 0 0 rg BT 489.68 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.51 626.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 542.11 626.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 614.25 Td (analyzed ) Tj ET Q q 0 0 0 rg BT 72.92 614.25 Td (individually ) Tj ET Q q 0 0 0 rg BT 122.63 614.25 Td (against ) Tj ET Q q 0 0 0 rg BT 152.34 614.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 184.27 614.25 Td (calculations ) Tj ET Q q 0 0 0 rg BT 233.41 614.25 Td (as ) Tj ET Q q 0 0 0 rg BT 243.12 614.25 Td (well ) Tj ET Q q 0 0 0 rg BT 261.73 614.25 Td (as ) Tj ET Q q 0 0 0 rg BT 271.44 614.25 Td (in ) Tj ET Q q 0 0 0 rg BT 280.60 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.20 614.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 334.45 614.25 Td (by ) Tj ET Q q 0 0 0 rg BT 345.83 614.25 Td (product ) Tj ET Q q 0 0 0 rg BT 377.77 614.25 Td (type ) Tj ET Q q 0 0 0 rg BT 396.37 614.25 Td (classification. ) Tj ET Q q 0 0 0 rg BT 453.01 614.25 Td (Initial ) Tj ET Q q 0 0 0 rg BT 478.28 614.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 520.76 614.25 Td (are ) Tj ET Q q 0 0 0 rg BT 534.35 614.25 Td (performed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 602.25 Td (by ) Tj ET Q q 0 0 0 rg BT 48.15 602.25 Td (our ) Tj ET Q q 0 0 0 rg BT 63.63 602.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 100.78 602.25 Td (management ) Tj ET Q q 0 0 0 rg BT 154.02 602.25 Td (groups ) Tj ET Q q 0 0 0 rg BT 183.39 602.25 Td (using ) Tj ET Q q 0 0 0 rg BT 207.21 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.58 602.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 260.94 602.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 301.41 602.25 Td (described ) Tj ET Q q 0 0 0 rg BT 341.88 602.25 Td (below) Tj ET Q q 0 0 0 rg BT 365.67 602.25 Td (. ) Tj ET Q q 0 0 0 rg BT 370.32 602.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 388.02 602.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 419.60 602.25 Td (department ) Tj ET Q q 0 0 0 rg BT 466.73 602.25 Td (then ) Tj ET Q q 0 0 0 rg BT 486.10 602.25 Td (independently ) Tj ET Q q 0 0 0 rg BT 544.90 602.25 Td (reviews ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 590.25 Td (all ) Tj ET Q q 0 0 0 rg BT 48.97 590.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.83 590.25 Td (value ) Tj ET Q q 0 0 0 rg BT 90.46 590.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 130.65 590.25 Td (using ) Tj ET Q q 0 0 0 rg BT 155.30 590.25 Td (available ) Tj ET Q q 0 0 0 rg BT 194.36 590.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 227.60 590.25 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 268.08 590.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.49 590.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 321.25 590.25 Td (information ) Tj ET Q q 0 0 0 rg BT 371.44 590.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.19 590.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 411.27 590.25 Td (they ) Tj ET Q q 0 0 0 rg BT 431.46 590.25 Td (are ) Tj ET Q q 0 0 0 rg BT 446.65 590.25 Td (reasonable. ) Tj ET Q q 0 0 0 rg BT 494.88 590.25 Td (Finally) Tj ET Q q 0 0 0 rg BT 522.57 590.25 Td (, ) Tj ET Q q 0 0 0 rg BT 528.04 590.25 Td (members ) Tj ET Q q 0 0 0 rg BT 567.68 590.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 578.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 62.66 578.25 Td (management ) Tj ET Q q 0 0 0 rg BT 115.96 578.25 Td (review ) Tj ET Q q 0 0 0 rg BT 145.38 578.25 Td (all ) Tj ET Q q 0 0 0 rg BT 157.60 578.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.69 578.25 Td (value ) Tj ET Q q 0 0 0 rg BT 197.56 578.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 239.49 578.25 Td (including ) Tj ET Q q 0 0 0 rg BT 279.48 578.25 Td (an ) Tj ET Q q 0 0 0 rg BT 291.14 578.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 325.57 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.12 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.55 578.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 405.54 578.25 Td (and ) Tj ET Q q 0 0 0 rg BT 422.20 578.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 461.63 578.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 496.05 578.25 Td (from ) Tj ET Q q 0 0 0 rg BT 517.70 578.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.36 578.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 566.25 Td (periods. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 542.25 Td (V) Tj ET Q q 0 0 0 rg BT 41.56 542.25 Td (aluation Process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 524.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.84 524.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 103.92 524.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 119.56 524.25 Td (values ) Tj ET Q q 0 0 0 rg BT 146.87 524.25 Td (for ) Tj ET Q q 0 0 0 rg BT 160.29 524.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 197.03 524.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 222.12 524.25 Td (or ) Tj ET Q q 0 0 0 rg BT 232.21 524.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 271.19 524.25 Td (based ) Tj ET Q q 0 0 0 rg BT 295.72 524.25 Td (on ) Tj ET Q q 0 0 0 rg BT 307.49 524.25 Td (available ) Tj ET Q q 0 0 0 rg BT 345.34 524.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 371.55 524.25 Td (observed ) Tj ET Q q 0 0 0 rg BT 409.41 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 418.95 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.92 524.25 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 483.54 524.25 Td (as ) Tj ET Q q 0 0 0 rg BT 493.64 524.25 Td (well ) Tj ET Q q 0 0 0 rg BT 512.61 524.25 Td (as ) Tj ET Q q 0 0 0 rg BT 522.71 524.25 Td (unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.25 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 66.63 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 75.27 512.25 Td (e ) Tj ET Q q 0 0 0 rg BT 83.67 512.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 124.85 512.25 Td (use ) Tj ET Q q 0 0 0 rg BT 142.14 512.25 Td (two ) Tj ET Q q 0 0 0 rg BT 161.11 512.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 193.40 512.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 234.58 512.25 Td (techniques: ) Tj ET Q q 0 0 0 rg BT 284.09 512.25 Td (market ) Tj ET Q q 0 0 0 rg BT 315.81 512.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 366.42 512.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 398.71 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.12 512.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 464.41 512.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 486.14 512.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 508.44 512.25 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 547.12 512.25 Td (Market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 500.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 85.06 500.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 115.80 500.25 Td (is ) Tj ET Q q 0 0 0 rg BT 124.89 500.25 Td (used ) Tj ET Q q 0 0 0 rg BT 145.63 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 155.83 500.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 198.23 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.86 500.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 253.60 500.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 269.89 500.25 Td (value ) Tj ET Q q 0 0 0 rg BT 293.96 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.71 500.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 334.33 500.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 383.41 500.25 Td (by ) Tj ET Q q 0 0 0 rg BT 395.83 500.25 Td (incorporating ) Tj ET Q q 0 0 0 rg BT 452.12 500.25 Td (known ) Tj ET Q q 0 0 0 rg BT 481.76 500.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 508.62 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.48 500.25 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 488.25 Td (metrics, ) Tj ET Q q 0 0 0 rg BT 70.48 488.25 Td (such ) Tj ET Q q 0 0 0 rg BT 91.36 488.25 Td (as ) Tj ET Q q 0 0 0 rg BT 102.24 488.25 Td (observed ) Tj ET Q q 0 0 0 rg BT 140.89 488.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 190.65 488.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 214.57 488.25 Td (delinquencies, ) Tj ET Q q 0 0 0 rg BT 274.60 488.25 Td (severities, ) Tj ET Q q 0 0 0 rg BT 317.42 488.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 342.73 488.25 Td (support, ) Tj ET Q q 0 0 0 rg BT 377.78 488.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 404.76 488.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 451.18 488.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 480.11 488.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 514.87 488.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 567.69 488.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 62.28 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 476.25 Td (other ) Tj ET Q q 0 0 0 rg BT 95.95 476.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 126.13 476.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 177.69 476.25 Td (Discounted ) Tj ET Q q 0 0 0 rg BT 225.64 476.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 245.81 476.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 266.54 476.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 301.15 476.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 346.32 476.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 385.92 476.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 416.10 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.83 476.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 473.66 476.25 Td (an ) Tj ET Q q 0 0 0 rg BT 485.50 476.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 521.22 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.95 476.25 Td (future ) Tj ET Q q 0 0 0 rg BT 558.23 476.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 60.71 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 78.19 464.25 Td (are ) Tj ET Q q 0 0 0 rg BT 92.88 464.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 130.90 464.25 Td (to ) Tj ET Q q 0 0 0 rg BT 141.16 464.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 165.85 464.25 Td (over ) Tj ET Q q 0 0 0 rg BT 186.11 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.81 464.25 Td (life ) Tj ET Q q 0 0 0 rg BT 216.62 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.44 464.25 Td (an ) Tj ET Q q 0 0 0 rg BT 239.36 464.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 284.62 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.54 464.25 Td (then ) Tj ET Q q 0 0 0 rg BT 321.24 464.25 Td (discounting ) Tj ET Q q 0 0 0 rg BT 370.39 464.25 Td (those ) Tj ET Q q 0 0 0 rg BT 393.99 464.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 414.24 464.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 438.95 464.25 Td (at ) Tj ET Q q 0 0 0 rg BT 448.65 464.25 Td (a ) Tj ET Q q 0 0 0 rg BT 455.58 464.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 473.05 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.86 464.25 Td (return ) Tj ET Q q 0 0 0 rg BT 510.22 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.70 464.25 Td (results ) Tj ET Q q 0 0 0 rg BT 556.30 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 566.56 464.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 71.67 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.35 452.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.57 452.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 124.56 452.25 Td (After ) Tj ET Q q 0 0 0 rg BT 148.01 452.25 Td (considering ) Tj ET Q q 0 0 0 rg BT 197.01 452.25 Td (all ) Tj ET Q q 0 0 0 rg BT 209.35 452.25 Td (available ) Tj ET Q q 0 0 0 rg BT 247.79 452.25 Td (indications ) Tj ET Q q 0 0 0 rg BT 294.02 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.70 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.27 452.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 367.15 452.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 384.48 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.16 452.25 Td (return ) Tj ET Q q 0 0 0 rg BT 421.38 452.25 Td (that ) Tj ET Q q 0 0 0 rg BT 438.73 452.25 Td (market ) Tj ET Q q 0 0 0 rg BT 468.84 452.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 517.84 452.25 Td (would ) Tj ET Q q 0 0 0 rg BT 545.19 452.25 Td (require, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.25 Td (we ) Tj ET Q q 0 0 0 rg BT 49.82 440.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 85.86 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.24 440.25 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 162.38 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.87 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.25 440.25 Td (range ) Tj ET Q q 0 0 0 rg BT 211.62 440.25 Td (indicated ) Tj ET Q q 0 0 0 rg BT 250.43 440.25 Td (by ) Tj ET Q q 0 0 0 rg BT 262.59 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.97 440.25 Td (results ) Tj ET Q q 0 0 0 rg BT 305.24 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.18 440.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 357.33 440.25 Td (an ) Tj ET Q q 0 0 0 rg BT 368.93 440.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 404.41 440.25 Td (that ) Tj ET Q q 0 0 0 rg BT 421.57 440.25 Td (is ) Tj ET Q q 0 0 0 rg BT 430.40 440.25 Td (most ) Tj ET Q q 0 0 0 rg BT 452.01 440.25 Td (representative ) Tj ET Q q 0 0 0 rg BT 510.25 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.74 440.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.78 440.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 562.94 440.25 Td (W) Tj ET Q q 0 0 0 rg BT 571.58 440.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.25 Td (also ) Tj ET Q q 0 0 0 rg BT 54.61 428.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 90.99 428.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 144.02 428.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 169.28 428.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 199.55 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.49 428.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 233.99 428.25 Td (as ) Tj ET Q q 0 0 0 rg BT 244.82 428.25 Td (part ) Tj ET Q q 0 0 0 rg BT 262.87 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.70 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 289.53 428.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 305.91 428.25 Td (value ) Tj ET Q q 0 0 0 rg BT 330.06 428.25 Td (assessments. ) Tj ET Q endstream endobj 303 0 obj <> endobj 304 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.19 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.72 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.79 668.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 172.87 668.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 222.72 668.10 Td (information ) Tj ET Q q 0 0 0 rg BT 272.57 668.10 Td (about ) Tj ET Q q 0 0 0 rg BT 297.43 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.29 668.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 357.14 668.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 413.10 668.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 440.19 668.10 Td (used ) Tj ET Q q 0 0 0 rg BT 461.16 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.58 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.44 668.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 526.29 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.27 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 553.24 668.10 Td (Level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 43.50 656.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 69.33 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.27 656.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 125.99 656.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 166.80 656.10 Td (at ) Tj ET Q q 0 0 0 rg BT 176.52 656.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.89 656.10 Td (value.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 5.7 Fair V) Tj ET Q q 0 0 0 rg BT 109.81 632.10 Td (alue Methodology for Level 3 Financial Instruments ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 558.60 136.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 558.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 558.60 54.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 558.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 558.60 161.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 558.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 558.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 558.60 9.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 558.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 558.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 558.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 558.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 558.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 554.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 554.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 554.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 554.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 554.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 554.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 554.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 554.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 554.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 554.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 554.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 554.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 554.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 542.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 542.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 542.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 542.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 542.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 542.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 542.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 542.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 542.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 542.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 542.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 542.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 542.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 502.60 136.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 502.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 502.60 54.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 502.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 502.60 161.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 502.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 502.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 502.60 9.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 502.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 502.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 502.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 502.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 502.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 498.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 498.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 498.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 498.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 498.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 498.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 498.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 498.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 498.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 498.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 498.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 498.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 498.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 460.60 136.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 460.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 460.60 54.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 460.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 460.60 161.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 460.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 460.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 460.60 9.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 460.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 460.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 460.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 460.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 460.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 456.60 136.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 456.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 456.60 54.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 456.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 456.60 161.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 456.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 456.60 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 456.60 9.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 456.60 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 456.60 19.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 456.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 456.60 42.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 456.60 19.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 369.60 136.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 369.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 369.60 54.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 369.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 369.60 161.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 369.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 369.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 369.60 9.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 369.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 369.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 369.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 369.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 369.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 365.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 365.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 365.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 365.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 365.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 365.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 365.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 365.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 365.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 365.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 365.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 365.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 365.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 353.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 353.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 353.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 353.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 353.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 353.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 353.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 353.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 353.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 353.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 341.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 341.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 341.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 341.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 341.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 341.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 341.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 341.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 341.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 341.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 341.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 341.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 341.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 301.60 136.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 301.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 301.60 54.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 301.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 301.60 161.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 301.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 301.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 301.60 9.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 301.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 301.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 301.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 301.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 301.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 297.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 297.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 297.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 297.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 297.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 297.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 297.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 297.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 297.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 297.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 297.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 297.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 297.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 270.60 136.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 270.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 270.60 54.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 270.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 270.60 161.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 270.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 270.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 270.60 9.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 270.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 270.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 270.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 270.60 42.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 270.60 19.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 266.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 266.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 266.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 266.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 266.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 266.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 266.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 266.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 266.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 266.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 266.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 266.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 266.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 254.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 254.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 254.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 254.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 254.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 254.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 254.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 254.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 254.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 254.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 254.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 254.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 254.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 242.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 242.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 242.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 242.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 242.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 242.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 242.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 242.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 242.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 242.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 242.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 242.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 242.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 230.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 230.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 230.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 230.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 230.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 230.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 230.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 230.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 230.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 230.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 230.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 230.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 230.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 218.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 218.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 218.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 218.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 218.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 218.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 218.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 218.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 218.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 218.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 218.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 218.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 218.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 206.60 136.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 206.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 206.60 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 206.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 206.60 161.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 206.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 206.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 206.60 9.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 206.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 206.60 19.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 206.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 206.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 557.50 206.60 19.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 609.6 m 441.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 609.6 m 450.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 609.6 m 492.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 609.6 m 511.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 609.6 m 515.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 609.6 m 557.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.5 609.6 m 576.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 585.6 m 172.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 585.6 m 230.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 585.6 m 395.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 585.6 m 441.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 585.6 m 450.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 585.6 m 492.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 585.6 m 511.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 585.6 m 557.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.5 585.6 m 576.5 585.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 612.33 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.90 600.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.95 590.28 Td (V) Tj ET Q q 0 0 0 rg BT 197.25 590.28 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 612.33 Td (Input Values) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 600.28 Td (\(Dollars in Thousands, except) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 590.28 Td (Input Values\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.85 590.28 Td (Unobservable Input) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.85 590.28 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.20 600.28 Td (W) Tj ET Q q 0 0 0 rg BT 534.65 600.28 Td (eighted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.10 590.28 Td (A) Tj ET Q q 0 0 0 rg BT 534.58 590.28 Td (verage) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 39.00 576.72 Td (Assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 561.86 Td (Residential loans, at fair value:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.00 545.86 Td (Jumbo fixed rate loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.00 545.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.60 545.22 Td (2,871,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 545.86 Td (Whole loan spread to TBA price) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 545.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 545.86 Td (3.05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 545.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 545.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.25 545.86 Td (4.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 545.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 545.86 Td (3.94) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 533.86 Td (Whole loan spread to swap rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 533.86 Td (275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 533.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 533.86 Td (305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 533.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 533.86 Td (304) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 533.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.00 517.86 Td (Jumbo hybrid loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.15 517.22 Td (50,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 517.86 Td (Prepayment rate \(annual CPR\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 517.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 517.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 517.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 517.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 517.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 517.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 505.86 Td (Whole loan spread to swap rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 505.86 Td (135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 505.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 505.86 Td (275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 505.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 505.86 Td (168) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 505.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.00 489.86 Td (Jumbo loans committed to sell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.15 489.22 Td (173,114) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 489.86 Td (Whole loan committed sales price) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 489.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.25 489.86 Td (99.98) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 489.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 489.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 489.86 Td (102.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 489.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.25 489.86 Td (100.61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.00 473.86 Td (Loans held by consolidated ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.00 464.86 Td (Sequoia entities ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 110.49 468.94 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.15 473.17 Td (791,636) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 473.86 Td (Liability price) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.95 473.86 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 473.86 Td (N/A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 447.86 Td (Residential loans, at lower of cost) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 438.86 Td (or fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.65 447.17 Td (867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 447.86 Td (Loss severity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 447.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 447.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 447.86 Td (30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 447.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 447.86 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 447.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 420.86 Td (Trading and AFS securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.60 420.22 Td (1,018,439) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 420.86 Td (Discount rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 420.86 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 420.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 420.86 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 420.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 420.86 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 420.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 408.86 Td (Prepayment rate \(annual CPR\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 408.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 408.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 408.86 Td (57) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 408.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 408.86 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 408.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 396.86 Td (Default rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 396.86 Td (0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 396.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 396.86 Td (35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 396.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 396.86 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 396.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 384.86 Td (Loss severity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 384.86 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 384.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 384.86 Td (65) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 384.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 384.86 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 384.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 372.86 Td (Credit support) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 372.86 Td (0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 372.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 372.86 Td (48) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 372.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 372.86 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 372.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 356.86 Td (MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.15 356.22 Td (118,526) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 356.86 Td (Discount rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 356.86 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 356.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 356.86 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 356.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 356.86 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 356.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 344.86 Td (Prepayment rate \(annual CPR\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 344.86 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 344.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 344.86 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 344.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 344.86 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 344.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 332.86 Td (Per loan annual cost to service) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 332.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 332.86 Td (72) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 332.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 332.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 332.86 Td (82) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 332.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 332.86 Td (77) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 316.86 Td (Guarantee asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.15 316.22 Td (4,092) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 316.86 Td (Discount rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 316.86 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 316.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 316.86 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 316.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 316.86 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 316.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 304.86 Td (Prepayment rate \(annual CPR\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 304.86 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 304.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 304.86 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 304.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 304.86 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 304.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 288.86 Td (REO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.15 288.22 Td (5,207) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 288.86 Td (Loss severity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 288.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 288.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 288.86 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 288.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 288.86 Td (24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 288.86 Td (%) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 39.00 272.72 Td (Liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 257.86 Td (Loan purchase commitments, net ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 160.72 261.94 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.65 257.22 Td (486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 257.86 Td (MSR multiple) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.25 257.86 Td (0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 257.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.75 257.86 Td (5.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 257.86 Td (x) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.75 257.86 Td (3.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 257.86 Td (x) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 245.86 Td (Pull-through rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 245.86 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 245.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 245.86 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 245.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 245.86 Td (75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 245.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 233.86 Td (Whole loan spread to TBA price) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 402.00 233.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.75 233.86 Td (2.66) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 240.10 3.00 -8.18 re f /GS0 gs q 0 0 0 rg BT 444.00 233.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 233.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.25 233.86 Td (4.06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 518.00 233.86 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.25 233.86 Td (3.98) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 221.86 Td (Whole loan spread to swap rate - fixed rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 221.86 Td (275) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 228.10 3.00 -8.18 re f /GS0 gs q 0 0 0 rg BT 444.00 221.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 221.86 Td (305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 221.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 221.86 Td (305) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 221.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 209.86 Td (Prepayment rate \(annual CPR\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 209.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 209.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 209.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 209.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 209.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 209.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 197.86 Td (Whole loan spread to swap rate - hybrid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.00 197.86 Td (135) Tj ET Q BT /F1 9.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 204.10 3.00 -8.18 re f /GS0 gs q 0 0 0 rg BT 444.00 197.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 197.86 Td (275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 197.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.50 197.86 Td (163) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 197.86 Td (bps) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 181.86 Td (ABS issued ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 83.51 185.94 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.15 181.22 Td (773,462) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 181.86 Td (Discount rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 181.86 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 181.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.50 181.86 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 181.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 181.86 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 181.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 169.86 Td (Prepayment rate \(annual CPR\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 169.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 169.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 169.86 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 169.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 169.86 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 169.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 157.86 Td (Default rate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 157.86 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 157.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 157.86 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 157.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 157.86 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 157.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 145.86 Td (Loss severity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 145.86 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 145.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 145.86 Td (32) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 145.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.00 145.86 Td (27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 145.86 Td ( %) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.00 133.86 Td (Credit support) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.50 133.86 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.00 133.86 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 133.86 Td (34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.00 133.86 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.50 133.86 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.00 133.86 Td ( %) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 36.00 108.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 108.30 Td (The ) Tj ET Q q 0 0 0 rg BT 69.54 108.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.58 108.30 Td (value ) Tj ET Q q 0 0 0 rg BT 104.61 108.30 Td (of ) Tj ET Q q 0 0 0 rg BT 113.66 108.30 Td (the ) Tj ET Q q 0 0 0 rg BT 126.20 108.30 Td (loans ) Tj ET Q q 0 0 0 rg BT 146.75 108.30 Td (held ) Tj ET Q q 0 0 0 rg BT 163.79 108.30 Td (by ) Tj ET Q q 0 0 0 rg BT 174.34 108.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 221.37 108.30 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 251.92 108.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 279.46 108.30 Td (was ) Tj ET Q q 0 0 0 rg BT 295.00 108.30 Td (based ) Tj ET Q q 0 0 0 rg BT 317.04 108.30 Td (on ) Tj ET Q q 0 0 0 rg BT 327.59 108.30 Td (the ) Tj ET Q q 0 0 0 rg BT 340.13 108.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.17 108.30 Td (value ) Tj ET Q q 0 0 0 rg BT 375.21 108.30 Td (of ) Tj ET Q q 0 0 0 rg BT 384.25 108.30 Td (the ) Tj ET Q q 0 0 0 rg BT 396.46 108.30 Td (ABS ) Tj ET Q q 0 0 0 rg BT 415.51 108.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 439.56 108.30 Td (by ) Tj ET Q q 0 0 0 rg BT 450.11 108.30 Td (these ) Tj ET Q q 0 0 0 rg BT 470.15 108.30 Td (entities, ) Tj ET Q q 0 0 0 rg BT 499.94 108.30 Td (which ) Tj ET Q q 0 0 0 rg BT 523.48 108.30 Td (we ) Tj ET Q q 0 0 0 rg BT 535.52 108.30 Td (determined ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 97.50 Td (were ) Tj ET Q q 0 0 0 rg BT 73.74 97.50 Td (more ) Tj ET Q q 0 0 0 rg BT 94.48 97.50 Td (readily ) Tj ET Q q 0 0 0 rg BT 121.72 97.50 Td (observable, ) Tj ET Q q 0 0 0 rg BT 165.20 97.50 Td (in ) Tj ET Q q 0 0 0 rg BT 174.45 97.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 217.16 97.50 Td (with ) Tj ET Q q 0 0 0 rg BT 235.42 97.50 Td (accounting ) Tj ET Q q 0 0 0 rg BT 277.15 97.50 Td (guidance ) Tj ET Q q 0 0 0 rg BT 311.88 97.50 Td (for ) Tj ET Q q 0 0 0 rg BT 324.63 97.50 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 375.35 97.50 Td (financing ) Tj ET Q q 0 0 0 rg BT 411.58 97.50 Td (entities. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 83.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 48.74 83.70 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 83.70 Td (For ) Tj ET Q q 0 0 0 rg BT 68.75 83.70 Td (the ) Tj ET Q q 0 0 0 rg BT 82.00 83.70 Td (purpose ) Tj ET Q q 0 0 0 rg BT 112.74 83.70 Td (of ) Tj ET Q q 0 0 0 rg BT 122.49 83.70 Td (this ) Tj ET Q q 0 0 0 rg BT 137.74 83.70 Td (presentation, ) Tj ET Q q 0 0 0 rg BT 186.23 83.70 Td (loan ) Tj ET Q q 0 0 0 rg BT 203.97 83.70 Td (purchase ) Tj ET Q q 0 0 0 rg BT 238.21 83.70 Td (commitment ) Tj ET Q q 0 0 0 rg BT 285.95 83.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 309.19 83.70 Td (and ) Tj ET Q q 0 0 0 rg BT 324.44 83.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 360.18 83.70 Td (are ) Tj ET Q q 0 0 0 rg BT 373.42 83.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 410.15 83.70 Td (net.) Tj ET Q endstream endobj 305 0 obj <> endobj 306 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 41) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Determination of Fair V) Tj ET Q q 0 0 0 rg BT 135.74 668.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.76 648.25 Td (description ) Tj ET Q q 0 0 0 rg BT 109.28 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.70 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.00 648.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 182.75 648.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 223.16 648.25 Td (at ) Tj ET Q q 0 0 0 rg BT 232.46 648.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 248.42 648.25 Td (value ) Tj ET Q q 0 0 0 rg BT 272.17 648.25 Td (as ) Tj ET Q q 0 0 0 rg BT 282.58 648.25 Td (well ) Tj ET Q q 0 0 0 rg BT 301.89 648.25 Td (as ) Tj ET Q q 0 0 0 rg BT 312.31 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.61 648.25 Td (general ) Tj ET Q q 0 0 0 rg BT 358.12 648.25 Td (classification ) Tj ET Q q 0 0 0 rg BT 412.97 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.38 648.25 Td (such ) Tj ET Q q 0 0 0 rg BT 443.80 648.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 492.55 648.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 529.08 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 538.95 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 553.25 648.25 Td (Level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 46.05 636.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 71.35 636.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 81.40 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.38 636.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 123.69 636.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 131.24 636.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 171.00 636.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 211.29 636.25 Td (is ) Tj ET Q q 0 0 0 rg BT 220.51 636.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 244.72 636.25 Td (herein. ) Tj ET Q q 0 0 0 rg BT 274.57 636.25 Td (W) Tj ET Q q 0 0 0 rg BT 283.21 636.25 Td (e ) Tj ET Q q 0 0 0 rg BT 290.19 636.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 329.94 636.25 Td (use ) Tj ET Q q 0 0 0 rg BT 345.81 636.25 Td (both ) Tj ET Q q 0 0 0 rg BT 366.14 636.25 Td (market ) Tj ET Q q 0 0 0 rg BT 396.44 636.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 445.63 636.25 Td (information ) Tj ET Q q 0 0 0 rg BT 495.39 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.37 636.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 558.24 636.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 56.52 624.25 Td (modeling ) Tj ET Q q 0 0 0 rg BT 96.48 624.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 141.43 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.40 624.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 193.57 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.98 624.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 224.04 624.25 Td (value ) Tj ET Q q 0 0 0 rg BT 247.89 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.41 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 273.92 624.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 298.88 624.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 306.07 624.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.59 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.21 624.25 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 390.12 624.25 Td (Use ) Tj ET Q q 0 0 0 rg BT 407.86 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.38 624.25 Td (these ) Tj ET Q q 0 0 0 rg BT 441.11 624.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 486.07 624.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 520.46 624.25 Td (determination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 48.55 612.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 84.98 612.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 113.65 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.31 612.25 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 188.49 612.25 Td (some ) Tj ET Q q 0 0 0 rg BT 213.82 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.37 612.25 Td (which ) Tj ET Q q 0 0 0 rg BT 255.03 612.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 295.90 612.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 342.34 612.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 399.88 612.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 428.55 612.25 Td (as ) Tj ET Q q 0 0 0 rg BT 441.10 612.25 Td (indicated ) Tj ET Q q 0 0 0 rg BT 481.98 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 493.98 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.42 612.25 Td (preceding ) Tj ET Q q 0 0 0 rg BT 554.07 612.25 Td (table. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 85.34 600.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.16 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 96.92 600.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 141.45 600.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 176.52 600.25 Td (or ) Tj ET Q q 0 0 0 rg BT 187.17 600.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 223.91 600.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.01 600.25 Td (any ) Tj ET Q q 0 0 0 rg BT 250.77 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.42 600.25 Td (these ) Tj ET Q q 0 0 0 rg BT 284.29 600.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 311.06 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 318.38 600.25 Td (such ) Tj ET Q q 0 0 0 rg BT 339.03 600.25 Td (as ) Tj ET Q q 0 0 0 rg BT 349.68 600.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 395.87 600.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 420.95 600.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 449.66 600.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 499.19 600.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 522.88 600.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 554.64 600.25 Td (rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 588.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 588.25 Td (other ) Tj ET Q q 0 0 0 rg BT 69.88 588.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 109.59 588.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 161.54 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 169.04 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.32 588.25 Td (isolation ) Tj ET Q q 0 0 0 rg BT 216.26 588.25 Td (would ) Tj ET Q q 0 0 0 rg BT 243.76 588.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 269.03 588.25 Td (result ) Tj ET Q q 0 0 0 rg BT 293.75 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 304.03 588.25 Td (a ) Tj ET Q q 0 0 0 rg BT 310.97 588.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 363.46 588.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 388.72 588.25 Td (or ) Tj ET Q q 0 0 0 rg BT 399.55 588.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 427.60 588.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 443.98 588.25 Td (value ) Tj ET Q q 0 0 0 rg BT 468.13 588.25 Td (measurement. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 564.25 Td (Residential loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.25 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 96.12 544.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.13 544.25 Td (values ) Tj ET Q q 0 0 0 rg BT 139.81 544.25 Td (for ) Tj ET Q q 0 0 0 rg BT 153.60 544.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 197.38 544.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 220.62 544.25 Td (are ) Tj ET Q q 0 0 0 rg BT 234.96 544.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 282.07 544.25 Td (using ) Tj ET Q q 0 0 0 rg BT 305.87 544.25 Td (models ) Tj ET Q q 0 0 0 rg BT 336.89 544.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.02 544.25 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 401.68 544.25 Td (various ) Tj ET Q q 0 0 0 rg BT 433.25 544.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 478.70 544.25 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 507.78 544.25 Td (including ) Tj ET Q q 0 0 0 rg BT 547.68 544.25 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.25 Td (information ) Tj ET Q q 0 0 0 rg BT 85.36 532.25 Td (from ) Tj ET Q q 0 0 0 rg BT 106.95 532.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 133.53 532.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 160.12 532.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 179.48 532.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 201.07 532.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.66 532.25 Td (securitizations. ) Tj ET Q q 0 0 0 rg BT 280.07 532.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 311.66 532.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 356.02 532.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 382.62 532.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.55 532.25 Td (these ) Tj ET Q q 0 0 0 rg BT 415.25 532.25 Td (models ) Tj ET Q q 0 0 0 rg BT 446.28 532.25 Td (are ) Tj ET Q q 0 0 0 rg BT 460.64 532.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 506.11 532.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 561.57 532.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 520.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.31 520.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 88.49 520.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 113.36 520.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 120.46 520.25 Td (in ) Tj ET Q q 0 0 0 rg BT 130.34 520.25 Td (nature. ) Tj ET Q q 0 0 0 rg BT 159.92 520.25 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 190.91 520.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 217.46 520.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 254.00 520.25 Td (from ) Tj ET Q q 0 0 0 rg BT 275.54 520.25 Td (market ) Tj ET Q q 0 0 0 rg BT 305.40 520.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 331.94 520.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 351.26 520.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 397.23 520.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 429.32 520.25 Td (include ) Tj ET Q q 0 0 0 rg BT 460.86 520.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 502.39 520.25 Td (spreads ) Tj ET Q q 0 0 0 rg BT 534.48 520.25 Td (to ) Tj ET Q q 0 0 0 rg BT 544.36 520.25 Td (indexed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 508.25 Td (TBA) Tj ET Q q 0 0 0 rg BT 55.45 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.88 508.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 84.18 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 101.05 508.25 Td (indexed ) Tj ET Q q 0 0 0 rg BT 135.13 508.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 158.11 508.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 179.42 508.25 Td (for ) Tj ET Q q 0 0 0 rg BT 193.51 508.25 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 234.80 508.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 258.33 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.20 508.25 Td (indexed ) Tj ET Q q 0 0 0 rg BT 309.28 508.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 332.26 508.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 353.57 508.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.66 508.25 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 396.19 508.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 419.73 508.25 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 448.25 508.25 Td (3\). ) Tj ET Q q 0 0 0 rg BT 461.51 508.25 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 492.82 508.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 519.70 508.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 556.56 508.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 496.25 Td (market ) Tj ET Q q 0 0 0 rg BT 66.78 496.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 123.65 496.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 156.66 496.25 Td (include ) Tj ET Q q 0 0 0 rg BT 189.10 496.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 231.54 496.25 Td (spreads ) Tj ET Q q 0 0 0 rg BT 264.54 496.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.33 496.25 Td (indexed ) Tj ET Q q 0 0 0 rg BT 309.78 496.25 Td (TBA) Tj ET Q q 0 0 0 rg BT 329.23 496.25 Td ( ) Tj ET Q q 0 0 0 rg BT 332.24 496.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 359.13 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 373.80 496.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 401.25 496.25 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 434.56 496.25 Td (indexed ) Tj ET Q q 0 0 0 rg BT 469.23 496.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 492.79 496.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 514.68 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 529.35 496.25 Td (subordinate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 484.25 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 68.60 484.25 Td (and ) Tj ET Q q 0 0 0 rg BT 85.36 484.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 110.43 484.25 Td (support ) Tj ET Q q 0 0 0 rg BT 142.74 484.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 168.38 484.25 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 196.79 484.25 Td (3\). ) Tj ET Q q 0 0 0 rg BT 209.93 484.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 235.01 484.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 290.64 484.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 317.40 484.25 Td (also ) Tj ET Q q 0 0 0 rg BT 335.82 484.25 Td (include ) Tj ET Q q 0 0 0 rg BT 367.56 484.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 404.31 484.25 Td (future ) Tj ET Q q 0 0 0 rg BT 430.50 484.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 480.02 484.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 503.71 484.25 Td (Observable ) Tj ET Q q 0 0 0 rg BT 551.55 484.25 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 472.25 Td (include ) Tj ET Q q 0 0 0 rg BT 67.34 472.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 113.68 472.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 145.02 472.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 168.31 472.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 190.77 472.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 214.06 472.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.27 472.25 Td (TBA) Tj ET Q q 0 0 0 rg BT 249.72 472.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.63 472.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 279.50 472.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.41 472.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 349.40 472.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.40 472.25 Td (, ) Tj ET Q q 0 0 0 rg BT 373.81 472.25 Td (our ) Tj ET Q q 0 0 0 rg BT 389.05 472.25 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 416.52 472.25 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 457.29 472.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 480.31 472.25 Td (that ) Tj ET Q q 0 0 0 rg BT 497.22 472.25 Td (were ) Tj ET Q q 0 0 0 rg BT 518.56 472.25 Td (not ) Tj ET Q q 0 0 0 rg BT 533.25 472.25 Td (committed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 460.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.48 460.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 63.07 460.25 Td (were ) Tj ET Q q 0 0 0 rg BT 85.20 460.25 Td (priced ) Tj ET Q q 0 0 0 rg BT 112.89 460.25 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 161.13 460.25 Td (using ) Tj ET Q q 0 0 0 rg BT 185.51 460.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 212.65 460.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 232.57 460.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 250.82 460.25 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 280.27 460.25 Td (These ) Tj ET Q q 0 0 0 rg BT 306.85 460.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 332.88 460.25 Td (would ) Tj ET Q q 0 0 0 rg BT 360.59 460.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 400.49 460.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 437.61 460.25 Td (in ) Tj ET Q q 0 0 0 rg BT 448.09 460.25 Td (value ) Tj ET Q q 0 0 0 rg BT 472.45 460.25 Td (based ) Tj ET Q q 0 0 0 rg BT 497.92 460.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 520.62 460.25 Td (an ) Tj ET Q q 0 0 0 rg BT 532.76 460.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 568.22 460.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 448.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 448.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.98 448.25 Td (spread, ) Tj ET Q q 0 0 0 rg BT 107.08 448.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 156.78 448.25 Td (speed, ) Tj ET Q q 0 0 0 rg BT 184.55 448.25 Td (or ) Tj ET Q q 0 0 0 rg BT 195.38 448.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 220.64 448.25 Td (support ) Tj ET Q q 0 0 0 rg BT 253.14 448.25 Td (assumptions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 424.25 Td (Commer) Tj ET Q q 0 0 0 rg BT 70.07 424.25 Td (cial loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.25 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 96.25 404.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.38 404.25 Td (values ) Tj ET Q q 0 0 0 rg BT 140.18 404.25 Td (for ) Tj ET Q q 0 0 0 rg BT 154.09 404.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 199.10 404.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 248.55 404.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 271.91 404.25 Td (are ) Tj ET Q q 0 0 0 rg BT 286.38 404.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 333.61 404.25 Td (by ) Tj ET Q q 0 0 0 rg BT 345.87 404.25 Td (both ) Tj ET Q q 0 0 0 rg BT 365.90 404.25 Td (market ) Tj ET Q q 0 0 0 rg BT 395.92 404.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 444.81 404.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 475.39 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.09 404.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 537.67 404.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 557.69 404.25 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 392.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 71.02 392.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 111.04 392.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 156.60 392.25 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 185.50 392.25 Td (3\). ) Tj ET Q q 0 0 0 rg BT 199.14 392.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 217.49 392.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 263.62 392.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 284.20 392.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 305.33 392.25 Td (models ) Tj ET Q q 0 0 0 rg BT 337.02 392.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 364.81 392.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 394.82 392.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 439.84 392.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 495.96 392.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 523.21 392.25 Td (including ) Tj ET Q q 0 0 0 rg BT 563.79 392.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 380.25 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 89.30 380.25 Td (net ) Tj ET Q q 0 0 0 rg BT 103.71 380.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 143.68 380.25 Td (income ) Tj ET Q q 0 0 0 rg BT 175.32 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.96 380.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 211.38 380.25 Td (coverage ) Tj ET Q q 0 0 0 rg BT 249.66 380.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 270.19 380.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 321.84 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 338.48 380.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 364.55 380.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 417.28 380.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 449.46 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 459.44 380.25 Td (those ) Tj ET Q q 0 0 0 rg BT 482.75 380.25 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 536.05 380.25 Td (metrics ) Tj ET Q q 0 0 0 rg BT 567.68 380.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 368.25 Td (well ) Tj ET Q q 0 0 0 rg BT 55.42 368.25 Td (as ) Tj ET Q q 0 0 0 rg BT 65.95 368.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 106.47 368.25 Td (market ) Tj ET Q q 0 0 0 rg BT 136.44 368.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 172.52 368.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 196.10 368.25 Td (In ) Tj ET Q q 0 0 0 rg BT 206.63 368.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 236.04 368.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 261.84 368.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 311.23 368.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 334.54 368.25 Td (are ) Tj ET Q q 0 0 0 rg BT 348.95 368.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 377.81 368.25 Td (based ) Tj ET Q q 0 0 0 rg BT 402.78 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 414.98 368.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 459.94 368.25 Td (of) Tj ET Q q 0 0 0 rg BT 468.09 368.25 Td (fers ) Tj ET Q q 0 0 0 rg BT 485.29 368.25 Td (for ) Tj ET Q q 0 0 0 rg BT 499.15 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.56 368.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 536.87 368.25 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 565.17 368.25 Td (2\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 356.25 Td (An ) Tj ET Q q 0 0 0 rg BT 50.72 356.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.98 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.25 356.25 Td (market ) Tj ET Q q 0 0 0 rg BT 126.52 356.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 162.90 356.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 184.28 356.25 Td (would ) Tj ET Q q 0 0 0 rg BT 211.78 356.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 251.48 356.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 280.63 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.35 356.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 336.17 356.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 352.54 356.25 Td (value ) Tj ET Q q 0 0 0 rg BT 376.70 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.53 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.25 356.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 451.94 356.25 Td (loans. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 332.25 Td (Real estate securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 74.42 312.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 99.27 312.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 139.13 312.25 Td (include ) Tj ET Q q 0 0 0 rg BT 170.65 312.25 Td (residential, ) Tj ET Q q 0 0 0 rg BT 216.89 312.25 Td (commercial, ) Tj ET Q q 0 0 0 rg BT 268.68 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.21 312.25 Td (other ) Tj ET Q q 0 0 0 rg BT 307.85 312.25 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 361.02 312.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 400.88 312.25 Td (that ) Tj ET Q q 0 0 0 rg BT 417.97 312.25 Td (are ) Tj ET Q q 0 0 0 rg BT 432.26 312.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 471.56 312.25 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 502.54 312.25 Td (in ) Tj ET Q q 0 0 0 rg BT 512.41 312.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 539.49 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 556.02 312.25 Td (trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 300.25 Td (infrequently) Tj ET Q q 0 0 0 rg BT 84.22 300.25 Td (. ) Tj ET Q q 0 0 0 rg BT 89.07 300.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 135.30 300.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 162.10 300.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.22 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.79 300.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 226.35 300.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 260.91 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 275.46 300.25 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 336.13 300.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 361.24 300.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 368.59 300.25 Td (in ) Tj ET Q q 0 0 0 rg BT 378.72 300.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 408.55 300.25 Td (due ) Tj ET Q q 0 0 0 rg BT 425.34 300.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.46 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 450.03 300.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 469.03 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.71 300.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 509.82 300.25 Td (available ) Tj ET Q q 0 0 0 rg BT 548.26 300.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 288.25 Td (quotes ) Tj ET Q q 0 0 0 rg BT 63.84 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 80.02 288.25 Td (related ) Tj ET Q q 0 0 0 rg BT 108.95 288.25 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 137.64 288.25 Td (For ) Tj ET Q q 0 0 0 rg BT 153.26 288.25 Td (real ) Tj ET Q q 0 0 0 rg BT 169.98 288.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 194.48 288.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 236.48 288.25 Td (we ) Tj ET Q q 0 0 0 rg BT 249.88 288.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 276.60 288.25 Td (both ) Tj ET Q q 0 0 0 rg BT 296.11 288.25 Td (market ) Tj ET Q q 0 0 0 rg BT 325.61 288.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 373.99 288.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 404.05 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.22 288.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 465.28 288.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 484.78 288.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 504.85 288.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 538.80 288.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 276.25 Td (techniques. ) Tj ET Q q 0 0 0 rg BT 83.42 276.25 Td (Relevant ) Tj ET Q q 0 0 0 rg BT 121.12 276.25 Td (market ) Tj ET Q q 0 0 0 rg BT 151.04 276.25 Td (indicators ) Tj ET Q q 0 0 0 rg BT 192.64 276.25 Td (that ) Tj ET Q q 0 0 0 rg BT 209.79 276.25 Td (are ) Tj ET Q q 0 0 0 rg BT 224.15 276.25 Td (factored ) Tj ET Q q 0 0 0 rg BT 259.07 276.25 Td (into ) Tj ET Q q 0 0 0 rg BT 276.78 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.16 276.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 325.53 276.25 Td (include ) Tj ET Q q 0 0 0 rg BT 357.12 276.25 Td (bid/ask ) Tj ET Q q 0 0 0 rg BT 388.17 276.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 422.82 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.19 276.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 469.34 276.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.94 276.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 514.21 276.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.70 276.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 549.62 276.25 Td (losses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 264.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 67.95 264.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 91.83 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 108.79 264.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 148.50 264.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 198.21 264.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 222.10 264.25 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 264.60 264.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.99 264.25 Td (values ) Tj ET Q q 0 0 0 rg BT 309.05 264.25 Td (are ) Tj ET Q q 0 0 0 rg BT 323.77 264.25 Td (based ) Tj ET Q q 0 0 0 rg BT 349.05 264.25 Td (on ) Tj ET Q q 0 0 0 rg BT 361.56 264.25 Td (applying ) Tj ET Q q 0 0 0 rg BT 399.07 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.80 264.25 Td (market ) Tj ET Q q 0 0 0 rg BT 444.07 264.25 Td (indicators ) Tj ET Q q 0 0 0 rg BT 486.02 264.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.31 264.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 532.68 264.25 Td (discounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 252.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 56.20 252.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 80.86 252.25 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 109.39 252.25 Td (3\). ) Tj ET Q q 0 0 0 rg BT 122.47 252.25 Td (These ) Tj ET Q q 0 0 0 rg BT 148.79 252.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 168.99 252.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 189.75 252.25 Td (models ) Tj ET Q q 0 0 0 rg BT 221.07 252.25 Td (use ) Tj ET Q q 0 0 0 rg BT 236.84 252.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 281.48 252.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 337.23 252.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 364.12 252.25 Td (such ) Tj ET Q q 0 0 0 rg BT 384.88 252.25 Td (as ) Tj ET Q q 0 0 0 rg BT 395.64 252.25 Td (a ) Tj ET Q q 0 0 0 rg BT 402.52 252.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 438.84 252.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 458.76 252.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 508.39 252.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 528.31 252.25 Td (default ) Tj ET Q q 0 0 0 rg BT 558.51 252.25 Td (rate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 240.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 54.43 240.25 Td (severity ) Tj ET Q q 0 0 0 rg BT 88.95 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.26 240.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 131.89 240.25 Td (support. ) Tj ET Q q 0 0 0 rg BT 167.05 240.25 Td (The ) Tj ET Q q 0 0 0 rg BT 185.46 240.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 226.65 240.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 243.40 240.25 Td (value ) Tj ET Q q 0 0 0 rg BT 267.92 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 279.12 240.25 Td (our ) Tj ET Q q 0 0 0 rg BT 295.32 240.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 335.95 240.25 Td (would ) Tj ET Q q 0 0 0 rg BT 363.81 240.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 403.88 240.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 441.17 240.25 Td (based ) Tj ET Q q 0 0 0 rg BT 466.80 240.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 489.67 240.25 Td (an ) Tj ET Q q 0 0 0 rg BT 501.98 240.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 537.60 240.25 Td (in ) Tj ET Q q 0 0 0 rg BT 548.24 240.25 Td (default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 228.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 59.88 228.25 Td (serious ) Tj ET Q q 0 0 0 rg BT 90.71 228.25 Td (delinquencies, ) Tj ET Q q 0 0 0 rg BT 150.69 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 161.52 228.25 Td (a ) Tj ET Q q 0 0 0 rg BT 168.46 228.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 205.37 228.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.65 228.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 265.35 228.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 286.73 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 297.56 228.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 322.82 228.25 Td (support.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.25 Td (As ) Tj ET Q q 0 0 0 rg BT 68.38 204.25 Td (part ) Tj ET Q q 0 0 0 rg BT 87.20 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 98.79 204.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.39 204.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 156.42 204.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 196.90 204.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 232.66 204.25 Td (we ) Tj ET Q q 0 0 0 rg BT 247.59 204.25 Td (request ) Tj ET Q q 0 0 0 rg BT 279.74 204.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.44 204.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 334.59 204.25 Td (indications ) Tj ET Q q 0 0 0 rg BT 381.74 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 393.34 204.25 Td (value ) Tj ET Q q 0 0 0 rg BT 418.26 204.25 Td (from ) Tj ET Q q 0 0 0 rg BT 440.97 204.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 487.00 204.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 528.03 204.25 Td (dealers. ) Tj ET Q q 0 0 0 rg BT 562.11 204.25 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 192.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 73.61 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.00 192.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 114.38 192.25 Td (our ) Tj ET Q q 0 0 0 rg BT 129.77 192.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.59 192.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.86 192.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.00 192.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 192.25 Td (, ) Tj ET Q q 0 0 0 rg BT 261.56 192.25 Td (we ) Tj ET Q q 0 0 0 rg BT 275.28 192.25 Td (received ) Tj ET Q q 0 0 0 rg BT 311.20 192.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 337.68 192.25 Td (price ) Tj ET Q q 0 0 0 rg BT 359.72 192.25 Td (indications ) Tj ET Q q 0 0 0 rg BT 405.66 192.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.71 192.25 Td (67%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.04 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 438.10 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.49 192.25 Td (our ) Tj ET Q q 0 0 0 rg BT 463.88 192.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 506.20 192.25 Td (representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.68 192.25 Td (78%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.27 180.25 Td (our ) Tj ET Q q 0 0 0 rg BT 61.54 180.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 96.80 180.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 122.90 180.25 Td (In ) Tj ET Q q 0 0 0 rg BT 133.17 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.33 180.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 190.64 180.25 Td (our ) Tj ET Q q 0 0 0 rg BT 205.91 180.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 238.39 180.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 281.44 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.71 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.87 180.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 345.58 180.25 Td (for ) Tj ET Q q 0 0 0 rg BT 359.18 180.25 Td (which ) Tj ET Q q 0 0 0 rg BT 385.56 180.25 Td (we ) Tj ET Q q 0 0 0 rg BT 399.16 180.25 Td (received ) Tj ET Q q 0 0 0 rg BT 434.97 180.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 461.33 180.25 Td (price ) Tj ET Q q 0 0 0 rg BT 483.26 180.25 Td (indications ) Tj ET Q q 0 0 0 rg BT 529.09 180.25 Td (were ) Tj ET Q q 0 0 0 rg BT 550.46 180.25 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 168.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.33 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 51.87 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 62.74 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.50 168.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 118.91 168.25 Td (average ) Tj ET Q q 0 0 0 rg BT 152.53 168.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 179.50 168.25 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 225.64 168.25 Td (Once ) Tj ET Q q 0 0 0 rg BT 249.28 168.25 Td (we ) Tj ET Q q 0 0 0 rg BT 263.48 168.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 294.89 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.65 168.25 Td (price ) Tj ET Q q 0 0 0 rg BT 332.17 168.25 Td (indications ) Tj ET Q q 0 0 0 rg BT 378.60 168.25 Td (from ) Tj ET Q q 0 0 0 rg BT 400.58 168.25 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 433.93 168.25 Td (they ) Tj ET Q q 0 0 0 rg BT 453.69 168.25 Td (are ) Tj ET Q q 0 0 0 rg BT 468.44 168.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 510.40 168.25 Td (to ) Tj ET Q q 0 0 0 rg BT 520.72 168.25 Td (other ) Tj ET Q q 0 0 0 rg BT 543.81 168.25 Td (relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 156.25 Td (market ) Tj ET Q q 0 0 0 rg BT 65.93 156.25 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 95.04 156.25 Td (such ) Tj ET Q q 0 0 0 rg BT 115.53 156.25 Td (as ) Tj ET Q q 0 0 0 rg BT 126.02 156.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 152.05 156.25 Td (or ) Tj ET Q q 0 0 0 rg BT 162.55 156.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 211.35 156.25 Td (trades, ) Tj ET Q q 0 0 0 rg BT 239.89 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.49 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.87 156.25 Td (results ) Tj ET Q q 0 0 0 rg BT 299.14 156.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.63 156.25 Td (our ) Tj ET Q q 0 0 0 rg BT 325.12 156.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 370.61 156.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 390.54 156.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 411.03 156.25 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 447.91 156.25 Td (In ) Tj ET Q q 0 0 0 rg BT 458.40 156.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 517.21 156.25 Td (where ) Tj ET Q q 0 0 0 rg BT 543.80 156.25 Td (relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 144.25 Td (market ) Tj ET Q q 0 0 0 rg BT 65.64 144.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 91.97 144.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 120.50 144.25 Td (be ) Tj ET Q q 0 0 0 rg BT 131.82 144.25 Td (obtained, ) Tj ET Q q 0 0 0 rg BT 170.63 144.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 210.27 144.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 243.79 144.25 Td (on ) Tj ET Q q 0 0 0 rg BT 255.67 144.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 300.87 144.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.52 144.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 340.73 144.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 374.82 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.14 144.25 Td (management ) Tj ET Q q 0 0 0 rg BT 444.11 144.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 483.76 144.25 Td (are ) Tj ET Q q 0 0 0 rg BT 497.84 144.25 Td (required ) Tj ET Q q 0 0 0 rg BT 533.04 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 542.70 144.25 Td (estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 132.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 52.38 132.25 Td (value. ) Tj ET Q endstream endobj 307 0 obj <> endobj 308 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 42) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Derivative assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.73 648.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 115.88 648.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 165.72 648.10 Td (include ) Tj ET Q q 0 0 0 rg BT 198.33 648.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 228.45 648.10 Td (swaptions, ) Tj ET Q q 0 0 0 rg BT 273.90 648.10 Td (TBAs, ) Tj ET Q q 0 0 0 rg BT 303.46 648.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 341.62 648.10 Td (futures, ) Tj ET Q q 0 0 0 rg BT 375.06 648.10 Td (CMBX ) Tj ET Q q 0 0 0 rg BT 407.69 648.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 433.63 648.10 Td (default ) Tj ET Q q 0 0 0 rg BT 464.57 648.10 Td (index ) Tj ET Q q 0 0 0 rg BT 489.96 648.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 520.08 648.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 540.47 648.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 93.65 636.10 Td (\("LPCs"\), ) Tj ET Q q 0 0 0 rg BT 136.42 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.08 636.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 188.94 636.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 207.71 636.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 265.36 636.10 Td (\("FSCs"\). ) Tj ET Q q 0 0 0 rg BT 307.58 636.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 326.91 636.10 Td (values ) Tj ET Q q 0 0 0 rg BT 355.67 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.22 636.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 410.41 636.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 460.29 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.71 636.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 523.91 636.10 Td (using ) Tj ET Q q 0 0 0 rg BT 548.80 636.10 Td (quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 63.13 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 85.83 624.10 Td (active ) Tj ET Q q 0 0 0 rg BT 112.96 624.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 150.37 624.10 Td (when ) Tj ET Q q 0 0 0 rg BT 175.28 624.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 217.13 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 228.71 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 251.41 624.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 291.88 624.10 Td (models ) Tj ET Q q 0 0 0 rg BT 324.02 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.71 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 357.17 624.10 Td (supported ) Tj ET Q q 0 0 0 rg BT 399.87 624.10 Td (by ) Tj ET Q q 0 0 0 rg BT 413.13 624.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 457.48 624.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 496.29 624.10 Td (by ) Tj ET Q q 0 0 0 rg BT 509.54 624.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 541.11 624.10 Td (active ) Tj ET Q q 0 0 0 rg BT 568.24 624.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 78.43 612.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 115.03 612.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 133.58 612.10 Td (values ) Tj ET Q q 0 0 0 rg BT 161.58 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.18 612.10 Td (TBAs ) Tj ET Q q 0 0 0 rg BT 198.51 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.40 612.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.83 612.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 283.04 612.10 Td (are ) Tj ET Q q 0 0 0 rg BT 297.69 612.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 337.34 612.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 374.22 612.10 Td (using ) Tj ET Q q 0 0 0 rg BT 398.34 612.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 428.00 612.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 454.32 612.10 Td (from ) Tj ET Q q 0 0 0 rg BT 476.21 612.10 Td (active ) Tj ET Q q 0 0 0 rg BT 502.53 612.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 536.63 612.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 565.17 612.10 Td (1\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 54.39 600.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 97.20 600.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 137.24 600.10 Td (models ) Tj ET Q q 0 0 0 rg BT 168.96 600.10 Td (for ) Tj ET Q q 0 0 0 rg BT 183.46 600.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 210.74 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.01 600.10 Td (swaptions ) Tj ET Q q 0 0 0 rg BT 270.84 600.10 Td (require ) Tj ET Q q 0 0 0 rg BT 301.99 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.26 600.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 339.86 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.02 600.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 380.80 600.10 Td (including ) Tj ET Q q 0 0 0 rg BT 421.41 600.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 468.66 600.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 496.21 600.10 Td (market ) Tj ET Q q 0 0 0 rg BT 526.81 600.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 556.02 600.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 588.10 Td (curves, ) Tj ET Q q 0 0 0 rg BT 66.91 588.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 91.99 588.10 Td (curves, ) Tj ET Q q 0 0 0 rg BT 122.91 588.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 162.43 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.08 588.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 208.54 588.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.35 588.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 262.87 588.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 286.56 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.32 588.10 Td (correlations ) Tj ET Q q 0 0 0 rg BT 352.84 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.48 588.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 393.00 588.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 422.26 588.10 Td (Model ) Tj ET Q q 0 0 0 rg BT 450.69 588.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 477.45 588.10 Td (can ) Tj ET Q q 0 0 0 rg BT 493.65 588.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 533.16 588.10 Td (be ) Tj ET Q q 0 0 0 rg BT 544.92 588.10 Td (verified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 576.10 Td (model ) Tj ET Q q 0 0 0 rg BT 80.43 576.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 118.48 576.10 Td (does ) Tj ET Q q 0 0 0 rg BT 139.31 576.10 Td (not ) Tj ET Q q 0 0 0 rg BT 154.58 576.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 187.08 576.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 231.79 576.10 Td (management ) Tj ET Q q 0 0 0 rg BT 285.38 576.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 325.65 576.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 354.25 576.10 Td (2\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.10 Td (LPC ) Tj ET Q q 0 0 0 rg BT 75.08 556.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 91.69 556.10 Td (values ) Tj ET Q q 0 0 0 rg BT 119.97 556.10 Td (for ) Tj ET Q q 0 0 0 rg BT 134.37 556.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 183.76 556.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 207.60 556.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.55 556.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 263.60 556.10 Td (based ) Tj ET Q q 0 0 0 rg BT 289.11 556.10 Td (on ) Tj ET Q q 0 0 0 rg BT 301.84 556.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 331.19 556.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 365.02 556.10 Td (MBS ) Tj ET Q q 0 0 0 rg BT 388.88 556.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 418.00 556.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 457.94 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.01 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.96 556.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 500.58 556.10 Td (value ) Tj ET Q q 0 0 0 rg BT 524.97 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.03 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 550.99 556.10 Td (MSRs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 544.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.38 544.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 79.19 544.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.69 544.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 115.17 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 125.67 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.60 544.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 158.87 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.92 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.85 544.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 211.18 544.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.34 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.27 544.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 289.87 544.10 Td (that ) Tj ET Q q 0 0 0 rg BT 307.59 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.52 544.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 363.01 544.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 382.94 544.10 Td (will ) Tj ET Q q 0 0 0 rg BT 401.22 544.10 Td (be ) Tj ET Q q 0 0 0 rg BT 413.37 544.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 456.63 544.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 485.44 544.10 Td (3\). ) Tj ET Q q 0 0 0 rg BT 498.99 544.10 Td (FSC ) Tj ET Q q 0 0 0 rg BT 519.50 544.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.10 544.10 Td (values ) Tj ET Q q 0 0 0 rg BT 564.36 544.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 85.46 532.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 109.37 532.10 Td (are ) Tj ET Q q 0 0 0 rg BT 124.38 532.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 161.62 532.10 Td (using ) Tj ET Q q 0 0 0 rg BT 186.09 532.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 215.49 532.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 249.39 532.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 278.57 532.10 Td (LPC ) Tj ET Q q 0 0 0 rg BT 299.71 532.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 316.39 532.10 Td (values ) Tj ET Q q 0 0 0 rg BT 344.74 532.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.20 532.10 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 387.56 532.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 411.48 532.10 Td (are ) Tj ET Q q 0 0 0 rg BT 426.48 532.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 467.61 532.10 Td (based ) Tj ET Q q 0 0 0 rg BT 493.18 532.10 Td (on ) Tj ET Q q 0 0 0 rg BT 505.98 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.00 532.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 562.12 532.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 520.10 Td (values ) Tj ET Q q 0 0 0 rg BT 65.00 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.78 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.45 520.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 139.23 520.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 163.80 520.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 178.91 520.10 Td (described ) Tj ET Q q 0 0 0 rg BT 220.68 520.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.91 520.10 Td (") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.99 520.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 284.44 520.10 Td (loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.11 520.10 Td (" ) Tj ET Q q 0 0 0 rg BT 313.64 520.10 Td (above\) ) Tj ET Q q 0 0 0 rg BT 344.30 520.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.09 520.10 Td (well ) Tj ET Q q 0 0 0 rg BT 376.76 520.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.54 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.21 520.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 451.55 520.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.99 520.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.67 520.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 526.88 520.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 547.55 520.10 Td (will ) Tj ET Q q 0 0 0 rg BT 566.56 520.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 508.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 79.04 508.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 97.08 508.10 Td ("Pull-through ) Tj ET Q q 0 0 0 rg BT 154.22 508.10 Td (rate"\) ) Tj ET Q q 0 0 0 rg BT 179.12 508.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 207.71 508.10 Td (3\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 484.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.31 484.10 Td (other ) Tj ET Q q 0 0 0 rg BT 93.29 484.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 142.08 484.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 185.61 484.10 Td (are ) Tj ET Q q 0 0 0 rg BT 200.24 484.10 Td (based ) Tj ET Q q 0 0 0 rg BT 225.43 484.10 Td (on ) Tj ET Q q 0 0 0 rg BT 237.85 484.10 Td (various ) Tj ET Q q 0 0 0 rg BT 269.71 484.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 299.35 484.10 Td (such ) Tj ET Q q 0 0 0 rg BT 320.10 484.10 Td (as ) Tj ET Q q 0 0 0 rg BT 330.85 484.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 364.09 484.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.02 484.10 Td (bid/ask ) Tj ET Q q 0 0 0 rg BT 400.33 484.10 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 435.24 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.10 484.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 477.29 484.10 Td (considerations ) Tj ET Q q 0 0 0 rg BT 537.48 484.10 Td (for ) Tj ET Q q 0 0 0 rg BT 551.56 484.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 472.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.16 472.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 68.21 472.10 Td (on ) Tj ET Q q 0 0 0 rg BT 80.71 472.10 Td (available ) Tj ET Q q 0 0 0 rg BT 119.30 472.10 Td (market ) Tj ET Q q 0 0 0 rg BT 149.56 472.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 179.01 472.10 Td (In ) Tj ET Q q 0 0 0 rg BT 189.84 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.55 472.10 Td (absence ) Tj ET Q q 0 0 0 rg BT 238.70 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.53 472.10 Td (such ) Tj ET Q q 0 0 0 rg BT 270.36 472.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 299.81 472.10 Td (management) Tj ET Q q 0 0 0 rg BT 353.68 472.10 Td (s ) Tj ET Q q 0 0 0 rg BT 360.07 472.10 Td (best ) Tj ET Q q 0 0 0 rg BT 378.68 472.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 414.50 472.10 Td (is ) Tj ET Q q 0 0 0 rg BT 423.67 472.10 Td (used ) Tj ET Q q 0 0 0 rg BT 444.50 472.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 473.09 472.10 Td (3\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 448.10 Td (MSRs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 81.90 428.10 Td (include ) Tj ET Q q 0 0 0 rg BT 114.22 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.32 428.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 154.98 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.65 428.10 Td (service ) Tj ET Q q 0 0 0 rg BT 196.85 428.10 Td (jumbo ) Tj ET Q q 0 0 0 rg BT 225.29 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.61 428.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 292.15 428.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 336.69 428.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 377.33 428.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 403.83 428.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 450.59 428.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 477.93 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.59 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.69 428.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 543.79 428.10 Td (analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (are ) Tj ET Q q 0 0 0 rg BT 51.12 416.10 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 112.35 416.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 138.03 416.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 148.44 416.10 Td (due ) Tj ET Q q 0 0 0 rg BT 165.79 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.48 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.61 416.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 219.51 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.75 416.10 Td (these ) Tj ET Q q 0 0 0 rg BT 254.21 416.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 303.79 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.14 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.27 416.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 355.84 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.08 416.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 397.76 416.10 Td (available ) Tj ET Q q 0 0 0 rg BT 436.76 416.10 Td (market ) Tj ET Q q 0 0 0 rg BT 467.44 416.10 Td (quotes. ) Tj ET Q q 0 0 0 rg BT 498.96 416.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 536.31 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.00 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 562.13 416.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (value ) Tj ET Q q 0 0 0 rg BT 61.18 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 73.03 404.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 101.57 404.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 127.29 404.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.03 404.10 Td (due ) Tj ET Q q 0 0 0 rg BT 185.99 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.29 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.03 404.10 Td (collection/realization ) Tj ET Q q 0 0 0 rg BT 300.95 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.81 404.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 351.86 404.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 373.15 404.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 401.40 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 413.25 404.10 Td (well ) Tj ET Q q 0 0 0 rg BT 433.99 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 445.84 404.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 481.57 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.87 404.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 533.60 404.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 561.57 404.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 392.10 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 90.66 392.10 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 133.37 392.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 149.96 392.10 Td (values ) Tj ET Q q 0 0 0 rg BT 178.23 392.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.15 392.10 Td (based ) Tj ET Q q 0 0 0 rg BT 218.64 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 231.35 392.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 269.06 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.00 392.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 311.16 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.66 392.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 358.23 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.17 392.10 Td (net ) Tj ET Q q 0 0 0 rg BT 388.10 392.10 Td (present ) Tj ET Q q 0 0 0 rg BT 419.69 392.10 Td (value ) Tj ET Q q 0 0 0 rg BT 444.07 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.11 392.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 496.15 392.10 Td (future ) Tj ET Q q 0 0 0 rg BT 522.74 392.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 546.58 392.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 380.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 64.82 380.10 Td (3\). ) Tj ET Q q 0 0 0 rg BT 78.19 380.10 Td (These ) Tj ET Q q 0 0 0 rg BT 104.80 380.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 150.85 380.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 171.35 380.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 192.41 380.10 Td (models ) Tj ET Q q 0 0 0 rg BT 224.03 380.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 251.75 380.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 281.68 380.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 326.63 380.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 382.67 380.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 409.85 380.10 Td (including ) Tj ET Q q 0 0 0 rg BT 450.36 380.10 Td (market ) Tj ET Q q 0 0 0 rg BT 480.85 380.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 517.47 380.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 541.58 380.10 Td (assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 368.10 Td (future ) Tj ET Q q 0 0 0 rg BT 62.73 368.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 112.78 368.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 134.51 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.69 368.10 Td (serviced ) Tj ET Q q 0 0 0 rg BT 181.85 368.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 208.31 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.60 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.67 368.10 Td (market ) Tj ET Q q 0 0 0 rg BT 271.28 368.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 290.24 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.42 368.10 Td (servicing. ) Tj ET Q q 0 0 0 rg BT 342.80 368.10 Td (An ) Tj ET Q q 0 0 0 rg BT 357.87 368.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 393.48 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.11 368.10 Td (these ) Tj ET Q q 0 0 0 rg BT 427.50 368.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 483.67 368.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 510.97 368.10 Td (would ) Tj ET Q q 0 0 0 rg BT 538.82 368.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 356.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 65.15 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.86 356.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 120.68 356.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.06 356.10 Td (value ) Tj ET Q q 0 0 0 rg BT 161.21 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.04 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.76 356.10 Td (MSRs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.10 Td (As ) Tj ET Q q 0 0 0 rg BT 68.10 332.10 Td (part ) Tj ET Q q 0 0 0 rg BT 86.63 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.94 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.25 332.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 138.36 332.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 178.56 332.10 Td (process, ) Tj ET Q q 0 0 0 rg BT 214.03 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 228.67 332.10 Td (received ) Tj ET Q q 0 0 0 rg BT 265.52 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 272.94 332.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 313.14 332.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 349.44 332.10 Td (from ) Tj ET Q q 0 0 0 rg BT 371.86 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.28 332.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 425.03 332.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 469.12 332.10 Td (firm. ) Tj ET Q q 0 0 0 rg BT 491.82 332.10 Td (In ) Tj ET Q q 0 0 0 rg BT 503.13 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.33 332.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 562.68 332.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 320.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 69.04 320.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 108.75 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.58 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.30 320.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 161.82 320.10 Td (were ) Tj ET Q q 0 0 0 rg BT 183.74 320.10 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.80 320.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.13 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.63 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.46 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.18 320.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 298.44 320.10 Td (valuation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (FHLBC Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 272.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.11 272.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 102.65 272.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 128.65 272.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 150.75 272.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 173.41 272.10 Td (\("FHLB"\) ) Tj ET Q q 0 0 0 rg BT 215.36 272.10 Td (member ) Tj ET Q q 0 0 0 rg BT 249.68 272.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 292.34 272.10 Td (is ) Tj ET Q q 0 0 0 rg BT 300.57 272.10 Td (required ) Tj ET Q q 0 0 0 rg BT 335.44 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.78 272.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 381.87 272.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 413.41 272.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 439.41 272.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 461.51 272.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 484.17 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.06 272.10 Td (Chicago ) Tj ET Q q 0 0 0 rg BT 528.94 272.10 Td (\("FHLBC"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 260.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 58.60 260.10 Td (under ) Tj ET Q q 0 0 0 rg BT 82.87 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 88.81 260.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 131.96 260.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 175.10 260.10 Td (between ) Tj ET Q q 0 0 0 rg BT 209.91 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.74 260.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 287.89 260.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 330.49 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.43 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.14 260.10 Td (FHLBC.Under ) Tj ET Q q 0 0 0 rg BT 423.86 260.10 Td (this ) Tj ET Q q 0 0 0 rg BT 439.81 260.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 485.44 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.16 260.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 521.76 260.10 Td (is ) Tj ET Q q 0 0 0 rg BT 529.93 260.10 Td (redeemable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 248.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.72 248.10 Td (face ) Tj ET Q q 0 0 0 rg BT 64.86 248.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 91.52 248.10 Td (which ) Tj ET Q q 0 0 0 rg BT 118.46 248.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 161.49 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.21 248.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 212.03 248.10 Td (value ) Tj ET Q q 0 0 0 rg BT 236.18 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.12 248.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 269.50 248.10 Td (value ) Tj ET Q q 0 0 0 rg BT 293.65 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.48 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.20 248.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 342.81 248.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 371.40 248.10 Td (2\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 218.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 81.09 218.10 Td (Asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.77 200.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 112.86 200.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 134.52 200.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 177.28 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.72 200.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 232.26 200.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 248.36 200.10 Td (value ) Tj ET Q q 0 0 0 rg BT 272.24 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.79 200.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 302.78 200.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 327.23 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 341.11 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 355.54 200.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 409.96 200.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 442.18 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.18 200.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 483.26 200.10 Td (related ) Tj ET Q q 0 0 0 rg BT 512.69 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.69 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.35 200.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 546.57 200.10 Td (sharing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 188.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 89.07 188.10 Td (with ) Tj ET Q q 0 0 0 rg BT 109.95 188.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 140.26 188.10 Td (Mae. ) Tj ET Q q 0 0 0 rg BT 163.63 188.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 210.61 188.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 238.16 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.04 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.36 188.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 304.67 188.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 339.98 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 355.29 188.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 381.15 188.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 391.75 188.10 Td (due ) Tj ET Q q 0 0 0 rg BT 409.29 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.17 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.49 188.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 463.57 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.00 188.10 Td (this ) Tj ET Q q 0 0 0 rg BT 492.55 188.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 515.09 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.63 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.94 188.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 567.70 188.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 65.64 176.10 Td (quotes. ) Tj ET Q q 0 0 0 rg BT 95.99 176.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.42 176.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 129.17 176.10 Td (value ) Tj ET Q q 0 0 0 rg BT 152.70 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.91 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.00 176.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 217.74 176.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 239.06 176.10 Td (is ) Tj ET Q q 0 0 0 rg BT 247.61 176.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 294.47 176.10 Td (using ) Tj ET Q q 0 0 0 rg BT 318.01 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.33 176.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 369.53 176.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 389.18 176.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 409.38 176.10 Td (model, ) Tj ET Q q 0 0 0 rg BT 438.76 176.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.29 176.10 Td (which ) Tj ET Q q 0 0 0 rg BT 478.61 176.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 522.70 176.10 Td (unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 164.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 63.52 164.10 Td (include ) Tj ET Q q 0 0 0 rg BT 96.03 164.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 133.54 164.10 Td (future ) Tj ET Q q 0 0 0 rg BT 160.49 164.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 210.76 164.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 232.71 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.22 164.10 Td (market ) Tj ET Q q 0 0 0 rg BT 281.06 164.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 318.02 164.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 336.08 164.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 365.24 164.10 Td (3\). ) Tj ET Q q 0 0 0 rg BT 378.47 164.10 Td (An ) Tj ET Q q 0 0 0 rg BT 393.76 164.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 429.59 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.44 164.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 490.72 164.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 512.67 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 524.07 164.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 561.03 164.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 152.10 Td (would ) Tj ET Q q 0 0 0 rg BT 63.50 152.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 103.20 152.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 132.35 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.06 152.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 187.88 152.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 204.26 152.10 Td (value ) Tj ET Q q 0 0 0 rg BT 228.42 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.25 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.96 152.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 295.33 152.10 Td (asset. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 122.10 Td (Pledged ) Tj ET Q q 0 0 0 rg BT 71.26 122.10 Td (Collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 98.10 Td (Pledged ) Tj ET Q q 0 0 0 rg BT 88.67 98.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 128.32 98.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 162.44 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.22 98.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 193.45 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.34 98.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 230.40 98.10 Td (T) Tj ET Q q 0 0 0 rg BT 236.15 98.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 268.03 98.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 308.25 98.10 Td (held ) Tj ET Q q 0 0 0 rg BT 327.92 98.10 Td (by ) Tj ET Q q 0 0 0 rg BT 340.37 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 347.26 98.10 Td (custodian ) Tj ET Q q 0 0 0 rg BT 388.04 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.27 98.10 Td (association ) Tj ET Q q 0 0 0 rg BT 445.16 98.10 Td (with ) Tj ET Q q 0 0 0 rg BT 465.39 98.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 495.04 98.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 543.03 98.10 Td (we ) Tj ET Q q 0 0 0 rg BT 557.14 98.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 86.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 67.92 86.10 Td (into.) Tj ET Q q 0 0 0 rg BT 88.30 86.10 Td (T) Tj ET Q q 0 0 0 rg BT 94.06 86.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 125.99 86.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.25 86.10 Td (are ) Tj ET Q q 0 0 0 rg BT 180.96 86.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 211.21 86.10 Td (at ) Tj ET Q q 0 0 0 rg BT 220.93 86.10 Td (their ) Tj ET Q q 0 0 0 rg BT 241.75 86.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 258.13 86.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 284.78 86.10 Td (which ) Tj ET Q q 0 0 0 rg BT 311.72 86.10 Td (is ) Tj ET Q q 0 0 0 rg BT 320.89 86.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 368.37 86.10 Td (using ) Tj ET Q q 0 0 0 rg BT 392.54 86.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 422.26 86.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 448.64 86.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.92 86.10 Td (active ) Tj ET Q q 0 0 0 rg BT 485.29 86.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 519.44 86.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 548.04 86.10 Td (1\).) Tj ET Q endstream endobj 309 0 obj <> endobj 310 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 43) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Cash and cash equivalents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 76.40 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.23 648.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 113.40 648.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 161.34 648.10 Td (include ) Tj ET Q q 0 0 0 rg BT 193.17 648.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 213.34 648.10 Td (on ) Tj ET Q q 0 0 0 rg BT 225.73 648.10 Td (hand ) Tj ET Q q 0 0 0 rg BT 247.57 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.41 648.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 292.36 648.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 318.09 648.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 368.26 648.10 Td (with ) Tj ET Q q 0 0 0 rg BT 388.44 648.10 Td (original ) Tj ET Q q 0 0 0 rg BT 421.94 648.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 464.33 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.05 648.10 Td (three ) Tj ET Q q 0 0 0 rg BT 497.44 648.10 Td (months ) Tj ET Q q 0 0 0 rg BT 529.28 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 540.01 648.10 Td (less. ) Tj ET Q q 0 0 0 rg BT 559.91 648.10 Td (Fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.10 Td (values ) Tj ET Q q 0 0 0 rg BT 64.05 636.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 88.20 636.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 124.02 636.10 Td (values ) Tj ET Q q 0 0 0 rg BT 152.06 636.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 180.66 636.10 Td (1\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 612.10 Td (Restricted cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 100.29 592.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 123.81 592.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 166.77 592.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 205.85 592.10 Td (interest-earning ) Tj ET Q q 0 0 0 rg BT 274.34 592.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 297.86 592.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 338.04 592.10 Td (at ) Tj ET Q q 0 0 0 rg BT 351.00 592.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 407.29 592.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 445.26 592.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 479.89 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.08 592.10 Td (at ) Tj ET Q q 0 0 0 rg BT 513.05 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.01 592.10 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 580.10 Td (Resecuritization ) Tj ET Q q 0 0 0 rg BT 103.58 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.63 580.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 172.66 580.10 Td (Securitization ) Tj ET Q q 0 0 0 rg BT 230.81 580.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 262.29 580.10 Td (for ) Tj ET Q q 0 0 0 rg BT 276.56 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.38 580.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 325.65 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.59 580.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 385.31 580.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.69 580.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 434.41 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.45 580.10 Td (reinvestment. ) Tj ET Q q 0 0 0 rg BT 508.21 580.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 527.47 580.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.86 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 552.68 580.10 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 568.10 Td (term ) Tj ET Q q 0 0 0 rg BT 56.83 568.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 84.31 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.14 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.86 568.10 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 159.29 568.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 175.67 568.10 Td (values ) Tj ET Q q 0 0 0 rg BT 203.71 568.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 256.20 568.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 292.01 568.10 Td (values ) Tj ET Q q 0 0 0 rg BT 320.06 568.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 348.65 568.10 Td (1\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 544.10 Td (Accrued inter) Tj ET Q q 0 0 0 rg BT 90.33 544.10 Td (est r) Tj ET Q q 0 0 0 rg BT 107.46 544.10 Td (eceivable and payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.10 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 89.69 524.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 120.94 524.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 163.83 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.09 524.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 213.00 524.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 248.14 524.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 279.40 524.10 Td (due ) Tj ET Q q 0 0 0 rg BT 295.65 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 307.47 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.62 524.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 347.77 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.02 524.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 396.93 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 408.75 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 423.90 524.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 465.43 524.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 483.91 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.51 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.54 524.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 551.02 524.10 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 512.10 Td (when ) Tj ET Q q 0 0 0 rg BT 70.99 512.10 Td (these ) Tj ET Q q 0 0 0 rg BT 94.04 512.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 125.97 512.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 166.80 512.10 Td (will ) Tj ET Q q 0 0 0 rg BT 184.85 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 196.79 512.10 Td (received ) Tj ET Q q 0 0 0 rg BT 233.15 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.98 512.10 Td (paid, ) Tj ET Q q 0 0 0 rg BT 266.20 512.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 282.58 512.10 Td (values ) Tj ET Q q 0 0 0 rg BT 310.62 512.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 363.10 512.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 398.92 512.10 Td (values ) Tj ET Q q 0 0 0 rg BT 426.97 512.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 455.56 512.10 Td (1\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 488.10 Td (REO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 468.10 Td (REO ) Tj ET Q q 0 0 0 rg BT 77.88 468.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 115.09 468.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 158.96 468.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 189.51 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.17 468.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 250.60 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.81 468.10 Td (foreclosed ) Tj ET Q q 0 0 0 rg BT 308.34 468.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 335.83 468.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 355.83 468.10 Td (values ) Tj ET Q q 0 0 0 rg BT 385.26 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 401.35 468.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 450.21 468.10 Td (using ) Tj ET Q q 0 0 0 rg BT 475.77 468.10 Td (available ) Tj ET Q q 0 0 0 rg BT 515.74 468.10 Td (market ) Tj ET Q q 0 0 0 rg BT 547.39 468.10 Td (quotes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 456.10 Td (appraisals, ) Tj ET Q q 0 0 0 rg BT 80.99 456.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 109.58 456.10 Td (price ) Tj ET Q q 0 0 0 rg BT 132.07 456.10 Td (opinions, ) Tj ET Q q 0 0 0 rg BT 171.52 456.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 220.66 456.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 265.64 456.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.47 456.10 Td (other ) Tj ET Q q 0 0 0 rg BT 299.52 456.10 Td (indications ) Tj ET Q q 0 0 0 rg BT 345.90 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.73 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 380.89 456.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 409.48 456.10 Td (3\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 432.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 52.85 432.10 Td (gin r) Tj ET Q q 0 0 0 rg BT 71.65 432.10 Td (eceivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 412.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 70.48 412.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 85.83 412.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 129.48 412.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 161.47 412.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 181.81 412.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 221.58 412.10 Td (we ) Tj ET Q q 0 0 0 rg BT 235.81 412.10 Td (have ) Tj ET Q q 0 0 0 rg BT 257.26 412.10 Td (posted ) Tj ET Q q 0 0 0 rg BT 285.94 412.10 Td (with ) Tj ET Q q 0 0 0 rg BT 306.29 412.10 Td (our ) Tj ET Q q 0 0 0 rg BT 322.19 412.10 Td (various ) Tj ET Q q 0 0 0 rg BT 354.20 412.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 396.75 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.76 412.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 433.55 412.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 492.76 412.10 Td (as ) Tj ET Q q 0 0 0 rg BT 503.66 412.10 Td (required ) Tj ET Q q 0 0 0 rg BT 539.54 412.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.89 412.10 Td (satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 400.10 Td (mar) Tj ET Q q 0 0 0 rg BT 51.37 400.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 66.64 400.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 123.85 400.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 142.46 400.10 Td (values ) Tj ET Q q 0 0 0 rg BT 170.50 400.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 222.98 400.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 258.80 400.10 Td (values ) Tj ET Q q 0 0 0 rg BT 286.84 400.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 315.44 400.10 Td (2\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 376.10 Td (Guarantee Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 56.14 356.10 Td (In ) Tj ET Q q 0 0 0 rg BT 66.60 356.10 Td (association ) Tj ET Q q 0 0 0 rg BT 113.17 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 133.08 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.55 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 165.68 356.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 197.26 356.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 247.16 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 267.07 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.95 356.10 Td (Agencies, ) Tj ET Q q 0 0 0 rg BT 322.79 356.10 Td (we ) Tj ET Q q 0 0 0 rg BT 336.59 356.10 Td (have ) Tj ET Q q 0 0 0 rg BT 357.60 356.10 Td (made ) Tj ET Q q 0 0 0 rg BT 381.39 356.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 410.73 356.10 Td (guarantees. ) Tj ET Q q 0 0 0 rg BT 457.96 356.10 Td (These ) Tj ET Q q 0 0 0 rg BT 483.98 356.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 530.55 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 544.90 356.10 Td (initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 344.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 74.32 344.10 Td (at ) Tj ET Q q 0 0 0 rg BT 84.88 344.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 102.11 344.10 Td (value ) Tj ET Q q 0 0 0 rg BT 127.11 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.89 344.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 200.46 344.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 231.56 344.10 Td (at ) Tj ET Q q 0 0 0 rg BT 242.12 344.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 285.45 344.10 Td (cost.Fair ) Tj ET Q q 0 0 0 rg BT 326.01 344.10 Td (values ) Tj ET Q q 0 0 0 rg BT 354.90 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.58 344.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 408.79 344.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 456.58 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 472.13 344.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 520.46 344.10 Td (using ) Tj ET Q q 0 0 0 rg BT 545.47 344.10 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 332.10 Td (models ) Tj ET Q q 0 0 0 rg BT 67.90 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 85.92 332.10 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 134.47 332.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.69 332.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 209.92 332.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 237.38 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 255.39 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.62 332.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 316.95 332.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 373.29 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.74 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 405.97 332.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 445.07 332.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 470.85 332.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 478.87 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.66 332.10 Td (nature.Pricing ) Tj ET Q q 0 0 0 rg BT 551.55 332.10 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 320.10 Td (include ) Tj ET Q q 0 0 0 rg BT 67.29 320.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 103.59 320.10 Td (future ) Tj ET Q q 0 0 0 rg BT 129.32 320.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 178.38 320.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 201.61 320.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 226.23 320.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 254.48 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.78 320.10 Td (market ) Tj ET Q q 0 0 0 rg BT 300.40 320.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 336.14 320.10 Td (rates.) Tj ET Q q 0 0 0 rg BT 359.47 320.10 Td (An ) Tj ET Q q 0 0 0 rg BT 373.55 320.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 408.16 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.79 320.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 453.54 320.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 474.27 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.46 320.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 501.87 320.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 525.11 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 535.30 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 541.59 320.10 Td (decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 308.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 95.98 308.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 119.86 308.10 Td (would ) Tj ET Q q 0 0 0 rg BT 147.36 308.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 176.50 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.22 308.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 232.04 308.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 248.42 308.10 Td (value ) Tj ET Q q 0 0 0 rg BT 272.57 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.40 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.12 308.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 339.48 308.10 Td (obligations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 284.10 Td (Short-term debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 100.36 264.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 120.62 264.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 156.98 264.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.35 264.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.15 264.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 236.62 264.10 Td (that ) Tj ET Q q 0 0 0 rg BT 254.65 264.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 285.46 264.10 Td (within ) Tj ET Q q 0 0 0 rg BT 314.05 264.10 Td (one ) Tj ET Q q 0 0 0 rg BT 331.53 264.10 Td (year) Tj ET Q q 0 0 0 rg BT 348.18 264.10 Td (. ) Tj ET Q q 0 0 0 rg BT 353.05 264.10 Td (As ) Tj ET Q q 0 0 0 rg BT 367.20 264.10 Td (these ) Tj ET Q q 0 0 0 rg BT 390.79 264.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 439.38 264.10 Td (are ) Tj ET Q q 0 0 0 rg BT 454.63 264.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 488.20 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.68 264.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 537.04 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 547.86 264.10 Td (mar) Tj ET Q q 0 0 0 rg BT 563.23 264.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 252.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 56.47 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 73.04 252.10 Td (as ) Tj ET Q q 0 0 0 rg BT 83.51 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.87 252.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 118.89 252.10 Td (on ) Tj ET Q q 0 0 0 rg BT 131.03 252.10 Td (these ) Tj ET Q q 0 0 0 rg BT 153.72 252.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 201.41 252.10 Td (reset ) Tj ET Q q 0 0 0 rg BT 222.42 252.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 265.66 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.58 252.10 Td (market ) Tj ET Q q 0 0 0 rg BT 305.48 252.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 329.00 252.10 Td (we ) Tj ET Q q 0 0 0 rg BT 342.80 252.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 373.81 252.10 Td (that ) Tj ET Q q 0 0 0 rg BT 390.95 252.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 426.40 252.10 Td (values ) Tj ET Q q 0 0 0 rg BT 454.09 252.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 506.21 252.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 522.23 252.10 Td (values ) Tj ET Q q 0 0 0 rg BT 549.91 252.10 Td (\(Level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 240.10 Td (2\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 216.10 Td (ABS issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 196.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 75.03 196.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 101.60 196.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 136.50 196.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 189.16 196.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 228.50 196.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 255.07 196.10 Td (through ) Tj ET Q q 0 0 0 rg BT 287.76 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.55 196.10 Td (Sequoia, ) Tj ET Q q 0 0 0 rg BT 337.84 196.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 384.41 196.10 Td (Resecuritization, ) Tj ET Q q 0 0 0 rg BT 453.46 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.47 196.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 520.47 196.10 Td (Securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 184.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 71.32 184.10 Td (These ) Tj ET Q q 0 0 0 rg BT 99.45 184.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 150.36 184.10 Td (are ) Tj ET Q q 0 0 0 rg BT 166.81 184.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 208.26 184.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 241.40 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.43 184.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 282.66 184.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.35 184.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 325.58 184.10 Td (infrequently) Tj ET Q q 0 0 0 rg BT 373.80 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.55 184.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 428.68 184.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 457.38 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.40 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.87 184.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 527.33 184.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 563.79 184.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 172.10 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 96.48 172.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 121.41 172.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 131.07 172.10 Td (due ) Tj ET Q q 0 0 0 rg BT 147.67 172.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.62 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.00 172.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 199.14 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.64 172.10 Td (these ) Tj ET Q q 0 0 0 rg BT 232.35 172.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 281.18 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.78 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.16 172.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 330.98 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.47 172.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 371.40 172.10 Td (available ) Tj ET Q q 0 0 0 rg BT 409.65 172.10 Td (market ) Tj ET Q q 0 0 0 rg BT 439.57 172.10 Td (quotes. ) Tj ET Q q 0 0 0 rg BT 470.35 172.10 Td (For ) Tj ET Q q 0 0 0 rg BT 485.92 172.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 507.54 172.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 537.20 172.10 Td (we ) Tj ET Q q 0 0 0 rg BT 551.03 172.10 Td (utilize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 160.10 Td (both ) Tj ET Q q 0 0 0 rg BT 56.76 160.10 Td (market ) Tj ET Q q 0 0 0 rg BT 87.50 160.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 137.12 160.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 168.43 160.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.85 160.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 232.15 160.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.90 160.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 274.21 160.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 309.41 160.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 349.60 160.10 Td (techniques. ) Tj ET Q q 0 0 0 rg BT 397.84 160.10 Td (Relevant ) Tj ET Q q 0 0 0 rg BT 436.36 160.10 Td (market ) Tj ET Q q 0 0 0 rg BT 467.11 160.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 509.52 160.10 Td (factored ) Tj ET Q q 0 0 0 rg BT 545.26 160.10 Td (into ) Tj ET Q q 0 0 0 rg BT 563.79 160.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 148.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 69.80 148.10 Td (include ) Tj ET Q q 0 0 0 rg BT 100.82 148.10 Td (bid/ask ) Tj ET Q q 0 0 0 rg BT 131.29 148.10 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 165.37 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.17 148.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 210.75 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.77 148.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 254.47 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.38 148.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 303.16 148.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 327.51 148.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 355.49 148.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 386.51 148.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 409.47 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.49 148.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 464.27 148.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 513.06 148.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 536.02 148.10 Td (Estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 136.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 52.84 136.10 Td (values ) Tj ET Q q 0 0 0 rg BT 81.34 136.10 Td (are ) Tj ET Q q 0 0 0 rg BT 96.51 136.10 Td (based ) Tj ET Q q 0 0 0 rg BT 122.24 136.10 Td (on ) Tj ET Q q 0 0 0 rg BT 135.20 136.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 173.16 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.33 136.10 Td (market ) Tj ET Q q 0 0 0 rg BT 219.06 136.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 261.45 136.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.19 136.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 309.01 136.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 355.30 136.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 376.03 136.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 401.21 136.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 430.27 136.10 Td (3\). ) Tj ET Q q 0 0 0 rg BT 443.84 136.10 Td (These ) Tj ET Q q 0 0 0 rg BT 470.68 136.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 510.86 136.10 Td (would ) Tj ET Q q 0 0 0 rg BT 538.82 136.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 124.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 72.91 124.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.19 124.10 Td (value ) Tj ET Q q 0 0 0 rg BT 107.35 124.10 Td (\(become ) Tj ET Q q 0 0 0 rg BT 144.27 124.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.21 124.10 Td (lar) Tj ET Q q 0 0 0 rg BT 161.58 124.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 176.84 124.10 Td (liability\) ) Tj ET Q q 0 0 0 rg BT 213.78 124.10 Td (if ) Tj ET Q q 0 0 0 rg BT 222.39 124.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 247.66 124.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 274.05 124.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 315.96 124.10 Td (or ) Tj ET Q q 0 0 0 rg BT 326.79 124.10 Td (if ) Tj ET Q q 0 0 0 rg BT 335.40 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.12 124.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 399.82 124.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 417.30 124.10 Td (or ) Tj ET Q q 0 0 0 rg BT 428.13 124.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 464.52 124.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 482.01 124.10 Td (were ) Tj ET Q q 0 0 0 rg BT 503.93 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.21 124.10 Td (increase. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 100.10 Td (FHLBC Borr) Tj ET Q q 0 0 0 rg BT 88.69 100.10 Td (owings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 88.41 80.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 136.14 80.10 Td (include ) Tj ET Q q 0 0 0 rg BT 167.75 80.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 203.82 80.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 244.32 80.10 Td (from ) Tj ET Q q 0 0 0 rg BT 265.94 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.33 80.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 314.74 80.10 Td (that ) Tj ET Q q 0 0 0 rg BT 331.92 80.10 Td (are ) Tj ET Q q 0 0 0 rg BT 346.30 80.10 Td (secured, ) Tj ET Q q 0 0 0 rg BT 381.52 80.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 420.90 80.10 Td (by ) Tj ET Q q 0 0 0 rg BT 433.08 80.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 476.91 80.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 516.85 80.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 542.16 80.10 Td (As ) Tj ET Q q 0 0 0 rg BT 555.45 80.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 68.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 83.93 68.10 Td (are ) Tj ET Q q 0 0 0 rg BT 98.51 68.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 131.43 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.25 68.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 178.95 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.11 68.10 Td (mar) Tj ET Q q 0 0 0 rg BT 204.47 68.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 219.63 68.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 240.33 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.15 68.10 Td (as ) Tj ET Q q 0 0 0 rg BT 267.86 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.45 68.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 303.71 68.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.08 68.10 Td (these ) Tj ET Q q 0 0 0 rg BT 339.01 68.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 386.94 68.10 Td (reset ) Tj ET Q q 0 0 0 rg BT 408.19 68.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 451.66 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.82 68.10 Td (market ) Tj ET Q q 0 0 0 rg BT 491.96 68.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 515.72 68.10 Td (we ) Tj ET Q q 0 0 0 rg BT 529.75 68.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 561.00 68.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 56.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 71.82 56.10 Td (values ) Tj ET Q q 0 0 0 rg BT 99.86 56.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 152.34 56.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.72 56.10 Td (values ) Tj ET Q q 0 0 0 rg BT 196.77 56.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 225.36 56.10 Td (2\).) Tj ET Q endstream endobj 311 0 obj <> endobj 312 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 5. Fair) Tj ET Q q 0 0 0 rg BT 86.63 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 88.95 692.60 Td (V) Tj ET Q q 0 0 0 rg BT 95.26 692.60 Td (alue of Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Convertible notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 103.87 648.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 127.63 648.10 Td (include ) Tj ET Q q 0 0 0 rg BT 159.72 648.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 202.91 648.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 250.54 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.63 648.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 324.70 648.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 351.79 648.10 Td (notes. ) Tj ET Q q 0 0 0 rg BT 378.05 648.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 396.81 648.10 Td (values ) Tj ET Q q 0 0 0 rg BT 425.01 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 439.87 648.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 487.51 648.10 Td (using ) Tj ET Q q 0 0 0 rg BT 511.83 648.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 541.70 648.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 568.23 648.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 75.70 636.10 Td (active ) Tj ET Q q 0 0 0 rg BT 102.07 636.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 136.23 636.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 164.82 636.10 Td (2\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 612.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.01 612.10 Td (rust pr) Tj ET Q q 0 0 0 rg BT 67.59 612.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 86.66 612.10 Td (ed securities and subor) Tj ET Q q 0 0 0 rg BT 179.33 612.10 Td (dinated notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.10 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 95.59 592.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 111.06 592.10 Td (values ) Tj ET Q q 0 0 0 rg BT 138.21 592.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.14 592.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 167.51 592.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 205.75 592.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 245.11 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.15 592.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 314.40 592.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 337.11 592.10 Td (are ) Tj ET Q q 0 0 0 rg BT 350.91 592.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 397.49 592.10 Td (using ) Tj ET Q q 0 0 0 rg BT 420.76 592.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 465.68 592.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 485.05 592.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 504.98 592.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 538.79 592.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 580.10 Td (techniques. ) Tj ET Q q 0 0 0 rg BT 83.63 580.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 129.87 580.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 156.68 580.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.82 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.40 580.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 220.97 580.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 255.55 580.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.12 580.10 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 330.81 580.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 355.93 580.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 365.79 580.10 Td (due ) Tj ET Q q 0 0 0 rg BT 382.59 580.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.74 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.31 580.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 434.66 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.35 580.10 Td (these ) Tj ET Q q 0 0 0 rg BT 468.26 580.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 517.29 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.09 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.67 580.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 567.69 580.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 568.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 66.88 568.10 Td (available ) Tj ET Q q 0 0 0 rg BT 106.08 568.10 Td (market ) Tj ET Q q 0 0 0 rg BT 136.95 568.10 Td (quotes. ) Tj ET Q q 0 0 0 rg BT 168.68 568.10 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 211.78 568.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.77 568.10 Td (values ) Tj ET Q q 0 0 0 rg BT 257.43 568.10 Td (are ) Tj ET Q q 0 0 0 rg BT 272.75 568.10 Td (based ) Tj ET Q q 0 0 0 rg BT 298.63 568.10 Td (on ) Tj ET Q q 0 0 0 rg BT 311.74 568.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 349.85 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.18 568.10 Td (market ) Tj ET Q q 0 0 0 rg BT 396.06 568.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 438.60 568.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.49 568.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 486.47 568.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 532.91 568.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 553.79 568.10 Td (flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 556.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 64.59 556.10 Td (3\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 532.10 Td (Note 6. Residential Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 512.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.37 512.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 101.09 512.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 145.04 512.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 168.45 512.10 Td (from ) Tj ET Q q 0 0 0 rg BT 190.18 512.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 235.25 512.10 Td (originators. ) Tj ET Q q 0 0 0 rg BT 283.20 512.10 Td (The ) Tj ET Q q 0 0 0 rg BT 301.05 512.10 Td (following ) Tj ET Q q 0 0 0 rg BT 342.23 512.10 Td (table ) Tj ET Q q 0 0 0 rg BT 363.96 512.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 414.02 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.54 512.10 Td (classifications ) Tj ET Q q 0 0 0 rg BT 487.48 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.22 512.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 539.83 512.10 Td (values ) Tj ET Q q 0 0 0 rg BT 567.68 512.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 500.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 94.87 500.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 118.48 500.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 147.64 500.10 Td (at ) Tj ET Q q 0 0 0 rg BT 157.35 500.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 198.18 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.12 500.10 Td (at ) Tj ET Q q 0 0 0 rg BT 224.84 500.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 277.88 500.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 312.60 500.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 343.98 500.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.70 500.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 412.28 500.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.28 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.78 500.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.72 500.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 510.30 500.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.30 500.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 476.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 476.10 Td (6.1 ) Tj ET Q q 0 0 0 rg BT 75.91 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 476.10 Td (Classifications ) Tj ET Q q 0 0 0 rg BT 146.47 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.54 476.10 Td (Carrying ) Tj ET Q q 0 0 0 rg BT 204.27 476.10 Td (V) Tj ET Q q 0 0 0 rg BT 209.83 476.10 Td (alues ) Tj ET Q q 0 0 0 rg BT 234.00 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.83 476.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 293.44 476.10 Td (Loans) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 437.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 437.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 437.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 437.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 407.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 407.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 407.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 407.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 377.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 377.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 377.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 377.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 347.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 347.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 347.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 347.60 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 437.6 m 346.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 437.6 m 422.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 437.6 m 498.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 437.6 m 574.5 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 392.6 m 422.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 392.6 m 498.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 392.6 m 574.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 392.6 m 574.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 347.6 m 422.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 347.6 m 498.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 347.6 m 574.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 333.6 m 422.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 331.6 m 422.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 347.6 m 498.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 333.6 m 498.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 331.6 m 498.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 347.6 m 574.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 333.6 m 574.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 331.6 m 574.5 331.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 456.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 442.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.95 442.28 Td (Redwood) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 442.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.05 442.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 427.27 Td (Held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 412.27 Td (At fair value - jumbo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 412.27 Td (834,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 412.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 412.27 Td (834,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 397.27 Td (At lower of cost or fair value - jumbo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 397.27 Td (1,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 397.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 397.27 Td (1,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 382.27 Td (Total held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 382.27 Td (835,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 382.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 382.27 Td (835,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 367.27 Td (Held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 352.27 Td (At fair value - jumbo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 352.27 Td (2,261,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 352.27 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 352.27 Td (3,052,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 337.28 Td (Total Residential Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 337.27 Td (3,096,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 337.27 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 337.27 Td (3,888,051) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 294.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 294.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 294.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 294.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 264.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 264.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 264.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 264.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 234.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 234.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 234.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 234.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 204.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 204.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 204.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 204.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 204.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 204.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 204.60 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 294.6 m 346.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 294.6 m 422.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 294.6 m 498.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 294.6 m 574.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 234.60000000000002 m 422.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 234.60000000000002 m 498.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 234.60000000000002 m 574.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 234.60000000000002 m 574.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 189.60000000000002 m 422.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 175.60000000000002 m 422.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 173.60000000000002 m 422.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 189.60000000000002 m 498.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 175.60000000000002 m 498.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 173.60000000000002 m 498.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 189.60000000000002 m 574.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 175.60000000000002 m 574.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 173.60000000000002 m 574.5 173.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 313.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 299.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.95 299.28 Td (Redwood) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 299.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.05 299.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 284.27 Td (Held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 269.27 Td (At fair value - conforming) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 269.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 269.27 Td (129,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 269.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 269.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 269.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 269.27 Td (129,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 254.27 Td (At fair value - jumbo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 254.27 Td (984,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 254.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 254.27 Td (984,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 239.27 Td (At lower of cost or fair value - jumbo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 239.27 Td (1,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 239.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 239.27 Td (1,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 224.27 Td (Total held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 224.27 Td (1,115,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 224.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 224.27 Td (1,115,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 209.27 Td (Held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 194.27 Td (At fair value - jumbo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 194.27 Td (1,791,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 194.27 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 194.27 Td (2,813,065) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 179.28 Td (Total Residential Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 179.27 Td (2,906,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 179.27 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 179.27 Td (3,928,803) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.92 151.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 127.92 151.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.92 151.10 Td (, ) Tj ET Q q 0 0 0 rg BT 154.35 151.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.93 151.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 200.51 151.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 242.19 151.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 282.77 151.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 309.46 151.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 354.48 151.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.18 151.10 Td ($2.32 ) Tj ET Q q 0 0 0 rg BT 402.60 151.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.71 151.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.63 151.10 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 475.42 151.10 Td (balance\) ) Tj ET Q q 0 0 0 rg BT 513.21 151.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.46 151.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 139.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 79.60 139.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 102.65 139.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 145.13 139.10 Td (from ) Tj ET Q q 0 0 0 rg BT 166.52 139.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 211.23 139.10 Td (originators. ) Tj ET Q q 0 0 0 rg BT 258.86 139.10 Td (The ) Tj ET Q q 0 0 0 rg BT 276.35 139.10 Td (value ) Tj ET Q q 0 0 0 rg BT 299.95 139.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.23 139.10 Td (these ) Tj ET Q q 0 0 0 rg BT 332.72 139.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 359.68 139.10 Td (is ) Tj ET Q q 0 0 0 rg BT 368.30 139.10 Td (included ) Tj ET Q q 0 0 0 rg BT 404.68 139.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.40 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.56 139.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 463.82 139.10 Td (value ) Tj ET Q q 0 0 0 rg BT 487.42 139.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.70 139.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.86 139.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 554.90 139.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 127.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 127.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.33 127.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 117.37 127.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 150.40 127.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 179.66 127.10 Td (W) Tj ET Q q 0 0 0 rg BT 188.30 127.10 Td (e ) Tj ET Q q 0 0 0 rg BT 195.24 127.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 229.94 127.10 Td (with ) Tj ET Q q 0 0 0 rg BT 250.22 127.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 285.48 127.10 Td (sub-servicers ) Tj ET Q q 0 0 0 rg BT 340.74 127.10 Td (that ) Tj ET Q q 0 0 0 rg BT 358.24 127.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 392.94 127.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 432.10 127.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 471.82 127.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.98 127.10 Td (these ) Tj ET Q q 0 0 0 rg BT 509.02 127.10 Td (loans. ) Tj ET Q endstream endobj 313 0 obj <> endobj 314 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 6. Residential Loans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 45) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 84.61 668.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 112.67 668.25 Td (Held-for-Sale) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 644.25 Td (At Fair V) Tj ET Q q 0 0 0 rg BT 72.67 644.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 624.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.21 624.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.50 624.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 149.20 624.25 Td (we ) Tj ET Q q 0 0 0 rg BT 163.07 624.25 Td (owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 624.25 Td (1,1) Tj ET Q q 0 0 0 rg BT 204.06 624.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.06 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.27 624.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 239.58 624.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 271.59 624.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 292.67 624.25 Td (at ) Tj ET Q q 0 0 0 rg BT 302.10 624.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.18 624.25 Td (value ) Tj ET Q q 0 0 0 rg BT 342.04 624.25 Td (with ) Tj ET Q q 0 0 0 rg BT 362.03 624.25 Td (an ) Tj ET Q q 0 0 0 rg BT 373.67 624.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 414.74 624.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 444.16 624.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 481.91 624.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 514.65 624.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.18 624.25 Td ($0.83 ) Tj ET Q q 0 0 0 rg BT 549.89 624.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 52.78 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 59.57 612.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 75.79 612.25 Td (value ) Tj ET Q q 0 0 0 rg BT 99.79 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.47 612.25 Td ($0.83 ) Tj ET Q q 0 0 0 rg BT 135.31 612.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.42 612.25 Td (, ) Tj ET Q q 0 0 0 rg BT 166.27 612.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 208.04 612.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.16 612.25 Td (1,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.66 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.01 612.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 266.46 612.25 Td (with ) Tj ET Q q 0 0 0 rg BT 286.58 612.25 Td (an ) Tj ET Q q 0 0 0 rg BT 298.37 612.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 339.58 612.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 369.14 612.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 407.02 612.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 439.90 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.58 612.25 Td ($1.09 ) Tj ET Q q 0 0 0 rg BT 475.42 612.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.54 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 503.88 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.66 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 527.45 612.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 543.67 612.25 Td (value ) Tj ET Q q 0 0 0 rg BT 567.67 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.25 Td ($1.1) Tj ET Q q 0 0 0 rg BT 53.13 600.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 60.63 600.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.74 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.24 600.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.96 600.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 157.54 600.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.54 600.25 Td (. ) Tj ET Q q 0 0 0 rg BT 181.99 600.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.49 600.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 253.07 600.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.07 600.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.07 600.25 Td (none) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.51 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 300.00 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 310.83 600.25 Td (these ) Tj ET Q q 0 0 0 rg BT 333.88 600.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 357.49 600.25 Td (were ) Tj ET Q q 0 0 0 rg BT 379.42 600.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 409.67 600.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.38 600.25 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.38 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 441.88 600.25 Td (days ) Tj ET Q q 0 0 0 rg BT 462.71 600.25 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 507.42 600.25 Td (or ) Tj ET Q q 0 0 0 rg BT 518.25 600.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.53 600.25 Td (foreclosure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 588.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.17 588.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 106.43 588.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.43 588.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 588.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.54 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.71 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.22 588.25 Td (these ) Tj ET Q q 0 0 0 rg BT 180.94 588.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 204.22 588.25 Td (with ) Tj ET Q q 0 0 0 rg BT 224.17 588.25 Td (a ) Tj ET Q q 0 0 0 rg BT 230.78 588.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.83 588.25 Td (value ) Tj ET Q q 0 0 0 rg BT 270.66 588.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.16 588.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 293.33 588.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.23 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 324.40 588.25 Td (was ) Tj ET Q q 0 0 0 rg BT 342.12 588.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 372.05 588.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.44 588.25 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.44 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.61 588.25 Td (days ) Tj ET Q q 0 0 0 rg BT 424.12 588.25 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 468.50 588.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.11 588.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.55 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 501.72 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.23 588.25 Td (these ) Tj ET Q q 0 0 0 rg BT 534.95 588.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 558.23 588.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 42.94 576.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 59.32 576.25 Td (value ) Tj ET Q q 0 0 0 rg BT 83.47 576.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.30 576.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 106.80 576.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.69 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 138.19 576.25 Td (was ) Tj ET Q q 0 0 0 rg BT 156.24 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.52 576.25 Td (foreclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.25 Td (During ) Tj ET Q q 0 0 0 rg BT 85.10 556.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.09 556.25 Td (years ) Tj ET Q q 0 0 0 rg BT 123.97 556.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.62 556.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.47 556.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.47 556.25 Td ( ) Tj ET Q q 0 0 0 rg BT 232.25 556.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.46 556.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.46 556.25 Td (, ) Tj ET Q q 0 0 0 rg BT 274.73 556.25 Td (we ) Tj ET Q q 0 0 0 rg BT 289.17 556.25 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.48 556.25 Td ($4.85 ) Tj ET Q q 0 0 0 rg BT 357.75 556.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.86 556.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.64 556.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.85 556.25 Td ($10.21 ) Tj ET Q q 0 0 0 rg BT 434.12 556.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.24 556.25 Td ( ) Tj ET Q q 0 0 0 rg BT 463.01 556.25 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 504.65 556.25 Td (balance\) ) Tj ET Q q 0 0 0 rg BT 541.29 556.25 Td (of ) Tj ET Q q 0 0 0 rg BT 552.39 556.25 Td (loans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 544.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 544.25 Td (, ) Tj ET Q q 0 0 0 rg BT 87.53 544.25 Td (for ) Tj ET Q q 0 0 0 rg BT 100.56 544.25 Td (which ) Tj ET Q q 0 0 0 rg BT 126.36 544.25 Td (we ) Tj ET Q q 0 0 0 rg BT 139.39 544.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 169.07 544.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.65 544.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 197.89 544.25 Td (value ) Tj ET Q q 0 0 0 rg BT 220.92 544.25 Td (option, ) Tj ET Q q 0 0 0 rg BT 250.34 544.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.15 544.25 Td (we ) Tj ET Q q 0 0 0 rg BT 279.17 544.25 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.21 544.25 Td ($4.04 ) Tj ET Q q 0 0 0 rg BT 321.08 544.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.19 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 348.56 544.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.36 544.25 Td ($9.04 ) Tj ET Q q 0 0 0 rg BT 388.23 544.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.34 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.71 544.25 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 455.95 544.25 Td (balance\) ) Tj ET Q q 0 0 0 rg BT 491.18 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.88 544.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 525.85 544.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.51 544.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.44 532.25 Td (which ) Tj ET Q q 0 0 0 rg BT 77.65 532.25 Td (we ) Tj ET Q q 0 0 0 rg BT 92.09 532.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 129.84 532.25 Td (net ) Tj ET Q q 0 0 0 rg BT 144.83 532.25 Td (market ) Tj ET Q q 0 0 0 rg BT 175.37 532.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.36 532.25 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.57 532.25 Td (s ) Tj ET Q q 0 0 0 rg BT 239.24 532.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.35 532.25 Td ($6 ) Tj ET Q q 0 0 0 rg BT 263.12 532.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.02 532.25 Td ( ) Tj ET Q q 0 0 0 rg BT 294.79 532.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.01 532.25 Td ($4 ) Tj ET Q q 0 0 0 rg BT 324.78 532.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.67 532.25 Td (, ) Tj ET Q q 0 0 0 rg BT 358.95 532.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 406.61 532.25 Td (, ) Tj ET Q q 0 0 0 rg BT 411.89 532.25 Td (through ) Tj ET Q q 0 0 0 rg BT 445.77 532.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 487.42 532.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 522.42 532.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 563.79 532.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 520.25 Td (on ) Tj ET Q q 0 0 0 rg BT 48.30 520.25 Td (our ) Tj ET Q q 0 0 0 rg BT 63.92 520.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 116.76 520.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 161.27 520.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.90 520.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 205.63 520.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.92 520.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 276.30 520.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 520.25 Td (, ) Tj ET Q q 0 0 0 rg BT 301.10 520.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 324.51 520.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 356.51 520.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 377.69 520.25 Td (with ) Tj ET Q q 0 0 0 rg BT 397.76 520.25 Td (a ) Tj ET Q q 0 0 0 rg BT 404.50 520.25 Td (market ) Tj ET Q q 0 0 0 rg BT 434.56 520.25 Td (value ) Tj ET Q q 0 0 0 rg BT 458.51 520.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.14 520.25 Td ($534 ) Tj ET Q q 0 0 0 rg BT 491.44 520.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.33 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 522.63 520.25 Td (were ) Tj ET Q q 0 0 0 rg BT 544.35 520.25 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 508.25 Td (as ) Tj ET Q q 0 0 0 rg BT 46.83 508.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 86.53 508.25 Td (under ) Tj ET Q q 0 0 0 rg BT 111.80 508.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 155.95 508.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 200.11 508.25 Td (agreements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 484.25 Td (At Lower of Cost or Fair V) Tj ET Q q 0 0 0 rg BT 143.24 484.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.77 464.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.62 464.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.62 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.38 464.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.59 464.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 224.44 464.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.44 464.25 Td (, ) Tj ET Q q 0 0 0 rg BT 249.70 464.25 Td (we ) Tj ET Q q 0 0 0 rg BT 264.13 464.25 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.11 464.25 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.88 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.65 464.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.85 464.25 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.07 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.83 464.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 391.25 464.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 417.63 464.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 465.29 464.25 Td (, ) Tj ET Q q 0 0 0 rg BT 470.55 464.25 Td (at ) Tj ET Q q 0 0 0 rg BT 480.54 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.52 464.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 521.05 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 532.15 464.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 551.02 464.25 Td (or ) Tj ET Q q 0 0 0 rg BT 562.12 464.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.25 Td (value ) Tj ET Q q 0 0 0 rg BT 59.21 452.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.53 452.25 Td ($2 ) Tj ET Q q 0 0 0 rg BT 90.08 452.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.98 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 120.53 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 129.85 452.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 178.07 452.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 215.16 452.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 247.25 452.25 Td (for ) Tj ET Q q 0 0 0 rg BT 260.46 452.25 Td (both ) Tj ET Q q 0 0 0 rg BT 279.78 452.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 310.77 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.76 452.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.75 452.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 367.62 452.25 Td (value ) Tj ET Q q 0 0 0 rg BT 390.82 452.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.70 452.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 412.25 452.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.14 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 442.69 452.25 Td (for ) Tj ET Q q 0 0 0 rg BT 455.90 452.25 Td (both ) Tj ET Q q 0 0 0 rg BT 475.23 452.25 Td (periods. ) Tj ET Q q 0 0 0 rg BT 508.38 452.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 452.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 440.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.24 440.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.67 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 78.41 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.48 440.25 Td (these ) Tj ET Q q 0 0 0 rg BT 112.76 440.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 136.60 440.25 Td (with ) Tj ET Q q 0 0 0 rg BT 157.12 440.25 Td (an ) Tj ET Q q 0 0 0 rg BT 169.29 440.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 199.24 440.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 237.52 440.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 270.79 440.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.86 440.25 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 302.09 440.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.98 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 333.72 440.25 Td (was ) Tj ET Q q 0 0 0 rg BT 352.01 440.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 382.50 440.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.45 440.25 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.45 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.19 440.25 Td (days ) Tj ET Q q 0 0 0 rg BT 436.25 440.25 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 481.20 440.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.37 440.25 Td (none) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.81 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 520.55 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.61 440.25 Td (these ) Tj ET Q q 0 0 0 rg BT 554.90 440.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.25 Td (were ) Tj ET Q q 0 0 0 rg BT 57.64 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 67.64 428.25 Td (foreclosure. ) Tj ET Q q 0 0 0 rg BT 116.84 428.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.05 428.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 187.35 428.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.35 428.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.06 428.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.72 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.26 428.25 Td (these ) Tj ET Q q 0 0 0 rg BT 262.02 428.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 285.35 428.25 Td (with ) Tj ET Q q 0 0 0 rg BT 305.34 428.25 Td (an ) Tj ET Q q 0 0 0 rg BT 316.99 428.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 346.42 428.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 384.18 428.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 416.92 428.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.47 428.25 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 447.18 428.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.08 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.29 428.25 Td (was ) Tj ET Q q 0 0 0 rg BT 496.06 428.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 526.02 428.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.46 428.25 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.46 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 557.67 428.25 Td (days ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.25 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 80.71 416.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.65 416.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.09 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.59 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.42 416.25 Td (these ) Tj ET Q q 0 0 0 rg BT 148.47 416.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 172.07 416.25 Td (with ) Tj ET Q q 0 0 0 rg BT 192.35 416.25 Td (an ) Tj ET Q q 0 0 0 rg BT 204.29 416.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 234.01 416.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 272.05 416.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.08 416.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.91 416.25 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 335.91 416.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 367.30 416.25 Td (was ) Tj ET Q q 0 0 0 rg BT 385.36 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 395.63 416.25 Td (foreclosure.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 392.25 Td (Residential Loans Held-for-Investment at Fair V) Tj ET Q q 0 0 0 rg BT 236.29 392.25 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 368.25 Td (At Redwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 348.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.15 348.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.38 348.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.38 348.25 Td (, ) Tj ET Q q 0 0 0 rg BT 149.03 348.25 Td (we ) Tj ET Q q 0 0 0 rg BT 162.84 348.25 Td (owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 348.25 Td (3,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.15 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.29 348.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 248.30 348.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 297.66 348.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 320.92 348.25 Td (at ) Tj ET Q q 0 0 0 rg BT 330.28 348.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 370.76 348.25 Td (with ) Tj ET Q q 0 0 0 rg BT 390.69 348.25 Td (an ) Tj ET Q q 0 0 0 rg BT 402.28 348.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 443.29 348.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 472.65 348.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 510.34 348.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 543.02 348.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 348.25 Td ($2.23 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 336.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.11 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 64.73 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 81.78 336.25 Td (a ) Tj ET Q q 0 0 0 rg BT 88.84 336.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.33 336.25 Td (value ) Tj ET Q q 0 0 0 rg BT 129.60 336.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.55 336.25 Td ($2.26 ) Tj ET Q q 0 0 0 rg BT 165.67 336.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.78 336.25 Td (, ) Tj ET Q q 0 0 0 rg BT 196.90 336.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 238.94 336.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.33 336.25 Td (2,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.83 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 274.45 336.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 298.17 336.25 Td (with ) Tj ET Q q 0 0 0 rg BT 318.57 336.25 Td (an ) Tj ET Q q 0 0 0 rg BT 330.62 336.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 372.10 336.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 401.93 336.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 440.09 336.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 473.24 336.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.18 336.25 Td ($1.76 ) Tj ET Q q 0 0 0 rg BT 509.30 336.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.41 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.03 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 555.08 336.25 Td (a ) Tj ET Q q 0 0 0 rg BT 562.14 336.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 324.25 Td (value ) Tj ET Q q 0 0 0 rg BT 59.92 324.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.51 324.25 Td ($1.79 ) Tj ET Q q 0 0 0 rg BT 95.28 324.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.39 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.66 324.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.14 324.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 191.49 324.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.49 324.25 Td (. ) Tj ET Q q 0 0 0 rg BT 215.75 324.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.02 324.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 286.37 324.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.37 324.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.13 324.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.57 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 327.83 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.43 324.25 Td (these ) Tj ET Q q 0 0 0 rg BT 361.24 324.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 384.61 324.25 Td (was ) Tj ET Q q 0 0 0 rg BT 402.43 324.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 432.45 324.25 Td (than ) Tj ET Q q 0 0 0 rg BT 451.93 324.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 464.19 324.25 Td (days ) Tj ET Q q 0 0 0 rg BT 484.79 324.25 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 529.26 324.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.97 324.25 Td (none) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.41 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 567.67 324.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 312.25 Td (these ) Tj ET Q q 0 0 0 rg BT 59.05 312.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 82.66 312.25 Td (were ) Tj ET Q q 0 0 0 rg BT 104.58 312.25 Td (in ) Tj ET Q q 0 0 0 rg BT 114.86 312.25 Td (foreclosure. ) Tj ET Q q 0 0 0 rg BT 164.29 312.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.79 312.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 235.37 312.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.37 312.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.37 312.25 Td (none) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.81 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 282.31 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.14 312.25 Td (these ) Tj ET Q q 0 0 0 rg BT 316.19 312.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 339.79 312.25 Td (were ) Tj ET Q q 0 0 0 rg BT 361.72 312.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 391.98 312.25 Td (than ) Tj ET Q q 0 0 0 rg BT 411.69 312.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 424.19 312.25 Td (days ) Tj ET Q q 0 0 0 rg BT 445.02 312.25 Td (delinquent ) Tj ET Q q 0 0 0 rg BT 489.74 312.25 Td (or ) Tj ET Q q 0 0 0 rg BT 500.57 312.25 Td (in ) Tj ET Q q 0 0 0 rg BT 510.84 312.25 Td (foreclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.25 Td (During ) Tj ET Q q 0 0 0 rg BT 85.69 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.26 288.25 Td (years ) Tj ET Q q 0 0 0 rg BT 125.72 288.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.95 288.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 212.39 288.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.39 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.75 288.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.54 288.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.54 288.25 Td (, ) Tj ET Q q 0 0 0 rg BT 279.40 288.25 Td (we ) Tj ET Q q 0 0 0 rg BT 294.42 288.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 341.08 288.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 365.55 288.25 Td (with ) Tj ET Q q 0 0 0 rg BT 386.68 288.25 Td (a ) Tj ET Q q 0 0 0 rg BT 394.48 288.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 411.71 288.25 Td (value ) Tj ET Q q 0 0 0 rg BT 436.72 288.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.41 288.25 Td ($1.06 ) Tj ET Q q 0 0 0 rg BT 474.27 288.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.38 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 503.74 288.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.53 288.25 Td ($1.50 ) Tj ET Q q 0 0 0 rg BT 547.39 288.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 288.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 276.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 276.25 Td (, ) Tj ET Q q 0 0 0 rg BT 88.51 276.25 Td (from ) Tj ET Q q 0 0 0 rg BT 110.30 276.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 142.31 276.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 163.54 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 173.67 276.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 205.67 276.25 Td (-investment. ) Tj ET Q q 0 0 0 rg BT 257.74 276.25 Td (During ) Tj ET Q q 0 0 0 rg BT 288.42 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.98 276.25 Td (years ) Tj ET Q q 0 0 0 rg BT 326.43 276.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.66 276.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 411.10 276.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.10 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.45 276.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.24 276.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.24 276.25 Td (, ) Tj ET Q q 0 0 0 rg BT 475.09 276.25 Td (we ) Tj ET Q q 0 0 0 rg BT 489.10 276.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 534.76 276.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 558.22 276.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 264.25 Td (a ) Tj ET Q q 0 0 0 rg BT 42.94 264.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 59.32 264.25 Td (value ) Tj ET Q q 0 0 0 rg BT 83.47 264.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.30 264.25 Td ($56 ) Tj ET Q q 0 0 0 rg BT 111.80 264.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.69 264.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.19 264.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.13 264.25 Td ($143 ) Tj ET Q q 0 0 0 rg BT 182.63 264.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.52 264.25 Td (, ) Tj ET Q q 0 0 0 rg BT 216.52 264.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 264.18 264.25 Td (, ) Tj ET Q q 0 0 0 rg BT 269.18 264.25 Td (from ) Tj ET Q q 0 0 0 rg BT 291.12 264.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 323.13 264.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 372.84 264.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.12 264.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 415.13 264.25 Td (-sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.25 Td (During ) Tj ET Q q 0 0 0 rg BT 85.89 240.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.67 240.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.88 240.25 Td (s ) Tj ET Q q 0 0 0 rg BT 126.33 240.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.77 240.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 213.42 240.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.42 240.25 Td ( ) Tj ET Q q 0 0 0 rg BT 236.98 240.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.98 240.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.98 240.25 Td (, ) Tj ET Q q 0 0 0 rg BT 281.04 240.25 Td (we ) Tj ET Q q 0 0 0 rg BT 296.26 240.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 334.80 240.25 Td (net ) Tj ET Q q 0 0 0 rg BT 350.58 240.25 Td (market ) Tj ET Q q 0 0 0 rg BT 381.91 240.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.68 240.25 Td (loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.24 240.25 Td (es ) Tj ET Q q 0 0 0 rg BT 450.13 240.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.02 240.25 Td ($23 ) Tj ET Q q 0 0 0 rg BT 480.59 240.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.48 240.25 Td ( ) Tj ET Q q 0 0 0 rg BT 513.04 240.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.04 240.25 Td ($6 ) Tj ET Q q 0 0 0 rg BT 544.60 240.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.49 240.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 228.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 228.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.11 228.25 Td (on ) Tj ET Q q 0 0 0 rg BT 104.07 228.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 149.67 228.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 174.73 228.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 206.74 228.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 257.90 228.25 Td (at ) Tj ET Q q 0 0 0 rg BT 269.07 228.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 286.90 228.25 Td (value ) Tj ET Q q 0 0 0 rg BT 312.51 228.25 Td (through ) Tj ET Q q 0 0 0 rg BT 347.57 228.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 395.96 228.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 413.79 228.25 Td (value ) Tj ET Q q 0 0 0 rg BT 439.39 228.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 478.05 228.25 Td (net ) Tj ET Q q 0 0 0 rg BT 494.22 228.25 Td (on ) Tj ET Q q 0 0 0 rg BT 508.18 228.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.46 228.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 216.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 81.63 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 93.39 216.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 127.99 216.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 216.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 200.91 216.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.91 216.25 Td (, ) Tj ET Q q 0 0 0 rg BT 226.84 216.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 251.37 216.25 Td (with ) Tj ET Q q 0 0 0 rg BT 272.57 216.25 Td (a ) Tj ET Q q 0 0 0 rg BT 280.43 216.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 297.73 216.25 Td (value ) Tj ET Q q 0 0 0 rg BT 322.80 216.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.55 216.25 Td ($2.25 ) Tj ET Q q 0 0 0 rg BT 360.48 216.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.59 216.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.01 216.25 Td (were ) Tj ET Q q 0 0 0 rg BT 412.86 216.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 447.94 216.25 Td (as ) Tj ET Q q 0 0 0 rg BT 459.69 216.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 500.31 216.25 Td (under ) Tj ET Q q 0 0 0 rg BT 526.50 216.25 Td (a ) Tj ET Q q 0 0 0 rg BT 534.36 216.25 Td (borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 204.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 80.14 204.25 Td (with ) Tj ET Q q 0 0 0 rg BT 100.42 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.14 204.25 Td (FHLBC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 180.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.62 180.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 122.35 180.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 146.53 180.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 178.53 180.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 228.81 180.25 Td (at ) Tj ET Q q 0 0 0 rg BT 239.10 180.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 280.50 180.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.78 180.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 349.94 180.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.94 180.25 Td ( ) Tj ET Q q 0 0 0 rg BT 373.01 180.25 Td (were ) Tj ET Q q 0 0 0 rg BT 395.50 180.25 Td (prime-quality) Tj ET Q q 0 0 0 rg BT 449.28 180.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.85 180.25 Td (first ) Tj ET Q q 0 0 0 rg BT 474.03 180.25 Td (lien ) Tj ET Q q 0 0 0 rg BT 492.09 180.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 518.77 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.17 180.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.68 180.25 Td (89%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 168.25 Td (were ) Tj ET Q q 0 0 0 rg BT 58.34 168.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 101.80 168.25 Td (between ) Tj ET Q q 0 0 0 rg BT 138.03 168.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 160.95 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.30 168.25 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.71 168.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.04 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.96 168.25 Td (were ) Tj ET Q q 0 0 0 rg BT 242.30 168.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 285.76 168.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.45 168.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 321.87 168.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.22 168.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.55 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.47 168.25 Td (were ) Tj ET Q q 0 0 0 rg BT 377.81 168.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 421.27 168.25 Td (in ) Tj ET Q q 0 0 0 rg BT 431.96 168.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 454.88 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.23 168.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 494.58 168.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 520.89 168.25 Td (The ) Tj ET Q q 0 0 0 rg BT 539.35 168.25 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 156.25 Td (average ) Tj ET Q q 0 0 0 rg BT 69.55 156.25 Td (FICO ) Tj ET Q q 0 0 0 rg BT 94.80 156.25 Td (score ) Tj ET Q q 0 0 0 rg BT 118.36 156.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.16 156.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 172.17 156.25 Td (backing ) Tj ET Q q 0 0 0 rg BT 206.29 156.25 Td (these ) Tj ET Q q 0 0 0 rg BT 229.30 156.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 252.88 156.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.89 156.25 Td (773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.89 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 288.36 156.25 Td (\(at ) Tj ET Q q 0 0 0 rg BT 301.37 156.25 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 351.05 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.95 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.64 156.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 421.76 156.25 Td (average ) Tj ET Q q 0 0 0 rg BT 455.31 156.25 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 511.08 156.25 Td (\("L) Tj ET Q q 0 0 0 rg BT 523.69 156.25 Td (TV"\) ) Tj ET Q q 0 0 0 rg BT 546.89 156.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 567.68 156.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 144.25 Td (these ) Tj ET Q q 0 0 0 rg BT 59.74 144.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 84.03 144.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.77 144.25 Td (65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 124.29 144.25 Td (\(at ) Tj ET Q q 0 0 0 rg BT 138.03 144.25 Td (origination\). ) Tj ET Q q 0 0 0 rg BT 190.22 144.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.41 144.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 262.68 144.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.68 144.25 Td (, ) Tj ET Q q 0 0 0 rg BT 288.37 144.25 Td (these ) Tj ET Q q 0 0 0 rg BT 312.11 144.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 336.40 144.25 Td (were ) Tj ET Q q 0 0 0 rg BT 359.02 144.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 403.87 144.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.38 144.25 Td (99.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.21 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 444.40 144.25 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 486.45 144.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.75 144.25 Td (with ) Tj ET Q q 0 0 0 rg BT 531.72 144.25 Td (a ) Tj ET Q q 0 0 0 rg BT 539.34 144.25 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 132.25 Td (average ) Tj ET Q q 0 0 0 rg BT 69.58 132.25 Td (coupon ) Tj ET Q q 0 0 0 rg BT 101.52 132.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.35 132.25 Td (4.10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.18 132.25 Td (, ) Tj ET Q q 0 0 0 rg BT 143.18 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.12 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.84 132.25 Td (remainder ) Tj ET Q q 0 0 0 rg BT 217.87 132.25 Td (were ) Tj ET Q q 0 0 0 rg BT 239.80 132.25 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 268.41 132.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.69 132.25 Td (ARM ) Tj ET Q q 0 0 0 rg BT 303.97 132.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 327.58 132.25 Td (with ) Tj ET Q q 0 0 0 rg BT 347.86 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 354.79 132.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 393.95 132.25 Td (average ) Tj ET Q q 0 0 0 rg BT 427.53 132.25 Td (coupon ) Tj ET Q q 0 0 0 rg BT 459.47 132.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 132.25 Td (3.83%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.13 132.25 Td (.) Tj ET Q endstream endobj 315 0 obj <> endobj 316 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 6. Residential Loans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 46) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (At Consolidated Sequoia Entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 644.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.38 644.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 122.84 644.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.84 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 146.72 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 159.76 644.10 Td (owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.80 644.10 Td (3,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.30 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.68 644.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 243.69 644.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 292.28 644.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 314.77 644.10 Td (at ) Tj ET Q q 0 0 0 rg BT 323.36 644.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 375.28 644.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 408.88 644.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 441.64 644.10 Td (with ) Tj ET Q q 0 0 0 rg BT 460.80 644.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.62 644.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 511.86 644.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 540.46 644.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 69.37 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.53 632.10 Td ($887 ) Tj ET Q q 0 0 0 rg BT 103.37 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.26 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.10 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.37 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 159.65 632.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.36 632.10 Td (value ) Tj ET Q q 0 0 0 rg BT 200.85 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.02 632.10 Td ($792 ) Tj ET Q q 0 0 0 rg BT 234.85 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.74 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.08 632.10 Td (as ) Tj ET Q q 0 0 0 rg BT 280.25 632.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 322.51 632.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.12 632.10 Td (4,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.62 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.46 632.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 382.40 632.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.45 632.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 451.37 632.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.37 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.21 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 494.82 632.10 Td (an ) Tj ET Q q 0 0 0 rg BT 507.10 632.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 548.80 632.10 Td (unpaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 69.29 620.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 620.10 Td ($1.12 ) Tj ET Q q 0 0 0 rg BT 105.65 620.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.76 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.52 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.72 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.92 620.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 175.56 620.10 Td (value ) Tj ET Q q 0 0 0 rg BT 199.97 620.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.07 620.10 Td ($1.02 ) Tj ET Q q 0 0 0 rg BT 236.33 620.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.44 620.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.09 620.10 Td (At ) Tj ET Q q 0 0 0 rg BT 279.85 620.10 Td (origination, ) Tj ET Q q 0 0 0 rg BT 329.00 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.97 620.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 383.39 620.10 Td (average ) Tj ET Q q 0 0 0 rg BT 417.24 620.10 Td (FICO ) Tj ET Q q 0 0 0 rg BT 442.78 620.10 Td (score ) Tj ET Q q 0 0 0 rg BT 466.64 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.73 620.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 521.04 620.10 Td (backing ) Tj ET Q q 0 0 0 rg BT 555.45 620.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.61 608.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.66 608.10 Td (728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.66 608.10 Td (, ) Tj ET Q q 0 0 0 rg BT 97.66 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.38 608.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 151.53 608.10 Td (average ) Tj ET Q q 0 0 0 rg BT 185.12 608.10 Td (L) Tj ET Q q 0 0 0 rg BT 190.31 608.10 Td (TV) Tj ET Q q 0 0 0 rg BT 203.46 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.96 608.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 226.78 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.61 608.10 Td (these ) Tj ET Q q 0 0 0 rg BT 260.66 608.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 284.27 608.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.32 608.10 Td (66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 608.10 Td (, ) Tj ET Q q 0 0 0 rg BT 325.65 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.59 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.30 608.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 380.91 608.10 Td (were ) Tj ET Q q 0 0 0 rg BT 402.84 608.10 Td (nearly ) Tj ET Q q 0 0 0 rg BT 430.33 608.10 Td (all ) Tj ET Q q 0 0 0 rg BT 442.82 608.10 Td (first ) Tj ET Q q 0 0 0 rg BT 461.43 608.10 Td (lien ) Tj ET Q q 0 0 0 rg BT 478.92 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.86 608.10 Td (prime-quality) Tj ET Q q 0 0 0 rg BT 549.64 608.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.93 584.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.94 584.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.94 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.87 584.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.24 584.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.25 584.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.25 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.68 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.83 584.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 295.98 584.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 334.45 584.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 367.91 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.17 584.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 403.21 584.10 Td (at ) Tj ET Q q 0 0 0 rg BT 413.36 584.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 466.83 584.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 501.97 584.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 533.79 584.10 Td (delinquent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 66.80 572.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.06 572.10 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.06 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.11 572.10 Td (days ) Tj ET Q q 0 0 0 rg BT 121.48 572.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.08 572.10 Td ($19 ) Tj ET Q q 0 0 0 rg BT 158.13 572.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.02 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.07 572.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.55 572.10 Td ($27 ) Tj ET Q q 0 0 0 rg BT 225.60 572.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.49 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.03 572.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 307.69 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 313.24 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.72 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.99 572.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 376.25 572.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 414.84 572.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 448.42 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.79 572.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 483.95 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.77 572.10 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 542.79 572.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.39 572.10 Td ($1) Tj ET Q q 0 0 0 rg BT 571.02 572.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.36 560.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.27 560.10 Td ($32 ) Tj ET Q q 0 0 0 rg BT 101.74 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.63 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 135.60 560.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 183.27 560.10 Td (. ) Tj ET Q q 0 0 0 rg BT 188.24 560.10 Td (During ) Tj ET Q q 0 0 0 rg BT 219.04 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.72 560.10 Td (years ) Tj ET Q q 0 0 0 rg BT 257.29 560.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.64 560.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 342.20 560.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.20 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.67 560.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.58 560.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.58 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 406.55 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 420.68 560.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 458.12 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.03 560.10 Td (net ) Tj ET Q q 0 0 0 rg BT 479.72 560.10 Td (market ) Tj ET Q q 0 0 0 rg BT 509.96 560.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 549.64 560.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 567.67 560.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td ($14 ) Tj ET Q q 0 0 0 rg BT 53.27 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.16 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.43 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.14 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 107.85 548.10 Td (net ) Tj ET Q q 0 0 0 rg BT 122.34 548.10 Td (market ) Tj ET Q q 0 0 0 rg BT 152.37 548.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 191.85 548.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 211.34 548.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.94 548.10 Td ($7 ) Tj ET Q q 0 0 0 rg BT 234.21 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 267.88 548.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 315.54 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 320.31 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 332.58 548.10 Td (these ) Tj ET Q q 0 0 0 rg BT 355.39 548.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 378.77 548.10 Td (through ) Tj ET Q q 0 0 0 rg BT 412.15 548.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 458.86 548.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 475.00 548.10 Td (value ) Tj ET Q q 0 0 0 rg BT 498.93 548.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 535.91 548.10 Td (net ) Tj ET Q q 0 0 0 rg BT 550.39 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.67 548.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 536.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 133.75 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.58 536.10 Td (income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (Residential Loan Characteristics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (The ) Tj ET Q q 0 0 0 rg BT 73.43 488.10 Td (following ) Tj ET Q q 0 0 0 rg BT 116.21 488.10 Td (table ) Tj ET Q q 0 0 0 rg BT 139.53 488.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 176.18 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.28 488.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 240.59 488.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 298.90 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.12 488.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 356.65 488.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 381.65 488.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 420.51 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 434.39 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.61 488.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 506.04 488.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 540.46 488.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 568.78 488.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 476.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.08 476.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.02 476.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.02 476.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 452.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 452.10 Td (6.2 ) Tj ET Q q 0 0 0 rg BT 75.91 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 452.10 Td (Geographic ) Tj ET Q q 0 0 0 rg BT 134.24 452.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 196.20 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 207.03 452.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 255.64 452.10 Td (Loans) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 370.60 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 370.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 370.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 370.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 370.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 370.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 370.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 340.60 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 340.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 340.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 340.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 340.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 340.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 340.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 310.60 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 310.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 310.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 310.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 310.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 310.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 310.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 280.60 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 280.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 280.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 280.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 280.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 280.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 280.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 250.60 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 250.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 250.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 250.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 250.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 250.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 250.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 210.60 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 210.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 210.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 210.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 210.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 210.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 210.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 414.6 m 231.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 414.6 m 235.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 414.6 m 303.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 414.6 m 307.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 414.6 m 375.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 414.6 m 432.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 414.6 m 436.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 414.6 m 504.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 414.6 m 508.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 414.6 m 576.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 370.6 m 174.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 370.6 m 231.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 370.6 m 303.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 370.6 m 375.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 370.6 m 432.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 414.6 m 504.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 370.6 m 504.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 414.6 m 576.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 370.6 m 576.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 370.6 m 231.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 370.6 m 303.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 370.6 m 375.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 370.6 m 432.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 370.6 m 504.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 370.6 m 576.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 210.60000000000002 m 231.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 210.60000000000002 m 303.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 210.60000000000002 m 375.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 210.60000000000002 m 432.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 210.60000000000002 m 504.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 210.60000000000002 m 576.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 196.60000000000002 m 231.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 194.60000000000002 m 231.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 196.60000000000002 m 303.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 194.60000000000002 m 303.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 196.60000000000002 m 375.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 194.60000000000002 m 375.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 196.60000000000002 m 432.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 194.60000000000002 m 432.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 196.60000000000002 m 504.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 194.60000000000002 m 504.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 196.60000000000002 m 576.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 194.60000000000002 m 576.5 194.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 419.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.15 419.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.15 419.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 385.28 Td (Geographic Concentration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 375.28 Td (\(by Principal\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.65 385.28 Td (Held-for-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.60 375.28 Td (Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.15 395.28 Td (Held-for) Tj ET Q q 0 0 0 rg BT 285.43 395.28 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.65 385.28 Td (Investment at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.00 375.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.15 395.28 Td (Held-for) Tj ET Q q 0 0 0 rg BT 357.43 395.28 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.65 385.28 Td (Investmentat) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.50 375.28 Td (FV) Tj ET Q q 0 0 0 rg BT 343.63 375.28 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 385.28 Td (Held-for-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.60 375.28 Td (Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 395.28 Td (Held-for) Tj ET Q q 0 0 0 rg BT 486.43 395.28 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 385.28 Td (Investment at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.00 375.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.15 395.28 Td (Held-for) Tj ET Q q 0 0 0 rg BT 558.43 395.28 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 385.28 Td (Investmentat) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 375.28 Td (FV) Tj ET Q q 0 0 0 rg BT 544.63 375.28 Td (O) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 361.17 Td (California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.65 360.27 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 360.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 360.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 360.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 360.27 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 360.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 360.27 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 360.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 360.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 360.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 360.27 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 360.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 346.17 Td (Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 345.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 345.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 345.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 345.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 345.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 345.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 345.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 345.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 345.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 345.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 345.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 345.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 331.17 Td (Washington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 330.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 330.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 330.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 330.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 330.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 330.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 330.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 330.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 330.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 330.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 330.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 330.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 316.17 Td (Colorado) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 315.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 315.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 315.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 315.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 315.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 315.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 315.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 315.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 315.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 315.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 315.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 315.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 301.17 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 300.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 300.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 300.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 300.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 300.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 300.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 300.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 300.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 300.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 300.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 300.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 300.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 286.17 Td (Virginia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 285.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 285.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 285.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 285.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 285.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 285.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 285.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 285.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 285.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 285.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 285.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 285.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 271.17 Td (Georgia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 270.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 270.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 270.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 270.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 270.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 270.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 270.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 256.17 Td (Massachusetts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 255.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 255.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 255.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 255.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 255.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 255.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 255.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 241.17 Td (New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 240.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 240.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 240.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 240.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 240.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 240.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 240.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 240.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 240.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 240.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 240.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 240.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 226.17 Td (Other states \(none greater than) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 216.17 Td (5%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.65 215.27 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 215.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 215.27 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 215.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 215.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 215.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 215.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 215.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 215.27 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 215.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 215.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 215.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 201.33 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.65 200.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 200.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 200.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 200.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 200.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 200.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 200.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 317 0 obj <> endobj 318 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 6. Residential Loans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 47) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (T) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 668.10 Td (he ) Tj ET Q q 0 0 0 rg BT 72.60 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 115.15 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 138.24 668.10 Td (displays ) Tj ET Q q 0 0 0 rg BT 174.68 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.56 668.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 211.44 668.10 Td (product ) Tj ET Q q 0 0 0 rg BT 245.64 668.10 Td (type ) Tj ET Q q 0 0 0 rg BT 266.52 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.62 668.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 346.59 668.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 367.47 668.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 428.32 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.31 668.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 485.62 668.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.39 668.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 549.03 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.69 668.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 656.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 122.07 656.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 149.01 656.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.73 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 217.31 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.31 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.81 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.75 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.75 656.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 6.3 Product T) Tj ET Q q 0 0 0 rg BT 124.42 632.10 Td (ypes and Characteristics of Residential Loans) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 566.60 179.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 566.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 566.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 566.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 566.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 566.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 566.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 566.60 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 566.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 566.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 566.60 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 566.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 566.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 566.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 566.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 541.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 541.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 541.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 541.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 541.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 541.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 541.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 541.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 541.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 541.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 541.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 541.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 541.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 541.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 541.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 541.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 541.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 541.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 541.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 541.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 541.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 519.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 519.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 519.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 519.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 519.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 519.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 519.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 519.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 519.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 519.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 519.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 519.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 519.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 519.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 519.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 519.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 519.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 519.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 519.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 519.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 519.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 497.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 497.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 497.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 497.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 497.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 497.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 497.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 497.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 497.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 497.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 497.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 497.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 497.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 497.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 497.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 497.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 497.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 497.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 497.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 497.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 497.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 475.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 475.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 475.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 475.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 475.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 475.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 475.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 475.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 475.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 475.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 475.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 475.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 475.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 475.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 475.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 475.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 475.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 475.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 475.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 475.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 475.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 453.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 453.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 453.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 453.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 453.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 453.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 453.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 453.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 453.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 453.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 453.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 453.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 453.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 453.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 453.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 453.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 453.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 453.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 453.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 453.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 453.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 431.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 431.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 431.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 431.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 431.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 431.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 431.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 431.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 431.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 431.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 431.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 431.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 431.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 431.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 431.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 431.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 431.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 431.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 431.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 431.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 431.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 409.60 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 409.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 409.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 409.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 409.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 409.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 409.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 409.60 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 409.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 409.60 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 409.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 409.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 382.60 94.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 382.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 382.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 382.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 382.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 382.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 382.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 382.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 382.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 382.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 382.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 382.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 382.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 382.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 360.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 360.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 360.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 360.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 360.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 360.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 360.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 360.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 360.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 360.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 360.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 360.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 360.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 360.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 360.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 360.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 360.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 360.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 360.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 360.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 360.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 338.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 338.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 338.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 338.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 338.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 338.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 338.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 338.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 338.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 338.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 338.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 338.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 338.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 338.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 338.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 338.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 338.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 338.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 338.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 338.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 338.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 316.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 316.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 316.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 316.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 316.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 316.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 316.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 316.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 316.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 316.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 316.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 316.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 316.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 316.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 316.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 316.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 316.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 316.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 316.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 316.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 316.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 294.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 294.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 294.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 294.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 294.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 294.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 294.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 294.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 294.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 294.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 294.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 294.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 294.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 294.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 294.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 294.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 294.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 294.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 294.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 294.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 294.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 272.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 272.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 272.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 272.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 272.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 272.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 272.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 272.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 272.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 272.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 272.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 272.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 272.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 272.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 272.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 272.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 272.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 272.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 272.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 272.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 272.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 250.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 250.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 250.60 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 98.50 250.60 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 250.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 250.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 250.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 250.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 250.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 250.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 250.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 250.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 250.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 250.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 250.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 250.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 250.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 250.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 250.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 250.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 250.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 228.60 136.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 228.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 228.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 228.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 228.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 228.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 228.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 228.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 228.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 228.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 228.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 228.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 228.60 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 228.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 228.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 228.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 228.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 204.60 94.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 204.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 204.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 204.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 204.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 204.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 204.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 204.60 40.00 -11.00 re f /GS0 gs 0.8 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522.50 182.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 526.50 182.60 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 160.60 94.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 160.60 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 160.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 160.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 160.60 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 160.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 160.60 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 160.60 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 160.60 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 160.60 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 160.60 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 160.60 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123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 138.60000000000002 m 522.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 125.60000000000002 m 522.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 123.60000000000002 m 522.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 125.60000000000002 m 576.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 123.60000000000002 m 576.5 123.60000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 613.00 Td (December 31, 2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 600.00 Td (\(In Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 571.05 Td (Loan Balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 179.55 587.00 Td (Number) Tj ET Q q 0 0 0 rg BT 211.38 587.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.75 578.00 Td (of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.70 569.05 Td (Loans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.05 580.05 Td (Inter) Tj ET Q q 0 0 0 rg BT 272.38 580.05 Td (est) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.45 571.05 Td ( Rate) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 274.69 575.13 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.00 580.05 Td (Maturity ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.50 571.05 Td (Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.15 580.05 Td (T) Tj ET Q q 0 0 0 rg BT 434.33 580.05 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.25 571.05 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.50 587.00 Td (30-89) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.45 578.00 Td (Days) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.25 569.05 Td (DQ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.90 587.00 Td (90+) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 578.00 Td (Days) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 544.25 569.05 Td (DQ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 556.83 Td (Held-for) Tj ET Q q 0 0 0 rg BT 68.03 556.83 Td (-Investment at Redwood) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 151.58 560.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.94 556.83 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 543.91 Td (Hybrid ARM loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 532.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 532.91 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 532.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 532.91 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 532.91 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 532.91 Td (3.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 532.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 532.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 532.91 Td (3.63%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 532.91 Td (2044-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 532.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 532.91 Td (2044-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 532.91 Td (264) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 532.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 532.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 521.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 521.91 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 521.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 521.91 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 521.91 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 521.91 Td (2.88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 521.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 521.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 521.91 Td (4.65%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 521.91 Td (2040-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 521.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 521.91 Td (2045-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 521.91 Td (2,722) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 521.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 521.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 510.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 510.91 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 510.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 510.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 510.91 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 510.91 Td (3.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 510.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 510.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 510.91 Td (4.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 510.91 Td (2045-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 510.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 510.91 Td (2045-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 510.91 Td (1,726) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 510.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 510.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.00 499.91 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 499.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 499.91 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 499.91 Td (3.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 499.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 499.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 499.91 Td (4.20%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 499.91 Td (2040-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 499.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 499.91 Td (2045-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 499.91 Td (5,545) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 499.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 499.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 488.91 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 488.91 Td (10,257) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 488.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 488.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 477.91 Td (Fixed loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 466.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 466.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 466.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 466.91 Td ($250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 466.91 Td (26) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 466.91 Td (3.67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 466.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 466.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 466.91 Td (5.08%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 466.91 Td (2039-04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 466.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 466.91 Td (2045-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 466.91 Td (4,643) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 466.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 466.91 Td (237) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 455.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 455.91 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 455.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 455.91 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 455.91 Td (633) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 455.91 Td (2.80) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 455.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 455.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 455.91 Td (5.13%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 455.91 Td (2028-02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 455.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 455.91 Td (2046-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 455.91 Td (278,560) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 455.91 Td (264) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 455.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 444.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 444.91 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 444.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 444.91 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 444.91 Td (1,306) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 444.91 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 444.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 444.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 444.91 Td (6.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 444.91 Td (2027-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 444.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 444.91 Td (2046-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 444.91 Td (807,714) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 444.91 Td (2,803) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 444.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 433.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 433.91 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 433.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 433.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 433.91 Td (690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 433.91 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 433.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 433.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 433.91 Td (5.63%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 433.91 Td (2027-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 433.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 433.91 Td (2046-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 433.91 Td (597,002) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 433.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 433.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.00 422.91 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 422.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 422.91 Td (402) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 422.91 Td (2.80) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 422.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 422.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 422.91 Td (5.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 422.91 Td (2027-04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 422.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 422.91 Td (2047-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 422.91 Td (535,621) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 422.91 Td (1,232) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 422.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 411.91 Td (3,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 411.91 Td (2,223,540) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 411.91 Td (4,299) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 411.91 Td (237) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 399.83 Td (Total HFI at Redwood:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 400.06 Td (3,068) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 400.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.00 400.06 Td (2,233,797) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 400.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 400.06 Td (4,299) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.00 400.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 400.06 Td (237) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 386.83 Td (Held-for-Investment at Sequoia:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 373.91 Td (ARM loans:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 362.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 362.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 362.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 362.91 Td ($250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 362.91 Td (2,623) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 362.91 Td (0.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 362.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 362.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 362.91 Td (5.60%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 362.91 Td (2019-02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 362.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 362.91 Td (2035-11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 362.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 362.91 Td (297,646) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 362.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 362.91 Td (9,158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.00 362.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 362.91 Td (7,410) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 351.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 351.91 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 351.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 351.91 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 351.91 Td (694) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 351.91 Td (0.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 351.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 351.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 351.91 Td (5.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 351.91 Td (2019-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 351.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 351.91 Td (2036-05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 351.91 Td (241,253) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 351.91 Td (9,177) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 351.91 Td (10,059) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 340.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 340.91 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 340.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 340.91 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 340.91 Td (203) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 340.91 Td (0.88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 340.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 340.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 340.91 Td (3.89%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 340.91 Td (2024-05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 340.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 340.91 Td (2035-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 340.91 Td (121,919) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 340.91 Td (5,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 340.91 Td (5,069) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 329.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 329.91 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 329.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 329.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 329.91 Td (100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 329.91 Td (0.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 329.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 329.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 329.91 Td (3.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 329.91 Td (2022-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 329.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 329.91 Td (2035-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 329.91 Td (86,988) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 329.91 Td (2,750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 329.91 Td (3,322) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.00 318.91 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 318.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 318.91 Td (78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 318.91 Td (0.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 318.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 318.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 318.91 Td (3.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 318.91 Td (2027-03) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 318.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 318.91 Td (2036-05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 318.91 Td (121,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 498.75 318.91 Td (4,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 318.91 Td (4,306) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 307.91 Td (3,698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 307.91 Td (869,290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 307.91 Td (31,687) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 307.91 Td (30,166) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 296.91 Td (Hybrid ARM loans:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 285.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 285.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 285.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 285.91 Td ($250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 285.91 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 285.91 Td (3.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 285.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 285.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 285.91 Td (3.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 285.91 Td (2033-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 285.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 285.91 Td (2034-06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 285.91 Td (453) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 285.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 285.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 274.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 274.91 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 274.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 274.91 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 274.91 Td (18) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 274.91 Td (2.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 274.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 274.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 274.91 Td (3.13%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 274.91 Td (2033-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 274.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 274.91 Td (2034-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 274.91 Td (6,516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 274.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 274.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 263.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 263.91 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 263.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 263.91 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 263.91 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 263.91 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 263.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 263.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 263.91 Td (3.13%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 263.91 Td (2033-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 263.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 263.91 Td (2034-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 263.91 Td (8,483) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 263.91 Td (669) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 263.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 252.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 252.91 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 252.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 252.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 252.91 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 252.91 Td (3.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 252.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 252.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 252.91 Td (3.13%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 252.91 Td (2033-08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 252.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 252.91 Td (2033-08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 252.91 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 252.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 252.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 79.00 241.91 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 241.91 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 241.91 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 241.91 Td (3.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 241.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 241.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 241.91 Td (3.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 241.91 Td (2033-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 241.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 241.91 Td (2033-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 444.75 241.91 Td (1,488) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 241.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 241.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.00 230.91 Td (37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.25 230.91 Td (17,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 230.91 Td (669) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 230.91 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 220.68 Td (Total HFI at Sequoia:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 219.91 Td (3,735) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 219.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 219.91 Td (886,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 219.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.25 219.91 Td (32,356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.00 219.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 219.91 Td (30,166) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 208.83 Td (Held-for-Sale:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 195.91 Td (ARM loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 184.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.00 184.91 Td (61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 184.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 184.91 Td ($396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 207.50 184.91 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 184.91 Td (1.88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 184.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 184.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 184.91 Td (2.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 184.91 Td (2033-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 184.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 184.91 Td (2032-11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 184.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.50 184.91 Td (882) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 184.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 184.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.00 184.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 184.91 Td (300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 173.91 Td (Hybrid ARM loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 162.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.50 162.91 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 162.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 162.91 Td ($1,947) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 162.91 Td (173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 162.91 Td (2.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 162.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 162.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 162.91 Td (6.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 162.91 Td (2037-06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 162.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 162.91 Td (2047-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 162.91 Td (144,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 162.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 162.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 151.91 Td (Fixed loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 47.00 140.91 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.50 140.91 Td (404) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.45 140.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 101.00 140.91 Td ($1,997) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.50 140.91 Td (942) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.75 140.91 Td (2.99) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.50 140.91 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 264.45 140.91 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 140.91 Td (6.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.00 140.91 Td (2026-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 140.91 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 140.91 Td (2047-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 140.91 Td (688,329) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 140.91 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.00 140.91 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 128.83 Td (Total Held-for-Sale) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.75 129.06 Td (1,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 129.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.75 129.06 Td (833,385) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.00 129.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 510.00 129.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.00 129.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 129.06 Td (300) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 319 0 obj <> endobj 320 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 6. Residential Loans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 48) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 620.50 179.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 620.50 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 620.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 620.50 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 620.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 620.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 620.50 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 620.50 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 620.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 620.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 620.50 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 620.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 620.50 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 620.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 620.50 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 595.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 595.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 595.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 595.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 595.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 595.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 595.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 595.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 595.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 595.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 595.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 595.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 595.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 595.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 595.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 595.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 595.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 595.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 595.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 595.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 595.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 573.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 573.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 573.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 573.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 573.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 573.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 573.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 573.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 573.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 573.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 573.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 573.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 573.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 573.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 573.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 573.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 573.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 573.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 573.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 573.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 573.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 551.50 94.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 551.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 551.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 551.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 551.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 551.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 551.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 551.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 551.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 551.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 551.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 551.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 551.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 551.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 551.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 551.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 551.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 551.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 529.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 529.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 529.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 529.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 529.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 529.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 529.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 529.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 529.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 529.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 529.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 529.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 529.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 529.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 529.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 529.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 529.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 529.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 529.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 529.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 529.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 507.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 507.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 507.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 507.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 507.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 507.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 507.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 507.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 507.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 507.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 507.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 507.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 507.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 507.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 507.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 507.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 507.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 507.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 507.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 507.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 507.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 485.50 94.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 485.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 485.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 485.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 485.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 485.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 485.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 485.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 485.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 485.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 485.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 485.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 485.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 485.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 485.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 485.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 485.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 485.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 463.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 463.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 463.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 463.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 463.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 463.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 463.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 463.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 463.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 463.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 463.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 463.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 463.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 463.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 463.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 463.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 463.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 463.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 463.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 463.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 463.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 441.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 441.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 441.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 441.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 441.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 441.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 441.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 441.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 441.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 441.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 441.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 441.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 441.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 441.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 441.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 441.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 441.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 441.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 441.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 441.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 441.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 419.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 419.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 419.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 419.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 419.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 419.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 419.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 419.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 419.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 419.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 419.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 419.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 419.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 419.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 419.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 419.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 419.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 419.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 419.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 419.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 419.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 397.50 140.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 397.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 397.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 397.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 397.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 397.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 397.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 397.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 397.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 397.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 397.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 397.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 397.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 397.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 397.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 397.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 375.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 375.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 375.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 375.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 375.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 375.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 375.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 375.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 375.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 375.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 375.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 375.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 375.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 375.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 375.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 375.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 375.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 375.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 375.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 375.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 375.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 353.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 353.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 353.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 353.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 353.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 353.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 353.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 353.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 353.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 353.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 353.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 353.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 353.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 353.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 353.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 353.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 353.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 353.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 353.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 353.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 353.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 331.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 331.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 331.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 331.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 331.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 331.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 331.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 331.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 331.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 331.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 331.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 331.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 331.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 331.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 331.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 331.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 331.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 331.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 331.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 331.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 331.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 309.50 94.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 309.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 309.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 309.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 309.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 309.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 309.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 309.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 309.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 309.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 309.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 309.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 309.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 309.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 309.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 309.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 309.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 309.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 287.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 287.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 287.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 287.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 287.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 287.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 287.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 287.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 287.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 287.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 287.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 287.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 287.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 287.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 287.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 287.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 287.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 287.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 287.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 287.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 287.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 265.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 265.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 265.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 265.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 265.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 265.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 265.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 265.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 265.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 265.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 265.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 265.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 265.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 265.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 265.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 265.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 265.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 265.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 265.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 265.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 265.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 243.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 243.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 243.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 243.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 243.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 243.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 243.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 243.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 243.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 243.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 243.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 243.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 243.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 243.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 243.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 243.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 243.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 243.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 243.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 243.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 243.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 221.50 94.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 221.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 221.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 221.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 221.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 221.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 221.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 221.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 221.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 221.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 221.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 221.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 221.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 221.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 221.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 221.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 221.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 221.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 199.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 199.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 199.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 199.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 199.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 199.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 199.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 199.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 199.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 199.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 199.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 199.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 199.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 199.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 199.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 199.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 199.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 199.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 199.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 199.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 199.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 177.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 177.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 177.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 177.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 177.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 177.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 177.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 177.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 177.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 177.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 177.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 177.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 177.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 177.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 177.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 177.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 177.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 177.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 177.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 177.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 177.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 155.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 43.50 155.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 155.50 22.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 97.50 155.50 32.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.50 155.50 42.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 155.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 155.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 155.50 6.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 155.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 155.50 14.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 155.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 155.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 155.50 39.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 155.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 155.50 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 155.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 155.50 58.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 155.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 155.50 50.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 155.50 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 155.50 50.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 620.5 m 43.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 43.5 620.5 m 75.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.5 620.5 m 97.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 97.5 620.5 m 129.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129.5 620.5 m 171.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 620.5 m 214.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 620.5 m 260.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 620.5 m 274.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 620.5 m 314.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 620.5 m 357.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 620.5 m 365.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 620.5 m 405.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 620.5 m 467.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 620.5 m 521.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 620.5 m 575.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 562.5 m 214.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 551.5 m 214.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 562.5 m 467.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 551.5 m 467.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 562.5 m 521.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 551.5 m 521.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 562.5 m 575.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 551.5 m 575.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 496.5 m 467.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 496.5 m 521.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 496.5 m 575.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 496.5 m 214.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 485.5 m 214.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 496.5 m 467.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 485.5 m 467.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 496.5 m 521.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 485.5 m 521.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 496.5 m 575.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 485.5 m 575.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 419.5 m 214.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 419.5 m 467.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 419.5 m 521.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 419.5 m 575.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 419.5 m 521.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 419.5 m 575.5 419.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 408.5 m 214.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 398.5 m 214.5 398.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 396.5 m 214.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 408.5 m 467.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 398.5 m 467.5 398.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 396.5 m 467.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 408.5 m 521.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 398.5 m 521.5 398.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 396.5 m 521.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 408.5 m 575.5 408.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 398.5 m 575.5 398.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 396.5 m 575.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 320.5 m 214.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 320.5 m 467.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 320.5 m 521.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 320.5 m 575.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 309.5 m 214.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 309.5 m 467.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 320.5 m 521.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 309.5 m 521.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 320.5 m 575.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 309.5 m 575.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 243.5 m 214.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 243.5 m 467.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 243.5 m 521.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 243.5 m 575.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 232.5 m 214.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 232.5 m 467.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 243.5 m 521.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 232.5 m 521.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 243.5 m 575.5 243.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 232.5 m 575.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 222.5 m 214.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 220.5 m 214.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 222.5 m 467.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 220.5 m 467.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 232.5 m 521.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 222.5 m 521.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 220.5 m 521.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 232.5 m 575.5 232.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 222.5 m 575.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 220.5 m 575.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 144.5 m 214.5 144.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 144.5 m 467.5 144.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 144.5 m 521.5 144.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 144.5 m 575.5 144.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 134.5 m 214.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 132.5 m 214.5 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 134.5 m 467.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 132.5 m 467.5 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 144.5 m 521.5 144.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 134.5 m 521.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 132.5 m 521.5 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 144.5 m 575.5 144.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 134.5 m 575.5 134.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 132.5 m 575.5 132.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 665.95 Td (December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 654.95 Td (\(In Thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 624.95 Td (Loan Balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.55 642.95 Td (Number) Tj ET Q q 0 0 0 rg BT 210.38 642.95 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.75 633.95 Td (of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.70 624.95 Td (Loans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.05 633.95 Td (Inter) Tj ET Q q 0 0 0 rg BT 271.38 633.95 Td (est) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.45 624.95 Td ( Rate) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 273.69 629.03 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 344.00 633.95 Td (Maturity ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.50 624.95 Td (Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.15 633.95 Td (T) Tj ET Q q 0 0 0 rg BT 433.33 633.95 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.25 624.95 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.50 642.95 Td (30-89) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.45 633.95 Td (Days) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.25 624.95 Td (DQ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.90 642.95 Td (90+) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.45 633.95 Td (Days) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.25 624.95 Td (DQ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 610.73 Td (Held-for) Tj ET Q q 0 0 0 rg BT 67.03 610.73 Td (-Investment at Redwood) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 150.58 614.36 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.94 610.73 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 597.81 Td (ARM loans:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 586.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 586.81 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 586.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 586.81 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 586.81 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 586.81 Td (3.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 586.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 586.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 586.81 Td (3.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 586.81 Td (2044-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 586.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 586.81 Td (2044-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.00 586.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 586.81 Td (563) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 586.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 586.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 586.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 586.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 575.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 575.81 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 575.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 575.81 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 575.81 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 575.81 Td (3.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 575.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 575.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 575.81 Td (3.50%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 575.81 Td (2045-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 575.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 575.81 Td (2045-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 575.81 Td (1,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 575.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 575.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 564.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 564.81 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 564.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 564.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 564.81 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 564.81 Td (3.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 564.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 564.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 564.81 Td (3.63%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 564.81 Td (2044-08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 564.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 564.81 Td (2044-08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 564.81 Td (1,267) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 564.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 564.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 553.81 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 553.81 Td (3,501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 553.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 553.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 542.81 Td (Hybrid ARM loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 531.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 531.81 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 531.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 531.81 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 531.81 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 531.81 Td (2.88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 531.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 531.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 531.81 Td (3.88%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 531.81 Td (2044-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 531.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 531.81 Td (2044-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 531.81 Td (2,963) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 531.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 531.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 520.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 520.81 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 520.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 520.81 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 520.81 Td (28) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 520.81 Td (2.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 520.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 520.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 520.81 Td (4.90%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 520.81 Td (2040-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 520.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 520.81 Td (2044-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 520.81 Td (17,514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 520.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 520.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 509.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 509.81 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 509.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 509.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 509.81 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 509.81 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 509.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 509.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 509.81 Td (5.05%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 509.81 Td (2039-05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 509.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 509.81 Td (2044-11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 509.81 Td (12,994) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 509.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 509.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.00 498.81 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 498.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 498.81 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 498.81 Td (2.88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 498.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 498.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 498.81 Td (5.20%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 498.81 Td (2039-04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 498.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 498.81 Td (2044-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 498.81 Td (8,797) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 498.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 498.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 487.81 Td (56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 487.81 Td (42,268) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 487.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 487.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 476.81 Td (Fixed loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 465.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 465.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 465.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 465.81 Td ($250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 465.81 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 465.81 Td (3.64) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 465.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 465.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 465.81 Td (5.38%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 465.81 Td (2039-04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 465.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 465.81 Td (2045-10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 465.81 Td (5,295) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 465.81 Td (242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 465.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 454.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 454.81 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 454.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 454.81 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 454.81 Td (484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 454.81 Td (3.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 454.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 454.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 454.81 Td (5.13%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 454.81 Td (2029-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 454.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 454.81 Td (2045-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 454.81 Td (212,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 454.81 Td (913) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 454.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 443.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 443.81 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 443.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 443.81 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 443.81 Td (959) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 443.81 Td (2.94) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 443.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 443.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 443.81 Td (5.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.30 443.81 Td (2026-11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 443.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 443.81 Td (2045-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 443.81 Td (595,863) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 443.81 Td (3,213) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 443.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 432.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 432.81 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 432.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 432.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 432.81 Td (552) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 432.81 Td (2.90) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 432.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 432.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 432.81 Td (5.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 432.81 Td (2024-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 432.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 432.81 Td (2045-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 432.81 Td (480,557) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 432.81 Td (989) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 432.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.00 421.81 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 421.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 421.81 Td (313) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 421.81 Td (3.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 421.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 421.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 421.81 Td (5.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 421.81 Td (2027-04) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 421.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 421.81 Td (2045-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 421.81 Td (418,774) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 421.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 421.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 410.81 Td (2,337) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 410.81 Td (1,713,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 410.81 Td (5,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 410.81 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 400.58 Td (Total HFI at Redwood:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 399.81 Td (2,398) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.00 399.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 399.81 Td (1,758,990) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 399.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 399.81 Td (5,357) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 399.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 399.81 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 389.58 Td (Held-for-Investment at Sequoia:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 377.81 Td (ARM loans:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 366.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 366.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 366.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 366.81 Td ($250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 366.81 Td (3,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 366.81 Td (0.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 366.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 366.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 366.81 Td (5.16%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 366.81 Td (2013-02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 366.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 366.81 Td (2035-11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.00 366.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 366.81 Td (355,415) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 366.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 366.81 Td (10,661) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 366.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 366.81 Td (13,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 355.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 355.81 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 355.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 355.81 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 355.81 Td (858) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.50 355.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 355.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 355.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 355.81 Td (5.63%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 355.81 Td (2013-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 355.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 355.81 Td (2036-05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 355.81 Td (296,425) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 355.81 Td (9,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 355.81 Td (15,345) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 344.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 344.81 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 344.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 344.81 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 344.81 Td (269) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 344.81 Td (0.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 344.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 344.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 344.81 Td (4.66%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 344.81 Td (2014-05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 344.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 344.81 Td (2035-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 344.81 Td (161,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 344.81 Td (4,578) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 344.81 Td (7,209) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 333.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 333.81 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 333.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 333.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 333.81 Td (135) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 333.81 Td (0.38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 333.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 333.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 333.81 Td (2.38%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 333.81 Td (2019-02) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 333.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 333.81 Td (2035-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 333.81 Td (118,983) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 333.81 Td (3,586) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 333.81 Td (8,473) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.00 322.81 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 322.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 322.81 Td (109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.50 322.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 322.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 322.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 322.81 Td (2.63%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 322.81 Td (2022-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 322.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 322.81 Td (2036-05) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 322.81 Td (169,492) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 322.81 Td (1,341) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 322.81 Td (14,718) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 311.81 Td (4,504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 311.81 Td (1,101,588) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 311.81 Td (29,786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 311.81 Td (58,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 300.81 Td (Hybrid ARM loans:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 289.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 289.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 289.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 289.81 Td ($250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 289.81 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 289.81 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 289.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 289.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 289.81 Td (2.88%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 289.81 Td (2033-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 289.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 289.81 Td (2034-06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.50 289.81 Td (317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 289.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 289.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 278.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 278.81 Td (251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 278.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 278.81 Td ($500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 278.81 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 278.81 Td (2.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 278.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 278.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 278.81 Td (2.88%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 278.81 Td (2033-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 278.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 278.81 Td (2034-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 278.81 Td (7,523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 278.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 278.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 267.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 267.81 Td (501) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 267.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 267.81 Td ($750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 267.81 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 267.81 Td (2.63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 267.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 267.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 267.81 Td (2.88%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 267.81 Td (2033-08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 267.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 267.81 Td (2034-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 267.81 Td (9,874) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 267.81 Td (542) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 267.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 256.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 256.81 Td (751) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 256.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 256.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 256.81 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 256.81 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 256.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 256.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 256.81 Td (2.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 256.81 Td (2033-07) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 256.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 256.81 Td (2033-08) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 256.81 Td (1,547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 256.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 256.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.00 245.81 Td (over) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 245.81 Td ($1,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 206.50 245.81 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 245.81 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 245.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 245.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 245.81 Td (2.75%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 245.81 Td (2033-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 245.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 245.81 Td (2033-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 245.81 Td (1,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 245.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 245.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 234.81 Td (41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 439.25 234.81 Td (20,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.50 234.81 Td (542) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 234.81 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 224.58 Td (Total HFI at Sequoia:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 223.81 Td (4,545) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.00 223.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 223.81 Td (1,122,415) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 223.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.25 223.81 Td (30,328) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 223.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 223.81 Td (58,823) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 213.58 Td (Held-for-Sale:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 201.81 Td (ARM loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 190.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 190.81 Td (64) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 190.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 190.81 Td ($1,298) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 190.81 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 190.81 Td (1.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 190.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 190.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 190.81 Td (4.00%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.30 190.81 Td (2032-11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 190.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 190.81 Td (2045-12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.00 190.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.75 190.81 Td (5,258) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 190.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.00 190.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 190.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.50 190.81 Td (415) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 179.81 Td (Hybrid ARM loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 168.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 168.81 Td (164) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 168.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 168.81 Td ($1,989) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 197.50 168.81 Td (356) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 168.81 Td (2.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 168.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 168.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 168.81 Td (4.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 168.81 Td (2037-06) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 168.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 168.81 Td (2046-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 168.81 Td (276,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 168.81 Td (2,249) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 563.00 168.81 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 157.81 Td (Fixed loans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 46.00 146.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.00 146.81 Td (30) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.45 146.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.00 146.81 Td ($2,332) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 146.81 Td (1,402) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.75 146.81 Td (2.75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.50 146.81 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.45 146.81 Td (to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.00 146.81 Td (5.25%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 324.00 146.81 Td (2025-09) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.50 146.81 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 146.81 Td (2046-01) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.75 146.81 Td (809,803) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 146.81 Td (2,097) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 146.81 Td (1,437) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 136.58 Td (Total Held-for-Sale) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.75 135.81 Td (1,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.00 135.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.00 135.81 Td (1,091,518) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.00 135.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 135.81 Td (4,346) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 135.81 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 135.81 Td (1,852) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 117.20 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 117.20 Td (Rate ) Tj ET Q q 0 0 0 rg BT 72.68 117.20 Td (is ) Tj ET Q q 0 0 0 rg BT 80.87 117.20 Td (net ) Tj ET Q q 0 0 0 rg BT 94.06 117.20 Td (of ) Tj ET Q q 0 0 0 rg BT 103.74 117.20 Td (servicing ) Tj ET Q q 0 0 0 rg BT 138.92 117.20 Td (fee ) Tj ET Q q 0 0 0 rg BT 152.09 117.20 Td (for ) Tj ET Q q 0 0 0 rg BT 164.78 117.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 212.45 117.20 Td (loans ) Tj ET Q q 0 0 0 rg BT 233.64 117.20 Td (for ) Tj ET Q q 0 0 0 rg BT 246.32 117.20 Td (which ) Tj ET Q q 0 0 0 rg BT 270.51 117.20 Td (we ) Tj ET Q q 0 0 0 rg BT 283.19 117.20 Td (do ) Tj ET Q q 0 0 0 rg BT 294.38 117.20 Td (not ) Tj ET Q q 0 0 0 rg BT 308.07 117.20 Td (own ) Tj ET Q q 0 0 0 rg BT 325.75 117.20 Td (the ) Tj ET Q q 0 0 0 rg BT 338.94 117.20 Td (MSR. ) Tj ET Q q 0 0 0 rg BT 362.39 117.20 Td (For ) Tj ET Q q 0 0 0 rg BT 377.08 117.20 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 415.75 117.20 Td (whose ) Tj ET Q q 0 0 0 rg BT 440.94 117.20 Td (current ) Tj ET Q q 0 0 0 rg BT 468.61 117.20 Td (rate ) Tj ET Q q 0 0 0 rg BT 484.29 117.20 Td (is ) Tj ET Q q 0 0 0 rg BT 492.48 117.20 Td (less ) Tj ET Q q 0 0 0 rg BT 508.17 117.20 Td (than ) Tj ET Q q 0 0 0 rg BT 525.85 117.20 Td (the ) Tj ET Q q 0 0 0 rg BT 539.03 117.20 Td (applicable ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 106.45 Td (servicing ) Tj ET Q q 0 0 0 rg BT 89.24 106.45 Td (fee, ) Tj ET Q q 0 0 0 rg BT 104.73 106.45 Td (the ) Tj ET Q q 0 0 0 rg BT 117.97 106.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 133.71 106.45 Td (shown ) Tj ET Q q 0 0 0 rg BT 159.46 106.45 Td (in ) Tj ET Q q 0 0 0 rg BT 168.71 106.45 Td (the ) Tj ET Q q 0 0 0 rg BT 181.96 106.45 Td (table ) Tj ET Q q 0 0 0 rg BT 201.70 106.45 Td (above ) Tj ET Q q 0 0 0 rg BT 225.44 106.45 Td (is ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 233.69 106.45 Td (zero) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 249.17 106.45 Td (.) Tj ET Q endstream endobj 321 0 obj <> endobj 322 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 6. Residential Loans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 49) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Allowance for Loan Losses on Residential Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 644.25 Td (Upon ) Tj ET Q q 0 0 0 rg BT 78.70 644.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 116.17 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 126.42 644.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 148.90 644.25 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 184.71 644.25 Td (on ) Tj ET Q q 0 0 0 rg BT 197.18 644.25 Td (January ) Tj ET Q q 0 0 0 rg BT 230.76 644.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 240.73 644.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 265.71 644.25 Td (we ) Tj ET Q q 0 0 0 rg BT 279.84 644.25 Td (began ) Tj ET Q q 0 0 0 rg BT 306.19 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.44 644.25 Td (record ) Tj ET Q q 0 0 0 rg BT 344.46 644.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 368.04 644.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 400.05 644.25 Td (-investment ) Tj ET Q q 0 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Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 416.32 Td (21,338) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 395.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 395.45 Td (Upon ) Tj ET Q q 0 0 0 rg BT 76.46 395.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 110.41 395.45 Td (of ) Tj ET Q q 0 0 0 rg BT 119.82 395.45 Td (ASU ) Tj ET Q q 0 0 0 rg BT 140.28 395.45 Td (2014-13 ) Tj ET Q q 0 0 0 rg BT 172.74 395.45 Td (on ) Tj ET Q q 0 0 0 rg BT 184.20 395.45 Td (January ) Tj ET Q q 0 0 0 rg BT 214.64 395.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 223.85 395.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 246.56 395.45 Td (we ) Tj ET Q q 0 0 0 rg BT 259.51 395.45 Td (began ) Tj ET Q q 0 0 0 rg BT 283.46 395.45 Td (to ) Tj ET Q q 0 0 0 rg BT 292.91 395.45 Td (record ) Tj ET Q q 0 0 0 rg BT 318.35 395.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 339.81 395.45 Td (held-for) Tj ET Q q 0 0 0 rg BT 368.62 395.45 Td (-investment ) Tj ET Q q 0 0 0 rg BT 413.56 395.45 Td (at ) Tj ET Q q 0 0 0 rg BT 422.52 395.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 470.46 395.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 501.92 395.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 530.37 395.45 Td (at ) Tj ET Q q 0 0 0 rg BT 539.32 395.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 554.27 395.45 Td (value. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 384.65 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.24 384.65 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.49 384.65 Td (3 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.24 384.65 Td (for ) Tj ET Q q 0 0 0 rg BT 107.99 384.65 Td (further ) Tj ET Q q 0 0 0 rg BT 134.72 384.65 Td (discussion.) Tj ET Q endstream endobj 323 0 obj <> endobj 324 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 7. Commer) Tj ET Q q 0 0 0 rg BT 106.07 668.25 Td (cial Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 648.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.97 648.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 94.75 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 104.42 648.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 153.52 648.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 176.52 648.25 Td (that ) Tj ET Q q 0 0 0 rg BT 193.41 648.25 Td (we ) Tj ET Q q 0 0 0 rg BT 206.96 648.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 253.85 648.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 296.29 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 306.51 648.25 Td (acquired. ) Tj ET Q q 0 0 0 rg BT 345.33 648.25 Td (In ) Tj ET Q q 0 0 0 rg BT 355.55 648.25 Td (February ) Tj ET Q q 0 0 0 rg BT 393.55 648.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 417.94 648.25 Td (we ) Tj ET Q q 0 0 0 rg BT 431.50 648.25 Td (ceased ) Tj ET Q q 0 0 0 rg BT 460.04 648.25 Td (originating ) Tj ET Q q 0 0 0 rg BT 505.81 648.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 554.90 648.25 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.17 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 63.67 636.25 Td (June ) Tj ET Q q 0 0 0 rg BT 84.73 636.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.96 636.25 Td (we ) Tj ET Q q 0 0 0 rg BT 124.35 636.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 160.39 636.25 Td (a ) Tj ET Q q 0 0 0 rg BT 167.56 636.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 196.39 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.89 636.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 223.51 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 239.57 636.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 289.49 636.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 309.44 636.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 349.06 636.25 Td (As ) Tj ET Q q 0 0 0 rg BT 362.90 636.25 Td (a ) Tj ET Q q 0 0 0 rg BT 370.07 636.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 397.51 636.25 Td (we ) Tj ET Q q 0 0 0 rg BT 411.90 636.25 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 460.16 636.25 Td (most ) Tj ET Q q 0 0 0 rg BT 482.34 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.40 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 509.46 636.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 533.29 636.25 Td (from ) Tj ET Q q 0 0 0 rg BT 555.46 636.25 Td (held-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (for) Tj ET Q q 0 0 0 rg BT 47.46 624.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 96.92 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.95 624.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 138.96 624.25 Td (-sale. ) Tj ET Q q 0 0 0 rg BT 162.09 624.25 Td (As ) Tj ET Q q 0 0 0 rg BT 175.45 624.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 216.03 624.25 Td (further ) Tj ET Q q 0 0 0 rg BT 245.49 624.25 Td (below) Tj ET Q q 0 0 0 rg BT 269.28 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 274.03 624.25 Td (during ) Tj ET Q q 0 0 0 rg BT 302.39 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.85 624.25 Td (second ) Tj ET Q q 0 0 0 rg BT 346.87 624.25 Td (half ) Tj ET Q q 0 0 0 rg BT 364.67 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.25 624.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 400.00 624.25 Td (we ) Tj ET Q q 0 0 0 rg BT 413.91 624.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 432.83 624.25 Td (all ) Tj ET Q q 0 0 0 rg BT 445.07 624.25 Td (but ) Tj ET Q q 0 0 0 rg BT 460.10 624.25 Td (one ) Tj ET Q q 0 0 0 rg BT 476.79 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.37 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 502.95 624.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 552.40 624.25 Td (loans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (The ) Tj ET Q q 0 0 0 rg BT 54.65 612.25 Td (following ) Tj ET Q q 0 0 0 rg BT 96.64 612.25 Td (table ) Tj ET Q q 0 0 0 rg BT 119.18 612.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 170.04 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.36 612.25 Td (classifications ) Tj ET Q q 0 0 0 rg BT 245.12 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.66 612.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 299.08 612.25 Td (value ) Tj ET Q q 0 0 0 rg BT 323.83 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.27 612.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 385.57 612.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 409.78 612.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.10 612.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 479.29 612.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.29 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.39 612.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 612.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 600.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 580.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 580.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 580.25 Td (7.1 ) Tj ET Q q 0 0 0 rg BT 75.91 580.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 580.25 Td (Classifications ) Tj ET Q q 0 0 0 rg BT 146.47 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.54 580.25 Td (Carrying ) Tj ET Q q 0 0 0 rg BT 204.27 580.25 Td (V) Tj ET Q q 0 0 0 rg BT 209.83 580.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 230.11 580.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.94 580.25 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 293.99 580.25 Td (Loans) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 555.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 555.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 555.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 525.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 525.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 525.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 495.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 495.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 495.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 465.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 465.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 465.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 465.75 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 555.75 m 377.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 555.75 m 476.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 555.75 m 575.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 465.75 m 476.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 451.75 m 476.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 449.75 m 476.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 465.75 m 575.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 451.75 m 575.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 449.75 m 575.5 449.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 560.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 560.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 560.43 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 545.42 Td (Held-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 530.42 Td (At fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 530.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 530.42 Td (39,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 515.42 Td (At lower of cost or fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 515.42 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 515.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 500.42 Td (Held-for-investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 485.42 Td (At fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 485.42 Td (67,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 470.42 Td (At amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 470.42 Td (295,849) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 455.43 Td (Total Commercial Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 455.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 455.42 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 455.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 455.42 Td (402,647) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (Of ) Tj ET Q q 0 0 0 rg BT 67.36 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 82.38 431.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 114.39 431.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 164.40 431.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 214.41 431.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 238.32 431.25 Td (at ) Tj ET Q q 0 0 0 rg BT 248.34 431.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 291.13 431.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 310.04 431.25 Td (shown ) Tj ET Q q 0 0 0 rg BT 338.96 431.25 Td (above ) Tj ET Q q 0 0 0 rg BT 365.64 431.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.66 431.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 434.55 431.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.55 431.25 Td ( ) Tj ET Q q 0 0 0 rg BT 457.36 431.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.60 431.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 533.49 431.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.49 431.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.79 431.25 Td (zero) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 419.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.54 419.25 Td ($166 ) Tj ET Q q 0 0 0 rg BT 76.64 419.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.53 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 111.13 419.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 158.79 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 164.39 419.25 Td (were ) Tj ET Q q 0 0 0 rg BT 186.92 419.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 224.45 419.25 Td (through ) Tj ET Q q 0 0 0 rg BT 258.66 419.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.97 419.25 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 326.50 419.25 Td (Securitization ) Tj ET Q q 0 0 0 rg BT 385.14 419.25 Td (entity) Tj ET Q q 0 0 0 rg BT 407.26 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.87 419.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.40 419.25 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.61 419.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.71 419.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.25 419.25 Td ($135 ) Tj ET Q q 0 0 0 rg BT 491.35 419.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.24 419.25 Td (, ) Tj ET Q q 0 0 0 rg BT 525.84 419.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 419.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 407.25 Td (were ) Tj ET Q q 0 0 0 rg BT 57.93 407.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 92.08 407.25 Td (as ) Tj ET Q q 0 0 0 rg BT 102.91 407.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 142.61 407.25 Td (under ) Tj ET Q q 0 0 0 rg BT 167.88 407.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 212.04 407.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 256.20 407.25 Td (arrangements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 383.25 Td (Commercial Loans Held-for-Sale) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (At Fair V) Tj ET Q q 0 0 0 rg BT 72.67 359.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.93 339.25 Td (June ) Tj ET Q q 0 0 0 rg BT 85.85 339.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 110.95 339.25 Td (we ) Tj ET Q q 0 0 0 rg BT 125.21 339.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 171.11 339.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 220.90 339.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 266.25 339.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 289.95 339.25 Td (with ) Tj ET Q q 0 0 0 rg BT 310.33 339.25 Td (an ) Tj ET Q q 0 0 0 rg BT 322.36 339.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 352.18 339.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 390.32 339.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 423.45 339.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.37 339.25 Td ($67 ) Tj ET Q q 0 0 0 rg BT 451.97 339.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.86 339.25 Td ( ) Tj ET Q q 0 0 0 rg BT 483.46 339.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.49 339.25 Td (a ) Tj ET Q q 0 0 0 rg BT 507.53 339.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 543.44 339.25 Td (value ) Tj ET Q q 0 0 0 rg BT 567.69 339.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 327.25 Td ($70 ) Tj ET Q q 0 0 0 rg BT 52.72 327.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.61 327.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.33 327.25 Td (from ) Tj ET Q q 0 0 0 rg BT 104.49 327.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 136.50 327.25 Td (-investment ) Tj ET Q q 0 0 0 rg BT 185.43 327.25 Td (at ) Tj ET Q q 0 0 0 rg BT 194.37 327.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 209.97 327.25 Td (value ) Tj ET Q q 0 0 0 rg BT 233.35 327.25 Td (to ) Tj ET Q q 0 0 0 rg BT 242.85 327.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 274.85 327.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 295.45 327.25 Td (at ) Tj ET Q q 0 0 0 rg BT 304.39 327.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 319.99 327.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 345.86 327.25 Td (During ) Tj ET Q q 0 0 0 rg BT 375.91 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.85 327.25 Td (third ) Tj ET Q q 0 0 0 rg BT 410.46 327.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 440.50 327.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.55 327.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 474.77 327.25 Td (we ) Tj ET Q q 0 0 0 rg BT 488.15 327.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 506.54 327.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.70 327.25 Td (derecognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 315.25 Td (all ) Tj ET Q q 0 0 0 rg BT 48.97 315.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.27 315.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.57 315.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 120.09 315.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 170.26 315.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 194.34 315.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 226.35 315.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 248.20 315.25 Td (at ) Tj ET Q q 0 0 0 rg BT 258.38 315.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 275.23 315.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 301.71 315.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.68 315.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 373.74 315.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.74 315.25 Td (, ) Tj ET Q q 0 0 0 rg BT 399.21 315.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 449.38 315.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 473.46 315.25 Td (held-for) Tj ET Q q 0 0 0 rg BT 505.47 315.25 Td (-sale ) Tj ET Q q 0 0 0 rg BT 527.32 315.25 Td (at ) Tj ET Q q 0 0 0 rg BT 537.50 315.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 554.35 315.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 303.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.25 303.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.91 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 92.73 303.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 119.99 303.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 170.01 303.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 210.59 303.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 234.52 303.25 Td (with ) Tj ET Q q 0 0 0 rg BT 255.12 303.25 Td (an ) Tj ET Q q 0 0 0 rg BT 267.38 303.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 309.06 303.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 358.54 303.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 396.91 303.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 430.26 303.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.41 303.25 Td ($39 ) Tj ET Q q 0 0 0 rg BT 459.23 303.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.12 303.25 Td ( ) Tj ET Q q 0 0 0 rg BT 490.94 303.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.20 303.25 Td (an ) Tj ET Q q 0 0 0 rg BT 520.46 303.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 562.14 303.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 291.25 Td (value ) Tj ET Q q 0 0 0 rg BT 60.16 291.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.99 291.25 Td ($39 ) Tj ET Q q 0 0 0 rg BT 88.49 291.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.38 291.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.25 Td (During ) Tj ET Q q 0 0 0 rg BT 84.60 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.09 271.25 Td (years ) Tj ET Q q 0 0 0 rg BT 122.46 271.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.61 271.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 206.97 271.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.97 271.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.24 271.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.96 271.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.96 271.25 Td (, ) Tj ET Q q 0 0 0 rg BT 270.73 271.25 Td (we ) Tj ET Q q 0 0 0 rg BT 284.66 271.25 Td (originated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.48 271.25 Td ($38 ) Tj ET Q q 0 0 0 rg BT 344.75 271.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.64 271.25 Td ( ) Tj ET Q q 0 0 0 rg BT 375.91 271.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.63 271.25 Td ($618 ) Tj ET Q q 0 0 0 rg BT 414.90 271.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.79 271.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.06 271.25 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 487.21 271.25 Td (balance\), ) Tj ET Q q 0 0 0 rg BT 525.84 271.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 271.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 259.25 Td (of ) Tj ET Q q 0 0 0 rg BT 48.13 259.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.37 259.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 127.36 259.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 152.27 259.25 Td (for ) Tj ET Q q 0 0 0 rg BT 167.73 259.25 Td (which ) Tj ET Q q 0 0 0 rg BT 195.97 259.25 Td (we ) Tj ET Q q 0 0 0 rg BT 211.43 259.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 243.54 259.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.55 259.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 277.23 259.25 Td (value ) Tj ET Q q 0 0 0 rg BT 302.69 259.25 Td (option ) Tj ET Q q 0 0 0 rg BT 332.04 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.28 259.25 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.75 259.25 Td ($76 ) Tj ET Q q 0 0 0 rg BT 389.55 259.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.44 259.25 Td ( ) Tj ET Q q 0 0 0 rg BT 422.24 259.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.48 259.25 Td ($741 ) Tj ET Q q 0 0 0 rg BT 464.28 259.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.17 259.25 Td ( ) Tj ET Q q 0 0 0 rg BT 496.97 259.25 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 539.64 259.25 Td (balance\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 247.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 247.25 Td (, ) Tj ET Q q 0 0 0 rg BT 88.80 247.25 Td (of ) Tj ET Q q 0 0 0 rg BT 99.77 247.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 123.52 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.93 247.25 Td (third ) Tj ET Q q 0 0 0 rg BT 155.46 247.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 187.25 247.25 Td (During ) Tj ET Q q 0 0 0 rg BT 218.22 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.08 247.25 Td (years ) Tj ET Q q 0 0 0 rg BT 256.82 247.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.33 247.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 342.06 247.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.06 247.25 Td ( ) Tj ET Q q 0 0 0 rg BT 364.70 247.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.77 247.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.77 247.25 Td (, ) Tj ET Q q 0 0 0 rg BT 406.91 247.25 Td (we ) Tj ET Q q 0 0 0 rg BT 421.21 247.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 458.83 247.25 Td (net ) Tj ET Q q 0 0 0 rg BT 473.68 247.25 Td (market ) Tj ET Q q 0 0 0 rg BT 504.09 247.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 543.94 247.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 567.68 247.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 235.25 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 56.74 235.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.64 235.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.88 235.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.56 235.25 Td ($10 ) Tj ET Q q 0 0 0 rg BT 124.80 235.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.70 235.25 Td (, ) Tj ET Q q 0 0 0 rg BT 159.44 235.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 207.10 235.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.84 235.25 Td (on ) Tj ET Q q 0 0 0 rg BT 226.09 235.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 253.77 235.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 304.21 235.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 345.22 235.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 369.57 235.25 Td (for ) Tj ET Q q 0 0 0 rg BT 384.47 235.25 Td (which ) Tj ET Q q 0 0 0 rg BT 412.16 235.25 Td (we ) Tj ET Q q 0 0 0 rg BT 427.06 235.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 458.61 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.08 235.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.20 235.25 Td (value ) Tj ET Q q 0 0 0 rg BT 516.09 235.25 Td (option ) Tj ET Q q 0 0 0 rg BT 544.90 235.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 223.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 77.38 223.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 112.09 223.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 153.19 223.25 Td (net ) Tj ET Q q 0 0 0 rg BT 167.91 223.25 Td (on ) Tj ET Q q 0 0 0 rg BT 180.41 223.25 Td (our ) Tj ET Q q 0 0 0 rg BT 196.24 223.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 249.28 223.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 293.99 223.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.82 223.25 Td (income.) Tj ET Q endstream endobj 325 0 obj <> endobj 326 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 7. Commer) Tj ET Q q 0 0 0 rg BT 106.07 692.60 Td (cial Loans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (At ) Tj ET Q q 0 0 0 rg BT 47.39 668.10 Td (Lower ) Tj ET Q q 0 0 0 rg BT 75.45 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.73 668.10 Td (Cost ) Tj ET Q q 0 0 0 rg BT 106.57 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.96 668.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 138.24 668.10 Td (V) Tj ET Q q 0 0 0 rg BT 143.24 668.10 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 105.61 648.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 128.91 648.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 160.91 648.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 181.98 648.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.38 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.78 648.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 230.73 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.25 648.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 259.54 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.06 648.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 286.12 648.10 Td (value ) Tj ET Q q 0 0 0 rg BT 309.96 648.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 349.36 648.10 Td (include ) Tj ET Q q 0 0 0 rg BT 380.98 648.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 425.91 648.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 449.20 648.10 Td (that ) Tj ET Q q 0 0 0 rg BT 466.38 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 480.77 648.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 513.50 648.10 Td (by ) Tj ET Q q 0 0 0 rg BT 525.68 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 532.31 648.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 569.33 648.10 Td () Tj ET Q q 0 0 0 rg BT 572.11 648.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 79.86 636.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 111.50 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.49 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 128.13 636.10 Td (single ) Tj ET Q q 0 0 0 rg BT 154.22 636.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 188.08 636.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 213.06 636.10 Td (that ) Tj ET Q q 0 0 0 rg BT 230.26 636.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 253.58 636.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 302.98 636.10 Td (property) Tj ET Q q 0 0 0 rg BT 336.21 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 340.43 636.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.63 636.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 410.92 636.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.92 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.63 636.10 Td (we ) Tj ET Q q 0 0 0 rg BT 449.49 636.10 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.91 636.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.35 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.56 636.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 534.96 636.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 554.38 636.10 Td (at ) Tj ET Q q 0 0 0 rg BT 563.80 636.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 60.86 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.28 624.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 89.48 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 99.90 624.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 115.87 624.10 Td (value ) Tj ET Q q 0 0 0 rg BT 139.62 624.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.49 624.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 171.58 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.47 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.56 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.43 624.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 261.19 624.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 298.82 624.10 Td (balance, ) Tj ET Q q 0 0 0 rg BT 333.94 624.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.47 624.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 375.88 624.10 Td (value ) Tj ET Q q 0 0 0 rg BT 399.63 624.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.05 624.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 422.14 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.03 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 455.62 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.15 624.10 Td (an ) Tj ET Q q 0 0 0 rg BT 483.68 624.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 524.09 624.10 Td (net ) Tj ET Q q 0 0 0 rg BT 538.40 624.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 554.37 624.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.83 612.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 59.33 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.22 612.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.51 592.10 Td (June ) Tj ET Q q 0 0 0 rg BT 85.02 592.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 109.71 592.10 Td (we ) Tj ET Q q 0 0 0 rg BT 123.55 592.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 169.03 592.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 192.32 592.10 Td (with ) Tj ET Q q 0 0 0 rg BT 212.28 592.10 Td (an ) Tj ET Q q 0 0 0 rg BT 223.90 592.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 253.30 592.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 291.03 592.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 323.74 592.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.25 592.10 Td ($237 ) Tj ET Q q 0 0 0 rg BT 356.43 592.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.33 592.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.51 592.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.13 592.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.75 592.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 446.24 592.10 Td (value ) Tj ET Q q 0 0 0 rg BT 470.08 592.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.59 592.10 Td ($233 ) Tj ET Q q 0 0 0 rg BT 502.77 592.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.67 592.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.85 592.10 Td (from ) Tj ET Q q 0 0 0 rg BT 555.47 592.10 Td (held-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 580.10 Td (for) Tj ET Q q 0 0 0 rg BT 47.46 580.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 97.16 580.10 Td (at ) Tj ET Q q 0 0 0 rg BT 106.86 580.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 149.33 580.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 167.93 580.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.19 580.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 210.20 580.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 231.57 580.10 Td (at ) Tj ET Q q 0 0 0 rg BT 241.27 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.98 580.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 281.23 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.05 580.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 310.65 580.10 Td (or ) Tj ET Q q 0 0 0 rg BT 321.46 580.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 337.83 580.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 364.47 580.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 401.95 580.10 Td (from ) Tj ET Q q 0 0 0 rg BT 423.88 580.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.70 580.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 475.51 580.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.78 580.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 502.15 580.10 Td (these ) Tj ET Q q 0 0 0 rg BT 525.19 580.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 550.73 580.10 Td (As ) Tj ET Q q 0 0 0 rg BT 564.34 580.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 568.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 83.48 568.10 Td (that ) Tj ET Q q 0 0 0 rg BT 100.97 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.69 568.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 132.07 568.10 Td (value ) Tj ET Q q 0 0 0 rg BT 156.22 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.05 568.10 Td (these ) Tj ET Q q 0 0 0 rg BT 190.09 568.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 213.70 568.10 Td (was ) Tj ET Q q 0 0 0 rg BT 231.75 568.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 262.01 568.10 Td (than ) Tj ET Q q 0 0 0 rg BT 281.72 568.10 Td (their ) Tj ET Q q 0 0 0 rg BT 302.55 568.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 338.36 568.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 365.01 568.10 Td (we ) Tj ET Q q 0 0 0 rg BT 379.17 568.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 416.65 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.36 568.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 454.97 568.10 Td (at ) Tj ET Q q 0 0 0 rg BT 464.69 568.10 Td (their ) Tj ET Q q 0 0 0 rg BT 485.51 568.10 Td (then ) Tj ET Q q 0 0 0 rg BT 505.23 568.10 Td (current ) Tj ET Q q 0 0 0 rg BT 536.04 568.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 556.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 57.11 556.10 Td (eliminating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.16 556.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 117.66 556.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.55 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.05 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 556.10 Td (net ) Tj ET Q q 0 0 0 rg BT 174.59 556.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 212.63 556.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 249.02 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.96 556.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 316.23 556.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.17 556.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 362.88 556.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 409.26 556.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.09 556.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 432.59 556.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.48 556.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.18 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.26 536.10 Td (third ) Tj ET Q q 0 0 0 rg BT 119.00 536.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 149.17 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.35 536.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 183.71 536.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.22 536.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 228.50 536.10 Td (into ) Tj ET Q q 0 0 0 rg BT 245.91 536.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.20 536.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 300.70 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 320.33 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.62 536.10 Td (third ) Tj ET Q q 0 0 0 rg BT 347.37 536.10 Td (party ) Tj ET Q q 0 0 0 rg BT 369.77 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.40 536.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 395.14 536.10 Td (most ) Tj ET Q q 0 0 0 rg BT 416.44 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.63 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.81 536.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 484.21 536.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 533.26 536.10 Td (mezzanine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.96 524.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 79.75 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 90.92 524.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.10 524.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 161.04 524.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.04 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.39 524.10 Td (had ) Tj ET Q q 0 0 0 rg BT 203.67 524.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 248.17 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.24 524.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 281.63 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.81 524.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 316.77 524.10 Td (with ) Tj ET Q q 0 0 0 rg BT 337.40 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 344.69 524.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 383.08 524.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 416.46 524.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.64 524.10 Td ($218 ) Tj ET Q q 0 0 0 rg BT 450.49 524.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.38 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.73 524.10 Td (for ) Tj ET Q q 0 0 0 rg BT 499.24 524.10 Td (which ) Tj ET Q q 0 0 0 rg BT 526.52 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 541.03 524.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 59.35 512.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.92 512.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 82.15 512.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.05 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.29 512.10 Td (through ) Tj ET Q q 0 0 0 rg BT 146.63 512.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 183.85 512.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 209.70 512.10 Td (net ) Tj ET Q q 0 0 0 rg BT 224.15 512.10 Td (on ) Tj ET Q q 0 0 0 rg BT 236.39 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.96 512.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 304.74 512.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 349.19 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.76 512.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 393.44 512.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.68 512.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 464.00 512.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 512.10 Td (, ) Tj ET Q q 0 0 0 rg BT 488.74 512.10 Td (we ) Tj ET Q q 0 0 0 rg BT 502.64 512.10 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.10 512.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.53 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.77 512.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 558.23 512.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 43.23 500.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 79.33 500.10 Td (value ) Tj ET Q q 0 0 0 rg BT 103.77 500.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 500.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 127.67 500.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.57 500.10 Td (. ) Tj ET Q q 0 0 0 rg BT 161.85 500.10 Td (During ) Tj ET Q q 0 0 0 rg BT 192.97 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.97 500.10 Td (third ) Tj ET Q q 0 0 0 rg BT 229.65 500.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 260.75 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.87 500.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 297.16 500.10 Td (this ) Tj ET Q q 0 0 0 rg BT 314.39 500.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 334.39 500.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 385.48 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.71 500.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 431.58 500.10 Td (default ) Tj ET Q q 0 0 0 rg BT 462.13 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.36 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 493.81 500.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 531.57 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 538.80 500.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 488.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 81.66 488.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.76 488.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 111.04 488.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.93 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.71 488.10 Td (through ) Tj ET Q q 0 0 0 rg BT 174.59 488.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 220.80 488.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 236.46 488.10 Td (value ) Tj ET Q q 0 0 0 rg BT 259.89 488.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 296.37 488.10 Td (net ) Tj ET Q q 0 0 0 rg BT 310.37 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 322.14 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.25 488.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 389.57 488.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 433.55 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.66 488.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 477.37 488.10 Td (During ) Tj ET Q q 0 0 0 rg BT 507.48 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.47 488.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 547.69 488.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.13 476.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 72.44 476.10 Td (this ) Tj ET Q q 0 0 0 rg BT 89.69 476.10 Td (loan's ) Tj ET Q q 0 0 0 rg BT 115.40 476.10 Td (default ) Tj ET Q q 0 0 0 rg BT 145.97 476.10 Td (was ) Tj ET Q q 0 0 0 rg BT 164.32 476.10 Td (cured ) Tj ET Q q 0 0 0 rg BT 189.33 476.10 Td (through ) Tj ET Q q 0 0 0 rg BT 223.24 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 230.48 476.10 Td (forbearance. ) Tj ET Q q 0 0 0 rg BT 282.97 476.10 Td (In ) Tj ET Q q 0 0 0 rg BT 294.10 476.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 332.18 476.10 Td (during ) Tj ET Q q 0 0 0 rg BT 361.09 476.10 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.39 476.10 Td ($16 ) Tj ET Q q 0 0 0 rg BT 404.19 476.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.08 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.89 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.02 476.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 472.59 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.72 476.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 502.64 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.77 476.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 530.45 476.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.91 476.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td (prepaid, ) Tj ET Q q 0 0 0 rg BT 70.99 464.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 108.48 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.76 464.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 141.25 464.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 194.28 464.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 212.88 464.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.71 464.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 236.21 464.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.10 464.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (Commercial Loans Held-for-Investment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (At Fair V) Tj ET Q q 0 0 0 rg BT 72.67 416.10 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 396.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 106.09 396.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 129.86 396.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 161.87 396.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 211.75 396.10 Td (at ) Tj ET Q q 0 0 0 rg BT 221.63 396.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 238.17 396.10 Td (value ) Tj ET Q q 0 0 0 rg BT 262.49 396.10 Td (included ) Tj ET Q q 0 0 0 rg BT 299.58 396.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 326.69 396.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 367.11 396.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 390.88 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 405.21 396.10 Td (which ) Tj ET Q q 0 0 0 rg BT 432.31 396.10 Td (we ) Tj ET Q q 0 0 0 rg BT 446.63 396.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 477.61 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.49 396.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 509.03 396.10 Td (value ) Tj ET Q q 0 0 0 rg BT 533.35 396.10 Td (option ) Tj ET Q q 0 0 0 rg BT 561.57 396.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 384.10 Td (split ) Tj ET Q q 0 0 0 rg BT 55.89 384.10 Td (into ) Tj ET Q q 0 0 0 rg BT 74.12 384.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 100.64 384.10 Td (A-notes ) Tj ET Q q 0 0 0 rg BT 134.96 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 152.07 384.10 Td (junior ) Tj ET Q q 0 0 0 rg BT 178.62 384.10 Td (B-notes. ) Tj ET Q q 0 0 0 rg BT 214.31 384.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 254.76 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.05 384.10 Td (A-notes ) Tj ET Q q 0 0 0 rg BT 303.38 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.71 384.10 Td (each ) Tj ET Q q 0 0 0 rg BT 338.69 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.69 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.57 384.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 388.35 384.10 Td (were ) Tj ET Q q 0 0 0 rg BT 410.44 384.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 432.28 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.17 384.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 484.26 384.10 Td (did ) Tj ET Q q 0 0 0 rg BT 499.71 384.10 Td (not ) Tj ET Q q 0 0 0 rg BT 515.15 384.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 546.15 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 560.47 384.10 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 372.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 81.17 372.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 120.23 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.96 372.10 Td (we ) Tj ET Q q 0 0 0 rg BT 148.92 372.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 177.42 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.94 372.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.67 372.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.30 372.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 253.13 372.10 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 302.39 372.10 Td (W) Tj ET Q q 0 0 0 rg BT 311.03 372.10 Td (e ) Tj ET Q q 0 0 0 rg BT 316.76 372.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 345.82 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.04 372.10 Td (A-notes ) Tj ET Q q 0 0 0 rg BT 392.00 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.74 372.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 450.13 372.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 481.96 372.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 530.46 372.10 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 360.10 Td (at ) Tj ET Q q 0 0 0 rg BT 45.84 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 60.68 360.10 Td (same ) Tj ET Q q 0 0 0 rg BT 83.84 360.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 100.34 360.10 Td (values ) Tj ET Q q 0 0 0 rg BT 128.51 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.57 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.41 360.10 Td (periodic ) Tj ET Q q 0 0 0 rg BT 195.79 360.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 235.63 360.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 286.02 360.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 329.73 360.10 Td (with ) Tj ET Q q 0 0 0 rg BT 350.13 360.10 Td (these ) Tj ET Q q 0 0 0 rg BT 373.30 360.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 399.25 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.31 360.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 456.15 360.10 Td (of) Tj ET Q q 0 0 0 rg BT 464.30 360.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 481.36 360.10 Td (through ) Tj ET Q q 0 0 0 rg BT 515.09 360.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 562.14 360.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 348.10 Td (value ) Tj ET Q q 0 0 0 rg BT 59.59 348.10 Td (changes, ) Tj ET Q q 0 0 0 rg BT 96.23 348.10 Td (net ) Tj ET Q q 0 0 0 rg BT 110.38 348.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.31 348.10 Td (our ) Tj ET Q q 0 0 0 rg BT 137.57 348.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 190.05 348.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 234.19 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.45 348.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 277.89 348.10 Td (As ) Tj ET Q q 0 0 0 rg BT 290.94 348.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 331.20 348.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 359.51 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.22 348.10 Td (June ) Tj ET Q q 0 0 0 rg BT 389.49 348.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 413.92 348.10 Td (we ) Tj ET Q q 0 0 0 rg BT 427.51 348.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 472.75 348.10 Td (all ) Tj ET Q q 0 0 0 rg BT 484.68 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.94 348.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.20 348.10 Td (then ) Tj ET Q q 0 0 0 rg BT 529.35 348.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 336.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 85.70 336.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 109.31 336.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 141.31 336.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 191.02 336.10 Td (at ) Tj ET Q q 0 0 0 rg BT 200.74 336.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 217.12 336.10 Td (value ) Tj ET Q q 0 0 0 rg BT 241.27 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.55 336.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 283.56 336.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 304.94 336.10 Td (at ) Tj ET Q q 0 0 0 rg BT 314.65 336.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 331.03 336.10 Td (value. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 312.10 Td (At ) Tj ET Q q 0 0 0 rg BT 47.21 312.10 Td (Amortized Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 292.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 106.15 292.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 129.99 292.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 162.00 292.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 211.93 292.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 251.87 292.10 Td (included ) Tj ET Q q 0 0 0 rg BT 289.03 292.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 334.51 292.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 358.34 292.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 391.60 292.10 Td (by ) Tj ET Q q 0 0 0 rg BT 404.33 292.10 Td (a ) Tj ET Q q 0 0 0 rg BT 411.50 292.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 448.52 292.10 Td () Tj ET Q q 0 0 0 rg BT 451.29 292.10 Td (s ) Tj ET Q q 0 0 0 rg BT 457.91 292.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 502.30 292.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 534.46 292.10 Td (in ) Tj ET Q q 0 0 0 rg BT 544.96 292.10 Td (a ) Tj ET Q q 0 0 0 rg BT 552.13 292.10 Td (single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 280.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 70.23 280.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 95.58 280.10 Td (that ) Tj ET Q q 0 0 0 rg BT 113.15 280.10 Td (owns ) Tj ET Q q 0 0 0 rg BT 136.83 280.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 186.60 280.10 Td (property) Tj ET Q q 0 0 0 rg BT 219.83 280.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.33 280.10 Td (As ) Tj ET Q q 0 0 0 rg BT 238.02 280.10 Td (described ) Tj ET Q q 0 0 0 rg BT 278.91 280.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 307.85 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 318.21 280.10 Td (June ) Tj ET Q q 0 0 0 rg BT 339.11 280.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 364.18 280.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.41 280.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 424.29 280.10 Td (most ) Tj ET Q q 0 0 0 rg BT 446.31 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.21 280.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.12 280.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 505.12 280.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 554.91 280.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.31 268.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 78.32 268.10 Td (-sale. ) Tj ET Q q 0 0 0 rg BT 102.04 268.10 Td (The ) Tj ET Q q 0 0 0 rg BT 120.12 268.10 Td (following ) Tj ET Q q 0 0 0 rg BT 161.54 268.10 Td (table ) Tj ET Q q 0 0 0 rg BT 183.50 268.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 220.47 268.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 262.99 268.10 Td (information ) Tj ET Q q 0 0 0 rg BT 312.73 268.10 Td (for ) Tj ET Q q 0 0 0 rg BT 326.92 268.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.78 268.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 392.51 268.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 416.15 268.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 448.16 268.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 497.90 268.10 Td (at ) Tj ET Q q 0 0 0 rg BT 507.65 268.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 550.16 268.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 568.80 268.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 256.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 256.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.08 256.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.02 256.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 192.61 256.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.61 256.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 236.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 236.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 236.10 Td (7.2 ) Tj ET Q q 0 0 0 rg BT 75.91 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 236.10 Td (Carrying ) Tj ET Q q 0 0 0 rg BT 123.14 236.10 Td (V) Tj ET Q q 0 0 0 rg BT 128.70 236.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 148.98 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 163.70 236.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 216.75 236.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 244.81 236.10 Td (Held-for-Investment ) Tj ET Q q 0 0 0 rg BT 331.75 236.10 Td (at ) Tj ET Q q 0 0 0 rg BT 341.65 236.10 Td (Amortized ) Tj ET Q q 0 0 0 rg BT 386.38 236.10 Td (Cost) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 211.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 211.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 211.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 181.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 181.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 181.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 151.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 151.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 151.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 211.60000000000002 m 377.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 211.60000000000002 m 476.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 211.60000000000002 m 575.5 211.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 181.60000000000002 m 476.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 181.60000000000002 m 575.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 151.60000000000002 m 476.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 151.60000000000002 m 575.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 137.60000000000002 m 476.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 135.60000000000002 m 476.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 137.60000000000002 m 575.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 135.60000000000002 m 575.5 135.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 216.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 216.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 216.28 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 201.27 Td (Principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 201.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 201.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 201.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 201.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 201.27 Td (307,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 186.27 Td (Unamortized discount, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 186.27 Td (\(4,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 186.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 171.27 Td (Recorded investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 171.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 171.27 Td (302,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 156.27 Td (Allowance for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 156.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 156.27 Td (\(7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 156.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 141.28 Td (Carrying Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 141.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 141.27 Td (295,849) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 116.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.56 116.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.21 116.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.21 116.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.77 116.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.77 116.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 218.42 116.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.42 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.48 116.10 Td (we ) Tj ET Q q 0 0 0 rg BT 255.70 116.10 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.48 116.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.69 116.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.25 116.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.25 116.10 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.25 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 323.32 116.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 370.98 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 375.04 116.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 423.80 116.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 446.47 116.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 478.48 116.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 527.25 116.10 Td (at ) Tj ET Q q 0 0 0 rg BT 536.03 116.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 104.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 56.93 104.10 Td (During ) Tj ET Q q 0 0 0 rg BT 87.59 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.13 104.10 Td (years ) Tj ET Q q 0 0 0 rg BT 125.55 104.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.75 104.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 210.16 104.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.16 104.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.48 104.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.25 104.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.25 104.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.07 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 288.06 104.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 330.92 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.58 104.10 Td (acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.32 104.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.53 104.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.86 104.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.62 104.10 Td ($22 ) Tj ET Q q 0 0 0 rg BT 431.94 104.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.83 104.10 Td (, ) Tj ET Q q 0 0 0 rg BT 465.66 104.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 513.32 104.10 Td (, ) Tj ET Q q 0 0 0 rg BT 518.14 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.80 104.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 92.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 58.88 92.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 90.89 92.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 139.87 92.10 Td (at ) Tj ET Q q 0 0 0 rg BT 148.86 92.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 190.61 92.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 211.00 92.10 Td (During ) Tj ET Q q 0 0 0 rg BT 241.10 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.09 92.10 Td (years ) Tj ET Q q 0 0 0 rg BT 277.96 92.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 303.61 92.10 Td (December ) Tj ET Q q 0 0 0 rg BT 346.46 92.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.74 92.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.74 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.51 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.72 92.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.58 92.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.58 92.10 Td (, ) Tj ET Q q 0 0 0 rg BT 480.85 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 494.28 92.10 Td (received ) Tj ET Q q 0 0 0 rg BT 529.92 92.10 Td (repayments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 80.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.06 80.10 Td ($70 ) Tj ET Q q 0 0 0 rg BT 64.80 80.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.69 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.42 80.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 80.10 Td ($57 ) Tj ET Q q 0 0 0 rg BT 131.33 80.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.22 80.10 Td (, ) Tj ET Q q 0 0 0 rg BT 165.45 80.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 213.11 80.10 Td (, ) Tj ET Q q 0 0 0 rg BT 218.35 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.52 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.03 80.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 292.64 80.10 Td (with ) Tj ET Q q 0 0 0 rg BT 313.15 80.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 343.08 80.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 363.03 80.10 Td (prepayments, ) Tj ET Q q 0 0 0 rg BT 419.36 80.10 Td (we ) Tj ET Q q 0 0 0 rg BT 433.75 80.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.35 80.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 483.08 80.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.97 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.71 80.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.88 80.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 544.61 80.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 80.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 68.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 68.10 Td (, ) Tj ET Q q 0 0 0 rg BT 88.66 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.49 68.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 121.99 68.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 175.01 68.10 Td (fees. ) Tj ET Q endstream endobj 327 0 obj <> endobj 328 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 7. Commer) Tj ET Q q 0 0 0 rg BT 106.07 692.60 Td (cial Loans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.50 668.10 Td (Allowance ) Tj ET Q q 0 0 0 rg BT 84.33 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.06 668.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 123.23 668.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 152.95 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 166.01 668.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 219.06 668.10 Td (Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.13 648.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 119.57 648.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 142.93 648.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 182.93 648.10 Td (as ) Tj ET Q q 0 0 0 rg BT 193.50 648.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 225.51 648.10 Td (-investment, ) Tj ET Q q 0 0 0 rg BT 277.47 648.10 Td (we ) Tj ET Q q 0 0 0 rg BT 291.37 648.10 Td (established ) Tj ET Q q 0 0 0 rg BT 338.04 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.73 648.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 401.40 648.10 Td (an ) Tj ET Q q 0 0 0 rg BT 413.08 648.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 455.85 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 469.76 648.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 489.22 648.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 517.69 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 535.48 648.10 Td (allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.10 Td (included ) Tj ET Q q 0 0 0 rg BT 72.68 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.37 636.10 Td (component ) Tj ET Q q 0 0 0 rg BT 126.06 636.10 Td (for ) Tj ET Q q 0 0 0 rg BT 139.97 636.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 163.32 636.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 212.22 636.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 252.78 636.10 Td (for ) Tj ET Q q 0 0 0 rg BT 266.69 636.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 315.04 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.73 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.42 636.10 Td (component ) Tj ET Q q 0 0 0 rg BT 385.10 636.10 Td (for ) Tj ET Q q 0 0 0 rg BT 399.01 636.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 422.37 636.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 472.95 636.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 513.51 636.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.42 636.10 Td (impairment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 616.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.73 616.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.35 616.10 Td (second ) Tj ET Q q 0 0 0 rg BT 129.52 616.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 160.24 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.97 616.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 195.88 616.10 Td (we ) Tj ET Q q 0 0 0 rg BT 209.94 616.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 255.65 616.10 Td (most ) Tj ET Q q 0 0 0 rg BT 277.50 616.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.23 616.10 Td (our ) Tj ET Q q 0 0 0 rg BT 303.96 616.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 335.97 616.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 385.58 616.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 409.09 616.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.27 616.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 451.28 616.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 472.56 616.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.40 616.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 526.78 616.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.62 616.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 567.67 616.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 604.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 76.28 604.10 Td (for ) Tj ET Q q 0 0 0 rg BT 90.44 604.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 110.16 604.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 138.88 604.10 Td (This ) Tj ET Q q 0 0 0 rg BT 159.16 604.10 Td (was ) Tj ET Q q 0 0 0 rg BT 177.21 604.10 Td (based ) Tj ET Q q 0 0 0 rg BT 202.48 604.10 Td (on ) Tj ET Q q 0 0 0 rg BT 214.98 604.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.82 604.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 288.86 604.10 Td (that ) Tj ET Q q 0 0 0 rg BT 306.35 604.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.07 604.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 337.45 604.10 Td (market ) Tj ET Q q 0 0 0 rg BT 367.72 604.10 Td (value ) Tj ET Q q 0 0 0 rg BT 391.88 604.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.71 604.10 Td (these ) Tj ET Q q 0 0 0 rg BT 425.76 604.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 449.37 604.10 Td (was ) Tj ET Q q 0 0 0 rg BT 467.42 604.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 495.47 604.10 Td (than ) Tj ET Q q 0 0 0 rg BT 515.19 604.10 Td (their ) Tj ET Q q 0 0 0 rg BT 536.02 604.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 592.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 55.17 592.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 80.05 592.10 Td (As ) Tj ET Q q 0 0 0 rg BT 94.23 592.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 118.12 592.10 Td (no ) Tj ET Q q 0 0 0 rg BT 131.18 592.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 171.45 592.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 218.39 592.10 Td (for ) Tj ET Q q 0 0 0 rg BT 233.11 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.39 592.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 280.40 592.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 302.34 592.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 326.50 592.10 Td (was ) Tj ET Q q 0 0 0 rg BT 345.12 592.10 Td (char) Tj ET Q q 0 0 0 rg BT 362.14 592.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 379.64 592.10 Td (against ) Tj ET Q q 0 0 0 rg BT 411.03 592.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.31 592.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 469.90 592.10 Td (for ) Tj ET Q q 0 0 0 rg BT 484.62 592.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 504.90 592.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 531.85 592.10 Td (during ) Tj ET Q q 0 0 0 rg BT 561.02 592.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 580.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 66.84 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.80 580.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.54 580.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 143.28 580.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 192.47 580.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 235.53 580.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 279.14 580.10 Td (with ) Tj ET Q q 0 0 0 rg BT 299.44 580.10 Td (these ) Tj ET Q q 0 0 0 rg BT 322.51 580.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 346.15 580.10 Td (was ) Tj ET Q q 0 0 0 rg BT 364.22 580.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 408.95 580.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.91 580.10 Td (a ) Tj ET Q q 0 0 0 rg BT 432.88 580.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 467.04 580.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.90 580.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 518.20 580.10 Td (for ) Tj ET Q q 0 0 0 rg BT 532.38 580.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 552.12 580.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 568.10 Td (was ) Tj ET Q q 0 0 0 rg BT 54.05 568.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 91.53 568.10 Td (in ) Tj ET Q q 0 0 0 rg BT 101.81 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.52 568.10 Td (second ) Tj ET Q q 0 0 0 rg BT 146.79 568.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 177.61 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.44 568.10 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (During ) Tj ET Q q 0 0 0 rg BT 84.46 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.80 548.10 Td (third ) Tj ET Q q 0 0 0 rg BT 119.82 548.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 150.26 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.72 548.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 185.35 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.81 548.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 243.48 548.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 292.81 548.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 316.05 548.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 348.05 548.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 397.39 548.10 Td (were ) Tj ET Q q 0 0 0 rg BT 418.95 548.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 446.07 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.97 548.10 Td (full ) Tj ET Q q 0 0 0 rg BT 471.99 548.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 491.06 548.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.51 548.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 528.36 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 542.15 548.10 Td (reversed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 536.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 94.87 536.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 135.15 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 149.31 536.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 169.02 536.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 197.73 536.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.78 536.10 Td (following ) Tj ET Q q 0 0 0 rg BT 257.16 536.10 Td (table ) Tj ET Q q 0 0 0 rg BT 279.10 536.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 314.36 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 329.08 536.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 367.12 536.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 400.15 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.98 536.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 460.68 536.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 484.29 536.10 Td (held-for) Tj ET Q q 0 0 0 rg BT 516.29 536.10 Td (-investment ) Tj ET Q q 0 0 0 rg BT 566.00 536.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 53.50 524.10 Td (category) Tj ET Q q 0 0 0 rg BT 87.27 524.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 504.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 504.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 504.10 Td (7.3 ) Tj ET Q q 0 0 0 rg BT 75.91 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 504.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 124.24 504.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 160.63 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.46 504.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 224.51 504.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 252.57 504.10 Td (Held-for-Investment ) Tj ET Q q 0 0 0 rg BT 339.51 504.10 Td (by ) Tj ET Q q 0 0 0 rg BT 351.44 504.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 372.28 504.10 Td (Category) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 479.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 479.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 479.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 449.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 449.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 449.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 479.6 m 377.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 479.6 m 476.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 479.6 m 575.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 434.6 m 476.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 420.6 m 476.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 418.6 m 476.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 434.6 m 575.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 420.6 m 575.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 418.6 m 575.5 418.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 484.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 484.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 484.28 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 469.27 Td (Pass) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 469.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 469.27 Td (272,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 454.27 Td (Watch list) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 454.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 454.27 Td (34,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 439.27 Td (Workout) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 439.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 439.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 424.28 Td (Total Commercial Loans Held-for-Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 424.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 424.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 424.27 Td (307,047) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 400.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.34 400.10 Td (following ) Tj ET Q q 0 0 0 rg BT 114.01 400.10 Td (table ) Tj ET Q q 0 0 0 rg BT 136.24 400.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 186.79 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.80 400.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 234.58 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.15 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.16 400.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 303.48 400.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.93 400.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 367.92 400.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 387.93 400.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 414.61 400.10 Td (for ) Tj ET Q q 0 0 0 rg BT 429.06 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.07 400.10 Td (years ) Tj ET Q q 0 0 0 rg BT 467.96 400.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.62 400.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.50 400.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 400.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 388.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 388.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 388.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.94 388.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.94 388.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 368.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 368.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 368.10 Td (7.4 ) Tj ET Q q 0 0 0 rg BT 75.91 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.04 368.10 Td (Activity ) Tj ET Q q 0 0 0 rg BT 116.63 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.47 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.38 368.10 Td (Allowance ) Tj ET Q q 0 0 0 rg BT 188.22 368.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.94 368.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 255.99 368.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 280.16 368.10 Td (Losses) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 328.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 328.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 328.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 328.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 298.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 298.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 298.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 298.60 85.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 343.6 m 397.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 343.6 m 401.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 343.6 m 486.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 343.6 m 490.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 343.6 m 575.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 328.6 m 308.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 328.6 m 397.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 328.6 m 486.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 328.6 m 575.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 328.6 m 397.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 328.6 m 486.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 283.6 m 486.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 283.6 m 397.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 269.6 m 397.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 267.6 m 397.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 283.6 m 486.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 269.6 m 486.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 267.6 m 486.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 283.6 m 575.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 269.6 m 575.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 267.6 m 575.5 267.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.10 348.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 333.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 333.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.50 333.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.50 333.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 318.27 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 318.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 318.27 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 318.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 318.27 Td (7,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 318.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 318.27 Td (7,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 303.27 Td (Charge-offs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 303.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 303.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 303.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 288.27 Td (\(Reversal of\) provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 288.32 Td (\(7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 288.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 288.32 Td (\(355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 288.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 288.27 Td (84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 273.28 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 273.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 273.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 273.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 273.27 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 273.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 273.27 Td (7,457) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 249.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.47 249.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.02 249.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.02 249.10 Td (, ) Tj ET Q q 0 0 0 rg BT 149.98 249.10 Td (we ) Tj ET Q q 0 0 0 rg BT 164.11 249.10 Td (had ) Tj ET Q q 0 0 0 rg BT 181.01 249.10 Td (no ) Tj ET Q q 0 0 0 rg BT 193.48 249.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 242.61 249.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 266.18 249.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.09 249.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.77 249.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 351.32 249.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.32 249.10 Td (, ) Tj ET Q q 0 0 0 rg BT 376.29 249.10 Td (all ) Tj ET Q q 0 0 0 rg BT 388.75 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.54 249.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.34 249.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 465.00 249.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 488.58 249.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 537.69 249.10 Td (evaluated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 237.10 Td (for ) Tj ET Q q 0 0 0 rg BT 49.13 237.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 96.71 237.10 Td (were ) Tj ET Q q 0 0 0 rg BT 117.61 237.10 Td (current. ) Tj ET Q q 0 0 0 rg BT 149.79 237.10 Td (The ) Tj ET Q q 0 0 0 rg BT 166.81 237.10 Td (following ) Tj ET Q q 0 0 0 rg BT 207.17 237.10 Td (table ) Tj ET Q q 0 0 0 rg BT 228.08 237.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 277.32 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.01 237.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 326.90 237.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.04 237.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 362.62 237.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 410.74 237.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 450.52 237.10 Td (for ) Tj ET Q q 0 0 0 rg BT 463.66 237.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 511.23 237.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 237.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 225.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 225.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 225.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.02 225.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.02 225.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 205.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 205.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 205.10 Td (7.5 ) Tj ET Q q 0 0 0 rg BT 75.91 205.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 205.10 Td (Loans ) Tj ET Q q 0 0 0 rg BT 111.47 205.10 Td (Collectively ) Tj ET Q q 0 0 0 rg BT 161.72 205.10 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 205.89 205.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.61 205.10 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 272.01 205.10 Td (Review) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 180.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 180.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 180.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 150.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 150.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 150.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 180.60000000000002 m 377.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 180.60000000000002 m 476.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 180.60000000000002 m 575.5 180.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 185.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 185.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 185.28 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 170.27 Td (Principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 170.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 170.27 Td (307,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 155.27 Td (Recorded investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 155.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 155.27 Td (302,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 140.27 Td (Related allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 140.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 140.27 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 106.10 Td (Commercial Loans Individually Evaluated for Impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 82.10 Td (e did not have any loans individually evaluated for impairment for either of the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 82.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.99 82.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.32 82.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.32 82.10 Td (.) Tj ET Q endstream endobj 329 0 obj <> endobj 330 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 8. Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 648.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.62 648.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 96.06 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.38 648.25 Td (real ) Tj ET Q q 0 0 0 rg BT 123.91 648.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 149.22 648.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 191.85 648.25 Td (The ) Tj ET Q q 0 0 0 rg BT 209.94 648.25 Td (following ) Tj ET Q q 0 0 0 rg BT 251.37 648.25 Td (table ) Tj ET Q q 0 0 0 rg BT 273.35 648.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 308.67 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.43 648.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 339.86 648.25 Td (values ) Tj ET Q q 0 0 0 rg BT 367.95 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.83 648.25 Td (our ) Tj ET Q q 0 0 0 rg BT 394.70 648.25 Td (real ) Tj ET Q q 0 0 0 rg BT 412.23 648.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 437.54 648.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 477.85 648.25 Td (by ) Tj ET Q q 0 0 0 rg BT 490.40 648.25 Td (type ) Tj ET Q q 0 0 0 rg BT 510.16 648.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 648.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 636.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 636.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.02 636.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.02 636.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 616.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 616.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 616.25 Td (8.1 ) Tj ET Q q 0 0 0 rg BT 75.91 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 616.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 104.25 616.25 Td (V) Tj ET Q q 0 0 0 rg BT 109.81 616.25 Td (alues ) Tj ET Q q 0 0 0 rg BT 133.98 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.81 616.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 166.20 616.25 Td (Estate ) Tj ET Q q 0 0 0 rg BT 194.25 616.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 237.31 616.25 Td (by ) Tj ET Q q 0 0 0 rg BT 249.25 616.25 Td (T) Tj ET Q q 0 0 0 rg BT 254.98 616.25 Td (ype ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 591.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 591.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 591.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 591.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 591.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 561.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 561.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 561.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 561.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 561.75 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 591.75 m 377.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 591.75 m 476.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 591.75 m 575.5 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 561.75 m 476.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 547.75 m 476.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 545.75 m 476.5 545.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 561.75 m 575.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 547.75 m 575.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 545.75 m 575.5 545.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 596.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 596.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 596.43 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 581.42 Td (Trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 581.42 Td (445,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 581.42 Td (404,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 566.42 Td (Available-for-sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 566.42 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 566.42 Td (829,245) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 551.43 Td (Total Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 551.42 Td (1,018,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 551.42 Td (1,233,256) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 523.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 72.15 523.25 Td (real ) Tj ET Q q 0 0 0 rg BT 89.73 523.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 115.09 523.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 155.46 523.25 Td (include ) Tj ET Q q 0 0 0 rg BT 187.49 523.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 227.85 523.25 Td (backed ) Tj ET Q q 0 0 0 rg BT 258.76 523.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 301.62 523.25 Td (which ) Tj ET Q q 0 0 0 rg BT 328.66 523.25 Td (are ) Tj ET Q q 0 0 0 rg BT 343.46 523.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 384.38 523.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.75 523.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 442.31 523.25 Td (with ) Tj ET Q q 0 0 0 rg BT 462.69 523.25 Td (their ) Tj ET Q q 0 0 0 rg BT 483.61 523.25 Td (general ) Tj ET Q q 0 0 0 rg BT 515.63 523.25 Td (position ) Tj ET Q q 0 0 0 rg BT 550.46 523.25 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 43.18 511.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 99.80 511.25 Td (structure ) Tj ET Q q 0 0 0 rg BT 137.53 511.25 Td (based ) Tj ET Q q 0 0 0 rg BT 163.04 511.25 Td (on ) Tj ET Q q 0 0 0 rg BT 175.79 511.25 Td (their ) Tj ET Q q 0 0 0 rg BT 196.86 511.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 222.38 511.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.91 511.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 253.42 511.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 280.89 511.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 309.74 511.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 350.25 511.25 Td (are ) Tj ET Q q 0 0 0 rg BT 365.20 511.25 Td (those ) Tj ET Q q 0 0 0 rg BT 389.06 511.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 425.13 511.25 Td (in ) Tj ET Q q 0 0 0 rg BT 435.65 511.25 Td (a ) Tj ET Q q 0 0 0 rg BT 442.84 511.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 499.45 511.25 Td (that ) Tj ET Q q 0 0 0 rg BT 517.19 511.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 557.14 511.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 499.25 Td (the ) Tj ET Q q 0 0 0 rg BT 51.34 499.25 Td (first ) Tj ET Q q 0 0 0 rg BT 70.58 499.25 Td (right ) Tj ET Q q 0 0 0 rg BT 92.59 499.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.50 499.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 124.39 499.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 149.74 499.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.30 499.25 Td (are ) Tj ET Q q 0 0 0 rg BT 182.64 499.25 Td (last ) Tj ET Q q 0 0 0 rg BT 199.65 499.25 Td (in ) Tj ET Q q 0 0 0 rg BT 210.56 499.25 Td (line ) Tj ET Q q 0 0 0 rg BT 228.68 499.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.58 499.25 Td (absorb ) Tj ET Q q 0 0 0 rg BT 269.37 499.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 298.89 499.25 Td (Re-REMIC ) Tj ET Q q 0 0 0 rg BT 348.12 499.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 391.51 499.25 Td (as ) Tj ET Q q 0 0 0 rg BT 402.97 499.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 444.41 499.25 Td (herein, ) Tj ET Q q 0 0 0 rg BT 475.02 499.25 Td (were ) Tj ET Q q 0 0 0 rg BT 497.58 499.25 Td (created ) Tj ET Q q 0 0 0 rg BT 529.57 499.25 Td (through ) Tj ET Q q 0 0 0 rg BT 563.80 499.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 487.25 Td (resecuritization ) Tj ET Q q 0 0 0 rg BT 100.06 487.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.81 487.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 140.44 487.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 167.30 487.25 Td (security ) Tj ET Q q 0 0 0 rg BT 201.38 487.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 237.13 487.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.33 487.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 280.30 487.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 322.71 487.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.90 487.25 Td (support ) Tj ET Q q 0 0 0 rg BT 380.32 487.25 Td (to ) Tj ET Q q 0 0 0 rg BT 390.52 487.25 Td (those ) Tj ET Q q 0 0 0 rg BT 414.06 487.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 452.13 487.25 Td (These ) Tj ET Q q 0 0 0 rg BT 478.43 487.25 Td (re-REMIC ) Tj ET Q q 0 0 0 rg BT 523.62 487.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 563.81 487.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 475.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 74.70 475.25 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 123.97 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 134.37 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.20 475.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 192.36 475.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 219.42 475.25 Td (security ) Tj ET Q q 0 0 0 rg BT 253.69 475.25 Td (interests, ) Tj ET Q q 0 0 0 rg BT 292.13 475.25 Td (but ) Tj ET Q q 0 0 0 rg BT 307.53 475.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 334.58 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.98 475.25 Td (any ) Tj ET Q q 0 0 0 rg BT 362.04 475.25 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 411.31 475.25 Td (tranches ) Tj ET Q q 0 0 0 rg BT 447.24 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.19 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.02 475.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 529.51 475.25 Td (from ) Tj ET Q q 0 0 0 rg BT 551.56 475.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 463.25 Td (they ) Tj ET Q q 0 0 0 rg BT 56.49 463.25 Td (were ) Tj ET Q q 0 0 0 rg BT 79.20 463.25 Td (created. ) Tj ET Q q 0 0 0 rg BT 113.83 463.25 Td (Subordinate ) Tj ET Q q 0 0 0 rg BT 165.43 463.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 206.47 463.25 Td (are ) Tj ET Q q 0 0 0 rg BT 221.96 463.25 Td (all ) Tj ET Q q 0 0 0 rg BT 235.23 463.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 271.83 463.25 Td (below ) Tj ET Q q 0 0 0 rg BT 299.54 463.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 327.25 463.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.97 463.25 Td (re-REMIC ) Tj ET Q q 0 0 0 rg BT 391.01 463.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 429.88 463.25 Td (W) Tj ET Q q 0 0 0 rg BT 438.51 463.25 Td (e ) Tj ET Q q 0 0 0 rg BT 446.23 463.25 Td (further ) Tj ET Q q 0 0 0 rg BT 476.71 463.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 512.74 463.25 Td (our ) Tj ET Q q 0 0 0 rg BT 529.35 463.25 Td (subordinate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 451.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.41 451.25 Td (into ) Tj ET Q q 0 0 0 rg BT 94.62 451.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 140.02 451.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.10 451.25 Td (subordinate, ) Tj ET Q q 0 0 0 rg BT 208.91 451.25 Td (where ) Tj ET Q q 0 0 0 rg BT 235.99 451.25 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 281.38 451.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 317.36 451.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 357.77 451.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 391.53 451.25 Td (rated ) Tj ET Q q 0 0 0 rg BT 413.58 451.25 Td (AA) Tj ET Q q 0 0 0 rg BT 427.47 451.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.12 451.25 Td (through ) Tj ET Q q 0 0 0 rg BT 463.88 451.25 Td (BBB- ) Tj ET Q q 0 0 0 rg BT 489.86 451.25 Td (and ) Tj ET Q q 0 0 0 rg BT 506.95 451.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 534.60 451.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.03 451.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 567.68 451.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 439.25 Td (later) Tj ET Q q 0 0 0 rg BT 53.21 439.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 415.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.74 415.25 Td (rading Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.04 391.25 Td (following ) Tj ET Q q 0 0 0 rg BT 111.41 391.25 Td (table ) Tj ET Q q 0 0 0 rg BT 132.33 391.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.59 391.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.30 391.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.67 391.25 Td (value ) Tj ET Q q 0 0 0 rg BT 218.81 391.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.63 391.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 258.44 391.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.70 391.25 Td (by ) Tj ET Q q 0 0 0 rg BT 309.19 391.25 Td (position ) Tj ET Q q 0 0 0 rg BT 342.90 391.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.83 391.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 397.52 391.25 Td (type ) Tj ET Q q 0 0 0 rg BT 416.22 391.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.93 391.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 482.50 391.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 391.25 Td ( ) Tj ET Q q 0 0 0 rg BT 503.99 391.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 391.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 379.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 379.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 359.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 359.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 359.25 Td (8.2 ) Tj ET Q q 0 0 0 rg BT 75.91 359.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 359.25 Td (T) Tj ET Q q 0 0 0 rg BT 89.14 359.25 Td (rading ) Tj ET Q q 0 0 0 rg BT 118.88 359.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 161.93 359.25 Td (by ) Tj ET Q q 0 0 0 rg BT 173.87 359.25 Td (Position ) Tj ET Q q 0 0 0 rg BT 210.27 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.33 359.25 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 271.94 359.25 Td (T) Tj ET Q q 0 0 0 rg BT 277.68 359.25 Td (ype ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 334.75 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 334.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 334.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 334.75 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 305.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 305.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 305.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 305.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 305.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 275.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 275.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 275.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 275.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 275.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 245.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 245.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 245.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 245.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 245.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 215.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 215.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 215.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 215.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 215.75 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 334.75 m 377.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 334.75 m 476.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 334.75 m 575.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 290.75 m 476.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 290.75 m 575.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 230.75 m 476.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 230.75 m 575.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 215.75 m 476.5 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 201.75 m 476.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 199.75 m 476.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 215.75 m 575.5 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 201.75 m 575.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 199.75 m 575.5 199.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 339.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 339.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 339.43 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 325.43 Td (Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 310.42 Td (Prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 310.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 310.42 Td (32,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 310.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 310.42 Td (248,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 295.42 Td (Non-prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 295.42 Td (4,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 295.42 Td (5,781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 280.43 Td (Total Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 280.42 Td (37,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 280.42 Td (254,351) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 265.43 Td (Subordinate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 250.42 Td (Prime mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 250.42 Td (243,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 250.42 Td (136,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 235.42 Td (Prime subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 235.42 Td (165,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 235.42 Td (13,520) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 220.43 Td (Total Subordinate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 220.42 Td (408,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 220.42 Td (149,660) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 205.43 Td (Total Trading Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 205.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 205.42 Td (445,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 205.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 205.42 Td (404,011) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.45 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 170.45 Td (e ) Tj ET Q q 0 0 0 rg BT 70.11 170.45 Td (elected ) Tj ET Q q 0 0 0 rg BT 101.46 170.45 Td (the ) Tj ET Q q 0 0 0 rg BT 116.72 170.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 133.63 170.45 Td (value ) Tj ET Q q 0 0 0 rg BT 158.33 170.45 Td (option ) Tj ET Q q 0 0 0 rg BT 186.92 170.45 Td (for ) Tj ET Q q 0 0 0 rg BT 201.62 170.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 231.86 170.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 272.67 170.45 Td (and ) Tj ET Q q 0 0 0 rg BT 290.14 170.45 Td (classify ) Tj ET Q q 0 0 0 rg BT 323.73 170.45 Td (them ) Tj ET Q q 0 0 0 rg BT 346.76 170.45 Td (as ) Tj ET Q q 0 0 0 rg BT 358.13 170.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 389.49 170.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 432.80 170.45 Td (Our ) Tj ET Q q 0 0 0 rg BT 451.39 170.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 482.75 170.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 523.55 170.45 Td (are ) Tj ET Q q 0 0 0 rg BT 538.80 170.45 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.45 Td (comprised ) Tj ET Q q 0 0 0 rg BT 80.16 158.45 Td (of ) Tj ET Q q 0 0 0 rg BT 90.99 158.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 135.14 158.45 Td (and ) Tj ET Q q 0 0 0 rg BT 152.07 158.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 201.77 158.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 242.04 158.45 Td (backed ) Tj ET Q q 0 0 0 rg BT 272.85 158.45 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.36 138.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.81 138.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.81 138.45 Td ( ) Tj ET Q q 0 0 0 rg BT 147.17 138.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.98 138.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.98 138.45 Td (, ) Tj ET Q q 0 0 0 rg BT 188.84 138.45 Td (our ) Tj ET Q q 0 0 0 rg BT 204.53 138.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 231.33 138.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 262.02 138.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 302.15 138.45 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.95 138.45 Td ($37 ) Tj ET Q q 0 0 0 rg BT 356.31 138.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.20 138.45 Td ( ) Tj ET Q q 0 0 0 rg BT 387.56 138.45 Td (of ) Tj ET Q q 0 0 0 rg BT 398.26 138.45 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 451.16 138.45 Td (securities, ) Tj ET Q q 0 0 0 rg BT 493.79 138.45 Td (for ) Tj ET Q q 0 0 0 rg BT 507.81 138.45 Td (which ) Tj ET Q q 0 0 0 rg BT 534.62 138.45 Td (there ) Tj ET Q q 0 0 0 rg BT 556.96 138.45 Td (is ) Tj ET Q q 0 0 0 rg BT 566.00 138.45 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 126.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 74.32 126.45 Td (balance, ) Tj ET Q q 0 0 0 rg BT 110.13 126.45 Td (and ) Tj ET Q q 0 0 0 rg BT 127.35 126.45 Td (the ) Tj ET Q q 0 0 0 rg BT 142.34 126.45 Td (remaining ) Tj ET Q q 0 0 0 rg BT 185.66 126.45 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 215.66 126.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 253.98 126.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 287.29 126.45 Td (of ) Tj ET Q q 0 0 0 rg BT 298.40 126.45 Td (our ) Tj ET Q q 0 0 0 rg BT 314.51 126.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 341.72 126.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 372.83 126.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 413.37 126.45 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.70 126.45 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.91 126.45 Td ( ) Tj ET Q q 0 0 0 rg BT 451.68 126.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.90 126.45 Td ($217 ) Tj ET Q q 0 0 0 rg BT 491.68 126.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.57 126.45 Td (, ) Tj ET Q q 0 0 0 rg BT 525.85 126.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.51 126.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 114.45 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 114.45 Td (our ) Tj ET Q q 0 0 0 rg BT 68.77 114.45 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 117.92 114.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 148.75 114.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.01 114.45 Td (had ) Tj ET Q q 0 0 0 rg BT 205.95 114.45 Td (an ) Tj ET Q q 0 0 0 rg BT 217.89 114.45 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 247.61 114.45 Td (principal ) Tj ET Q q 0 0 0 rg BT 285.65 114.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 318.68 114.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.51 114.45 Td ($434 ) Tj ET Q q 0 0 0 rg BT 352.01 114.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.90 114.45 Td ( ) Tj ET Q q 0 0 0 rg BT 383.40 114.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.34 114.45 Td ($168 ) Tj ET Q q 0 0 0 rg BT 422.84 114.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.73 114.45 Td (, ) Tj ET Q q 0 0 0 rg BT 456.73 114.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 504.39 114.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.39 94.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.86 94.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.86 94.45 Td ( ) Tj ET Q q 0 0 0 rg BT 147.25 94.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.08 94.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 222.55 94.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.55 94.45 Td (, ) Tj ET Q q 0 0 0 rg BT 247.44 94.45 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 296.49 94.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 327.20 94.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 367.35 94.45 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.18 94.45 Td ($187 ) Tj ET Q q 0 0 0 rg BT 426.56 94.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.46 94.45 Td ( ) Tj ET Q q 0 0 0 rg BT 457.85 94.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.67 94.45 Td ($48 ) Tj ET Q q 0 0 0 rg BT 492.06 94.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 94.45 Td (, ) Tj ET Q q 0 0 0 rg BT 525.84 94.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 94.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 82.45 Td (of ) Tj ET Q q 0 0 0 rg BT 45.86 82.45 Td (Agency ) Tj ET Q q 0 0 0 rg BT 78.92 82.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 122.53 82.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 162.26 82.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 186.99 82.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 203.95 82.45 Td (transfer ) Tj ET Q q 0 0 0 rg BT 236.45 82.45 Td (\(or ) Tj ET Q q 0 0 0 rg BT 250.07 82.45 Td ("CR) Tj ET Q q 0 0 0 rg BT 266.90 82.45 Td (T"\) ) Tj ET Q q 0 0 0 rg BT 282.38 82.45 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.60 82.45 Td ($15 ) Tj ET Q q 0 0 0 rg BT 341.57 82.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.46 82.45 Td ( ) Tj ET Q q 0 0 0 rg BT 372.42 82.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.82 82.45 Td ($10 ) Tj ET Q q 0 0 0 rg BT 405.79 82.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.68 82.45 Td (, ) Tj ET Q q 0 0 0 rg BT 439.14 82.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 486.80 82.45 Td (, ) Tj ET Q q 0 0 0 rg BT 491.27 82.45 Td (of ) Tj ET Q q 0 0 0 rg BT 501.56 82.45 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 535.74 82.45 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 70.45 Td ($1) Tj ET Q q 0 0 0 rg BT 45.63 70.45 Td (15 ) Tj ET Q q 0 0 0 rg BT 58.66 70.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.55 70.45 Td ( ) Tj ET Q q 0 0 0 rg BT 90.58 70.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.06 70.45 Td ($83 ) Tj ET Q q 0 0 0 rg BT 126.09 70.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.98 70.45 Td (, ) Tj ET Q q 0 0 0 rg BT 160.51 70.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 208.17 70.45 Td (, ) Tj ET Q q 0 0 0 rg BT 213.71 70.45 Td (of ) Tj ET Q q 0 0 0 rg BT 225.07 70.45 Td (other ) Tj ET Q q 0 0 0 rg BT 248.65 70.45 Td (third ) Tj ET Q q 0 0 0 rg BT 270.57 70.45 Td (party ) Tj ET Q q 0 0 0 rg BT 294.14 70.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 338.83 70.45 Td (securities, ) Tj ET Q q 0 0 0 rg BT 382.12 70.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.59 70.45 Td ($92 ) Tj ET Q q 0 0 0 rg BT 417.63 70.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.52 70.45 Td ( ) Tj ET Q q 0 0 0 rg BT 449.55 70.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.02 70.45 Td ($8 ) Tj ET Q q 0 0 0 rg BT 480.05 70.45 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.94 70.45 Td (, ) Tj ET Q q 0 0 0 rg BT 514.48 70.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 562.14 70.45 Td (, ) Tj ET Q q 0 0 0 rg BT 567.67 70.45 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 58.45 Td (third-party ) Tj ET Q q 0 0 0 rg BT 81.26 58.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 130.96 58.45 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 171.22 58.45 Td (backed ) Tj ET Q q 0 0 0 rg BT 202.04 58.45 Td (securities.) Tj ET Q endstream endobj 331 0 obj <> endobj 332 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 8. Real Estate Securities - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 56.21 668.10 Td (During ) Tj ET Q q 0 0 0 rg BT 86.75 668.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.17 668.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.38 668.10 Td (s ) Tj ET Q q 0 0 0 rg BT 124.48 668.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.56 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 208.86 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.86 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.07 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.71 668.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.71 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 272.42 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.29 668.10 Td (acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.92 668.10 Td ($307 ) Tj ET Q q 0 0 0 rg BT 345.13 668.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.02 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.23 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.88 668.10 Td ($383 ) Tj ET Q q 0 0 0 rg BT 415.09 668.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.98 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.19 668.10 Td (\(principal ) Tj ET Q q 0 0 0 rg BT 487.27 668.10 Td (balance\), ) Tj ET Q q 0 0 0 rg BT 525.84 668.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 668.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.98 656.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 74.06 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.15 656.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 140.45 656.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 180.86 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.17 656.10 Td (which ) Tj ET Q q 0 0 0 rg BT 222.25 656.10 Td (we ) Tj ET Q q 0 0 0 rg BT 236.56 656.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 267.51 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.38 656.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 298.90 656.10 Td (value ) Tj ET Q q 0 0 0 rg BT 323.20 656.10 Td (option ) Tj ET Q q 0 0 0 rg BT 351.41 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.49 656.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 408.90 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.88 656.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 453.35 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.43 656.10 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 656.10 Td ($241 ) Tj ET Q q 0 0 0 rg BT 512.40 656.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.29 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.93 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.02 656.10 Td ($18 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 70.06 644.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 117.72 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 122.89 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.89 644.10 Td (such ) Tj ET Q q 0 0 0 rg BT 154.89 644.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 197.83 644.10 Td (During ) Tj ET Q q 0 0 0 rg BT 228.83 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.71 644.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.92 644.10 Td (s ) Tj ET Q q 0 0 0 rg BT 267.48 644.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.03 644.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 352.78 644.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.78 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.45 644.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.56 644.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.56 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 417.73 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 432.06 644.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 469.71 644.10 Td (net ) Tj ET Q q 0 0 0 rg BT 484.59 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.03 644.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 554.91 644.10 Td (gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.94 632.10 Td ($1) Tj ET Q q 0 0 0 rg BT 55.57 632.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 62.19 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.08 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.69 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.74 632.10 Td (net ) Tj ET Q q 0 0 0 rg BT 122.57 632.10 Td (market ) Tj ET Q q 0 0 0 rg BT 151.95 632.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 190.78 632.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 216.28 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.23 632.10 Td ($17 ) Tj ET Q q 0 0 0 rg BT 242.84 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.73 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.85 632.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 323.51 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 327.62 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.23 632.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 369.17 632.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 411.05 632.10 Td (included ) Tj ET Q q 0 0 0 rg BT 447.10 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.49 632.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 502.54 632.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.03 632.10 Td (value ) Tj ET Q q 0 0 0 rg BT 541.30 632.10 Td (changes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (net ) Tj ET Q q 0 0 0 rg BT 50.72 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.66 620.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 109.03 620.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 143.75 620.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 184.85 620.10 Td (net ) Tj ET Q q 0 0 0 rg BT 199.56 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 212.06 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.89 620.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.94 620.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.65 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.48 620.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 600.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.68 600.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.44 600.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.44 600.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.62 600.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 177.63 600.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 217.07 600.10 Td (with ) Tj ET Q q 0 0 0 rg BT 236.53 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 242.65 600.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 277.64 600.10 Td (value ) Tj ET Q q 0 0 0 rg BT 300.98 600.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.99 600.10 Td ($146 ) Tj ET Q q 0 0 0 rg BT 332.67 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.56 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.24 600.10 Td (were ) Tj ET Q q 0 0 0 rg BT 384.35 600.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 417.68 600.10 Td (as ) Tj ET Q q 0 0 0 rg BT 427.69 600.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 466.57 600.10 Td (under ) Tj ET Q q 0 0 0 rg BT 491.02 600.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 534.35 600.10 Td (borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 588.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 86.53 588.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.47 588.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 124.86 588.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.86 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.36 588.10 Td (for ) Tj ET Q q 0 0 0 rg BT 151.52 588.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 194.01 588.10 Td (information ) Tj ET Q q 0 0 0 rg BT 243.72 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 256.22 588.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 300.38 588.10 Td (debt.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 564.10 Td (AFS Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.99 544.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.33 544.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.21 544.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.43 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.09 544.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 201.42 544.10 Td (value ) Tj ET Q q 0 0 0 rg BT 225.52 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.30 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 252.07 544.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 302.95 544.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 324.28 544.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.49 544.10 Td (by ) Tj ET Q q 0 0 0 rg BT 376.94 544.10 Td (position ) Tj ET Q q 0 0 0 rg BT 411.61 544.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.50 544.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 468.14 544.10 Td (type ) Tj ET Q q 0 0 0 rg BT 487.81 544.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.47 544.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 556.00 544.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 532.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 111.52 532.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.52 532.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 512.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 512.10 Td (8.3 ) Tj ET Q q 0 0 0 rg BT 75.91 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.04 512.10 Td (A) Tj ET Q q 0 0 0 rg BT 88.96 512.10 Td (vailable-for-Sale ) Tj ET Q q 0 0 0 rg BT 160.34 512.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 203.39 512.10 Td (by ) Tj ET Q q 0 0 0 rg BT 215.33 512.10 Td (Position ) Tj ET Q q 0 0 0 rg BT 251.73 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.79 512.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 313.40 512.10 Td (T) Tj ET Q q 0 0 0 rg BT 319.14 512.10 Td (ype ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 487.60 342.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 487.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 487.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 487.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 458.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 458.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 458.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 428.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 428.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 428.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 399.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 399.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 399.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 399.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 369.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 369.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 369.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 369.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 369.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 487.6 m 377.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 487.6 m 476.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 487.6 m 575.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 443.6 m 476.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 443.6 m 575.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 369.6 m 476.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 369.6 m 575.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 354.6 m 476.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 340.6 m 476.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 338.6 m 476.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 354.6 m 575.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 340.6 m 575.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 338.6 m 575.5 338.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 492.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 492.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 492.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 478.28 Td (Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 463.27 Td (Prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 463.27 Td (128,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 463.27 Td (210,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 448.27 Td (Non-prime) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 448.27 Td (7,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 448.27 Td (68,258) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 433.28 Td (Total Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 433.27 Td (136,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 433.27 Td (279,251) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 418.28 Td (Re-REMIC Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 418.27 Td (85,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 418.27 Td (165,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 404.28 Td (Subordinate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 389.27 Td (Prime mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 389.27 Td (163,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 389.27 Td (224,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 374.27 Td (Prime subordinate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 374.27 Td (187,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 374.27 Td (160,306) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 359.28 Td (Total Subordinate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 359.27 Td (350,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 359.27 Td (384,930) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 344.28 Td (Total AFS Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 344.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 344.27 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 344.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 344.27 Td (829,245) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 316.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.66 316.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.41 316.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.41 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.07 316.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.17 316.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 218.91 316.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.91 316.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.08 316.10 Td (all ) Tj ET Q q 0 0 0 rg BT 254.73 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.72 316.10 Td (our ) Tj ET Q q 0 0 0 rg BT 279.72 316.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 330.60 316.10 Td (-sale ) Tj ET Q q 0 0 0 rg BT 351.13 316.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 390.56 316.10 Td (were ) Tj ET Q q 0 0 0 rg BT 411.65 316.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 454.97 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.96 316.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 508.27 316.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 547.70 316.10 Td (backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 304.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 78.91 304.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.30 304.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 151.78 304.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.78 304.10 Td (, ) Tj ET Q q 0 0 0 rg BT 176.93 304.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 198.67 304.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 239.83 304.10 Td (with ) Tj ET Q q 0 0 0 rg BT 261.00 304.10 Td (a ) Tj ET Q q 0 0 0 rg BT 268.83 304.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 305.54 304.10 Td (value ) Tj ET Q q 0 0 0 rg BT 330.59 304.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.32 304.10 Td ($216 ) Tj ET Q q 0 0 0 rg BT 365.71 304.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.61 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.00 304.10 Td (were ) Tj ET Q q 0 0 0 rg BT 420.83 304.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 455.88 304.10 Td (as ) Tj ET Q q 0 0 0 rg BT 467.60 304.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 508.19 304.10 Td (under ) Tj ET Q q 0 0 0 rg BT 534.36 304.10 Td (short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 292.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 80.16 292.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 130.69 292.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 147.63 292.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 169.02 292.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.02 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.52 292.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.68 292.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 238.17 292.10 Td (information ) Tj ET Q q 0 0 0 rg BT 287.88 292.10 Td (on ) Tj ET Q q 0 0 0 rg BT 300.38 292.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 344.54 292.10 Td (debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 268.10 Td (During ) Tj ET Q q 0 0 0 rg BT 85.25 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 100.39 268.10 Td (years ) Tj ET Q q 0 0 0 rg BT 124.41 268.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.21 268.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 210.21 268.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.21 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 233.13 268.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.49 268.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.49 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.92 268.10 Td (we ) Tj ET Q q 0 0 0 rg BT 290.50 268.10 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.96 268.10 Td ($35 ) Tj ET Q q 0 0 0 rg BT 351.88 268.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.77 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.69 268.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.05 268.10 Td ($33 ) Tj ET Q q 0 0 0 rg BT 418.97 268.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.86 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.78 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.39 268.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 482.66 268.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 525.84 268.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 268.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.17 256.10 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.57 256.10 Td ($253 ) Tj ET Q q 0 0 0 rg BT 92.30 256.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.19 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.92 256.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.09 256.10 Td ($366 ) Tj ET Q q 0 0 0 rg BT 160.82 256.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.72 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.45 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.13 256.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 221.20 256.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 263.20 256.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 310.86 256.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.09 256.10 Td (which ) Tj ET Q q 0 0 0 rg BT 341.26 256.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 374.64 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.15 256.10 Td (net ) Tj ET Q q 0 0 0 rg BT 398.10 256.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 431.47 256.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 454.31 256.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.37 256.10 Td ($21 ) Tj ET Q q 0 0 0 rg BT 481.10 256.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.73 256.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.90 256.10 Td ($34 ) Tj ET Q q 0 0 0 rg BT 544.63 256.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.52 256.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 244.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.95 244.10 Td (In ) Tj ET Q q 0 0 0 rg BT 100.07 244.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 138.13 244.10 Td (during ) Tj ET Q q 0 0 0 rg BT 167.03 244.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 189.82 244.10 Td (we ) Tj ET Q q 0 0 0 rg BT 204.27 244.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 249.81 244.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.93 244.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 302.05 244.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.62 244.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.28 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.07 244.10 Td (Re-REMICs, ) Tj ET Q q 0 0 0 rg BT 387.36 244.10 Td (which ) Tj ET Q q 0 0 0 rg BT 414.58 244.10 Td (together ) Tj ET Q q 0 0 0 rg BT 450.14 244.10 Td (had ) Tj ET Q q 0 0 0 rg BT 467.36 244.10 Td (a ) Tj ET Q q 0 0 0 rg BT 474.59 244.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.26 244.10 Td (value ) Tj ET Q q 0 0 0 rg BT 515.70 244.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.82 244.10 Td ($77 ) Tj ET Q q 0 0 0 rg BT 544.61 244.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 244.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 232.10 Td (for ) Tj ET Q q 0 0 0 rg BT 50.16 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.88 232.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 91.82 232.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 132.08 232.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 177.90 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.62 232.10 Td (Re-REMICs, ) Tj ET Q q 0 0 0 rg BT 247.62 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.56 232.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 312.59 232.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.42 232.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 364.25 232.10 Td (from ) Tj ET Q q 0 0 0 rg BT 386.19 232.10 Td (Re-REMIC ) Tj ET Q q 0 0 0 rg BT 434.79 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.07 232.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 472.01 232.10 Td (prime. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 208.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 208.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.76 208.10 Td (often ) Tj ET Q q 0 0 0 rg BT 92.99 208.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 130.61 208.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 151.64 208.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 192.09 208.10 Td (at ) Tj ET Q q 0 0 0 rg BT 201.99 208.10 Td (a ) Tj ET Q q 0 0 0 rg BT 209.11 208.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 245.68 208.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.14 208.10 Td (their ) Tj ET Q q 0 0 0 rg BT 277.14 208.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 326.49 208.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 364.71 208.10 Td (balances. ) Tj ET Q q 0 0 0 rg BT 404.13 208.10 Td (T) Tj ET Q q 0 0 0 rg BT 409.54 208.10 Td (o ) Tj ET Q q 0 0 0 rg BT 417.22 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.12 208.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 459.23 208.10 Td (we ) Tj ET Q q 0 0 0 rg BT 473.58 208.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 511.79 208.10 Td (an ) Tj ET Q q 0 0 0 rg BT 523.32 208.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 544.35 208.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 196.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.81 196.10 Td (has ) Tj ET Q q 0 0 0 rg BT 69.96 196.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.21 196.10 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 120.58 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.73 196.10 Td (incurring ) Tj ET Q q 0 0 0 rg BT 171.20 196.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.45 196.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 199.33 196.10 Td (we ) Tj ET Q q 0 0 0 rg BT 213.81 196.10 Td (do ) Tj ET Q q 0 0 0 rg BT 226.63 196.10 Td (not ) Tj ET Q q 0 0 0 rg BT 242.22 196.10 Td (amortize ) Tj ET Q q 0 0 0 rg BT 280.02 196.10 Td (into ) Tj ET Q q 0 0 0 rg BT 298.39 196.10 Td (income ) Tj ET Q q 0 0 0 rg BT 330.64 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.67 196.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 377.38 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.52 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.56 196.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 441.91 196.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 478.61 196.10 Td (that ) Tj ET Q q 0 0 0 rg BT 496.42 196.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.90 196.10 Td (do ) Tj ET Q q 0 0 0 rg BT 523.72 196.10 Td (not ) Tj ET Q q 0 0 0 rg BT 539.31 196.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 568.22 196.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 184.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 65.42 184.10 Td (due ) Tj ET Q q 0 0 0 rg BT 82.64 184.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.19 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.18 184.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 143.71 184.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 169.25 184.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 187.03 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 198.13 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.12 184.10 Td (security) Tj ET Q q 0 0 0 rg BT 244.13 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.20 184.10 Td (W) Tj ET Q q 0 0 0 rg BT 257.84 184.10 Td (e ) Tj ET Q q 0 0 0 rg BT 265.05 184.10 Td (may ) Tj ET Q q 0 0 0 rg BT 285.04 184.10 Td (also ) Tj ET Q q 0 0 0 rg BT 303.92 184.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 338.90 184.10 Td (a ) Tj ET Q q 0 0 0 rg BT 346.11 184.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 377.77 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.88 184.10 Td (our ) Tj ET Q q 0 0 0 rg BT 404.98 184.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.63 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.19 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.18 184.10 Td (security ) Tj ET Q q 0 0 0 rg BT 511.61 184.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.16 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.15 184.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 564.35 184.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 172.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 68.03 172.10 Td (that ) Tj ET Q q 0 0 0 rg BT 86.18 172.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 124.88 172.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 151.93 172.10 Td (will ) Tj ET Q q 0 0 0 rg BT 170.65 172.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 201.56 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.94 172.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 255.63 172.10 Td (discount. ) Tj ET Q q 0 0 0 rg BT 294.95 172.10 Td (W) Tj ET Q q 0 0 0 rg BT 303.58 172.10 Td (e ) Tj ET Q q 0 0 0 rg BT 311.18 172.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 352.10 172.10 Td (any ) Tj ET Q q 0 0 0 rg BT 369.70 172.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 402.85 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.34 172.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 444.72 172.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 483.42 172.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 517.11 172.10 Td (that ) Tj ET Q q 0 0 0 rg BT 535.26 172.10 Td (we ) Tj ET Q q 0 0 0 rg BT 550.08 172.10 Td (do ) Tj ET Q q 0 0 0 rg BT 563.24 172.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 160.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 64.36 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 74.40 160.10 Td (receive, ) Tj ET Q q 0 0 0 rg BT 108.02 160.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.73 160.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 143.66 160.10 Td (do ) Tj ET Q q 0 0 0 rg BT 155.92 160.10 Td (not ) Tj ET Q q 0 0 0 rg BT 170.96 160.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 199.32 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.36 160.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 228.83 160.10 Td (or ) Tj ET Q q 0 0 0 rg BT 239.43 160.10 Td (recover) Tj ET Q q 0 0 0 rg BT 269.00 160.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.76 160.10 Td (as ) Tj ET Q q 0 0 0 rg BT 284.36 160.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.06 160.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 316.09 160.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 347.22 160.10 Td (on ) Tj ET Q q 0 0 0 rg BT 359.48 160.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.96 160.10 Td (security) Tj ET Q q 0 0 0 rg BT 404.96 160.10 Td (. ) Tj ET Q q 0 0 0 rg BT 409.23 160.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 428.71 160.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 471.52 160.10 Td (net ) Tj ET Q q 0 0 0 rg BT 486.00 160.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 538.24 160.10 Td (discounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 148.10 Td (or ) Tj ET Q q 0 0 0 rg BT 46.83 148.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 89.33 148.10 Td (on ) Tj ET Q q 0 0 0 rg BT 101.83 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.54 148.10 Td (security ) Tj ET Q q 0 0 0 rg BT 150.70 148.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.40 148.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 207.88 148.10 Td (into ) Tj ET Q q 0 0 0 rg BT 225.94 148.10 Td (income ) Tj ET Q q 0 0 0 rg BT 257.88 148.10 Td (over ) Tj ET Q q 0 0 0 rg BT 278.14 148.10 Td (time ) Tj ET Q q 0 0 0 rg BT 298.42 148.10 Td (using ) Tj ET Q q 0 0 0 rg BT 322.59 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.30 148.10 Td (ef) Tj ET Q q 0 0 0 rg BT 344.89 148.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 374.59 148.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 397.09 148.10 Td (method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 124.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.22 124.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.52 124.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.52 124.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.24 124.10 Td (there ) Tj ET Q q 0 0 0 rg BT 175.45 124.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.09 124.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 211.31 124.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.21 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.42 124.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.26 124.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 275.83 124.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 316.81 124.10 Td (with ) Tj ET Q q 0 0 0 rg BT 337.81 124.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 385.45 124.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 428.66 124.10 Td (less ) Tj ET Q q 0 0 0 rg BT 446.87 124.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.31 124.10 Td (five ) Tj ET Q q 0 0 0 rg BT 486.08 124.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.18 124.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.89 124.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 526.11 124.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.01 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 558.22 124.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 112.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 83.03 112.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 125.62 112.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 155.99 112.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.81 112.10 Td (five ) Tj ET Q q 0 0 0 rg BT 193.96 112.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.06 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.67 112.10 Td (but ) Tj ET Q q 0 0 0 rg BT 233.06 112.10 Td (less ) Tj ET Q q 0 0 0 rg BT 250.66 112.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.49 112.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 283.09 112.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.19 112.10 Td (, ) Tj ET Q q 0 0 0 rg BT 309.30 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.35 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.17 112.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 384.31 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.25 112.10 Td (our ) Tj ET Q q 0 0 0 rg BT 410.61 112.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 431.56 112.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 471.93 112.10 Td (had ) Tj ET Q q 0 0 0 rg BT 488.98 112.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 536.01 112.10 Td (maturities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 100.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 66.25 100.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.97 100.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 98.47 100.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.57 100.10 Td (.) Tj ET Q endstream endobj 333 0 obj <> endobj 334 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 8. Real Estate Securities - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.45 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 114.24 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 136.58 668.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 172.25 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.37 668.10 Td (components ) Tj ET Q q 0 0 0 rg BT 238.59 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.83 668.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 286.05 668.10 Td (value ) Tj ET Q q 0 0 0 rg BT 310.60 668.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 341.28 668.10 Td (equals ) Tj ET Q q 0 0 0 rg BT 369.73 668.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 386.50 668.10 Td (value\) ) Tj ET Q q 0 0 0 rg BT 414.39 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.99 668.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 446.23 668.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 486.90 668.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.02 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 556.01 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 111.52 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.52 656.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 8.4 Carrying V) Tj ET Q q 0 0 0 rg BT 128.70 632.10 Td (alue of ) Tj ET Q q 0 0 0 rg BT 159.44 632.10 Td (AFS Securities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 593.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 593.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 563.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 563.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 533.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 533.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 503.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 503.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 503.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 503.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 503.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 503.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 607.6 m 299.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 607.6 m 303.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 607.6 m 368.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 593.6 m 230.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 593.6 m 299.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 607.6 m 368.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 593.6 m 368.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 593.6 m 437.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 593.6 m 506.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 593.6 m 575.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 548.6 m 368.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 548.6 m 299.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 548.6 m 368.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 548.6 m 437.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 548.6 m 506.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 548.6 m 575.5 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 503.6 m 299.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 489.6 m 299.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 487.6 m 299.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 503.6 m 368.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 489.6 m 368.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 487.6 m 368.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 503.6 m 437.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 489.6 m 437.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 487.6 m 437.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 503.6 m 506.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 489.6 m 506.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 487.6 m 506.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 503.6 m 575.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 489.6 m 575.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 487.6 m 575.5 487.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 612.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.20 612.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 598.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.45 598.28 Td (Prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.15 598.28 Td (Non-prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.75 598.28 Td (Re-REMIC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 598.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.55 598.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 583.27 Td (Principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 583.27 Td (139,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 583.27 Td (9,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 583.27 Td (95,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 583.27 Td (456,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 583.27 Td (700,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 568.27 Td (Credit reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 568.32 Td (\(4,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 568.32 Td (\(640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 568.32 Td (\(6,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 568.32 Td (\(35,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 568.27 Td (\(47,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 553.27 Td (Unamortized discount, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.80 553.32 Td (\(40,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 553.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 553.32 Td (\(1,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 553.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 553.32 Td (\(19,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 553.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 553.32 Td (\(136,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 553.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 553.27 Td (\(198,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 553.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 538.27 Td (Amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 538.27 Td (95,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 538.27 Td (6,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 538.27 Td (69,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 538.27 Td (283,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 538.27 Td (455,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 523.27 Td (Gross unrealized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 523.27 Td (35,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 523.27 Td (715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 523.27 Td (16,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 523.27 Td (68,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 523.27 Td (120,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 508.27 Td (Gross unrealized losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 508.32 Td (\(1,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 508.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 508.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 508.32 Td (\(1,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 508.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 508.27 Td (\(3,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 508.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 493.28 Td (Carrying Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 493.27 Td (128,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 493.27 Td (7,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 493.27 Td (85,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 493.27 Td (350,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 493.27 Td (572,752) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 450.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 450.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 450.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 450.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 450.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 450.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 420.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 420.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 420.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 420.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 420.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 420.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 420.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 390.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 390.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 390.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 390.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 390.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 390.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 360.60 195.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 360.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 360.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 360.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 360.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 360.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 464.6 m 299.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 464.6 m 303.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 464.6 m 368.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 450.6 m 230.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 450.6 m 299.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 464.6 m 368.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 450.6 m 368.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 450.6 m 437.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 450.6 m 506.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 450.6 m 575.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 405.6 m 299.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 405.6 m 368.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 405.6 m 437.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 405.6 m 506.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 405.6 m 575.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 360.6 m 299.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 346.6 m 299.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 344.6 m 299.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 360.6 m 368.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 346.6 m 368.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 344.6 m 368.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 360.6 m 437.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 346.6 m 437.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 344.6 m 437.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 360.6 m 506.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 346.6 m 506.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 344.6 m 506.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 360.6 m 575.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 346.6 m 575.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 344.6 m 575.5 344.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 469.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.20 469.28 Td (Senior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 455.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.45 455.28 Td (Prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.15 455.28 Td (Non-prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.75 455.28 Td (Re-REMIC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.10 455.28 Td (Subordinate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.55 455.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 440.27 Td (Principal balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 440.27 Td (217,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 440.27 Td (75,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 440.27 Td (189,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 440.27 Td (490,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 440.27 Td (973,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 425.27 Td (Credit reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 425.32 Td (\(1,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 425.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 425.32 Td (\(5,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 425.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 425.32 Td (\(10,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 425.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 425.32 Td (\(32,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 425.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 425.27 Td (\(48,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 425.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 410.27 Td (Unamortized discount, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.80 410.32 Td (\(22,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 410.32 Td (\(8,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 410.32 Td (\(71,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 410.32 Td (\(134,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 410.27 Td (\(237,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 410.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 395.27 Td (Amortized cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 395.27 Td (194,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 395.27 Td (62,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 395.27 Td (107,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 395.27 Td (323,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 395.27 Td (687,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 380.27 Td (Gross unrealized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 380.27 Td (20,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 380.27 Td (6,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 380.27 Td (57,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 380.27 Td (63,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 380.27 Td (147,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 365.27 Td (Gross unrealized losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 365.32 Td (\(3,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.65 365.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.30 365.32 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 365.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 365.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 365.32 Td (\(1,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 365.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 365.27 Td (\(5,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 365.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 350.28 Td (Carrying Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 350.27 Td (210,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 350.27 Td (68,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 350.27 Td (165,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 350.27 Td (384,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 350.27 Td (829,245) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.78 326.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.90 326.10 Td (table ) Tj ET Q q 0 0 0 rg BT 134.57 326.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.58 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.03 326.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 218.47 326.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.37 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.82 326.10 Td (years ) Tj ET Q q 0 0 0 rg BT 270.15 326.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.27 326.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 354.58 326.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.58 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.82 326.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.49 326.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.49 326.10 Td (, ) Tj ET Q q 0 0 0 rg BT 418.23 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.24 326.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 480.46 326.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 516.58 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.25 326.10 Td (designated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 314.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.26 314.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 96.52 314.10 Td (on ) Tj ET Q q 0 0 0 rg BT 109.02 314.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 152.62 314.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 173.47 314.10 Td (securities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 290.10 Td (able 8.5 Changes in Unamortized Discount and Designated Credit Reserves on ) Tj ET Q q 0 0 0 rg BT 374.46 290.10 Td (AFS Securities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 240.60 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 240.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 240.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 240.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 240.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 210.60 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 210.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 210.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 210.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 210.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 210.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 180.60 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 180.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 180.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 180.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 180.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 150.60 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 150.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 150.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 150.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 150.60 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 265.6 m 305.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 265.6 m 309.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 265.6 m 395.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 265.6 m 485.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 265.6 m 489.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 265.6 m 575.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 240.60000000000002 m 215.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 240.60000000000002 m 305.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 240.60000000000002 m 395.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 240.60000000000002 m 485.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 240.60000000000002 m 575.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 240.60000000000002 m 305.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 135.60000000000002 m 305.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 121.60000000000002 m 305.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 119.60000000000002 m 305.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 135.60000000000002 m 395.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 121.60000000000002 m 395.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 119.60000000000002 m 395.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 135.60000000000002 m 485.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 121.60000000000002 m 485.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 119.60000000000002 m 485.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 135.60000000000002 m 575.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 121.60000000000002 m 575.5 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 119.60000000000002 m 575.5 119.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.35 270.28 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.35 270.28 Td (Year Ended December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.20 255.28 Td (Credit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.05 245.28 Td (Reserve) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.95 255.28 Td (Unamortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.10 245.28 Td (Discount, Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.20 255.28 Td (Credit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.05 245.28 Td (Reserve) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.95 255.28 Td (Unamortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.10 245.28 Td (Discount, Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 242.38 Td (\(In Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 230.27 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 230.27 Td (48,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 230.27 Td (237,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 230.27 Td (70,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 230.27 Td (296,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 215.27 Td (Amortization of net discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 215.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 215.32 Td (\(26,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 215.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 215.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 215.27 Td (\(36,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 215.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 200.27 Td (Realized credit losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.80 200.32 Td (\(5,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 200.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 200.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 200.32 Td (\(8,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 200.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 200.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 185.27 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 185.27 Td (9,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 185.27 Td (11,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 185.27 Td (2,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 185.27 Td (15,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 170.27 Td (Sales, calls, other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.80 170.32 Td (\(4,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 170.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 170.32 Td (\(24,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 170.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 170.32 Td (\(7,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 170.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 170.27 Td (\(46,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 170.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 155.27 Td (Impairments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 155.27 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 155.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 155.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 155.27 Td (246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 140.27 Td (Transfers to \(release of\) credit reserves, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.30 140.32 Td (\(277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 140.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 140.27 Td (277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 140.32 Td (\(7,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 140.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 140.27 Td (7,924) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 125.28 Td (Ending Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 125.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 125.27 Td (47,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 125.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 125.27 Td (198,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 125.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 125.27 Td (48,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 125.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 125.27 Td (237,107) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 335 0 obj <> endobj 336 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 8. Real Estate Securities - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 56) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (AFS Securities with Unrealized Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.26 648.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.87 648.25 Td (table ) Tj ET Q q 0 0 0 rg BT 136.02 648.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.50 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.44 648.25 Td (components ) Tj ET Q q 0 0 0 rg BT 237.48 648.25 Td (comprising ) Tj ET Q q 0 0 0 rg BT 285.19 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.13 648.25 Td (total ) Tj ET Q q 0 0 0 rg BT 320.62 648.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 356.65 648.25 Td (value ) Tj ET Q q 0 0 0 rg BT 381.02 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.07 648.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 435.84 648.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 456.90 648.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 497.38 648.25 Td (that ) Tj ET Q q 0 0 0 rg BT 515.09 648.25 Td (were ) Tj ET Q q 0 0 0 rg BT 537.24 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 547.74 648.25 Td (a ) Tj ET Q q 0 0 0 rg BT 554.89 648.25 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 80.14 636.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 98.20 636.25 Td (position ) Tj ET Q q 0 0 0 rg BT 132.93 636.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.65 636.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.23 636.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.23 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.73 636.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.67 636.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 299.25 636.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.25 636.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 616.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 616.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 616.25 Td (8.6 ) Tj ET Q q 0 0 0 rg BT 75.91 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 616.25 Td (Components ) Tj ET Q q 0 0 0 rg BT 137.59 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 148.42 616.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 169.26 616.25 Td (V) Tj ET Q q 0 0 0 rg BT 174.82 616.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 195.10 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.93 616.25 Td (Residential ) Tj ET Q q 0 0 0 rg BT 254.17 616.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 275.57 616.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 318.63 616.25 Td (by ) Tj ET Q q 0 0 0 rg BT 330.57 616.25 Td (Holding ) Tj ET Q q 0 0 0 rg BT 366.96 616.25 Td (Periods) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 566.75 186.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 566.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 566.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 566.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 566.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 566.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 566.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 566.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 566.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 566.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 566.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 566.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 566.75 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 592.75 m 280.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 592.75 m 284.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 592.75 m 339.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 592.75 m 343.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 592.75 m 398.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 592.75 m 457.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 592.75 m 461.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 592.75 m 516.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 592.75 m 520.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 592.75 m 575.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 592.75 m 398.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 592.75 m 575.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 566.75 m 221.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 566.75 m 280.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 566.75 m 339.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 566.75 m 398.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 566.75 m 457.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 566.75 m 516.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 566.75 m 575.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 566.75 m 398.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 566.75 m 457.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 566.75 m 516.5 566.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.50 596.48 Td (Less Than 12 Consecutive Months) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 596.48 Td (12 Consecutive Months or Longer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 581.43 Td (Amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.75 571.43 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.25 581.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 305.29 581.43 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.60 571.43 Td (Losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.40 581.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.45 571.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.70 581.43 Td (Amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.75 571.43 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.25 581.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 482.29 581.43 Td (ealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.60 571.43 Td (Losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.40 581.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.45 571.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 570.48 Td (\(In Thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 557.32 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 557.32 Td (15,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 557.37 Td (\(330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 557.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 557.32 Td (15,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 557.32 Td (60,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 557.37 Td (\(2,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 557.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 557.32 Td (57,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 544.32 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.15 544.32 Td (87,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.80 544.37 Td (\(1,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 544.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 544.32 Td (85,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 544.32 Td (77,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 544.37 Td (\(3,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 544.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 544.32 Td (74,504) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.14 521.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.37 521.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.37 521.25 Td (, ) Tj ET Q q 0 0 0 rg BT 152.02 521.25 Td (after ) Tj ET Q q 0 0 0 rg BT 173.48 521.25 Td (giving ) Tj ET Q q 0 0 0 rg BT 202.18 521.25 Td (ef) Tj ET Q q 0 0 0 rg BT 209.77 521.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 227.90 521.25 Td (to ) Tj ET Q q 0 0 0 rg BT 238.82 521.25 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 283.89 521.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 308.98 521.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.56 521.25 Td (extinguishment ) Tj ET Q q 0 0 0 rg BT 391.36 521.25 Td (due ) Tj ET Q q 0 0 0 rg BT 408.95 521.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.87 521.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 445.78 521.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 475.31 521.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.79 521.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 545.47 521.25 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 58.99 509.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.86 509.25 Td (186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.86 509.25 Td ( ) Tj ET Q q 0 0 0 rg BT 112.77 509.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 133.55 509.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 176.26 509.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.03 509.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.91 509.25 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.91 509.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.35 509.25 Td (were ) Tj ET Q q 0 0 0 rg BT 248.22 509.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.44 509.25 Td (an ) Tj ET Q q 0 0 0 rg BT 270.32 509.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 314.40 509.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 332.40 509.25 Td (position ) Tj ET Q q 0 0 0 rg BT 367.07 509.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.95 509.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.95 509.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.39 509.25 Td (were ) Tj ET Q q 0 0 0 rg BT 418.26 509.25 Td (in ) Tj ET Q q 0 0 0 rg BT 428.48 509.25 Td (a ) Tj ET Q q 0 0 0 rg BT 435.36 509.25 Td (continuous ) Tj ET Q q 0 0 0 rg BT 481.69 509.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 525.77 509.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 543.78 509.25 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.25 Td (for ) Tj ET Q q 0 0 0 rg BT 50.44 497.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 63.21 497.25 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 113.19 497.25 Td (months ) Tj ET Q q 0 0 0 rg BT 145.41 497.25 Td (or ) Tj ET Q q 0 0 0 rg BT 156.52 497.25 Td (longer) Tj ET Q q 0 0 0 rg BT 181.52 497.25 Td (. ) Tj ET Q q 0 0 0 rg BT 186.18 497.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.95 497.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 257.81 497.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.81 497.25 Td (, ) Tj ET Q q 0 0 0 rg BT 283.09 497.25 Td (our ) Tj ET Q q 0 0 0 rg BT 299.20 497.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 352.51 497.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 385.82 497.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 409.14 497.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.35 497.25 Td (224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.35 497.25 Td ( ) Tj ET Q q 0 0 0 rg BT 463.52 497.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 484.64 497.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 527.68 497.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.78 497.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.00 497.25 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.00 497.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.25 Td (were ) Tj ET Q q 0 0 0 rg BT 57.93 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 68.21 485.25 Td (an ) Tj ET Q q 0 0 0 rg BT 80.15 485.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 124.29 485.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 142.35 485.25 Td (position ) Tj ET Q q 0 0 0 rg BT 177.07 485.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.01 485.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.01 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.51 485.25 Td (were ) Tj ET Q q 0 0 0 rg BT 228.44 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.72 485.25 Td (a ) Tj ET Q q 0 0 0 rg BT 245.66 485.25 Td (continuous ) Tj ET Q q 0 0 0 rg BT 292.04 485.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 336.19 485.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 354.25 485.25 Td (position ) Tj ET Q q 0 0 0 rg BT 388.97 485.25 Td (for ) Tj ET Q q 0 0 0 rg BT 403.13 485.25 Td (12 ) Tj ET Q q 0 0 0 rg BT 415.63 485.25 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 465.34 485.25 Td (months ) Tj ET Q q 0 0 0 rg BT 497.28 485.25 Td (or ) Tj ET Q q 0 0 0 rg BT 508.11 485.25 Td (longer) Tj ET Q q 0 0 0 rg BT 533.11 485.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 461.25 Td (Evaluating ) Tj ET Q q 0 0 0 rg BT 83.70 461.25 Td (AFS Securities for Other-than-T) Tj ET Q q 0 0 0 rg BT 217.52 461.25 Td (emporary Impairments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.25 Td (Gross ) Tj ET Q q 0 0 0 rg BT 79.42 441.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 123.14 441.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 149.11 441.25 Td (on ) Tj ET Q q 0 0 0 rg BT 161.19 441.25 Td (our ) Tj ET Q q 0 0 0 rg BT 176.15 441.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 196.57 441.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 236.42 441.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.93 441.25 Td ($3 ) Tj ET Q q 0 0 0 rg BT 270.01 441.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.90 441.25 Td ( ) Tj ET Q q 0 0 0 rg BT 300.98 441.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.28 441.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 368.45 441.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.45 441.25 Td (. ) Tj ET Q q 0 0 0 rg BT 392.88 441.25 Td (W) Tj ET Q q 0 0 0 rg BT 401.51 441.25 Td (e ) Tj ET Q q 0 0 0 rg BT 408.03 441.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 443.43 441.25 Td (all ) Tj ET Q q 0 0 0 rg BT 455.50 441.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 495.35 441.25 Td (in ) Tj ET Q q 0 0 0 rg BT 505.21 441.25 Td (an ) Tj ET Q q 0 0 0 rg BT 516.73 441.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 560.45 441.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 429.25 Td (position ) Tj ET Q q 0 0 0 rg BT 70.58 429.25 Td (to ) Tj ET Q q 0 0 0 rg BT 80.72 429.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 123.05 429.25 Td (if ) Tj ET Q q 0 0 0 rg BT 131.52 429.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.09 429.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 194.54 429.25 Td (is ) Tj ET Q q 0 0 0 rg BT 203.57 429.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 247.02 429.25 Td (or ) Tj ET Q q 0 0 0 rg BT 257.71 429.25 Td (other) Tj ET Q q 0 0 0 rg BT 278.05 429.25 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 345.38 429.25 Td (\(resulting ) Tj ET Q q 0 0 0 rg BT 386.06 429.25 Td (in ) Tj ET Q q 0 0 0 rg BT 396.20 429.25 Td (an ) Tj ET Q q 0 0 0 rg BT 407.99 429.25 Td (OTTI\). ) Tj ET Q q 0 0 0 rg BT 438.42 429.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.78 429.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 509.22 429.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.22 429.25 Td (, ) Tj ET Q q 0 0 0 rg BT 534.08 429.25 Td (we ) Tj ET Q q 0 0 0 rg BT 548.09 429.25 Td (did ) Tj ET Q q 0 0 0 rg BT 563.23 429.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 417.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 63.23 417.25 Td (to ) Tj ET Q q 0 0 0 rg BT 73.24 417.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 89.37 417.25 Td (any ) Tj ET Q q 0 0 0 rg BT 106.04 417.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.61 417.25 Td (our ) Tj ET Q q 0 0 0 rg BT 131.68 417.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 152.26 417.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 192.26 417.25 Td (that ) Tj ET Q q 0 0 0 rg BT 209.49 417.25 Td (were ) Tj ET Q q 0 0 0 rg BT 231.15 417.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.16 417.25 Td (an ) Tj ET Q q 0 0 0 rg BT 252.84 417.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 296.71 417.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 314.51 417.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 351.47 417.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.15 417.25 Td (it ) Tj ET Q q 0 0 0 rg BT 375.94 417.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.84 417.25 Td (more ) Tj ET Q q 0 0 0 rg BT 407.63 417.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 432.64 417.25 Td (than ) Tj ET Q q 0 0 0 rg BT 452.09 417.25 Td (not ) Tj ET Q q 0 0 0 rg BT 467.10 417.25 Td (that ) Tj ET Q q 0 0 0 rg BT 484.33 417.25 Td (we ) Tj ET Q q 0 0 0 rg BT 498.23 417.25 Td (will ) Tj ET Q q 0 0 0 rg BT 516.02 417.25 Td (not ) Tj ET Q q 0 0 0 rg BT 531.03 417.25 Td (be ) Tj ET Q q 0 0 0 rg BT 542.71 417.25 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 405.25 Td (to ) Tj ET Q q 0 0 0 rg BT 46.41 405.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 62.93 405.25 Td (these ) Tj ET Q q 0 0 0 rg BT 86.11 405.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 126.51 405.25 Td (before ) Tj ET Q q 0 0 0 rg BT 154.68 405.25 Td (recovery ) Tj ET Q q 0 0 0 rg BT 192.29 405.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.26 405.25 Td (their ) Tj ET Q q 0 0 0 rg BT 224.22 405.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 266.83 405.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 285.58 405.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 310.71 405.25 Td (which ) Tj ET Q q 0 0 0 rg BT 337.78 405.25 Td (may ) Tj ET Q q 0 0 0 rg BT 357.63 405.25 Td (be ) Tj ET Q q 0 0 0 rg BT 369.71 405.25 Td (at ) Tj ET Q q 0 0 0 rg BT 379.56 405.25 Td (their ) Tj ET Q q 0 0 0 rg BT 400.52 405.25 Td (maturity) Tj ET Q q 0 0 0 rg BT 433.75 405.25 Td (. ) Tj ET Q q 0 0 0 rg BT 438.69 405.25 Td (W) Tj ET Q q 0 0 0 rg BT 447.33 405.25 Td (e ) Tj ET Q q 0 0 0 rg BT 454.40 405.25 Td (review ) Tj ET Q q 0 0 0 rg BT 484.24 405.25 Td (our ) Tj ET Q q 0 0 0 rg BT 499.63 405.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 520.61 405.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 561.00 405.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 393.25 Td (are ) Tj ET Q q 0 0 0 rg BT 50.31 393.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.19 393.25 Td (an ) Tj ET Q q 0 0 0 rg BT 71.73 393.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 115.47 393.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 133.13 393.25 Td (position ) Tj ET Q q 0 0 0 rg BT 167.46 393.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.34 393.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 210.54 393.25 Td (those ) Tj ET Q q 0 0 0 rg BT 233.75 393.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 273.62 393.25 Td (with ) Tj ET Q q 0 0 0 rg BT 293.50 393.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 319.49 393.25 Td (that ) Tj ET Q q 0 0 0 rg BT 336.59 393.25 Td (are ) Tj ET Q q 0 0 0 rg BT 350.89 393.25 Td (other) Tj ET Q q 0 0 0 rg BT 371.24 393.25 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 438.31 393.25 Td (based ) Tj ET Q q 0 0 0 rg BT 463.18 393.25 Td (on ) Tj ET Q q 0 0 0 rg BT 475.28 393.25 Td (an ) Tj ET Q q 0 0 0 rg BT 486.82 393.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 533.36 393.25 Td (of ) Tj ET Q q 0 0 0 rg BT 543.79 393.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 381.25 Td (in ) Tj ET Q q 0 0 0 rg BT 45.41 381.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 82.58 381.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 101.98 381.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 125.83 381.25 Td (for ) Tj ET Q q 0 0 0 rg BT 139.13 381.25 Td (such ) Tj ET Q q 0 0 0 rg BT 159.09 381.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 200.99 381.25 Td (which ) Tj ET Q q 0 0 0 rg BT 227.06 381.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 266.46 381.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 292.52 381.25 Td (security ) Tj ET Q q 0 0 0 rg BT 325.81 381.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 377.96 381.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.03 381.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 431.20 381.25 Td (future ) Tj ET Q q 0 0 0 rg BT 456.71 381.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 508.87 381.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.83 381.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.68 381.25 Td (underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 369.25 Td (collateral. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.45 345.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.22 345.25 Td (year ) Tj ET Q q 0 0 0 rg BT 104.99 345.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.42 345.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 190.06 345.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.06 345.25 Td (, ) Tj ET Q q 0 0 0 rg BT 215.12 345.25 Td (other) Tj ET Q q 0 0 0 rg BT 235.47 345.25 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 303.00 345.25 Td (impairments ) Tj ET Q q 0 0 0 rg BT 355.54 345.25 Td (related ) Tj ET Q q 0 0 0 rg BT 385.30 345.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.64 345.25 Td (our ) Tj ET Q q 0 0 0 rg BT 410.96 345.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 431.87 345.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 472.19 345.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.17 345.25 Td ($3 ) Tj ET Q q 0 0 0 rg BT 506.73 345.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.62 345.25 Td (, ) Tj ET Q q 0 0 0 rg BT 540.68 345.25 Td (of ) Tj ET Q q 0 0 0 rg BT 551.57 345.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 333.25 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 56.90 333.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.79 333.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.20 333.25 Td (were ) Tj ET Q q 0 0 0 rg BT 112.03 333.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 159.30 333.25 Td (through ) Tj ET Q q 0 0 0 rg BT 193.81 333.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.54 333.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 264.49 333.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 310.10 333.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.83 333.25 Td (income ) Tj ET Q q 0 0 0 rg BT 354.67 333.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.51 333.25 Td ($3 ) Tj ET Q q 0 0 0 rg BT 385.92 333.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.81 333.25 Td ( ) Tj ET Q q 0 0 0 rg BT 418.21 333.25 Td (were ) Tj ET Q q 0 0 0 rg BT 441.04 333.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 488.31 333.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.74 333.25 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 555.45 333.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 321.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 98.78 321.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 132.96 321.25 Td (a ) Tj ET Q q 0 0 0 rg BT 139.65 321.25 Td (component ) Tj ET Q q 0 0 0 rg BT 186.33 321.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.91 321.25 Td (our ) Tj ET Q q 0 0 0 rg BT 212.48 321.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 265.27 321.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 298.05 321.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 322.85 321.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 343.44 321.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.45 321.25 Td (for ) Tj ET Q q 0 0 0 rg BT 397.36 321.25 Td (which ) Tj ET Q q 0 0 0 rg BT 424.05 321.25 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 449.06 321.25 Td (is ) Tj ET Q q 0 0 0 rg BT 457.98 321.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 504.09 321.25 Td (have ) Tj ET Q q 0 0 0 rg BT 525.22 321.25 Td (experienced, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 309.25 Td (or ) Tj ET Q q 0 0 0 rg BT 46.59 309.25 Td (are ) Tj ET Q q 0 0 0 rg BT 61.05 309.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 98.84 309.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.88 309.25 Td (experience, ) Tj ET Q q 0 0 0 rg BT 156.94 309.25 Td (credit-related ) Tj ET Q q 0 0 0 rg BT 212.49 309.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 245.29 309.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 265.32 309.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 285.90 309.25 Td (changes. ) Tj ET Q q 0 0 0 rg BT 322.87 309.25 Td (In ) Tj ET Q q 0 0 0 rg BT 333.46 309.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 384.04 309.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.63 309.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 435.20 309.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.79 309.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 465.82 309.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 490.30 309.25 Td (for ) Tj ET Q q 0 0 0 rg BT 503.72 309.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 524.32 309.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 564.34 309.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 297.25 Td (may ) Tj ET Q q 0 0 0 rg BT 54.86 297.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 90.39 297.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 119.24 297.25 Td (such ) Tj ET Q q 0 0 0 rg BT 139.22 297.25 Td (as ) Tj ET Q q 0 0 0 rg BT 149.20 297.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 188.61 297.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 213.02 297.25 Td (enhancement, ) Tj ET Q q 0 0 0 rg BT 269.91 297.25 Td (past ) Tj ET Q q 0 0 0 rg BT 287.67 297.25 Td (and ) Tj ET Q q 0 0 0 rg BT 303.75 297.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 340.93 297.25 Td (future ) Tj ET Q q 0 0 0 rg BT 366.46 297.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 418.63 297.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.60 297.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 473.58 297.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 512.99 297.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 538.24 297.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 285.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 63.96 285.25 Td (of ) Tj ET Q q 0 0 0 rg BT 74.14 285.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 111.52 285.25 Td (future ) Tj ET Q q 0 0 0 rg BT 137.25 285.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 156.86 285.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 183.43 285.25 Td (which ) Tj ET Q q 0 0 0 rg BT 209.72 285.25 Td (are ) Tj ET Q q 0 0 0 rg BT 223.77 285.25 Td (informed ) Tj ET Q q 0 0 0 rg BT 262.28 285.25 Td (by ) Tj ET Q q 0 0 0 rg BT 274.13 285.25 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 323.18 285.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 346.40 285.25 Td (default ) Tj ET Q q 0 0 0 rg BT 376.01 285.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 399.24 285.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 416.65 285.25 Td (severities, ) Tj ET Q q 0 0 0 rg BT 458.76 285.25 Td (delinquency ) Tj ET Q q 0 0 0 rg BT 509.48 285.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 532.70 285.25 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.34 273.25 Td (non-performing ) Tj ET Q q 0 0 0 rg BT 113.67 273.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 140.30 273.25 Td (FICO ) Tj ET Q q 0 0 0 rg BT 166.09 273.25 Td (scores ) Tj ET Q q 0 0 0 rg BT 194.10 273.25 Td (at ) Tj ET Q q 0 0 0 rg BT 204.33 273.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 224.56 273.25 Td (origination, ) Tj ET Q q 0 0 0 rg BT 273.96 273.25 Td (year ) Tj ET Q q 0 0 0 rg BT 294.18 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.52 273.25 Td (origination, ) Tj ET Q q 0 0 0 rg BT 354.92 273.25 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 411.24 273.25 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 438.97 273.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.43 273.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 503.86 273.25 Td (concentrations, ) Tj ET Q q 0 0 0 rg BT 567.69 273.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 261.25 Td (well ) Tj ET Q q 0 0 0 rg BT 55.89 261.25 Td (as ) Tj ET Q q 0 0 0 rg BT 66.88 261.25 Td (general ) Tj ET Q q 0 0 0 rg BT 98.98 261.25 Td (market ) Tj ET Q q 0 0 0 rg BT 129.41 261.25 Td (assessments. ) Tj ET Q q 0 0 0 rg BT 182.91 261.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 220.01 261.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.46 261.25 Td (our ) Tj ET Q q 0 0 0 rg BT 246.46 261.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 290.78 261.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.78 261.25 Td (these ) Tj ET Q q 0 0 0 rg BT 324.99 261.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 354.87 261.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 394.19 261.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.07 261.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 429.51 261.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 454.40 261.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 492.60 261.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.05 261.25 Td (be ) Tj ET Q q 0 0 0 rg BT 515.15 261.25 Td (collected ) Tj ET Q q 0 0 0 rg BT 553.91 261.25 Td (at ) Tj ET Q q 0 0 0 rg BT 563.80 261.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 249.25 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 61.24 249.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 108.15 249.25 Td (date ) Tj ET Q q 0 0 0 rg BT 127.28 249.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.19 249.25 Td (were ) Tj ET Q q 0 0 0 rg BT 166.10 249.25 Td (used ) Tj ET Q q 0 0 0 rg BT 186.90 249.25 Td (to ) Tj ET Q q 0 0 0 rg BT 197.15 249.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 239.60 249.25 Td (if ) Tj ET Q q 0 0 0 rg BT 248.19 249.25 Td (there ) Tj ET Q q 0 0 0 rg BT 270.64 249.25 Td (were ) Tj ET Q q 0 0 0 rg BT 292.55 249.25 Td (credit-related ) Tj ET Q q 0 0 0 rg BT 348.31 249.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 381.32 249.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 401.57 249.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 426.26 249.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.17 249.25 Td (if ) Tj ET Q q 0 0 0 rg BT 451.75 249.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 465.62 249.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.31 249.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 512.78 249.25 Td (of ) Tj ET Q q 0 0 0 rg BT 523.58 249.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 548.82 249.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 237.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 64.86 237.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 111.21 237.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 151.45 237.25 Td (is ) Tj ET Q q 0 0 0 rg BT 160.59 237.25 Td (used ) Tj ET Q q 0 0 0 rg BT 181.38 237.25 Td (in ) Tj ET Q q 0 0 0 rg BT 191.63 237.25 Td (both ) Tj ET Q q 0 0 0 rg BT 211.87 237.25 Td (our ) Tj ET Q q 0 0 0 rg BT 227.67 237.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 262.36 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.15 237.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.84 237.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 325.84 237.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.07 237.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 370.76 237.25 Td (for ) Tj ET Q q 0 0 0 rg BT 384.89 237.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.14 237.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 420.95 237.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 461.18 237.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.09 237.25 Td (any ) Tj ET Q q 0 0 0 rg BT 495.00 237.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 553.00 237.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.80 237.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 225.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 61.26 225.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 79.33 225.25 Td (component ) Tj ET Q q 0 0 0 rg BT 126.26 225.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.09 225.25 Td (OTTI. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 201.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.60 201.25 Td (table ) Tj ET Q q 0 0 0 rg BT 95.09 201.25 Td (below ) Tj ET Q q 0 0 0 rg BT 122.59 201.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 173.41 201.25 Td (the ) Tj ET Q q 0 0 0 rg BT 188.68 201.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 233.95 201.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 274.21 201.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 326.72 201.25 Td (we ) Tj ET Q q 0 0 0 rg BT 341.43 201.25 Td (used ) Tj ET Q q 0 0 0 rg BT 362.82 201.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.53 201.25 Td (our ) Tj ET Q q 0 0 0 rg BT 393.25 201.25 Td (AFS ) Tj ET Q q 0 0 0 rg BT 414.65 201.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 455.46 201.25 Td (in ) Tj ET Q q 0 0 0 rg BT 466.30 201.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 511.00 201.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 529.61 201.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 568.79 201.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 189.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 189.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 189.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 165.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 165.25 Td (able 8.7 Significant V) Tj ET Q q 0 0 0 rg BT 137.04 165.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 173.62 165.25 Td (Assumptions) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 140.75 424.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 140.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 140.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 140.75 12.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.50 140.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 140.75 m 459.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 140.75 m 513.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 140.75 m 525.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 140.75 m 513.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 140.75 m 575.5 140.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 145.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.75 145.43 Td (Range for Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 130.42 Td (Prepayment rates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 130.21 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 130.21 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 130.42 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 130.21 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 115.42 Td (Projected losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 115.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.50 115.21 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 115.42 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.00 115.21 Td (7%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 337 0 obj <> endobj 338 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 8. Real Estate Securities - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.40 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 114.13 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 136.41 668.10 Td (details ) Tj ET Q q 0 0 0 rg BT 165.36 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.43 668.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 213.27 668.10 Td (related ) Tj ET Q q 0 0 0 rg BT 243.32 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.94 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.01 668.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 294.62 668.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 313.03 668.10 Td (component ) Tj ET Q q 0 0 0 rg BT 360.31 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.49 668.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 397.11 668.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 418.00 668.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 443.62 668.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 490.33 668.10 Td (through ) Tj ET Q q 0 0 0 rg BT 524.29 668.10 Td (earnings\) ) Tj ET Q q 0 0 0 rg BT 564.34 668.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 57.63 656.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 98.68 656.10 Td (held ) Tj ET Q q 0 0 0 rg BT 119.18 656.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.68 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 189.05 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.05 656.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.84 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.84 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 240.62 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.35 656.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.35 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.63 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.58 656.10 Td (which ) Tj ET Q q 0 0 0 rg BT 324.30 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 332.02 656.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 364.20 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.81 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 388.53 656.10 Td (OTTI ) Tj ET Q q 0 0 0 rg BT 414.59 656.10 Td (was ) Tj ET Q q 0 0 0 rg BT 433.42 656.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 480.57 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.64 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 515.47 656.10 Td (comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (income. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 620.10 Td (able 8.8 ) Tj ET Q q 0 0 0 rg BT 83.04 620.10 Td (Activity of the Credit Component of Other-than-T) Tj ET Q q 0 0 0 rg BT 286.56 620.10 Td (emporary Impairments) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 571.60 343.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 571.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 571.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 571.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 541.60 343.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 541.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 541.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 541.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 511.60 343.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 511.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 511.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 511.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 481.60 343.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 481.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 481.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 481.60 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 585.6 m 444.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 585.6 m 448.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 585.6 m 509.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 585.6 m 513.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 585.6 m 574.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 571.6 m 379.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 571.6 m 444.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 571.6 m 509.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 571.6 m 574.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 571.6 m 444.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 571.6 m 509.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 466.6 m 444.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 466.6 m 444.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 452.6 m 444.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 450.6 m 444.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 466.6 m 509.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 452.6 m 509.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 450.6 m 509.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 466.6 m 574.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 452.6 m 574.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 450.6 m 574.5 450.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.10 590.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 576.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.50 576.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 576.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.50 576.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 561.27 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 561.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 561.27 Td (28,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 561.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 561.27 Td (33,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 561.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 561.27 Td (37,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 546.27 Td (Additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 531.27 Td (Initial credit impairments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 531.27 Td (346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 531.27 Td (246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.65 531.27 Td (261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 516.27 Td (Subsequent credit impairments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 516.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 516.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.65 516.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 501.27 Td (Reductions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 486.27 Td (Securities sold, or expected to sell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 486.32 Td (\(261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 486.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 486.32 Td (\(4,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 486.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.30 486.27 Td (\(922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 486.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 471.27 Td (Securities with no outstanding principal at period end) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 471.32 Td (\(109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 471.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 471.32 Td (\(1,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 471.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 471.27 Td (\(2,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.65 471.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 456.28 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 456.27 Td (28,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 456.27 Td (28,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 456.27 Td (33,849) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 79.76 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 96.62 432.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 122.94 432.10 Td (from ) Tj ET Q q 0 0 0 rg BT 144.80 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.44 432.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 177.42 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.64 432.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 208.41 432.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 248.60 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 263.23 432.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 300.63 432.10 Td (as ) Tj ET Q q 0 0 0 rg BT 311.39 432.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 348.79 432.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 374.83 432.10 Td (net, ) Tj ET Q q 0 0 0 rg BT 391.97 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.17 432.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.93 432.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 470.90 432.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 515.54 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.29 432.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 560.48 432.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 420.10 Td (following ) Tj ET Q q 0 0 0 rg BT 77.31 420.10 Td (table ) Tj ET Q q 0 0 0 rg BT 99.17 420.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 134.37 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.01 420.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 172.55 420.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 206.62 420.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 230.16 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.02 420.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 273.34 420.10 Td (on ) Tj ET Q q 0 0 0 rg BT 285.77 420.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 307.63 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.50 420.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 345.25 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.47 420.10 Td (AFS ) Tj ET Q q 0 0 0 rg BT 376.24 420.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 416.43 420.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.52 420.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.16 420.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.37 420.10 Td (s ) Tj ET Q q 0 0 0 rg BT 468.69 420.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.99 420.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.50 420.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 420.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 408.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 408.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.94 408.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.94 408.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 384.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 384.10 Td (able 8.9 Gross Realized Gains and Losses on ) Tj ET Q q 0 0 0 rg BT 234.73 384.10 Td (AFS Securities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 344.60 343.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 344.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 344.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 344.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 314.60 343.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 314.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 314.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 314.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 284.60 343.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 284.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 284.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 284.60 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 359.6 m 443.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 359.6 m 447.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 359.6 m 509.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 359.6 m 513.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 359.6 m 575.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 344.6 m 378.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 344.6 m 443.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 344.6 m 509.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 344.6 m 575.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 344.6 m 443.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 344.6 m 509.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 284.6 m 443.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 284.6 m 443.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 270.6 m 443.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 268.6 m 443.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 284.6 m 509.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 270.6 m 509.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 268.6 m 509.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 284.6 m 575.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 270.6 m 575.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 268.6 m 575.5 268.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.10 364.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 349.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.50 349.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.00 349.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.00 349.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 334.27 Td (Gross realized gains - sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 334.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 334.27 Td (23,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 334.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 334.27 Td (34,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 334.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 334.27 Td (15,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 319.27 Td (Gross realized gains - calls) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 319.27 Td (1,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 319.27 Td (2,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 319.27 Td (1,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 304.27 Td (Gross realized losses - sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 304.32 Td (\(2,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.30 304.32 Td (\(608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 304.27 Td (\(2,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 304.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 289.27 Td (Gross realized losses - calls) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 289.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.30 289.32 Td (\(112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 289.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 289.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 274.28 Td (Total Realized Gains on Sales and Calls of AFS Securities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 274.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 274.27 Td (22,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 274.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 274.27 Td (36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 274.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 274.27 Td (13,917) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 339 0 obj <> endobj 340 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 9. Mortgage Servicing Rights ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 185.41 668.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 648.25 Td (e ) Tj ET Q q 0 0 0 rg BT 68.89 648.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 94.58 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 104.17 648.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 143.74 648.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 182.21 648.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 206.79 648.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 249.70 648.25 Td (with ) Tj ET Q q 0 0 0 rg BT 269.28 648.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 312.74 648.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 352.32 648.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 375.23 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.48 648.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 425.49 648.25 Td (with ) Tj ET Q q 0 0 0 rg BT 445.08 648.25 Td (licensed ) Tj ET Q q 0 0 0 rg BT 479.65 648.25 Td (sub-servicers ) Tj ET Q q 0 0 0 rg BT 534.22 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 543.81 648.25 Td (perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (all ) Tj ET Q q 0 0 0 rg BT 49.47 636.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 89.61 636.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 130.30 636.25 Td (for ) Tj ET Q q 0 0 0 rg BT 145.44 636.25 Td (these ) Tj ET Q q 0 0 0 rg BT 169.47 636.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 196.31 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 215.33 636.25 Td (following ) Tj ET Q q 0 0 0 rg BT 257.70 636.25 Td (table ) Tj ET Q q 0 0 0 rg BT 280.61 636.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 316.86 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.55 636.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 349.91 636.25 Td (value ) Tj ET Q q 0 0 0 rg BT 375.04 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.85 636.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 415.35 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.26 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.96 636.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 491.30 636.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 530.32 636.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 567.69 636.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.59 624.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 103.20 624.25 Td (as ) Tj ET Q q 0 0 0 rg BT 114.03 624.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.86 624.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 183.45 624.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.45 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.95 624.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.88 624.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 281.47 624.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.47 624.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 604.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 604.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 604.25 Td (9.1 ) Tj ET Q q 0 0 0 rg BT 75.91 604.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 604.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 104.25 604.25 Td (V) Tj ET Q q 0 0 0 rg BT 109.81 604.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 130.09 604.25 Td (of ) Tj ET Q q 0 0 0 rg BT 140.92 604.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 168.43 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.12 604.25 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 230.84 604.25 Td (Principal ) Tj ET Q q 0 0 0 rg BT 271.30 604.25 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 311.04 604.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.50 604.25 Td (Associated ) Tj ET Q q 0 0 0 rg BT 367.89 604.25 Td (Loans) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 555.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 555.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 555.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 555.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 555.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 525.75 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 525.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 525.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 525.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 525.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 579.75 m 368.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 579.75 m 372.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 579.75 m 437.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 579.75 m 506.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 579.75 m 510.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 579.75 m 575.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 555.75 m 299.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 579.75 m 368.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 555.75 m 368.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 579.75 m 437.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 555.75 m 437.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 555.75 m 506.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 579.75 m 575.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 555.75 m 575.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 555.75 m 368.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 555.75 m 437.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 510.75 m 368.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 510.75 m 437.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 510.75 m 506.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 510.75 m 575.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 510.75 m 368.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 496.75 m 368.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 494.75 m 368.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 510.75 m 437.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 496.75 m 437.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 494.75 m 437.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 510.75 m 506.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 496.75 m 506.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 494.75 m 506.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 510.75 m 575.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 496.75 m 575.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 494.75 m 575.5 494.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 584.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 584.43 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 560.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.05 570.43 Td (MSR Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.45 560.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.70 570.43 Td (Associated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.75 560.43 Td (Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.05 570.43 Td (MSR Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.45 560.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.70 570.43 Td (Associated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.75 560.43 Td (Principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 545.42 Td (Mortgage Servicing Rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 530.42 Td (Conforming Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 530.42 Td (58,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 530.42 Td (4,989,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 530.42 Td (133,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 530.42 Td (12,560,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 515.42 Td (Jumbo Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 515.42 Td (60,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 515.42 Td (5,467,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 515.42 Td (58,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 515.42 Td (5,705,939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 500.43 Td (Total Mortgage Servicing Rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 500.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 500.42 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 500.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.60 500.42 Td (10,456,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 500.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 500.42 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 500.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 500.42 Td (18,266,472) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 475.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 475.25 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 475.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 475.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 203.13 475.25 Td (for ) Tj ET Q q 0 0 0 rg BT 217.29 475.25 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 244.80 475.25 Td (for ) Tj ET Q q 0 0 0 rg BT 258.96 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.68 475.25 Td (years ) Tj ET Q q 0 0 0 rg BT 297.28 475.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 475.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 382.24 475.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.24 475.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.24 475.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.24 475.25 Td (, ) Tj ET Q q 0 0 0 rg BT 432.24 475.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.18 475.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.18 475.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 454.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 454.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 454.25 Td (9.2 ) Tj ET Q q 0 0 0 rg BT 75.91 454.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.04 454.25 Td (Activity ) Tj ET Q q 0 0 0 rg BT 116.63 454.25 Td (for ) Tj ET Q q 0 0 0 rg BT 131.36 454.25 Td (MSRs) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 415.75 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 415.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 415.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 415.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 415.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 415.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 415.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 385.75 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 385.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 385.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 385.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 385.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 385.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 385.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 355.75 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 355.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 355.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 355.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 325.75 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 325.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 325.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 325.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 325.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 325.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 325.75 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 429.75 m 442.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 429.75 m 446.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 429.75 m 508.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 429.75 m 512.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 429.75 m 575.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 415.75 m 376.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 429.75 m 442.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 415.75 m 442.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 429.75 m 446.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 429.75 m 508.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 415.75 m 508.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 429.75 m 512.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 429.75 m 575.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 415.75 m 575.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 415.75 m 442.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 415.75 m 508.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 415.75 m 575.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 325.75 m 442.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 325.75 m 508.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 325.75 m 575.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 325.75 m 442.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 311.75 m 442.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 309.75 m 442.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 325.75 m 508.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 311.75 m 508.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 309.75 m 508.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 325.75 m 575.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 311.75 m 575.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 309.75 m 575.5 309.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.10 434.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 420.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 420.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.00 420.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.50 420.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 405.42 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 405.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 405.42 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 405.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 405.42 Td (139,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 405.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 405.42 Td (64,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 390.42 Td (Additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 390.42 Td (25,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 390.42 Td (95,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 390.42 Td (95,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 375.42 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 375.47 Td (\(62,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 375.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 375.47 Td (\(18,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 375.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 375.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 360.42 Td (Changes in fair value due to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 345.42 Td (Changes in assumptions ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 143.17 349.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 345.47 Td (\(14,512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 345.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 345.47 Td (\(5,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 345.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 345.42 Td (\(12,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 345.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 330.42 Td (Other changes ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.98 334.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 330.47 Td (\(21,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 330.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 330.47 Td (\(18,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 330.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 330.42 Td (\(8,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 330.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 315.43 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 315.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 315.42 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 315.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 315.42 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 315.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 315.42 Td (139,293) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 288.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 288.45 Td (Primarily reflects changes in prepayment assumptions due to changes in market interest rates. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 271.65 Td (\(2\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 271.65 Td (Represents changes due to receipt of expected cash flows. ) Tj ET Q endstream endobj 341 0 obj <> endobj 342 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 9. Mortgage Servicing Rights - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 68.78 668.10 Td (make ) Tj ET Q q 0 0 0 rg BT 92.14 668.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 141.62 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.10 668.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 177.82 668.10 Td (through ) Tj ET Q q 0 0 0 rg BT 210.63 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.55 668.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 261.80 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.83 668.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 310.19 668.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 334.67 668.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 377.47 668.10 Td (with ) Tj ET Q q 0 0 0 rg BT 396.95 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.88 668.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 454.23 668.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 493.70 668.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 516.51 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 533.21 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 546.57 668.10 Td (acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.83 656.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 107.44 656.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 140.37 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.54 656.10 Td (third ) Tj ET Q q 0 0 0 rg BT 171.82 656.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 200.86 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 211.58 656.10 Td (through ) Tj ET Q q 0 0 0 rg BT 245.08 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.69 656.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 284.85 656.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 331.12 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.84 656.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 369.25 656.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 388.31 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 400.70 656.10 Td (third ) Tj ET Q q 0 0 0 rg BT 421.98 656.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 453.35 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 461.99 656.10 Td (e ) Tj ET Q q 0 0 0 rg BT 468.82 656.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 488.99 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 504.71 656.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 528.23 656.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (at ) Tj ET Q q 0 0 0 rg BT 46.13 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 62.38 644.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 94.16 644.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 116.20 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.11 644.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 159.57 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 164.77 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 183.23 644.10 Td (following ) Tj ET Q q 0 0 0 rg BT 225.04 644.10 Td (table ) Tj ET Q q 0 0 0 rg BT 247.38 644.10 Td (details ) Tj ET Q q 0 0 0 rg BT 276.40 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.53 644.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 329.99 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.34 644.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 385.79 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.04 644.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 424.96 644.10 Td (during ) Tj ET Q q 0 0 0 rg BT 453.99 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.12 644.10 Td (years ) Tj ET Q q 0 0 0 rg BT 493.13 644.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 644.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 632.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 632.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.44 632.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 611.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 611.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 611.10 Td (9.3 ) Tj ET Q q 0 0 0 rg BT 75.91 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 611.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 106.66 611.10 Td (Additions) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 523.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 523.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 523.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 523.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 523.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 523.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 523.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 523.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 523.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 493.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 493.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 493.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 493.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 493.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 463.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 463.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 463.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 463.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 463.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 433.60 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 433.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 433.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 433.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 433.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 576.6 m 368.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 576.6 m 372.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 576.6 m 437.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 576.6 m 441.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 576.6 m 506.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 576.6 m 510.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 576.6 m 575.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 562.6 m 299.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 562.6 m 368.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 562.6 m 372.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 562.6 m 437.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 562.6 m 506.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 538.6 m 368.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 562.6 m 437.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 538.6 m 437.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 562.6 m 506.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 538.6 m 506.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 562.6 m 510.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 562.6 m 575.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 538.6 m 575.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 493.6 m 368.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 478.6 m 368.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 493.6 m 437.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 478.6 m 437.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 493.6 m 506.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 478.6 m 506.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 493.6 m 575.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 478.6 m 575.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 433.6 m 368.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 433.6 m 437.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 433.6 m 368.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 418.6 m 368.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 433.6 m 437.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 418.6 m 437.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 433.6 m 506.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 418.6 m 506.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 433.6 m 575.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 418.6 m 575.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 418.6 m 368.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 404.6 m 368.5 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 402.6 m 368.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 418.6 m 437.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 404.6 m 437.5 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 402.6 m 437.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 418.6 m 506.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 404.6 m 506.5 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 402.6 m 506.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 418.6 m 575.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 404.6 m 575.5 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 402.6 m 575.5 402.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.60 581.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 567.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 567.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.00 567.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.05 553.28 Td (MSR Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.45 543.28 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.70 553.28 Td (Associated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.75 543.28 Td (Principal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.05 553.28 Td (MSR Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.45 543.28 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.70 553.28 Td (Associated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.75 543.28 Td (Principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 528.27 Td (Jumbo MSR additions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 513.27 Td ( From securitization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 513.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 513.27 Td (6,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 513.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 513.27 Td (939,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 513.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 513.27 Td (8,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 513.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 513.27 Td (882,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 498.27 Td ( From loan sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 498.27 Td (177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 498.27 Td (26,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 498.27 Td (352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 498.27 Td (33,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 483.27 Td (Total jumbo MSR additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 483.27 Td (6,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 483.27 Td (966,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 483.27 Td (8,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 483.27 Td (915,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 468.27 Td (Conforming MSR additions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 453.27 Td ( From loan sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 453.27 Td (3,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 453.27 Td (316,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 453.27 Td (55,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 453.27 Td (5,251,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 438.27 Td ( From purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 438.27 Td (15,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 438.27 Td (1,643,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 438.27 Td (30,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 438.27 Td (2,952,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 423.27 Td (Total conforming MSR additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 423.27 Td (18,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 423.27 Td (1,959,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 423.27 Td (86,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 423.27 Td (8,203,882) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 408.28 Td (Total MSR Additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 408.27 Td (25,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 408.27 Td (2,926,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 408.27 Td (95,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 408.27 Td (9,119,764) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 384.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 384.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 384.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.35 384.10 Td (components ) Tj ET Q q 0 0 0 rg BT 236.18 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.01 384.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.84 384.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 286.46 384.10 Td (income ) Tj ET Q q 0 0 0 rg BT 318.39 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 332.55 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.27 384.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 384.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 432.23 384.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.23 384.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.23 384.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.23 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.23 384.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.17 384.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.17 384.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 363.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 363.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 363.10 Td (9.4 ) Tj ET Q q 0 0 0 rg BT 75.91 363.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.41 363.10 Td (Components ) Tj ET Q q 0 0 0 rg BT 137.59 363.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.42 363.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 172.04 363.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 205.65 363.10 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 236.20 363.10 Td (net) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 314.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 314.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 314.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 314.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 284.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 284.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 284.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 284.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 254.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 254.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 254.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 254.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 254.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 254.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 254.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 224.60 328.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 224.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 224.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 224.60 4.00 -15.00 re f /GS0 gs 0.8 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 269.6 m 505.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 269.6 m 575.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 269.6 m 505.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 269.6 m 575.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 209.60000000000002 m 435.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 209.60000000000002 m 505.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 209.60000000000002 m 435.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 195.60000000000002 m 435.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 193.60000000000002 m 435.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 209.60000000000002 m 505.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 195.60000000000002 m 505.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 193.60000000000002 m 505.5 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 209.60000000000002 m 575.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 195.60000000000002 m 575.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 193.60000000000002 m 575.5 193.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.60 333.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 319.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 319.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.00 319.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.00 319.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 304.27 Td (Servicing income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 289.27 Td (Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 289.27 Td (41,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 289.27 Td (38,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 289.27 Td (19,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 274.27 Td (Cost of sub-servicer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.80 274.32 Td (\(6,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 274.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 274.32 Td (\(5,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 274.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 274.27 Td (\(1,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 274.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 259.27 Td (Net servicing income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 259.27 Td (34,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 259.27 Td (33,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 259.27 Td (17,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 244.27 Td (Market valuation changes of MSRs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 244.32 Td (\(36,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 244.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 244.32 Td (\(24,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 244.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 244.27 Td (\(21,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 244.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 229.27 Td (Market valuation changes of associated derivatives ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 244.59 233.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 229.27 Td (15,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 229.32 Td (\(12,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 229.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 229.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 214.27 Td (MSR reversal of \(provision for\) repurchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 214.27 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.30 214.32 Td (\(707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 214.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 214.27 Td (\(708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 214.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 199.28 Td (MSR Income \(Loss\), Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 199.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 199.27 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 199.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 199.32 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 199.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 199.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 199.27 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 199.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 36.00 181.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 181.30 Td (In ) Tj ET Q q 0 0 0 rg BT 63.36 181.30 Td (the ) Tj ET Q q 0 0 0 rg BT 76.23 181.30 Td (second ) Tj ET Q q 0 0 0 rg BT 103.08 181.30 Td (quarter ) Tj ET Q q 0 0 0 rg BT 130.43 181.30 Td (of ) Tj ET Q q 0 0 0 rg BT 139.80 181.30 Td (2015, ) Tj ET Q q 0 0 0 rg BT 161.92 181.30 Td (we ) Tj ET Q q 0 0 0 rg BT 174.28 181.30 Td (began ) Tj ET Q q 0 0 0 rg BT 197.63 181.30 Td (to ) Tj ET Q q 0 0 0 rg BT 206.50 181.30 Td (identify ) Tj ET Q q 0 0 0 rg BT 236.36 181.30 Td (specific ) Tj ET Q q 0 0 0 rg BT 266.21 181.30 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 307.56 181.30 Td (used ) Tj ET Q q 0 0 0 rg BT 325.93 181.30 Td (to ) Tj ET Q q 0 0 0 rg BT 334.79 181.30 Td (hedge ) Tj ET Q q 0 0 0 rg BT 358.15 181.30 Td (the ) Tj ET Q q 0 0 0 rg BT 371.01 181.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 405.37 181.30 Td (of ) Tj ET Q q 0 0 0 rg BT 414.73 181.30 Td (our ) Tj ET Q q 0 0 0 rg BT 428.59 181.30 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 452.97 181.30 Td (to ) Tj ET Q q 0 0 0 rg BT 461.84 181.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 492.69 181.30 Td (in ) Tj ET Q q 0 0 0 rg BT 501.56 181.30 Td (market ) Tj ET Q q 0 0 0 rg BT 528.41 181.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 556.77 181.30 Td (rates. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 170.50 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.24 170.50 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.49 170.50 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.99 170.50 Td ( ) Tj ET Q q 0 0 0 rg BT 95.24 170.50 Td (for ) Tj ET Q q 0 0 0 rg BT 107.99 170.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 146.23 170.50 Td (detail.) Tj ET Q endstream endobj 343 0 obj <> endobj 344 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 10. Derivative Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.29 648.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.92 648.25 Td (table ) Tj ET Q q 0 0 0 rg BT 136.10 648.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 171.61 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.57 648.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 203.19 648.25 Td (value ) Tj ET Q q 0 0 0 rg BT 227.59 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.78 648.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 280.29 648.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 313.03 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.11 648.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.18 648.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 382.91 648.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 420.63 648.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 470.04 648.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 648.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 538.83 648.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.83 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 561.57 648.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 636.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 636.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 615.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 615.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 615.25 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 80.91 615.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.41 615.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 109.25 615.25 Td (V) Tj ET Q q 0 0 0 rg BT 114.81 615.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 135.09 615.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.15 615.25 Td (Notional ) Tj ET Q q 0 0 0 rg BT 191.40 615.25 Td (Amount ) Tj ET Q q 0 0 0 rg BT 227.25 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.08 615.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 282.78 615.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 325.84 615.25 Td (Instruments) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 562.75 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 562.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 562.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 562.75 4.00 -14.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 303.50 298.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 298.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 298.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 298.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 298.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 298.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 298.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 590.75 m 368.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 590.75 m 372.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 590.75 m 437.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 590.75 m 506.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 590.75 m 510.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 590.75 m 575.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 590.75 m 437.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 590.75 m 575.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 562.75 m 299.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 562.75 m 368.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 562.75 m 437.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 562.75 m 506.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 562.75 m 575.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 459.75 m 368.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 445.75 m 368.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 443.75 m 368.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 459.75 m 437.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 445.75 m 437.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 443.75 m 437.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 459.75 m 506.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 445.75 m 506.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 443.75 m 506.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 459.75 m 575.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 445.75 m 575.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 443.75 m 575.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 313.75 m 368.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 299.75 m 368.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 297.75 m 368.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 313.75 m 437.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 299.75 m 437.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 297.75 m 437.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 313.75 m 506.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 299.75 m 506.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 297.75 m 506.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 313.75 m 575.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 299.75 m 575.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 297.75 m 575.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 284.75 m 368.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 282.75 m 368.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 297.75 m 437.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 299.75 m 437.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 284.75 m 437.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 282.75 m 437.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 297.75 m 506.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 299.75 m 506.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 284.75 m 506.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 282.75 m 506.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 297.75 m 575.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 299.75 m 575.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 284.75 m 575.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 282.75 m 575.5 282.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 595.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 595.43 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.40 577.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.45 567.43 Td (V) Tj ET Q q 0 0 0 rg BT 329.75 567.43 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 577.43 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.95 567.43 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.40 577.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.45 567.43 Td (V) Tj ET Q q 0 0 0 rg BT 467.75 567.43 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 577.43 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.95 567.43 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 567.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 553.43 Td (Assets - Risk Management Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 538.42 Td (Interest rate swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 538.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 538.42 Td (19,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 538.42 Td (1,009,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 538.42 Td (2,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 538.42 Td (658,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 523.42 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 523.42 Td (8,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 523.42 Td (850,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 523.42 Td (2,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 523.42 Td (1,028,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 508.42 Td (Swaptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 508.42 Td (5,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 508.42 Td (345,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 508.42 Td (5,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 508.42 Td (925,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 493.42 Td (Credit default index swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 493.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 493.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 493.42 Td (1,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 493.42 Td (25,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 479.43 Td (Assets - Other Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 464.42 Td (Loan purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 464.42 Td (3,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 464.42 Td (352,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 464.42 Td (4,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 464.42 Td (764,161) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 449.43 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 449.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 449.42 Td (36,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 449.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 449.42 Td (2,556,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 449.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 449.42 Td (16,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 449.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 449.42 Td (3,400,661) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 421.43 Td (Liabilities - Cash Flow Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 406.42 Td (Interest rate swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 406.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 406.47 Td (\(44,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 406.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 406.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 406.42 Td (139,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 406.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 406.47 Td (\(48,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 406.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 406.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 406.42 Td (139,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 392.43 Td (Liabilities - Risk Management Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 377.42 Td (Interest rate swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 377.47 Td (\(12,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 377.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 377.42 Td (1,101,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 377.47 Td (\(10,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 377.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 377.42 Td (1,039,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 362.42 Td (TBAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 362.47 Td (\(4,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 362.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 362.42 Td (510,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 362.47 Td (\(2,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 362.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 362.42 Td (1,450,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 347.42 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.30 347.47 Td (\(928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 347.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 347.42 Td (87,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.30 347.47 Td (\(445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 347.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 347.42 Td (78,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 333.43 Td (Liabilities - Other Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 318.42 Td (Loan purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 318.47 Td (\(3,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 318.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 318.42 Td (584,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 318.47 Td (\(1,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 318.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 318.42 Td (375,815) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 303.43 Td (Total Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 303.47 Td (\(66,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 303.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 303.42 Td (2,423,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 303.47 Td (\(62,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 303.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 303.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 303.42 Td (3,083,315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 288.43 Td (Total Derivative Financial Instruments, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 288.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.80 288.47 Td (\(29,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 288.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 288.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 288.42 Td (4,980,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 288.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 288.47 Td (\(46,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 288.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 288.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 288.42 Td (6,483,976) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 345 0 obj <> endobj 346 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 10. Derivative Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 61) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Risk Management Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 648.25 Td (o ) Tj ET Q q 0 0 0 rg BT 66.86 648.25 Td (manage, ) Tj ET Q q 0 0 0 rg BT 102.90 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.12 648.25 Td (varying ) Tj ET Q q 0 0 0 rg BT 146.11 648.25 Td (degrees, ) Tj ET Q q 0 0 0 rg BT 181.60 648.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 202.94 648.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 246.48 648.25 Td (with ) Tj ET Q q 0 0 0 rg BT 266.70 648.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 296.35 648.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 322.13 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.01 648.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 378.67 648.25 Td (on ) Tj ET Q q 0 0 0 rg BT 391.12 648.25 Td (our ) Tj ET Q q 0 0 0 rg BT 406.90 648.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 459.88 648.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 492.86 648.25 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 522.25 648.25 Td (we ) Tj ET Q q 0 0 0 rg BT 536.35 648.25 Td (may ) Tj ET Q q 0 0 0 rg BT 556.02 648.25 Td (enter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (into ) Tj ET Q q 0 0 0 rg BT 54.72 636.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 97.86 636.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 138.91 636.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.07 636.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 211.31 636.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.31 636.25 Td (, ) Tj ET Q q 0 0 0 rg BT 236.97 636.25 Td (we ) Tj ET Q q 0 0 0 rg BT 251.79 636.25 Td (were ) Tj ET Q q 0 0 0 rg BT 274.38 636.25 Td (party ) Tj ET Q q 0 0 0 rg BT 298.09 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 309.02 636.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 336.63 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.22 636.25 Td (swaptions ) Tj ET Q q 0 0 0 rg BT 397.38 636.25 Td (with ) Tj ET Q q 0 0 0 rg BT 418.32 636.25 Td (an ) Tj ET Q q 0 0 0 rg BT 430.92 636.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 472.94 636.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 508.87 636.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 542.03 636.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.52 636.25 Td ($2.46 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.11 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 66.05 624.25 Td (TBA) Tj ET Q q 0 0 0 rg BT 85.50 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 87.05 624.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 134.13 624.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 152.35 624.25 Td (with ) Tj ET Q q 0 0 0 rg BT 171.68 624.25 Td (an ) Tj ET Q q 0 0 0 rg BT 182.66 624.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 223.08 624.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 257.40 624.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 288.94 624.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.82 624.25 Td ($1.36 ) Tj ET Q q 0 0 0 rg BT 322.87 624.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.98 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 353.03 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 369.02 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.55 624.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 434.87 624.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 472.51 624.25 Td (with ) Tj ET Q q 0 0 0 rg BT 491.84 624.25 Td (an ) Tj ET Q q 0 0 0 rg BT 502.83 624.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 543.24 624.25 Td (notional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 67.93 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.19 612.25 Td ($88 ) Tj ET Q q 0 0 0 rg BT 95.12 612.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.01 612.25 Td (. ) Tj ET Q q 0 0 0 rg BT 128.02 612.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.95 612.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 197.96 612.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.96 612.25 Td (, ) Tj ET Q q 0 0 0 rg BT 222.39 612.25 Td (we ) Tj ET Q q 0 0 0 rg BT 235.98 612.25 Td (were ) Tj ET Q q 0 0 0 rg BT 257.34 612.25 Td (party ) Tj ET Q q 0 0 0 rg BT 279.82 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.53 612.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 315.91 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.28 612.25 Td (swaptions ) Tj ET Q q 0 0 0 rg BT 374.21 612.25 Td (with ) Tj ET Q q 0 0 0 rg BT 393.92 612.25 Td (an ) Tj ET Q q 0 0 0 rg BT 405.29 612.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 446.08 612.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 480.78 612.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 512.71 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.97 612.25 Td ($2.62 ) Tj ET Q q 0 0 0 rg BT 547.40 612.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.52 612.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.25 Td (TBA) Tj ET Q q 0 0 0 rg BT 55.45 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.67 600.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 107.42 600.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 127.30 600.25 Td (with ) Tj ET Q q 0 0 0 rg BT 148.30 600.25 Td (an ) Tj ET Q q 0 0 0 rg BT 160.96 600.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 203.04 600.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 239.03 600.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 272.24 600.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.79 600.25 Td ($2.48 ) Tj ET Q q 0 0 0 rg BT 309.51 600.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.62 600.25 Td (, ) Tj ET Q q 0 0 0 rg BT 341.34 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.99 600.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.19 600.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 428.18 600.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 467.49 600.25 Td (with ) Tj ET Q q 0 0 0 rg BT 488.49 600.25 Td (an ) Tj ET Q q 0 0 0 rg BT 501.14 600.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 543.22 600.25 Td (notional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 588.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 68.50 588.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.33 588.25 Td ($78 ) Tj ET Q q 0 0 0 rg BT 96.83 588.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.72 588.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 55.90 568.25 Td (For ) Tj ET Q q 0 0 0 rg BT 71.69 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 85.81 568.25 Td (years ) Tj ET Q q 0 0 0 rg BT 108.80 568.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.58 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 192.56 568.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.56 568.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.96 568.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.96 568.25 Td (, ) Tj ET Q q 0 0 0 rg BT 241.36 568.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.70 568.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.70 568.25 Td (, ) Tj ET Q q 0 0 0 rg BT 282.10 568.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 299.00 568.25 Td (management ) Tj ET Q q 0 0 0 rg BT 351.99 568.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 397.76 568.25 Td (had ) Tj ET Q q 0 0 0 rg BT 414.10 568.25 Td (net ) Tj ET Q q 0 0 0 rg BT 428.21 568.25 Td (market ) Tj ET Q q 0 0 0 rg BT 457.88 568.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 496.99 568.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 520.00 568.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.23 568.25 Td ($10 ) Tj ET Q q 0 0 0 rg BT 547.13 568.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 556.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.35 556.25 Td (net ) Tj ET Q q 0 0 0 rg BT 68.48 556.25 Td (market ) Tj ET Q q 0 0 0 rg BT 99.15 556.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 139.28 556.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 166.08 556.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.32 556.25 Td ($65 ) Tj ET Q q 0 0 0 rg BT 195.23 556.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.13 556.25 Td ( ) Tj ET Q q 0 0 0 rg BT 227.04 556.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.39 556.25 Td ($39 ) Tj ET Q q 0 0 0 rg BT 262.30 556.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.19 556.25 Td (, ) Tj ET Q q 0 0 0 rg BT 296.60 556.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 344.26 556.25 Td (. ) Tj ET Q q 0 0 0 rg BT 349.46 556.25 Td (These ) Tj ET Q q 0 0 0 rg BT 376.25 556.25 Td (market ) Tj ET Q q 0 0 0 rg BT 406.93 556.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 447.05 556.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 471.07 556.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.42 556.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 515.23 556.25 Td (are ) Tj ET Q q 0 0 0 rg BT 530.34 556.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 568.23 556.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 544.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 76.48 544.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 110.30 544.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 150.50 544.25 Td (net, ) Tj ET Q q 0 0 0 rg BT 166.82 544.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 212.85 544.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 228.33 544.25 Td (value ) Tj ET Q q 0 0 0 rg BT 251.59 544.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 287.89 544.25 Td (net ) Tj ET Q q 0 0 0 rg BT 301.71 544.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.75 544.25 Td (MSR ) Tj ET Q q 0 0 0 rg BT 340.48 544.25 Td (income ) Tj ET Q q 0 0 0 rg BT 371.51 544.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 397.84 544.25 Td (net ) Tj ET Q q 0 0 0 rg BT 411.65 544.25 Td (on ) Tj ET Q q 0 0 0 rg BT 423.26 544.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.19 544.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 490.33 544.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 534.14 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.08 544.25 Td (income. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 520.25 Td (Loan Purchase and Forward Sale Commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.25 Td (LPCs ) Tj ET Q q 0 0 0 rg BT 78.44 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.08 500.25 Td (FSCs ) Tj ET Q q 0 0 0 rg BT 118.97 500.25 Td (that ) Tj ET Q q 0 0 0 rg BT 136.17 500.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 166.70 500.25 Td (as ) Tj ET Q q 0 0 0 rg BT 177.23 500.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 223.31 500.25 Td (are ) Tj ET Q q 0 0 0 rg BT 237.72 500.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 274.90 500.25 Td (at ) Tj ET Q q 0 0 0 rg BT 284.32 500.25 Td (their ) Tj ET Q q 0 0 0 rg BT 304.85 500.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 345.38 500.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.46 500.25 Td (values. ) Tj ET Q q 0 0 0 rg BT 391.71 500.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 408.35 500.25 Td (market ) Tj ET Q q 0 0 0 rg BT 438.32 500.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 477.74 500.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 501.05 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 513.26 500.25 Td (LPCs ) Tj ET Q q 0 0 0 rg BT 537.69 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 554.33 500.25 Td (FSCs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 488.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.61 488.25 Td ($26 ) Tj ET Q q 0 0 0 rg BT 74.79 488.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.68 488.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.36 488.25 Td ($50 ) Tj ET Q q 0 0 0 rg BT 125.54 488.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.43 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 159.11 488.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.73 488.25 Td ($14 ) Tj ET Q q 0 0 0 rg BT 192.90 488.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.80 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.98 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 237.81 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.21 488.25 Td (years ) Tj ET Q q 0 0 0 rg BT 275.49 488.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.54 488.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 359.81 488.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.81 488.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.49 488.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.49 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 409.17 488.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.78 488.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.78 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 450.46 488.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 498.12 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 502.80 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.42 488.25 Td (were ) Tj ET Q q 0 0 0 rg BT 541.03 488.25 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 476.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 87.66 476.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 122.37 476.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 163.47 476.25 Td (net ) Tj ET Q q 0 0 0 rg BT 178.19 476.25 Td (on ) Tj ET Q q 0 0 0 rg BT 190.69 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 206.52 476.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 259.56 476.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 304.27 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.10 476.25 Td (income. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 452.25 Td (Derivatives Designated as Cash Flow Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 432.25 Td (o ) Tj ET Q q 0 0 0 rg BT 66.67 432.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 100.03 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.51 432.25 Td (variability ) Tj ET Q q 0 0 0 rg BT 157.87 432.25 Td (in ) Tj ET Q q 0 0 0 rg BT 167.91 432.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 199.60 432.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 234.07 432.25 Td (related ) Tj ET Q q 0 0 0 rg BT 263.54 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.58 432.25 Td (our ) Tj ET Q q 0 0 0 rg BT 289.17 432.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 330.87 432.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 350.35 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.05 432.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 396.51 432.25 Td (adjustable-rate ) Tj ET Q q 0 0 0 rg BT 457.63 432.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 513.76 432.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 538.80 432.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 420.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.83 420.25 Td (are ) Tj ET Q q 0 0 0 rg BT 68.87 420.25 Td (included ) Tj ET Q q 0 0 0 rg BT 106.13 420.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.74 420.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.90 420.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 186.28 420.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 219.64 420.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 246.91 420.25 Td (for ) Tj ET Q q 0 0 0 rg BT 261.41 420.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.22 420.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 338.71 420.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 379.59 420.25 Td (we ) Tj ET Q q 0 0 0 rg BT 394.08 420.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 439.68 420.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 469.71 420.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 501.98 420.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 519.79 420.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 547.07 420.25 Td (as ) Tj ET Q q 0 0 0 rg BT 558.23 420.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 408.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 56.83 408.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 87.10 408.25 Td (with ) Tj ET Q q 0 0 0 rg BT 107.38 408.25 Td (an ) Tj ET Q q 0 0 0 rg BT 119.32 408.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 160.68 408.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 195.95 408.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 228.98 408.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.81 408.25 Td ($140 ) Tj ET Q q 0 0 0 rg BT 262.31 408.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.21 408.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.85 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.02 384.25 Td (years ) Tj ET Q q 0 0 0 rg BT 110.07 384.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.91 384.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 195.95 384.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.95 384.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.40 384.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.40 384.25 Td (, ) Tj ET Q q 0 0 0 rg BT 246.86 384.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.25 384.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.25 384.25 Td (, ) Tj ET Q q 0 0 0 rg BT 289.71 384.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 324.87 384.25 Td (in ) Tj ET Q q 0 0 0 rg BT 335.60 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.78 384.25 Td (values ) Tj ET Q q 0 0 0 rg BT 379.28 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.56 384.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 436.28 384.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 457.01 384.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 478.29 384.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 509.02 384.25 Td (were ) Tj ET Q q 0 0 0 rg BT 531.40 384.25 Td (positive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.02 384.25 Td ($3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 372.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 372.25 Td (, ) Tj ET Q q 0 0 0 rg BT 69.84 372.25 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.16 372.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 118.61 372.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.51 372.25 Td (, ) Tj ET Q q 0 0 0 rg BT 152.46 372.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.34 372.25 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.67 372.25 Td ($30 ) Tj ET Q q 0 0 0 rg BT 223.12 372.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.01 372.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.96 372.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 304.62 372.25 Td (, ) Tj ET Q q 0 0 0 rg BT 309.57 372.25 Td (and ) Tj ET Q q 0 0 0 rg BT 326.46 372.25 Td (were ) Tj ET Q q 0 0 0 rg BT 348.34 372.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 385.76 372.25 Td (in ) Tj ET Q q 0 0 0 rg BT 395.45 372.25 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 451.21 372.25 Td (other ) Tj ET Q q 0 0 0 rg BT 474.21 372.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 537.19 372.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 571.58 372.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 360.25 Td (component ) Tj ET Q q 0 0 0 rg BT 82.06 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.01 360.25 Td (equity) Tj ET Q q 0 0 0 rg BT 116.35 360.25 Td (. ) Tj ET Q q 0 0 0 rg BT 120.48 360.25 Td (For ) Tj ET Q q 0 0 0 rg BT 135.99 360.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 167.05 360.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 183.66 360.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 230.81 360.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 268.53 360.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.48 360.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 322.32 360.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 366.70 360.25 Td (as ) Tj ET Q q 0 0 0 rg BT 376.66 360.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 396.05 360.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 416.00 360.25 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 447.89 360.25 Td (our ) Tj ET Q q 0 0 0 rg BT 462.84 360.25 Td (total ) Tj ET Q q 0 0 0 rg BT 482.24 360.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 525.50 360.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 542.69 360.25 Td (reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 348.25 Td (in ) Tj ET Q q 0 0 0 rg BT 44.90 348.25 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 99.65 348.25 Td (other ) Tj ET Q q 0 0 0 rg BT 121.64 348.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 183.61 348.25 Td (income ) Tj ET Q q 0 0 0 rg BT 214.48 348.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.47 348.25 Td ($44 ) Tj ET Q q 0 0 0 rg BT 247.91 348.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.80 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.24 348.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.12 348.25 Td ($47 ) Tj ET Q q 0 0 0 rg BT 310.56 348.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.45 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.89 348.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.55 348.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 407.07 348.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.07 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.51 348.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.39 348.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 501.91 348.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.91 348.25 Td (, ) Tj ET Q q 0 0 0 rg BT 525.85 348.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.51 348.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 336.25 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 91.28 336.25 Td (other ) Tj ET Q q 0 0 0 rg BT 113.79 336.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 176.29 336.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 193.82 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.12 336.25 Td (less ) Tj ET Q q 0 0 0 rg BT 221.08 336.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.27 336.25 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 259.73 336.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.62 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 290.59 336.25 Td (will ) Tj ET Q q 0 0 0 rg BT 308.11 336.25 Td (be ) Tj ET Q q 0 0 0 rg BT 319.52 336.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 361.47 336.25 Td (into ) Tj ET Q q 0 0 0 rg BT 378.99 336.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 410.39 336.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 447.06 336.25 Td (a ) Tj ET Q q 0 0 0 rg BT 453.47 336.25 Td (component ) Tj ET Q q 0 0 0 rg BT 499.87 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 510.17 336.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.46 336.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 324.25 Td (income ) Tj ET Q q 0 0 0 rg BT 67.93 324.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 115.15 324.25 Td (over ) Tj ET Q q 0 0 0 rg BT 135.41 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.13 324.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 193.17 324.25 Td (life ) Tj ET Q q 0 0 0 rg BT 209.00 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.83 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.54 324.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 260.92 324.25 Td (liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.07 300.25 Td (following ) Tj ET Q q 0 0 0 rg BT 113.49 300.25 Td (table ) Tj ET Q q 0 0 0 rg BT 135.45 300.25 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 176.86 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.60 300.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 221.34 300.25 Td (on ) Tj ET Q q 0 0 0 rg BT 233.87 300.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 265.83 300.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 300.56 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.42 300.25 Td (our ) Tj ET Q q 0 0 0 rg BT 327.27 300.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 359.23 300.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 376.75 300.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 424.81 300.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 467.86 300.25 Td (for ) Tj ET Q q 0 0 0 rg BT 482.05 300.25 Td (as ) Tj ET Q q 0 0 0 rg BT 492.91 300.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.20 300.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 534.06 300.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 564.36 300.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 288.25 Td (years ) Tj ET Q q 0 0 0 rg BT 74.32 288.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.69 288.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 159.28 288.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.28 288.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.28 288.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.28 288.25 Td (, ) Tj ET Q q 0 0 0 rg BT 209.28 288.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.21 288.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.21 288.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 267.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 267.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 267.25 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 80.91 267.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.41 267.25 Td (Impact ) Tj ET Q q 0 0 0 rg BT 119.79 267.25 Td (on ) Tj ET Q q 0 0 0 rg BT 132.86 267.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 167.03 267.25 Td (Expense ) Tj ET Q q 0 0 0 rg BT 204.53 267.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.36 267.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 249.53 267.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 270.54 267.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 321.56 267.25 Td (Accounted ) Tj ET Q q 0 0 0 rg BT 367.94 267.25 Td (for ) Tj ET Q q 0 0 0 rg BT 382.67 267.25 Td (as ) Tj ET Q q 0 0 0 rg BT 394.06 267.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 417.68 267.25 Td (Flow ) Tj ET Q q 0 0 0 rg BT 441.30 267.25 Td (Hedges) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 228.75 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 228.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 228.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 228.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 228.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 228.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 228.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 198.75 341.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 198.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 198.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 198.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 198.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 198.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 198.75 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 242.75 m 442.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 242.75 m 446.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 242.75 m 509.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 242.75 m 513.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 242.75 m 575.5 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 228.75 m 376.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 228.75 m 442.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 228.75 m 509.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 228.75 m 575.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 228.75 m 442.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 228.75 m 509.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 228.75 m 575.5 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 198.75 m 442.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 198.75 m 509.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 198.75 m 575.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 198.75 m 442.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 184.75 m 442.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 182.75 m 442.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 198.75 m 509.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 184.75 m 509.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 182.75 m 509.5 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 198.75 m 575.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 184.75 m 575.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 182.75 m 575.5 182.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.10 247.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 233.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 233.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.50 233.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.00 233.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 218.42 Td (Net interest expense on cash flows hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 218.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 218.47 Td (\(5,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 218.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 218.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 218.47 Td (\(5,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 218.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 218.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 218.42 Td (\(5,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 218.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 203.42 Td (Realized net losses reclassified from other comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 203.47 Td (\(72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 203.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 203.47 Td (\(95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 203.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 203.42 Td (\(164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 203.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 188.43 Td (Total Interest Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 188.47 Td (\(5,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 188.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 188.47 Td (\(5,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 188.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 188.42 Td (\(6,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 188.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 347 0 obj <> endobj 348 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 10. Derivative Financial Instruments - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 62) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Derivative Counterparty Credit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 647.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.78 647.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 93.02 647.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.49 647.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.19 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 146.67 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.58 647.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 188.72 647.25 Td (that ) Tj ET Q q 0 0 0 rg BT 206.41 647.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 265.75 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.23 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.26 647.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 334.94 647.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.62 647.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 421.99 647.25 Td (do ) Tj ET Q q 0 0 0 rg BT 434.69 647.25 Td (not ) Tj ET Q q 0 0 0 rg BT 450.17 647.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 485.07 647.25 Td (their ) Tj ET Q q 0 0 0 rg BT 506.10 647.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 553.24 647.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 74.85 635.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 122.04 635.25 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 172.83 635.25 Td (If ) Tj ET Q q 0 0 0 rg BT 182.25 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 189.45 635.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 232.19 635.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 285.48 635.25 Td (does ) Tj ET Q q 0 0 0 rg BT 306.58 635.25 Td (not ) Tj ET Q q 0 0 0 rg BT 322.12 635.25 Td (perform, ) Tj ET Q q 0 0 0 rg BT 359.58 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 374.01 635.25 Td (may ) Tj ET Q q 0 0 0 rg BT 393.98 635.25 Td (not ) Tj ET Q q 0 0 0 rg BT 409.52 635.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 441.15 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.12 635.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 494.42 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 504.96 635.25 Td (which ) Tj ET Q q 0 0 0 rg BT 532.16 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 546.58 635.25 Td (may ) Tj ET Q q 0 0 0 rg BT 566.56 635.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 623.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 69.97 623.25 Td (under ) Tj ET Q q 0 0 0 rg BT 96.72 623.25 Td (these ) Tj ET Q q 0 0 0 rg BT 121.25 623.25 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 173.26 623.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 197.23 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.54 623.25 Td (our ) Tj ET Q q 0 0 0 rg BT 226.85 623.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 270.81 623.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 331.43 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 350.41 623.25 Td (is ) Tj ET Q q 0 0 0 rg BT 361.06 623.25 Td (not ) Tj ET Q q 0 0 0 rg BT 377.82 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 386.24 623.25 Td (clearinghouse ) Tj ET Q q 0 0 0 rg BT 445.75 623.25 Td (must ) Tj ET Q q 0 0 0 rg BT 469.18 623.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 508.15 623.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 558.22 623.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 611.25 Td (International ) Tj ET Q q 0 0 0 rg BT 88.58 611.25 Td (Swaps ) Tj ET Q q 0 0 0 rg BT 116.19 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.12 611.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 179.38 611.25 Td (Association ) Tj ET Q q 0 0 0 rg BT 228.09 611.25 Td (\(ISDA\) ) Tj ET Q q 0 0 0 rg BT 268.45 611.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 315.48 611.25 Td (or ) Tj ET Q q 0 0 0 rg BT 325.30 611.25 Td (other ) Tj ET Q q 0 0 0 rg BT 347.34 611.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 376.61 611.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 423.63 611.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 436.79 611.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 467.14 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 473.07 611.25 Td (waiver ) Tj ET Q q 0 0 0 rg BT 501.77 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.60 611.25 Td (non-compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 599.25 Td (after ) Tj ET Q q 0 0 0 rg BT 57.36 599.25 Td (a ) Tj ET Q q 0 0 0 rg BT 64.85 599.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 98.99 599.25 Td (assessment\) ) Tj ET Q q 0 0 0 rg BT 149.80 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.62 599.25 Td (order ) Tj ET Q q 0 0 0 rg BT 184.77 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.59 599.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 230.29 599.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 273.32 599.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 324.13 599.25 Td (with ) Tj ET Q q 0 0 0 rg BT 344.95 599.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 358.72 599.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 408.62 599.25 Td (, ) Tj ET Q q 0 0 0 rg BT 414.17 599.25 Td (we ) Tj ET Q q 0 0 0 rg BT 428.87 599.25 Td (review ) Tj ET Q q 0 0 0 rg BT 459.13 599.25 Td (non-clearinghouse ) Tj ET Q q 0 0 0 rg BT 536.03 599.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 587.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 89.91 587.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.06 587.25 Td (standings, ) Tj ET Q q 0 0 0 rg BT 159.72 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.54 587.25 Td (in ) Tj ET Q q 0 0 0 rg BT 188.70 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.30 587.25 Td (case ) Tj ET Q q 0 0 0 rg BT 224.88 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 236.60 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 244.42 587.25 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 298.89 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 310.60 587.25 Td (creditworthiness, ) Tj ET Q q 0 0 0 rg BT 382.57 587.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 431.49 587.25 Td (remedial ) Tj ET Q q 0 0 0 rg BT 469.85 587.25 Td (action ) Tj ET Q q 0 0 0 rg BT 497.66 587.25 Td (is ) Tj ET Q q 0 0 0 rg BT 507.71 587.25 Td (taken. ) Tj ET Q q 0 0 0 rg BT 535.01 587.25 Td (T) Tj ET Q q 0 0 0 rg BT 540.42 587.25 Td (o ) Tj ET Q q 0 0 0 rg BT 548.80 587.25 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 575.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 71.06 575.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 123.89 575.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 143.68 575.25 Td (we ) Tj ET Q q 0 0 0 rg BT 157.64 575.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 174.93 575.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 221.09 575.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 259.48 575.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.55 575.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 338.49 575.25 Td (that ) Tj ET Q q 0 0 0 rg BT 355.78 575.25 Td (\(i\)do ) Tj ET Q q 0 0 0 rg BT 380.01 575.25 Td (not ) Tj ET Q q 0 0 0 rg BT 395.08 575.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 432.36 575.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 480.75 575.25 Td (with ) Tj ET Q q 0 0 0 rg BT 500.82 575.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 514.77 575.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 542.06 575.25 Td (a ) Tj ET Q q 0 0 0 rg BT 548.79 575.25 Td (waiver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 563.25 Td (from\) ) Tj ET Q q 0 0 0 rg BT 60.53 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.51 563.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 98.49 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.58 563.25 Td (their ) Tj ET Q q 0 0 0 rg BT 128.67 563.25 Td (ISDA) Tj ET Q q 0 0 0 rg BT 151.45 563.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.22 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.31 563.25 Td (other ) Tj ET Q q 0 0 0 rg BT 185.62 563.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 232.91 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 252.46 563.25 Td (us; ) Tj ET Q q 0 0 0 rg BT 265.89 563.25 Td (or ) Tj ET Q q 0 0 0 rg BT 275.98 563.25 Td (\(ii\)do ) Tj ET Q q 0 0 0 rg BT 302.46 563.25 Td (not ) Tj ET Q q 0 0 0 rg BT 317.00 563.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 338.20 563.25 Td (internally ) Tj ET Q q 0 0 0 rg BT 378.28 563.25 Td (established ) Tj ET Q q 0 0 0 rg BT 424.48 563.25 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 467.34 563.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 507.42 563.25 Td (creditworthiness. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 551.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 55.42 551.25 Td (ISDA) Tj ET Q q 0 0 0 rg BT 78.20 551.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.07 551.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.37 551.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 132.01 551.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 181.41 551.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 221.36 551.25 Td (require ) Tj ET Q q 0 0 0 rg BT 253.54 551.25 Td (full ) Tj ET Q q 0 0 0 rg BT 271.30 551.25 Td (bilateral ) Tj ET Q q 0 0 0 rg BT 307.92 551.25 Td (collateralization ) Tj ET Q q 0 0 0 rg BT 376.20 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.39 551.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 433.90 551.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 453.32 551.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 497.18 551.25 Td (with ) Tj ET Q q 0 0 0 rg BT 518.82 551.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.02 551.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 539.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 97.61 539.25 Td (Through ) Tj ET Q q 0 0 0 rg BT 134.71 539.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.81 539.25 Td (mar) Tj ET Q q 0 0 0 rg BT 157.18 539.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 172.62 539.25 Td (posting ) Tj ET Q q 0 0 0 rg BT 204.73 539.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 239.88 539.25 Td (our ) Tj ET Q q 0 0 0 rg BT 255.88 539.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 294.66 539.25 Td (are ) Tj ET Q q 0 0 0 rg BT 309.53 539.25 Td (revalued ) Tj ET Q q 0 0 0 rg BT 346.61 539.25 Td (with ) Tj ET Q q 0 0 0 rg BT 367.05 539.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 426.36 539.25 Td (each ) Tj ET Q q 0 0 0 rg BT 447.33 539.25 Td (business ) Tj ET Q q 0 0 0 rg BT 483.89 539.25 Td (day ) Tj ET Q q 0 0 0 rg BT 500.99 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.09 539.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 538.52 539.25 Td (mar) Tj ET Q q 0 0 0 rg BT 553.89 539.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 569.33 539.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 527.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 76.32 527.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 122.75 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.65 527.25 Td (either ) Tj ET Q q 0 0 0 rg BT 159.54 527.25 Td (us ) Tj ET Q q 0 0 0 rg BT 171.55 527.25 Td (or ) Tj ET Q q 0 0 0 rg BT 183.01 527.25 Td (our ) Tj ET Q q 0 0 0 rg BT 199.46 527.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 242.56 527.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 302.33 527.25 Td (as ) Tj ET Q q 0 0 0 rg BT 313.78 527.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 354.10 527.25 Td (based ) Tj ET Q q 0 0 0 rg BT 379.99 527.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 403.11 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.45 527.25 Td (directional ) Tj ET Q q 0 0 0 rg BT 464.33 527.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 499.66 527.25 Td (in ) Tj ET Q q 0 0 0 rg BT 510.56 527.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 527.56 527.25 Td (value ) Tj ET Q q 0 0 0 rg BT 552.34 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 527.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 515.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 77.21 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.85 515.25 Td (e ) Tj ET Q q 0 0 0 rg BT 93.08 515.25 Td (also ) Tj ET Q q 0 0 0 rg BT 111.99 515.25 Td (attempt ) Tj ET Q q 0 0 0 rg BT 144.77 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 155.35 515.25 Td (transact ) Tj ET Q q 0 0 0 rg BT 189.24 515.25 Td (with ) Tj ET Q q 0 0 0 rg BT 209.81 515.25 Td (several ) Tj ET Q q 0 0 0 rg BT 240.92 515.25 Td (dif) Tj ET Q q 0 0 0 rg BT 251.85 515.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 277.96 515.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 337.39 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.97 515.25 Td (order ) Tj ET Q q 0 0 0 rg BT 371.86 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.44 515.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 411.88 515.25 Td (our ) Tj ET Q q 0 0 0 rg BT 428.00 515.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 461.89 515.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 515.22 515.25 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 556.41 515.25 Td (W) Tj ET Q q 0 0 0 rg BT 565.45 515.25 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 503.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 67.85 503.25 Td (to ) Tj ET Q q 0 0 0 rg BT 79.17 503.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 109.91 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.77 503.25 Td (our ) Tj ET Q q 0 0 0 rg BT 138.64 503.25 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 188.55 503.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 224.29 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.26 503.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 286.90 503.25 Td (is ) Tj ET Q q 0 0 0 rg BT 297.10 503.25 Td (through ) Tj ET Q q 0 0 0 rg BT 331.75 503.25 Td (one ) Tj ET Q q 0 0 0 rg BT 349.72 503.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.59 503.25 Td (more ) Tj ET Q q 0 0 0 rg BT 385.67 503.25 Td (clearinghouses, ) Tj ET Q q 0 0 0 rg BT 451.13 503.25 Td (which ) Tj ET Q q 0 0 0 rg BT 479.11 503.25 Td (may ) Tj ET Q q 0 0 0 rg BT 499.86 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 512.84 503.25 Td (substituted ) Tj ET Q q 0 0 0 rg BT 559.71 503.25 Td (as ) Tj ET Q q 0 0 0 rg BT 571.58 503.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 491.25 Td (counterparty) Tj ET Q q 0 0 0 rg BT 85.88 491.25 Td (. ) Tj ET Q q 0 0 0 rg BT 90.71 491.25 Td (Clearing ) Tj ET Q q 0 0 0 rg BT 127.47 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.23 491.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 187.66 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.32 491.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 240.62 491.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 290.71 491.25 Td (through ) Tj ET Q q 0 0 0 rg BT 324.15 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 330.91 491.25 Td (clearinghouse ) Tj ET Q q 0 0 0 rg BT 388.77 491.25 Td (is ) Tj ET Q q 0 0 0 rg BT 397.77 491.25 Td (also ) Tj ET Q q 0 0 0 rg BT 416.21 491.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 452.97 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 463.07 491.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 492.04 491.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 525.46 491.25 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 479.25 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 77.27 479.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.91 479.25 Td (e ) Tj ET Q q 0 0 0 rg BT 93.23 479.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 129.98 479.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 183.40 479.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 201.27 479.25 Td (as ) Tj ET Q q 0 0 0 rg BT 212.48 479.25 Td (part ) Tj ET Q q 0 0 0 rg BT 230.91 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.12 479.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.33 479.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 275.09 479.25 Td (value ) Tj ET Q q 0 0 0 rg BT 299.62 479.25 Td (assessments ) Tj ET Q q 0 0 0 rg BT 350.83 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.04 479.25 Td (all ) Tj ET Q q 0 0 0 rg BT 374.92 479.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 417.78 479.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.64 479.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 507.05 479.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.93 479.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 467.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 467.25 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 467.25 Td (we ) Tj ET Q q 0 0 0 rg BT 75.16 467.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 111.54 467.25 Td (this ) Tj ET Q q 0 0 0 rg BT 128.49 467.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 145.99 467.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.82 467.25 Td (remote ) Tj ET Q q 0 0 0 rg BT 187.08 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.02 467.25 Td (did ) Tj ET Q q 0 0 0 rg BT 219.30 467.25 Td (not ) Tj ET Q q 0 0 0 rg BT 234.58 467.25 Td (record ) Tj ET Q q 0 0 0 rg BT 262.62 467.25 Td (a ) Tj ET Q q 0 0 0 rg BT 269.55 467.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 303.15 467.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 342.86 467.25 Td (adjustment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 447.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.20 447.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.49 447.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.49 447.25 Td (, ) Tj ET Q q 0 0 0 rg BT 149.19 447.25 Td (we ) Tj ET Q q 0 0 0 rg BT 163.06 447.25 Td (had ) Tj ET Q q 0 0 0 rg BT 179.70 447.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 228.57 447.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 270.75 447.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 318.49 447.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.47 447.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.46 447.25 Td ( ) Tj ET Q q 0 0 0 rg BT 360.66 447.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 419.50 447.25 Td (\(other ) Tj ET Q q 0 0 0 rg BT 445.58 447.25 Td (than ) Tj ET Q q 0 0 0 rg BT 465.01 447.25 Td (clearinghouses\) ) Tj ET Q q 0 0 0 rg BT 529.96 447.25 Td (and ) Tj ET Q q 0 0 0 rg BT 546.60 447.25 Td (were ) Tj ET Q q 0 0 0 rg BT 568.24 447.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 435.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 84.59 435.25 Td (with ) Tj ET Q q 0 0 0 rg BT 104.87 435.25 Td (ISDA) Tj ET Q q 0 0 0 rg BT 127.65 435.25 Td ( ) Tj ET Q q 0 0 0 rg BT 130.15 435.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 178.18 435.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 221.23 435.25 Td (our ) Tj ET Q q 0 0 0 rg BT 237.06 435.25 Td (open ) Tj ET Q q 0 0 0 rg BT 259.00 435.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 301.48 435.25 Td (positions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 411.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 58.49 411.25 Td (1) Tj ET Q q 0 0 0 rg BT 62.94 411.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 72.94 411.25 Td (Other) Tj ET Q q 0 0 0 rg BT 98.30 411.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.25 411.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 129.42 411.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.04 411.25 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 79.27 391.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 105.10 391.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.82 391.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 173.40 391.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.40 391.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.90 391.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.84 391.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 271.42 391.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.42 391.25 Td (, ) Tj ET Q q 0 0 0 rg BT 296.42 391.25 Td (are ) Tj ET Q q 0 0 0 rg BT 311.13 391.25 Td (summarized ) Tj ET Q q 0 0 0 rg BT 362.50 391.25 Td (in ) Tj ET Q q 0 0 0 rg BT 372.78 391.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.50 391.25 Td (following ) Tj ET Q q 0 0 0 rg BT 428.88 391.25 Td (table.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 361.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 361.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 361.25 Td (1) Tj ET Q q 0 0 0 rg BT 65.36 361.25 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 80.36 361.25 Td ( ) Tj ET Q q 0 0 0 rg BT 87.86 361.25 Td (Components ) Tj ET Q q 0 0 0 rg BT 142.04 361.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.87 361.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 178.89 361.25 Td (Assets) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 336.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 336.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 336.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 336.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 336.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 306.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 306.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 306.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 306.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 306.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 276.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 276.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 276.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 276.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 276.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 246.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 246.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 246.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 246.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 246.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 216.75 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 216.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 216.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 216.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 216.75 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 336.75 m 377.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 336.75 m 476.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 336.75 m 575.5 336.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 201.75 m 476.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 187.75 m 476.5 187.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 185.75 m 476.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 201.75 m 575.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 187.75 m 575.5 187.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 185.75 m 575.5 185.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 341.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 341.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 341.43 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 326.42 Td (Margin receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 326.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 326.42 Td (68,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 326.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 326.42 Td (83,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 311.42 Td (FHLBC stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 311.42 Td (43,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 311.42 Td (34,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 296.42 Td (Pledged collateral) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 296.42 Td (42,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 296.42 Td (53,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 281.42 Td (REO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 281.42 Td (5,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 281.42 Td (4,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 266.42 Td (Guarantee asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 266.42 Td (4,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 266.42 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 251.42 Td (Fixed assets and leasehold improvements ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 206.02 255.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 251.42 Td (2,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 251.42 Td (4,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 236.42 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 236.42 Td (1,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 236.42 Td (3,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 221.42 Td (Investment receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 221.42 Td (1,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 221.42 Td (3,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 206.42 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 206.42 Td (9,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 206.42 Td (4,438) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 191.43 Td (Total Other Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 191.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 191.42 Td (179,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 191.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 191.42 Td (197,886) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 173.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 173.45 Td (Fixed assets and leasehold improvements have a basis of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.70 173.45 Td ($5 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.95 173.45 Td ( and accumulated depreciation of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 419.65 173.45 Td ($3 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.90 173.45 Td ( at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.89 173.45 Td (December31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.62 173.45 Td (. ) Tj ET Q endstream endobj 349 0 obj <> endobj 350 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 1) Tj ET Q q 0 0 0 rg BT 62.94 692.60 Td (1. Other) Tj ET Q q 0 0 0 rg BT 98.30 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 100.25 692.60 Td (Assets and Liabilities - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 90.37 668.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 128.97 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.90 668.10 Td (other ) Tj ET Q q 0 0 0 rg BT 168.95 668.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 208.67 668.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.38 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 276.97 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.97 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.47 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.41 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 374.99 668.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.99 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.49 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 412.20 668.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 463.57 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.85 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.57 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 529.95 668.10 Td (table. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 638.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 638.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 638.10 Td (1) Tj ET Q q 0 0 0 rg BT 65.36 638.10 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 80.36 638.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.86 638.10 Td (Components ) Tj ET Q q 0 0 0 rg BT 142.04 638.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.49 638.10 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 189.43 638.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 230.82 638.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.89 638.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 275.28 638.10 Td (Liabilities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 613.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 613.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 613.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 613.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 583.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 583.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 583.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 583.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 553.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 553.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 553.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 553.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 523.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 523.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 523.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 523.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 523.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 493.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 493.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 493.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 463.60 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 463.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 463.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 613.6 m 377.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 613.6 m 476.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 613.6 m 575.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 463.6 m 476.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 463.6 m 575.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 463.6 m 476.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 449.6 m 476.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 447.6 m 476.5 447.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 463.6 m 575.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 449.6 m 575.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 447.6 m 575.5 447.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 618.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 618.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 618.28 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 603.27 Td (Guarantee obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 603.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 603.27 Td (21,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 603.27 Td (22,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 588.27 Td (Accrued compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 588.27 Td (18,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 588.27 Td (17,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 573.27 Td (Margin payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 573.27 Td (12,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 573.27 Td (6,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 558.27 Td (Residential loan and MSR repurchase reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 558.27 Td (5,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 558.27 Td (6,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 543.27 Td (Accrued operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 543.27 Td (4,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 543.27 Td (1,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 528.27 Td (Restructuring liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 528.27 Td (2,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 528.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 513.27 Td (Legal reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 513.27 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 513.27 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 498.27 Td (Current accounts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 498.27 Td (1,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 498.27 Td (4,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 483.27 Td (Deferred tax liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 483.27 Td (898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 483.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 468.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 468.27 Td (2,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 468.27 Td (8,239) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 453.28 Td (Total Other Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 453.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 453.27 Td (72,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 453.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 453.27 Td (69,897) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 52.85 419.10 Td (gin Receivable and Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (Mar) Tj ET Q q 0 0 0 rg BT 70.48 401.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 85.94 401.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 129.69 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.81 401.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 180.58 401.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 214.92 401.10 Td (from ) Tj ET Q q 0 0 0 rg BT 237.03 401.10 Td (mar) Tj ET Q q 0 0 0 rg BT 252.40 401.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 267.85 401.10 Td (calls ) Tj ET Q q 0 0 0 rg BT 288.86 401.10 Td (between ) Tj ET Q q 0 0 0 rg BT 324.85 401.10 Td (us ) Tj ET Q q 0 0 0 rg BT 336.42 401.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.54 401.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.55 401.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 428.87 401.10 Td (under ) Tj ET Q q 0 0 0 rg BT 454.31 401.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 503.36 401.10 Td (master ) Tj ET Q q 0 0 0 rg BT 532.70 401.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 86.53 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.47 389.10 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 148.73 389.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 188.16 389.10 Td (whereby ) Tj ET Q q 0 0 0 rg BT 225.09 389.10 Td (we ) Tj ET Q q 0 0 0 rg BT 239.25 389.10 Td (or ) Tj ET Q q 0 0 0 rg BT 250.08 389.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.79 389.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 317.83 389.10 Td (posted ) Tj ET Q q 0 0 0 rg BT 346.43 389.10 Td (collateral. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (FHLB Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.04 341.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 112.71 341.10 Td (with ) Tj ET Q q 0 0 0 rg BT 133.20 341.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.25 341.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 213.61 341.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 263.13 341.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 307.50 341.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 351.85 341.10 Td (with ) Tj ET Q q 0 0 0 rg BT 372.34 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.27 341.10 Td (FHLBC, ) Tj ET Q q 0 0 0 rg BT 424.71 341.10 Td (our ) Tj ET Q q 0 0 0 rg BT 440.75 341.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 484.57 341.10 Td (is ) Tj ET Q q 0 0 0 rg BT 493.95 341.10 Td (required ) Tj ET Q q 0 0 0 rg BT 529.98 341.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.47 341.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.94 329.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 73.22 329.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 96.83 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.10 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.82 329.10 Td (FHLBC. ) Tj ET Q q 0 0 0 rg BT 159.05 329.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.99 329.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 197.38 329.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.38 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.88 329.10 Td (for ) Tj ET Q q 0 0 0 rg BT 224.04 329.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 266.53 329.10 Td (detail.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 299.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 81.09 299.10 Td (Asset, Pledged Collateral, and Guarantee Obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (The ) Tj ET Q q 0 0 0 rg BT 73.22 281.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 108.55 281.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 151.92 281.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 194.45 281.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 220.06 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.17 281.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 280.70 281.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 328.82 281.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 370.81 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.26 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.15 281.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 425.14 281.10 Td (above ) Tj ET Q q 0 0 0 rg BT 452.69 281.10 Td (are ) Tj ET Q q 0 0 0 rg BT 468.57 281.10 Td (related ) Tj ET Q q 0 0 0 rg BT 499.44 281.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.89 281.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.90 281.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 546.57 281.10 Td (sharing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 92.39 269.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.69 269.10 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 142.44 269.10 Td (Mae ) Tj ET Q q 0 0 0 rg BT 162.73 269.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.70 269.10 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 212.77 269.10 Td (Mac. ) Tj ET Q q 0 0 0 rg BT 235.57 269.10 Td (In ) Tj ET Q q 0 0 0 rg BT 246.42 269.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 293.91 269.10 Td (with ) Tj ET Q q 0 0 0 rg BT 314.22 269.10 Td (these ) Tj ET Q q 0 0 0 rg BT 337.29 269.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 396.18 269.10 Td (we ) Tj ET Q q 0 0 0 rg BT 410.37 269.10 Td (are ) Tj ET Q q 0 0 0 rg BT 425.10 269.10 Td (required ) Tj ET Q q 0 0 0 rg BT 460.94 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.25 269.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 500.43 269.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 540.16 269.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.46 269.10 Td (secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 257.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 93.19 257.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 142.64 257.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.57 257.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 180.96 257.10 Td (3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.46 257.10 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 205.40 257.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 226.79 257.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.79 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.29 257.10 Td (for ) Tj ET Q q 0 0 0 rg BT 253.45 257.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 295.94 257.10 Td (information ) Tj ET Q q 0 0 0 rg BT 345.65 257.10 Td (on ) Tj ET Q q 0 0 0 rg BT 358.15 257.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.98 257.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 391.48 257.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 423.42 257.10 Td (arrangements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (Investment Receivable and Unsettled T) Tj ET Q q 0 0 0 rg BT 191.51 227.10 Td (rades) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.78 209.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 112.19 209.10 Td (with ) Tj ET Q q 0 0 0 rg BT 132.42 209.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.20 209.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 175.65 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.88 209.10 Td (record ) Tj ET Q q 0 0 0 rg BT 213.87 209.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 255.75 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.64 209.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 294.53 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.31 209.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 345.52 209.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.97 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.64 209.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 395.08 209.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 416.69 209.10 Td (if ) Tj ET Q q 0 0 0 rg BT 425.25 209.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.91 209.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 462.35 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.24 209.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 522.79 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 533.57 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.46 209.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.10 Td (or ) Tj ET Q q 0 0 0 rg BT 47.16 197.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 65.53 197.10 Td (crosses ) Tj ET Q q 0 0 0 rg BT 97.24 197.10 Td (over ) Tj ET Q q 0 0 0 rg BT 117.84 197.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.10 197.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 164.02 197.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 203.50 197.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 234.38 197.10 Td (we ) Tj ET Q q 0 0 0 rg BT 248.87 197.10 Td (will ) Tj ET Q q 0 0 0 rg BT 267.25 197.10 Td (record ) Tj ET Q q 0 0 0 rg BT 295.61 197.10 Td (an ) Tj ET Q q 0 0 0 rg BT 307.88 197.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 354.59 197.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 398.50 197.10 Td (for ) Tj ET Q q 0 0 0 rg BT 412.98 197.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 435.25 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.51 197.10 Td (an ) Tj ET Q q 0 0 0 rg BT 464.78 197.10 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 503.71 197.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 530.41 197.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 564.35 197.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.10 Td (purchases.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 161.10 Td (REO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.12 143.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 108.01 143.10 Td (value ) Tj ET Q q 0 0 0 rg BT 132.23 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.14 143.10 Td (REO ) Tj ET Q q 0 0 0 rg BT 165.71 143.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 143.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 234.15 143.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.23 143.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.35 143.10 Td ($6 ) Tj ET Q q 0 0 0 rg BT 289.92 143.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.81 143.10 Td (, ) Tj ET Q q 0 0 0 rg BT 323.89 143.10 Td (which ) Tj ET Q q 0 0 0 rg BT 350.90 143.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 386.79 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.58 143.10 Td (net ) Tj ET Q q 0 0 0 rg BT 416.37 143.10 Td (ef) Tj ET Q q 0 0 0 rg BT 423.96 143.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 441.52 143.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.42 143.10 Td ($12 ) Tj ET Q q 0 0 0 rg BT 469.99 143.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.88 143.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.46 143.10 Td (related ) Tj ET Q q 0 0 0 rg BT 531.23 143.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.58 143.10 Td (transfers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 131.10 Td (into ) Tj ET Q q 0 0 0 rg BT 53.22 131.10 Td (REO ) Tj ET Q q 0 0 0 rg BT 74.89 131.10 Td (during ) Tj ET Q q 0 0 0 rg BT 102.67 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.55 131.10 Td (year ) Tj ET Q q 0 0 0 rg BT 135.43 131.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.97 131.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 218.72 131.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.72 131.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.89 131.10 Td (of) Tj ET Q q 0 0 0 rg BT 251.04 131.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 267.15 131.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.81 131.10 Td ($13 ) Tj ET Q q 0 0 0 rg BT 295.48 131.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.37 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.04 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.04 131.10 Td (REO ) Tj ET Q q 0 0 0 rg BT 357.70 131.10 Td (liquidations ) Tj ET Q q 0 0 0 rg BT 406.59 131.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.70 131.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 434.37 131.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.26 131.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.93 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.92 131.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 518.23 131.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 541.01 131.10 Td (resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 119.10 Td (from ) Tj ET Q q 0 0 0 rg BT 57.73 119.10 Td (market ) Tj ET Q q 0 0 0 rg BT 87.79 119.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 127.29 119.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 179.35 119.10 Td (At ) Tj ET Q q 0 0 0 rg BT 191.64 119.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.71 119.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 270.08 119.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.08 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 292.38 119.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.11 119.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.48 119.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.48 119.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.27 119.10 Td (there ) Tj ET Q q 0 0 0 rg BT 414.55 119.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.27 119.10 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.27 119.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.56 119.10 Td (REO ) Tj ET Q q 0 0 0 rg BT 470.85 119.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 513.13 119.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 550.40 119.10 Td (on ) Tj ET Q q 0 0 0 rg BT 562.69 119.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 107.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 89.04 107.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 122.07 107.10 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 151.51 107.10 Td (all ) Tj ET Q q 0 0 0 rg BT 164.01 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.84 107.10 Td (which ) Tj ET Q q 0 0 0 rg BT 201.78 107.10 Td (were ) Tj ET Q q 0 0 0 rg BT 223.71 107.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 252.87 107.10 Td (at ) Tj ET Q q 0 0 0 rg BT 262.58 107.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 315.62 107.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 350.34 107.10 Td (entities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 83.10 Td (Legal and Repur) Tj ET Q q 0 0 0 rg BT 102.85 83.10 Td (chase Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 59.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.94 59.10 Td (Note 15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 59.10 Td ( for additional information on the legal and residential repurchase reserves.) Tj ET Q endstream endobj 351 0 obj <> endobj 352 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 1) Tj ET Q q 0 0 0 rg BT 62.94 692.60 Td (1. Other) Tj ET Q q 0 0 0 rg BT 98.30 692.60 Td ( ) Tj ET Q q 0 0 0 rg BT 100.25 692.60 Td (Assets and Liabilities - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 93.31 668.10 Td (Accruals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 644.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.95 644.10 Td (January ) Tj ET Q q 0 0 0 rg BT 100.68 644.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 126.80 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 142.09 644.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 189.03 644.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 213.76 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.16 644.10 Td (restructure ) Tj ET Q q 0 0 0 rg BT 271.54 644.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 302.37 644.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 334.87 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.82 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 363.78 644.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 409.05 644.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 450.44 644.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 471.28 644.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 516.56 644.10 Td (by ) Tj ET Q q 0 0 0 rg BT 530.19 644.10 Td (ceasing ) Tj ET Q q 0 0 0 rg BT 563.80 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 82.45 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.46 632.10 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 149.24 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.14 632.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 209.37 632.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 233.05 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 247.28 632.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 273.17 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.52 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.74 632.10 Td (Agencies. ) Tj ET Q q 0 0 0 rg BT 339.45 632.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 389.36 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 394.43 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.78 632.10 Td (February ) Tj ET Q q 0 0 0 rg BT 443.45 632.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 468.52 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 482.75 632.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 528.64 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 544.54 632.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 568.22 632.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (restructure ) Tj ET Q q 0 0 0 rg BT 81.35 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.27 620.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 147.06 620.10 Td (business ) Tj ET Q q 0 0 0 rg BT 183.54 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.58 620.10 Td (no ) Tj ET Q q 0 0 0 rg BT 213.17 620.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 241.31 620.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 279.44 620.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 329.23 620.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 355.43 620.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 383.12 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 388.21 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.58 620.10 Td (March ) Tj ET Q q 0 0 0 rg BT 427.27 620.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 452.37 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 466.62 620.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 512.53 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.34 620.10 Td (departure ) Tj ET Q q 0 0 0 rg BT 567.68 620.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 608.10 Td (President ) Tj ET Q q 0 0 0 rg BT 91.55 608.10 Td (ef) Tj ET Q q 0 0 0 rg BT 99.13 608.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 128.84 608.10 Td (July ) Tj ET Q q 0 0 0 rg BT 148.01 608.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 158.01 608.10 Td (2016.) Tj ET Q q 0 0 0 rg BT 182.83 608.10 Td (These ) Tj ET Q q 0 0 0 rg BT 209.20 608.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 262.80 608.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 301.40 608.10 Td (were ) Tj ET Q q 0 0 0 rg BT 323.32 608.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 376.38 608.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 420.53 608.10 Td (during ) Tj ET Q q 0 0 0 rg BT 449.13 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.85 608.10 Td (second ) Tj ET Q q 0 0 0 rg BT 494.12 608.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 524.94 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.77 608.10 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.21 584.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 109.96 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 129.62 584.10 Td (these ) Tj ET Q q 0 0 0 rg BT 152.05 584.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 192.53 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 206.07 584.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 241.27 584.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 294.25 584.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 334.73 584.10 Td (including ) Tj ET Q q 0 0 0 rg BT 374.38 584.10 Td (one-time ) Tj ET Q q 0 0 0 rg BT 411.80 584.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 459.78 584.10 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 495.82 584.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 529.90 584.10 Td (termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 61.83 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 79.59 572.10 Td (other ) Tj ET Q q 0 0 0 rg BT 103.47 572.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 147.89 572.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 173.71 572.10 Td (During ) Tj ET Q q 0 0 0 rg BT 205.37 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.91 572.10 Td (first ) Tj ET Q q 0 0 0 rg BT 240.35 572.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 271.99 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.65 572.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 309.47 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 324.46 572.10 Td (established ) Tj ET Q q 0 0 0 rg BT 372.22 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.99 572.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 434.41 572.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 468.84 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.61 572.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 524.91 572.10 Td (restructuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (char) Tj ET Q q 0 0 0 rg BT 53.03 560.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 69.11 560.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.41 560.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 120.16 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.05 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.80 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.32 560.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 205.06 560.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 243.91 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 256.65 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.73 560.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 326.02 560.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 370.99 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.06 560.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 416.75 560.10 Td (which ) Tj ET Q q 0 0 0 rg BT 443.93 560.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.12 560.10 Td ($9 ) Tj ET Q q 0 0 0 rg BT 493.87 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.76 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.51 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.59 560.10 Td (severance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (related ) Tj ET Q q 0 0 0 rg BT 65.45 548.10 Td (char) Tj ET Q q 0 0 0 rg BT 82.48 548.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 98.06 548.10 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 548.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 153.66 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.55 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.80 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.38 548.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 222.63 548.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 280.42 548.10 Td (expense\) ) Tj ET Q q 0 0 0 rg BT 318.21 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 548.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 347.15 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.04 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.29 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.87 548.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 423.32 548.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 471.67 548.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 496.26 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 504.89 548.10 Td (e ) Tj ET Q q 0 0 0 rg BT 511.58 548.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 549.93 548.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.97 536.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 94.27 536.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 134.24 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.78 536.10 Td (be ) Tj ET Q q 0 0 0 rg BT 156.97 536.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 210.28 536.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 239.14 536.10 Td (during ) Tj ET Q q 0 0 0 rg BT 268.01 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.98 536.10 Td (next ) Tj ET Q q 0 0 0 rg BT 302.95 536.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 328.48 536.10 Td (months ) Tj ET Q q 0 0 0 rg BT 360.68 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.22 536.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 418.93 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.47 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.44 536.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 479.42 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.50 536.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 539.92 536.10 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.82 524.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 105.20 524.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 155.62 524.10 Td (For ) Tj ET Q q 0 0 0 rg BT 171.89 524.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 207.60 524.10 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 249.14 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 263.19 524.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 299.45 524.10 Td (these ) Tj ET Q q 0 0 0 rg BT 322.38 524.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 375.86 524.10 Td (char) Tj ET Q q 0 0 0 rg BT 392.89 524.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 408.60 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.32 524.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 459.46 524.10 Td (char) Tj ET Q q 0 0 0 rg BT 476.49 524.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 492.20 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.02 524.10 Td (included ) Tj ET Q q 0 0 0 rg BT 545.84 524.10 Td (them ) Tj ET Q q 0 0 0 rg BT 568.22 524.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 512.10 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 118.75 512.10 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 166.23 512.10 Td (column ) Tj ET Q q 0 0 0 rg BT 198.72 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.00 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.83 512.10 Td (business ) Tj ET Q q 0 0 0 rg BT 261.22 512.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 297.05 512.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.53 512.10 Td (information ) Tj ET Q q 0 0 0 rg BT 384.24 512.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 410.07 512.10 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.35 512.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 441.73 512.10 Td (22 ) Tj ET Q q 0 0 0 rg BT 454.23 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.62 512.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 502.00 512.10 Td (Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.78 512.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 488.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 488.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 488.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.47 488.10 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 240.06 488.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 278.66 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.60 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.31 488.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 353.91 488.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 393.62 488.10 Td (during ) Tj ET Q q 0 0 0 rg BT 422.23 488.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.95 488.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.16 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.66 488.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.03 488.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 541.62 488.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.62 488.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 467.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 467.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 467.10 Td (1) Tj ET Q q 0 0 0 rg BT 65.36 467.10 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 80.36 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.48 467.10 Td (Activities ) Tj ET Q q 0 0 0 rg BT 127.75 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.58 467.10 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 198.32 467.10 Td (Liabilities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 408.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 408.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 408.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 408.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 378.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 378.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 378.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 378.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 348.60 318.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 348.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 348.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 348.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 442.6 m 427.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 442.6 m 431.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 442.6 m 501.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 442.6 m 505.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 442.6 m 575.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 408.6 m 353.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 408.6 m 427.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 408.6 m 501.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 408.6 m 575.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 348.6 m 575.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 348.6 m 427.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 334.6 m 427.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 332.6 m 427.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 348.6 m 501.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 334.6 m 501.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 332.6 m 501.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 348.6 m 575.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 334.6 m 575.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 332.6 m 575.5 332.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.35 447.28 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 413.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.50 423.28 Td (Termination) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.75 413.28 Td (Benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.80 433.28 Td (Contract) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 423.28 Td (Termination) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.30 413.28 Td (Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.05 433.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.00 423.28 Td (Restructuring) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.60 413.28 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 398.27 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 398.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 398.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 398.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 398.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 398.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 398.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 383.27 Td (Costs incurred and expensed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 383.27 Td (8,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 383.27 Td (1,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 383.27 Td (10,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 368.27 Td (Costs paid/settled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 368.32 Td (\(3,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 368.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 368.32 Td (\(1,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 368.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 368.27 Td (\(4,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 368.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 353.27 Td (Other costs ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 85.77 357.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 353.32 Td (\(3,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 353.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 353.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 353.27 Td (\(3,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 353.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 338.28 Td (Ending Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 338.27 Td (2,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 338.27 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 338.27 Td (2,297) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 317.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 317.30 Td (Amount ) Tj ET Q q 0 0 0 rg BT 85.17 317.30 Td (represents ) Tj ET Q q 0 0 0 rg BT 123.31 317.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 147.48 317.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 199.13 317.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 229.78 317.30 Td (recorded ) Tj ET Q q 0 0 0 rg BT 262.92 317.30 Td (during ) Tj ET Q q 0 0 0 rg BT 288.09 317.30 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.75 317.30 Td (year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.23 317.30 Td ( ) Tj ET Q q 0 0 0 rg BT 317.90 317.30 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.06 317.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 393.20 317.30 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.20 317.30 Td ( ) Tj ET Q q 0 0 0 rg BT 412.86 317.30 Td (related ) Tj ET Q q 0 0 0 rg BT 439.01 317.30 Td (to ) Tj ET Q q 0 0 0 rg BT 447.68 317.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 471.84 317.30 Td (awards ) Tj ET Q q 0 0 0 rg BT 498.99 317.30 Td (that ) Tj ET Q q 0 0 0 rg BT 514.15 317.30 Td (were ) Tj ET Q q 0 0 0 rg BT 533.30 317.30 Td (accelerated, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 306.50 Td (and ) Tj ET Q q 0 0 0 rg BT 69.24 306.50 Td (have ) Tj ET Q q 0 0 0 rg BT 88.48 306.50 Td (been ) Tj ET Q q 0 0 0 rg BT 107.72 306.50 Td (distributed ) Tj ET Q q 0 0 0 rg BT 148.47 306.50 Td (or ) Tj ET Q q 0 0 0 rg BT 158.22 306.50 Td (will ) Tj ET Q q 0 0 0 rg BT 174.47 306.50 Td (be ) Tj ET Q q 0 0 0 rg BT 185.21 306.50 Td (distributed ) Tj ET Q q 0 0 0 rg BT 225.96 306.50 Td (in ) Tj ET Q q 0 0 0 rg BT 235.21 306.50 Td (future ) Tj ET Q q 0 0 0 rg BT 258.95 306.50 Td (periods.) Tj ET Q endstream endobj 353 0 obj <> endobj 354 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 12. Short-T) Tj ET Q q 0 0 0 rg BT 106.46 668.25 Td (erm Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 648.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.76 648.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 92.43 648.25 Td (into ) Tj ET Q q 0 0 0 rg BT 110.67 648.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 156.66 648.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 207.37 648.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 229.49 648.25 Td (warehouse ) Tj ET Q q 0 0 0 rg BT 274.94 648.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 325.65 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.77 648.25 Td (other ) Tj ET Q q 0 0 0 rg BT 366.00 648.25 Td (forms ) Tj ET Q q 0 0 0 rg BT 392.02 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.03 648.25 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 459.56 648.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 480.02 648.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 519.90 648.25 Td (uncommitted\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 80.13 636.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 128.15 636.25 Td (with ) Tj ET Q q 0 0 0 rg BT 148.40 636.25 Td (several ) Tj ET Q q 0 0 0 rg BT 179.19 636.25 Td (banks ) Tj ET Q q 0 0 0 rg BT 205.00 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.91 636.25 Td (major ) Tj ET Q q 0 0 0 rg BT 247.71 636.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 294.06 636.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 328.75 636.25 Td (firms. ) Tj ET Q q 0 0 0 rg BT 354.29 636.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.76 636.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 425.32 636.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.32 636.25 Td (, ) Tj ET Q q 0 0 0 rg BT 450.29 636.25 Td (we ) Tj ET Q q 0 0 0 rg BT 464.42 636.25 Td (had ) Tj ET Q q 0 0 0 rg BT 481.34 636.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 530.47 636.25 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (with ) Tj ET Q q 0 0 0 rg BT 55.94 624.25 Td (several ) Tj ET Q q 0 0 0 rg BT 86.41 624.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 145.21 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.81 624.25 Td (we ) Tj ET Q q 0 0 0 rg BT 175.63 624.25 Td (were ) Tj ET Q q 0 0 0 rg BT 197.22 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.16 624.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 255.41 624.25 Td (with ) Tj ET Q q 0 0 0 rg BT 275.34 624.25 Td (all ) Tj ET Q q 0 0 0 rg BT 287.50 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.99 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.37 624.25 Td (related ) Tj ET Q q 0 0 0 rg BT 341.73 624.25 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 386.37 624.25 Td (For ) Tj ET Q q 0 0 0 rg BT 402.42 624.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 444.57 624.25 Td (information ) Tj ET Q q 0 0 0 rg BT 493.94 624.25 Td (about ) Tj ET Q q 0 0 0 rg BT 518.32 624.25 Td (these ) Tj ET Q q 0 0 0 rg BT 541.03 624.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 78.84 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.13 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 112.31 612.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 156.81 612.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 179.38 612.25 Td (see ) Tj ET Q q 0 0 0 rg BT 195.00 612.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 213.96 612.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 225.97 612.25 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 254.64 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.82 612.25 Td (this ) Tj ET Q q 0 0 0 rg BT 282.49 612.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 314.78 612.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 344.85 612.25 Td (on ) Tj ET Q q 0 0 0 rg BT 357.70 612.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 382.22 612.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 405.62 612.25 Td (under ) Tj ET Q q 0 0 0 rg BT 431.24 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.31 612.25 Td (heading ) Tj ET Q q 0 0 0 rg BT 480.82 612.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 485.25 612.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 509.21 612.25 Td (Relating ) Tj ET Q q 0 0 0 rg BT 545.95 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 556.57 612.25 Td (Debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 600.25 Td (Incurr) Tj ET Q q 0 0 0 rg BT 61.18 600.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 73.12 600.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 101.17 600.25 Td (Short- ) Tj ET Q q 0 0 0 rg BT 128.67 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.17 600.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 174.71 600.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 192.76 600.25 Td (Borr) Tj ET Q q 0 0 0 rg BT 211.28 600.25 Td (owing ) Tj ET Q q 0 0 0 rg BT 238.23 600.25 Td (Facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.50 600.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.93 600.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.10 580.25 Td (table ) Tj ET Q q 0 0 0 rg BT 94.10 580.25 Td (below ) Tj ET Q q 0 0 0 rg BT 121.09 580.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 171.41 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.19 580.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 223.17 580.25 Td (that ) Tj ET Q q 0 0 0 rg BT 240.73 580.25 Td (are ) Tj ET Q q 0 0 0 rg BT 255.49 580.25 Td (available ) Tj ET Q q 0 0 0 rg BT 294.14 580.25 Td (to ) Tj ET Q q 0 0 0 rg BT 304.47 580.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 318.42 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.20 580.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 382.42 580.25 Td (balances, ) Tj ET Q q 0 0 0 rg BT 421.90 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.68 580.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 475.89 580.25 Td (average ) Tj ET Q q 0 0 0 rg BT 509.53 580.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 541.52 580.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 561.56 580.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.72 568.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 87.10 568.25 Td (information ) Tj ET Q q 0 0 0 rg BT 136.81 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.64 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.36 568.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 206.51 568.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 226.23 568.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.95 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 294.53 568.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.53 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.03 568.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.97 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 392.55 568.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.55 568.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 538.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 538.25 Td (able 12.1 Short-T) Tj ET Q q 0 0 0 rg BT 119.72 538.25 Td (erm Debt Facilities ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 458.75 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 458.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 458.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 458.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 458.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 458.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 458.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 458.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 458.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 458.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 458.75 77.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 428.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 428.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 512.75 m 253.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 512.75 m 257.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 512.75 m 319.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 512.75 m 323.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 512.75 m 383.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 512.75 m 387.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 512.75 m 436.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 512.75 m 440.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 512.75 m 517.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 512.75 m 521.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 512.75 m 576.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 458.75 m 194.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 458.75 m 253.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 458.75 m 319.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 512.75 m 383.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 458.75 m 383.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 458.75 m 436.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 458.75 m 517.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 458.75 m 576.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 428.75 m 253.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 428.75 m 253.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 414.75 m 253.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 412.75 m 253.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 428.75 m 319.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 414.75 m 319.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 412.75 m 319.5 412.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 517.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 463.43 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.35 473.43 Td (Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.30 463.43 Td (Facilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.30 473.43 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.05 463.43 Td (Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.05 463.43 Td (Limit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.20 493.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.10 483.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.90 473.43 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.50 463.43 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.05 463.43 Td (Maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.20 493.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.10 483.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.85 473.43 Td (Days Until) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.05 463.43 Td (Maturity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 448.42 Td (Residential loan warehouse) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 448.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 448.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 448.42 Td (485,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 448.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.60 448.42 Td (1,325,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 448.42 Td (2.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 448.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 455.35 63.89 -9.09 re f /GS0 gs q 0 0 0 rg BT 443.00 448.42 Td (1/2017-12/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 448.42 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 433.42 Td (Real estate securities repo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 433.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 433.42 Td (305,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 433.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 433.42 Td (1.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 433.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 433.42 Td (1/2017-3/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.50 433.42 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 418.43 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 418.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 418.42 Td (791,539) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 319.75 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 319.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 319.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 319.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 319.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 319.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 319.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 289.75 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 289.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 289.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 289.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 289.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 289.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 289.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 259.75 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 259.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 259.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 259.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 259.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 259.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 259.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 370.75 m 253.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 370.75 m 257.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 370.75 m 319.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 370.75 m 323.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 370.75 m 384.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 370.75 m 388.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 370.75 m 437.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 370.75 m 441.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 370.75 m 517.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 370.75 m 521.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 370.75 m 576.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 319.75 m 194.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 319.75 m 253.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 319.75 m 319.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 370.75 m 384.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 319.75 m 384.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 370.75 m 388.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 370.75 m 437.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 319.75 m 437.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 319.75 m 517.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 370.75 m 576.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 319.75 m 576.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 319.75 m 384.5 319.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 259.75 m 253.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 259.75 m 319.5 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 245.75 m 253.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 243.75 m 253.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 245.75 m 319.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 243.75 m 319.5 243.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 375.43 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 324.43 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.35 334.43 Td (Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.30 324.43 Td (Facilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.30 334.43 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.05 324.43 Td (Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.55 324.43 Td (Limit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.20 354.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.10 344.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.90 334.43 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.50 324.43 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.55 324.43 Td (Maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.20 354.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.10 344.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.85 334.43 Td (Days Until) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.05 324.43 Td (Maturity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 309.42 Td (Residential loan warehouse) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 309.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 309.42 Td (950,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.60 309.42 Td (1,400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 309.42 Td (1.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 309.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 309.42 Td (2/2016-12/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 309.42 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 294.42 Td (FHLBC) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 71.23 298.95 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 294.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 294.42 Td (137,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 294.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 294.42 Td (0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 294.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 294.42 Td (7/2016-11/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 294.42 Td (204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 279.42 Td (Commercial loan warehouse) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 279.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 279.42 Td (73,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 279.42 Td (300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 279.42 Td (4.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 279.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 279.42 Td (4/2016-10/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 279.42 Td (265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 264.42 Td (Real estate securities repo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 264.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 264.42 Td (693,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 264.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 264.42 Td (1.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 264.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 264.42 Td (1/2016-3/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.50 264.42 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 249.43 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 249.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 249.42 Td (1,855,003) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 226.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 226.45 Td (Amount ) Tj ET Q q 0 0 0 rg BT 85.06 226.45 Td (represents ) Tj ET Q q 0 0 0 rg BT 123.10 226.45 Td (the ) Tj ET Q q 0 0 0 rg BT 135.66 226.45 Td (portion ) Tj ET Q q 0 0 0 rg BT 163.21 226.45 Td (of ) Tj ET Q q 0 0 0 rg BT 172.27 226.45 Td (our ) Tj ET Q q 0 0 0 rg BT 185.83 226.45 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 228.38 226.45 Td (from ) Tj ET Q q 0 0 0 rg BT 247.44 226.45 Td (the ) Tj ET Q q 0 0 0 rg BT 259.99 226.45 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 290.56 226.45 Td (that ) Tj ET Q q 0 0 0 rg BT 305.61 226.45 Td (were ) Tj ET Q q 0 0 0 rg BT 324.66 226.45 Td (due ) Tj ET Q q 0 0 0 rg BT 339.21 226.45 Td (within ) Tj ET Q q 0 0 0 rg BT 363.77 226.45 Td (12 ) Tj ET Q q 0 0 0 rg BT 374.33 226.45 Td (months ) Tj ET Q q 0 0 0 rg BT 402.39 226.45 Td (at ) Tj ET Q q 0 0 0 rg BT 410.45 226.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 462.48 226.45 Td (2015. ) Tj ET Q q 0 0 0 rg BT 484.29 226.45 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.84 226.45 Td (Note ) Tj ET Q q 0 0 0 rg BT 517.40 226.45 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.40 226.45 Td ( ) Tj ET Q q 0 0 0 rg BT 527.96 226.45 Td (for ) Tj ET Q q 0 0 0 rg BT 540.01 226.45 Td (additional ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 215.65 Td (information ) Tj ET Q q 0 0 0 rg BT 98.74 215.65 Td (on ) Tj ET Q q 0 0 0 rg BT 109.99 215.65 Td (our ) Tj ET Q q 0 0 0 rg BT 124.24 215.65 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 181.98 215.65 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 226.35 215.65 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 266.09 215.65 Td (agreement ) Tj ET Q q 0 0 0 rg BT 305.82 215.65 Td (with ) Tj ET Q q 0 0 0 rg BT 324.07 215.65 Td (the ) Tj ET Q q 0 0 0 rg BT 337.32 215.65 Td (FHLBC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.65 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 103.17 191.65 Td (under ) Tj ET Q q 0 0 0 rg BT 127.88 191.65 Td (these ) Tj ET Q q 0 0 0 rg BT 150.38 191.65 Td (facilities ) Tj ET Q q 0 0 0 rg BT 186.75 191.65 Td (are ) Tj ET Q q 0 0 0 rg BT 200.91 191.65 Td (generally ) Tj ET Q q 0 0 0 rg BT 240.06 191.65 Td (char) Tj ET Q q 0 0 0 rg BT 257.08 191.65 Td (ged ) Tj ET Q q 0 0 0 rg BT 273.47 191.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 304.85 191.65 Td (based ) Tj ET Q q 0 0 0 rg BT 329.57 191.65 Td (on ) Tj ET Q q 0 0 0 rg BT 341.51 191.65 Td (a ) Tj ET Q q 0 0 0 rg BT 347.90 191.65 Td (specified ) Tj ET Q q 0 0 0 rg BT 385.94 191.65 Td (mar) Tj ET Q q 0 0 0 rg BT 401.31 191.65 Td (gin ) Tj ET Q q 0 0 0 rg BT 416.03 191.65 Td (over ) Tj ET Q q 0 0 0 rg BT 435.75 191.65 Td (the ) Tj ET Q q 0 0 0 rg BT 449.91 191.65 Td (one-month ) Tj ET Q q 0 0 0 rg BT 495.19 191.65 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 527.13 191.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 558.51 191.65 Td (rate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 179.65 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.82 179.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 105.72 179.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.72 179.65 Td (, ) Tj ET Q q 0 0 0 rg BT 130.04 179.65 Td (all ) Tj ET Q q 0 0 0 rg BT 141.86 179.65 Td (of ) Tj ET Q q 0 0 0 rg BT 152.01 179.65 Td (these ) Tj ET Q q 0 0 0 rg BT 174.38 179.65 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 221.75 179.65 Td (were ) Tj ET Q q 0 0 0 rg BT 243.00 179.65 Td (under ) Tj ET Q q 0 0 0 rg BT 267.59 179.65 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 322.18 179.65 Td (facilities ) Tj ET Q q 0 0 0 rg BT 358.43 179.65 Td (and ) Tj ET Q q 0 0 0 rg BT 374.68 179.65 Td (were ) Tj ET Q q 0 0 0 rg BT 395.93 179.65 Td (due ) Tj ET Q q 0 0 0 rg BT 412.19 179.65 Td (within ) Tj ET Q q 0 0 0 rg BT 439.57 179.65 Td (364 ) Tj ET Q q 0 0 0 rg BT 456.39 179.65 Td (days ) Tj ET Q q 0 0 0 rg BT 476.54 179.65 Td (\(or ) Tj ET Q q 0 0 0 rg BT 490.02 179.65 Td (less\) ) Tj ET Q q 0 0 0 rg BT 510.17 179.65 Td (of ) Tj ET Q q 0 0 0 rg BT 520.32 179.65 Td (the ) Tj ET Q q 0 0 0 rg BT 534.36 179.65 Td (borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 167.65 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.65 Td (The ) Tj ET Q q 0 0 0 rg BT 71.86 147.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 88.04 147.65 Td (value ) Tj ET Q q 0 0 0 rg BT 112.01 147.65 Td (of ) Tj ET Q q 0 0 0 rg BT 122.65 147.65 Td (held-for) Tj ET Q q 0 0 0 rg BT 154.65 147.65 Td (-sale ) Tj ET Q q 0 0 0 rg BT 175.84 147.65 Td (residential ) Tj ET Q q 0 0 0 rg BT 219.80 147.65 Td (loans, ) Tj ET Q q 0 0 0 rg BT 245.72 147.65 Td (commercial ) Tj ET Q q 0 0 0 rg BT 295.23 147.65 Td (loans, ) Tj ET Q q 0 0 0 rg BT 321.14 147.65 Td (and ) Tj ET Q q 0 0 0 rg BT 337.89 147.65 Td (real ) Tj ET Q q 0 0 0 rg BT 355.19 147.65 Td (estate ) Tj ET Q q 0 0 0 rg BT 380.26 147.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 420.33 147.65 Td (pledged ) Tj ET Q q 0 0 0 rg BT 454.30 147.65 Td (as ) Tj ET Q q 0 0 0 rg BT 464.94 147.65 Td (collateral ) Tj ET Q q 0 0 0 rg BT 504.44 147.65 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.31 147.65 Td ($534 ) Tj ET Q q 0 0 0 rg BT 544.62 147.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 147.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 135.65 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.21 135.65 Td (, ) Tj ET Q q 0 0 0 rg BT 57.08 135.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.90 135.65 Td ($363 ) Tj ET Q q 0 0 0 rg BT 94.27 135.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.17 135.65 Td (, ) Tj ET Q q 0 0 0 rg BT 127.04 135.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 174.70 135.65 Td (, ) Tj ET Q q 0 0 0 rg BT 178.58 135.65 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.17 135.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 244.63 135.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.63 135.65 Td ( ) Tj ET Q q 0 0 0 rg BT 266.01 135.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.82 135.65 Td ($1.07 ) Tj ET Q q 0 0 0 rg BT 305.70 135.65 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.81 135.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.69 135.65 Td ($152 ) Tj ET Q q 0 0 0 rg BT 357.06 135.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.95 135.65 Td (, ) Tj ET Q q 0 0 0 rg BT 389.83 135.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.64 135.65 Td ($827 ) Tj ET Q q 0 0 0 rg BT 427.02 135.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.91 135.65 Td (, ) Tj ET Q q 0 0 0 rg BT 459.79 135.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 507.45 135.65 Td (, ) Tj ET Q q 0 0 0 rg BT 511.33 135.65 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 135.65 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 123.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 123.65 Td (. ) Tj ET Q q 0 0 0 rg BT 61.63 123.65 Td (For ) Tj ET Q q 0 0 0 rg BT 78.66 123.65 Td (the ) Tj ET Q q 0 0 0 rg BT 94.01 123.65 Td (years ) Tj ET Q q 0 0 0 rg BT 118.24 123.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.25 123.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 204.46 123.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.46 123.65 Td ( ) Tj ET Q q 0 0 0 rg BT 227.59 123.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.17 123.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.17 123.65 Td (, ) Tj ET Q q 0 0 0 rg BT 270.80 123.65 Td (the ) Tj ET Q q 0 0 0 rg BT 286.15 123.65 Td (average ) Tj ET Q q 0 0 0 rg BT 320.36 123.65 Td (balance ) Tj ET Q q 0 0 0 rg BT 354.03 123.65 Td (of ) Tj ET Q q 0 0 0 rg BT 365.49 123.65 Td (short-term ) Tj ET Q q 0 0 0 rg BT 410.28 123.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 430.63 123.65 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.31 123.65 Td ($1.09 ) Tj ET Q q 0 0 0 rg BT 474.94 123.65 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.06 123.65 Td ( ) Tj ET Q q 0 0 0 rg BT 504.19 123.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.76 123.65 Td ($1.67 ) Tj ET Q q 0 0 0 rg BT 547.39 123.65 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 123.65 Td (, ) Tj ET Q 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111.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.43 111.65 Td ( ) Tj ET Q q 0 0 0 rg BT 515.67 111.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.36 111.65 Td ($2 ) Tj ET Q q 0 0 0 rg BT 544.61 111.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 111.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 99.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 99.65 Td (.) Tj ET Q endstream endobj 355 0 obj <> endobj 356 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 12. 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 568.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 568.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 568.10 Td (12.2 ) Tj ET Q q 0 0 0 rg BT 80.91 568.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.41 568.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 119.72 568.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 138.33 568.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 160.27 568.10 Td (by ) Tj ET Q q 0 0 0 rg BT 172.21 568.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 215.82 568.10 Td (T) Tj ET Q q 0 0 0 rg BT 221.56 568.10 Td (ype ) Tj ET Q q 0 0 0 rg BT 237.93 568.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.00 568.10 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 304.06 568.10 Td (Maturities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 510.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 510.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 502.50 480.60 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 534.6 m 344.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 534.6 m 348.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 534.6 m 421.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 534.6 m 425.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 534.6 m 498.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 534.6 m 502.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 534.6 m 575.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 510.6 m 259.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 510.6 m 344.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 510.6 m 421.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 510.6 m 498.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 510.6 m 575.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 465.6 m 344.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 465.6 m 421.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 465.6 m 498.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 465.6 m 575.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 451.6 m 344.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 449.6 m 344.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 465.6 m 421.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 451.6 m 421.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 449.6 m 421.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 465.6 m 498.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 451.6 m 498.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 449.6 m 498.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 465.6 m 575.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 451.6 m 575.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 449.6 m 575.5 449.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.65 539.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 515.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.35 515.28 Td (Within 30 days) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.85 515.28 Td (31 to 90 days) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.50 515.28 Td (Over 90 days) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.55 515.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 500.28 Td (Collateral Type) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 485.27 Td (Held-for sale residential loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 485.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 485.27 Td (109,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 485.27 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 485.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 485.27 Td (67,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 485.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 485.27 Td (309,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 485.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 485.27 Td (485,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 470.27 Td (Real estate securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 470.27 Td (235,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 470.27 Td (70,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 470.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 470.27 Td (305,995) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 455.28 Td (Total Short-Term Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 455.27 Td (345,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 455.27 Td (137,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 455.27 Td (309,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 455.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 455.27 Td (791,539) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 427.10 Td (Note 13. ) Tj ET Q q 0 0 0 rg BT 72.94 427.10 Td (Asset-Backed Securities Issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 407.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 91.01 407.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.91 407.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 141.69 407.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 198.13 407.10 Td (program, ) Tj ET Q q 0 0 0 rg BT 237.08 407.10 Td (we ) Tj ET Q q 0 0 0 rg BT 251.31 407.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 284.99 407.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 341.43 407.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 391.76 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.11 407.10 Td (which ) Tj ET Q q 0 0 0 rg BT 428.55 407.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 450.57 407.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 481.46 407.10 Td (by ) Tj ET Q q 0 0 0 rg BT 494.03 407.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 538.25 407.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 395.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 59.41 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 73.92 395.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 101.23 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.53 395.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 148.06 395.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 181.58 395.10 Td (W) Tj ET Q q 0 0 0 rg BT 190.21 395.10 Td (e ) Tj ET Q q 0 0 0 rg BT 196.96 395.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 249.80 395.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 279.31 395.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 313.83 395.10 Td (securitizations ) Tj ET Q q 0 0 0 rg BT 373.90 395.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 401.20 395.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 422.94 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.03 395.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 455.33 395.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.63 395.10 Td (we ) Tj ET Q q 0 0 0 rg BT 486.60 395.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 533.88 395.10 Td (were ) Tj ET Q q 0 0 0 rg BT 555.45 395.10 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.07 383.10 Td (for ) Tj ET Q q 0 0 0 rg BT 65.36 383.10 Td (which ) Tj ET Q q 0 0 0 rg BT 91.43 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 104.72 383.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 151.33 383.10 Td (we ) Tj ET Q q 0 0 0 rg BT 164.62 383.10 Td (were ) Tj ET Q q 0 0 0 rg BT 185.68 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.52 383.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 232.81 383.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 277.13 383.10 Td (. ) Tj ET Q q 0 0 0 rg BT 280.90 383.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 301.98 383.10 Td (were ) Tj ET Q q 0 0 0 rg BT 323.04 383.10 Td (also ) Tj ET Q q 0 0 0 rg BT 340.78 383.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 367.41 383.10 Td (by ) Tj ET Q q 0 0 0 rg BT 379.04 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.89 383.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 443.94 383.10 Td (Securitization ) Tj ET Q q 0 0 0 rg BT 501.11 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.18 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.03 383.10 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 371.10 Td (Resecuritization, ) Tj ET Q q 0 0 0 rg BT 105.94 371.10 Td (which ) Tj ET Q q 0 0 0 rg BT 132.84 371.10 Td (we ) Tj ET Q q 0 0 0 rg BT 146.96 371.10 Td (also ) Tj ET Q q 0 0 0 rg BT 165.54 371.10 Td (consolidated. ) Tj ET Q q 0 0 0 rg BT 221.04 371.10 Td (During ) Tj ET Q q 0 0 0 rg BT 251.83 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.52 371.10 Td (second ) Tj ET Q q 0 0 0 rg BT 296.75 371.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 327.53 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.32 371.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 363.28 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.96 371.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 397.64 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.44 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.12 371.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 475.01 371.10 Td (Securitization ) Tj ET Q q 0 0 0 rg BT 533.01 371.10 Td (was ) Tj ET Q q 0 0 0 rg BT 551.02 371.10 Td (repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 359.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.90 359.10 Td (during ) Tj ET Q q 0 0 0 rg BT 81.48 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.16 359.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 123.06 359.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 153.84 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.64 359.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 189.60 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.28 359.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 223.96 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.76 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.44 359.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 296.90 359.10 Td (Resecuritization ) Tj ET Q q 0 0 0 rg BT 364.34 359.10 Td (was ) Tj ET Q q 0 0 0 rg BT 382.35 359.10 Td (repaid. ) Tj ET Q q 0 0 0 rg BT 412.30 359.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 434.75 359.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 487.76 359.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 544.09 359.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 569.33 359.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 347.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 87.11 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.68 347.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 138.26 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.94 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.51 347.10 Td (each ) Tj ET Q q 0 0 0 rg BT 186.06 347.10 Td (other ) Tj ET Q q 0 0 0 rg BT 208.85 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.53 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.99 347.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.56 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.24 347.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 321.70 347.10 Td (are ) Tj ET Q q 0 0 0 rg BT 336.15 347.10 Td (not ) Tj ET Q q 0 0 0 rg BT 351.17 347.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 380.07 347.10 Td (by ) Tj ET Q q 0 0 0 rg BT 392.31 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.99 347.10 Td (are ) Tj ET Q q 0 0 0 rg BT 423.44 347.10 Td (not ) Tj ET Q q 0 0 0 rg BT 438.46 347.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 460.13 347.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 506.82 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.39 347.10 Td (Redwood. ) Tj ET Q q 0 0 0 rg BT 560.46 347.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 335.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 74.37 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.42 335.10 Td (these ) Tj ET Q q 0 0 0 rg BT 107.24 335.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 138.40 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 147.34 335.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 186.83 335.10 Td (through ) Tj ET Q q 0 0 0 rg BT 220.21 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.70 335.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 271.95 335.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 307.55 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 321.48 335.10 Td (have ) Tj ET Q q 0 0 0 rg BT 342.63 335.10 Td (retained, ) Tj ET Q q 0 0 0 rg BT 379.61 335.10 Td (although ) Tj ET Q q 0 0 0 rg BT 416.87 335.10 Td (we ) Tj ET Q q 0 0 0 rg BT 430.81 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 445.29 335.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 480.33 335.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.38 335.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 519.85 335.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 557.11 335.10 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 323.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 79.47 323.10 Td (with ) Tj ET Q q 0 0 0 rg BT 99.63 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.34 323.10 Td (role ) Tj ET Q q 0 0 0 rg BT 133.26 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 143.97 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 150.79 323.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 181.50 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.38 323.10 Td (manager) Tj ET Q q 0 0 0 rg BT 220.40 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.28 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.99 323.10 Td (depositor ) Tj ET Q q 0 0 0 rg BT 275.58 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.29 323.10 Td (these ) Tj ET Q q 0 0 0 rg BT 309.21 323.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 340.47 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.18 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 361.89 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.71 323.10 Td (result ) Tj ET Q q 0 0 0 rg BT 393.30 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.01 323.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.72 323.10 Td (having ) Tj ET Q q 0 0 0 rg BT 449.31 323.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 468.36 323.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 494.07 323.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 526.99 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 537.69 323.10 Td (indirectly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 311.10 Td (these ) Tj ET Q q 0 0 0 rg BT 69.33 311.10 Td (entities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (As ) Tj ET Q q 0 0 0 rg BT 68.10 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 75.52 287.10 Td (general ) Tj ET Q q 0 0 0 rg BT 107.93 287.10 Td (matter) Tj ET Q q 0 0 0 rg BT 133.07 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 137.90 287.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 160.34 287.10 Td (have ) Tj ET Q q 0 0 0 rg BT 182.20 287.10 Td (been ) Tj ET Q q 0 0 0 rg BT 204.07 287.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 232.05 287.10 Td (by ) Tj ET Q q 0 0 0 rg BT 245.04 287.10 Td (these ) Tj ET Q q 0 0 0 rg BT 268.57 287.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 325.42 287.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 357.29 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 368.06 287.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 389.37 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.57 287.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 451.44 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.76 287.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 489.07 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 511.50 287.10 Td (us ) Tj ET Q q 0 0 0 rg BT 523.38 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.69 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 557.12 287.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 275.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 68.67 275.10 Td (The ) Tj ET Q q 0 0 0 rg BT 87.17 275.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 110.41 275.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 139.20 275.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.99 275.10 Td (these ) Tj ET Q q 0 0 0 rg BT 177.32 275.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 209.99 275.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 241.56 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.68 275.10 Td (various ) Tj ET Q q 0 0 0 rg BT 286.90 275.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 318.46 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.58 275.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 372.13 275.10 Td (that ) Tj ET Q q 0 0 0 rg BT 390.91 275.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 409.14 275.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 442.36 275.10 Td (on ) Tj ET Q q 0 0 0 rg BT 456.15 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.38 275.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 501.50 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.62 275.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 553.50 275.10 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 263.10 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 91.12 263.10 Td (all ) Tj ET Q q 0 0 0 rg BT 103.38 263.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 125.74 263.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 153.64 263.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 170.98 263.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 206.09 263.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 227.87 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.10 263.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 273.94 263.10 Td (which ) Tj ET Q q 0 0 0 rg BT 301.28 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 316.39 263.10 Td (indexed ) Tj ET Q q 0 0 0 rg BT 350.95 263.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.63 263.10 Td (one-, ) Tj ET Q q 0 0 0 rg BT 384.80 263.10 Td (three-, ) Tj ET Q q 0 0 0 rg BT 413.52 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 424.75 263.10 Td (six-month ) Tj ET Q q 0 0 0 rg BT 468.21 263.10 Td (LIBOR. ) Tj ET Q q 0 0 0 rg BT 503.61 263.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 528.65 263.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 551.01 263.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 251.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 53.00 251.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 76.10 251.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 97.54 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.43 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 140.42 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 151.31 251.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 168.30 251.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 196.97 251.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 220.91 251.10 Td (which ) Tj ET Q q 0 0 0 rg BT 247.90 251.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.67 251.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 285.78 251.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 307.21 251.10 Td (that ) Tj ET Q q 0 0 0 rg BT 324.76 251.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 379.54 251.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 405.99 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.32 251.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 451.08 251.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 474.45 251.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 496.47 251.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 524.02 251.10 Td (also ) Tj ET Q q 0 0 0 rg BT 542.69 251.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 239.10 Td (some ) Tj ET Q q 0 0 0 rg BT 59.88 239.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 113.20 239.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 143.74 239.10 Td (with ) Tj ET Q q 0 0 0 rg BT 164.30 239.10 Td (coupons ) Tj ET Q q 0 0 0 rg BT 200.40 239.10 Td (set ) Tj ET Q q 0 0 0 rg BT 214.29 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 224.28 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.49 239.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 254.81 239.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 272.57 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.68 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 290.89 239.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 314.21 239.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 343.09 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.64 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 360.85 239.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 408.05 239.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 428.31 239.10 Td (or ) Tj ET Q q 0 0 0 rg BT 439.42 239.10 Td (set ) Tj ET Q q 0 0 0 rg BT 453.30 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 463.29 239.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.50 239.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 499.38 239.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.93 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.92 239.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 557.13 239.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 65.15 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 77.65 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.36 227.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 118.19 227.10 Td (less ) Tj ET Q q 0 0 0 rg BT 135.69 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.41 227.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.34 227.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 203.72 227.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 223.44 227.10 Td (on ) Tj ET Q q 0 0 0 rg BT 235.94 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.65 227.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 290.37 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.20 227.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.14 227.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 364.51 227.10 Td (entity) Tj ET Q q 0 0 0 rg BT 386.63 227.10 Td (. ) Tj ET Q endstream endobj 357 0 obj <> endobj 358 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 13. ) Tj ET Q q 0 0 0 rg BT 72.94 692.60 Td (Asset-Backed Securities Issued - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.43 668.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 108.63 668.10 Td (values ) Tj ET Q q 0 0 0 rg BT 137.06 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.63 668.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 169.97 668.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 197.85 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.73 668.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 264.16 668.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 320.91 668.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 352.67 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 367.21 668.10 Td (sponsored ) Tj ET Q q 0 0 0 rg BT 410.65 668.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 479.71 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.71 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.59 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 668.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 656.10 Td (along ) Tj ET Q q 0 0 0 rg BT 85.72 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 106.00 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 129.04 656.10 Td (selected ) Tj ET Q q 0 0 0 rg BT 163.74 656.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 215.96 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 230.66 656.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 282.04 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.31 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.03 656.10 Td (following ) Tj ET Q q 0 0 0 rg BT 348.42 656.10 Td (table. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 13.1 ) Tj ET Q q 0 0 0 rg BT 88.04 632.10 Td (Asset-Backed Securities Issued) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 572.60 124.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 572.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 572.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 572.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 572.60 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 572.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 572.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 572.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 572.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 572.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 572.60 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 572.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 572.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 532.60 124.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 532.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 532.60 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 532.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 532.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 532.60 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 532.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 492.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 492.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 492.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 492.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 492.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 492.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 492.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 462.60 124.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 462.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 462.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 462.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 462.60 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 462.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 462.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 462.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 462.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 462.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 462.60 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 462.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 462.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 422.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 422.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 422.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 422.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 422.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 422.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 422.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 606.6 m 223.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 606.6 m 227.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 606.6 m 296.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 606.6 m 300.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 606.6 m 368.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 606.6 m 431.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 606.6 m 435.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 606.6 m 504.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 606.6 m 508.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 606.6 m 576.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 572.6 m 160.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 572.6 m 223.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 572.6 m 296.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 572.6 m 368.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 606.6 m 431.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 572.6 m 431.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 572.6 m 435.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 606.6 m 504.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 572.6 m 504.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 572.6 m 508.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 606.6 m 576.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 572.6 m 576.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 572.6 m 223.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 572.6 m 296.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 572.6 m 368.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 572.6 m 431.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 572.6 m 504.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 572.6 m 576.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 507.6 m 223.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 507.6 m 296.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 507.6 m 368.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 507.6 m 431.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 507.6 m 504.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 507.6 m 504.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 507.6 m 576.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 477.6 m 223.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 477.6 m 296.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 477.6 m 368.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 477.6 m 431.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 477.6 m 504.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 477.6 m 576.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 477.6 m 223.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 463.6 m 223.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 461.6 m 223.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 477.6 m 296.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 463.6 m 296.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 461.6 m 296.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 477.6 m 368.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 463.6 m 368.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 461.6 m 368.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 477.6 m 431.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 463.6 m 431.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 461.6 m 431.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 477.6 m 504.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 463.6 m 504.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 461.6 m 504.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 477.6 m 576.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 463.6 m 576.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 461.6 m 576.5 461.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.65 611.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 611.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 577.28 Td (\(Dollars in Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.50 577.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.20 587.28 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.75 577.28 Td (Securitization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.05 577.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.50 577.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.20 587.28 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.75 577.28 Td (Securitization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.05 577.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 562.27 Td (Certificates with principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 552.27 Td (balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.15 552.27 Td (880,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 552.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 552.27 Td (880,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.60 552.27 Td (1,108,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 552.27 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 552.27 Td (1,161,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 537.27 Td (Interest-only certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.15 537.27 Td (3,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 537.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 537.27 Td (3,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 537.27 Td (4,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 537.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 537.27 Td (4,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 522.27 Td (Market valuation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 512.27 Td (adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.80 512.27 Td (\(110,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 512.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.80 512.32 Td (\(110,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 512.32 Td (\(116,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 512.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 512.27 Td (\(116,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 497.27 Td (Total ABS issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.15 497.27 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 497.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 497.27 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 497.27 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 497.27 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 497.27 Td (1,049,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 482.27 Td (Deferred debt issuance costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.65 482.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 482.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 482.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 482.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 482.32 Td (\(542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 482.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 482.27 Td (\(542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.65 482.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 467.28 Td (ABS Issued, Net ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 110.68 471.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.15 467.27 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 467.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 467.27 Td (773,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 467.27 Td (996,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 467.27 Td (52,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 467.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 467.27 Td (1,049,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 452.27 Td (Range of weighted average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 442.27 Td (interest rates, by series) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.85 452.27 Td (0.15% to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.15 442.27 Td (1.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 442.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 442.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.85 452.27 Td (0.41% to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 442.27 Td (2.21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 442.27 Td (5.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 442.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 427.27 Td (Stated maturities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.65 427.27 Td (2024 - 2036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.30 427.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 427.27 Td (2017 - 2037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 427.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 412.27 Td (Number of series) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.65 412.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 412.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 412.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 412.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 391.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 391.30 Td (Upon ) Tj ET Q q 0 0 0 rg BT 76.43 391.30 Td (adoption ) Tj ET Q q 0 0 0 rg BT 110.35 391.30 Td (of ) Tj ET Q q 0 0 0 rg BT 119.74 391.30 Td (ASU ) Tj ET Q q 0 0 0 rg BT 140.17 391.30 Td (2015-03 ) Tj ET Q q 0 0 0 rg BT 172.60 391.30 Td (on ) Tj ET Q q 0 0 0 rg BT 184.03 391.30 Td (January ) Tj ET Q q 0 0 0 rg BT 214.44 391.30 Td (1, ) Tj ET Q q 0 0 0 rg BT 223.62 391.30 Td (2016, ) Tj ET Q q 0 0 0 rg BT 246.30 391.30 Td (we ) Tj ET Q q 0 0 0 rg BT 259.22 391.30 Td (began ) Tj ET Q q 0 0 0 rg BT 283.14 391.30 Td (to ) Tj ET Q q 0 0 0 rg BT 292.57 391.30 Td (present ) Tj ET Q q 0 0 0 rg BT 320.45 391.30 Td (ABS ) Tj ET Q q 0 0 0 rg BT 340.39 391.30 Td (issued, ) Tj ET Q q 0 0 0 rg BT 367.56 391.30 Td (net ) Tj ET Q q 0 0 0 rg BT 380.99 391.30 Td (of ) Tj ET Q q 0 0 0 rg BT 390.91 391.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 423.32 391.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 441.24 391.30 Td (issuance ) Tj ET Q q 0 0 0 rg BT 474.16 391.30 Td (costs. ) Tj ET Q q 0 0 0 rg BT 496.84 391.30 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.26 391.30 Td (Note ) Tj ET Q q 0 0 0 rg BT 531.68 391.30 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.18 391.30 Td ( ) Tj ET Q q 0 0 0 rg BT 538.61 391.30 Td (for ) Tj ET Q q 0 0 0 rg BT 551.54 391.30 Td (further ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 380.50 Td (discussion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 360.50 Td (The ) Tj ET Q q 0 0 0 rg BT 72.43 360.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 99.18 360.50 Td (maturity ) Tj ET Q q 0 0 0 rg BT 135.94 360.50 Td (of ) Tj ET Q q 0 0 0 rg BT 147.15 360.50 Td (each ) Tj ET Q q 0 0 0 rg BT 168.35 360.50 Td (class ) Tj ET Q q 0 0 0 rg BT 190.66 360.50 Td (of ) Tj ET Q q 0 0 0 rg BT 201.24 360.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 223.57 360.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 251.45 360.50 Td (is ) Tj ET Q q 0 0 0 rg BT 261.00 360.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 301.09 360.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 348.95 360.50 Td (by ) Tj ET Q q 0 0 0 rg BT 361.83 360.50 Td (the ) Tj ET Q q 0 0 0 rg BT 376.93 360.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 394.79 360.50 Td (of ) Tj ET Q q 0 0 0 rg BT 406.00 360.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 444.43 360.50 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 498.40 360.50 Td (on ) Tj ET Q q 0 0 0 rg BT 511.28 360.50 Td (the ) Tj ET Q q 0 0 0 rg BT 526.38 360.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 552.59 360.50 Td (of ) Tj ET Q q 0 0 0 rg BT 563.80 360.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 348.50 Td (issuing ) Tj ET Q q 0 0 0 rg BT 67.20 348.50 Td (entity) Tj ET Q q 0 0 0 rg BT 89.32 348.50 Td (. ) Tj ET Q q 0 0 0 rg BT 94.67 348.50 Td (Each ) Tj ET Q q 0 0 0 rg BT 117.52 348.50 Td (series ) Tj ET Q q 0 0 0 rg BT 143.14 348.50 Td (is ) Tj ET Q q 0 0 0 rg BT 152.67 348.50 Td (also ) Tj ET Q q 0 0 0 rg BT 171.63 348.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 202.81 348.50 Td (to ) Tj ET Q q 0 0 0 rg BT 213.44 348.50 Td (redemption ) Tj ET Q q 0 0 0 rg BT 261.84 348.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 284.13 348.50 Td (to ) Tj ET Q q 0 0 0 rg BT 294.77 348.50 Td (the ) Tj ET Q q 0 0 0 rg BT 309.84 348.50 Td (stated ) Tj ET Q q 0 0 0 rg BT 336.02 348.50 Td (maturity ) Tj ET Q q 0 0 0 rg BT 372.76 348.50 Td (according ) Tj ET Q q 0 0 0 rg BT 415.04 348.50 Td (to ) Tj ET Q q 0 0 0 rg BT 425.67 348.50 Td (the ) Tj ET Q q 0 0 0 rg BT 440.74 348.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 465.82 348.50 Td (of ) Tj ET Q q 0 0 0 rg BT 477.00 348.50 Td (the ) Tj ET Q q 0 0 0 rg BT 492.07 348.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 535.46 348.50 Td (governing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 336.50 Td (documents ) Tj ET Q q 0 0 0 rg BT 82.83 336.50 Td (of ) Tj ET Q q 0 0 0 rg BT 94.66 336.50 Td (each ) Tj ET Q q 0 0 0 rg BT 115.70 336.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 138.65 336.50 Td (issuing ) Tj ET Q q 0 0 0 rg BT 170.49 336.50 Td (entity) Tj ET Q q 0 0 0 rg BT 192.62 336.50 Td (. ) Tj ET Q q 0 0 0 rg BT 197.84 336.50 Td (As ) Tj ET Q q 0 0 0 rg BT 212.46 336.50 Td (a ) Tj ET Q q 0 0 0 rg BT 220.39 336.50 Td (result, ) Tj ET Q q 0 0 0 rg BT 248.61 336.50 Td (the ) Tj ET Q q 0 0 0 rg BT 264.33 336.50 Td (actual ) Tj ET Q q 0 0 0 rg BT 291.70 336.50 Td (maturity ) Tj ET Q q 0 0 0 rg BT 329.08 336.50 Td (of ) Tj ET Q q 0 0 0 rg BT 340.14 336.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 363.09 336.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 391.59 336.50 Td (may ) Tj ET Q q 0 0 0 rg BT 412.31 336.50 Td (occur ) Tj ET Q q 0 0 0 rg BT 438.02 336.50 Td (earlier ) Tj ET Q q 0 0 0 rg BT 467.05 336.50 Td (than ) Tj ET Q q 0 0 0 rg BT 487.77 336.50 Td (its ) Tj ET Q q 0 0 0 rg BT 500.71 336.50 Td (stated ) Tj ET Q q 0 0 0 rg BT 527.54 336.50 Td (maturity) Tj ET Q q 0 0 0 rg BT 560.77 336.50 Td (. ) Tj ET Q q 0 0 0 rg BT 566.00 336.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 324.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.91 324.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.91 324.50 Td (, ) Tj ET Q q 0 0 0 rg BT 120.24 324.50 Td (all ) Tj ET Q q 0 0 0 rg BT 133.06 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 144.22 324.50 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 324.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 180.92 324.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 208.75 324.50 Td (and ) Tj ET Q q 0 0 0 rg BT 226.01 324.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 275.50 324.50 Td (had ) Tj ET Q q 0 0 0 rg BT 292.77 324.50 Td (contractual ) Tj ET Q q 0 0 0 rg BT 340.01 324.50 Td (maturities ) Tj ET Q q 0 0 0 rg BT 382.83 324.50 Td (beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.10 324.50 Td (five ) Tj ET Q q 0 0 0 rg BT 433.47 324.50 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.57 324.50 Td (. ) Tj ET Q q 0 0 0 rg BT 459.27 324.50 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 515.42 324.50 Td (of ) Tj ET Q q 0 0 0 rg BT 526.58 324.50 Td (Commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 312.50 Td (Securitization ) Tj ET Q q 0 0 0 rg BT 94.09 312.50 Td (and ) Tj ET Q q 0 0 0 rg BT 111.08 312.50 Td (Residential ) Tj ET Q q 0 0 0 rg BT 158.63 312.50 Td (Resecuritization ) Tj ET Q q 0 0 0 rg BT 226.16 312.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 261.45 312.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 283.46 312.50 Td (issuance ) Tj ET Q q 0 0 0 rg BT 319.89 312.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 342.44 312.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.43 312.50 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 384.48 312.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.37 312.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.42 312.50 Td ($1 ) Tj ET Q q 0 0 0 rg BT 430.98 312.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.87 312.50 Td (, ) Tj ET Q q 0 0 0 rg BT 464.92 312.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.92 312.50 Td ($2 ) Tj ET Q q 0 0 0 rg BT 494.47 312.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.36 312.50 Td ( ) Tj ET Q q 0 0 0 rg BT 525.92 312.50 Td (for ) Tj ET Q q 0 0 0 rg BT 540.13 312.50 Td (the ) Tj ET Q q 0 0 0 rg BT 554.90 312.50 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 300.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.18 300.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.57 300.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.57 300.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.38 300.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.38 300.50 Td (, ) Tj ET Q q 0 0 0 rg BT 170.18 300.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.92 300.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.92 300.50 Td (, ) Tj ET Q q 0 0 0 rg BT 211.73 300.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 259.39 300.50 Td (. ) Tj ET Q q 0 0 0 rg BT 264.03 300.50 Td (The ) Tj ET Q q 0 0 0 rg BT 281.88 300.50 Td (following ) Tj ET Q q 0 0 0 rg BT 323.07 300.50 Td (table ) Tj ET Q q 0 0 0 rg BT 344.81 300.50 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 394.88 300.50 Td (the ) Tj ET Q q 0 0 0 rg BT 409.40 300.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 442.79 300.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 474.52 300.50 Td (payable ) Tj ET Q q 0 0 0 rg BT 507.92 300.50 Td (on ) Tj ET Q q 0 0 0 rg BT 519.72 300.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 541.48 300.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 568.78 300.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 288.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 288.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 288.50 Td ( ) Tj ET Q q 0 0 0 rg BT 117.08 288.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.02 288.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 192.61 288.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.61 288.50 Td (. ) Tj ET Q q 0 0 0 rg BT 217.61 288.50 Td (Interest ) Tj ET Q q 0 0 0 rg BT 250.09 288.50 Td (due ) Tj ET Q q 0 0 0 rg BT 267.03 288.50 Td (on ) Tj ET Q q 0 0 0 rg BT 279.53 288.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 332.02 288.50 Td (ABS ) Tj ET Q q 0 0 0 rg BT 353.97 288.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 381.47 288.50 Td (is ) Tj ET Q q 0 0 0 rg BT 390.64 288.50 Td (payable ) Tj ET Q q 0 0 0 rg BT 424.24 288.50 Td (monthly) Tj ET Q q 0 0 0 rg BT 456.92 288.50 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 264.50 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 264.50 Td (able 13.2 ) Tj ET Q q 0 0 0 rg BT 88.04 264.50 Td (Accrued Interest Payable on ) Tj ET Q q 0 0 0 rg BT 207.10 264.50 Td (Asset-Backed Securities Issued) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 227.00 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 227.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 227.00 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 227.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 227.00 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 197.00 342.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 197.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 197.00 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 197.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 197.00 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 227 m 377.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 227 m 476.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 227 m 575.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 227 m 476.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 227 m 575.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 197 m 476.5 197 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 197 m 575.5 197 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 183 m 476.5 183 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 181 m 476.5 181 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 183 m 575.5 183 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 181 m 575.5 181 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 231.68 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 231.68 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 231.68 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 216.67 Td (Sequoia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 216.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 216.67 Td (518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 216.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 216.67 Td (555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 201.67 Td (Commercial Securitization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 201.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 201.67 Td (249) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 186.68 Td (Total Accrued Interest Payable on ABS Issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 186.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 186.67 Td (518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 186.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 186.67 Td (804) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 359 0 obj <> endobj 360 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 13. ) Tj ET Q q 0 0 0 rg BT 72.94 692.60 Td (Asset-Backed Securities Issued - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.32 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.99 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 136.20 668.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 186.74 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.73 668.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 237.83 668.10 Td (value ) Tj ET Q q 0 0 0 rg BT 262.26 668.10 Td (components ) Tj ET Q q 0 0 0 rg BT 313.36 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.47 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.46 668.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 379.44 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 393.26 668.10 Td (ABS ) Tj ET Q q 0 0 0 rg BT 415.49 668.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 443.27 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.49 668.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 509.93 668.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 668.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.44 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.02 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.02 656.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 13.3 Collateral for ) Tj ET Q q 0 0 0 rg BT 146.37 632.10 Td (Asset-Backed Securities Issued) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 569.60 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 569.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 569.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 569.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 569.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 569.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 569.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 539.60 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 539.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 539.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 539.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 539.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 539.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 539.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 509.60 158.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 509.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 509.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 509.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 509.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 509.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 509.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 594.6 m 253.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 594.6 m 257.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 594.6 m 326.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 594.6 m 330.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 594.6 m 385.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 594.6 m 444.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 594.6 m 448.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 594.6 m 517.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 594.6 m 521.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 594.6 m 576.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 569.6 m 194.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 569.6 m 253.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 569.6 m 326.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 569.6 m 385.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 569.6 m 444.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 569.6 m 517.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 569.6 m 576.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 569.6 m 253.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 569.6 m 326.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 569.6 m 444.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 569.6 m 517.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 494.6 m 253.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 494.6 m 326.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 494.6 m 444.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 494.6 m 517.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 480.6 m 253.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 478.6 m 253.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 480.6 m 326.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 478.6 m 326.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 494.6 m 385.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 480.6 m 385.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 478.6 m 385.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 480.6 m 444.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 478.6 m 444.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 480.6 m 517.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 478.6 m 517.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 494.6 m 576.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 480.6 m 576.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 478.6 m 576.5 478.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.15 599.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 599.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 574.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 574.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.20 584.28 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.75 574.28 Td (Securitization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.55 574.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.50 574.28 Td (Sequoia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.20 584.28 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.75 574.28 Td (Securitization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.55 574.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 559.27 Td (Residential loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.15 559.27 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 559.27 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.60 559.27 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.60 559.27 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 544.27 Td (Commercial loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 544.27 Td (166,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 544.27 Td (166,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 529.27 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.65 529.27 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 529.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 529.27 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 529.27 Td (228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 529.27 Td (137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 529.27 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 514.27 Td (Accrued interest receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 514.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 514.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 514.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 514.27 Td (1,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 514.27 Td (1,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 514.27 Td (2,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 499.27 Td (REO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 499.27 Td (5,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 499.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 499.27 Td (5,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 499.27 Td (4,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 499.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 499.27 Td (4,895) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 484.28 Td (Total Collateral for ABS Issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.15 484.27 Td (798,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 484.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 484.27 Td (798,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.60 484.27 Td (1,028,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 484.27 Td (167,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.60 484.27 Td (1,195,574) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 450.10 Td (Note 14. Long-T) Tj ET Q q 0 0 0 rg BT 104.80 450.10 Td (erm Debt) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 426.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 72.40 426.10 Td (Borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.75 406.10 Td (July ) Tj ET Q q 0 0 0 rg BT 83.84 406.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 108.76 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 124.51 406.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 188.59 406.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 232.12 406.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 263.96 406.10 Td (into ) Tj ET Q q 0 0 0 rg BT 281.94 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.80 406.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 332.88 406.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 376.94 406.10 Td (with ) Tj ET Q q 0 0 0 rg BT 397.14 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.78 406.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 444.19 406.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 471.05 406.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 494.01 406.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 517.54 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.29 406.10 Td (Chicago. ) Tj ET Q q 0 0 0 rg BT 566.01 406.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 394.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.04 394.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.04 394.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.49 394.10 Td (under ) Tj ET Q q 0 0 0 rg BT 143.21 394.10 Td (this ) Tj ET Q q 0 0 0 rg BT 159.61 394.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 205.71 394.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.99 394.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 264.05 394.10 Td (could ) Tj ET Q q 0 0 0 rg BT 288.22 394.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 310.72 394.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 358.23 394.10 Td (up ) Tj ET Q q 0 0 0 rg BT 370.18 394.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.91 394.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 404.36 394.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.48 394.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.93 394.10 Td (also ) Tj ET Q q 0 0 0 rg BT 452.99 394.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 486.58 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.31 394.10 Td (as ) Tj ET Q q 0 0 0 rg BT 506.60 394.10 Td (advances, ) Tj ET Q q 0 0 0 rg BT 556.57 394.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.69 382.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 85.40 382.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 118.42 382.10 Td (by ) Tj ET Q q 0 0 0 rg BT 130.89 382.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 163.36 382.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 205.54 382.10 Td (including ) Tj ET Q q 0 0 0 rg BT 245.79 382.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 289.91 382.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 330.15 382.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 356.24 382.10 Td (During ) Tj ET Q q 0 0 0 rg BT 387.05 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.74 382.10 Td (year ) Tj ET Q q 0 0 0 rg BT 421.42 382.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.78 382.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 506.34 382.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.34 382.10 Td (, ) Tj ET Q q 0 0 0 rg BT 531.32 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 547.12 382.10 Td (FHLB-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.10 Td (member ) Tj ET Q q 0 0 0 rg BT 72.09 370.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 116.52 370.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 158.17 370.10 Td (an ) Tj ET Q q 0 0 0 rg BT 170.93 370.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.25 370.10 Td ($519 ) Tj ET Q q 0 0 0 rg BT 237.57 370.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.46 370.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.79 370.10 Td (under ) Tj ET Q q 0 0 0 rg BT 295.88 370.10 Td (this ) Tj ET Q q 0 0 0 rg BT 313.66 370.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 361.12 370.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 389.44 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.20 370.10 Td (final ) Tj ET Q q 0 0 0 rg BT 418.85 370.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 437.72 370.10 Td (published ) Tj ET Q q 0 0 0 rg BT 479.94 370.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.26 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.80 370.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 542.11 370.10 Td (Housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.10 Td (Finance ) Tj ET Q q 0 0 0 rg BT 69.79 358.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 103.63 358.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.15 358.10 Td (January ) Tj ET Q q 0 0 0 rg BT 147.98 358.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 173.22 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.29 358.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 253.69 358.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 297.53 358.10 Td (will ) Tj ET Q q 0 0 0 rg BT 315.83 358.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 346.33 358.10 Td (an ) Tj ET Q q 0 0 0 rg BT 358.51 358.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 386.81 358.10 Td (member ) Tj ET Q q 0 0 0 rg BT 422.31 358.10 Td (through ) Tj ET Q q 0 0 0 rg BT 456.16 358.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.12 358.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.67 358.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 509.94 358.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 550.45 358.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.10 Td (for ) Tj ET Q q 0 0 0 rg BT 51.29 346.10 Td (captive ) Tj ET Q q 0 0 0 rg BT 83.79 346.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 125.73 346.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 174.62 346.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 193.80 346.10 Td (FHLB-member ) Tj ET Q q 0 0 0 rg BT 259.08 346.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 309.51 346.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 346.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 370.93 346.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.04 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.67 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.63 346.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 441.81 346.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 465.16 346.10 Td (which ) Tj ET Q q 0 0 0 rg BT 493.22 346.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 528.50 346.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 561.57 346.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 334.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 76.37 334.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 107.01 334.10 Td (is ) Tj ET Q q 0 0 0 rg BT 116.28 334.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 157.19 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.56 334.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 197.92 334.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 247.18 334.10 Td (until ) Tj ET Q q 0 0 0 rg BT 268.11 334.10 Td (its ) Tj ET Q q 0 0 0 rg BT 280.16 334.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 306.08 334.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 339.31 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 343.83 334.10 Td (As ) Tj ET Q q 0 0 0 rg BT 357.54 334.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 401.79 334.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 425.49 334.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 459.74 334.10 Td (as ) Tj ET Q q 0 0 0 rg BT 470.67 334.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 510.46 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 524.71 334.10 Td (this ) Tj ET Q q 0 0 0 rg BT 541.76 334.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 561.57 334.10 Td (pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.10 Td (down, ) Tj ET Q q 0 0 0 rg BT 63.04 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 77.02 322.10 Td (are ) Tj ET Q q 0 0 0 rg BT 91.55 322.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 132.19 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.29 322.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 171.27 322.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 213.58 322.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 237.01 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 247.66 322.10 Td (other ) Tj ET Q q 0 0 0 rg BT 270.53 322.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 302.84 322.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 328.49 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.59 322.10 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 389.76 322.10 Td (this ) Tj ET Q q 0 0 0 rg BT 406.53 322.10 Td (debt; ) Tj ET Q q 0 0 0 rg BT 428.85 322.10 Td (however) Tj ET Q q 0 0 0 rg BT 462.87 322.10 Td (, ) Tj ET Q q 0 0 0 rg BT 467.69 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 481.68 322.10 Td (do ) Tj ET Q q 0 0 0 rg BT 494.00 322.10 Td (not ) Tj ET Q q 0 0 0 rg BT 509.10 322.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 537.51 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 547.61 322.10 Td (be ) Tj ET Q q 0 0 0 rg BT 559.37 322.10 Td (able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 310.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 81.53 310.10 Td (our ) Tj ET Q q 0 0 0 rg BT 97.36 310.10 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 146.66 310.10 Td (FHLB ) Tj ET Q q 0 0 0 rg BT 174.73 310.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 194.44 310.10 Td (above ) Tj ET Q q 0 0 0 rg BT 220.82 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.54 310.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.70 310.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 294.70 310.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.81 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.31 310.10 Td (maximum. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.55 290.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.17 290.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.17 290.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.22 290.10 Td ($2.00 ) Tj ET Q q 0 0 0 rg BT 175.27 290.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.38 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.92 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.80 290.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 253.99 290.10 Td (were ) Tj ET Q q 0 0 0 rg BT 275.96 290.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 325.18 290.10 Td (under ) Tj ET Q q 0 0 0 rg BT 350.49 290.10 Td (this ) Tj ET Q q 0 0 0 rg BT 367.48 290.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 414.17 290.10 Td (which ) Tj ET Q q 0 0 0 rg BT 441.15 290.10 Td (were ) Tj ET Q q 0 0 0 rg BT 463.13 290.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 503.44 290.10 Td (as ) Tj ET Q q 0 0 0 rg BT 514.31 290.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 556.29 290.10 Td (debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.73 278.10 Td (a ) Tj ET Q q 0 0 0 rg BT 64.13 278.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 103.73 278.10 Td (average ) Tj ET Q q 0 0 0 rg BT 137.77 278.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 170.16 278.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.10 278.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.38 278.10 Td (0.64%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.21 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.17 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.56 278.10 Td (a ) Tj ET Q q 0 0 0 rg BT 252.95 278.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 292.56 278.10 Td (average ) Tj ET Q q 0 0 0 rg BT 326.60 278.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 363.44 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.72 278.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.43 278.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.60 278.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 481.51 278.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.46 278.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.50 278.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 278.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 266.10 Td ($1.48 ) Tj ET Q q 0 0 0 rg BT 60.20 266.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.31 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.02 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.05 266.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 136.40 266.10 Td (were ) Tj ET Q q 0 0 0 rg BT 157.53 266.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 205.89 266.10 Td (under ) Tj ET Q q 0 0 0 rg BT 230.36 266.10 Td (this ) Tj ET Q q 0 0 0 rg BT 246.51 266.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 292.35 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.39 266.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.53 266.10 Td ($1.34 ) Tj ET Q q 0 0 0 rg BT 352.73 266.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.84 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.54 266.10 Td (were ) Tj ET Q q 0 0 0 rg BT 401.67 266.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 441.14 266.10 Td (as ) Tj ET Q q 0 0 0 rg BT 451.17 266.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 492.31 266.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 513.72 266.10 Td (with ) Tj ET Q q 0 0 0 rg BT 533.20 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.34 266.10 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (average ) Tj ET Q q 0 0 0 rg BT 69.07 254.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 100.49 254.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 117.46 254.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.78 254.10 Td (0.46%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.61 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.60 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.03 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.45 254.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 217.09 254.10 Td (average ) Tj ET Q q 0 0 0 rg BT 250.17 254.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 286.03 254.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.35 254.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.57 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.56 254.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 340.70 254.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 382.12 254.10 Td (under ) Tj ET Q q 0 0 0 rg BT 406.88 254.10 Td (this ) Tj ET Q q 0 0 0 rg BT 423.31 254.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 466.94 254.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 489.47 254.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 520.89 254.10 Td (char) Tj ET Q q 0 0 0 rg BT 537.92 254.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 553.24 254.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.34 242.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.12 242.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 93.55 242.10 Td (mar) Tj ET Q q 0 0 0 rg BT 108.92 242.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 124.03 242.10 Td (over ) Tj ET Q q 0 0 0 rg BT 144.14 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.70 242.10 Td (FHLBC) Tj ET Q q 0 0 0 rg BT 193.71 242.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.94 242.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.94 242.10 Td (-week ) Tj ET Q q 0 0 0 rg BT 236.70 242.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 272.93 242.10 Td (note ) Tj ET Q q 0 0 0 rg BT 292.48 242.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 312.31 242.10 Td (which ) Tj ET Q q 0 0 0 rg BT 339.09 242.10 Td (resets ) Tj ET Q q 0 0 0 rg BT 364.19 242.10 Td (every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.74 242.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.74 242.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.08 242.10 Td (weeks. ) Tj ET Q q 0 0 0 rg BT 430.74 242.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.15 242.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 453.48 242.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 492.47 242.10 Td (under ) Tj ET Q q 0 0 0 rg BT 517.57 242.10 Td (this ) Tj ET Q q 0 0 0 rg BT 534.36 242.10 Td (agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 230.10 Td (were ) Tj ET Q q 0 0 0 rg BT 58.34 230.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 91.78 230.10 Td (by ) Tj ET Q q 0 0 0 rg BT 104.69 230.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 149.25 230.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 189.93 230.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 213.94 230.10 Td (with ) Tj ET Q q 0 0 0 rg BT 234.63 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.98 230.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 258.76 230.10 Td (value ) Tj ET Q q 0 0 0 rg BT 283.33 230.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.57 230.10 Td ($2.25 ) Tj ET Q q 0 0 0 rg BT 319.98 230.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.09 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.00 230.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.13 230.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 418.12 230.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.12 230.10 Td (. ) Tj ET Q q 0 0 0 rg BT 443.32 230.10 Td (This ) Tj ET Q q 0 0 0 rg BT 464.01 230.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 508.56 230.10 Td (also ) Tj ET Q q 0 0 0 rg BT 527.57 230.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 562.69 230.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 218.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 78.52 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.71 218.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 124.66 218.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.51 218.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 159.70 218.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 182.22 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.41 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.03 218.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 238.68 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 247.87 218.10 Td (an ) Tj ET Q q 0 0 0 rg BT 258.71 218.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 290.12 218.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 313.19 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.38 218.10 Td (a ) Tj ET Q q 0 0 0 rg BT 328.23 218.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 365.73 218.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 410.44 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.18 218.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 468.26 218.10 Td (advances. ) Tj ET Q q 0 0 0 rg BT 508.51 218.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 218.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 206.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 206.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 206.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.83 206.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 120.44 206.10 Td (held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.16 206.10 Td ($43 ) Tj ET Q q 0 0 0 rg BT 157.66 206.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.55 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.05 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.88 206.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 234.61 206.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 258.22 206.10 Td (that ) Tj ET Q q 0 0 0 rg BT 275.71 206.10 Td (is ) Tj ET Q q 0 0 0 rg BT 284.88 206.10 Td (included ) Tj ET Q q 0 0 0 rg BT 321.82 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.09 206.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 357.36 206.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 383.19 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.47 206.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.30 206.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 462.34 206.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 495.38 206.10 Td (sheets. ) Tj ET Q endstream endobj 361 0 obj <> endobj 362 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 14. Long-T) Tj ET Q q 0 0 0 rg BT 104.80 692.60 Td (erm Debt - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 668.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 668.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 213.13 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.96 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.79 668.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 274.52 668.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 322.57 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 335.07 668.10 Td (year ) Tj ET Q q 0 0 0 rg BT 354.78 668.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.49 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 423.08 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.08 668.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 644.10 Td (able 14.1 Maturities of FHLBC Borrowings by ) Tj ET Q q 0 0 0 rg BT 243.53 644.10 Td (Y) Tj ET Q q 0 0 0 rg BT 248.53 644.10 Td (ear) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 606.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 606.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 606.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 576.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 576.60 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 606.6 m 471.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 606.6 m 575.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 561.6 m 575.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 561.6 m 575.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 547.6 m 575.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 545.6 m 575.5 545.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 611.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 611.28 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 596.27 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 596.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 596.27 Td (470,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 581.27 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 581.27 Td (887,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 566.27 Td (2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 566.27 Td (642,189) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 551.28 Td (Total FHLBC Borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 551.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 551.27 Td (1,999,999) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 529.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.06 529.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 112.22 529.10 Td (information ) Tj ET Q q 0 0 0 rg BT 161.60 529.10 Td (about ) Tj ET Q q 0 0 0 rg BT 185.99 529.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.49 529.10 Td (FHLBC ) Tj ET Q q 0 0 0 rg BT 235.89 529.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 286.12 529.10 Td (see ) Tj ET Q q 0 0 0 rg BT 301.06 529.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 319.33 529.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 330.67 529.10 Td (Item7 ) Tj ET Q q 0 0 0 rg BT 358.66 529.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.16 529.10 Td (this ) Tj ET Q q 0 0 0 rg BT 385.30 529.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 416.91 529.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 446.30 529.10 Td (on ) Tj ET Q q 0 0 0 rg BT 458.47 529.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 482.31 529.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 505.03 529.10 Td (under ) Tj ET Q q 0 0 0 rg BT 529.97 529.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.36 529.10 Td (heading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 517.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 40.44 517.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 64.05 517.10 Td (Relating ) Tj ET Q q 0 0 0 rg BT 100.43 517.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.71 517.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 132.65 517.10 Td (Incurr) Tj ET Q q 0 0 0 rg BT 157.83 517.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 169.76 517.10 Td (under ) Tj ET Q q 0 0 0 rg BT 195.59 517.10 Td (Short- ) Tj ET Q q 0 0 0 rg BT 223.09 517.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.59 517.10 Td (Long-T) Tj ET Q q 0 0 0 rg BT 269.13 517.10 Td (erm ) Tj ET Q q 0 0 0 rg BT 287.18 517.10 Td (Borr) Tj ET Q q 0 0 0 rg BT 305.70 517.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 332.65 517.10 Td (Facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.92 517.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 496.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 89.05 496.10 Td (Secured ) Tj ET Q q 0 0 0 rg BT 124.88 496.10 Td (Borrowings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 106.37 476.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 139.84 476.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 188.33 476.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 222.92 476.10 Td (from ) Tj ET Q q 0 0 0 rg BT 245.30 476.10 Td (transfers ) Tj ET Q q 0 0 0 rg BT 282.66 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.93 476.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 329.64 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.91 476.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 368.29 476.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 418.42 476.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 459.12 476.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 483.17 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.88 476.10 Td (third ) Tj ET Q q 0 0 0 rg BT 515.71 476.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 545.30 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 563.23 476.10 Td (did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td (not ) Tj ET Q q 0 0 0 rg BT 51.12 464.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 72.90 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.46 464.10 Td (criteria ) Tj ET Q q 0 0 0 rg BT 118.11 464.10 Td (for ) Tj ET Q q 0 0 0 rg BT 132.12 464.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 150.01 464.10 Td (treatment ) Tj ET Q q 0 0 0 rg BT 190.11 464.10 Td (under ) Tj ET Q q 0 0 0 rg BT 215.22 464.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 242.08 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.42 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.21 464.10 Td (were ) Tj ET Q q 0 0 0 rg BT 282.98 464.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 325.85 464.10 Td (for ) Tj ET Q q 0 0 0 rg BT 339.86 464.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.53 464.10 Td (financings. ) Tj ET Q q 0 0 0 rg BT 397.03 464.10 Td (During ) Tj ET Q q 0 0 0 rg BT 427.70 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.26 464.10 Td (third ) Tj ET Q q 0 0 0 rg BT 463.50 464.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 494.15 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.83 464.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 529.67 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 543.68 464.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 562.69 464.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 70.01 452.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 105.15 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.73 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.76 452.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 155.01 452.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 177.92 452.10 Td (that ) Tj ET Q q 0 0 0 rg BT 194.73 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 208.20 452.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 252.22 452.10 Td (transferred, ) Tj ET Q q 0 0 0 rg BT 299.84 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.09 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 329.55 452.10 Td (derecognized ) Tj ET Q q 0 0 0 rg BT 384.66 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.69 452.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 431.04 452.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 478.40 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.65 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.67 452.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 551.57 452.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 71.28 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.11 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.83 440.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 120.43 440.10 Td (from ) Tj ET Q q 0 0 0 rg BT 142.37 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.20 440.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 211.24 440.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 244.28 440.10 Td (sheet.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 419.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 86.27 419.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.70 401.10 Td (November ) Tj ET Q q 0 0 0 rg BT 109.28 401.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 134.15 401.10 Td (R) Tj ET Q q 0 0 0 rg BT 140.26 401.10 Td (WT) Tj ET Q q 0 0 0 rg BT 155.63 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 401.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 199.54 401.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 219.68 401.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.49 401.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 286.62 401.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 330.10 401.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.80 401.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 381.33 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 387.09 401.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 406.96 401.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 427.09 401.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.46 401.10 Td ($205 ) Tj ET Q q 0 0 0 rg BT 476.83 401.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.73 401.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.10 401.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 546.01 401.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.73 389.10 Td (5.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.56 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.96 389.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 136.76 389.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 163.60 389.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 187.10 389.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.94 389.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.94 389.10 Td (. ) Tj ET Q q 0 0 0 rg BT 228.66 389.10 Td (These ) Tj ET Q q 0 0 0 rg BT 254.94 389.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 311.74 389.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 335.25 389.10 Td (require ) Tj ET Q q 0 0 0 rg BT 365.96 389.10 Td (semi-annual ) Tj ET Q q 0 0 0 rg BT 417.23 389.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 449.06 389.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 489.79 389.10 Td (at ) Tj ET Q q 0 0 0 rg BT 499.40 389.10 Td (a ) Tj ET Q q 0 0 0 rg BT 506.24 389.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 529.18 389.10 Td (coupon ) Tj ET Q q 0 0 0 rg BT 561.02 389.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 377.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.16 377.10 Td (5.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.99 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.82 377.10 Td (until ) Tj ET Q q 0 0 0 rg BT 101.99 377.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 138.71 377.10 Td (or ) Tj ET Q q 0 0 0 rg BT 149.87 377.10 Td (exchange, ) Tj ET Q q 0 0 0 rg BT 192.95 377.10 Td (which ) Tj ET Q q 0 0 0 rg BT 220.22 377.10 Td (will ) Tj ET Q q 0 0 0 rg BT 238.61 377.10 Td (be ) Tj ET Q q 0 0 0 rg BT 250.88 377.10 Td (no ) Tj ET Q q 0 0 0 rg BT 263.71 377.10 Td (later ) Tj ET Q q 0 0 0 rg BT 284.31 377.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.36 377.10 Td (November15, ) Tj ET Q q 0 0 0 rg BT 364.40 377.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.40 377.10 Td (. ) Tj ET Q q 0 0 0 rg BT 389.11 377.10 Td (After ) Tj ET Q q 0 0 0 rg BT 413.04 377.10 Td (deducting ) Tj ET Q q 0 0 0 rg BT 455.30 377.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.35 377.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 524.84 377.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 561.56 377.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 365.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 69.58 365.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 93.63 365.10 Td (we ) Tj ET Q q 0 0 0 rg BT 106.83 365.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.25 365.10 Td ($198 ) Tj ET Q q 0 0 0 rg BT 163.80 365.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.69 365.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.24 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.12 365.10 Td (net ) Tj ET Q q 0 0 0 rg BT 217.88 365.10 Td (proceeds. ) Tj ET Q q 0 0 0 rg BT 257.47 365.10 Td (Including ) Tj ET Q q 0 0 0 rg BT 297.34 365.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 349.43 365.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.31 365.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 394.16 365.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 433.48 365.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 468.90 365.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 492.95 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.72 365.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 544.92 365.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 69.90 353.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 106.57 353.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 131.02 353.10 Td (on ) Tj ET Q q 0 0 0 rg BT 145.49 353.10 Td (these ) Tj ET Q q 0 0 0 rg BT 170.50 353.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 229.37 353.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 254.94 353.10 Td (is ) Tj ET Q q 0 0 0 rg BT 266.07 353.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.29 353.10 Td (6.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.13 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.59 353.10 Td (per ) Tj ET Q q 0 0 0 rg BT 370.82 353.10 Td (annum. ) Tj ET Q q 0 0 0 rg BT 404.01 353.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.48 353.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 479.02 353.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.02 353.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.99 353.10 Td (these ) Tj ET Q q 0 0 0 rg BT 531.00 353.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 556.57 353.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 93.20 341.10 Td (at ) Tj ET Q q 0 0 0 rg BT 103.20 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.21 341.10 Td (option ) Tj ET Q q 0 0 0 rg BT 146.55 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.67 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.67 341.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 201.01 341.10 Td (at ) Tj ET Q q 0 0 0 rg BT 211.01 341.10 Td (an ) Tj ET Q q 0 0 0 rg BT 223.24 341.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 263.78 341.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 281.56 341.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.67 341.10 Td (46.1798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.17 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.96 341.10 Td (common ) Tj ET Q q 0 0 0 rg BT 365.75 341.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 393.52 341.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.08 341.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.58 341.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.37 341.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 477.70 341.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 510.48 341.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.60 341.10 Td (exchangeable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 63.10 329.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 86.88 329.10 Td (\(equivalent ) Tj ET Q q 0 0 0 rg BT 134.52 329.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.97 329.10 Td (an ) Tj ET Q q 0 0 0 rg BT 157.07 329.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 197.49 329.10 Td (price ) Tj ET Q q 0 0 0 rg BT 220.14 329.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.13 329.10 Td ($21.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.63 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.30 329.10 Td (per ) Tj ET Q q 0 0 0 rg BT 276.73 329.10 Td (common ) Tj ET Q q 0 0 0 rg BT 314.39 329.10 Td (share\). ) Tj ET Q q 0 0 0 rg BT 343.99 329.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 368.87 329.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 409.29 329.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.29 329.10 Td (these ) Tj ET Q q 0 0 0 rg BT 443.50 329.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 467.27 329.10 Td (by ) Tj ET Q q 0 0 0 rg BT 479.94 329.10 Td (a ) Tj ET Q q 0 0 0 rg BT 487.04 329.10 Td (holder) Tj ET Q q 0 0 0 rg BT 512.19 329.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.35 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.23 329.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 560.45 329.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 67.49 317.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 95.11 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.07 317.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.03 317.10 Td (common ) Tj ET Q q 0 0 0 rg BT 159.65 317.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 185.89 317.10 Td (During ) Tj ET Q q 0 0 0 rg BT 216.85 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.69 317.10 Td (year ) Tj ET Q q 0 0 0 rg BT 251.53 317.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.03 317.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 336.74 317.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.74 317.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.87 317.10 Td (we ) Tj ET Q q 0 0 0 rg BT 376.16 317.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.09 317.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 439.72 317.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.61 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.24 317.10 Td (par ) Tj ET Q q 0 0 0 rg BT 486.64 317.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.92 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.88 317.10 Td (these ) Tj ET Q q 0 0 0 rg BT 545.06 317.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 568.79 317.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 42.43 305.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 78.30 305.10 Td (and ) Tj ET Q q 0 0 0 rg BT 94.73 305.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 131.69 305.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.12 305.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 157.33 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.32 305.10 Td (extinguishment ) Tj ET Q q 0 0 0 rg BT 232.96 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.28 305.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 262.49 305.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.81 305.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 292.30 305.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.19 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.18 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.94 305.10 Td (Realized ) Tj ET Q q 0 0 0 rg BT 369.91 305.10 Td (gains, ) Tj ET Q q 0 0 0 rg BT 395.51 305.10 Td (net ) Tj ET Q q 0 0 0 rg BT 409.72 305.10 Td (on ) Tj ET Q q 0 0 0 rg BT 421.71 305.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.02 305.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 489.55 305.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 533.76 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.07 305.10 Td (income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.74 293.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.57 293.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.57 293.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.81 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.77 293.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 197.17 293.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 235.46 293.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 268.19 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.27 293.10 Td (these ) Tj ET Q q 0 0 0 rg BT 302.56 293.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 326.41 293.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.70 293.10 Td ($201 ) Tj ET Q q 0 0 0 rg BT 367.44 293.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.33 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 400.97 293.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.71 293.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 472.54 293.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.54 293.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.78 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.74 293.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 546.56 293.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 69.59 281.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 102.63 281.10 Td (on ) Tj ET Q q 0 0 0 rg BT 115.13 281.10 Td (this ) Tj ET Q q 0 0 0 rg BT 132.07 281.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 151.79 281.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.84 281.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 182.34 281.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.23 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.73 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.67 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.39 281.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 297.87 281.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 333.68 281.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 370.05 281.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 392.55 281.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.48 281.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 426.98 281.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.87 281.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 261.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.53 261.10 Td (March ) Tj ET Q q 0 0 0 rg BT 94.83 261.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 120.54 261.10 Td (we ) Tj ET Q q 0 0 0 rg BT 135.40 261.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.60 261.10 Td ($288 ) Tj ET Q q 0 0 0 rg BT 186.80 261.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.69 261.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.90 261.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 257.64 261.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 290.84 261.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.37 261.10 Td (4.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.20 261.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.40 261.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 384.58 261.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 412.22 261.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 436.54 261.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.18 261.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.18 261.10 Td (. ) Tj ET Q q 0 0 0 rg BT 479.65 261.10 Td (These ) Tj ET Q q 0 0 0 rg BT 506.73 261.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 554.91 261.10 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 249.10 Td (require ) Tj ET Q q 0 0 0 rg BT 66.33 249.10 Td (semi-annual ) Tj ET Q q 0 0 0 rg BT 117.21 249.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 148.66 249.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 189.00 249.10 Td (at ) Tj ET Q q 0 0 0 rg BT 198.23 249.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.68 249.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 227.24 249.10 Td (coupon ) Tj ET Q q 0 0 0 rg BT 258.69 249.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 275.69 249.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.03 249.10 Td (4.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.86 249.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.88 249.10 Td (until ) Tj ET Q q 0 0 0 rg BT 339.23 249.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 375.12 249.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.46 249.10 Td (conversion, ) Tj ET Q q 0 0 0 rg BT 433.85 249.10 Td (which ) Tj ET Q q 0 0 0 rg BT 460.31 249.10 Td (will ) Tj ET Q q 0 0 0 rg BT 477.88 249.10 Td (be ) Tj ET Q q 0 0 0 rg BT 489.33 249.10 Td (no ) Tj ET Q q 0 0 0 rg BT 501.34 249.10 Td (later ) Tj ET Q q 0 0 0 rg BT 521.12 249.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.90 249.10 Td (April15, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 237.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 237.10 Td (. ) Tj ET Q q 0 0 0 rg BT 60.26 237.10 Td (After ) Tj ET Q q 0 0 0 rg BT 83.61 237.10 Td (deducting ) Tj ET Q q 0 0 0 rg BT 125.29 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.77 237.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 193.67 237.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 229.81 237.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.51 237.10 Td (of) Tj ET Q q 0 0 0 rg BT 254.66 237.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 280.79 237.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 305.54 237.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.45 237.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.57 237.10 Td ($279 ) Tj ET Q q 0 0 0 rg BT 377.82 237.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.71 237.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.97 237.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.55 237.10 Td (net ) Tj ET Q q 0 0 0 rg BT 434.02 237.10 Td (proceeds. ) Tj ET Q q 0 0 0 rg BT 474.31 237.10 Td (Including ) Tj ET Q q 0 0 0 rg BT 514.89 237.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 567.68 237.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 225.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 72.62 225.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 113.69 225.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 150.88 225.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 176.69 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.22 225.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 232.19 225.10 Td (average ) Tj ET Q q 0 0 0 rg BT 266.59 225.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 299.33 225.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 334.85 225.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 358.16 225.10 Td (on ) Tj ET Q q 0 0 0 rg BT 371.47 225.10 Td (these ) Tj ET Q q 0 0 0 rg BT 395.33 225.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 443.62 225.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 468.04 225.10 Td (is ) Tj ET Q q 0 0 0 rg BT 478.02 225.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.09 225.10 Td (5.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.92 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 563.24 225.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 213.10 Td (annum. ) Tj ET Q q 0 0 0 rg BT 67.68 213.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.21 213.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 138.82 213.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.82 213.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.84 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.58 213.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 212.19 213.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 244.15 213.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 277.77 213.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 310.82 213.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.35 213.10 Td (this ) Tj ET Q q 0 0 0 rg BT 340.32 213.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 360.06 213.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.14 213.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 390.66 213.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.55 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.08 213.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.04 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.78 213.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 506.29 213.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 542.12 213.10 Td (issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 201.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 58.85 201.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.13 201.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 93.98 201.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.88 201.10 Td (. ) Tj ET Q q 0 0 0 rg BT 127.60 201.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.45 201.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 199.38 201.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.38 201.10 Td (, ) Tj ET Q q 0 0 0 rg BT 224.74 201.10 Td (these ) Tj ET Q q 0 0 0 rg BT 248.13 201.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 272.09 201.10 Td (were ) Tj ET Q q 0 0 0 rg BT 294.37 201.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 342.21 201.10 Td (at ) Tj ET Q q 0 0 0 rg BT 352.27 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.34 201.10 Td (option ) Tj ET Q q 0 0 0 rg BT 395.75 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.93 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.00 201.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 450.40 201.10 Td (at ) Tj ET Q q 0 0 0 rg BT 460.47 201.10 Td (a ) Tj ET Q q 0 0 0 rg BT 467.76 201.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 514.49 201.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 532.32 201.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.51 201.10 Td (41.1320) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 189.10 Td (common ) Tj ET Q q 0 0 0 rg BT 73.30 189.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 100.59 189.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.67 189.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.17 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.47 189.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 183.31 189.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 215.61 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.25 189.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 273.53 189.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 300.27 189.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 323.69 189.10 Td (\(equivalent ) Tj ET Q q 0 0 0 rg BT 370.97 189.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.05 189.10 Td (a ) Tj ET Q q 0 0 0 rg BT 387.79 189.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 433.97 189.10 Td (price ) Tj ET Q q 0 0 0 rg BT 456.26 189.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.90 189.10 Td ($24.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.40 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.70 189.10 Td (per ) Tj ET Q q 0 0 0 rg BT 511.77 189.10 Td (common ) Tj ET Q q 0 0 0 rg BT 549.07 189.10 Td (share\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 177.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 60.72 177.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 107.10 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.93 177.10 Td (these ) Tj ET Q q 0 0 0 rg BT 140.98 177.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 164.58 177.10 Td (by ) Tj ET Q q 0 0 0 rg BT 177.08 177.10 Td (a ) Tj ET Q q 0 0 0 rg BT 184.02 177.10 Td (holder) Tj ET Q q 0 0 0 rg BT 209.17 177.10 Td (, ) Tj ET Q q 0 0 0 rg BT 214.17 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.89 177.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 256.93 177.10 Td (will ) Tj ET Q q 0 0 0 rg BT 274.99 177.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 306.35 177.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 333.84 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.67 177.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.50 177.10 Td (common ) Tj ET Q q 0 0 0 rg BT 398.00 177.10 Td (stock. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 153.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.74 153.10 Td (rust Preferred Securities and Subordinated Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.72 133.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 127.52 133.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.52 133.10 Td (, ) Tj ET Q q 0 0 0 rg BT 153.74 133.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.12 133.10 Td (had ) Tj ET Q q 0 0 0 rg BT 187.28 133.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 208.78 133.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 249.13 133.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 290.62 133.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.78 133.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 364.15 133.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 388.98 133.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 439.36 133.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.41 133.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 475.13 133.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.03 133.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.75 133.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.90 133.10 Td ($40 ) Tj ET Q q 0 0 0 rg BT 544.62 133.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 133.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 121.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.76 121.10 Td (This ) Tj ET Q q 0 0 0 rg BT 109.34 121.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 129.35 121.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 164.36 121.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 203.26 121.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 235.49 121.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 276.62 121.10 Td (at ) Tj ET Q q 0 0 0 rg BT 286.63 121.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.87 121.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 327.78 121.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 345.56 121.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 370.02 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.60 121.10 Td (three-month ) Tj ET Q q 0 0 0 rg BT 432.27 121.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 465.07 121.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.54 121.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.37 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.17 121.10 Td (until ) Tj ET Q q 0 0 0 rg BT 534.30 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 549.32 121.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 569.34 121.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 109.10 Td (extinguished. ) Tj ET Q q 0 0 0 rg BT 91.17 109.10 Td (Prior ) Tj ET Q q 0 0 0 rg BT 112.73 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.07 109.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 146.13 109.10 Td (we ) Tj ET Q q 0 0 0 rg BT 159.35 109.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 190.34 109.10 Td (into ) Tj ET Q q 0 0 0 rg BT 207.46 109.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.46 109.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 255.00 109.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 281.01 109.10 Td (with ) Tj ET Q q 0 0 0 rg BT 300.35 109.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 340.78 109.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 375.11 109.10 Td (values ) Tj ET Q q 0 0 0 rg BT 402.22 109.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.33 109.10 Td ($140 ) Tj ET Q q 0 0 0 rg BT 455.90 109.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.79 109.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.35 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.69 109.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 521.13 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.91 109.10 Td (variability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 97.10 Td (in ) Tj ET Q q 0 0 0 rg BT 47.12 97.10 Td (this ) Tj ET Q q 0 0 0 rg BT 64.91 97.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 107.69 97.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 128.25 97.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 161.02 97.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 199.07 97.10 Td (Including ) Tj ET Q q 0 0 0 rg BT 240.74 97.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 276.30 97.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 299.64 97.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.42 97.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 371.30 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.97 97.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 419.62 97.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 460.73 97.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 497.95 97.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 523.79 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.35 97.10 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 85.10 Td (average ) Tj ET Q q 0 0 0 rg BT 69.58 85.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 101.52 85.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 136.22 85.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 158.72 85.10 Td (on ) Tj ET Q q 0 0 0 rg BT 171.22 85.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.05 85.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 207.33 85.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 246.46 85.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 286.73 85.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.67 85.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 357.82 85.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 381.43 85.10 Td (is ) Tj ET Q q 0 0 0 rg BT 390.60 85.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.86 85.10 Td (6.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.69 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.19 85.10 Td (per ) Tj ET Q q 0 0 0 rg BT 489.46 85.10 Td (annum.) Tj ET Q endstream endobj 363 0 obj <> endobj 364 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 14. Long-T) Tj ET Q q 0 0 0 rg BT 104.80 692.60 Td (erm Debt - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (At ) Tj ET Q q 0 0 0 rg BT 67.58 668.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.93 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 148.60 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.60 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.17 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.19 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 249.85 668.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.85 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.93 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.73 668.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 326.39 668.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 359.40 668.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 394.07 668.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 428.18 668.10 Td (on ) Tj ET Q q 0 0 0 rg BT 441.76 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.67 668.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 480.03 668.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 520.24 668.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 561.58 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 90.13 656.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 113.72 656.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.75 656.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 144.22 656.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.12 656.10 Td (. ) Tj ET Q q 0 0 0 rg BT 178.09 656.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 205.56 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.25 656.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 244.95 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.75 656.10 Td (this ) Tj ET Q q 0 0 0 rg BT 272.68 656.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 294.87 656.10 Td (we ) Tj ET Q q 0 0 0 rg BT 309.01 656.10 Td (covenant, ) Tj ET Q q 0 0 0 rg BT 350.08 656.10 Td (among ) Tj ET Q q 0 0 0 rg BT 379.78 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 402.80 656.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 432.22 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.48 656.10 Td (use ) Tj ET Q q 0 0 0 rg BT 458.29 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.09 656.10 Td (best ) Tj ET Q q 0 0 0 rg BT 492.68 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 500.27 656.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 521.07 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.33 656.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 568.24 656.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 66.99 644.10 Td (as ) Tj ET Q q 0 0 0 rg BT 77.98 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.07 644.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 106.55 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 111.71 644.10 Td (If ) Tj ET Q q 0 0 0 rg BT 121.03 644.10 Td (an ) Tj ET Q q 0 0 0 rg BT 133.13 644.10 Td (event ) Tj ET Q q 0 0 0 rg BT 157.44 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.43 644.10 Td (default ) Tj ET Q q 0 0 0 rg BT 198.86 644.10 Td (were ) Tj ET Q q 0 0 0 rg BT 220.95 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.38 644.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 256.25 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 266.69 644.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 297.67 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.66 644.10 Td (this ) Tj ET Q q 0 0 0 rg BT 325.76 644.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 348.14 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 362.46 644.10 Td (would ) Tj ET Q q 0 0 0 rg BT 390.12 644.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 429.98 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 442.08 644.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 481.95 644.10 Td (under ) Tj ET Q q 0 0 0 rg BT 507.37 644.10 Td (its ) Tj ET Q q 0 0 0 rg BT 519.48 644.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 544.36 644.10 Td (\(subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 45.40 632.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 74.23 632.10 Td (exceptions\) ) Tj ET Q q 0 0 0 rg BT 121.94 632.10 Td (from ) Tj ET Q q 0 0 0 rg BT 143.01 632.10 Td (making ) Tj ET Q q 0 0 0 rg BT 174.63 632.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 211.24 632.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 262.87 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.27 632.10 Td (stockholders, ) Tj ET Q q 0 0 0 rg BT 326.94 632.10 Td (from ) Tj ET Q q 0 0 0 rg BT 348.01 632.10 Td (repurchasing ) Tj ET Q q 0 0 0 rg BT 401.28 632.10 Td (common ) Tj ET Q q 0 0 0 rg BT 437.89 632.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 460.63 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 470.58 632.10 Td (repurchasing ) Tj ET Q q 0 0 0 rg BT 523.85 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 533.80 632.10 Td (redeeming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (any ) Tj ET Q q 0 0 0 rg BT 53.16 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 76.42 620.10 Td (then-outstanding ) Tj ET Q q 0 0 0 rg BT 146.35 620.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 174.07 620.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 217.05 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.21 620.10 Td (from ) Tj ET Q q 0 0 0 rg BT 256.36 620.10 Td (making ) Tj ET Q q 0 0 0 rg BT 289.08 620.10 Td (any ) Tj ET Q q 0 0 0 rg BT 306.24 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 329.50 620.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 370.54 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.04 620.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 412.08 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.13 620.10 Td (any ) Tj ET Q q 0 0 0 rg BT 440.28 620.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 468.00 620.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 504.04 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.54 620.10 Td (us ) Tj ET Q q 0 0 0 rg BT 526.15 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 537.20 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 547.69 620.10 Td (respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 608.10 Td (any ) Tj ET Q q 0 0 0 rg BT 63.77 608.10 Td (then-outstanding ) Tj ET Q q 0 0 0 rg BT 133.48 608.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 153.20 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 170.69 608.10 Td (is ) Tj ET Q q 0 0 0 rg BT 179.86 608.10 Td (pari ) Tj ET Q q 0 0 0 rg BT 197.91 608.10 Td (passu ) Tj ET Q q 0 0 0 rg BT 222.63 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.46 608.10 Td (subordinate ) Tj ET Q q 0 0 0 rg BT 282.62 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.89 608.10 Td (this ) Tj ET Q q 0 0 0 rg BT 309.84 608.10 Td (debt. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 584.10 Td (Note 15. Commitments and Contingencies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (Lease Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 540.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.05 540.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.19 540.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.19 540.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.74 540.10 Td (we ) Tj ET Q q 0 0 0 rg BT 166.46 540.10 Td (were ) Tj ET Q q 0 0 0 rg BT 188.94 540.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 229.20 540.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.03 540.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.69 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.74 540.10 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 338.31 540.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 379.13 540.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 406.06 540.10 Td (with ) Tj ET Q q 0 0 0 rg BT 426.89 540.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 470.48 540.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 494.08 540.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.25 540.10 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.25 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 551.30 540.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.01 540.10 Td ($5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 528.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.94 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.32 528.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 123.80 528.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 145.84 528.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 188.71 528.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 206.32 528.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 246.13 528.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 268.17 528.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 302.43 528.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.03 528.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 332.08 528.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.97 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.02 528.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.73 528.10 Td (each ) Tj ET Q q 0 0 0 rg BT 397.10 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.48 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.75 528.10 Td (years ) Tj ET Q q 0 0 0 rg BT 444.90 528.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.82 528.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 528.96 528.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.96 528.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.51 528.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 528.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 516.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 516.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.94 516.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 492.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 492.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 492.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 492.10 Td (our ) Tj ET Q q 0 0 0 rg BT 186.47 492.10 Td (future ) Tj ET Q q 0 0 0 rg BT 212.84 492.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 235.33 492.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 292.27 492.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.98 492.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 360.57 492.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.57 492.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 468.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 468.10 Td (able 15.1 Future Lease Commitments by ) Tj ET Q q 0 0 0 rg BT 217.67 468.10 Td (Y) Tj ET Q q 0 0 0 rg BT 222.67 468.10 Td (ear) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 430.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 430.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 430.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 400.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 400.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 370.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 370.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 340.60 436.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 340.60 100.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 430.6 m 471.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 430.6 m 575.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 430.6 m 471.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 340.6 m 575.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 326.6 m 575.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 324.6 m 575.5 324.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 435.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 435.28 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 420.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 420.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 420.27 Td (2,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 405.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 405.27 Td (1,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 390.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 390.27 Td (642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 375.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 375.27 Td (581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 360.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 360.27 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 345.27 Td (2022 and thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 345.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 330.28 Td (Total Lease Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 330.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 330.27 Td (4,840) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.10 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 96.54 302.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 155.19 302.10 Td (for ) Tj ET Q q 0 0 0 rg BT 168.30 302.10 Td (our ) Tj ET Q q 0 0 0 rg BT 183.07 302.10 Td (of) Tj ET Q q 0 0 0 rg BT 191.22 302.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 211.54 302.10 Td (are ) Tj ET Q q 0 0 0 rg BT 225.20 302.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 266.62 302.10 Td (into ) Tj ET Q q 0 0 0 rg BT 283.62 302.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 317.27 302.10 Td (over ) Tj ET Q q 0 0 0 rg BT 336.49 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.15 302.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 371.58 302.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 393.74 302.10 Td (There ) Tj ET Q q 0 0 0 rg BT 418.50 302.10 Td (were ) Tj ET Q q 0 0 0 rg BT 439.37 302.10 Td (less ) Tj ET Q q 0 0 0 rg BT 455.82 302.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.48 302.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 485.92 302.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.82 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.26 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.03 302.10 Td (unamortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 290.10 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 76.71 290.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 136.86 290.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.02 290.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 206.04 290.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.04 290.10 Td (. ) Tj ET Q q 0 0 0 rg BT 231.49 290.10 Td (For ) Tj ET Q q 0 0 0 rg BT 248.32 290.10 Td (each ) Tj ET Q q 0 0 0 rg BT 269.58 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.85 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.01 290.10 Td (years ) Tj ET Q q 0 0 0 rg BT 320.05 290.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.87 290.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 405.89 290.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.89 290.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.33 290.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.33 290.10 Td (, ) Tj ET Q q 0 0 0 rg BT 456.78 290.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.16 290.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.16 290.10 Td (, ) Tj ET Q q 0 0 0 rg BT 499.60 290.10 Td (we ) Tj ET Q q 0 0 0 rg BT 514.20 290.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 561.00 290.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.72 278.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 75.72 278.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.61 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.11 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.94 278.10 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 158.20 278.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 211.24 278.10 Td (expense. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (Loss ) Tj ET Q q 0 0 0 rg BT 57.39 254.10 Td (Contingencies ) Tj ET Q q 0 0 0 rg BT 131.29 254.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 152.13 254.10 Td (Sharing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.91 230.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.90 230.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.90 230.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.31 230.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.88 230.10 Td (had ) Tj ET Q q 0 0 0 rg BT 183.23 230.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 202.81 230.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 252.37 230.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 276.39 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.08 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.56 230.10 Td (Agencies ) Tj ET Q q 0 0 0 rg BT 341.68 230.10 Td (with ) Tj ET Q q 0 0 0 rg BT 362.36 230.10 Td (an ) Tj ET Q q 0 0 0 rg BT 374.71 230.10 Td (original ) Tj ET Q q 0 0 0 rg BT 408.73 230.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 438.85 230.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 477.30 230.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 510.74 230.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.98 230.10 Td ($3.19 ) Tj ET Q q 0 0 0 rg BT 547.39 230.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 230.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 218.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 66.93 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 77.31 218.10 Td (our ) Tj ET Q q 0 0 0 rg BT 93.24 218.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 110.84 218.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 142.88 218.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 199.35 218.10 Td (with ) Tj ET Q q 0 0 0 rg BT 219.73 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.98 218.10 Td (Agencies. ) Tj ET Q q 0 0 0 rg BT 275.71 218.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.31 218.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 347.00 218.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 218.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.10 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.92 218.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 430.08 218.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 467.67 218.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 500.27 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.20 218.10 Td (future ) Tj ET Q q 0 0 0 rg BT 537.68 218.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 206.10 Td (we ) Tj ET Q q 0 0 0 rg BT 49.65 206.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.86 206.10 Td (be ) Tj ET Q q 0 0 0 rg BT 85.30 206.10 Td (required ) Tj ET Q q 0 0 0 rg BT 120.61 206.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.38 206.10 Td (make ) Tj ET Q q 0 0 0 rg BT 154.03 206.10 Td (under ) Tj ET Q q 0 0 0 rg BT 178.79 206.10 Td (these ) Tj ET Q q 0 0 0 rg BT 201.33 206.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 257.19 206.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.73 206.10 Td ($44 ) Tj ET Q q 0 0 0 rg BT 291.72 206.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.62 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.61 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.04 206.10 Td (this ) Tj ET Q q 0 0 0 rg BT 355.48 206.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 387.47 206.10 Td (was ) Tj ET Q q 0 0 0 rg BT 405.02 206.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 425.90 206.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 481.74 206.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.74 206.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 519.06 206.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.72 206.10 Td (transferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.65 194.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 81.18 194.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 119.04 194.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.36 194.10 Td (is ) Tj ET Q q 0 0 0 rg BT 145.90 194.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 187.09 194.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.30 194.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 232.83 194.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 272.90 194.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.55 194.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 309.20 194.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 335.40 194.10 Td (on ) Tj ET Q q 0 0 0 rg BT 348.28 194.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.48 194.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 417.90 194.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 451.31 194.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 480.91 194.10 Td (W) Tj ET Q q 0 0 0 rg BT 489.55 194.10 Td (e ) Tj ET Q q 0 0 0 rg BT 496.86 194.10 Td (have ) Tj ET Q q 0 0 0 rg BT 518.62 194.10 Td (no ) Tj ET Q q 0 0 0 rg BT 531.49 194.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 568.23 194.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.10 Td (any ) Tj ET Q q 0 0 0 rg BT 52.97 182.10 Td (third ) Tj ET Q q 0 0 0 rg BT 74.40 182.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 103.59 182.10 Td (that ) Tj ET Q q 0 0 0 rg BT 121.12 182.10 Td (would ) Tj ET Q q 0 0 0 rg BT 148.65 182.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 173.41 182.10 Td (us ) Tj ET Q q 0 0 0 rg BT 184.83 182.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.15 182.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 227.66 182.10 Td (any ) Tj ET Q q 0 0 0 rg BT 244.63 182.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 281.06 182.10 Td (related ) Tj ET Q q 0 0 0 rg BT 310.79 182.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.11 182.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.97 182.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 383.95 182.10 Td (under ) Tj ET Q q 0 0 0 rg BT 409.26 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.01 182.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 482.35 182.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.88 182.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.50 182.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 182.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 170.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.02 170.10 Td (had ) Tj ET Q q 0 0 0 rg BT 66.81 170.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 102.48 170.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 128.73 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.42 170.10 Td (less ) Tj ET Q q 0 0 0 rg BT 156.77 170.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.34 170.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 196.20 170.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.09 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.45 170.10 Td (under ) Tj ET Q q 0 0 0 rg BT 252.57 170.10 Td (these ) Tj ET Q q 0 0 0 rg BT 275.48 170.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 334.19 170.10 Td (For ) Tj ET Q q 0 0 0 rg BT 350.44 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.01 170.10 Td (year ) Tj ET Q q 0 0 0 rg BT 384.58 170.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.81 170.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 469.25 170.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.25 170.10 Td (, ) Tj ET Q q 0 0 0 rg BT 494.11 170.10 Td (other ) Tj ET Q q 0 0 0 rg BT 517.01 170.10 Td (income ) Tj ET Q q 0 0 0 rg BT 548.80 170.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.28 158.10 Td (these ) Tj ET Q q 0 0 0 rg BT 69.33 158.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 125.69 158.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.74 158.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 156.24 158.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.13 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.63 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.57 158.10 Td (we ) Tj ET Q q 0 0 0 rg BT 218.73 158.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 256.21 158.10 Td (net ) Tj ET Q q 0 0 0 rg BT 270.92 158.10 Td (market ) Tj ET Q q 0 0 0 rg BT 301.19 158.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 340.90 158.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 367.29 158.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.12 158.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 390.62 158.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.51 158.10 Td (.) Tj ET Q endstream endobj 365 0 obj <> endobj 366 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 15. Commitments and Contingencies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (All ) Tj ET Q q 0 0 0 rg BT 68.20 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.96 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.60 668.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 114.13 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.34 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.98 668.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 175.58 668.10 Td (pools ) Tj ET Q q 0 0 0 rg BT 198.68 668.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 228.43 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.63 668.10 Td (these ) Tj ET Q q 0 0 0 rg BT 259.60 668.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 276.03 668.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 306.89 668.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 362.18 668.10 Td (were ) Tj ET Q q 0 0 0 rg BT 383.03 668.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 425.00 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.20 668.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 455.63 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.49 668.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 495.42 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.28 668.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 668.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.71 656.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 99.31 656.10 Td (had ) Tj ET Q q 0 0 0 rg BT 116.24 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 128.18 656.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 157.89 656.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 195.93 656.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 228.95 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.78 656.10 Td ($2.42 ) Tj ET Q q 0 0 0 rg BT 264.77 656.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.89 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.38 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.32 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 317.25 656.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 356.40 656.10 Td (average ) Tj ET Q q 0 0 0 rg BT 389.98 656.10 Td (FICO ) Tj ET Q q 0 0 0 rg BT 415.26 656.10 Td (score ) Tj ET Q q 0 0 0 rg BT 438.85 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.68 656.10 Td (757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.68 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.17 656.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 480.21 656.10 Td (origination\) ) Tj ET Q q 0 0 0 rg BT 529.92 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.85 656.10 Td (L) Tj ET Q q 0 0 0 rg BT 552.04 656.10 Td (TV) Tj ET Q q 0 0 0 rg BT 565.19 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 567.69 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (77%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.33 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 56.54 644.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 69.30 644.10 Td (origination\). ) Tj ET Q q 0 0 0 rg BT 120.74 644.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.95 644.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 191.25 644.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.25 644.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.96 644.10 Td ($14 ) Tj ET Q q 0 0 0 rg BT 233.18 644.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.07 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.28 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.83 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.26 644.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 312.58 644.10 Td (were ) Tj ET Q q 0 0 0 rg BT 334.22 644.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 346.43 644.10 Td (days ) Tj ET Q q 0 0 0 rg BT 366.98 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.52 644.10 Td (more ) Tj ET Q q 0 0 0 rg BT 400.28 644.10 Td (delinquent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.21 644.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 459.42 644.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.31 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.52 644.10 Td (were ) Tj ET Q q 0 0 0 rg BT 512.17 644.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 524.38 644.10 Td (days ) Tj ET Q q 0 0 0 rg BT 544.92 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 555.47 644.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (delinquent, ) Tj ET Q q 0 0 0 rg BT 83.43 632.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.58 632.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 113.29 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.19 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.90 632.10 Td (were ) Tj ET Q q 0 0 0 rg BT 167.04 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.54 632.10 Td (foreclosure. ) Tj ET Q q 0 0 0 rg BT 227.13 632.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.84 632.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 298.64 632.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.64 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 323.86 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.79 632.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 374.82 632.10 Td (value ) Tj ET Q q 0 0 0 rg BT 399.19 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.23 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.28 632.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 467.86 632.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 511.12 632.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.39 632.10 Td ($22 ) Tj ET Q q 0 0 0 rg BT 547.10 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.00 632.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.02 620.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.03 620.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 107.61 620.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.08 620.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 184.42 620.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.33 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.34 620.10 Td (non-amortizing ) Tj ET Q q 0 0 0 rg BT 266.57 620.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 291.91 620.10 Td (reserve, ) Tj ET Q q 0 0 0 rg BT 325.86 620.10 Td (which ) Tj ET Q q 0 0 0 rg BT 352.88 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 367.11 620.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 398.56 620.10 Td (is ) Tj ET Q q 0 0 0 rg BT 407.81 620.10 Td (suf) Tj ET Q q 0 0 0 rg BT 419.85 620.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 447.97 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.33 620.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 483.11 620.10 Td (current ) Tj ET Q q 0 0 0 rg BT 514.01 620.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 552.12 620.10 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (under ) Tj ET Q q 0 0 0 rg BT 61.27 608.10 Td (these ) Tj ET Q q 0 0 0 rg BT 84.32 608.10 Td (obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.92 584.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 124.83 584.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 157.73 584.10 Td (sheets ) Tj ET Q q 0 0 0 rg BT 184.53 584.10 Td (include ) Tj ET Q q 0 0 0 rg BT 216.33 584.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 242.03 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.73 584.10 Td (special ) Tj ET Q q 0 0 0 rg BT 282.86 584.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 316.89 584.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 348.14 584.10 Td (\("SPEs"\) ) Tj ET Q q 0 0 0 rg BT 386.45 584.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 429.91 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 450.06 584.10 Td (these ) Tj ET Q q 0 0 0 rg BT 472.97 584.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 490.34 584.10 Td (sharing ) Tj ET Q q 0 0 0 rg BT 522.14 584.10 Td (arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 56.49 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 71.15 572.10 Td ("pledged ) Tj ET Q q 0 0 0 rg BT 109.33 572.10 Td (collateral" ) Tj ET Q q 0 0 0 rg BT 153.05 572.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 187.13 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.35 572.10 Td (above\) ) Tj ET Q q 0 0 0 rg BT 227.00 572.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.44 572.10 Td (can ) Tj ET Q q 0 0 0 rg BT 260.76 572.10 Td (only ) Tj ET Q q 0 0 0 rg BT 280.98 572.10 Td (be ) Tj ET Q q 0 0 0 rg BT 292.86 572.10 Td (used ) Tj ET Q q 0 0 0 rg BT 313.63 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.86 572.10 Td (settle ) Tj ET Q q 0 0 0 rg BT 347.40 572.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 394.29 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.06 572.10 Td (these ) Tj ET Q q 0 0 0 rg BT 428.05 572.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 451.62 572.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.72 572.10 Td (which ) Tj ET Q q 0 0 0 rg BT 492.60 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.26 572.10 Td (creditors ) Tj ET Q q 0 0 0 rg BT 544.69 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 555.46 572.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 59.44 560.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 76.79 560.10 Td (Agencies\) ) Tj ET Q q 0 0 0 rg BT 119.64 560.10 Td (do ) Tj ET Q q 0 0 0 rg BT 131.96 560.10 Td (not ) Tj ET Q q 0 0 0 rg BT 147.05 560.10 Td (have ) Tj ET Q q 0 0 0 rg BT 168.25 560.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 204.43 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.52 560.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 255.00 560.10 Td (T) Tj ET Q q 0 0 0 rg BT 260.76 560.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 280.58 560.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 298.16 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 308.81 560.10 Td (its ) Tj ET Q q 0 0 0 rg BT 320.57 560.10 Td (af) Tj ET Q q 0 0 0 rg BT 328.16 560.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 359.67 560.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.99 560.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.39 560.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.39 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.71 560.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.46 560.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 527.86 560.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.86 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 552.68 560.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 45.69 548.10 Td (such ) Tj ET Q q 0 0 0 rg BT 65.38 548.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 87.87 548.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.44 548.10 Td ($49 ) Tj ET Q q 0 0 0 rg BT 132.80 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.69 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.05 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.85 548.10 Td ($63 ) Tj ET Q q 0 0 0 rg BT 195.22 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.11 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.97 548.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 275.63 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 279.49 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.29 548.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 333.87 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.56 548.10 Td (such ) Tj ET Q q 0 0 0 rg BT 363.25 548.10 Td (SPEs ) Tj ET Q q 0 0 0 rg BT 385.74 548.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.31 548.10 Td ($22 ) Tj ET Q q 0 0 0 rg BT 430.67 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.56 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.92 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.72 548.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 493.08 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.98 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.84 548.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 548.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (Loss ) Tj ET Q q 0 0 0 rg BT 57.39 524.10 Td (Contingencies ) Tj ET Q q 0 0 0 rg BT 131.29 524.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 179.90 524.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 231.29 524.10 Td (Reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 504.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 504.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.38 504.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 106.68 504.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.42 504.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 159.04 504.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 190.21 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.17 504.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 241.47 504.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 288.22 504.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 317.74 504.10 Td (from ) Tj ET Q q 0 0 0 rg BT 339.49 504.10 Td (representation ) Tj ET Q q 0 0 0 rg BT 398.44 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.18 504.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 453.02 504.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 494.77 504.10 Td (related ) Tj ET Q q 0 0 0 rg BT 524.28 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.37 504.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 492.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 60.59 492.10 Td (we ) Tj ET Q q 0 0 0 rg BT 75.73 492.10 Td (have ) Tj ET Q q 0 0 0 rg BT 98.08 492.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 118.23 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.49 492.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 186.83 492.10 Td (trusts ) Tj ET Q q 0 0 0 rg BT 211.98 492.10 Td (or ) Tj ET Q q 0 0 0 rg BT 223.79 492.10 Td (third ) Tj ET Q q 0 0 0 rg BT 246.16 492.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 276.29 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.21 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 309.35 492.10 Td (conforming ) Tj ET Q q 0 0 0 rg BT 359.48 492.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 404.61 492.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 429.20 492.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 473.77 492.10 Td (with ) Tj ET Q q 0 0 0 rg BT 495.03 492.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 523.52 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 542.00 492.10 Td (we ) Tj ET Q q 0 0 0 rg BT 557.14 492.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 480.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 78.69 480.10 Td (from ) Tj ET Q q 0 0 0 rg BT 100.28 480.10 Td (third ) Tj ET Q q 0 0 0 rg BT 121.31 480.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 152.47 480.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.10 480.10 Td (e ) Tj ET Q q 0 0 0 rg BT 167.69 480.10 Td (do ) Tj ET Q q 0 0 0 rg BT 179.84 480.10 Td (not ) Tj ET Q q 0 0 0 rg BT 194.77 480.10 Td (originate ) Tj ET Q q 0 0 0 rg BT 232.47 480.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 276.27 480.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 299.53 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.12 480.10 Td (we ) Tj ET Q q 0 0 0 rg BT 329.93 480.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 360.95 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.32 480.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 400.80 480.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 417.95 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.43 480.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 446.14 480.10 Td (due ) Tj ET Q q 0 0 0 rg BT 462.73 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.66 480.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 492.03 480.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 541.38 480.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 561.57 480.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.72 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 54.10 468.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 83.69 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.96 468.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 158.43 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.81 468.10 Td (warranties\) ) Tj ET Q q 0 0 0 rg BT 223.73 468.10 Td (would ) Tj ET Q q 0 0 0 rg BT 251.67 468.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 291.81 468.10 Td (be ) Tj ET Q q 0 0 0 rg BT 304.19 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 311.57 468.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 363.38 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 374.10 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.26 468.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 434.96 468.10 Td (from ) Tj ET Q q 0 0 0 rg BT 457.34 468.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 485.28 468.10 Td (we ) Tj ET Q q 0 0 0 rg BT 499.88 468.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 537.25 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 552.41 468.10 Td (loans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 456.10 Td (However) Tj ET Q q 0 0 0 rg BT 72.25 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 77.25 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 87.54 456.10 Td (some ) Tj ET Q q 0 0 0 rg BT 111.15 456.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 137.25 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 151.42 456.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 190.29 456.10 Td (where ) Tj ET Q q 0 0 0 rg BT 217.22 456.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 240.84 456.10 Td (were ) Tj ET Q q 0 0 0 rg BT 262.77 456.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 299.70 456.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.64 456.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 366.91 456.10 Td (that ) Tj ET Q q 0 0 0 rg BT 384.41 456.10 Td (have ) Tj ET Q q 0 0 0 rg BT 405.79 456.10 Td (since ) Tj ET Q q 0 0 0 rg BT 428.84 456.10 Td (become ) Tj ET Q q 0 0 0 rg BT 462.43 456.10 Td (insolvent, ) Tj ET Q q 0 0 0 rg BT 504.10 456.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 549.91 456.10 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 444.10 Td (may ) Tj ET Q q 0 0 0 rg BT 55.72 444.10 Td (result ) Tj ET Q q 0 0 0 rg BT 80.43 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.71 444.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.54 444.10 Td (being ) Tj ET Q q 0 0 0 rg BT 131.26 444.10 Td (liable ) Tj ET Q q 0 0 0 rg BT 155.97 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 170.13 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.07 444.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 222.88 444.10 Td (obligation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 424.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.38 424.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.84 424.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.84 424.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.22 424.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.03 424.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 227.50 424.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.50 424.10 Td (, ) Tj ET Q q 0 0 0 rg BT 253.37 424.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.08 424.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 316.77 424.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 349.01 424.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 393.48 424.10 Td (with ) Tj ET Q q 0 0 0 rg BT 414.64 424.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.35 424.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 476.38 424.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 500.86 424.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.68 424.10 Td (MSRs ) Tj ET Q q 0 0 0 rg BT 547.07 424.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.00 424.10 Td ($5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 412.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.34 412.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.23 412.10 Td ($6 ) Tj ET Q q 0 0 0 rg BT 96.67 412.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.56 412.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.51 412.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 178.17 412.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.12 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.01 412.10 Td (was ) Tj ET Q q 0 0 0 rg BT 218.01 412.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 255.43 412.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.12 412.10 Td (Accrued ) Tj ET Q q 0 0 0 rg BT 301.43 412.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 339.98 412.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.86 412.10 Td (other ) Tj ET Q q 0 0 0 rg BT 379.86 412.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 419.52 412.10 Td (on ) Tj ET Q q 0 0 0 rg BT 431.97 412.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.75 412.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 500.74 412.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 533.72 412.10 Td (sheets. ) Tj ET Q q 0 0 0 rg BT 562.93 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 571.56 412.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 400.10 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.05 400.10 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.05 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.24 400.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 129.74 400.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 164.70 400.10 Td (during ) Tj ET Q q 0 0 0 rg BT 192.99 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.40 400.10 Td (year ) Tj ET Q q 0 0 0 rg BT 226.80 400.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.87 400.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 311.14 400.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.14 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 333.33 400.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.96 400.10 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.96 400.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.15 400.10 Td (during ) Tj ET Q q 0 0 0 rg BT 390.45 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.85 400.10 Td (year ) Tj ET Q q 0 0 0 rg BT 424.25 400.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.32 400.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 508.59 400.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.59 400.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.28 400.10 Td (During ) Tj ET Q q 0 0 0 rg BT 563.80 400.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 388.10 Td (years ) Tj ET Q q 0 0 0 rg BT 59.18 388.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.14 388.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 143.31 388.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.31 388.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.90 388.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.90 388.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.48 388.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.00 388.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 388.10 Td (, ) Tj ET Q q 0 0 0 rg BT 233.59 388.10 Td (we ) Tj ET Q q 0 0 0 rg BT 247.33 388.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.72 388.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.16 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.24 388.10 Td (loan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.04 388.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.25 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.33 388.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 381.03 388.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.55 388.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.99 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.07 388.10 Td (loan, ) Tj ET Q q 0 0 0 rg BT 435.87 388.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 483.53 388.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.12 388.10 Td (During ) Tj ET Q q 0 0 0 rg BT 518.53 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.83 388.10 Td (year ) Tj ET Q q 0 0 0 rg BT 552.12 388.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 376.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.55 376.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.55 376.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.52 376.10 Td (we ) Tj ET Q q 0 0 0 rg BT 133.64 376.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 171.08 376.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.99 376.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 212.10 376.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.89 376.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 268.67 376.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 308.91 376.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.71 376.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 332.17 376.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.06 376.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.53 376.10 Td (that ) Tj ET Q q 0 0 0 rg BT 380.99 376.10 Td (was ) Tj ET Q q 0 0 0 rg BT 399.01 376.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 436.45 376.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.69 376.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 488.04 376.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 522.72 376.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 563.78 376.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.81 364.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 78.30 364.10 Td (income ) Tj ET Q q 0 0 0 rg BT 111.11 364.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 139.20 364.10 Td (net ) Tj ET Q q 0 0 0 rg BT 154.79 364.10 Td (on ) Tj ET Q q 0 0 0 rg BT 168.16 364.10 Td (our ) Tj ET Q q 0 0 0 rg BT 184.86 364.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 238.78 364.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 284.36 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.06 364.10 Td (income ) Tj ET Q q 0 0 0 rg BT 328.87 364.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.68 364.10 Td (had ) Tj ET Q q 0 0 0 rg BT 364.49 364.10 Td (char) Tj ET Q q 0 0 0 rg BT 381.52 364.10 Td (ge-of) Tj ET Q q 0 0 0 rg BT 402.43 364.10 Td (fs ) Tj ET Q q 0 0 0 rg BT 413.03 364.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.73 364.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 445.60 364.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.49 364.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.36 364.10 Td (During ) Tj ET Q q 0 0 0 rg BT 512.06 364.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.65 364.10 Td (years ) Tj ET Q q 0 0 0 rg BT 552.12 364.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 352.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 93.59 352.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.09 352.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.04 352.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.04 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.54 352.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.71 352.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 202.19 352.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 247.00 352.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 290.18 352.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.01 352.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 311.52 352.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.41 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.91 352.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.86 352.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 369.36 352.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.26 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 402.26 352.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 449.92 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.93 352.10 Td (that ) Tj ET Q q 0 0 0 rg BT 470.43 352.10 Td (were ) Tj ET Q q 0 0 0 rg BT 491.36 352.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 527.84 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.13 352.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 340.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 69.92 340.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 110.22 340.10 Td (net ) Tj ET Q q 0 0 0 rg BT 124.14 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.29 340.10 Td (MSR ) Tj ET Q q 0 0 0 rg BT 163.11 340.10 Td (income ) Tj ET Q q 0 0 0 rg BT 194.25 340.10 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 220.68 340.10 Td (net ) Tj ET Q q 0 0 0 rg BT 234.60 340.10 Td (on ) Tj ET Q q 0 0 0 rg BT 246.30 340.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.34 340.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 313.58 340.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 357.50 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.53 340.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 401.17 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.31 340.10 Td (had ) Tj ET Q q 0 0 0 rg BT 433.46 340.10 Td (char) Tj ET Q q 0 0 0 rg BT 450.48 340.10 Td (ge-of) Tj ET Q q 0 0 0 rg BT 471.40 340.10 Td (fs ) Tj ET Q q 0 0 0 rg BT 480.33 340.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.36 340.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.57 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.27 340.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.41 340.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 544.62 340.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 340.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 328.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 328.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 308.10 Td (Loss ) Tj ET Q q 0 0 0 rg BT 57.39 308.10 Td (ContingenciesLitigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.10 Td (On ) Tj ET Q q 0 0 0 rg BT 69.14 290.10 Td (or ) Tj ET Q q 0 0 0 rg BT 80.38 290.10 Td (about ) Tj ET Q q 0 0 0 rg BT 105.51 290.10 Td (December ) Tj ET Q q 0 0 0 rg BT 149.51 290.10 Td (23, ) Tj ET Q q 0 0 0 rg BT 164.92 290.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 190.34 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.47 290.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 238.37 290.10 Td (Home ) Tj ET Q q 0 0 0 rg BT 265.72 290.10 Td (Loan ) Tj ET Q q 0 0 0 rg BT 289.18 290.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 313.20 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 324.45 290.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 354.57 290.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 373.03 290.10 Td (FHLB-Seattle\) ) Tj ET Q q 0 0 0 rg BT 444.26 290.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 465.50 290.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.85 290.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 515.75 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.45 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.58 290.10 Td (Superior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 278.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 61.63 278.10 Td (for ) Tj ET Q q 0 0 0 rg BT 76.14 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.20 278.10 Td (State ) Tj ET Q q 0 0 0 rg BT 114.05 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.02 278.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.66 278.10 Td (ashington ) Tj ET Q q 0 0 0 rg BT 175.39 278.10 Td (\(case ) Tj ET Q q 0 0 0 rg BT 198.78 278.10 Td (number ) Tj ET Q q 0 0 0 rg BT 232.18 278.10 Td (09-2-46348-4 ) Tj ET Q q 0 0 0 rg BT 290.02 278.10 Td (SEA\) ) Tj ET Q q 0 0 0 rg BT 315.09 278.10 Td (against ) Tj ET Q q 0 0 0 rg BT 346.26 278.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 387.23 278.10 Td (T) Tj ET Q q 0 0 0 rg BT 392.99 278.10 Td (rust, ) Tj ET Q q 0 0 0 rg BT 413.34 278.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 433.96 278.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.14 278.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 490.60 278.10 Td (, ) Tj ET Q q 0 0 0 rg BT 495.94 278.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 531.01 278.10 Td (Residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 266.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 73.67 266.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 90.77 266.10 Td (\(SRF\), ) Tj ET Q q 0 0 0 rg BT 128.44 266.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 145.48 266.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 161.75 266.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 193.58 266.10 Td (& ) Tj ET Q q 0 0 0 rg BT 203.19 266.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 221.69 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.96 266.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 255.00 266.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 271.27 266.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 303.10 266.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 333.81 266.10 Td (I, ) Tj ET Q q 0 0 0 rg BT 341.48 266.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 358.58 266.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 407.90 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.24 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.29 266.10 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 488.66 266.10 Td (Defendants\) ) Tj ET Q q 0 0 0 rg BT 543.80 266.10 Td (alleging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (that ) Tj ET Q q 0 0 0 rg BT 53.27 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 67.77 254.10 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 126.15 254.10 Td (Defendants ) Tj ET Q q 0 0 0 rg BT 173.96 254.10 Td (made ) Tj ET Q q 0 0 0 rg BT 197.89 254.10 Td (false ) Tj ET Q q 0 0 0 rg BT 219.05 254.10 Td (or ) Tj ET Q q 0 0 0 rg BT 229.65 254.10 Td (misleading ) Tj ET Q q 0 0 0 rg BT 275.81 254.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 320.30 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.36 254.10 Td (of) Tj ET Q q 0 0 0 rg BT 338.50 254.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 364.66 254.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 403.59 254.10 Td (for ) Tj ET Q q 0 0 0 rg BT 417.52 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 424.24 254.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 464.28 254.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 518.22 254.10 Td (certificate ) Tj ET Q q 0 0 0 rg BT 560.46 254.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 70.58 242.10 Td (Certificate\) ) Tj ET Q q 0 0 0 rg BT 123.47 242.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 151.40 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.10 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.25 242.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 212.39 242.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 253.98 242.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.74 242.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 277.67 242.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 308.93 242.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 365.72 242.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 412.52 242.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 430.99 242.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 466.69 242.10 Td (RMBS\) ) Tj ET Q q 0 0 0 rg BT 505.18 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.54 242.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 566.01 242.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.13 230.10 Td (FHLB-Seattle. ) Tj ET Q q 0 0 0 rg BT 110.64 230.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 157.75 230.10 Td (, ) Tj ET Q q 0 0 0 rg BT 162.16 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.29 230.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 218.19 230.10 Td (alleges ) Tj ET Q q 0 0 0 rg BT 247.87 230.10 Td (that ) Tj ET Q q 0 0 0 rg BT 264.78 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.91 230.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 309.69 230.10 Td (misstatements ) Tj ET Q q 0 0 0 rg BT 368.26 230.10 Td (concern ) Tj ET Q q 0 0 0 rg BT 401.82 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.95 230.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 429.52 230.10 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 484.74 230.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 504.98 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.22 230.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 554.89 230.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 218.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.58 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 66.95 218.10 Td (appraisals ) Tj ET Q q 0 0 0 rg BT 109.08 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.55 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.92 218.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 176.05 218.10 Td (that ) Tj ET Q q 0 0 0 rg BT 193.19 218.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 225.87 218.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 249.13 218.10 Td (supporting ) Tj ET Q q 0 0 0 rg BT 294.05 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.41 218.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 338.89 218.10 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 371.33 218.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 385.14 218.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 430.04 218.10 Td (status ) Tj ET Q q 0 0 0 rg BT 454.96 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.44 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.80 218.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 524.43 218.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 538.24 218.10 Td (standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 206.10 Td (used ) Tj ET Q q 0 0 0 rg BT 57.24 206.10 Td (to ) Tj ET Q q 0 0 0 rg BT 67.94 206.10 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 114.17 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.30 206.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 155.82 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.17 206.10 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 187.75 206.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 217.88 206.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 255.23 206.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.92 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.05 206.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 311.18 206.10 Td (Certificate. ) Tj ET Q q 0 0 0 rg BT 358.58 206.10 Td (The ) Tj ET Q q 0 0 0 rg BT 377.04 206.10 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 436.06 206.10 Td (alleges ) Tj ET Q q 0 0 0 rg BT 466.74 206.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 495.75 206.10 Td (under ) Tj ET Q q 0 0 0 rg BT 521.44 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.57 206.10 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 194.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 53.02 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 63.74 194.10 Td (W) Tj ET Q q 0 0 0 rg BT 72.38 194.10 Td (ashington ) Tj ET Q q 0 0 0 rg BT 113.84 194.10 Td (\(Section ) Tj ET Q q 0 0 0 rg BT 149.74 194.10 Td (21.20.005, ) Tj ET Q q 0 0 0 rg BT 194.82 194.10 Td (et ) Tj ET Q q 0 0 0 rg BT 204.62 194.10 Td (seq.\) ) Tj ET Q q 0 0 0 rg BT 226.36 194.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.37 194.10 Td (seeks ) Tj ET Q q 0 0 0 rg BT 267.61 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.97 194.10 Td (rescind ) Tj ET Q q 0 0 0 rg BT 309.42 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.22 194.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 362.33 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.24 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.04 194.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 417.83 194.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 462.60 194.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.62 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.97 194.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 519.20 194.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 551.21 194.10 Td (on ) Tj ET Q q 0 0 0 rg BT 563.79 194.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 182.10 Td (original ) Tj ET Q q 0 0 0 rg BT 69.43 182.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 107.30 182.10 Td (price ) Tj ET Q q 0 0 0 rg BT 129.61 182.10 Td (at ) Tj ET Q q 0 0 0 rg BT 139.16 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.71 182.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 191.03 182.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 222.79 182.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 240.11 182.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.77 182.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.10 182.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.42 182.10 Td (per ) Tj ET Q q 0 0 0 rg BT 281.52 182.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 311.07 182.10 Td (from ) Tj ET Q q 0 0 0 rg BT 332.84 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.38 182.10 Td (date ) Tj ET Q q 0 0 0 rg BT 366.37 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.03 182.10 Td (original ) Tj ET Q q 0 0 0 rg BT 410.46 182.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 448.32 182.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 466.20 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.86 182.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 508.62 182.10 Td (received\) ) Tj ET Q q 0 0 0 rg BT 548.14 182.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.80 182.10 Td (well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 170.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.76 170.10 Td (attorneys) Tj ET Q q 0 0 0 rg BT 86.00 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.43 170.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 106.96 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.82 170.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 148.58 170.10 Td (The ) Tj ET Q q 0 0 0 rg BT 166.55 170.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 196.19 170.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 240.82 170.10 Td (was ) Tj ET Q q 0 0 0 rg BT 258.80 170.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 286.22 170.10 Td (with ) Tj ET Q q 0 0 0 rg BT 306.43 170.10 Td (an ) Tj ET Q q 0 0 0 rg BT 318.30 170.10 Td (original ) Tj ET Q q 0 0 0 rg BT 351.83 170.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 389.80 170.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 422.22 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.98 170.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.17 170.10 Td ($133 ) Tj ET Q q 0 0 0 rg BT 515.60 170.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.49 170.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.42 170.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 568.78 170.10 Td (at) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 158.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 95.23 158.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.23 158.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.89 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.25 158.10 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 195.51 158.10 Td (has ) Tj ET Q q 0 0 0 rg BT 211.99 158.10 Td (received ) Tj ET Q q 0 0 0 rg BT 249.00 158.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.91 158.10 Td ($122 ) Tj ET Q q 0 0 0 rg BT 333.06 158.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.95 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.10 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.59 158.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 415.28 158.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.87 158.10 Td ($1) Tj ET Q q 0 0 0 rg BT 442.50 158.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 450.65 158.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.54 158.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.17 158.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 526.76 158.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 568.23 158.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 146.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 66.40 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.81 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.10 146.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 120.39 146.10 Td (Certificate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.02 146.10 Td (The ) Tj ET Q q 0 0 0 rg BT 184.65 146.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 212.83 146.10 Td (were ) Tj ET Q q 0 0 0 rg BT 234.34 146.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 288.64 146.10 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 330.17 146.10 Td (for ) Tj ET Q q 0 0 0 rg BT 343.91 146.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 362.64 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.05 146.10 Td (personal ) Tj ET Q q 0 0 0 rg BT 409.01 146.10 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 456.64 146.10 Td (as ) Tj ET Q q 0 0 0 rg BT 467.05 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.91 146.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 517.17 146.10 Td (T) Tj ET Q q 0 0 0 rg BT 522.93 146.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 540.01 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 556.52 146.10 Td (SRF) Tj ET Q q 0 0 0 rg BT 573.52 146.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 134.10 Td (At ) Tj ET Q q 0 0 0 rg BT 48.14 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 62.49 134.10 Td (time ) Tj ET Q q 0 0 0 rg BT 82.40 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.75 134.10 Td (Seattle ) Tj ET Q q 0 0 0 rg BT 126.10 134.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 170.43 134.10 Td (was ) Tj ET Q q 0 0 0 rg BT 188.12 134.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 217.76 134.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 258.22 134.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 287.01 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.92 134.10 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 340.16 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.51 134.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 407.19 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.65 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.01 134.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 462.47 134.10 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 492.40 134.10 Td (for ) Tj ET Q q 0 0 0 rg BT 506.20 134.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 535.54 134.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 561.56 134.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 122.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 75.17 122.10 Td (they ) Tj ET Q q 0 0 0 rg BT 95.47 122.10 Td (might ) Tj ET Q q 0 0 0 rg BT 121.88 122.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 145.50 122.10 Td (as ) Tj ET Q q 0 0 0 rg BT 156.90 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 164.42 122.10 Td (result ) Tj ET Q q 0 0 0 rg BT 189.71 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.11 122.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 230.29 122.10 Td (made ) Tj ET Q q 0 0 0 rg BT 255.02 122.10 Td (against ) Tj ET Q q 0 0 0 rg BT 286.42 122.10 Td (them ) Tj ET Q q 0 0 0 rg BT 309.49 122.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 343.11 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.96 122.10 Td (this ) Tj ET Q q 0 0 0 rg BT 371.49 122.10 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 404.86 122.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 448.21 122.10 Td (without ) Tj ET Q q 0 0 0 rg BT 481.84 122.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 526.30 122.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 556.58 122.10 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 110.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 76.79 110.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.70 110.10 Td (FHLB-Seattle) Tj ET Q q 0 0 0 rg BT 153.58 110.10 Td (s ) Tj ET Q q 0 0 0 rg BT 159.83 110.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 188.30 110.10 Td (against ) Tj ET Q q 0 0 0 rg BT 218.98 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.56 110.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 286.46 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.15 110.10 Td (this ) Tj ET Q q 0 0 0 rg BT 313.96 110.10 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 344.11 110.10 Td (were ) Tj ET Q q 0 0 0 rg BT 365.90 110.10 Td (not ) Tj ET Q q 0 0 0 rg BT 381.04 110.10 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 422.85 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.65 110.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 469.77 110.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 506.85 110.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 553.09 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 110.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 98.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 72.93 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.76 98.10 Td (this ) Tj ET Q q 0 0 0 rg BT 100.71 98.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 141.82 98.10 Td (we ) Tj ET Q q 0 0 0 rg BT 155.98 98.10 Td (could ) Tj ET Q q 0 0 0 rg BT 180.70 98.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 203.74 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 210.68 98.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 228.74 98.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.57 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.51 98.10 Td (result ) Tj ET Q q 0 0 0 rg BT 271.23 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.06 98.10 Td (these ) Tj ET Q q 0 0 0 rg BT 305.11 98.10 Td (indemnities.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 74.10 Td (On ) Tj ET Q q 0 0 0 rg BT 69.19 74.10 Td (or ) Tj ET Q q 0 0 0 rg BT 80.49 74.10 Td (about ) Tj ET Q q 0 0 0 rg BT 105.67 74.10 Td (July ) Tj ET Q q 0 0 0 rg BT 125.31 74.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 140.78 74.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 166.04 74.10 Td (The ) Tj ET Q q 0 0 0 rg BT 184.55 74.10 Td (Charles ) Tj ET Q q 0 0 0 rg BT 218.07 74.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 252.70 74.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 303.99 74.10 Td (\(Schwab\) ) Tj ET Q q 0 0 0 rg BT 354.16 74.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 375.45 74.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.86 74.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 425.82 74.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.56 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.75 74.10 Td (Superior ) Tj ET Q q 0 0 0 rg BT 489.16 74.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 514.90 74.10 Td (for ) Tj ET Q q 0 0 0 rg BT 529.53 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.72 74.10 Td (State ) Tj ET Q q 0 0 0 rg BT 567.68 74.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 62.10 Td (California ) Tj ET Q q 0 0 0 rg BT 78.31 62.10 Td (in ) Tj ET Q q 0 0 0 rg BT 87.86 62.10 Td (San ) Tj ET Q q 0 0 0 rg BT 104.63 62.10 Td (Francisco ) Tj ET Q q 0 0 0 rg BT 145.27 62.10 Td (\(case ) Tj ET Q q 0 0 0 rg BT 167.58 62.10 Td (number ) Tj ET Q q 0 0 0 rg BT 199.90 62.10 Td (CGC-10-501610\) ) Tj ET Q q 0 0 0 rg BT 272.22 62.10 Td (against ) Tj ET Q q 0 0 0 rg BT 302.31 62.10 Td (SRF ) Tj ET Q q 0 0 0 rg BT 321.87 62.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.31 62.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.08 62.10 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.08 62.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.85 62.10 Td (other ) Tj ET Q q 0 0 0 rg BT 372.17 62.10 Td (defendants ) Tj ET Q q 0 0 0 rg BT 417.25 62.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 466.58 62.10 Td (, ) Tj ET Q q 0 0 0 rg BT 470.84 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.83 62.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 522.70 62.10 Td (Defendants\) ) Tj ET Q endstream endobj 367 0 obj <> endobj 368 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 15. Commitments and Contingencies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (alleging ) Tj ET Q q 0 0 0 rg BT 70.70 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 88.18 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.89 668.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 137.04 668.10 Td (Defendants ) Tj ET Q q 0 0 0 rg BT 185.06 668.10 Td (made ) Tj ET Q q 0 0 0 rg BT 209.20 668.10 Td (false ) Tj ET Q q 0 0 0 rg BT 230.57 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.39 668.10 Td (misleading ) Tj ET Q q 0 0 0 rg BT 287.76 668.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.46 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.72 668.10 Td (of) Tj ET Q q 0 0 0 rg BT 350.87 668.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 377.24 668.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 416.37 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.52 668.10 Td (various ) Tj ET Q q 0 0 0 rg BT 462.45 668.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 506.59 668.10 Td (mortgage-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 76.20 656.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 95.30 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.06 656.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 133.49 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 145.92 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.57 656.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 194.66 656.10 Td (Defendants. ) Tj ET Q q 0 0 0 rg BT 245.13 656.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 279.22 656.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 310.53 656.10 Td (only ) Tj ET Q q 0 0 0 rg BT 330.74 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 337.61 656.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 362.25 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.34 656.10 Td (negligent ) Tj ET Q q 0 0 0 rg BT 415.99 656.10 Td (misrepresentation ) Tj ET Q q 0 0 0 rg BT 489.51 656.10 Td (under ) Tj ET Q q 0 0 0 rg BT 514.71 656.10 Td (California ) Tj ET Q q 0 0 0 rg BT 557.68 656.10 Td (state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (law ) Tj ET Q q 0 0 0 rg BT 51.91 644.10 Td (against ) Tj ET Q q 0 0 0 rg BT 81.70 644.10 Td (SRF ) Tj ET Q q 0 0 0 rg BT 100.96 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.86 644.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 145.00 644.10 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 192.56 644.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 229.02 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.92 644.10 Td (attorneys) Tj ET Q q 0 0 0 rg BT 284.16 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.63 644.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 303.20 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.10 644.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 340.57 644.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.48 644.10 Td (SRF) Tj ET Q q 0 0 0 rg BT 378.47 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 382.44 644.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 415.56 644.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 443.13 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 459.60 644.10 Td (SRF ) Tj ET Q q 0 0 0 rg BT 478.86 644.10 Td (made ) Tj ET Q q 0 0 0 rg BT 501.98 644.10 Td (false ) Tj ET Q q 0 0 0 rg BT 522.32 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 532.12 644.10 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 81.66 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.89 632.10 Td (of) Tj ET Q q 0 0 0 rg BT 101.04 632.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 128.37 632.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 168.48 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 183.59 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.48 632.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 232.69 632.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 287.81 632.10 Td (certificate ) Tj ET Q q 0 0 0 rg BT 331.22 632.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 350.22 632.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 389.77 632.10 Td (Certificate\) ) Tj ET Q q 0 0 0 rg BT 443.19 632.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 471.64 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.88 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.54 632.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 530.33 632.10 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 561.57 632.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 78.46 620.10 Td (by ) Tj ET Q q 0 0 0 rg BT 90.39 620.10 Td (Schwab. ) Tj ET Q q 0 0 0 rg BT 126.48 620.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 173.59 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 178.02 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.16 620.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 234.08 620.10 Td (alleges ) Tj ET Q q 0 0 0 rg BT 263.77 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 280.69 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.84 620.10 Td (misstatements ) Tj ET Q q 0 0 0 rg BT 353.43 620.10 Td (for ) Tj ET Q q 0 0 0 rg BT 367.01 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.16 620.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 411.42 620.10 Td (RMBS ) Tj ET Q q 0 0 0 rg BT 441.14 620.10 Td (concern ) Tj ET Q q 0 0 0 rg BT 474.71 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.86 620.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 502.44 620.10 Td (loan-to-value ) Tj ET Q q 0 0 0 rg BT 557.68 620.10 Td (ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.71 608.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 88.86 608.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 113.35 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.17 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.76 608.10 Td (appraisals ) Tj ET Q q 0 0 0 rg BT 190.13 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.84 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.44 608.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 260.81 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.18 608.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 313.10 608.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 337.59 608.10 Td (supporting ) Tj ET Q q 0 0 0 rg BT 383.75 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.35 608.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 431.06 608.10 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 464.74 608.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 479.78 608.10 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 525.91 608.10 Td (status ) Tj ET Q q 0 0 0 rg BT 552.07 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 608.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 596.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 80.37 596.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 93.91 596.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 133.56 596.10 Td (used ) Tj ET Q q 0 0 0 rg BT 153.77 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.43 596.10 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 208.63 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.73 596.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 248.22 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.54 596.10 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 278.08 596.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 307.18 596.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 343.50 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.17 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.26 596.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 400.81 596.10 Td (Certificate. ) Tj ET Q q 0 0 0 rg BT 447.39 596.10 Td (On ) Tj ET Q q 0 0 0 rg BT 461.49 596.10 Td (November ) Tj ET Q q 0 0 0 rg BT 505.58 596.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 519.96 596.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 544.34 596.10 Td (Schwab ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 584.10 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 82.55 584.10 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 124.67 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.12 584.10 Td (prejudice ) Tj ET Q q 0 0 0 rg BT 184.99 584.10 Td (its ) Tj ET Q q 0 0 0 rg BT 197.11 584.10 Td (negligent ) Tj ET Q q 0 0 0 rg BT 236.99 584.10 Td (misrepresentation ) Tj ET Q q 0 0 0 rg BT 310.75 584.10 Td (claim, ) Tj ET Q q 0 0 0 rg BT 338.13 584.10 Td (which ) Tj ET Q q 0 0 0 rg BT 365.24 584.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 399.56 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.01 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.90 584.10 Td (dismissal ) Tj ET Q q 0 0 0 rg BT 464.80 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 485.24 584.10 Td (prejudice ) Tj ET Q q 0 0 0 rg BT 525.12 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 536.12 584.10 Td (SRF ) Tj ET Q q 0 0 0 rg BT 556.58 584.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.25 572.10 Td (action. ) Tj ET Q q 0 0 0 rg BT 80.99 572.10 Td (The ) Tj ET Q q 0 0 0 rg BT 99.57 572.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 134.26 572.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 179.48 572.10 Td (was ) Tj ET Q q 0 0 0 rg BT 198.07 572.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 226.10 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 246.90 572.10 Td (an ) Tj ET Q q 0 0 0 rg BT 259.37 572.10 Td (original ) Tj ET Q q 0 0 0 rg BT 293.51 572.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 332.08 572.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 365.10 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.46 572.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.25 572.10 Td ($15 ) Tj ET Q q 0 0 0 rg BT 455.28 572.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.17 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 489.70 572.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 509.67 572.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 572.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.01 560.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.27 560.10 Td ($14 ) Tj ET Q q 0 0 0 rg BT 138.78 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.67 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.18 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.02 560.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 219.07 560.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.01 560.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 248.52 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.41 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.92 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.76 560.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 322.70 560.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 363.53 560.10 Td (have ) Tj ET Q q 0 0 0 rg BT 384.91 560.10 Td (been ) Tj ET Q q 0 0 0 rg BT 406.30 560.10 Td (made ) Tj ET Q q 0 0 0 rg BT 430.46 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.75 560.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 471.57 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.41 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.13 560.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 531.30 560.10 Td (Certificate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.00 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (At ) Tj ET Q q 0 0 0 rg BT 48.11 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 62.44 548.10 Td (time ) Tj ET Q q 0 0 0 rg BT 82.33 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.65 548.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 130.43 548.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 174.74 548.10 Td (was ) Tj ET Q q 0 0 0 rg BT 192.40 548.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 222.01 548.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 262.45 548.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 291.21 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.10 548.10 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 344.32 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.64 548.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 411.29 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.73 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.06 548.10 Td (2005-4 ) Tj ET Q q 0 0 0 rg BT 466.51 548.10 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 498.91 548.10 Td (which ) Tj ET Q q 0 0 0 rg BT 525.46 548.10 Td (underwriters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (were ) Tj ET Q q 0 0 0 rg BT 58.54 536.10 Td (also ) Tj ET Q q 0 0 0 rg BT 77.76 536.10 Td (named ) Tj ET Q q 0 0 0 rg BT 107.53 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.08 536.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 155.95 536.10 Td (as ) Tj ET Q q 0 0 0 rg BT 167.40 536.10 Td (defendants ) Tj ET Q q 0 0 0 rg BT 213.82 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.71 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.04 536.10 Td (action, ) Tj ET Q q 0 0 0 rg BT 270.09 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.86 536.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 315.17 536.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 342.18 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.73 536.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 398.94 536.10 Td (they ) Tj ET Q q 0 0 0 rg BT 419.27 536.10 Td (might ) Tj ET Q q 0 0 0 rg BT 445.71 536.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 469.37 536.10 Td (as ) Tj ET Q q 0 0 0 rg BT 480.81 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 488.36 536.10 Td (result ) Tj ET Q q 0 0 0 rg BT 513.69 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.13 536.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 554.35 536.10 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (against ) Tj ET Q q 0 0 0 rg BT 67.15 524.10 Td (them ) Tj ET Q q 0 0 0 rg BT 89.98 524.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 123.35 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.96 524.10 Td (this ) Tj ET Q q 0 0 0 rg BT 151.24 524.10 Td (RMBS, ) Tj ET Q q 0 0 0 rg BT 184.36 524.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 227.46 524.10 Td (without ) Tj ET Q q 0 0 0 rg BT 260.85 524.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 305.06 524.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 335.10 524.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 357.36 524.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 398.79 524.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 445.49 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.65 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.70 524.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 508.96 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.12 524.10 Td (this ) Tj ET Q q 0 0 0 rg BT 537.40 524.10 Td (litigation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 512.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 76.83 512.10 Td (could ) Tj ET Q q 0 0 0 rg BT 101.55 512.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 124.59 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.53 512.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 149.59 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 160.42 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.36 512.10 Td (result ) Tj ET Q q 0 0 0 rg BT 192.08 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.91 512.10 Td (these ) Tj ET Q q 0 0 0 rg BT 225.96 512.10 Td (indemnities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.12 512.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (Through ) Tj ET Q q 0 0 0 rg BT 91.23 488.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 121.22 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.33 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.45 488.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 209.01 488.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 261.51 488.10 Td (we ) Tj ET Q q 0 0 0 rg BT 275.96 488.10 Td (have ) Tj ET Q q 0 0 0 rg BT 297.63 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.19 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.20 488.10 Td (past ) Tj ET Q q 0 0 0 rg BT 342.10 488.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 378.20 488.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 391.27 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.49 488.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 437.37 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.94 488.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 485.16 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.73 488.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 526.83 488.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 539.90 488.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 68.87 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.97 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.51 476.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 139.71 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.47 476.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 212.66 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.32 476.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 267.29 476.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 307.38 476.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 333.31 476.10 Td (In ) Tj ET Q q 0 0 0 rg BT 343.96 476.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 381.56 476.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 411.08 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.74 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 437.39 476.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 497.48 476.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 547.02 476.10 Td (have ) Tj ET Q q 0 0 0 rg BT 568.22 476.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 51.11 464.10 Td (past ) Tj ET Q q 0 0 0 rg BT 70.12 464.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 106.33 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.01 464.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 156.00 464.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 189.44 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 200.12 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.23 464.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 262.01 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.34 464.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 336.11 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.34 464.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 367.45 464.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 414.79 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 464.10 Td (other ) Tj ET Q q 0 0 0 rg BT 455.57 464.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 481.80 464.10 Td (through ) Tj ET Q q 0 0 0 rg BT 515.80 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.92 464.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 567.69 464.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 92.23 452.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 111.83 452.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 158.65 452.10 Td (\(commonly ) Tj ET Q q 0 0 0 rg BT 207.13 452.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 241.15 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.31 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 262.02 452.10 Td (CDO ) Tj ET Q q 0 0 0 rg BT 285.51 452.10 Td (transactions\). ) Tj ET Q q 0 0 0 rg BT 341.48 452.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 377.18 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.89 452.10 Td (this ) Tj ET Q q 0 0 0 rg BT 404.71 452.10 Td (involvement ) Tj ET Q q 0 0 0 rg BT 457.08 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.24 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.84 452.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 538.08 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.90 452.10 Td (CDO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 83.60 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 98.14 440.10 Td (could ) Tj ET Q q 0 0 0 rg BT 123.23 440.10 Td (become ) Tj ET Q q 0 0 0 rg BT 157.20 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.30 440.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 203.50 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.71 440.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 253.69 440.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 287.11 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.77 440.10 Td (these ) Tj ET Q q 0 0 0 rg BT 321.19 440.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 368.79 440.10 Td (including ) Tj ET Q q 0 0 0 rg BT 409.44 440.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 452.31 440.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 491.30 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.50 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.60 440.10 Td (type ) Tj ET Q q 0 0 0 rg BT 537.69 440.10 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 66.28 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.61 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 100.17 428.10 Td (could ) Tj ET Q q 0 0 0 rg BT 126.29 428.10 Td (also ) Tj ET Q q 0 0 0 rg BT 146.29 428.10 Td (become ) Tj ET Q q 0 0 0 rg BT 181.29 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.40 428.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 229.62 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.85 428.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 300.73 428.10 Td (investigations, ) Tj ET Q q 0 0 0 rg BT 362.68 428.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 416.55 428.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 451.27 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.50 428.10 Td (lawsuits, ) Tj ET Q q 0 0 0 rg BT 502.68 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.02 428.10 Td (governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 416.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 80.49 416.10 Td (could ) Tj ET Q q 0 0 0 rg BT 104.99 416.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 131.15 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 148.42 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.36 416.10 Td (violated ) Tj ET Q q 0 0 0 rg BT 196.86 416.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 240.23 416.10 Td (law ) Tj ET Q q 0 0 0 rg BT 256.95 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 267.56 416.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 310.38 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.44 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.94 416.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 368.88 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.49 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.10 416.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 433.27 416.10 Td (As ) Tj ET Q q 0 0 0 rg BT 446.67 416.10 Td (an ) Tj ET Q q 0 0 0 rg BT 458.39 416.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 497.04 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.98 416.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 545.47 416.10 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 404.10 Td (aware ) Tj ET Q q 0 0 0 rg BT 62.17 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 72.80 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.54 404.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 121.83 404.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 142.45 404.10 Td (by ) Tj ET Q q 0 0 0 rg BT 154.75 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.27 404.10 Td (State ) Tj ET Q q 0 0 0 rg BT 191.56 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.19 404.10 Td (California ) Tj ET Q q 0 0 0 rg BT 245.03 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 256.83 404.10 Td (April ) Tj ET Q q 0 0 0 rg BT 280.23 404.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 290.03 404.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 312.33 404.10 Td (against ) Tj ET Q q 0 0 0 rg BT 342.96 404.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 360.00 404.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 376.74 404.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 409.03 404.10 Td (& ) Tj ET Q q 0 0 0 rg BT 419.11 404.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 435.58 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.32 404.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 481.82 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.45 404.10 Td (its ) Tj ET Q q 0 0 0 rg BT 504.20 404.10 Td (af) Tj ET Q q 0 0 0 rg BT 511.79 404.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 541.30 404.10 Td (alleging, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 392.10 Td (among ) Tj ET Q q 0 0 0 rg BT 67.23 392.10 Td (other ) Tj ET Q q 0 0 0 rg BT 91.78 392.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 122.74 392.10 Td (that ) Tj ET Q q 0 0 0 rg BT 141.74 392.10 Td (there ) Tj ET Q q 0 0 0 rg BT 165.73 392.10 Td (were ) Tj ET Q q 0 0 0 rg BT 189.17 392.10 Td (misleading ) Tj ET Q q 0 0 0 rg BT 237.06 392.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 283.28 392.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 326.16 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.95 392.10 Td (of) Tj ET Q q 0 0 0 rg BT 346.10 392.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 373.98 392.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 414.64 392.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.31 392.10 Td (28 ) Tj ET Q q 0 0 0 rg BT 444.32 392.10 Td (dif) Tj ET Q q 0 0 0 rg BT 455.25 392.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 482.57 392.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 524.34 392.10 Td (pass-through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 380.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 82.77 380.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 126.21 380.10 Td (by ) Tj ET Q q 0 0 0 rg BT 139.12 380.10 Td (various ) Tj ET Q q 0 0 0 rg BT 171.47 380.10 Td (California ) Tj ET Q q 0 0 0 rg BT 214.92 380.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 256.44 380.10 Td (including ) Tj ET Q q 0 0 0 rg BT 297.12 380.10 Td (various ) Tj ET Q q 0 0 0 rg BT 329.47 380.10 Td (California ) Tj ET Q q 0 0 0 rg BT 372.92 380.10 Td (public ) Tj ET Q q 0 0 0 rg BT 400.82 380.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 434.84 380.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 471.92 380.10 Td (from ) Tj ET Q q 0 0 0 rg BT 494.27 380.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 511.31 380.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 528.66 380.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 561.56 380.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 368.10 Td (alleging ) Tj ET Q q 0 0 0 rg BT 70.65 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 88.08 368.10 Td (Mor) Tj ET Q q 0 0 0 rg BT 105.12 368.10 Td (gan ) Tj ET Q q 0 0 0 rg BT 122.00 368.10 Td (Stanley ) Tj ET Q q 0 0 0 rg BT 154.43 368.10 Td (made ) Tj ET Q q 0 0 0 rg BT 178.53 368.10 Td (false ) Tj ET Q q 0 0 0 rg BT 199.84 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.61 368.10 Td (fraudulent ) Tj ET Q q 0 0 0 rg BT 254.14 368.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 282.68 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.90 368.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 339.21 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 359.43 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.08 368.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 392.07 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.83 368.10 Td (those ) Tj ET Q q 0 0 0 rg BT 426.38 368.10 Td (certificates. ) Tj ET Q q 0 0 0 rg BT 475.18 368.10 Td (Of ) Tj ET Q q 0 0 0 rg BT 488.17 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.82 368.10 Td (28 ) Tj ET Q q 0 0 0 rg BT 515.26 368.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 555.46 368.10 Td (pass-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 356.10 Td (through ) Tj ET Q q 0 0 0 rg BT 69.46 356.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 115.68 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 133.03 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 147.59 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.16 356.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.85 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.53 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.10 356.10 Td (complaint, ) Tj ET Q q 0 0 0 rg BT 262.95 356.10 Td (two ) Tj ET Q q 0 0 0 rg BT 280.31 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 294.87 356.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 329.44 356.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 369.56 356.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 423.58 356.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 469.79 356.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 497.15 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.28 356.10 Td (2004 ) Tj ET Q q 0 0 0 rg BT 529.64 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.43 356.10 Td (two ) Tj ET Q q 0 0 0 rg BT 563.79 356.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 344.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 70.22 344.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 109.98 344.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 163.65 344.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 209.51 344.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 236.51 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.29 344.10 Td (2007. ) Tj ET Q q 0 0 0 rg BT 270.65 344.10 Td (W) Tj ET Q q 0 0 0 rg BT 279.68 344.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 292.24 344.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 322.56 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.34 344.10 Td (each ) Tj ET Q q 0 0 0 rg BT 352.66 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.99 344.10 Td (those ) Tj ET Q q 0 0 0 rg BT 386.10 344.10 Td (certificates, ) Tj ET Q q 0 0 0 rg BT 434.46 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.79 344.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 509.56 344.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 550.02 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 554.52 344.10 Td (R) Tj ET Q q 0 0 0 rg BT 560.64 344.10 Td (WT) Tj ET Q q 0 0 0 rg BT 576.01 344.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 332.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 77.16 332.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 96.92 332.10 Td (was ) Tj ET Q q 0 0 0 rg BT 114.47 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.68 332.10 Td (sponsor ) Tj ET Q q 0 0 0 rg BT 161.78 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.21 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 193.53 332.10 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 253.29 332.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 293.75 332.10 Td (, ) Tj ET Q q 0 0 0 rg BT 298.25 332.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 332.46 332.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 379.44 332.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 417.27 332.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 437.03 332.10 Td (was ) Tj ET Q q 0 0 0 rg BT 454.57 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.78 332.10 Td (depositor) Tj ET Q q 0 0 0 rg BT 505.45 332.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.50 332.10 Td (At ) Tj ET Q q 0 0 0 rg BT 521.49 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.70 332.10 Td (time ) Tj ET Q q 0 0 0 rg BT 555.47 332.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 320.10 Td (four ) Tj ET Q q 0 0 0 rg BT 54.77 320.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 89.09 320.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 128.96 320.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 182.73 320.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 228.69 320.10 Td (were ) Tj ET Q q 0 0 0 rg BT 250.23 320.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 279.84 320.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 314.16 320.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 361.26 320.10 Td (Funding, ) Tj ET Q q 0 0 0 rg BT 399.20 320.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 416.58 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.12 320.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 473.41 320.10 Td (T) Tj ET Q q 0 0 0 rg BT 479.17 320.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 496.27 320.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 525.02 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.91 320.10 Td (indemnify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.60 308.10 Td (underwriters ) Tj ET Q q 0 0 0 rg BT 103.52 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.23 308.10 Td (these ) Tj ET Q q 0 0 0 rg BT 137.16 308.10 Td (certificates ) Tj ET Q q 0 0 0 rg BT 183.40 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 197.45 308.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.03 308.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 253.30 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.13 308.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 308.61 308.10 Td (they ) Tj ET Q q 0 0 0 rg BT 328.21 308.10 Td (might ) Tj ET Q q 0 0 0 rg BT 353.92 308.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 376.85 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.57 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.39 308.10 Td (result ) Tj ET Q q 0 0 0 rg BT 418.99 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.70 308.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 458.19 308.10 Td (made ) Tj ET Q q 0 0 0 rg BT 482.23 308.10 Td (against ) Tj ET Q q 0 0 0 rg BT 512.93 308.10 Td (them ) Tj ET Q q 0 0 0 rg BT 535.31 308.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 568.24 308.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 296.10 Td (these ) Tj ET Q q 0 0 0 rg BT 58.70 296.10 Td (certificates, ) Tj ET Q q 0 0 0 rg BT 107.22 296.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 149.65 296.10 Td (without ) Tj ET Q q 0 0 0 rg BT 182.36 296.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 225.91 296.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 255.27 296.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 276.86 296.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 317.61 296.10 Td (Regardless ) Tj ET Q q 0 0 0 rg BT 363.65 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.13 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.51 296.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 425.10 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.59 296.10 Td (this ) Tj ET Q q 0 0 0 rg BT 452.19 296.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 492.96 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 506.78 296.10 Td (could ) Tj ET Q q 0 0 0 rg BT 531.15 296.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 553.85 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 560.45 296.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 284.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.83 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 53.77 284.10 Td (result ) Tj ET Q q 0 0 0 rg BT 78.49 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.32 284.10 Td (these ) Tj ET Q q 0 0 0 rg BT 112.36 284.10 Td (indemnities.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.10 Td (In ) Tj ET Q q 0 0 0 rg BT 65.52 262.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 113.68 262.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.65 262.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 160.76 262.10 Td (, ) Tj ET Q q 0 0 0 rg BT 166.46 262.10 Td (we ) Tj ET Q q 0 0 0 rg BT 181.31 262.10 Td (review ) Tj ET Q q 0 0 0 rg BT 211.71 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.12 262.10 Td (need ) Tj ET Q q 0 0 0 rg BT 249.19 262.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.04 262.10 Td (any ) Tj ET Q q 0 0 0 rg BT 281.67 262.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 300.42 262.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 352.49 262.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 388.44 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.07 262.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 444.26 262.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 480.21 262.10 Td (when, ) Tj ET Q q 0 0 0 rg BT 507.56 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.53 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.94 262.10 Td (opinion ) Tj ET Q q 0 0 0 rg BT 567.69 262.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 250.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 91.27 250.10 Td (it ) Tj ET Q q 0 0 0 rg BT 98.52 250.10 Td (is ) Tj ET Q q 0 0 0 rg BT 106.87 250.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 143.54 250.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.23 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 166.35 250.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 193.58 250.10 Td (would ) Tj ET Q q 0 0 0 rg BT 220.26 250.10 Td (result ) Tj ET Q q 0 0 0 rg BT 244.17 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.63 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 259.76 250.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 292.55 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.68 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.58 250.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 354.26 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.28 250.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 384.02 250.10 Td (if ) Tj ET Q q 0 0 0 rg BT 391.82 250.10 Td (any) Tj ET Q q 0 0 0 rg BT 405.61 250.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.79 250.10 Td (can ) Tj ET Q q 0 0 0 rg BT 425.36 250.10 Td (be ) Tj ET Q q 0 0 0 rg BT 436.48 250.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 481.48 250.10 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 523.62 250.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 573.52 250.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 238.10 Td (we ) Tj ET Q q 0 0 0 rg BT 50.39 238.10 Td (record ) Tj ET Q q 0 0 0 rg BT 78.65 238.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 126.35 238.10 Td (for ) Tj ET Q q 0 0 0 rg BT 140.74 238.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 181.79 238.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 225.60 238.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 258.87 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.38 238.10 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 338.75 238.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 365.37 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.53 238.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 421.36 238.10 Td (if ) Tj ET Q q 0 0 0 rg BT 430.20 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.36 238.10 Td (when ) Tj ET Q q 0 0 0 rg BT 471.75 238.10 Td (such ) Tj ET Q q 0 0 0 rg BT 492.81 238.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 529.43 238.10 Td (are ) Tj ET Q q 0 0 0 rg BT 544.36 238.10 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 226.10 Td (by ) Tj ET Q q 0 0 0 rg BT 48.17 226.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 88.66 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.27 226.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 142.42 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.92 226.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.43 226.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 199.49 226.10 Td (or ) Tj ET Q q 0 0 0 rg BT 209.99 226.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 248.27 226.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.65 226.10 Td (due.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.58 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.28 226.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.45 226.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 351.71 226.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.71 226.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.38 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.77 226.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 431.80 226.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 463.97 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.48 226.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 492.21 226.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 543.25 226.10 Td (reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 214.10 Td (established ) Tj ET Q q 0 0 0 rg BT 82.17 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.69 214.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 121.74 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.81 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.77 214.10 Td (FHLB-Seattle ) Tj ET Q q 0 0 0 rg BT 203.61 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.78 214.10 Td (Schwab ) Tj ET Q q 0 0 0 rg BT 253.18 214.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 291.03 214.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 322.20 214.10 Td (described ) Tj ET Q q 0 0 0 rg BT 362.25 214.10 Td (above ) Tj ET Q q 0 0 0 rg BT 387.87 214.10 Td (was) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.42 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.16 214.10 Td ($2 ) Tj ET Q q 0 0 0 rg BT 416.90 214.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.79 214.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 458.54 214.10 Td (e ) Tj ET Q q 0 0 0 rg BT 464.72 214.10 Td (review ) Tj ET Q q 0 0 0 rg BT 493.66 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 508.73 214.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 546.58 214.10 Td (matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 202.10 Td (each ) Tj ET Q q 0 0 0 rg BT 57.03 202.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 88.05 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.54 202.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 125.69 202.10 Td (these ) Tj ET Q q 0 0 0 rg BT 148.95 202.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 167.22 202.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 218.80 202.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 254.27 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.42 202.10 Td (make ) Tj ET Q q 0 0 0 rg BT 295.79 202.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 346.27 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.76 202.10 Td (these ) Tj ET Q q 0 0 0 rg BT 380.01 202.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 417.98 202.10 Td (upwards ) Tj ET Q q 0 0 0 rg BT 454.57 202.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.61 202.10 Td (downwards, ) Tj ET Q q 0 0 0 rg BT 516.93 202.10 Td (as ) Tj ET Q q 0 0 0 rg BT 527.97 202.10 Td (appropriate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 190.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 93.74 190.10 Td (with ) Tj ET Q q 0 0 0 rg BT 114.02 190.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 140.87 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.37 190.10 Td (based ) Tj ET Q q 0 0 0 rg BT 168.64 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 181.14 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.97 190.10 Td (review) Tj ET Q q 0 0 0 rg BT 223.53 190.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.03 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.10 Td (In ) Tj ET Q q 0 0 0 rg BT 64.34 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.57 166.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 114.45 166.10 Td (course ) Tj ET Q q 0 0 0 rg BT 142.56 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.90 166.10 Td (any ) Tj ET Q q 0 0 0 rg BT 169.35 166.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 207.46 166.10 Td (matter) Tj ET Q q 0 0 0 rg BT 232.61 166.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.12 166.10 Td (including ) Tj ET Q q 0 0 0 rg BT 276.90 166.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 306.11 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.45 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.67 166.10 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 402.07 166.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 436.02 166.10 Td (we ) Tj ET Q q 0 0 0 rg BT 449.69 166.10 Td (have ) Tj ET Q q 0 0 0 rg BT 470.57 166.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 505.90 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.34 166.10 Td (may ) Tj ET Q q 0 0 0 rg BT 541.57 166.10 Td (continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.13 154.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 76.81 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 86.94 154.10 Td (formal ) Tj ET Q q 0 0 0 rg BT 115.95 154.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.64 154.10 Td (informal ) Tj ET Q q 0 0 0 rg BT 163.43 154.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 206.88 154.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 275.34 154.10 Td (with ) Tj ET Q q 0 0 0 rg BT 295.47 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.04 154.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 338.74 154.10 Td (fs. ) Tj ET Q q 0 0 0 rg BT 350.82 154.10 Td (Settlement ) Tj ET Q q 0 0 0 rg BT 395.95 154.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 464.40 154.10 Td (we ) Tj ET Q q 0 0 0 rg BT 478.42 154.10 Td (have ) Tj ET Q q 0 0 0 rg BT 499.65 154.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 535.32 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.46 154.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 46.75 142.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 76.93 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.23 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.42 142.10 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 175.78 142.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 214.86 142.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 247.27 142.10 Td (are ) Tj ET Q q 0 0 0 rg BT 262.45 142.10 Td (one ) Tj ET Q q 0 0 0 rg BT 279.86 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.16 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.35 142.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 336.53 142.10 Td (that ) Tj ET Q q 0 0 0 rg BT 354.50 142.10 Td (have ) Tj ET Q q 0 0 0 rg BT 376.35 142.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 410.98 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.73 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 438.03 142.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 496.54 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.29 142.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 545.26 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 560.45 142.10 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 130.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 87.30 130.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 122.48 130.10 Td (described ) Tj ET Q q 0 0 0 rg BT 163.22 130.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 191.85 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.48 130.10 Td (e ) Tj ET Q q 0 0 0 rg BT 207.35 130.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 236.43 130.10 Td (be ) Tj ET Q q 0 0 0 rg BT 248.29 130.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 277.91 130.10 Td (that ) Tj ET Q q 0 0 0 rg BT 295.33 130.10 Td (any ) Tj ET Q q 0 0 0 rg BT 312.20 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.95 130.10 Td (these ) Tj ET Q q 0 0 0 rg BT 345.92 130.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 377.78 130.10 Td (will ) Tj ET Q q 0 0 0 rg BT 395.76 130.10 Td (be ) Tj ET Q q 0 0 0 rg BT 407.62 130.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 443.93 130.10 Td (through ) Tj ET Q q 0 0 0 rg BT 477.46 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.32 130.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 527.84 130.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 549.71 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 559.91 130.10 Td (trial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.88 118.10 Td (we ) Tj ET Q q 0 0 0 rg BT 66.98 118.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 96.08 118.10 Td (be ) Tj ET Q q 0 0 0 rg BT 107.96 118.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 137.61 118.10 Td (that ) Tj ET Q q 0 0 0 rg BT 155.05 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.71 118.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 212.14 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.92 118.10 Td (these ) Tj ET Q q 0 0 0 rg BT 245.91 118.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 280.28 118.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 314.93 118.10 Td (through ) Tj ET Q q 0 0 0 rg BT 348.48 118.10 Td (trial ) Tj ET Q q 0 0 0 rg BT 367.03 118.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.80 118.10 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 423.85 118.10 Td (will ) Tj ET Q q 0 0 0 rg BT 441.85 118.10 Td (not ) Tj ET Q q 0 0 0 rg BT 457.07 118.10 Td (have ) Tj ET Q q 0 0 0 rg BT 478.39 118.10 Td (a ) Tj ET Q q 0 0 0 rg BT 485.27 118.10 Td (material ) Tj ET Q q 0 0 0 rg BT 520.47 118.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 553.45 118.10 Td (ef) Tj ET Q q 0 0 0 rg BT 561.04 118.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 106.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.50 106.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.33 106.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 101.81 106.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 142.08 106.10 Td (or ) Tj ET Q q 0 0 0 rg BT 152.91 106.10 Td (results ) Tj ET Q q 0 0 0 rg BT 181.52 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.35 106.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 236.51 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.79 106.10 Td (any ) Tj ET Q q 0 0 0 rg BT 263.72 106.10 Td (future ) Tj ET Q q 0 0 0 rg BT 290.10 106.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 106.10 Td ( ) Tj ET Q endstream endobj 369 0 obj <> endobj 370 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 15. Commitments and Contingencies - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (Future ) Tj ET Q q 0 0 0 rg BT 81.97 668.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 139.38 668.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 182.35 668.10 Td (resolution ) Tj ET Q q 0 0 0 rg BT 224.21 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.40 668.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 281.26 668.10 Td (pre-trial ) Tj ET Q q 0 0 0 rg BT 315.33 668.10 Td (motions ) Tj ET Q q 0 0 0 rg BT 349.42 668.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 381.82 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.47 668.10 Td (these ) Tj ET Q q 0 0 0 rg BT 413.88 668.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 447.67 668.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 476.74 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.94 668.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 528.79 668.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 52.21 656.10 Td (documents ) Tj ET Q q 0 0 0 rg BT 97.30 656.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 129.61 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.15 656.10 Td (these ) Tj ET Q q 0 0 0 rg BT 161.47 656.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 192.67 656.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 216.10 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.20 656.10 Td (through ) Tj ET Q q 0 0 0 rg BT 259.07 656.10 Td (pre-trial ) Tj ET Q q 0 0 0 rg BT 293.04 656.10 Td (discovery\), ) Tj ET Q q 0 0 0 rg BT 339.52 656.10 Td (new ) Tj ET Q q 0 0 0 rg BT 357.94 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.04 656.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 409.80 656.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 452.67 656.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 520.53 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 540.08 656.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 568.78 656.10 Td (fs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 69.00 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 79.23 644.10 Td (these ) Tj ET Q q 0 0 0 rg BT 102.23 644.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 136.62 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 147.40 644.10 Td (resolutions ) Tj ET Q q 0 0 0 rg BT 193.74 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.52 644.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 234.75 644.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 263.31 644.10 Td (against ) Tj ET Q q 0 0 0 rg BT 294.09 644.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.09 644.10 Td (defendants ) Tj ET Q q 0 0 0 rg BT 362.86 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.09 644.10 Td (these ) Tj ET Q q 0 0 0 rg BT 396.09 644.10 Td (matters\) ) Tj ET Q q 0 0 0 rg BT 431.31 644.10 Td (could ) Tj ET Q q 0 0 0 rg BT 455.98 644.10 Td (result ) Tj ET Q q 0 0 0 rg BT 480.65 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.88 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.66 644.10 Td (concluding ) Tj ET Q q 0 0 0 rg BT 553.55 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.78 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (future ) Tj ET Q q 0 0 0 rg BT 61.72 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 71.33 632.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 108.17 632.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.00 632.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 167.40 632.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 218.11 632.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 252.71 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.88 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.50 632.10 Td (disclose ) Tj ET Q q 0 0 0 rg BT 306.56 632.10 Td (an ) Tj ET Q q 0 0 0 rg BT 317.83 632.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 353.00 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.17 632.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 408.32 632.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 442.94 632.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 468.67 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.29 632.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 506.23 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.40 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 531.57 632.10 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 71.06 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 91.15 620.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 121.77 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.86 620.10 Td (these ) Tj ET Q q 0 0 0 rg BT 154.71 620.10 Td (matters. ) Tj ET Q q 0 0 0 rg BT 188.95 620.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 206.81 620.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 232.98 620.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 259.18 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 279.27 620.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 309.89 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.97 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.50 620.10 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 406.19 620.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 444.61 620.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 476.35 620.10 Td (may ) Tj ET Q q 0 0 0 rg BT 495.87 620.10 Td (be ) Tj ET Q q 0 0 0 rg BT 507.61 620.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 550.46 620.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (than ) Tj ET Q q 0 0 0 rg BT 55.66 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 70.31 608.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 111.61 608.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 144.05 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 154.82 608.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 172.82 608.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 224.13 608.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 259.33 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 273.42 608.10 Td (have ) Tj ET Q q 0 0 0 rg BT 294.74 608.10 Td (established ) Tj ET Q q 0 0 0 rg BT 341.61 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.83 608.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 382.58 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.35 608.10 Td (these ) Tj ET Q q 0 0 0 rg BT 416.34 608.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 454.89 608.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 489.26 608.10 Td (including ) Tj ET Q q 0 0 0 rg BT 529.47 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.69 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 554.34 608.10 Td (event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 596.10 Td (that ) Tj ET Q q 0 0 0 rg BT 52.92 596.10 Td (any ) Tj ET Q q 0 0 0 rg BT 69.28 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.53 596.10 Td (these ) Tj ET Q q 0 0 0 rg BT 102.00 596.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 133.36 596.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 170.82 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.52 596.10 Td (trial ) Tj ET Q q 0 0 0 rg BT 198.55 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.91 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.05 596.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 257.75 596.10 Td (f ) Tj ET Q q 0 0 0 rg BT 263.00 596.10 Td (prevails. ) Tj ET Q q 0 0 0 rg BT 299.08 596.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 323.77 596.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 352.90 596.10 Td (that ) Tj ET Q q 0 0 0 rg BT 369.82 596.10 Td (could ) Tj ET Q q 0 0 0 rg BT 393.96 596.10 Td (result ) Tj ET Q q 0 0 0 rg BT 418.10 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.80 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.05 596.10 Td (concluding ) Tj ET Q q 0 0 0 rg BT 489.41 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.11 596.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 536.03 596.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 584.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 53.75 584.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 104.81 584.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 139.75 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.27 584.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 185.78 584.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 227.96 584.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 273.46 584.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 308.43 584.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 337.01 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 347.52 584.10 Td (could ) Tj ET Q q 0 0 0 rg BT 371.93 584.10 Td (result ) Tj ET Q q 0 0 0 rg BT 396.33 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 406.30 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 421.82 584.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 447.88 584.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 473.95 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 493.92 584.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 524.42 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.39 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.79 584.10 Td (above-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 81.56 572.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 121.05 572.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 153.86 572.10 Td (being ) Tj ET Q q 0 0 0 rg BT 179.45 572.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 223.37 572.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 252.29 572.10 Td (than ) Tj ET Q q 0 0 0 rg BT 272.89 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.48 572.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 330.72 572.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 364.10 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.80 572.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 394.74 572.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 446.99 572.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 483.13 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 498.17 572.10 Td (have ) Tj ET Q q 0 0 0 rg BT 520.42 572.10 Td (established ) Tj ET Q q 0 0 0 rg BT 568.23 572.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 66.27 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.55 560.10 Td (these ) Tj ET Q q 0 0 0 rg BT 99.05 560.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 137.11 560.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 168.50 560.10 Td (include ) Tj ET Q q 0 0 0 rg BT 199.89 560.10 Td (that: ) Tj ET Q q 0 0 0 rg BT 219.61 560.10 Td (there ) Tj ET Q q 0 0 0 rg BT 241.55 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.71 560.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 299.88 560.10 Td (factual ) Tj ET Q q 0 0 0 rg BT 329.03 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.42 560.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 366.81 560.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 392.66 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.39 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 413.78 560.10 Td (resolved; ) Tj ET Q q 0 0 0 rg BT 452.39 560.10 Td (information ) Tj ET Q q 0 0 0 rg BT 501.55 560.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 537.94 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 548.22 560.10 Td (rulings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (made ) Tj ET Q q 0 0 0 rg BT 59.75 548.10 Td (during ) Tj ET Q q 0 0 0 rg BT 87.95 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.26 548.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 137.14 548.10 Td (could ) Tj ET Q q 0 0 0 rg BT 161.45 548.10 Td (af) Tj ET Q q 0 0 0 rg BT 169.04 548.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.12 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.43 548.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 255.30 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 269.05 548.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 315.01 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.44 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.75 548.10 Td (available ) Tj ET Q q 0 0 0 rg BT 377.93 548.10 Td (remedies; ) Tj ET Q q 0 0 0 rg BT 418.90 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.43 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 449.19 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 468.50 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 489.47 548.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 531.56 548.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 73.26 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 83.86 536.10 Td (indemnity ) Tj ET Q q 0 0 0 rg BT 127.24 536.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 178.10 536.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 241.45 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.71 536.10 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 305.68 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.95 536.10 Td (other ) Tj ET Q q 0 0 0 rg BT 346.32 536.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 393.56 536.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 438.05 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 458.65 536.10 Td (other ) Tj ET Q q 0 0 0 rg BT 482.02 536.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 511.50 536.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 544.87 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 555.47 536.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 524.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 74.61 524.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 106.54 524.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.04 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 148.75 524.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 184.01 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.84 524.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 237.33 524.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.72 524.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 500.10 Td (Note 16. Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.74 480.10 Td (following ) Tj ET Q q 0 0 0 rg BT 112.81 480.10 Td (table ) Tj ET Q q 0 0 0 rg BT 134.43 480.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 171.06 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.69 480.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 217.09 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.61 480.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 262.01 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.98 480.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 324.69 480.10 Td (other ) Tj ET Q q 0 0 0 rg BT 347.43 480.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 410.15 480.10 Td (income ) Tj ET Q q 0 0 0 rg BT 441.77 480.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.96 480.10 Td (component ) Tj ET Q q 0 0 0 rg BT 500.58 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.43 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.84 480.10 Td (years ) Tj ET Q q 0 0 0 rg BT 552.13 480.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 468.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.58 468.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.08 468.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.02 468.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.02 468.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 444.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 444.10 Td (able 16.1 Changes in ) Tj ET Q q 0 0 0 rg BT 137.50 444.10 Td (Accumulated Other Comprehensive Income by Component) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 336.60 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 336.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 336.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 336.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 336.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 296.60 168.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 296.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 296.60 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 296.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 296.60 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 296.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 296.60 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 296.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 296.60 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 246.60 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 246.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 246.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 246.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 246.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 412.6 m 295.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 412.6 m 299.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 412.6 m 389.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 412.6 m 393.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 412.6 m 481.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 412.6 m 485.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 412.6 m 575.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 412.6 m 295.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 397.6 m 295.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 412.6 m 481.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 397.6 m 481.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 336.6 m 203.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 397.6 m 295.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 336.6 m 295.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 397.6 m 299.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 397.6 m 389.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 336.6 m 389.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 397.6 m 481.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 336.6 m 481.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 397.6 m 485.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 397.6 m 575.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 336.6 m 575.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 271.6 m 295.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 271.6 m 389.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 271.6 m 481.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 271.6 m 575.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 271.6 m 389.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 246.60000000000002 m 389.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 271.6 m 481.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 246.60000000000002 m 481.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 271.6 m 575.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 246.60000000000002 m 575.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 246.60000000000002 m 295.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 232.60000000000002 m 295.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 230.60000000000002 m 295.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 246.60000000000002 m 389.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 232.60000000000002 m 389.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 230.60000000000002 m 389.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 246.60000000000002 m 481.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 232.60000000000002 m 481.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 230.60000000000002 m 481.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 246.60000000000002 m 575.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 232.60000000000002 m 575.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 230.60000000000002 m 575.5 230.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.60 417.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.00 402.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 402.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 341.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.00 371.28 Td (Net Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.95 361.28 Td (Gains on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.65 351.28 Td (Available-for-Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.15 341.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 381.28 Td (Net Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.75 371.28 Td (Losses on Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.55 361.28 Td (Rate Agreements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.95 351.28 Td (Accounted for as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.55 341.28 Td (Cash Flow Hedges) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.00 371.28 Td (Net Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.95 361.28 Td (Gains on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 351.28 Td (Available-for-Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 341.28 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.00 381.28 Td (Net Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.75 371.28 Td (Losses on Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.55 361.28 Td (Rate Agreements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.95 351.28 Td (Accounted for as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.55 341.28 Td (Cash Flow Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 326.27 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 326.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 326.27 Td (139,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 326.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 326.32 Td (\(47,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 326.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 326.27 Td (186,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 326.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 326.27 Td (\(46,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 311.27 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 301.27 Td (before reclassifications) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 136.46 305.80 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.80 301.32 Td (\(2,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 301.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 301.27 Td (3,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 301.32 Td (\(17,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 301.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 301.27 Td (\(1,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 301.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 286.27 Td (Amounts reclassified from other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 276.27 Td (accumulated comprehensive income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 276.32 Td (\(21,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 276.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 276.27 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 276.32 Td (\(29,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 276.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 276.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 261.27 Td (Net current-period other comprehensive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 251.27 Td (income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 251.32 Td (\(23,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 251.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 251.27 Td (3,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 251.32 Td (\(47,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 251.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 251.27 Td (\(1,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 251.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 236.28 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 236.27 Td (115,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 236.32 Td (\(44,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 236.27 Td (139,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 236.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 236.27 Td (\(47,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 215.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 215.30 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 89.28 215.30 Td (presented ) Tj ET Q q 0 0 0 rg BT 126.05 215.30 Td (for ) Tj ET Q q 0 0 0 rg BT 138.82 215.30 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 178.58 215.30 Td (gains ) Tj ET Q q 0 0 0 rg BT 199.85 215.30 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 229.63 215.30 Td (on ) Tj ET Q q 0 0 0 rg BT 240.91 215.30 Td (available-for) Tj ET Q q 0 0 0 rg BT 286.70 215.30 Td (-sale ) Tj ET Q q 0 0 0 rg BT 305.97 215.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 342.24 215.30 Td (are ) Tj ET Q q 0 0 0 rg BT 355.50 215.30 Td (net ) Tj ET Q q 0 0 0 rg BT 368.78 215.30 Td (of ) Tj ET Q q 0 0 0 rg BT 378.56 215.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 391.83 215.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 419.10 215.30 Td (\(provision\) ) Tj ET Q q 0 0 0 rg BT 461.37 215.30 Td (of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.15 215.30 Td ($1 ) Tj ET Q q 0 0 0 rg BT 482.43 215.30 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 508.43 215.30 Td ( ) Tj ET Q q 0 0 0 rg BT 510.71 215.30 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 525.98 215.30 Td ($\(0.4\) ) Tj ET Q q 0 0 0 rg BT 550.01 215.30 Td (million) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 204.50 Td (for ) Tj ET Q q 0 0 0 rg BT 66.74 204.50 Td (the ) Tj ET Q q 0 0 0 rg BT 79.99 204.50 Td (years ) Tj ET Q q 0 0 0 rg BT 101.23 204.50 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 124.97 204.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.69 204.50 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.69 204.50 Td ( ) Tj ET Q q 0 0 0 rg BT 197.94 204.50 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.19 204.50 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.19 204.50 Td (, ) Tj ET Q q 0 0 0 rg BT 235.69 204.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 278.58 204.50 Td (.) Tj ET Q endstream endobj 371 0 obj <> endobj 372 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 16. Equity - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The following table provides a summary of reclassifications out of accumulated other comprehensive income for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 656.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.02 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.02 656.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 632.10 Td (able 16.2 Reclassifications Out of ) Tj ET Q q 0 0 0 rg BT 188.87 632.10 Td (Accumulated Other Comprehensive Income) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 564.60 213.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 564.60 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 564.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 564.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 564.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 528.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 528.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 528.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 528.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 498.60 213.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 498.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 498.60 125.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 498.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 498.60 95.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 498.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 498.60 95.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 459.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 459.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 459.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 459.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 459.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 459.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 459.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 594.6 m 476.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 594.6 m 480.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 594.6 m 575.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 594.6 m 476.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 579.6 m 476.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 579.6 m 480.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 579.6 m 575.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 564.6 m 377.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 564.6 m 476.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 564.6 m 575.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 564.6 m 248.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 513.6 m 476.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 513.6 m 575.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 499.6 m 476.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 497.6 m 476.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 513.6 m 575.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 499.6 m 575.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 497.6 m 575.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 459.6 m 476.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 459.6 m 575.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 445.6 m 476.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 443.6 m 476.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 459.6 m 575.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 445.6 m 575.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 443.6 m 575.5 443.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.85 609.28 Td (Amount Reclassified From) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 599.28 Td (Accumulated Other Comprehensive Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.90 584.28 Td (Affected Line Item in the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.60 584.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 569.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.75 569.28 Td (Income Statement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.50 569.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 569.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 555.28 Td (Net Realized \(Gain\) Loss on AFS Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 533.27 Td (Other than temporary impairment ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 175.18 537.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 541.17 Td (Investment fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 531.22 Td (changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 533.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 533.27 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 533.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 533.27 Td (246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 518.27 Td (Gain on sale of AFS securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 518.27 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 518.32 Td (\(21,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 518.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 518.27 Td (\(29,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 518.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 503.32 Td (\(21,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 503.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 503.27 Td (\(29,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 503.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 489.28 Td (Net Realized Loss on Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 479.28 Td ( Agreements Designated as Cash Flow Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 464.27 Td (Amortization of deferred loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.00 464.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 464.27 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 464.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 464.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 449.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 449.27 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 449.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 449.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 431.30 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 431.30 Td (For ) Tj ET Q q 0 0 0 rg BT 69.12 431.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.73 431.30 Td (year ) Tj ET Q q 0 0 0 rg BT 100.83 431.30 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 124.94 431.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.03 431.30 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.03 431.30 Td (, ) Tj ET Q q 0 0 0 rg BT 200.89 431.30 Td (other) Tj ET Q q 0 0 0 rg BT 219.21 431.30 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 280.29 431.30 Td (impairments ) Tj ET Q q 0 0 0 rg BT 327.90 431.30 Td (were ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 348.00 431.30 Td ($3 ) Tj ET Q q 0 0 0 rg BT 359.62 431.30 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.62 431.30 Td (, ) Tj ET Q q 0 0 0 rg BT 390.49 431.30 Td (of ) Tj ET Q q 0 0 0 rg BT 400.60 431.30 Td (which ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.21 431.30 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 443.58 431.30 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.58 431.30 Td ( ) Tj ET Q q 0 0 0 rg BT 472.19 431.30 Td (were ) Tj ET Q q 0 0 0 rg BT 492.30 431.30 Td (recognized ) Tj ET Q q 0 0 0 rg BT 534.39 431.30 Td (through ) Tj ET Q q 0 0 0 rg BT 565.00 431.30 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 420.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 101.40 420.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 141.29 420.50 Td (of ) Tj ET Q q 0 0 0 rg BT 150.70 420.50 Td (income ) Tj ET Q q 0 0 0 rg BT 179.10 420.50 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 194.00 420.50 Td ($3 ) Tj ET Q q 0 0 0 rg BT 204.91 420.50 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.91 420.50 Td ( ) Tj ET Q q 0 0 0 rg BT 232.82 420.50 Td (were ) Tj ET Q q 0 0 0 rg BT 252.21 420.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 293.60 420.50 Td (in ) Tj ET Q q 0 0 0 rg BT 302.09 420.50 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 351.97 420.50 Td (other ) Tj ET Q q 0 0 0 rg BT 372.37 420.50 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 428.76 420.50 Td (income, ) Tj ET Q q 0 0 0 rg BT 459.41 420.50 Td (a ) Tj ET Q q 0 0 0 rg BT 465.31 420.50 Td (component ) Tj ET Q q 0 0 0 rg BT 507.21 420.50 Td (of ) Tj ET Q q 0 0 0 rg BT 516.62 420.50 Td (our ) Tj ET Q q 0 0 0 rg BT 530.52 420.50 Td (consolidated ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 409.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 83.21 409.70 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 105.68 409.70 Td (For ) Tj ET Q q 0 0 0 rg BT 119.91 409.70 Td (the ) Tj ET Q q 0 0 0 rg BT 132.63 409.70 Td (year ) Tj ET Q q 0 0 0 rg BT 149.85 409.70 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 173.06 409.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.27 409.70 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.27 409.70 Td (, ) Tj ET Q q 0 0 0 rg BT 247.24 409.70 Td (other) Tj ET Q q 0 0 0 rg BT 265.56 409.70 Td (-than-temporary ) Tj ET Q q 0 0 0 rg BT 325.76 409.70 Td (impairments ) Tj ET Q q 0 0 0 rg BT 372.48 409.70 Td (were ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.69 409.70 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 409.17 409.70 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.17 409.70 Td (, ) Tj ET Q q 0 0 0 rg BT 439.15 409.70 Td (of ) Tj ET Q q 0 0 0 rg BT 448.37 409.70 Td (which ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.10 409.70 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 489.58 409.70 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.58 409.70 Td ( ) Tj ET Q q 0 0 0 rg BT 517.31 409.70 Td (were ) Tj ET Q q 0 0 0 rg BT 536.52 409.70 Td (recognized ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 398.90 Td (through ) Tj ET Q q 0 0 0 rg BT 84.38 398.90 Td (our ) Tj ET Q q 0 0 0 rg BT 98.77 398.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 146.64 398.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 187.01 398.90 Td (of ) Tj ET Q q 0 0 0 rg BT 196.90 398.90 Td (income, ) Tj ET Q q 0 0 0 rg BT 228.02 398.90 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.40 398.90 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 261.54 398.90 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.54 398.90 Td ( ) Tj ET Q q 0 0 0 rg BT 289.92 398.90 Td (were ) Tj ET Q q 0 0 0 rg BT 309.80 398.90 Td (recognized ) Tj ET Q q 0 0 0 rg BT 351.66 398.90 Td (in ) Tj ET Q q 0 0 0 rg BT 360.52 398.90 Td (Accumulated ) Tj ET Q q 0 0 0 rg BT 410.88 398.90 Td (other ) Tj ET Q q 0 0 0 rg BT 431.76 398.90 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 488.62 398.90 Td (income, ) Tj ET Q q 0 0 0 rg BT 519.75 398.90 Td (a ) Tj ET Q q 0 0 0 rg BT 526.13 398.90 Td (component ) Tj ET Q q 0 0 0 rg BT 568.50 398.90 Td (of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 388.10 Td (our ) Tj ET Q q 0 0 0 rg BT 68.25 388.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 115.98 388.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 145.71 388.10 Td (sheet.) Tj ET Q endstream endobj 373 0 obj <> endobj 374 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 16. Equity - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 75) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Earnings per Common Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.47 648.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.29 648.25 Td (table ) Tj ET Q q 0 0 0 rg BT 133.65 648.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 170.01 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.15 648.25 Td (basic ) Tj ET Q q 0 0 0 rg BT 206.63 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.99 648.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 252.69 648.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 288.49 648.25 Td (per ) Tj ET Q q 0 0 0 rg BT 303.19 648.25 Td (common ) Tj ET Q q 0 0 0 rg BT 340.11 648.25 Td (share ) Tj ET Q q 0 0 0 rg BT 363.14 648.25 Td (computations ) Tj ET Q q 0 0 0 rg BT 418.94 648.25 Td (for ) Tj ET Q q 0 0 0 rg BT 432.53 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.67 648.25 Td (years ) Tj ET Q q 0 0 0 rg BT 469.70 648.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 648.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 553.51 648.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.51 648.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 636.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 636.25 Td (, ) Tj ET Q q 0 0 0 rg BT 61.00 636.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.94 636.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.94 636.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 612.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 612.25 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 612.25 Td (16.3 ) Tj ET Q q 0 0 0 rg BT 80.91 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.41 612.25 Td (Basic ) Tj ET Q q 0 0 0 rg BT 113.69 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.75 612.25 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 164.80 612.25 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 205.66 612.25 Td (per ) Tj ET Q q 0 0 0 rg BT 221.49 612.25 Td (Common ) Tj ET Q q 0 0 0 rg BT 261.78 612.25 Td (Share) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 561.75 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 561.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 561.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 561.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 561.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 561.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 561.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 532.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 532.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 532.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 532.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 502.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 502.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 502.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 502.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 472.75 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 472.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 472.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 472.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 472.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 472.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 472.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 443.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 443.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 443.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 443.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 413.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 413.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 413.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 413.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 383.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 383.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 383.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 383.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 383.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 353.75 363.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 353.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 353.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 353.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 353.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 575.75 m 457.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 575.75 m 461.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 575.75 m 516.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 575.75 m 520.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 575.75 m 575.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 561.75 m 398.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 561.75 m 457.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 561.75 m 516.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 575.75 m 520.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 575.75 m 575.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 561.75 m 575.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 561.75 m 457.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 561.75 m 516.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 561.75 m 575.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 517.75 m 457.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 517.75 m 516.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 517.75 m 575.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 503.75 m 457.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 501.75 m 457.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 517.75 m 516.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 503.75 m 516.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 501.75 m 516.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 517.75 m 575.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 503.75 m 575.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 501.75 m 575.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 413.75 m 457.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 413.75 m 516.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 413.75 m 575.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 399.75 m 457.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 397.75 m 457.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 413.75 m 516.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 399.75 m 516.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 397.75 m 516.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 413.75 m 575.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 399.75 m 575.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 397.75 m 575.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 353.75 m 457.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 353.75 m 516.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 353.75 m 575.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 339.75 m 457.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 337.75 m 457.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 339.75 m 516.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 337.75 m 516.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 353.75 m 575.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 339.75 m 575.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 337.75 m 575.5 337.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.10 580.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 566.43 Td (\(In Thousands, except Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 566.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.50 566.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.50 566.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 552.43 Td (Basic Earnings per Common Share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.42 Td (Net income attributable to Redwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 537.42 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 537.42 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 537.42 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.42 Td (Less: Dividends and undistributed earnings allocated to participating securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 522.47 Td (\(3,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 522.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 522.47 Td (\(2,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 522.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 522.42 Td (\(2,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 522.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.42 Td (Net income allocated to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 507.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 507.42 Td (127,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 507.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 507.42 Td (99,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 507.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 507.42 Td (97,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.42 Td (Basic weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.60 492.42 Td (76,747,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 492.42 Td (82,945,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 492.42 Td (82,837,369) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 477.43 Td (Basic Earnings per Common Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 477.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 477.42 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 477.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 477.42 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 477.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 477.42 Td (1.18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 463.43 Td (Diluted Earnings per Common Share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.42 Td (Net income attributable to Redwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 448.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 448.42 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 448.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 448.42 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 448.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 448.42 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.42 Td (Less: Dividends and undistributed earnings allocated to participating securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 433.47 Td (\(4,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.80 433.47 Td (\(2,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 433.42 Td (\(2,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.42 Td (Add back: Interest expense on convertible notes for the period, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 418.42 Td (23,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.42 Td (Net income allocated to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 403.42 Td (151,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 403.42 Td (99,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 403.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 403.42 Td (98,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.42 Td (Weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.60 388.42 Td (76,747,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 388.42 Td (82,945,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 388.42 Td (82,837,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.42 Td (Net effect of dilutive equity awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 373.42 Td (28,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.60 373.42 Td (1,573,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.60 373.42 Td (2,261,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.42 Td (Net effect of assumed convertible notes conversion to common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.60 358.42 Td (21,133,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 358.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.42 Td (Diluted weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.60 343.42 Td (97,909,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 343.42 Td (84,518,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 343.42 Td (85,098,579) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.43 Td (Diluted Earnings per Common Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 328.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 328.42 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 328.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 328.42 Td (1.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 328.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 328.42 Td (1.15) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 304.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 304.25 Td (e ) Tj ET Q q 0 0 0 rg BT 69.69 304.25 Td (included ) Tj ET Q q 0 0 0 rg BT 106.74 304.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 159.90 304.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 202.78 304.25 Td (which ) Tj ET Q q 0 0 0 rg BT 229.83 304.25 Td (are ) Tj ET Q q 0 0 0 rg BT 244.66 304.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 274.48 304.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 302.09 304.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 333.03 304.25 Td (that ) Tj ET Q q 0 0 0 rg BT 350.64 304.25 Td (have ) Tj ET Q q 0 0 0 rg BT 372.13 304.25 Td (non-forfeitable ) Tj ET Q q 0 0 0 rg BT 434.72 304.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 472.33 304.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 525.49 304.25 Td (rights, ) Tj ET Q q 0 0 0 rg BT 553.38 304.25 Td (in ) Tj ET Q q 0 0 0 rg BT 563.78 304.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 292.25 Td (calculations ) Tj ET Q q 0 0 0 rg BT 86.88 292.25 Td (of ) Tj ET Q q 0 0 0 rg BT 98.33 292.25 Td (basic ) Tj ET Q q 0 0 0 rg BT 121.99 292.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.55 292.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 170.44 292.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 207.44 292.25 Td (per ) Tj ET Q q 0 0 0 rg BT 223.33 292.25 Td (common ) Tj ET Q q 0 0 0 rg BT 261.44 292.25 Td (share ) Tj ET Q q 0 0 0 rg BT 285.66 292.25 Td (as ) Tj ET Q q 0 0 0 rg BT 297.11 292.25 Td (we ) Tj ET Q q 0 0 0 rg BT 311.89 292.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 359.99 292.25 Td (that ) Tj ET Q q 0 0 0 rg BT 378.10 292.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.44 292.25 Td (two-class ) Tj ET Q q 0 0 0 rg BT 434.33 292.25 Td (method ) Tj ET Q q 0 0 0 rg BT 467.44 292.25 Td (was ) Tj ET Q q 0 0 0 rg BT 486.11 292.25 Td (more ) Tj ET Q q 0 0 0 rg BT 509.78 292.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 543.45 292.25 Td (than ) Tj ET Q q 0 0 0 rg BT 563.78 292.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 280.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 81.04 280.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 116.09 280.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 140.04 280.25 Td (method ) Tj ET Q q 0 0 0 rg BT 172.87 280.25 Td (for ) Tj ET Q q 0 0 0 rg BT 187.37 280.25 Td (these ) Tj ET Q q 0 0 0 rg BT 210.76 280.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 241.09 280.25 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 285.04 280.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.32 280.25 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 357.93 280.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 394.65 280.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 433.58 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.20 280.25 Td (participating ) Tj ET Q q 0 0 0 rg BT 497.58 280.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 538.18 280.25 Td (under ) Tj ET Q q 0 0 0 rg BT 563.79 280.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 268.25 Td (basic ) Tj ET Q q 0 0 0 rg BT 59.05 268.25 Td (and ) Tj ET Q q 0 0 0 rg BT 75.99 268.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 106.26 268.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 142.64 268.25 Td (per ) Tj ET Q q 0 0 0 rg BT 157.90 268.25 Td (share ) Tj ET Q q 0 0 0 rg BT 181.50 268.25 Td (calculations ) Tj ET Q q 0 0 0 rg BT 231.76 268.25 Td (require ) Tj ET Q q 0 0 0 rg BT 262.58 268.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 296.17 268.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 323.66 268.25 Td (to ) Tj ET Q q 0 0 0 rg BT 333.94 268.25 Td (be ) Tj ET Q q 0 0 0 rg BT 345.88 268.25 Td (included ) Tj ET Q q 0 0 0 rg BT 382.81 268.25 Td (that ) Tj ET Q q 0 0 0 rg BT 400.31 268.25 Td (may ) Tj ET Q q 0 0 0 rg BT 420.02 268.25 Td (dif) Tj ET Q q 0 0 0 rg BT 430.95 268.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 444.55 268.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.83 268.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 484.53 268.25 Td (circumstances. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.25 Td (During ) Tj ET Q q 0 0 0 rg BT 83.60 248.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.09 248.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.30 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.57 248.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.72 248.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 198.07 248.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.07 248.25 Td (, ) Tj ET Q q 0 0 0 rg BT 221.85 248.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.32 248.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 296.57 248.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 318.95 248.25 Td (were ) Tj ET Q q 0 0 0 rg BT 339.65 248.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 385.91 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.96 248.25 Td (be ) Tj ET Q q 0 0 0 rg BT 405.67 248.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 437.49 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.20 248.25 Td (were ) Tj ET Q q 0 0 0 rg BT 473.90 248.25 Td (included ) Tj ET Q q 0 0 0 rg BT 509.61 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 518.66 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.15 248.25 Td (calculation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 47.10 236.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 77.64 236.25 Td (EPS ) Tj ET Q q 0 0 0 rg BT 97.63 236.25 Td (under ) Tj ET Q q 0 0 0 rg BT 123.17 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.15 236.25 Td ("if-converted" ) Tj ET Q q 0 0 0 rg BT 197.94 236.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 233.20 236.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 260.96 236.25 Td (this ) Tj ET Q q 0 0 0 rg BT 278.18 236.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 313.44 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.42 236.25 Td (periodic ) Tj ET Q q 0 0 0 rg BT 363.95 236.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 396.15 236.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 431.12 236.25 Td (\(net ) Tj ET Q q 0 0 0 rg BT 449.44 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.53 236.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 504.39 236.25 Td (taxes\) ) Tj ET Q q 0 0 0 rg BT 531.03 236.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.46 236.25 Td (dilutive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 224.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 59.51 224.25 Td (is ) Tj ET Q q 0 0 0 rg BT 68.59 224.25 Td (added ) Tj ET Q q 0 0 0 rg BT 94.87 224.25 Td (back ) Tj ET Q q 0 0 0 rg BT 116.15 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 126.33 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.96 224.25 Td (numerator ) Tj ET Q q 0 0 0 rg BT 184.45 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.30 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.92 224.25 Td (number ) Tj ET Q q 0 0 0 rg BT 248.87 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.61 224.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 287.00 224.25 Td (that ) Tj ET Q q 0 0 0 rg BT 304.40 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.02 224.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 342.54 224.25 Td (are ) Tj ET Q q 0 0 0 rg BT 357.15 224.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 389.54 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.73 224.25 Td (\(if ) Tj ET Q q 0 0 0 rg BT 411.57 224.25 Td (converted, ) Tj ET Q q 0 0 0 rg BT 455.90 224.25 Td (regardless ) Tj ET Q q 0 0 0 rg BT 498.84 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.57 224.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 544.19 224.25 Td (they ) Tj ET Q q 0 0 0 rg BT 563.81 224.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 212.25 Td (or ) Tj ET Q q 0 0 0 rg BT 57.11 212.25 Td (out ) Tj ET Q q 0 0 0 rg BT 72.39 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.22 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.93 212.25 Td (money\) ) Tj ET Q q 0 0 0 rg BT 130.98 212.25 Td (are ) Tj ET Q q 0 0 0 rg BT 145.69 212.25 Td (included ) Tj ET Q q 0 0 0 rg BT 182.62 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.90 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.62 212.25 Td (denominator) Tj ET Q q 0 0 0 rg BT 257.61 212.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.25 Td (For ) Tj ET Q q 0 0 0 rg BT 69.37 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.06 188.25 Td (year ) Tj ET Q q 0 0 0 rg BT 101.74 188.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.09 188.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.65 188.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.65 188.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.62 188.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.62 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.10 188.25 Td (common ) Tj ET Q q 0 0 0 rg BT 256.57 188.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 283.03 188.25 Td (related ) Tj ET Q q 0 0 0 rg BT 311.71 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.96 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.65 188.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 370.57 188.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 415.92 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.72 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 440.53 188.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 486.98 188.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 509.57 188.25 Td (were ) Tj ET Q q 0 0 0 rg BT 530.47 188.25 Td (antidilutive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 53.81 176.25 Td (excluded ) Tj ET Q q 0 0 0 rg BT 93.28 176.25 Td (from ) Tj ET Q q 0 0 0 rg BT 116.09 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.67 176.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 178.91 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.61 176.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 221.76 176.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 259.01 176.25 Td (per ) Tj ET Q q 0 0 0 rg BT 275.15 176.25 Td (share. ) Tj ET Q q 0 0 0 rg BT 302.12 176.25 Td (For ) Tj ET Q q 0 0 0 rg BT 319.38 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.97 176.25 Td (years ) Tj ET Q q 0 0 0 rg BT 359.44 176.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.69 176.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.14 176.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.14 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 469.52 176.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.33 176.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.33 176.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 176.25 Td (21,292,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.20 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 561.57 176.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 164.25 Td (12,81) Tj ET Q q 0 0 0 rg BT 58.13 164.25 Td (1,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.63 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.73 164.25 Td (common ) Tj ET Q q 0 0 0 rg BT 119.82 164.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 149.41 164.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 197.07 164.25 Td (, ) Tj ET Q q 0 0 0 rg BT 201.66 164.25 Td (related ) Tj ET Q q 0 0 0 rg BT 230.96 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.84 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.15 164.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 291.69 164.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 337.66 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.09 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.40 164.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 409.48 164.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 432.69 164.25 Td (were ) Tj ET Q q 0 0 0 rg BT 454.21 164.25 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 501.86 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.39 164.25 Td (were ) Tj ET Q q 0 0 0 rg BT 539.92 164.25 Td (excluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 61.00 152.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 107.36 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.19 152.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 148.47 152.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 184.84 152.25 Td (per ) Tj ET Q q 0 0 0 rg BT 200.11 152.25 Td (share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 128.25 Td (For ) Tj ET Q q 0 0 0 rg BT 70.93 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.18 128.25 Td (years ) Tj ET Q q 0 0 0 rg BT 110.32 128.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.23 128.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 196.35 128.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.35 128.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.88 128.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.88 128.25 Td (, ) Tj ET Q q 0 0 0 rg BT 247.42 128.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.90 128.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.90 128.25 Td (, ) Tj ET Q q 0 0 0 rg BT 290.43 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.68 128.25 Td (number ) Tj ET Q q 0 0 0 rg BT 339.27 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.63 128.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 400.33 128.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 428.37 128.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 459.72 128.25 Td (that ) Tj ET Q q 0 0 0 rg BT 477.75 128.25 Td (were ) Tj ET Q q 0 0 0 rg BT 500.22 128.25 Td (antidilutive ) Tj ET Q q 0 0 0 rg BT 548.80 128.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 116.25 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.21 116.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.21 116.25 Td (103,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.71 116.25 Td (, ) Tj ET Q q 0 0 0 rg BT 95.71 116.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.65 116.25 Td (59,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.15 116.25 Td (, ) Tj ET Q q 0 0 0 rg BT 145.15 116.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 192.81 116.25 Td (. ) Tj ET Q endstream endobj 375 0 obj <> endobj 376 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 16. Equity - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 76) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Stock Repurchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.25 Td (In ) Tj ET Q q 0 0 0 rg BT 63.80 647.25 Td (August ) Tj ET Q q 0 0 0 rg BT 94.57 647.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 118.96 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.17 647.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 160.49 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.71 647.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 209.80 647.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 253.88 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.98 647.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 313.17 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.39 647.25 Td (up ) Tj ET Q q 0 0 0 rg BT 335.27 647.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.93 647.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 366.82 647.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.71 647.25 Td ( ) Tj ET Q q 0 0 0 rg BT 397.59 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.81 647.25 Td (our ) Tj ET Q q 0 0 0 rg BT 423.02 647.25 Td (common ) Tj ET Q q 0 0 0 rg BT 459.90 647.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 485.39 647.25 Td (During ) Tj ET Q q 0 0 0 rg BT 515.61 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.71 647.25 Td (first ) Tj ET Q q 0 0 0 rg BT 547.70 647.25 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 635.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 71.83 635.25 Td (we ) Tj ET Q q 0 0 0 rg BT 85.99 635.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.80 635.25 Td (839,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.30 635.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.80 635.25 Td (common ) Tj ET Q q 0 0 0 rg BT 209.29 635.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 236.78 635.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.94 635.25 Td ($1) Tj ET Q q 0 0 0 rg BT 260.57 635.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 268.07 635.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.96 635.25 Td (, ) Tj ET Q q 0 0 0 rg BT 301.96 635.25 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 337.79 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.51 635.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 395.55 635.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 443.04 635.25 Td (under ) Tj ET Q q 0 0 0 rg BT 468.30 635.25 Td (this ) Tj ET Q q 0 0 0 rg BT 485.25 635.25 Td (authorization.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (In ) Tj ET Q q 0 0 0 rg BT 64.83 615.25 Td (February ) Tj ET Q q 0 0 0 rg BT 103.42 615.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 128.42 615.25 Td (our ) Tj ET Q q 0 0 0 rg BT 144.25 615.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 171.18 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.01 615.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 221.71 615.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 261.41 615.25 Td (an ) Tj ET Q q 0 0 0 rg BT 273.35 615.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 328.60 615.25 Td (for ) Tj ET Q q 0 0 0 rg BT 342.76 615.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.47 615.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 403.28 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.10 615.25 Td (up ) Tj ET Q q 0 0 0 rg BT 426.60 615.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.88 615.25 Td ($100 ) Tj ET Q q 0 0 0 rg BT 459.37 615.25 Td (million ) Tj ET Q q 0 0 0 rg BT 490.76 615.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.59 615.25 Td (our ) Tj ET Q q 0 0 0 rg BT 517.41 615.25 Td (common ) Tj ET Q q 0 0 0 rg BT 554.90 615.25 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 603.25 Td (and ) Tj ET Q q 0 0 0 rg BT 51.92 603.25 Td (also ) Tj ET Q q 0 0 0 rg BT 69.50 603.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 113.18 603.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.88 603.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 171.66 603.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.47 603.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 229.62 603.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 248.31 603.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 290.05 603.25 Td (including ) Tj ET Q q 0 0 0 rg BT 329.31 603.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 375.76 603.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.68 603.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 447.57 603.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 468.66 603.25 Td (This ) Tj ET Q q 0 0 0 rg BT 487.91 603.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 542.15 603.25 Td (replaced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 591.25 Td (all ) Tj ET Q q 0 0 0 rg BT 48.19 591.25 Td (previous ) Tj ET Q q 0 0 0 rg BT 84.83 591.25 Td (share ) Tj ET Q q 0 0 0 rg BT 108.13 591.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 153.63 591.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 176.94 591.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.58 591.25 Td (has ) Tj ET Q q 0 0 0 rg BT 209.11 591.25 Td (no ) Tj ET Q q 0 0 0 rg BT 221.30 591.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 264.05 591.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 285.24 591.25 Td (This ) Tj ET Q q 0 0 0 rg BT 305.22 591.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 350.72 591.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 405.68 591.25 Td (does ) Tj ET Q q 0 0 0 rg BT 426.21 591.25 Td (not ) Tj ET Q q 0 0 0 rg BT 441.19 591.25 Td (obligate ) Tj ET Q q 0 0 0 rg BT 475.60 591.25 Td (us ) Tj ET Q q 0 0 0 rg BT 486.69 591.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.66 591.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 528.29 591.25 Td (any ) Tj ET Q q 0 0 0 rg BT 544.92 591.25 Td (specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 579.25 Td (number ) Tj ET Q q 0 0 0 rg BT 69.71 579.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.19 579.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 109.34 579.25 Td (or ) Tj ET Q q 0 0 0 rg BT 120.83 579.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 164.25 579.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 192.40 579.25 Td (this ) Tj ET Q q 0 0 0 rg BT 210.01 579.25 Td (authorization, ) Tj ET Q q 0 0 0 rg BT 268.42 579.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 296.57 579.25 Td (or ) Tj ET Q q 0 0 0 rg BT 308.06 579.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.98 579.25 Td (may ) Tj ET Q q 0 0 0 rg BT 369.36 579.25 Td (be ) Tj ET Q q 0 0 0 rg BT 381.95 579.25 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 433.42 579.25 Td (in ) Tj ET Q q 0 0 0 rg BT 444.35 579.25 Td (privately ) Tj ET Q q 0 0 0 rg BT 483.05 579.25 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 527.86 579.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 556.57 579.25 Td (open ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 567.25 Td (market ) Tj ET Q q 0 0 0 rg BT 66.10 567.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 118.70 567.25 Td (including ) Tj ET Q q 0 0 0 rg BT 158.81 567.25 Td (under ) Tj ET Q q 0 0 0 rg BT 183.92 567.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 207.36 567.25 Td (complying ) Tj ET Q q 0 0 0 rg BT 252.47 567.25 Td (with ) Tj ET Q q 0 0 0 rg BT 272.58 567.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 293.81 567.25 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 324.47 567.25 Td (under ) Tj ET Q q 0 0 0 rg BT 349.58 567.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.13 567.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 405.90 567.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 447.15 567.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 463.92 567.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.59 567.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 499.42 567.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.09 567.25 Td (amended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.69 567.25 Td ( ) Tj ET Q q 0 0 0 rg BT 551.02 567.25 Td (Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 555.25 Td (this ) Tj ET Q q 0 0 0 rg BT 53.46 555.25 Td (authorization, ) Tj ET Q q 0 0 0 rg BT 111.74 555.25 Td (during ) Tj ET Q q 0 0 0 rg BT 140.86 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.09 555.25 Td (year ) Tj ET Q q 0 0 0 rg BT 176.31 555.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.21 555.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 262.31 555.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.31 555.25 Td (, ) Tj ET Q q 0 0 0 rg BT 287.82 555.25 Td (we ) Tj ET Q q 0 0 0 rg BT 302.50 555.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.82 555.25 Td (1,103,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.82 555.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.83 555.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 424.84 555.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 462.29 555.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.08 555.25 Td (this ) Tj ET Q q 0 0 0 rg BT 490.55 555.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 546.32 555.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.00 555.25 Td ($14 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 543.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 543.25 Td (. ) Tj ET Q q 0 0 0 rg BT 69.28 543.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.71 543.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 140.22 543.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.22 543.25 Td (, ) Tj ET Q q 0 0 0 rg BT 165.15 543.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.34 543.25 Td ($86 ) Tj ET Q q 0 0 0 rg BT 242.77 543.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.66 543.25 Td ( ) Tj ET Q q 0 0 0 rg BT 274.09 543.25 Td (of ) Tj ET Q q 0 0 0 rg BT 284.85 543.25 Td (this ) Tj ET Q q 0 0 0 rg BT 301.72 543.25 Td (current ) Tj ET Q q 0 0 0 rg BT 332.47 543.25 Td (authorization ) Tj ET Q q 0 0 0 rg BT 387.65 543.25 Td (remained ) Tj ET Q q 0 0 0 rg BT 427.28 543.25 Td (available ) Tj ET Q q 0 0 0 rg BT 465.80 543.25 Td (for ) Tj ET Q q 0 0 0 rg BT 479.89 543.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.53 543.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 540.27 543.25 Td (of ) Tj ET Q q 0 0 0 rg BT 551.03 543.25 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 531.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.83 531.25 Td (our ) Tj ET Q q 0 0 0 rg BT 62.66 531.25 Td (common ) Tj ET Q q 0 0 0 rg BT 100.16 531.25 Td (stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 507.25 Td (Note 17. Equity Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.45 487.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.98 487.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.98 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.43 487.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.32 487.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 222.86 487.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.86 487.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.81 487.25 Td (1,787,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.81 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 290.26 487.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 487.25 Td (1,665,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 487.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.60 487.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 377.04 487.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.82 487.25 Td (common ) Tj ET Q q 0 0 0 rg BT 425.26 487.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 451.32 487.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 498.98 487.25 Td (, ) Tj ET Q q 0 0 0 rg BT 503.93 487.25 Td (were ) Tj ET Q q 0 0 0 rg BT 525.81 487.25 Td (available ) Tj ET Q q 0 0 0 rg BT 564.35 487.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 475.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 59.10 475.25 Td (under ) Tj ET Q q 0 0 0 rg BT 84.41 475.25 Td (our ) Tj ET Q q 0 0 0 rg BT 100.29 475.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 140.04 475.25 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 162.69 475.25 Td (The ) Tj ET Q q 0 0 0 rg BT 180.78 475.25 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 233.31 475.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 291.40 475.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 310.06 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.94 475.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 351.81 475.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 379.36 475.25 Td (under ) Tj ET Q q 0 0 0 rg BT 404.67 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.44 475.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 459.19 475.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 479.52 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.50 475.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 538.48 475.25 Td (under ) Tj ET Q q 0 0 0 rg BT 563.80 475.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 463.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 79.04 463.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 104.32 463.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 142.92 463.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 163.20 463.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.91 463.25 Td ($18 ) Tj ET Q q 0 0 0 rg BT 210.41 463.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.30 463.25 Td ( ) Tj ET Q q 0 0 0 rg BT 241.80 463.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.52 463.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 310.10 463.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.10 463.25 Td (, ) Tj ET Q q 0 0 0 rg BT 335.10 463.25 Td (as ) Tj ET Q q 0 0 0 rg BT 345.93 463.25 Td (shown ) Tj ET Q q 0 0 0 rg BT 374.54 463.25 Td (in ) Tj ET Q q 0 0 0 rg BT 384.82 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.54 463.25 Td (following ) Tj ET Q q 0 0 0 rg BT 440.93 463.25 Td (table.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 443.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 443.25 Td (able 17.1 ) Tj ET Q q 0 0 0 rg BT 88.04 443.25 Td (Activities of Equity Compensation Costs by ) Tj ET Q q 0 0 0 rg BT 267.12 443.25 Td (A) Tj ET Q q 0 0 0 rg BT 273.05 443.25 Td (ward T) Tj ET Q q 0 0 0 rg BT 301.84 443.25 Td (ype ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 368.75 226.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 368.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 368.75 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 368.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 368.75 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 368.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 368.75 66.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 368.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 368.75 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 368.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 368.75 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 329.75 226.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 329.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 329.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 329.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 329.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 329.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 299.75 226.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 299.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 299.75 57.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 299.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 299.75 57.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 299.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 299.75 66.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 299.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 299.75 57.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 299.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 299.75 57.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 417.75 m 323.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 417.75 m 327.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 417.75 m 384.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 417.75 m 388.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 417.75 m 454.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 417.75 m 458.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 417.75 m 515.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 417.75 m 519.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 417.75 m 576.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 368.75 m 262.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 368.75 m 323.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 368.75 m 384.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 368.75 m 454.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 368.75 m 515.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 368.75 m 576.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 368.75 m 323.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 299.75 m 323.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 299.75 m 576.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 299.75 m 323.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 274.75 m 323.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 272.75 m 323.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 299.75 m 384.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 274.75 m 384.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 272.75 m 384.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 299.75 m 454.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 274.75 m 454.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 272.75 m 454.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 299.75 m 515.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 274.75 m 515.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 272.75 m 515.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 299.75 m 576.5 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 274.75 m 576.5 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 272.75 m 576.5 272.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.35 422.43 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 373.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.55 383.43 Td (Restricted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.55 373.43 Td (Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.40 383.43 Td (Deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.90 373.43 Td (Stock Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.20 383.43 Td (Performance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.40 373.43 Td (Stock Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.35 403.43 Td (Employee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.55 393.43 Td (Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.85 383.43 Td (Purchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.75 373.43 Td (Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.55 373.43 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 359.32 Td (Unrecognized compensation cost at beginning of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 349.32 Td (period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 349.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 349.42 Td (2,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 349.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 349.42 Td (14,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 349.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 349.42 Td (6,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 349.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 349.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 349.42 Td (23,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 334.42 Td (Equity grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 334.42 Td (1,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.15 334.42 Td (7,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 334.42 Td (2,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 334.42 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 334.42 Td (11,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 319.42 Td (Equity grant forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.80 319.47 Td (\(1,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 319.47 Td (\(1,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 319.47 Td (\(2,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 319.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 319.42 Td (\(4,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 319.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 304.42 Td (Equity compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.30 304.47 Td (\(676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 304.47 Td (\(9,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 304.47 Td (\(2,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.30 304.47 Td (\(124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 304.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 304.42 Td (\(12,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 304.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 278.43 Td (Unrecognized Compensation Cost at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 278.42 Td (2,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 278.42 Td (11,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 278.42 Td (4,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 278.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 278.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 278.42 Td (18,146) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 254.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.08 254.25 Td (, the weighted average amortization period remaining for all of our equity awards was less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.57 254.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.57 254.25 Td ( years.) Tj ET Q endstream endobj 377 0 obj <> endobj 378 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 17. Equity Compensation Plans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 77) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 650.25 Td (The following table summarizes the activities related to restricted stock for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.09 650.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.67 650.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.67 650.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.67 650.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.61 650.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.61 650.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 626.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 626.25 Td (able 17.2 Restricted Stock ) Tj ET Q q 0 0 0 rg BT 156.92 626.25 Td (Activities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 523.75 186.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 523.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 523.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 523.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 523.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 523.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 523.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 523.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 523.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 523.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 523.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 523.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 495.75 186.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 495.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 495.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 495.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 495.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 495.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 495.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 495.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 495.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 495.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 495.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 495.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 467.75 186.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 467.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 467.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 467.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 467.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 467.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 467.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 467.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 467.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 467.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 467.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 467.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 592.75 m 272.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 592.75 m 276.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 592.75 m 336.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 592.75 m 340.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 592.75 m 392.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 592.75 m 396.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 592.75 m 456.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 592.75 m 460.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 592.75 m 511.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 592.75 m 515.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 592.75 m 575.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 592.75 m 272.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 577.75 m 272.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 577.75 m 276.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 577.75 m 336.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 592.75 m 392.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 577.75 m 392.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 577.75 m 396.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 577.75 m 456.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 592.75 m 511.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 577.75 m 511.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 577.75 m 515.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 577.75 m 575.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 523.75 m 272.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 523.75 m 336.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 523.75 m 392.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 523.75 m 456.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 523.75 m 511.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 523.75 m 575.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 467.75 m 272.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 467.75 m 392.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 467.75 m 511.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 454.75 m 272.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 452.75 m 272.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 454.75 m 392.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 452.75 m 392.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 454.75 m 511.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 452.75 m 511.5 452.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 597.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.60 597.43 Td (Years Ended December31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 582.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.50 582.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 582.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 582.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 528.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.10 528.43 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.70 568.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.60 558.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.70 548.43 Td (GrantDate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.55 538.43 Td (FairMarket) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.95 528.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.60 528.43 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.70 568.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.60 558.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.70 548.43 Td (GrantDate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.55 538.43 Td (FairMarket) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.95 528.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.10 528.43 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.70 568.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.60 558.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.70 548.43 Td (GrantDate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.55 538.43 Td (FairMarket) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.95 528.43 Td (Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 514.32 Td (Outstanding at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.10 514.32 Td (187,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 514.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 514.32 Td (18.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 514.32 Td (109,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 514.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 514.32 Td (15.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.10 514.32 Td (166,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 514.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 514.32 Td (15.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 500.32 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.10 500.32 Td (144,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 500.32 Td (11.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 500.32 Td (141,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 500.32 Td (19.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 500.32 Td (2,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 500.32 Td (19.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 486.32 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.80 486.32 Td (\(50,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 486.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 486.32 Td (17.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 486.37 Td (\(42,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 486.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 486.32 Td (14.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 486.37 Td (\(44,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 486.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 486.32 Td (13.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 472.32 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.80 472.32 Td (\(76,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 472.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 472.32 Td (18.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 472.37 Td (\(20,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 472.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 472.32 Td (18.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 472.37 Td (\(15,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 472.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 472.32 Td (13.45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 458.48 Td (Outstanding at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.10 458.32 Td (204,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 458.32 Td (14.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 458.32 Td (187,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 458.32 Td (18.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.10 458.32 Td (109,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 458.32 Td (15.97) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.25 Td (The ) Tj ET Q q 0 0 0 rg BT 72.08 430.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 110.70 430.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 148.21 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 162.40 430.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 202.13 430.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 225.77 430.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 256.62 430.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.58 430.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 291.10 430.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 322.53 430.25 Td (for ) Tj ET Q q 0 0 0 rg BT 336.71 430.25 Td (both ) Tj ET Q q 0 0 0 rg BT 357.02 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.77 430.25 Td (years ) Tj ET Q q 0 0 0 rg BT 395.40 430.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 430.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 480.42 430.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.42 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.95 430.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.91 430.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 418.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 61.08 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 78.10 418.25 Td (less ) Tj ET Q q 0 0 0 rg BT 95.69 418.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.49 418.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 128.07 418.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.96 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.54 418.25 Td (for ) Tj ET Q q 0 0 0 rg BT 173.79 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 188.59 418.25 Td (year ) Tj ET Q q 0 0 0 rg BT 208.38 418.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 234.84 418.25 Td (December ) Tj ET Q q 0 0 0 rg BT 278.50 418.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.59 418.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.59 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 318.10 418.25 Td (As ) Tj ET Q q 0 0 0 rg BT 331.80 418.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.71 418.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 401.38 418.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.38 418.25 Td (, ) Tj ET Q q 0 0 0 rg BT 426.46 418.25 Td (there ) Tj ET Q q 0 0 0 rg BT 449.03 418.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.16 418.25 Td ($2 ) Tj ET Q q 0 0 0 rg BT 479.75 418.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.64 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 511.22 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.13 418.25 Td (unrecognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 93.44 406.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 111.44 406.25 Td (related ) Tj ET Q q 0 0 0 rg BT 140.53 406.25 Td (to ) Tj ET Q q 0 0 0 rg BT 150.21 406.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 187.65 406.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 226.74 406.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 252.11 406.25 Td (This ) Tj ET Q q 0 0 0 rg BT 271.78 406.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 289.78 406.25 Td (will ) Tj ET Q q 0 0 0 rg BT 307.23 406.25 Td (be ) Tj ET Q q 0 0 0 rg BT 318.56 406.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 364.32 406.25 Td (over ) Tj ET Q q 0 0 0 rg BT 383.98 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 390.31 406.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 428.86 406.25 Td (average ) Tj ET Q q 0 0 0 rg BT 461.84 406.25 Td (period ) Tj ET Q q 0 0 0 rg BT 489.28 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.50 406.25 Td (less ) Tj ET Q q 0 0 0 rg BT 516.40 406.25 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.51 406.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.51 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 552.40 406.25 Td (years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 394.25 Td (Restrictions ) Tj ET Q q 0 0 0 rg BT 86.27 394.25 Td (on ) Tj ET Q q 0 0 0 rg BT 98.77 394.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 126.26 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.09 394.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 176.80 394.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 200.40 394.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 249.57 394.25 Td (lapse ) Tj ET Q q 0 0 0 rg BT 272.62 394.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.22 394.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.22 394.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 364.25 Td (Deferred Stock Units \(DSUs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.25 Td (The following table summarizes the activities related to DSUs for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.18 346.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.76 346.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.76 346.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.76 346.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.70 346.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.70 346.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 316.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 316.25 Td (able 17.3 Deferred Stock Units ) Tj ET Q q 0 0 0 rg BT 177.20 316.25 Td (Activities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 209.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 209.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 209.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 209.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 209.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 209.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 179.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 179.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 179.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 179.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 179.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 179.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 149.75 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 149.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 149.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 149.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 149.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 149.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 149.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 149.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 149.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 149.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 149.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 149.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 278.75 m 255.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 278.75 m 259.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 278.75 m 319.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 278.75 m 323.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 278.75 m 383.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 278.75 m 387.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 278.75 m 447.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 278.75 m 451.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 278.75 m 511.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 278.75 m 515.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 278.75 m 575.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 278.75 m 255.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 263.75 m 255.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 263.75 m 259.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 263.75 m 319.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 278.75 m 383.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 263.75 m 383.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 263.75 m 387.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 263.75 m 447.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 278.75 m 511.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 263.75 m 511.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 263.75 m 515.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 263.75 m 575.5 263.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 209.75 m 255.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 209.75 m 319.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 209.75 m 383.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 209.75 m 447.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 209.75 m 511.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 209.75 m 575.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 149.75 m 255.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 149.75 m 383.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 149.75 m 511.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 149.75 m 255.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 135.75 m 255.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 133.75 m 255.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 149.75 m 383.5 149.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 135.75 m 383.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 133.75 m 383.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 135.75 m 511.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 133.75 m 511.5 133.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 283.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.60 283.43 Td (Years Ended December31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 268.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.00 268.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.00 268.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.00 268.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 214.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.60 214.43 Td (Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.70 254.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.60 244.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.70 234.43 Td (GrantDate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.55 224.43 Td (FairMarket) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.95 214.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.60 214.43 Td (Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.70 254.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.60 244.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.70 234.43 Td (GrantDate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.55 224.43 Td (FairMarket) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.95 214.43 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.60 214.43 Td (Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.70 254.43 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.60 244.43 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.70 234.43 Td (GrantDate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.55 224.43 Td (FairMarket) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.95 214.43 Td (Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 200.32 Td (Outstanding at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.60 199.42 Td (2,407,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 199.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 199.42 Td (16.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.60 199.42 Td (2,168,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 199.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 199.42 Td (16.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 199.42 Td (2,266,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 199.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 199.42 Td (15.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 185.32 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 184.42 Td (565,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 184.42 Td (13.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 184.42 Td (583,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 184.42 Td (16.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 184.42 Td (350,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 184.42 Td (19.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 170.32 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.30 169.42 Td (\(1,060,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 169.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 169.42 Td (14.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 169.47 Td (\(335,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 169.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 169.42 Td (14.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 169.47 Td (\(440,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 169.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 169.42 Td (14.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 155.32 Td (Forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.80 154.42 Td (\(62,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 154.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 154.42 Td (18.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 154.47 Td (\(10,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 154.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 154.42 Td (16.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 154.47 Td (\(7,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 154.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 154.42 Td (19.06) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 139.43 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.60 139.42 Td (1,848,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 139.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 139.42 Td (16.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.60 139.42 Td (2,407,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 139.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 139.42 Td (16.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 139.42 Td (2,168,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 139.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 139.42 Td (16.20) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 379 0 obj <> endobj 380 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 17. Equity Compensation Plans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 68.66 668.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 107.45 668.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 129.59 668.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 155.07 668.10 Td (annually) Tj ET Q q 0 0 0 rg BT 188.85 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.94 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 202.86 668.10 Td (part ) Tj ET Q q 0 0 0 rg BT 219.99 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.91 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.83 668.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 301.95 668.10 Td (process. ) Tj ET Q q 0 0 0 rg BT 336.03 668.10 Td (In ) Tj ET Q q 0 0 0 rg BT 345.95 668.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 382.81 668.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 408.29 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 422.09 668.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 453.66 668.10 Td (from ) Tj ET Q q 0 0 0 rg BT 474.68 668.10 Td (time ) Tj ET Q q 0 0 0 rg BT 494.04 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.41 668.10 Td (time ) Tj ET Q q 0 0 0 rg BT 522.77 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.13 668.10 Td (connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 56.65 656.10 Td (hiring ) Tj ET Q q 0 0 0 rg BT 83.41 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.72 656.10 Td (promotions ) Tj ET Q q 0 0 0 rg BT 149.14 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.45 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.10 656.10 Td (lieu ) Tj ET Q q 0 0 0 rg BT 194.97 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.17 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.26 656.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 258.56 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.21 656.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 289.85 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.05 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.36 656.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 340.12 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.32 656.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 380.85 656.10 Td (bonus ) Tj ET Q q 0 0 0 rg BT 407.61 656.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 438.99 656.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.87 656.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 510.82 656.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.82 656.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.19 656.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.19 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 561.56 656.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 61.45 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.62 644.10 Td (number ) Tj ET Q q 0 0 0 rg BT 110.12 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.40 644.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 171.01 644.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 197.86 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 215.81 644.10 Td (were ) Tj ET Q q 0 0 0 rg BT 238.18 644.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 276.68 644.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.18 644.10 Td (908,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.68 644.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.14 644.10 Td (1,043,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.14 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 378.59 644.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.98 644.10 Td (880,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.48 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.93 644.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 481.59 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.82 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 505.32 644.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 544.93 644.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (grant-date ) Tj ET Q q 0 0 0 rg BT 79.88 632.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 97.10 632.10 Td (value ) Tj ET Q q 0 0 0 rg BT 122.10 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.78 632.10 Td (these ) Tj ET Q q 0 0 0 rg BT 157.67 632.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 196.57 632.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 223.81 632.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.71 632.10 Td ($14.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.21 632.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.05 632.10 Td ($17.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.55 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 309.40 632.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.18 632.10 Td ($17.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.68 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 360.53 632.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.09 632.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.52 632.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.52 632.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.37 632.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.37 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.21 632.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 632.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.85 632.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.51 632.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 76.27 620.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 102.67 620.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.38 620.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 170.97 620.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.97 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.47 620.10 Td (will ) Tj ET Q q 0 0 0 rg BT 211.52 620.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 230.13 620.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.74 620.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.74 620.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 94.92 596.10 Td (related ) Tj ET Q q 0 0 0 rg BT 125.26 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.19 596.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 163.23 596.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.81 596.10 Td ($9 ) Tj ET Q q 0 0 0 rg BT 198.96 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.85 596.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.49 596.10 Td ($7 ) Tj ET Q q 0 0 0 rg BT 246.64 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.53 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.18 596.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.77 596.10 Td ($6 ) Tj ET Q q 0 0 0 rg BT 311.91 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.95 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.76 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.12 596.10 Td (years ) Tj ET Q q 0 0 0 rg BT 398.37 596.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.39 596.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 484.62 596.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.62 596.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.27 596.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.27 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 535.92 596.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 596.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 573.50 596.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 584.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 584.10 Td (. ) Tj ET Q q 0 0 0 rg BT 87.73 584.10 Td (During ) Tj ET Q q 0 0 0 rg BT 117.62 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.40 584.10 Td (first ) Tj ET Q q 0 0 0 rg BT 149.07 584.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 178.95 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.85 584.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 212.91 584.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.47 584.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 296.57 584.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 330.35 584.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.24 584.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 351.80 584.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.70 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.26 584.10 Td (was ) Tj ET Q q 0 0 0 rg BT 399.38 584.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 444.80 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.14 584.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 499.58 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.92 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.70 584.10 Td (announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (departures ) Tj ET Q q 0 0 0 rg BT 80.79 572.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.27 572.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.27 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.42 572.10 Td (executives ) Tj ET Q q 0 0 0 rg BT 155.78 572.10 Td (due ) Tj ET Q q 0 0 0 rg BT 173.36 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 184.29 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.66 572.10 Td (full ) Tj ET Q q 0 0 0 rg BT 216.69 572.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 248.73 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.21 572.10 Td (their ) Tj ET Q q 0 0 0 rg BT 281.68 572.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 308.73 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 319.66 572.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 367.77 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 388.70 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.06 572.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 429.43 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.91 572.10 Td (their ) Tj ET Q q 0 0 0 rg BT 462.38 572.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 515.52 572.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 566.01 572.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 560.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 94.79 560.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.79 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.99 560.10 Td (there ) Tj ET Q q 0 0 0 rg BT 142.68 560.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.94 560.10 Td ($12 ) Tj ET Q q 0 0 0 rg BT 178.64 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.53 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.24 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.27 560.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 277.84 560.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 336.08 560.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 354.90 560.10 Td (related ) Tj ET Q q 0 0 0 rg BT 384.80 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.29 560.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 433.54 560.10 Td (DSUs. ) Tj ET Q q 0 0 0 rg BT 462.44 560.10 Td (This ) Tj ET Q q 0 0 0 rg BT 482.92 560.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 501.74 560.10 Td (will ) Tj ET Q q 0 0 0 rg BT 520.00 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 532.14 560.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (over ) Tj ET Q q 0 0 0 rg BT 55.89 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 62.46 548.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 101.23 548.10 Td (average ) Tj ET Q q 0 0 0 rg BT 134.44 548.10 Td (period ) Tj ET Q q 0 0 0 rg BT 162.11 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.57 548.10 Td (less ) Tj ET Q q 0 0 0 rg BT 189.69 548.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.03 548.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.03 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.16 548.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 251.41 548.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.53 548.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 321.74 548.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.74 548.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.37 548.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.37 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.99 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.55 548.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.55 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.18 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.52 548.10 Td (number ) Tj ET Q q 0 0 0 rg BT 459.19 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.64 548.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 518.43 548.10 Td (DSUs ) Tj ET Q q 0 0 0 rg BT 544.45 548.10 Td (that ) Tj ET Q q 0 0 0 rg BT 561.57 548.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 536.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 64.05 536.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.10 536.10 Td (939,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.60 536.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.60 536.10 Td (1,363,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.60 536.10 Td (, ) Tj ET Q q 0 0 0 rg BT 164.60 536.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.54 536.10 Td (1,287,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.54 536.10 Td (, ) Tj ET Q q 0 0 0 rg BT 226.54 536.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 274.20 536.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 506.10 Td (Performance Stock Units \(PSUs\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.63 486.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.35 486.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.35 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.98 486.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.05 486.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 218.76 486.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.76 486.10 Td (, ) Tj ET Q q 0 0 0 rg BT 242.89 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.74 486.10 Td (tar) Tj ET Q q 0 0 0 rg BT 267.11 486.10 Td (get ) Tj ET Q q 0 0 0 rg BT 280.95 486.10 Td (number ) Tj ET Q q 0 0 0 rg BT 313.13 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.09 486.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 346.96 486.10 Td (that ) Tj ET Q q 0 0 0 rg BT 363.58 486.10 Td (were ) Tj ET Q q 0 0 0 rg BT 384.64 486.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 421.82 486.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.00 486.10 Td (642,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.14 486.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.21 486.10 Td (849,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.71 486.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.84 486.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.50 486.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 474.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.52 474.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.52 474.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.20 474.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.20 474.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.89 474.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.51 474.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.51 474.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.20 474.10 Td (194,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.70 474.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.39 474.10 Td (356,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.89 474.10 Td (, ) Tj ET Q q 0 0 0 rg BT 231.57 474.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.20 474.10 Td (268,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.70 474.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.89 474.10 Td (tar) Tj ET Q q 0 0 0 rg BT 293.25 474.10 Td (get ) Tj ET Q q 0 0 0 rg BT 307.66 474.10 Td (number ) Tj ET Q q 0 0 0 rg BT 340.39 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.91 474.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 375.33 474.10 Td (were ) Tj ET Q q 0 0 0 rg BT 396.94 474.10 Td (granted, ) Tj ET Q q 0 0 0 rg BT 431.62 474.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 479.28 474.10 Td (, ) Tj ET Q q 0 0 0 rg BT 483.96 474.10 Td (with ) Tj ET Q q 0 0 0 rg BT 503.93 474.10 Td (per ) Tj ET Q q 0 0 0 rg BT 518.88 474.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 536.63 474.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 559.36 474.10 Td (date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 462.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 52.46 462.10 Td (values ) Tj ET Q q 0 0 0 rg BT 80.59 462.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 462.10 Td ($13.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 462.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.08 462.10 Td ($9.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.58 462.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.66 462.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.68 462.10 Td ($14.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.18 462.10 Td (, ) Tj ET Q q 0 0 0 rg BT 201.27 462.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 248.93 462.10 Td (. ) Tj ET Q q 0 0 0 rg BT 254.01 462.10 Td (During ) Tj ET Q q 0 0 0 rg BT 284.92 462.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.72 462.10 Td (year ) Tj ET Q q 0 0 0 rg BT 319.51 462.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.97 462.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 404.63 462.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.63 462.10 Td (, ) Tj ET Q q 0 0 0 rg BT 429.72 462.10 Td (there ) Tj ET Q q 0 0 0 rg BT 452.28 462.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.29 462.10 Td (208,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.79 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.38 462.10 Td (tar) Tj ET Q q 0 0 0 rg BT 519.74 462.10 Td (get ) Tj ET Q q 0 0 0 rg BT 534.54 462.10 Td (number ) Tj ET Q q 0 0 0 rg BT 567.67 462.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 450.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 60.74 450.10 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 97.66 450.10 Td (due ) Tj ET Q q 0 0 0 rg BT 114.60 450.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.88 450.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 166.25 450.10 Td (departures. ) Tj ET Q q 0 0 0 rg BT 212.89 450.10 Td (During ) Tj ET Q q 0 0 0 rg BT 243.72 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.44 450.10 Td (years ) Tj ET Q q 0 0 0 rg BT 282.04 450.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.42 450.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.00 450.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.50 450.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.44 450.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.44 450.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.44 450.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.44 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.94 450.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 468.68 450.10 Td (were ) Tj ET Q q 0 0 0 rg BT 490.60 450.10 Td (forfeited.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 430.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 76.10 430.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 106.92 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.20 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.92 430.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 156.65 430.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 189.14 430.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.42 430.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.42 430.10 Td (, ) Tj ET Q q 0 0 0 rg BT 224.42 430.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 255.81 430.10 Td (will ) Tj ET Q q 0 0 0 rg BT 273.87 430.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 313.58 430.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 338.29 430.10 Td (at ) Tj ET Q q 0 0 0 rg BT 348.01 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.73 430.10 Td (end ) Tj ET Q q 0 0 0 rg BT 379.67 430.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 430.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.48 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.99 430.10 Td (years ) Tj ET Q q 0 0 0 rg BT 436.59 430.10 Td (from ) Tj ET Q q 0 0 0 rg BT 458.53 430.10 Td (their ) Tj ET Q q 0 0 0 rg BT 479.36 430.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 502.41 430.10 Td (date ) Tj ET Q q 0 0 0 rg BT 521.56 430.10 Td (based ) Tj ET Q q 0 0 0 rg BT 546.83 430.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.34 430.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 576.00 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 418.10 Td (dif) Tj ET Q q 0 0 0 rg BT 46.93 418.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.22 418.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.22 418.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 111.74 418.10 Td (total ) Tj ET Q q 0 0 0 rg BT 132.49 418.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 182.11 418.10 Td (return ) Tj ET Q q 0 0 0 rg BT 208.97 418.10 Td (\(TSR\) ) Tj ET Q q 0 0 0 rg BT 245.82 418.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 299.33 418.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 355.61 418.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 388.03 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.45 418.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 447.86 418.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 500.83 418.10 Td (through ) Tj ET Q q 0 0 0 rg BT 534.92 418.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 406.10 Td (13, ) Tj ET Q q 0 0 0 rg BT 50.77 406.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 75.55 406.10 Td (For ) Tj ET Q q 0 0 0 rg BT 91.71 406.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 129.54 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.14 406.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 183.90 406.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 204.52 406.10 Td (over ) Tj ET Q q 0 0 0 rg BT 224.56 406.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.27 406.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.25 406.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 274.06 406.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 305.22 406.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 335.54 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.03 406.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 374.54 406.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 406.80 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.85 406.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 439.12 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 453.60 406.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 485.87 406.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.70 406.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.36 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.64 406.10 Td (tranches ) Tj ET Q q 0 0 0 rg BT 558.22 406.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 394.10 Td (staggered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.14 394.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.14 394.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 115.49 394.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 168.83 394.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 224.96 394.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 257.22 394.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 300.04 394.10 Td (on: ) Tj ET Q q 0 0 0 rg BT 315.64 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.67 394.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 354.04 394.10 Td (date; ) Tj ET Q q 0 0 0 rg BT 376.29 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.33 394.10 Td (three ) Tj ET Q q 0 0 0 rg BT 414.13 394.10 Td (month ) Tj ET Q q 0 0 0 rg BT 442.51 394.10 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 491.98 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.13 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.16 394.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 541.53 394.10 Td (date; ) Tj ET Q q 0 0 0 rg BT 563.78 394.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 382.10 Td (six ) Tj ET Q q 0 0 0 rg BT 50.55 382.10 Td (month ) Tj ET Q q 0 0 0 rg BT 78.99 382.10 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 128.51 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.72 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.82 382.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 178.25 382.10 Td (date; ) Tj ET Q q 0 0 0 rg BT 200.56 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.88 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.97 382.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 253.07 382.10 Td (month ) Tj ET Q q 0 0 0 rg BT 281.51 382.10 Td (anniversary ) Tj ET Q q 0 0 0 rg BT 331.03 382.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.24 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.34 382.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 380.77 382.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 402.80 382.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 450.46 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 455.84 382.10 Td (Performance-based ) Tj ET Q q 0 0 0 rg BT 535.90 382.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 567.67 382.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 370.10 Td (each ) Tj ET Q q 0 0 0 rg BT 56.12 370.10 Td (tranche ) Tj ET Q q 0 0 0 rg BT 87.35 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 95.83 370.10 Td (based ) Tj ET Q q 0 0 0 rg BT 120.40 370.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.08 370.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 152.23 370.10 Td (over ) Tj ET Q q 0 0 0 rg BT 171.80 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.83 370.10 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.16 370.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.16 370.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 265.51 370.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 317.84 370.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 372.95 370.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 402.68 370.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 422.82 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 436.29 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.31 370.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 474.36 370.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 506.15 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.73 370.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 537.54 370.10 Td (is ) Tj ET Q q 0 0 0 rg BT 546.02 370.10 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.10 Td (as ) Tj ET Q q 0 0 0 rg BT 46.10 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 60.10 358.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 105.17 358.10 Td (by ) Tj ET Q q 0 0 0 rg BT 116.95 358.10 Td (which ) Tj ET Q q 0 0 0 rg BT 143.16 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.27 358.10 Td (common ) Tj ET Q q 0 0 0 rg BT 195.04 358.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 217.92 358.10 Td (per ) Tj ET Q q 0 0 0 rg BT 236.90 358.10 Td (share ) Tj ET Q q 0 0 0 rg BT 259.77 358.10 Td (price ) Tj ET Q q 0 0 0 rg BT 285.97 358.10 Td (has ) Tj ET Q q 0 0 0 rg BT 301.08 358.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 340.61 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.71 358.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 391.90 358.10 Td (as ) Tj ET Q q 0 0 0 rg BT 402.01 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.11 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.10 358.10 Td (last ) Tj ET Q q 0 0 0 rg BT 441.76 358.10 Td (day ) Tj ET Q q 0 0 0 rg BT 457.98 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.08 358.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.17 358.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.17 358.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 525.48 358.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 91.12 346.10 Td (period ) Tj ET Q q 0 0 0 rg BT 118.48 346.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 150.27 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.85 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.88 346.10 Td (first ) Tj ET Q q 0 0 0 rg BT 191.80 346.10 Td (day ) Tj ET Q q 0 0 0 rg BT 208.04 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.18 346.10 Td (such ) Tj ET Q q 0 0 0 rg BT 238.32 346.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 290.65 346.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 345.77 346.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 375.63 346.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 410.76 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.35 346.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 447.69 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.72 346.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 515.18 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.32 346.10 Td (all ) Tj ET Q q 0 0 0 rg BT 537.12 346.10 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 334.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 72.43 334.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 100.54 334.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 120.32 334.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.89 334.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.78 334.10 Td (common ) Tj ET Q q 0 0 0 rg BT 186.34 334.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 210.01 334.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.78 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 223.19 334.10 Td (wo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.41 334.10 Td (-Y) Tj ET Q q 0 0 0 rg BT 244.97 334.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 259.55 334.10 Td (TSR\). ) Tj ET Q q 0 0 0 rg BT 290.54 334.10 Td (The ) Tj ET Q q 0 0 0 rg BT 308.65 334.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 333.45 334.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 362.66 334.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.89 334.10 Td (each ) Tj ET Q q 0 0 0 rg BT 397.77 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.66 334.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.45 334.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.11 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.67 334.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.67 334.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 480.77 334.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 512.78 334.10 Td (will ) Tj ET Q q 0 0 0 rg BT 530.90 334.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 549.57 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 566.57 334.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 322.10 Td (distributed ) Tj ET Q q 0 0 0 rg BT 81.37 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.74 322.10 Td (December ) Tj ET Q q 0 0 0 rg BT 135.42 322.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 160.33 322.10 Td (The ) Tj ET Q q 0 0 0 rg BT 178.47 322.10 Td (number ) Tj ET Q q 0 0 0 rg BT 211.61 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.54 322.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 268.46 322.10 Td (common ) Tj ET Q q 0 0 0 rg BT 306.05 322.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 333.63 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.56 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.49 322.10 Td (common ) Tj ET Q q 0 0 0 rg BT 398.08 322.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 421.78 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 439.37 322.10 Td (will ) Tj ET Q q 0 0 0 rg BT 457.52 322.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 476.23 322.10 Td (will ) Tj ET Q q 0 0 0 rg BT 494.38 322.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 514.74 322.10 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.65 322.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.98 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 566.58 322.10 Td (\(if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 310.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.33 310.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.74 310.10 Td (wo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.96 310.10 Td (-Y) Tj ET Q q 0 0 0 rg BT 77.51 310.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 91.83 310.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 112.45 310.10 Td (for ) Tj ET Q q 0 0 0 rg BT 126.39 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.10 310.10 Td (tranche ) Tj ET Q q 0 0 0 rg BT 164.81 310.10 Td (is ) Tj ET Q q 0 0 0 rg BT 173.75 310.10 Td (zero ) Tj ET Q q 0 0 0 rg BT 193.24 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 203.85 310.10 Td (negative\) ) Tj ET Q q 0 0 0 rg BT 243.33 310.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.04 310.10 Td (200%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.37 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.65 310.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 297.37 310.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.70 310.10 Td (T) Tj ET Q q 0 0 0 rg BT 317.11 310.10 Td (wo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.33 310.10 Td (-Y) Tj ET Q q 0 0 0 rg BT 338.88 310.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 353.20 310.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 373.82 310.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.76 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.47 310.10 Td (tranche ) Tj ET Q q 0 0 0 rg BT 426.17 310.10 Td (is ) Tj ET Q q 0 0 0 rg BT 435.12 310.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 465.15 310.10 Td (than ) Tj ET Q q 0 0 0 rg BT 484.65 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.26 310.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 519.19 310.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.25 310.10 Td (72%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.58 310.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 553.18 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.79 310.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 298.10 Td (tar) Tj ET Q q 0 0 0 rg BT 46.37 298.10 Td (get ) Tj ET Q q 0 0 0 rg BT 60.63 298.10 Td (number ) Tj ET Q q 0 0 0 rg BT 93.23 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.61 298.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 127.90 298.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 168.83 298.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 200.86 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.69 298.10 Td (each ) Tj ET Q q 0 0 0 rg BT 231.06 298.10 Td (tranche, ) Tj ET Q q 0 0 0 rg BT 265.03 298.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 300.40 298.10 Td (upward ) Tj ET Q q 0 0 0 rg BT 332.44 298.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 343.93 298.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 374.87 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 383.59 298.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 413.39 298.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.66 298.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.99 298.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 451.37 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.20 298.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 488.78 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.05 298.10 Td (value ) Tj ET Q q 0 0 0 rg BT 526.75 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 537.13 298.10 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 286.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 55.72 286.10 Td (during ) Tj ET Q q 0 0 0 rg BT 84.33 286.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.04 286.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.03 286.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 142.06 286.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 173.45 286.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 266.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 75.88 266.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 106.48 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.54 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.04 266.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 155.56 266.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 187.82 266.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.88 266.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.88 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.17 266.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.89 266.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.89 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.67 266.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 292.84 266.10 Td (will ) Tj ET Q q 0 0 0 rg BT 310.68 266.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 350.16 266.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 374.65 266.10 Td (at ) Tj ET Q q 0 0 0 rg BT 384.15 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.65 266.10 Td (end ) Tj ET Q q 0 0 0 rg BT 415.37 266.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.99 266.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.97 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.26 266.10 Td (years ) Tj ET Q q 0 0 0 rg BT 471.64 266.10 Td (from ) Tj ET Q q 0 0 0 rg BT 493.36 266.10 Td (their ) Tj ET Q q 0 0 0 rg BT 513.97 266.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 536.80 266.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 558.23 266.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.89 254.10 Td (level ) Tj ET Q q 0 0 0 rg BT 73.00 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.01 254.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 115.57 254.10 Td (at ) Tj ET Q q 0 0 0 rg BT 125.46 254.10 Td (that ) Tj ET Q q 0 0 0 rg BT 143.13 254.10 Td (time ) Tj ET Q q 0 0 0 rg BT 163.58 254.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 208.47 254.10 Td (on ) Tj ET Q q 0 0 0 rg BT 220.95 254.10 Td (TSR. ) Tj ET Q q 0 0 0 rg BT 244.28 254.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 265.29 254.10 Td (for ) Tj ET Q q 0 0 0 rg BT 279.63 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.52 254.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 319.43 254.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 352.09 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 362.55 254.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 385.22 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.34 254.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 425.01 254.10 Td (is ) Tj ET Q q 0 0 0 rg BT 434.36 254.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 467.02 254.10 Td (as ) Tj ET Q q 0 0 0 rg BT 478.03 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.92 254.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 538.89 254.10 Td (by ) Tj ET Q q 0 0 0 rg BT 551.57 254.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 242.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.65 242.10 Td (common ) Tj ET Q q 0 0 0 rg BT 88.97 242.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 112.41 242.10 Td (per ) Tj ET Q q 0 0 0 rg BT 131.94 242.10 Td (share ) Tj ET Q q 0 0 0 rg BT 155.36 242.10 Td (price ) Tj ET Q q 0 0 0 rg BT 182.11 242.10 Td (has ) Tj ET Q q 0 0 0 rg BT 197.76 242.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 237.84 242.10 Td (or ) Tj ET Q q 0 0 0 rg BT 248.50 242.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 290.23 242.10 Td (as ) Tj ET Q q 0 0 0 rg BT 300.89 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.54 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.08 242.10 Td (last ) Tj ET Q q 0 0 0 rg BT 342.29 242.10 Td (day ) Tj ET Q q 0 0 0 rg BT 359.06 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.71 242.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.25 242.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.24 242.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 427.10 242.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 458.31 242.10 Td (period ) Tj ET Q q 0 0 0 rg BT 486.18 242.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 518.49 242.10 Td (to ) Tj ET Q q 0 0 0 rg BT 528.59 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.13 242.10 Td (first ) Tj ET Q q 0 0 0 rg BT 561.56 242.10 Td (day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 47.48 230.10 Td (such ) Tj ET Q q 0 0 0 rg BT 68.95 230.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 100.99 230.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 132.18 230.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 168.65 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.58 230.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 208.26 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.62 230.10 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 278.42 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.90 230.10 Td (all ) Tj ET Q q 0 0 0 rg BT 303.04 230.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 345.07 230.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 382.08 230.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 410.78 230.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 431.14 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 444.29 230.10 Td (our ) Tj ET Q q 0 0 0 rg BT 460.76 230.10 Td (common ) Tj ET Q q 0 0 0 rg BT 498.91 230.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 523.16 230.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.93 230.10 Td (Three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.24 230.10 Td (-Y) Tj ET Q q 0 0 0 rg BT 563.80 230.10 Td (ear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 218.10 Td (TSR\). ) Tj ET Q q 0 0 0 rg BT 67.11 218.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.35 218.10 Td (number ) Tj ET Q q 0 0 0 rg BT 118.59 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.61 218.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 175.63 218.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 203.31 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.33 218.10 Td (our ) Tj ET Q q 0 0 0 rg BT 230.36 218.10 Td (common ) Tj ET Q q 0 0 0 rg BT 268.04 218.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 291.85 218.10 Td (that ) Tj ET Q q 0 0 0 rg BT 309.53 218.10 Td (will ) Tj ET Q q 0 0 0 rg BT 327.78 218.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 346.58 218.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.06 218.10 Td (future ) Tj ET Q q 0 0 0 rg BT 383.63 218.10 Td (years ) Tj ET Q q 0 0 0 rg BT 407.42 218.10 Td (will ) Tj ET Q q 0 0 0 rg BT 425.67 218.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 446.13 218.10 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.14 218.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.47 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.16 218.10 Td (\(if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.10 218.10 Td (Three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.41 218.10 Td (-Y) Tj ET Q q 0 0 0 rg BT 542.96 218.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 557.67 218.10 Td (TSR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 206.10 Td (is ) Tj ET Q q 0 0 0 rg BT 45.66 206.10 Td (zero ) Tj ET Q q 0 0 0 rg BT 65.85 206.10 Td (or ) Tj ET Q q 0 0 0 rg BT 77.17 206.10 Td (negative\) ) Tj ET Q q 0 0 0 rg BT 117.36 206.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.79 206.10 Td (200%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.12 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 161.11 206.10 Td (\(if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.32 206.10 Td (Three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.63 206.10 Td (-Y) Tj ET Q q 0 0 0 rg BT 206.18 206.10 Td (ear ) Tj ET Q q 0 0 0 rg BT 221.16 206.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 242.49 206.10 Td (is ) Tj ET Q q 0 0 0 rg BT 252.15 206.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 282.89 206.10 Td (than ) Tj ET Q q 0 0 0 rg BT 303.10 206.10 Td (or ) Tj ET Q q 0 0 0 rg BT 314.42 206.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 339.06 206.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.83 206.10 Td (125%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.16 206.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 379.47 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.79 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 406.00 206.10 Td (tar) Tj ET Q q 0 0 0 rg BT 416.36 206.10 Td (get ) Tj ET Q q 0 0 0 rg BT 431.57 206.10 Td (number ) Tj ET Q q 0 0 0 rg BT 465.10 206.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.42 206.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 501.65 206.10 Td (originally ) Tj ET Q q 0 0 0 rg BT 543.52 206.10 Td (granted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 194.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 71.83 194.10 Td (upward ) Tj ET Q q 0 0 0 rg BT 104.32 194.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 116.25 194.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 147.64 194.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.81 194.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 187.06 194.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.78 194.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.11 194.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 225.94 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.22 194.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 264.25 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.97 194.10 Td (value ) Tj ET Q q 0 0 0 rg BT 303.12 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.95 194.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 355.34 194.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 375.06 194.10 Td (during ) Tj ET Q q 0 0 0 rg BT 403.67 194.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.38 194.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.37 194.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 461.41 194.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 492.79 194.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.42 174.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 95.83 174.10 Td (date ) Tj ET Q q 0 0 0 rg BT 115.35 174.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 132.10 174.10 Td (values ) Tj ET Q q 0 0 0 rg BT 160.52 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.71 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.80 174.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 209.67 174.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 234.77 174.10 Td (were ) Tj ET Q q 0 0 0 rg BT 257.07 174.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 304.92 174.10 Td (through ) Tj ET Q q 0 0 0 rg BT 338.90 174.10 Td (Monte-Carlo ) Tj ET Q q 0 0 0 rg BT 393.42 174.10 Td (simulations ) Tj ET Q q 0 0 0 rg BT 442.40 174.10 Td (using ) Tj ET Q q 0 0 0 rg BT 466.94 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.03 174.10 Td (following ) Tj ET Q q 0 0 0 rg BT 523.78 174.10 Td (assumptions: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 162.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.03 162.10 Td (common ) Tj ET Q q 0 0 0 rg BT 89.73 162.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 113.55 162.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 145.14 162.10 Td (price ) Tj ET Q q 0 0 0 rg BT 167.83 162.10 Td (at ) Tj ET Q q 0 0 0 rg BT 177.75 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.67 162.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 215.92 162.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 237.78 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.70 162.10 Td (average ) Tj ET Q q 0 0 0 rg BT 286.49 162.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 318.08 162.10 Td (price ) Tj ET Q q 0 0 0 rg BT 340.77 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.80 162.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.84 162.10 Td (common ) Tj ET Q q 0 0 0 rg BT 405.54 162.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 429.35 162.10 Td (price ) Tj ET Q q 0 0 0 rg BT 452.04 162.10 Td (for ) Tj ET Q q 0 0 0 rg BT 466.40 162.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.32 162.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.32 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.03 162.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 525.06 162.10 Td (days ) Tj ET Q q 0 0 0 rg BT 546.09 162.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 568.23 162.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.50 150.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 73.33 150.10 Td (date ) Tj ET Q q 0 0 0 rg BT 92.27 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.99 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.49 150.10 Td (range ) Tj ET Q q 0 0 0 rg BT 147.98 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.59 150.10 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 237.49 150.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 268.66 150.10 Td (based ) Tj ET Q q 0 0 0 rg BT 293.71 150.10 Td (on ) Tj ET Q q 0 0 0 rg BT 305.83 150.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 326.46 150.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.51 150.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.17 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.45 150.10 Td (separate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.49 150.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.49 150.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 438.31 150.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 491.11 150.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 525.33 150.10 Td (For ) Tj ET Q q 0 0 0 rg BT 541.51 150.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.01 150.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 138.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 56.48 138.10 Td (grant, ) Tj ET Q q 0 0 0 rg BT 81.66 138.10 Td (an ) Tj ET Q q 0 0 0 rg BT 93.24 138.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 125.92 138.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 164.17 138.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 211.86 138.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.32 138.10 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.79 138.10 Td (\(based ) Tj ET Q q 0 0 0 rg BT 271.02 138.10 Td (on ) Tj ET Q q 0 0 0 rg BT 283.16 138.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 322.51 138.10 Td (volatility\), ) Tj ET Q q 0 0 0 rg BT 366.58 138.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.15 138.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 390.29 138.10 Td (free ) Tj ET Q q 0 0 0 rg BT 407.96 138.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 425.08 138.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.55 138.10 Td (1.57%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.38 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 463.51 138.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.19 138.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.18 138.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 523.70 138.10 Td (T) Tj ET Q q 0 0 0 rg BT 529.45 138.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 561.02 138.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 126.10 Td (on ) Tj ET Q q 0 0 0 rg BT 48.75 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.71 126.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 87.00 126.10 Td (date\), ) Tj ET Q q 0 0 0 rg BT 112.23 126.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.42 126.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.60 126.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.93 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.68 126.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 190.42 126.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 213.16 126.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 231.45 126.10 Td (mathematical ) Tj ET Q q 0 0 0 rg BT 288.06 126.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 332.45 126.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.98 126.10 Td (reinvesting ) Tj ET Q q 0 0 0 rg BT 390.16 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.12 126.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 446.75 126.10 Td (over ) Tj ET Q q 0 0 0 rg BT 467.27 126.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.23 126.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.21 126.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 525.50 126.10 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 114.10 Td (period ) Tj ET Q q 0 0 0 rg BT 64.05 114.10 Td (as ) Tj ET Q q 0 0 0 rg BT 74.88 114.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.05 114.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 126.54 114.10 Td (with ) Tj ET Q q 0 0 0 rg BT 146.82 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.54 114.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 186.25 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.08 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.80 114.10 Td (PSUs\), ) Tj ET Q q 0 0 0 rg BT 242.37 114.10 Td (were ) Tj ET Q q 0 0 0 rg BT 264.30 114.10 Td (used. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.02 94.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 93.04 94.10 Td (date ) Tj ET Q q 0 0 0 rg BT 111.17 94.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.52 94.10 Td (values ) Tj ET Q q 0 0 0 rg BT 153.55 94.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.35 94.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.35 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.83 94.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.74 94.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.74 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.21 94.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 245.92 94.10 Td (were ) Tj ET Q q 0 0 0 rg BT 266.83 94.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 313.28 94.10 Td (through ) Tj ET Q q 0 0 0 rg BT 345.87 94.10 Td (Monte-Carlo ) Tj ET Q q 0 0 0 rg BT 399.00 94.10 Td (simulations ) Tj ET Q q 0 0 0 rg BT 446.58 94.10 Td (using ) Tj ET Q q 0 0 0 rg BT 469.73 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.42 94.10 Td (following ) Tj ET Q q 0 0 0 rg BT 523.78 94.10 Td (assumptions: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 52.03 82.10 Td (common ) Tj ET Q q 0 0 0 rg BT 89.73 82.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 113.55 82.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 145.14 82.10 Td (price ) Tj ET Q q 0 0 0 rg BT 167.83 82.10 Td (at ) Tj ET Q q 0 0 0 rg BT 177.75 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.67 82.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 215.92 82.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 237.78 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.70 82.10 Td (average ) Tj ET Q q 0 0 0 rg BT 286.49 82.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 318.08 82.10 Td (price ) Tj ET Q q 0 0 0 rg BT 340.77 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.80 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.84 82.10 Td (common ) Tj ET Q q 0 0 0 rg BT 405.54 82.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 429.35 82.10 Td (price ) Tj ET Q q 0 0 0 rg BT 452.04 82.10 Td (for ) Tj ET Q q 0 0 0 rg BT 466.40 82.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.32 82.10 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.32 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.03 82.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 525.06 82.10 Td (days ) Tj ET Q q 0 0 0 rg BT 546.09 82.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 568.23 82.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.79 70.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 73.92 70.10 Td (date ) Tj ET Q q 0 0 0 rg BT 93.15 70.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.17 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.96 70.10 Td (range ) Tj ET Q q 0 0 0 rg BT 149.74 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.65 70.10 Td (performance-based ) Tj ET Q q 0 0 0 rg BT 239.85 70.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 271.31 70.10 Td (based ) Tj ET Q q 0 0 0 rg BT 296.66 70.10 Td (on ) Tj ET Q q 0 0 0 rg BT 309.05 70.10 Td (TSR ) Tj ET Q q 0 0 0 rg BT 329.97 70.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.31 70.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.30 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.88 70.10 Td (years ) Tj ET Q q 0 0 0 rg BT 396.55 70.10 Td (from ) Tj ET Q q 0 0 0 rg BT 418.57 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.36 70.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 456.48 70.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 478.22 70.10 Td (For ) Tj ET Q q 0 0 0 rg BT 494.69 70.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.48 70.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.48 70.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.06 70.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 552.98 70.10 Td (grant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 58.10 Td (an ) Tj ET Q q 0 0 0 rg BT 47.41 58.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 79.94 58.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 118.02 58.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 165.56 58.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.86 58.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.19 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.17 58.10 Td (\(based ) Tj ET Q q 0 0 0 rg BT 224.24 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 236.21 58.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 275.40 58.10 Td (volatility\), ) Tj ET Q q 0 0 0 rg BT 319.32 58.10 Td (a ) Tj ET Q q 0 0 0 rg BT 325.73 58.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 342.70 58.10 Td (free ) Tj ET Q q 0 0 0 rg BT 360.22 58.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 377.18 58.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.48 58.10 Td (1.35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.31 58.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.29 58.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.81 58.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.79 58.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 475.16 58.10 Td (T) Tj ET Q q 0 0 0 rg BT 480.92 58.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 512.32 58.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 529.29 58.10 Td (on ) Tj ET Q q 0 0 0 rg BT 541.26 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 555.45 58.10 Td (grant ) Tj ET Q endstream endobj 381 0 obj <> endobj 382 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 17. Equity Compensation Plans - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 668.10 Td (date\), ) Tj ET Q q 0 0 0 rg BT 61.35 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 78.65 668.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.95 668.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.28 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.14 668.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 139.99 668.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 162.85 668.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 181.26 668.10 Td (mathematical ) Tj ET Q q 0 0 0 rg BT 237.98 668.10 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 282.49 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.13 668.10 Td (reinvesting ) Tj ET Q q 0 0 0 rg BT 340.43 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.51 668.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 397.25 668.10 Td (over ) Tj ET Q q 0 0 0 rg BT 417.88 668.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.96 668.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.95 668.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 476.35 668.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 529.73 668.10 Td (period ) Tj ET Q q 0 0 0 rg BT 558.14 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 569.33 668.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 78.70 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 99.18 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.10 656.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 139.01 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.05 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.96 656.10 Td (PSUs\) ) Tj ET Q q 0 0 0 rg BT 193.23 656.10 Td (were ) Tj ET Q q 0 0 0 rg BT 215.36 656.10 Td (used. ) Tj ET Q q 0 0 0 rg BT 238.89 656.10 Td (For ) Tj ET Q q 0 0 0 rg BT 255.49 656.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.41 656.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.41 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.11 656.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 314.15 656.10 Td (grant, ) Tj ET Q q 0 0 0 rg BT 339.90 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 352.04 656.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 385.30 656.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 424.11 656.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 472.36 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.40 656.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.73 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 506.93 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.07 656.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 531.77 656.10 Td (free ) Tj ET Q q 0 0 0 rg BT 550.01 656.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 567.70 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (1.06%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.83 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 66.83 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.77 644.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.71 644.10 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.04 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.54 644.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 144.03 644.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 166.53 644.10 Td (were ) Tj ET Q q 0 0 0 rg BT 188.46 644.10 Td (used.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 624.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 93.99 624.10 Td (related ) Tj ET Q q 0 0 0 rg BT 123.42 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.42 624.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 157.88 624.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 624.10 Td ($3 ) Tj ET Q q 0 0 0 rg BT 191.76 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.65 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.87 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 236.76 624.10 Td (each ) Tj ET Q q 0 0 0 rg BT 257.30 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.85 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.29 624.10 Td (years ) Tj ET Q q 0 0 0 rg BT 305.62 624.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.72 624.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 390.03 624.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.03 624.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 624.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.75 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 439.47 624.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.14 624.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.14 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 480.86 624.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 528.52 624.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.25 624.10 Td (During ) Tj ET Q q 0 0 0 rg BT 563.80 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 612.10 Td (first ) Tj ET Q q 0 0 0 rg BT 54.63 612.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 85.47 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.32 612.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 121.35 612.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 148.87 612.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 206.93 612.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 241.66 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 612.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 272.54 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.43 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.95 612.10 Td (was ) Tj ET Q q 0 0 0 rg BT 322.03 612.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 368.42 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.72 612.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 425.11 612.10 Td (with ) Tj ET Q q 0 0 0 rg BT 445.41 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.15 612.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 505.99 612.10 Td (departures ) Tj ET Q q 0 0 0 rg BT 550.16 612.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.02 612.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 600.10 Td (executives ) Tj ET Q q 0 0 0 rg BT 81.57 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.72 600.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 121.62 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.20 600.10 Td (pro-rated ) Tj ET Q q 0 0 0 rg BT 177.22 600.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 209.47 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.17 600.10 Td (their ) Tj ET Q q 0 0 0 rg BT 242.86 600.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 268.47 600.10 Td (through ) Tj ET Q q 0 0 0 rg BT 302.94 600.10 Td (their ) Tj ET Q q 0 0 0 rg BT 324.64 600.10 Td (departure ) Tj ET Q q 0 0 0 rg BT 365.76 600.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 389.67 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.82 600.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 424.19 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.33 600.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 483.66 600.10 Td (with ) Tj ET Q q 0 0 0 rg BT 504.81 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.40 600.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 545.98 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 557.68 600.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 588.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 88.40 588.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 138.31 588.10 Td (As ) Tj ET Q q 0 0 0 rg BT 151.83 588.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.57 588.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 221.06 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.06 588.10 Td (, ) Tj ET Q q 0 0 0 rg BT 245.97 588.10 Td (there ) Tj ET Q q 0 0 0 rg BT 268.36 588.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.32 588.10 Td ($5 ) Tj ET Q q 0 0 0 rg BT 298.73 588.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.63 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.03 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.77 588.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 397.04 588.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 454.99 588.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 473.51 588.10 Td (related ) Tj ET Q q 0 0 0 rg BT 503.12 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 513.31 588.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 551.26 588.10 Td (PSUs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.04 568.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 76.31 568.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 107.33 568.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.82 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.75 568.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 157.70 568.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 190.40 568.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.89 568.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 226.10 568.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.02 568.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.01 568.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 284.26 568.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 337.49 568.10 Td (period ) Tj ET Q q 0 0 0 rg BT 365.75 568.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 392.34 568.10 Td (during ) Tj ET Q q 0 0 0 rg BT 421.16 568.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.09 568.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 463.24 568.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 494.26 568.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.31 568.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 530.52 568.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 568.22 568.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 50.39 556.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 81.46 556.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.97 556.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.17 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.35 556.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 138.52 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.03 556.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.54 556.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 210.04 556.10 Td (common ) Tj ET Q q 0 0 0 rg BT 247.21 556.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 272.84 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.88 556.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 294.61 556.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 325.11 556.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.06 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.46 556.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 373.87 556.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 406.03 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.99 556.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 440.67 556.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.06 556.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.05 556.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 497.76 556.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.46 556.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 544.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 62.52 544.10 Td (during ) Tj ET Q q 0 0 0 rg BT 91.28 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.14 544.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 133.23 544.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 164.19 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.17 544.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 200.31 544.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 237.95 544.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.38 544.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.24 544.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 294.77 544.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 544.10 Td (57,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.25 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.90 544.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 363.53 544.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.51 544.10 Td (our ) Tj ET Q q 0 0 0 rg BT 390.49 544.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 436.46 544.10 Td (common ) Tj ET Q q 0 0 0 rg BT 474.10 544.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 500.16 544.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.20 544.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 522.41 544.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 553.37 544.10 Td (to ) Tj ET Q q 0 0 0 rg BT 563.79 544.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 61.17 532.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 94.08 532.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.79 532.10 Td (201) Tj ET Q q 0 0 0 rg BT 119.42 532.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 129.84 532.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.99 532.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.97 532.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 188.44 532.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 241.89 532.10 Td (period ) Tj ET Q q 0 0 0 rg BT 270.37 532.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 297.17 532.10 Td (during ) Tj ET Q q 0 0 0 rg BT 326.21 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.36 532.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 368.72 532.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 399.97 532.10 Td (of ) Tj ET Q q 0 0 0 rg BT 411.23 532.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 436.65 532.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 474.58 532.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.29 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.43 532.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 532.25 532.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.50 532.10 Td (701,440) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 520.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 62.57 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 72.48 520.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.40 520.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 132.30 520.10 Td (common ) Tj ET Q q 0 0 0 rg BT 168.88 520.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 193.96 520.10 Td (The ) Tj ET Q q 0 0 0 rg BT 211.09 520.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 258.78 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.69 520.10 Td (these ) Tj ET Q q 0 0 0 rg BT 290.82 520.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 335.73 520.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 362.30 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.21 520.10 Td (common ) Tj ET Q q 0 0 0 rg BT 408.79 520.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 431.48 520.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 468.04 520.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.40 520.10 Td (May ) Tj ET Q q 0 0 0 rg BT 497.31 520.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 518.89 520.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.91 520.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 508.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 61.00 508.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 108.66 508.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.66 508.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.94 508.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 171.40 508.10 Td (with ) Tj ET Q q 0 0 0 rg BT 191.68 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.40 508.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 231.11 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.94 508.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.66 508.10 Td (PSUs ) Tj ET Q q 0 0 0 rg BT 281.40 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.33 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.16 508.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 356.64 508.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 394.67 508.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 454.95 508.10 Td (Plan.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 478.10 Td (Employee Stock Purchase Plan \("ESPP"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.27 458.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 93.69 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.42 458.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 123.25 458.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.42 458.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 171.69 458.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.75 458.10 Td (450,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.25 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.97 458.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 242.69 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.74 458.10 Td (common ) Tj ET Q q 0 0 0 rg BT 289.46 458.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 312.30 458.10 Td (to ) Tj ET Q q 0 0 0 rg BT 321.80 458.10 Td (be ) Tj ET Q q 0 0 0 rg BT 332.96 458.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 375.23 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.73 458.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 425.32 458.10 Td (for ) Tj ET Q q 0 0 0 rg BT 438.70 458.10 Td (all ) Tj ET Q q 0 0 0 rg BT 450.42 458.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 497.03 458.10 Td (As ) Tj ET Q q 0 0 0 rg BT 509.87 458.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.92 458.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 446.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 446.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.26 446.10 Td (337,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.76 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.52 446.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 124.27 446.10 Td (had ) Tj ET Q q 0 0 0 rg BT 141.47 446.10 Td (been ) Tj ET Q q 0 0 0 rg BT 163.11 446.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 208.90 446.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 256.57 446.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.83 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.02 446.10 Td (there ) Tj ET Q q 0 0 0 rg BT 301.77 446.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 341.73 446.10 Td (a ) Tj ET Q q 0 0 0 rg BT 348.93 446.10 Td (negligible ) Tj ET Q q 0 0 0 rg BT 391.68 446.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 424.44 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.53 446.10 Td (uninvested ) Tj ET Q q 0 0 0 rg BT 481.61 446.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 523.25 446.10 Td (contributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 46.28 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 61.00 434.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 83.42 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.92 434.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.63 434.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 154.22 434.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.22 434.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 416.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 416.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 416.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 185.63 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.35 416.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 238.95 416.10 Td (related ) Tj ET Q q 0 0 0 rg BT 268.65 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.93 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.64 416.10 Td (ESPP) Tj ET Q q 0 0 0 rg BT 316.07 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.57 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 332.73 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.44 416.10 Td (years ) Tj ET Q q 0 0 0 rg BT 371.04 416.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.42 416.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 456.00 416.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.00 416.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 416.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 506.00 416.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.94 416.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.94 416.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 386.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 386.10 Td (able 17.4 Employee Stock Purchase Plan ) Tj ET Q q 0 0 0 rg BT 219.70 386.10 Td (Activities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 337.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 337.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 337.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 337.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 307.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 307.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 307.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 307.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 352.6 m 437.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 352.6 m 441.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 352.6 m 506.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 352.6 m 510.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 352.6 m 575.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 337.6 m 368.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 352.6 m 437.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 337.6 m 437.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 352.6 m 506.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 337.6 m 506.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 352.6 m 575.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 337.6 m 575.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 292.6 m 437.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 292.6 m 506.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 292.6 m 575.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 278.6 m 437.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 276.6 m 437.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 278.6 m 506.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 276.6 m 506.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 278.6 m 575.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 276.6 m 575.5 276.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 357.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.10 357.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 342.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.50 342.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.50 342.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.50 342.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 328.17 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 327.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 327.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 327.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 327.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 327.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 327.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 313.17 Td (Employee purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 312.27 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 312.27 Td (475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 312.27 Td (494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 298.17 Td (Cost of common stock issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 297.32 Td (\(305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.30 297.32 Td (\(460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 297.27 Td (\(494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 297.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 283.33 Td (Balance at End of Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 282.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 282.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 282.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 254.10 Td (Executive Deferred Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.99 236.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.32 236.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.20 236.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 185.41 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.07 236.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 220.28 236.10 Td (account ) Tj ET Q q 0 0 0 rg BT 253.82 236.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 292.36 236.10 Td (related ) Tj ET Q q 0 0 0 rg BT 322.01 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.23 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.89 236.10 Td (EDCP) Tj ET Q q 0 0 0 rg BT 372.08 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.52 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.63 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.29 236.10 Td (years ) Tj ET Q q 0 0 0 rg BT 426.83 236.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 236.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 511.68 236.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.68 236.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.62 236.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.62 236.10 Td (, ) Tj ET Q q 0 0 0 rg BT 561.57 236.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 224.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 224.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 194.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 194.10 Td (able 17.5 EDCP) Tj ET Q q 0 0 0 rg BT 114.71 194.10 Td ( Cash ) Tj ET Q q 0 0 0 rg BT 140.46 194.10 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 180.93 194.10 Td (Activities) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 145.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 145.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 145.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 145.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 145.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 115.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 115.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 115.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 115.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 115.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 115.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 115.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 85.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 85.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 85.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 85.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 85.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 85.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 85.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 160.60000000000002 m 437.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 160.60000000000002 m 441.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 160.60000000000002 m 506.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 160.60000000000002 m 510.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 160.60000000000002 m 575.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 145.60000000000002 m 368.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 160.60000000000002 m 437.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 145.60000000000002 m 437.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 160.60000000000002 m 441.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 160.60000000000002 m 506.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 145.60000000000002 m 506.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 160.60000000000002 m 510.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 160.60000000000002 m 575.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 145.60000000000002 m 575.5 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 85.60000000000002 m 437.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 85.60000000000002 m 506.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 85.60000000000002 m 575.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 71.60000000000002 m 437.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 69.60000000000002 m 437.5 69.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 71.60000000000002 m 506.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 69.60000000000002 m 506.5 69.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 71.60000000000002 m 575.5 71.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 69.60000000000002 m 575.5 69.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 165.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.10 165.28 Td (Years Ended December31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 150.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.50 150.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.50 150.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.50 150.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 136.17 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 135.27 Td (2,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 135.27 Td (2,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 135.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 135.27 Td (1,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 121.17 Td (New deferrals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 120.27 Td (558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 120.27 Td (600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 120.27 Td (575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 106.17 Td (Accrued interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 105.27 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 105.27 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 105.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 91.17 Td (Withdrawals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.30 90.32 Td (\(618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 90.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.30 90.32 Td (\(615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 90.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 18. 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 616.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 616.25 Td (able 18.1 Mortgage Banking ) Tj ET Q q 0 0 0 rg BT 168.61 616.25 Td (Activities ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 566.75 333.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 566.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 566.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 566.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 566.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 537.75 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 537.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 537.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 537.75 4.00 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0.9333333333333333 1 rg /GS0 gs 373.50 418.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 418.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 418.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 418.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 418.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 388.75 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 388.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 388.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 388.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 388.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 388.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 388.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 358.75 333.00 -15.00 re f /GS0 gs 0.8 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 566.75 m 507.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 581.75 m 576.5 581.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 566.75 m 576.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 477.75 m 438.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 477.75 m 507.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 477.75 m 576.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 477.75 m 507.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 477.75 m 576.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 373.75 m 438.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 373.75 m 507.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 373.75 m 576.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 373.75 m 438.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 373.75 m 507.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 373.75 m 576.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 358.75 m 438.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 344.75 m 438.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 342.75 m 438.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 358.75 m 507.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 344.75 m 507.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 342.75 m 507.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 358.75 m 576.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 344.75 m 576.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 342.75 m 576.5 342.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.80 586.20 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 571.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.50 571.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 571.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.50 571.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 557.43 Td (Residential Mortgage Banking Activities, Net:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 542.42 Td (Changes in fair value of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 527.42 Td (Residential loans, at fair value ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 180.85 531.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 527.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 527.42 Td (31,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 527.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 527.42 Td (53,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 527.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 527.42 Td (65,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 512.42 Td (Sequoia securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 512.42 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 512.47 Td (\(15,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 512.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 512.42 Td (\(23,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 512.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 497.42 Td (Risk management derivatives ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 177.80 501.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 497.42 Td (5,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 497.47 Td (\(34,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 497.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 497.42 Td (\(23,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 497.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 482.42 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 161.29 486.95 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 482.42 Td (2,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 482.42 Td (4,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 482.42 Td (3,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 467.42 Td (Total residential mortgage banking activities, net:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 467.42 Td (40,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 467.42 Td (8,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 467.42 Td (21,554) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 438.43 Td (Commercial Mortgage Banking Activities, Net:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 48.00 423.42 Td (Changes in fair value of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 408.42 Td (Commercial loans, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 408.42 Td (433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 408.42 Td (10,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 408.42 Td (20,789) Tj ET Q BT 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 363.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 363.42 Td (2,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 363.42 Td (13,440) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 348.43 Td (Mortgage Banking Activities, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 348.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 348.42 Td (38,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 348.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 348.42 Td (10,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 348.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 348.42 Td (34,994) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 323.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 323.45 Td (Includes ) Tj ET Q q 0 0 0 rg BT 86.74 323.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 117.98 323.45 Td (in ) Tj ET Q q 0 0 0 rg BT 127.23 323.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 141.97 323.45 Td (value ) Tj ET Q q 0 0 0 rg BT 163.71 323.45 Td (for ) Tj ET Q q 0 0 0 rg BT 176.45 323.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 215.68 323.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 233.43 323.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 267.66 323.45 Td (and ) Tj ET Q q 0 0 0 rg BT 282.91 323.45 Td (forward ) Tj ET Q q 0 0 0 rg BT 313.64 323.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 329.88 323.45 Td (commitments.) 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 526.42 Td (\(697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 511.42 Td (Trading securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 511.42 Td (9,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 511.47 Td (\(2,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 511.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 511.42 Td (\(358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 511.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 496.42 Td (Net investments in consolidated Sequoia entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 496.47 Td (\(4,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 496.47 Td (\(1,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 496.42 Td (\(894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 481.42 Td (Risk sharing investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 481.47 Td (\(1,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 481.47 Td (\(1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 481.42 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 466.42 Td (Risk management derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 466.47 Td (\(9,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 466.47 Td (\(9,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 466.42 Td (\(7,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.42 Td (Valuation adjustments on 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10.00 Tf ET q 0 0 0 rg BT 433.65 421.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.00 421.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 421.47 Td (\(21,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 421.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 421.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 421.42 Td (\(10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 421.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 387 0 obj <> endobj 388 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 20. Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (Components ) Tj ET Q q 0 0 0 rg BT 106.81 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.38 648.25 Td (our ) Tj ET Q q 0 0 0 rg BT 132.96 648.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 172.97 648.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 211.32 648.25 Td (for ) Tj ET Q q 0 0 0 rg BT 225.23 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.70 648.25 Td (years ) Tj ET Q q 0 0 0 rg BT 263.04 648.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.17 648.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 347.50 648.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 648.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.25 648.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.25 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.50 648.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.19 648.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.19 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.43 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 447.89 648.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 488.45 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.48 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.95 648.25 Td (following ) Tj ET Q q 0 0 0 rg BT 554.08 648.25 Td (table.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 624.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 624.25 Td (able 20.1 Components of Operating Expenses) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 562.75 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 562.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 562.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 562.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 562.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 532.75 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 532.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 532.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 532.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 532.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 502.75 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 502.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 502.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 502.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 502.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 472.75 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 472.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 472.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 472.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 472.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 442.75 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 442.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 442.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 442.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 442.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 442.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 442.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 412.75 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 412.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 412.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 412.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 412.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 412.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 412.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 39.00 382.75 290.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 382.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 382.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 382.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 382.75 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 577.75 m 410 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 577.75 m 414 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 577.75 m 491 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 577.75 m 495 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 577.75 m 572 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 39 562.75 m 329 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 577.75 m 410 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 562.75 m 410 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 577.75 m 414 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 577.75 m 491 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 562.75 m 491 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 577.75 m 495 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 577.75 m 572 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 562.75 m 572 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 562.75 m 572 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 517.75 m 410 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 517.75 m 491 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 517.75 m 572 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 412.75 m 410 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 412.75 m 491 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 412.75 m 572 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 412.75 m 491 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 412.75 m 572 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 368.75 m 410 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 366.75 m 410 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 368.75 m 491 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 366.75 m 491 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 368.75 m 572 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 366.75 m 572 366.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.30 582.20 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 567.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 567.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 567.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 567.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 552.42 Td (Fixed compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.50 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 552.42 Td (24,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 552.42 Td (35,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 552.42 Td (29,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 537.42 Td (Variable compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 537.42 Td (16,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 537.42 Td (12,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 537.42 Td (14,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 522.42 Td (Equity compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 522.42 Td (9,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 522.42 Td (11,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 522.42 Td (9,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 507.42 Td (Total compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 507.42 Td (50,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 507.42 Td (59,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 507.42 Td (53,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 492.42 Td (Systems and consulting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 492.42 Td (9,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 492.42 Td (10,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 492.42 Td (11,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 477.42 Td (Loan acquisition costs ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 133.43 481.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 477.42 Td (5,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 477.42 Td (10,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 477.42 Td (8,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 462.42 Td (Office costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 462.42 Td (4,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 462.42 Td (5,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 462.42 Td (5,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 447.42 Td (Accounting and legal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 447.42 Td (3,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 447.42 Td (4,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 447.42 Td (5,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 432.42 Td (Corporate costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 432.42 Td (2,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 432.42 Td (2,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 432.42 Td (2,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 417.42 Td (Other operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 417.42 Td (3,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 417.42 Td (5,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 417.42 Td (4,100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 402.43 Td (Operating expenses before restructuring charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 402.42 Td (78,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 402.42 Td (97,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 402.42 Td (90,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 41.50 387.42 Td (Restructuring char) Tj ET Q q 0 0 0 rg BT 115.46 387.42 Td (ges) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 128.79 391.95 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 387.42 Td (10,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 387.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 387.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 41.50 372.43 Td (Total Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.50 372.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 372.42 Td (88,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 372.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 372.42 Td (97,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 372.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 372.42 Td (90,123) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 351.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 351.45 Td (Loan ) Tj ET Q q 0 0 0 rg BT 75.04 351.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 117.07 351.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 137.62 351.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 173.65 351.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 206.19 351.45 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 255.23 351.45 Td (and ) Tj ET Q q 0 0 0 rg BT 270.76 351.45 Td (due ) Tj ET Q q 0 0 0 rg BT 286.30 351.45 Td (diligence ) Tj ET Q q 0 0 0 rg BT 321.83 351.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 342.38 351.45 Td (related ) Tj ET Q q 0 0 0 rg BT 369.40 351.45 Td (to ) Tj ET Q q 0 0 0 rg BT 378.95 351.45 Td (the ) Tj ET Q q 0 0 0 rg BT 392.49 351.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 434.53 351.45 Td (of ) Tj ET Q q 0 0 0 rg BT 444.57 351.45 Td (residential ) Tj ET Q q 0 0 0 rg BT 484.60 351.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 506.14 351.45 Td (held-for) Tj ET Q q 0 0 0 rg BT 534.95 351.45 Td (-sale ) Tj ET Q q 0 0 0 rg BT 554.48 351.45 Td (at ) Tj ET Q q 0 0 0 rg BT 563.52 351.45 Td (fair ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 340.65 Td (value.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 323.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 54.00 323.85 Td (For ) Tj ET Q q 0 0 0 rg BT 70.11 323.85 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 84.71 323.85 Td (year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 100.20 323.85 Td ( ) Tj ET Q q 0 0 0 rg BT 103.81 323.85 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 128.90 323.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.99 323.85 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.99 323.85 Td (, ) Tj ET Q q 0 0 0 rg BT 206.85 323.85 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 256.44 323.85 Td (char) Tj ET Q q 0 0 0 rg BT 271.76 323.85 Td (ges ) Tj ET Q q 0 0 0 rg BT 287.37 323.85 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.97 323.85 Td ($5 ) Tj ET Q q 0 0 0 rg BT 334.57 323.85 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.58 323.85 Td ( ) Tj ET Q q 0 0 0 rg BT 364.18 323.85 Td (of ) Tj ET Q q 0 0 0 rg BT 375.29 323.85 Td (fixed ) Tj ET Q q 0 0 0 rg BT 397.39 323.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 450.98 323.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 483.58 323.85 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.18 323.85 Td ($3 ) Tj ET Q q 0 0 0 rg BT 512.79 323.85 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.79 323.85 Td ( ) Tj ET Q q 0 0 0 rg BT 542.40 323.85 Td (of ) Tj ET Q q 0 0 0 rg BT 553.50 323.85 Td (equity ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 313.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.21 313.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 139.41 313.05 Td (related ) Tj ET Q q 0 0 0 rg BT 167.11 313.05 Td (to ) Tj ET Q q 0 0 0 rg BT 177.33 313.05 Td (one-time ) Tj ET Q q 0 0 0 rg BT 212.54 313.05 Td (termination ) Tj ET Q q 0 0 0 rg BT 257.25 313.05 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 291.21 313.05 Td (as ) Tj ET Q q 0 0 0 rg BT 301.92 313.05 Td (well ) Tj ET Q q 0 0 0 rg BT 320.64 313.05 Td (as ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 331.35 313.05 Td ($2 ) Tj ET Q q 0 0 0 rg BT 343.57 313.05 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.58 313.05 Td ( ) Tj ET Q q 0 0 0 rg BT 372.80 313.05 Td (of ) Tj ET Q q 0 0 0 rg BT 383.51 313.05 Td (other ) Tj ET Q q 0 0 0 rg BT 405.22 313.05 Td (contract ) Tj ET Q q 0 0 0 rg BT 437.42 313.05 Td (termination ) Tj ET Q q 0 0 0 rg BT 482.13 313.05 Td (costs, ) Tj ET Q q 0 0 0 rg BT 505.60 313.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 545.81 313.05 Td (with ) Tj ET Q q 0 0 0 rg BT 565.02 313.05 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 302.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 102.85 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.21 302.25 Td (our ) Tj ET Q q 0 0 0 rg BT 128.07 302.25 Td (conforming ) Tj ET Q q 0 0 0 rg BT 172.93 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.79 302.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 234.13 302.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 270.98 302.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 302.84 302.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 343.20 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.06 302.25 Td (related ) Tj ET Q q 0 0 0 rg BT 386.41 302.25 Td (char) Tj ET Q q 0 0 0 rg BT 401.73 302.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 416.59 302.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 456.44 302.25 Td (with ) Tj ET Q q 0 0 0 rg BT 475.31 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.17 302.25 Td (departure ) Tj ET Q q 0 0 0 rg BT 526.01 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 536.37 302.25 Td (Redwood's ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 291.45 Td (President ) Tj ET Q q 0 0 0 rg BT 89.75 291.45 Td (announced ) Tj ET Q q 0 0 0 rg BT 130.98 291.45 Td (in ) Tj ET Q q 0 0 0 rg BT 140.23 291.45 Td (the ) Tj ET Q q 0 0 0 rg BT 153.47 291.45 Td (first ) Tj ET Q q 0 0 0 rg BT 170.22 291.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 197.96 291.45 Td (of ) Tj ET Q q 0 0 0 rg BT 207.70 291.45 Td (2016. ) Tj ET Q q 0 0 0 rg BT 230.20 291.45 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.45 291.45 Td (Note ) Tj ET Q q 0 0 0 rg BT 264.70 291.45 Td (1) Tj ET Q q 0 0 0 rg BT 268.53 291.45 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.03 291.45 Td ( ) Tj ET Q q 0 0 0 rg BT 275.28 291.45 Td (for ) Tj ET Q q 0 0 0 rg BT 288.02 291.45 Td (further ) Tj ET Q q 0 0 0 rg BT 314.76 291.45 Td (discussion ) Tj ET Q q 0 0 0 rg BT 354.51 291.45 Td (on ) Tj ET Q q 0 0 0 rg BT 365.76 291.45 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 414.00 291.45 Td (char) Tj ET Q q 0 0 0 rg BT 429.32 291.45 Td (ges.) Tj ET Q endstream endobj 389 0 obj <> endobj 390 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 21. ) Tj ET Q q 0 0 0 rg BT 73.31 668.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.06 668.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.25 Td (Components of our net deferred tax assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 650.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.09 650.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.53 650.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.53 650.25 Td ( are presented in the following table.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 626.25 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 626.25 Td (able 21.1 Deferred T) Tj ET Q q 0 0 0 rg BT 132.75 626.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 144.88 626.25 Td (Assets \(Liabilities\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 580.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 580.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 580.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 580.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 580.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 552.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 552.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 552.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 552.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 552.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 524.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 524.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 524.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 524.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 524.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 496.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 496.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 496.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 496.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 468.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 468.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 468.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 468.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 468.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 440.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 440.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 440.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 440.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 440.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 412.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 412.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 412.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 412.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 412.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 384.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 384.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 384.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 384.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 384.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 356.75 350.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 356.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 356.75 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 356.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 356.75 91.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 580.75 m 386.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 580.75 m 481.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 580.75 m 576.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 454.75 m 481.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 454.75 m 576.5 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 384.75 m 481.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 384.75 m 576.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 384.75 m 576.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 356.75 m 481.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 356.75 m 576.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 343.75 m 481.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 341.75 m 481.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 356.75 m 576.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 343.75 m 576.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 341.75 m 576.5 341.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 585.43 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.15 585.43 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 585.43 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 571.48 Td (Deferred Tax Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 557.32 Td (Net operating loss carryforward state) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 557.32 Td (89,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 557.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 557.32 Td (95,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 543.32 Td (Net capital loss carryforward state) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 543.32 Td (15,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 543.32 Td (22,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 529.32 Td (Net operating loss carryforward federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 529.32 Td (9,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 529.32 Td (32,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 515.32 Td (Net capital loss carryforward federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 515.32 Td (2,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 515.32 Td (7,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 501.32 Td (Real estate assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 501.32 Td (5,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 501.32 Td (5,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 487.32 Td (Interest rate agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 487.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 487.32 Td (1,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 473.32 Td (Allowances and accruals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 473.32 Td (3,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 473.32 Td (3,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 459.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 459.32 Td (2,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 459.32 Td (513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 445.32 Td (Total Deferred Tax Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 445.32 Td (127,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 445.32 Td (170,062) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 431.48 Td (Deferred Tax Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 417.32 Td (Mortgage Servicing Rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 417.37 Td (\(22,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 417.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 417.32 Td (\(50,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 417.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 403.32 Td (Interest rate agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 403.37 Td (\(2,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 403.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 403.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 389.32 Td (Tax effect of unrealized gains OCI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 389.37 Td (\(1,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 389.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 389.32 Td (\(2,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 389.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 375.32 Td (Total Deferred Tax Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 375.37 Td (\(26,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 375.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 375.32 Td (\(53,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 375.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 361.32 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 361.37 Td (\(101,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 361.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 361.32 Td (\(116,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 361.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 347.48 Td (Total Deferred Tax Asset \(Liability\), net of Valuation Allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 347.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 347.37 Td (\(898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 347.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 347.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 347.32 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.25 Td (The ) Tj ET Q q 0 0 0 rg BT 71.43 319.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 106.63 319.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.73 319.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 145.95 319.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.27 319.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 201.38 319.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 236.58 319.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 264.84 319.25 Td (with ) Tj ET Q q 0 0 0 rg BT 284.51 319.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.61 319.25 Td (exception ) Tj ET Q q 0 0 0 rg BT 339.37 319.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.59 319.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.69 319.25 Td (state ) Tj ET Q q 0 0 0 rg BT 383.91 319.25 Td (net ) Tj ET Q q 0 0 0 rg BT 398.01 319.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 437.66 319.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 455.11 319.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.44 319.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.97 319.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 517.42 319.25 Td (carryforwards, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 307.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 61.01 307.25 Td (solely ) Tj ET Q q 0 0 0 rg BT 87.70 307.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.28 307.25 Td (our ) Tj ET Q q 0 0 0 rg BT 114.22 307.25 Td (TRS. ) Tj ET Q q 0 0 0 rg BT 137.86 307.25 Td (For ) Tj ET Q q 0 0 0 rg BT 154.56 307.25 Td (state ) Tj ET Q q 0 0 0 rg BT 175.69 307.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 216.54 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.57 307.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 253.60 307.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.41 307.25 Td (files ) Tj ET Q q 0 0 0 rg BT 276.43 307.25 Td (a ) Tj ET Q q 0 0 0 rg BT 283.67 307.25 Td (unitary ) Tj ET Q q 0 0 0 rg BT 314.80 307.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 357.04 307.25 Td (return ) Tj ET Q q 0 0 0 rg BT 383.72 307.25 Td (with ) Tj ET Q q 0 0 0 rg BT 404.31 307.25 Td (its ) Tj ET Q q 0 0 0 rg BT 416.36 307.25 Td (TRS. ) Tj ET Q q 0 0 0 rg BT 440.00 307.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 476.12 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.15 307.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 513.18 307.25 Td ( ) Tj ET Q q 0 0 0 rg BT 515.99 307.25 Td (may ) Tj ET Q q 0 0 0 rg BT 536.01 307.25 Td (have ) Tj ET Q q 0 0 0 rg BT 557.69 307.25 Td (state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 295.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 67.48 295.25 Td (income ) Tj ET Q q 0 0 0 rg BT 99.51 295.25 Td (apportioned ) Tj ET Q q 0 0 0 rg BT 149.88 295.25 Td (to ) Tj ET Q q 0 0 0 rg BT 160.26 295.25 Td (it ) Tj ET Q q 0 0 0 rg BT 168.42 295.25 Td (from ) Tj ET Q q 0 0 0 rg BT 190.47 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.29 295.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 237.88 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.82 295.25 Td (its ) Tj ET Q q 0 0 0 rg BT 260.68 295.25 Td (TRS, ) Tj ET Q q 0 0 0 rg BT 284.12 295.25 Td (we ) Tj ET Q q 0 0 0 rg BT 298.39 295.25 Td (report ) Tj ET Q q 0 0 0 rg BT 324.87 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.69 295.25 Td (entire ) Tj ET Q q 0 0 0 rg BT 365.06 295.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 407.09 295.25 Td (unitary ) Tj ET Q q 0 0 0 rg BT 438.02 295.25 Td (state ) Tj ET Q q 0 0 0 rg BT 458.95 295.25 Td (net ) Tj ET Q q 0 0 0 rg BT 473.77 295.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 514.14 295.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 532.31 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.35 295.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 283.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 54.06 283.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 112.64 283.25 Td (as ) Tj ET Q q 0 0 0 rg BT 123.47 283.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 159.28 283.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 173.99 283.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 202.32 283.25 Td (including ) Tj ET Q q 0 0 0 rg BT 242.60 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.31 283.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 315.89 283.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 354.48 283.25 Td (to ) Tj ET Q q 0 0 0 rg BT 364.76 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.48 283.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 400.95 283.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.25 Td (Realization ) Tj ET Q q 0 0 0 rg BT 101.56 259.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.92 259.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.28 259.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 162.61 259.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 176.85 259.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 202.21 259.25 Td (\("DT) Tj ET Q q 0 0 0 rg BT 222.15 259.25 Td (As"\) ) Tj ET Q q 0 0 0 rg BT 242.70 259.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.94 259.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 310.05 259.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.05 259.25 Td (, ) Tj ET Q q 0 0 0 rg BT 334.58 259.25 Td (is ) Tj ET Q q 0 0 0 rg BT 343.28 259.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 386.40 259.25 Td (on ) Tj ET Q q 0 0 0 rg BT 398.42 259.25 Td (many ) Tj ET Q q 0 0 0 rg BT 422.67 259.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 454.40 259.25 Td (including ) Tj ET Q q 0 0 0 rg BT 494.20 259.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 538.43 259.25 Td (suf) Tj ET Q q 0 0 0 rg BT 550.47 259.25 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 247.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 66.58 247.25 Td (income ) Tj ET Q q 0 0 0 rg BT 97.71 247.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 118.86 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 128.34 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.26 247.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 184.51 247.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.54 247.25 Td (NOL) Tj ET Q q 0 0 0 rg BT 214.72 247.25 Td ( ) Tj ET Q q 0 0 0 rg BT 216.42 247.25 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 274.21 247.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.35 247.25 Td (generating ) Tj ET Q q 0 0 0 rg BT 334.26 247.25 Td (suf) Tj ET Q q 0 0 0 rg BT 346.30 247.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 373.54 247.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 401.90 247.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 424.71 247.25 Td (in ) Tj ET Q q 0 0 0 rg BT 434.19 247.25 Td (future ) Tj ET Q q 0 0 0 rg BT 459.77 247.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 490.92 247.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 512.06 247.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.54 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.46 247.25 Td (expiration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 235.25 Td (of ) Tj ET Q q 0 0 0 rg BT 46.67 235.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 75.67 235.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 93.57 235.25 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 154.33 235.25 Td (W) Tj ET Q q 0 0 0 rg BT 162.96 235.25 Td (e ) Tj ET Q q 0 0 0 rg BT 169.75 235.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 212.07 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.63 235.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 253.41 235.25 Td (to ) Tj ET Q q 0 0 0 rg BT 263.53 235.25 Td (which ) Tj ET Q q 0 0 0 rg BT 290.31 235.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 334.85 235.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.53 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.09 235.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 395.74 235.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 421.41 235.25 Td (is ) Tj ET Q q 0 0 0 rg BT 430.43 235.25 Td (not ) Tj ET Q q 0 0 0 rg BT 445.55 235.25 Td (assured ) Tj ET Q q 0 0 0 rg BT 477.88 235.25 Td (and ) Tj ET Q q 0 0 0 rg BT 494.66 235.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 532.00 235.25 Td (a ) Tj ET Q q 0 0 0 rg BT 538.78 235.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 223.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 79.03 223.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 125.58 223.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.25 Td (As ) Tj ET Q q 0 0 0 rg BT 67.55 199.25 Td (a ) Tj ET Q q 0 0 0 rg BT 74.42 199.25 Td (result ) Tj ET Q q 0 0 0 rg BT 99.08 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.84 199.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 136.70 199.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.13 199.25 Td (income ) Tj ET Q q 0 0 0 rg BT 171.00 199.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 212.30 199.25 Td (at ) Tj ET Q q 0 0 0 rg BT 221.95 199.25 Td (our ) Tj ET Q q 0 0 0 rg BT 237.54 199.25 Td (TRS ) Tj ET Q q 0 0 0 rg BT 258.32 199.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.53 199.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 293.47 199.25 Td (we ) Tj ET Q q 0 0 0 rg BT 307.56 199.25 Td (are ) Tj ET Q q 0 0 0 rg BT 322.20 199.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 361.29 199.25 Td (net ) Tj ET Q q 0 0 0 rg BT 375.95 199.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 406.14 199.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 442.45 199.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.32 199.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 488.41 199.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 524.15 199.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 538.80 199.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 187.25 Td (\("DTLs"\) ) Tj ET Q q 0 0 0 rg BT 76.55 187.25 Td (at ) Tj ET Q q 0 0 0 rg BT 86.16 187.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 144.64 187.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 167.04 187.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.87 187.25 Td (consequently ) Tj ET Q q 0 0 0 rg BT 239.03 187.25 Td (no ) Tj ET Q q 0 0 0 rg BT 251.42 187.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 291.03 187.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 333.96 187.25 Td (is ) Tj ET Q q 0 0 0 rg BT 343.02 187.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 380.39 187.25 Td (against ) Tj ET Q q 0 0 0 rg BT 411.11 187.25 Td (any ) Tj ET Q q 0 0 0 rg BT 427.95 187.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 458.09 187.25 Td (DT) Tj ET Q q 0 0 0 rg BT 470.62 187.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 482.57 187.25 Td (This ) Tj ET Q q 0 0 0 rg BT 502.74 187.25 Td (is ) Tj ET Q q 0 0 0 rg BT 511.81 187.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 553.63 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 563.80 187.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 175.25 Td (year ) Tj ET Q q 0 0 0 rg BT 54.63 175.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 79.94 175.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 137.45 175.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 161.38 175.25 Td (where ) Tj ET Q q 0 0 0 rg BT 187.23 175.25 Td (we ) Tj ET Q q 0 0 0 rg BT 200.32 175.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 235.06 175.25 Td (net ) Tj ET Q q 0 0 0 rg BT 248.71 175.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 277.89 175.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 313.19 175.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.06 175.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 357.14 175.25 Td (DT) Tj ET Q q 0 0 0 rg BT 369.67 175.25 Td (As, ) Tj ET Q q 0 0 0 rg BT 384.71 175.25 Td (for ) Tj ET Q q 0 0 0 rg BT 397.79 175.25 Td (which ) Tj ET Q q 0 0 0 rg BT 423.66 175.25 Td (we ) Tj ET Q q 0 0 0 rg BT 436.75 175.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 473.15 175.25 Td (a ) Tj ET Q q 0 0 0 rg BT 479.01 175.25 Td (full ) Tj ET Q q 0 0 0 rg BT 494.33 175.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 532.97 175.25 Td (allowance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 163.25 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 80.77 163.25 Td (with ) Tj ET Q q 0 0 0 rg BT 101.10 163.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 123.09 163.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 157.57 163.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.34 163.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.97 163.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.97 163.25 Td (, ) Tj ET Q q 0 0 0 rg BT 251.02 163.25 Td (we ) Tj ET Q q 0 0 0 rg BT 265.23 163.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 307.21 163.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.53 163.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 355.07 163.25 Td (a ) Tj ET Q q 0 0 0 rg BT 362.06 163.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 401.82 163.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 444.90 163.25 Td (against ) Tj ET Q q 0 0 0 rg BT 475.77 163.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.65 163.25 Td (net ) Tj ET Q q 0 0 0 rg BT 506.41 163.25 Td (state ) Tj ET Q q 0 0 0 rg BT 527.29 163.25 Td (DT) Tj ET Q q 0 0 0 rg BT 539.82 163.25 Td (As ) Tj ET Q q 0 0 0 rg BT 553.48 163.25 Td (as ) Tj ET Q q 0 0 0 rg BT 564.35 163.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 151.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 66.02 151.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 105.47 151.25 Td (about ) Tj ET Q q 0 0 0 rg BT 129.94 151.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.52 151.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 173.33 151.25 Td (to ) Tj ET Q q 0 0 0 rg BT 183.36 151.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 219.47 151.25 Td (suf) Tj ET Q q 0 0 0 rg BT 231.51 151.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 259.31 151.25 Td (income ) Tj ET Q q 0 0 0 rg BT 290.99 151.25 Td (in ) Tj ET Q q 0 0 0 rg BT 301.02 151.25 Td (future ) Tj ET Q q 0 0 0 rg BT 327.15 151.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 358.84 151.25 Td (needed ) Tj ET Q q 0 0 0 rg BT 389.41 151.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.44 151.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 426.69 151.25 Td (net ) Tj ET Q q 0 0 0 rg BT 441.16 151.25 Td (state ) Tj ET Q q 0 0 0 rg BT 461.73 151.25 Td (DT) Tj ET Q q 0 0 0 rg BT 474.26 151.25 Td (As ) Tj ET Q q 0 0 0 rg BT 487.63 151.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 519.32 151.25 Td (the ) Tj ET Q q 0 0 0 rg BT 533.79 151.25 Td (reversal ) Tj ET Q q 0 0 0 rg BT 567.69 151.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 139.25 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 139.25 Td (state ) Tj ET Q q 0 0 0 rg BT 72.66 139.25 Td (DTLs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 115.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 71.98 115.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 107.72 115.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.47 115.25 Td (net ) Tj ET Q q 0 0 0 rg BT 133.11 115.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 168.84 115.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 183.48 115.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 209.23 115.25 Td (could ) Tj ET Q q 0 0 0 rg BT 233.88 115.25 Td (change ) Tj ET Q q 0 0 0 rg BT 264.61 115.25 Td (in ) Tj ET Q q 0 0 0 rg BT 274.82 115.25 Td (future ) Tj ET Q q 0 0 0 rg BT 301.12 115.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 332.98 115.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.18 115.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.82 115.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 384.68 115.25 Td (that ) Tj ET Q q 0 0 0 rg BT 402.09 115.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 428.39 115.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.14 115.25 Td (revised ) Tj ET Q q 0 0 0 rg BT 470.44 115.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 510.08 115.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.83 115.25 Td (future ) Tj ET Q q 0 0 0 rg BT 547.13 115.25 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 103.25 Td (income ) Tj ET Q q 0 0 0 rg BT 68.66 103.25 Td (during ) Tj ET Q q 0 0 0 rg BT 97.99 103.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.43 103.25 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 168.84 103.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 201.50 103.25 Td (change ) Tj ET Q q 0 0 0 rg BT 233.04 103.25 Td (from ) Tj ET Q q 0 0 0 rg BT 255.70 103.25 Td (current ) Tj ET Q q 0 0 0 rg BT 287.24 103.25 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 342.71 103.25 Td (W) Tj ET Q q 0 0 0 rg BT 351.34 103.25 Td (e ) Tj ET Q q 0 0 0 rg BT 359.00 103.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 396.11 103.25 Td (our 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(to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.22 91.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.22 91.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 229.02 91.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 248.43 91.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.11 91.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 316.66 91.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.66 91.25 Td ( ) Tj ET Q q 0 0 0 rg BT 339.13 91.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.04 91.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.04 91.25 Td (, ) Tj ET Q q 0 0 0 rg BT 381.01 91.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 424.57 91.25 Td (that ) Tj ET Q q 0 0 0 rg BT 442.03 91.25 Td (we ) Tj ET Q q 0 0 0 rg BT 456.16 91.25 Td (had ) Tj ET Q q 0 0 0 rg BT 473.07 91.25 Td (no ) Tj ET Q q 0 0 0 rg BT 485.54 91.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 525.21 91.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 539.89 91.25 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 79.25 Td (that ) Tj ET Q q 0 0 0 rg BT 53.50 79.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 87.65 79.25 Td (in ) Tj ET Q q 0 0 0 rg BT 97.93 79.25 Td (material ) Tj ET Q q 0 0 0 rg BT 133.19 79.25 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 189.55 79.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.27 79.25 Td (benefits.) Tj ET Q endstream endobj 391 0 obj <> endobj 392 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 21. ) Tj ET Q q 0 0 0 rg BT 73.31 692.60 Td (T) Tj ET Q q 0 0 0 rg BT 79.06 692.60 Td (axes - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 668.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 185.63 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.35 668.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 240.63 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.79 668.10 Td (income ) Tj ET Q q 0 0 0 rg BT 286.72 668.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 309.77 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 323.93 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.64 668.10 Td (years ) Tj ET Q q 0 0 0 rg BT 362.24 668.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.62 668.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 447.20 668.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 668.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.20 668.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.20 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.20 668.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.14 668.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.14 668.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 644.10 Td (able 21.2 Provision for Income T) Tj ET Q q 0 0 0 rg BT 183.88 644.10 Td (axes) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 591.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 591.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 591.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 591.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 561.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 561.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 561.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 561.60 4.00 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0 rg BT 510.00 566.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 566.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 552.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 551.27 Td (331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 551.27 Td (167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 551.27 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 537.33 Td (Total Current Provision for Income Taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 536.27 Td (1,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 536.27 Td (311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 536.27 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 522.33 Td (Deferred Provision for Income Taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 507.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 506.27 Td (1,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 506.32 Td (\(10,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 506.27 Td (\)) 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10.00 Tf ET q 0 0 0 rg BT 404.15 461.27 Td (3,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 461.32 Td (\(10,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 461.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 461.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 461.27 Td (744) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.81 433.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.71 433.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.71 433.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.03 433.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.17 433.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 197.74 433.10 Td (NOL) Tj ET Q q 0 0 0 rg BT 217.92 433.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.74 433.10 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 275.74 433.10 Td (at ) Tj ET Q q 0 0 0 rg BT 285.77 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.80 433.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 322.84 433.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.66 433.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.02 433.10 Td ($59 ) Tj ET Q q 0 0 0 rg BT 361.84 433.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.73 433.10 Td (, ) Tj ET Q q 0 0 0 rg BT 396.04 433.10 Td (which ) Tj ET Q q 0 0 0 rg BT 423.30 433.10 Td (will ) Tj ET Q q 0 0 0 rg BT 441.67 433.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 469.47 433.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.06 433.10 Td (2029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.06 433.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.38 433.10 Td (In ) Tj ET Q q 0 0 0 rg BT 516.52 433.10 Td (order ) Tj ET Q q 0 0 0 rg BT 540.44 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 551.03 433.10 Td (utilize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 421.10 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 62.52 421.10 Td (at ) Tj ET Q q 0 0 0 rg BT 71.81 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.11 421.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 107.58 421.10 Td (, ) Tj ET Q q 0 0 0 rg BT 112.16 421.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 143.11 421.10 Td (income ) Tj ET Q q 0 0 0 rg BT 174.62 421.10 Td (must ) Tj ET Q q 0 0 0 rg BT 196.14 421.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 225.97 421.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 263.04 421.10 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 317.17 421.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.24 421.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 387.40 421.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.40 421.10 Td (, ) Tj ET Q q 0 0 0 rg BT 411.98 421.10 Td (our ) Tj ET Q q 0 0 0 rg BT 427.39 421.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 458.34 421.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 480.37 421.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.45 421.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 531.74 421.10 Td (had ) Tj ET Q q 0 0 0 rg BT 548.26 421.10 Td (federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 409.10 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 63.43 409.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.74 409.10 Td ($28 ) Tj ET Q q 0 0 0 rg BT 92.72 409.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.61 409.10 Td (, ) Tj ET Q q 0 0 0 rg BT 127.09 409.10 Td (which ) Tj ET Q q 0 0 0 rg BT 154.52 409.10 Td (will ) Tj ET Q q 0 0 0 rg BT 173.05 409.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 201.02 409.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.78 409.10 Td (2035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.78 409.10 Td (. ) Tj ET Q q 0 0 0 rg BT 237.27 409.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 278.58 409.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.00 409.10 Td (its ) Tj ET Q q 0 0 0 rg BT 308.43 409.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 340.28 409.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 390.48 409.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 443.99 409.10 Td (an ) Tj ET Q q 0 0 0 rg BT 456.41 409.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 497.72 409.10 Td (state ) Tj ET Q q 0 0 0 rg BT 519.02 409.10 Td (NOL) Tj ET Q q 0 0 0 rg BT 539.21 409.10 Td ( ) Tj ET Q q 0 0 0 rg BT 542.19 409.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 409.10 Td ($1.25 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 397.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.11 397.10 Td ( ) Tj ET Q q 0 0 0 rg BT 64.58 397.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.25 397.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.80 397.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.80 397.10 Td (. ) Tj ET Q q 0 0 0 rg BT 157.59 397.10 Td (These ) Tj ET Q q 0 0 0 rg BT 183.92 397.10 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 210.83 397.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 238.28 397.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 280.74 397.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.98 397.10 Td (2029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.98 397.10 Td (. ) Tj ET Q q 0 0 0 rg BT 315.94 397.10 Td (If ) Tj ET Q q 0 0 0 rg BT 325.06 397.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 354.73 397.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 399.96 397.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 434.63 397.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.87 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.55 397.10 Td (Company) Tj ET Q q 0 0 0 rg BT 501.22 397.10 Td (s ) Tj ET Q q 0 0 0 rg BT 507.57 397.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 551.69 397.10 Td (occur) Tj ET Q q 0 0 0 rg BT 573.50 397.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 385.10 Td (there ) Tj ET Q q 0 0 0 rg BT 58.49 385.10 Td (could ) Tj ET Q q 0 0 0 rg BT 83.20 385.10 Td (be ) Tj ET Q q 0 0 0 rg BT 95.14 385.10 Td (an ) Tj ET Q q 0 0 0 rg BT 107.08 385.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 136.23 385.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 177.62 385.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.12 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.84 385.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 237.33 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.16 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.88 385.10 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 321.46 385.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.95 385.10 Td (can ) Tj ET Q q 0 0 0 rg BT 355.33 385.10 Td (be ) Tj ET Q q 0 0 0 rg BT 367.27 385.10 Td (utilized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.10 Td (For ) Tj ET Q q 0 0 0 rg BT 70.38 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.08 361.10 Td (years ) Tj ET Q q 0 0 0 rg BT 108.66 361.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.02 361.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 193.59 361.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.59 361.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.57 361.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.57 361.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.56 361.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 361.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.48 361.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.47 361.10 Td (we ) Tj ET Q q 0 0 0 rg BT 299.61 361.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 345.96 361.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.88 361.10 Td (provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.66 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.14 361.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.29 361.10 Td (income ) Tj ET Q q 0 0 0 rg BT 439.21 361.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 462.24 361.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.05 361.10 Td ($4 ) Tj ET Q q 0 0 0 rg BT 485.54 361.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.43 361.10 Td (, ) Tj ET Q q 0 0 0 rg BT 519.41 361.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.33 361.10 Td (benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.10 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 556.58 361.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 349.10 Td (income ) Tj ET Q q 0 0 0 rg BT 67.31 349.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 89.73 349.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.93 349.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 116.80 349.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.69 349.10 Td (, ) Tj ET Q q 0 0 0 rg BT 150.06 349.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.38 349.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.69 349.10 Td (provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.47 349.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.34 349.10 Td (for ) Tj ET Q q 0 0 0 rg BT 225.87 349.10 Td (income ) Tj ET Q q 0 0 0 rg BT 257.18 349.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 279.60 349.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 349.10 Td ($1 ) Tj ET Q q 0 0 0 rg BT 301.67 349.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.56 349.10 Td (, ) Tj ET Q q 0 0 0 rg BT 334.94 349.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 382.60 349.10 Td (. ) Tj ET Q q 0 0 0 rg BT 386.83 349.10 Td (The ) Tj ET Q q 0 0 0 rg BT 404.25 349.10 Td (following ) Tj ET Q q 0 0 0 rg BT 445.01 349.10 Td (is ) Tj ET Q q 0 0 0 rg BT 453.56 349.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.87 349.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 516.71 349.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.92 349.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.01 349.10 Td (statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 337.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 66.25 337.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.19 337.10 Td (state ) Tj ET Q q 0 0 0 rg BT 104.02 337.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 118.73 337.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 140.11 337.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.39 337.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.22 337.10 Td (ef) Tj ET Q q 0 0 0 rg BT 173.81 337.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 203.51 337.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 218.23 337.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 235.71 337.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.43 337.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 304.01 337.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.01 337.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.01 337.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.01 337.10 Td (, ) Tj ET Q q 0 0 0 rg BT 354.01 337.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.95 337.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.95 337.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 313.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 313.10 Td (able 21.3 Reconciliation of Statutory T) Tj ET Q q 0 0 0 rg BT 207.22 313.10 Td (ax Rate to Ef) Tj ET Q q 0 0 0 rg BT 261.20 313.10 Td (fective T) Tj ET Q q 0 0 0 rg BT 295.53 313.10 Td (ax Rate) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 275.60 243.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 275.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 275.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 275.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 245.60 243.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 245.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 245.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 245.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 215.60 243.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 215.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 215.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 215.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 275.6 m 377.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 275.6 m 476.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 275.6 m 575.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 275.6 m 377.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 275.6 m 476.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 275.6 m 575.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 200.60000000000002 m 377.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 200.60000000000002 m 476.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 200.60000000000002 m 575.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 186.60000000000002 m 377.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 184.60000000000002 m 377.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 200.60000000000002 m 476.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 186.60000000000002 m 476.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 184.60000000000002 m 476.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 200.60000000000002 m 575.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 186.60000000000002 m 575.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 184.60000000000002 m 575.5 184.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.15 280.28 Td (December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 280.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 280.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 265.27 Td (Federal statutory rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.80 265.27 Td (34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 265.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 265.27 Td (34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 265.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 265.27 Td (34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 265.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 250.27 Td (State statutory rate, net of Federal tax effect) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 250.27 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 250.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 250.27 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 250.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 250.27 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 250.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 235.27 Td (Differences in taxable \(loss\) income from GAAP income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.45 235.27 Td (\(1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.30 235.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.45 235.27 Td (\(20.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 235.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.45 235.27 Td (\(14.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 235.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 220.27 Td (Change in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.45 220.27 Td (\(11.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.30 220.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 220.27 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 220.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.45 220.32 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 220.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 205.27 Td (Dividends paid deduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.45 205.27 Td (\(26.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.30 205.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.45 205.27 Td (\(38.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 205.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.45 205.27 Td (\(25.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.30 205.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 190.28 Td (Effective Tax Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 190.27 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 190.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.45 190.27 Td (\(11.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 190.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 190.27 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 190.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 393 0 obj <> endobj 394 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 21. ) Tj ET Q q 0 0 0 rg BT 73.31 692.60 Td (T) Tj ET Q q 0 0 0 rg BT 79.06 692.60 Td (axes - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 69.78 668.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 101.35 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 119.05 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 133.41 668.10 Td (have ) Tj ET Q q 0 0 0 rg BT 154.99 668.10 Td (met ) Tj ET Q q 0 0 0 rg BT 172.69 668.10 Td (all ) Tj ET Q q 0 0 0 rg BT 185.38 668.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 240.29 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.65 668.10 Td (qualification ) Tj ET Q q 0 0 0 rg BT 307.89 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.92 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.06 668.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 348.09 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.80 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 365.16 668.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 395.61 668.10 Td (income ) Tj ET Q q 0 0 0 rg BT 427.75 668.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 442.67 668.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 483.42 668.10 Td (Many ) Tj ET Q q 0 0 0 rg BT 509.45 668.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 564.36 668.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 656.10 Td (qualification ) Tj ET Q q 0 0 0 rg BT 89.54 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.88 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 108.32 656.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 130.36 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.36 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.58 656.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 186.01 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.46 656.10 Td (require ) Tj ET Q q 0 0 0 rg BT 234.78 656.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 270.00 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.34 656.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 322.65 656.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 344.54 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.98 656.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 424.13 656.10 Td (Often ) Tj ET Q q 0 0 0 rg BT 449.90 656.10 Td (there ) Tj ET Q q 0 0 0 rg BT 472.89 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 482.56 656.10 Td (only ) Tj ET Q q 0 0 0 rg BT 503.35 656.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 534.68 656.10 Td (judicial ) Tj ET Q q 0 0 0 rg BT 567.68 656.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 644.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 95.55 644.10 Td (interpretive ) Tj ET Q q 0 0 0 rg BT 143.98 644.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 182.42 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.20 644.10 Td (as ) Tj ET Q q 0 0 0 rg BT 209.88 644.10 Td (such ) Tj ET Q q 0 0 0 rg BT 230.55 644.10 Td (there ) Tj ET Q q 0 0 0 rg BT 252.88 644.10 Td (can ) Tj ET Q q 0 0 0 rg BT 269.10 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 280.88 644.10 Td (no ) Tj ET Q q 0 0 0 rg BT 293.23 644.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 334.44 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 351.78 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.34 644.10 Td (Internal ) Tj ET Q q 0 0 0 rg BT 399.77 644.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 437.10 644.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 469.43 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 480.11 644.10 Td (courts ) Tj ET Q q 0 0 0 rg BT 506.89 644.10 Td (would ) Tj ET Q q 0 0 0 rg BT 534.23 644.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 558.22 644.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.89 632.10 Td (various ) Tj ET Q q 0 0 0 rg BT 83.88 632.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.66 632.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 139.83 632.10 Td (If ) Tj ET Q q 0 0 0 rg BT 149.05 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 163.27 632.10 Td (did ) Tj ET Q q 0 0 0 rg BT 178.61 632.10 Td (not ) Tj ET Q q 0 0 0 rg BT 193.94 632.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 215.93 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.71 632.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 285.47 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.68 632.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 337.24 632.10 Td (relief, ) Tj ET Q q 0 0 0 rg BT 363.39 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 377.61 632.10 Td (could ) Tj ET Q q 0 0 0 rg BT 402.38 632.10 Td (be ) Tj ET Q q 0 0 0 rg BT 414.38 632.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 445.26 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.60 632.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.59 632.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.92 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.48 632.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 532.14 632.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 620.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 50.77 620.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.98 620.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.74 620.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 147.55 620.10 Td (be ) Tj ET Q q 0 0 0 rg BT 159.54 620.10 Td (required ) Tj ET Q q 0 0 0 rg BT 195.41 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.74 620.10 Td (distribute ) Tj ET Q q 0 0 0 rg BT 246.07 620.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 288.61 620.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 332.55 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 343.44 620.10 Td (be ) Tj ET Q q 0 0 0 rg BT 355.43 620.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 386.30 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.64 620.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 426.94 620.10 Td (income ) Tj ET Q q 0 0 0 rg BT 458.93 620.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 473.70 620.10 Td (at ) Tj ET Q q 0 0 0 rg BT 483.47 620.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 514.34 620.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 554.64 620.10 Td (rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 608.10 Td (e ) Tj ET Q q 0 0 0 rg BT 50.99 608.10 Td (could ) Tj ET Q q 0 0 0 rg BT 75.12 608.10 Td (also ) Tj ET Q q 0 0 0 rg BT 93.14 608.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 137.83 608.10 Td (lose ) Tj ET Q q 0 0 0 rg BT 155.85 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.09 608.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 193.13 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.04 608.10 Td (status. ) Tj ET Q q 0 0 0 rg BT 221.81 608.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 240.95 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.19 608.10 Td (these ) Tj ET Q q 0 0 0 rg BT 273.65 608.10 Td (outcomes ) Tj ET Q q 0 0 0 rg BT 313.89 608.10 Td (could ) Tj ET Q q 0 0 0 rg BT 338.02 608.10 Td (have ) Tj ET Q q 0 0 0 rg BT 358.81 608.10 Td (a ) Tj ET Q q 0 0 0 rg BT 365.17 608.10 Td (material ) Tj ET Q q 0 0 0 rg BT 399.84 608.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 432.29 608.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 461.42 608.10 Td (on ) Tj ET Q q 0 0 0 rg BT 473.33 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.58 608.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 541.03 608.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 596.10 Td (statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 572.10 Td (Note 22. Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 552.10 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 95.08 552.10 Td (operates ) Tj ET Q q 0 0 0 rg BT 131.15 552.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.68 552.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.66 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.41 552.10 Td (segments: ) Tj ET Q q 0 0 0 rg BT 207.16 552.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 254.90 552.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 296.52 552.10 Td (Banking, ) Tj ET Q q 0 0 0 rg BT 335.66 552.10 Td (Residential ) Tj ET Q q 0 0 0 rg BT 383.40 552.10 Td (Investments, ) Tj ET Q q 0 0 0 rg BT 436.98 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.17 552.10 Td (Commercial. ) Tj ET Q q 0 0 0 rg BT 508.85 552.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 553.26 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 563.79 552.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 540.10 Td (first ) Tj ET Q q 0 0 0 rg BT 54.49 540.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 85.19 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.90 540.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 120.78 540.10 Td (we ) Tj ET Q q 0 0 0 rg BT 134.82 540.10 Td (renamed ) Tj ET Q q 0 0 0 rg BT 171.63 540.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.34 540.10 Td (former ) Tj ET Q q 0 0 0 rg BT 216.93 540.10 Td ("Commercial ) Tj ET Q q 0 0 0 rg BT 272.82 540.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 312.97 540.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 347.57 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.39 540.10 Td (investments" ) Tj ET Q q 0 0 0 rg BT 418.62 540.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 454.33 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.49 540.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.20 540.10 Td ("Commercial" ) Tj ET Q q 0 0 0 rg BT 540.18 540.10 Td (segment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 528.10 Td (as ) Tj ET Q q 0 0 0 rg BT 47.00 528.10 Td (a ) Tj ET Q q 0 0 0 rg BT 54.11 528.10 Td (result ) Tj ET Q q 0 0 0 rg BT 79.00 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.00 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.00 528.10 Td (announcement ) Tj ET Q q 0 0 0 rg BT 166.98 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.42 528.10 Td (discontinue ) Tj ET Q q 0 0 0 rg BT 226.20 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.08 528.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 287.64 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.64 528.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 348.50 528.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 374.78 528.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 393.00 528.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 432.89 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 447.77 528.10 Td (based ) Tj ET Q q 0 0 0 rg BT 473.21 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.88 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.88 528.10 Td (or) Tj ET Q q 0 0 0 rg BT 510.02 528.10 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 561.56 528.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 516.10 Td (management ) Tj ET Q q 0 0 0 rg BT 90.23 516.10 Td (structure, ) Tj ET Q q 0 0 0 rg BT 130.85 516.10 Td (which ) Tj ET Q q 0 0 0 rg BT 158.43 516.10 Td (aligns ) Tj ET Q q 0 0 0 rg BT 185.45 516.10 Td (with ) Tj ET Q q 0 0 0 rg BT 206.37 516.10 Td (how ) Tj ET Q q 0 0 0 rg BT 226.73 516.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.20 516.10 Td (results ) Tj ET Q q 0 0 0 rg BT 272.45 516.10 Td (are ) Tj ET Q q 0 0 0 rg BT 287.79 516.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 332.04 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.61 516.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 403.27 516.10 Td (is ) Tj ET Q q 0 0 0 rg BT 413.08 516.10 Td (assessed. ) Tj ET Q q 0 0 0 rg BT 452.38 516.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.06 516.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 518.07 516.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 552.31 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 563.78 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 504.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 79.15 504.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 118.99 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 133.82 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.66 504.10 Td (same ) Tj ET Q q 0 0 0 rg BT 171.83 504.10 Td (as ) Tj ET Q q 0 0 0 rg BT 182.78 504.10 Td (those ) Tj ET Q q 0 0 0 rg BT 206.51 504.10 Td (described ) Tj ET Q q 0 0 0 rg BT 247.44 504.10 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.84 504.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 279.35 504.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 286.97 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.48 504.10 Td (Summary ) Tj ET Q q 0 0 0 rg BT 338.88 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.28 504.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 395.04 504.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 443.20 504.10 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.41 504.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.54 504.10 Td (For ) Tj ET Q q 0 0 0 rg BT 497.05 504.10 Td (a ) Tj ET Q q 0 0 0 rg BT 504.11 504.10 Td (full ) Tj ET Q q 0 0 0 rg BT 520.62 504.10 Td (description ) Tj ET Q q 0 0 0 rg BT 567.67 504.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 492.10 Td (our ) Tj ET Q q 0 0 0 rg BT 51.83 492.10 Td (segments, ) Tj ET Q q 0 0 0 rg BT 94.05 492.10 Td (see) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.82 492.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.32 492.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 130.14 492.10 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.14 492.10 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.03 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.53 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.81 492.10 Td (this ) Tj ET Q q 0 0 0 rg BT 208.21 492.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 240.15 492.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 269.86 492.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.36 492.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 306.53 492.10 Td (10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 468.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 91.96 468.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 143.81 468.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 187.32 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.51 468.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 238.79 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.09 468.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 275.27 468.10 Td (that ) Tj ET Q q 0 0 0 rg BT 293.24 468.10 Td (management ) Tj ET Q q 0 0 0 rg BT 347.30 468.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 367.49 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.23 468.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 405.65 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.83 468.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 474.32 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.62 468.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.92 468.10 Td (business ) Tj ET Q q 0 0 0 rg BT 538.78 468.10 Td (segments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 53.42 456.10 Td (make ) Tj ET Q q 0 0 0 rg BT 78.05 456.10 Td (resource ) Tj ET Q q 0 0 0 rg BT 114.90 456.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 157.30 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.72 456.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.46 456.10 Td (decisions. ) Tj ET Q q 0 0 0 rg BT 258.16 456.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 290.57 456.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 329.65 456.10 Td (not ) Tj ET Q q 0 0 0 rg BT 345.40 456.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 378.92 456.10 Td (assigned ) Tj ET Q q 0 0 0 rg BT 416.34 456.10 Td (or ) Tj ET Q q 0 0 0 rg BT 427.65 456.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 466.72 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.47 456.10 Td (one ) Tj ET Q q 0 0 0 rg BT 494.89 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.20 456.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 456.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.38 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.36 456.10 Td (primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 444.10 Td (segments, ) Tj ET Q q 0 0 0 rg BT 77.64 444.10 Td (as ) Tj ET Q q 0 0 0 rg BT 87.90 444.10 Td (well ) Tj ET Q q 0 0 0 rg BT 107.04 444.10 Td (as ) Tj ET Q q 0 0 0 rg BT 117.30 444.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 149.22 444.10 Td (from ) Tj ET Q q 0 0 0 rg BT 170.58 444.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 199.71 444.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 252.18 444.10 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 286.32 444.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 317.13 444.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 369.60 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 383.18 444.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 410.04 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.96 444.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 448.87 444.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 487.45 444.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 527.43 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 541.56 444.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 45.38 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 59.19 432.10 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 126.32 432.10 Td (column ) Tj ET Q q 0 0 0 rg BT 157.92 432.10 Td (as ) Tj ET Q q 0 0 0 rg BT 167.84 432.10 Td (reconciling ) Tj ET Q q 0 0 0 rg BT 214.42 432.10 Td (items ) Tj ET Q q 0 0 0 rg BT 237.69 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.06 432.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.99 432.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 314.13 432.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.71 432.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 396.90 432.10 Td (These ) Tj ET Q q 0 0 0 rg BT 422.38 432.10 Td (unallocated ) Tj ET Q q 0 0 0 rg BT 470.06 432.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 507.76 432.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 546.57 432.10 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 420.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 67.93 420.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 102.64 420.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 146.23 420.10 Td (with ) Tj ET Q q 0 0 0 rg BT 166.51 420.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 196.21 420.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 238.15 420.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 260.37 420.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 293.41 420.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 333.67 420.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 374.77 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.71 420.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.75 420.10 Td (expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 396.10 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 396.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 139.26 396.10 Td (present ) Tj ET Q q 0 0 0 rg BT 170.64 396.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.12 396.10 Td (information ) Tj ET Q q 0 0 0 rg BT 257.83 396.10 Td (by ) Tj ET Q q 0 0 0 rg BT 270.33 396.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 306.15 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 320.31 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.03 396.10 Td (years ) Tj ET Q q 0 0 0 rg BT 358.63 396.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.01 396.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 443.59 396.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.59 396.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.59 396.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.59 396.10 Td (, ) Tj ET Q q 0 0 0 rg BT 493.59 396.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.53 396.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.53 396.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 372.10 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 372.10 Td (able ) Tj ET Q q 0 0 0 rg BT 60.91 372.10 Td (22.1 ) Tj ET Q q 0 0 0 rg BT 80.91 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.41 372.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 127.59 372.10 Td (Segment ) Tj ET Q q 0 0 0 rg BT 165.65 372.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 208.71 372.10 Td (Information ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 287.60 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 287.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 287.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 287.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 287.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 287.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 287.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 287.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 287.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 287.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 287.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 259.60 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 259.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 259.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 259.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 259.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 259.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 259.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 259.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 259.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 259.60 4.00 -14.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 311.50 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 175.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 175.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 175.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 175.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 147.60 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 147.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 147.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 147.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 147.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 147.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 119.60 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 119.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.50 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 119.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 119.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 119.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 119.60 4.00 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 259.6 m 443.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 259.6 m 509.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 259.6 m 575.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 147.60000000000002 m 311.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 147.60000000000002 m 377.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 147.60000000000002 m 443.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 147.60000000000002 m 509.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 147.60000000000002 m 377.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 147.60000000000002 m 443.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 147.60000000000002 m 509.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 147.60000000000002 m 575.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 105.60000000000002 m 311.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 105.60000000000002 m 377.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 105.60000000000002 m 443.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 105.60000000000002 m 509.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 92.60000000000002 m 311.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 90.60000000000002 m 311.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 105.60000000000002 m 377.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 92.60000000000002 m 377.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 90.60000000000002 m 377.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 105.60000000000002 m 443.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 92.60000000000002 m 443.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 90.60000000000002 m 443.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 105.60000000000002 m 509.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 92.60000000000002 m 509.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 90.60000000000002 m 509.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 105.60000000000002 m 513.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 92.60000000000002 m 513.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 90.60000000000002 m 513.5 90.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 91.60000000000002 m 575.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 78.60000000000002 m 575.5 78.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 76.60000000000002 m 575.5 76.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.35 340.28 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 292.28 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.85 312.28 Td ( Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.15 302.28 Td (Mortgage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.90 292.28 Td (Banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.85 302.28 Td ( Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 292.28 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.45 292.28 Td ( Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.10 302.28 Td ( Corporate/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.30 292.28 Td (Other) Tj ET Q q 0 0 0 rg BT 490.67 292.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.90 292.28 Td ( Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 278.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 278.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 278.17 Td (33,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 278.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 278.17 Td (160,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 278.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 278.17 Td (32,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 278.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 278.17 Td (19,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 278.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 278.17 Td (246,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 264.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.80 264.22 Td (\(14,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 264.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.80 264.22 Td (\(18,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 264.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 264.22 Td (\(5,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 264.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 264.22 Td (\(50,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 264.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 264.17 Td (\(88,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 264.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 250.28 Td (Net interest income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 250.17 Td (19,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 250.17 Td (141,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 250.17 Td (27,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 250.22 Td (\(31,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 250.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 250.17 Td (157,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 236.17 Td (Reversal of provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 236.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 236.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 236.17 Td (7,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 236.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 236.17 Td (7,102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 222.28 Td (Non-interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 208.17 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 208.17 Td (40,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 208.22 Td (\(2,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 208.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 208.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 208.17 Td (38,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 194.17 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 194.17 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 194.17 Td (14,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 180.17 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.80 180.22 Td (\(26,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 180.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 180.17 Td (2,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 180.22 Td (\(4,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 180.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 180.17 Td (\(28,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 180.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 166.17 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 166.17 Td (6,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 166.17 Td (268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 166.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 166.17 Td (6,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 152.17 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 152.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 152.17 Td (22,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 152.17 Td (5,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 152.17 Td (292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 152.17 Td (28,009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 138.28 Td (Total non-interest income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 138.17 Td (40,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 138.17 Td (15,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 138.17 Td (5,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 138.22 Td (\(3,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 138.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 138.17 Td (58,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 124.17 Td (Direct operating expenses ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 144.35 128.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.80 124.22 Td (\(23,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 124.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.80 124.22 Td (\(9,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 124.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 124.22 Td (\(2,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 124.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 124.22 Td (\(53,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 124.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 124.17 Td (\(88,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 124.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 110.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.80 110.22 Td (\(1,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 110.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.80 110.22 Td (\(1,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 110.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 110.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 110.17 Td (\(3,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 110.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 96.28 Td (Segment Contribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 96.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 96.17 Td (35,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 96.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 96.17 Td (146,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 96.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 96.17 Td (38,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 96.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 96.22 Td (\(88,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 96.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 82.28 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 82.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 82.17 Td (131,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 66.27 Td (Non-cash amortization income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 66.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.30 66.32 Td (\(130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 66.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 66.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 66.27 Td (29,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.00 66.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 66.32 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 66.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 66.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 66.32 Td (\(3,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 66.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 66.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 66.27 Td (25,704) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 395 0 obj <> endobj 396 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 760.60 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 249.51 760.60 Td (TRUST) Tj ET Q q 0 0 0 rg BT 282.11 760.60 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 309.90 760.60 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.30 740.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 204.52 740.60 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 740.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 281.11 740.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 360.29 740.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 374.28 740.60 Td (A) Tj ET Q q 0 0 0 rg BT 380.76 740.60 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 728.60 Td (December) Tj ET Q q 0 0 0 rg BT 301.77 728.60 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 692.60 Td (Note 22. Segment Information - \(continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 33.60 Td (F- 86) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 621.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 621.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 621.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 621.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 621.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 621.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 621.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 621.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 621.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 621.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 621.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 593.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 593.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 593.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 593.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 593.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 593.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 593.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 593.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 593.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 593.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 593.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 565.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 565.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 565.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 565.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 565.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 565.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 565.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 565.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 565.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 565.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 565.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 537.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 537.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 537.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 537.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 537.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 537.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 537.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 537.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 537.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 537.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 537.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 509.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 509.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 509.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 509.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 509.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 509.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 509.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 509.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 509.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 509.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 509.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 481.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 481.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 481.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 481.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 481.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 481.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 481.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 481.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 481.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 481.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 481.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 453.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 453.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 453.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 453.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 453.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 453.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 453.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 453.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 453.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 453.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 453.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 425.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 425.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 425.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 425.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 425.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 425.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 425.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 425.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 425.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 425.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 425.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 395.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 395.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 395.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 395.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 395.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 395.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 395.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 395.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 395.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 395.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 395.50 62.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 660.5 m 312.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 660.5 m 316.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 660.5 m 378.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 660.5 m 382.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 660.5 m 444.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 660.5 m 448.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 660.5 m 510.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 660.5 m 514.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 660.5 m 576.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 621.5 m 246.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 660.5 m 312.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 621.5 m 312.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 660.5 m 316.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 660.5 m 378.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 621.5 m 378.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 660.5 m 382.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 660.5 m 444.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 621.5 m 444.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 660.5 m 448.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 660.5 m 510.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 621.5 m 510.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 660.5 m 514.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 660.5 m 576.5 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 621.5 m 576.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 621.5 m 312.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 621.5 m 378.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 621.5 m 444.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 621.5 m 510.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 621.5 m 576.5 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 593.5 m 312.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 593.5 m 378.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 593.5 m 444.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 593.5 m 510.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 593.5 m 576.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 593.5 m 312.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 593.5 m 378.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 593.5 m 444.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 593.5 m 510.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 593.5 m 576.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 481.5 m 312.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 481.5 m 378.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 481.5 m 444.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 481.5 m 510.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 481.5 m 576.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 481.5 m 312.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 481.5 m 378.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 481.5 m 444.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 481.5 m 510.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 481.5 m 576.5 481.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 439.5 m 312.5 439.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 426.5 m 312.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 424.5 m 312.5 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 439.5 m 378.5 439.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 426.5 m 378.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 424.5 m 378.5 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 439.5 m 444.5 439.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 426.5 m 444.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 424.5 m 444.5 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 439.5 m 510.5 439.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 426.5 m 510.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 424.5 m 510.5 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 425.5 m 576.5 425.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 412.5 m 576.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 410.5 m 576.5 410.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.35 665.18 Td (Year Ended December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 626.18 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.85 646.18 Td ( Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.15 636.18 Td (Mortgage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 626.18 Td (Banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.85 636.18 Td ( Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.15 626.18 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.45 626.18 Td ( Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.10 636.18 Td ( Corporate/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.30 626.18 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.90 626.18 Td ( Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 612.07 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 612.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 612.07 Td (52,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 612.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 612.07 Td (135,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 612.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 612.07 Td (46,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 612.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 612.07 Td (24,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 612.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 612.07 Td (259,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 598.07 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.80 598.12 Td (\(17,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 598.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 598.12 Td (\(11,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 598.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 598.12 Td (\(13,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 598.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 598.12 Td (\(53,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 598.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 598.07 Td (\(95,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 598.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 584.18 Td (Net interest income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 584.07 Td (35,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 584.07 Td (124,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 584.07 Td (33,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 584.12 Td (\(28,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 584.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 584.07 Td (163,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 570.07 Td (Reversal of provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 570.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 570.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 570.07 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 570.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 570.07 Td (355) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 556.18 Td (Non-interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 542.07 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 542.07 Td (8,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 542.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 542.07 Td (2,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 542.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 542.07 Td (10,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 528.07 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 528.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 528.12 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 528.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 528.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 528.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 528.07 Td (\(3,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 528.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 514.07 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 514.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 514.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 514.12 Td (\(20,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 514.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 514.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 514.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 514.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 514.12 Td (\(1,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 514.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 514.07 Td (\(21,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 514.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 500.07 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 500.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 500.07 Td (3,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 500.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 500.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 500.07 Td (3,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 486.07 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 486.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 486.07 Td (36,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 486.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 486.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 486.07 Td (36,369) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 472.18 Td (Total non-interest income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 472.07 Td (8,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 472.07 Td (15,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 472.07 Td (2,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 472.12 Td (\(1,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 472.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 472.07 Td (25,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 458.07 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.80 458.12 Td (\(43,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 458.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 458.12 Td (\(4,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 458.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 458.12 Td (\(11,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 458.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 458.12 Td (\(38,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 458.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 458.07 Td (\(97,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 458.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 444.07 Td (Benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 444.07 Td (4,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 444.07 Td (847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 444.07 Td (1,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 444.07 Td (3,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 444.07 Td (10,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 430.18 Td (Segment Contribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 430.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 430.07 Td (4,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 430.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 430.07 Td (136,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 430.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 430.07 Td (26,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 430.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 430.12 Td (\(64,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 430.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 416.18 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 416.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 416.07 Td (102,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 400.17 Td (Non-cash amortization income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.30 400.22 Td (\(186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 400.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 400.17 Td (36,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 400.22 Td (\(267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 400.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 400.22 Td (\(3,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 400.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 400.17 Td (32,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 386.07 Td (Hedging allocations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 386.07 Td (1,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 386.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 386.12 Td (\(1,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 386.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 386.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 386.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 386.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.30 386.12 Td (\(50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 386.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.65 386.07 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 318.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 318.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 318.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 318.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 318.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 318.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 318.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 318.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 318.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 318.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 318.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 290.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 290.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 290.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 290.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 290.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 290.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 290.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 290.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 290.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 290.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 290.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 262.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 262.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 262.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 262.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 262.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 262.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 262.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 262.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 262.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 262.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 262.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 234.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 234.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 234.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 234.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 234.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 234.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 234.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 234.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 234.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 234.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 234.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 206.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 206.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 206.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 206.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 206.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 206.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 206.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 206.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 206.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 206.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 206.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 178.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 178.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 178.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 178.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 178.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 178.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 178.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 178.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 178.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 178.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 178.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 150.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 150.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 150.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 150.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 150.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 150.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 150.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 150.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 150.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 150.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 150.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 122.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 122.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 122.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 122.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 122.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 122.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 122.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 122.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 122.50 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 122.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 122.50 62.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 357.5 m 312.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 357.5 m 316.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 357.5 m 378.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 357.5 m 382.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 357.5 m 444.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 357.5 m 448.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 357.5 m 510.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 357.5 m 514.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 357.5 m 576.5 357.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 318.5 m 246.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 318.5 m 312.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 318.5 m 378.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 318.5 m 444.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 318.5 m 510.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 318.5 m 576.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 318.5 m 312.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 318.5 m 378.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 318.5 m 444.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 318.5 m 510.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 318.5 m 576.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 290.5 m 312.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 290.5 m 378.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 290.5 m 444.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 290.5 m 510.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 290.5 m 378.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 290.5 m 444.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 290.5 m 510.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 290.5 m 576.5 290.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 178.5 m 312.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 178.5 m 378.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 178.5 m 444.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 178.5 m 510.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 178.5 m 378.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 178.5 m 444.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 178.5 m 510.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 178.5 m 576.5 178.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 136.5 m 312.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 136.5 m 378.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 136.5 m 444.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 136.5 m 510.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 136.5 m 312.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 123.5 m 312.5 123.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 121.5 m 312.5 121.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 136.5 m 378.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 123.5 m 378.5 123.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 121.5 m 378.5 121.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 136.5 m 444.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 123.5 m 444.5 123.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 121.5 m 444.5 121.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 136.5 m 510.5 136.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 123.5 m 510.5 123.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 121.5 m 510.5 121.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 122.5 m 576.5 122.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 109.5 m 576.5 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 107.5 m 576.5 107.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.35 362.18 Td (Year Ended December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 323.18 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.85 343.18 Td ( Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.15 333.18 Td (Mortgage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 323.18 Td (Banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.85 333.18 Td ( Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.15 323.18 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.45 323.18 Td ( Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.10 333.18 Td ( Corporate/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.30 323.18 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.90 323.18 Td ( Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 309.07 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 309.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 309.07 Td (58,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 309.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 309.07 Td (110,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 309.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 309.07 Td (47,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 309.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 309.07 Td (25,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 309.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 309.07 Td (242,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 295.07 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.80 295.12 Td (\(12,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 295.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 295.12 Td (\(11,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 295.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 295.12 Td (\(15,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 295.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 295.12 Td (\(47,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 295.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 295.07 Td (\(87,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 295.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 281.18 Td (Net interest income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 281.07 Td (45,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 281.07 Td (98,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 281.07 Td (31,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 281.12 Td (\(21,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 281.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 281.07 Td (154,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 267.07 Td (Provision for loan losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 267.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 267.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.30 267.12 Td (\(84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 267.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 267.12 Td (\(877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 267.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 267.07 Td (\(961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 267.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 253.18 Td (Non-interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 239.07 Td (Mortgage banking activities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 239.07 Td (21,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 239.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 239.07 Td (13,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 239.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 239.07 Td (34,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 225.07 Td (MSR income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 225.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 225.12 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 225.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 225.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 225.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 225.07 Td (\(4,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 225.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 211.07 Td (Investment fair value changes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 211.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 211.12 Td (\(9,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 211.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 211.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 211.12 Td (\(1,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 211.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 211.07 Td (\(10,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 211.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 197.07 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 197.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 197.07 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 197.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 197.07 Td (1,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 197.07 Td (1,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 183.07 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 183.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 183.07 Td (13,777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 183.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 183.07 Td (1,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 183.07 Td (15,478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 169.18 Td (Total non-interest income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 169.07 Td (21,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 169.07 Td (519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 169.07 Td (13,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 169.07 Td (2,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 169.07 Td (37,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 155.07 Td (Direct operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.80 155.12 Td (\(37,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 155.12 Td (\(3,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 155.12 Td (\(11,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 155.12 Td (\(37,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.80 155.07 Td (\(90,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 155.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 141.07 Td (\(Provision for\) benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.80 141.12 Td (\(1,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 141.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 141.07 Td (1,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 141.12 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 141.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.30 141.12 Td (\(76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 141.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.30 141.07 Td (\(744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 572.65 141.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 127.18 Td (Segment Contribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 127.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 127.07 Td (27,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 127.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 127.07 Td (96,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 127.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 127.07 Td (33,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 127.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 127.12 Td (\(57,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 127.07 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 113.18 Td (Net Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 113.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 113.07 Td (100,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 97.17 Td (Non-cash amortization income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 97.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.30 97.22 Td (\(181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 97.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.00 97.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 97.17 Td (42,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.00 97.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 97.22 Td (\(673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 97.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 97.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 97.22 Td (\(8,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 97.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 97.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 97.17 Td (33,698) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 79.20 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 48.74 79.20 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 79.20 Td (For ) Tj ET Q q 0 0 0 rg BT 69.53 79.20 Td (the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.56 79.20 Td (year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 99.05 79.20 Td ( ) Tj ET Q q 0 0 0 rg BT 102.08 79.20 Td (ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 126.60 79.20 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.11 79.20 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.11 79.20 Td (, ) Tj ET Q q 0 0 0 rg BT 203.39 79.20 Td (char) Tj ET Q q 0 0 0 rg BT 218.72 79.20 Td (ges ) Tj ET Q q 0 0 0 rg BT 233.75 79.20 Td (associated ) Tj ET Q q 0 0 0 rg BT 273.76 79.20 Td (with ) Tj ET Q q 0 0 0 rg BT 292.79 79.20 Td (the ) Tj ET Q q 0 0 0 rg BT 306.82 79.20 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 355.84 79.20 Td (of ) Tj ET Q q 0 0 0 rg BT 366.37 79.20 Td (our ) Tj ET Q q 0 0 0 rg BT 381.40 79.20 Td (conforming ) Tj ET Q q 0 0 0 rg BT 426.42 79.20 Td (residential ) Tj ET Q q 0 0 0 rg BT 466.94 79.20 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 503.96 79.20 Td (loan ) Tj ET Q q 0 0 0 rg BT 522.48 79.20 Td (operations ) Tj ET Q q 0 0 0 rg BT 563.01 79.20 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 68.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.33 68.45 Td (operations, ) Tj ET Q q 0 0 0 rg BT 139.93 68.45 Td (included ) Tj ET Q q 0 0 0 rg BT 172.77 68.45 Td (in ) Tj ET Q q 0 0 0 rg BT 181.63 68.45 Td (the ) Tj ET Q q 0 0 0 rg BT 194.48 68.45 Td (direct ) Tj ET Q q 0 0 0 rg BT 216.82 68.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 252.67 68.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 283.51 68.45 Td (line ) Tj ET Q q 0 0 0 rg BT 298.86 68.45 Td (item, ) Tj ET Q q 0 0 0 rg BT 318.96 68.45 Td (are ) Tj ET Q q 0 0 0 rg BT 331.80 68.45 Td (presented ) Tj ET Q q 0 0 0 rg BT 368.14 68.45 Td (under ) Tj ET Q q 0 0 0 rg BT 390.49 68.45 Td (the ) Tj ET Q q 0 0 0 rg BT 403.34 68.45 Td (Corporate/Other ) Tj ET Q q 0 0 0 rg BT 464.17 68.45 Td (column. ) Tj ET Q q 0 0 0 rg BT 495.27 68.45 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.13 68.45 Td (Note ) Tj ET Q q 0 0 0 rg BT 528.98 68.45 Td (1) Tj ET Q q 0 0 0 rg BT 532.81 68.45 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.31 68.45 Td ( ) Tj ET Q q 0 0 0 rg BT 539.17 68.45 Td (for ) Tj ET Q q 0 0 0 rg BT 551.52 68.45 Td (further ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 57.65 Td (discussion ) Tj ET Q q 0 0 0 rg BT 93.75 57.65 Td (of ) Tj ET Q q 0 0 0 rg BT 103.50 57.65 Td (these ) Tj ET Q q 0 0 0 rg BT 124.24 57.65 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 172.48 57.65 Td (char) Tj ET Q q 0 0 0 rg BT 187.80 57.65 Td (ges.) 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 595.6 m 175.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 595.6 m 220.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 566.6 m 220.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 595.6 m 224.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 595.6 m 269.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 566.6 m 269.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 595.6 m 324.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 566.6 m 324.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 595.6 m 328.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 595.6 m 373.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 566.6 m 373.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 595.6 m 377.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 595.6 m 422.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 566.6 m 422.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 595.6 m 477.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 566.6 m 477.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 595.6 m 481.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 566.6 m 481.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 595.6 m 526.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 566.6 m 526.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 595.6 m 530.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 566.6 m 530.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 595.6 m 575.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 566.6 m 575.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 566.6 m 171.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 566.6 m 220.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 566.6 m 269.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 566.6 m 324.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 566.6 m 373.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 566.6 m 422.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 566.6 m 477.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 566.6 m 481.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 566.6 m 526.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 566.6 m 530.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 566.6 m 575.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 540.6 m 171.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 540.6 m 220.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 540.6 m 269.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 540.6 m 324.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 540.6 m 373.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 540.6 m 477.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 540.6 m 526.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 540.6 m 575.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 540.6 m 171.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 540.6 m 220.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 540.6 m 269.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 540.6 m 324.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 540.6 m 373.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 540.6 m 422.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 540.6 m 477.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 540.6 m 526.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 540.6 m 575.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 438.6 m 171.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 438.6 m 220.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 438.6 m 269.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 438.6 m 324.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 438.6 m 373.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 438.6 m 422.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 438.6 m 477.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 438.6 m 526.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 438.6 m 575.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 438.6 m 171.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 438.6 m 220.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 438.6 m 269.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 438.6 m 324.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 438.6 m 373.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 438.6 m 422.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 438.6 m 477.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 438.6 m 526.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 438.6 m 575.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 375.6 m 171.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 363.6 m 171.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.5 361.6 m 171.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 375.6 m 220.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 363.6 m 220.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 361.6 m 220.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 375.6 m 269.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 363.6 m 269.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 361.6 m 269.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 375.6 m 324.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 363.6 m 324.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 361.6 m 324.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 375.6 m 373.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 363.6 m 373.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 361.6 m 373.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 375.6 m 422.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 363.6 m 422.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 361.6 m 422.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 375.6 m 477.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 363.6 m 477.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 361.6 m 477.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 375.6 m 526.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 363.6 m 526.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 361.6 m 526.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 375.6 m 575.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 363.6 m 575.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 361.6 m 575.5 361.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.55 612.83 Td (Years Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.50 599.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 599.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.50 599.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 570.83 Td (\(In Thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 133.25 586.83 Td (Legacy ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 123.05 578.83 Td (Consolidated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 132.75 570.83 Td (VIEs ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 152.09 574.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.35 570.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.75 570.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.25 586.83 Td (Legacy ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.05 578.83 Td (Consolidated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.75 570.83 Td (VIEs ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 305.09 574.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.35 570.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.80 570.83 Td ( Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.25 586.83 Td (Legacy ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.05 578.83 Td (Consolidated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.75 570.83 Td (VIEs ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 458.09 574.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.35 570.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.00 570.83 Td ( Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 557.85 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.25 557.85 Td (19,537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 557.85 Td (203) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.25 557.85 Td (19,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.25 557.85 Td (24,814) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 557.85 Td (30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.25 557.85 Td (24,844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.25 557.85 Td (25,786) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 557.85 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 557.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.25 557.85 Td (25,798) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 544.85 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.60 544.85 Td (\(13,103) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.60 544.85 Td (\(37,839) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 217.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.60 544.85 Td (\(50,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 544.85 Td (\(15,646) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.60 544.85 Td (\(38,017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.60 544.85 Td (\(53,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.60 544.85 Td (\(20,844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.60 544.85 Td (\(26,159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 544.90 Td (\(47,003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 544.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 531.83 Td (Net interest income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 523.83 Td (\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.30 523.85 Td (6,434) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.60 523.85 Td (\(37,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 217.30 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.60 523.85 Td (\(31,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.30 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 523.85 Td (9,168) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.60 523.85 Td (\(37,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.60 523.85 Td (\(28,819) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.30 523.85 Td (4,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.60 523.85 Td (\(26,147) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 523.90 Td (\(21,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 510.85 Td (Provision for loan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 502.85 Td (losses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.60 502.85 Td (\(877) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 502.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 557.60 502.90 Td (\(877) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 502.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 489.83 Td (Non-interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 476.85 Td (Investment fair value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 468.85 Td (changes, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.60 468.85 Td (\(4,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 174.00 468.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.60 468.85 Td (\(7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 217.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.60 468.85 Td (\(4,207) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 468.85 Td (\(1,192) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.60 468.85 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.60 468.85 Td (\(1,268) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.60 468.85 Td (\(894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.60 468.85 Td (\(130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.60 468.90 Td (\(1,024) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 468.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 455.85 Td (Other income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.30 455.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.30 455.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.30 455.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 455.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 455.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 455.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 455.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.25 455.85 Td (1,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.25 455.85 Td (1,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 442.85 Td (Realized gains, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.30 442.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 442.85 Td (292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.30 442.85 Td (292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 442.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 442.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 442.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.30 442.85 Td (1,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 442.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.25 442.85 Td (1,701) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 429.83 Td (Total non-interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 421.83 Td (income \(loss\), net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.60 421.85 Td (\(4,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 168.30 421.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 421.85 Td (285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.60 421.85 Td (\(3,915) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.30 421.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 421.85 Td (\(1,192) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 421.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.60 421.85 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 421.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.60 421.85 Td (\(1,268) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 421.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.30 421.85 Td (807) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.25 421.85 Td (1,470) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.25 421.85 Td (2,277) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 408.85 Td (Direct operating) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 400.85 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.30 400.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.60 400.85 Td (\(53,761) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 217.30 400.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.60 400.85 Td (\(53,761) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.30 400.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 400.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.60 400.85 Td (\(38,557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 400.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.60 400.85 Td (\(38,557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 400.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.60 400.85 Td (\(165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.30 400.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.60 400.85 Td (\(37,289) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 400.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 400.90 Td (\(37,454) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 400.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 387.85 Td (\(Provision for\) benefit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.00 379.85 Td (from income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.30 379.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.30 379.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.30 379.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 379.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 379.85 Td (3,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.25 379.85 Td (3,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.30 379.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.60 379.85 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 379.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 561.60 379.90 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 379.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 366.83 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.30 366.85 Td (2,234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.60 366.85 Td (\(91,112) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 217.30 366.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.60 366.85 Td (\(88,878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.30 366.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 366.85 Td (7,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.60 366.85 Td (\(72,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 366.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.60 366.85 Td (\(64,766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 366.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.30 366.85 Td (4,707) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.60 366.85 Td (\(62,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 366.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 366.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 366.90 Td (\(57,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 572.30 366.85 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 340.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 48.74 340.30 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 340.30 Td (Legacy ) Tj ET Q q 0 0 0 rg BT 82.98 340.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 130.78 340.30 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 151.78 340.30 Td (represent ) Tj ET Q q 0 0 0 rg BT 187.25 340.30 Td (legacy ) Tj ET Q q 0 0 0 rg BT 213.24 340.30 Td (Sequoia ) Tj ET Q q 0 0 0 rg BT 244.73 340.30 Td (entities ) Tj ET Q q 0 0 0 rg BT 273.22 340.30 Td (that ) Tj ET Q q 0 0 0 rg BT 289.21 340.30 Td (are ) Tj ET Q q 0 0 0 rg BT 302.70 340.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 350.68 340.30 Td (for ) Tj ET Q q 0 0 0 rg BT 363.67 340.30 Td (GAAP) Tj ET Q q 0 0 0 rg BT 387.84 340.30 Td ( ) Tj ET Q q 0 0 0 rg BT 390.34 340.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 424.32 340.30 Td (reporting ) Tj ET Q q 0 0 0 rg BT 459.80 340.30 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 496.55 340.30 Td (See ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.04 340.30 Td (Note ) Tj ET Q q 0 0 0 rg BT 531.54 340.30 Td (4 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.53 340.30 Td (for ) Tj ET Q q 0 0 0 rg BT 551.52 340.30 Td (further ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 329.50 Td (discussion ) Tj ET Q q 0 0 0 rg BT 93.75 329.50 Td (on ) Tj ET Q q 0 0 0 rg BT 104.84 329.50 Td (VIEs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.50 Td (The ) Tj ET Q q 0 0 0 rg BT 72.05 305.50 Td (following ) Tj ET Q q 0 0 0 rg BT 113.43 305.50 Td (table ) Tj ET Q q 0 0 0 rg BT 135.37 305.50 Td (presents ) Tj ET Q q 0 0 0 rg BT 170.64 305.50 Td (supplemental ) Tj ET Q q 0 0 0 rg BT 226.46 305.50 Td (information ) Tj ET Q q 0 0 0 rg BT 276.17 305.50 Td (by ) Tj ET Q q 0 0 0 rg BT 288.67 305.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 324.49 305.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.21 305.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 392.79 305.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.79 305.50 Td ( ) Tj ET Q q 0 0 0 rg BT 415.29 305.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.23 305.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 490.82 305.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.82 305.50 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 281.50 Td (T) Tj ET Q q 0 0 0 rg BT 41.19 281.50 Td (able 22.3 Supplemental Segment Information ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 227.00 170.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 227.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 227.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 227.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 227.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 227.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 227.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 227.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 227.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 227.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 227.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 200.00 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 200.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 200.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 200.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 200.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 200.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 200.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 200.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 200.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 200.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 200.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 174.00 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 174.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 174.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 174.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 174.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 174.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 174.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 174.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 174.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 174.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 174.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 148.00 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 148.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 148.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 148.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 148.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 148.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 148.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 148.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 148.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 148.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 148.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 122.00 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 122.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 122.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 122.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 122.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 122.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 122.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 122.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 122.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 122.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 122.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 96.00 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 96.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 96.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 96.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 96.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 96.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 96.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 96.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 96.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 96.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 96.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 70.00 170.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 70.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 70.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 70.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 70.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 70.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 70.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 70.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 70.00 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 70.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 70.00 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 227 m 206.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 227 m 280.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 227 m 354.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 227 m 428.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 227 m 502.5 227 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 227 m 576.5 227 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 231.68 Td (\(In Thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.10 251.68 Td (Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.15 241.68 Td (Mortgage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.90 231.68 Td (Banking) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.10 241.68 Td (Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.15 231.68 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.70 231.68 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.35 241.68 Td (Corporate/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.30 231.68 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.05 231.68 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 217.68 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 203.57 Td (Residential loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 203.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 203.57 Td (835,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 203.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 203.57 Td (2,261,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 203.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 203.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 203.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 203.57 Td (791,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 203.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 203.57 Td (3,888,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 190.57 Td (Commercial loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 190.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 190.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 190.57 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 190.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 190.57 Td (2,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 177.57 Td (Real estate securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 177.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 177.57 Td (926,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 177.57 Td (91,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 177.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 177.57 Td (1,018,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 164.57 Td (Mortgage servicing rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 164.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 164.57 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 164.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 164.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 164.57 Td (118,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 151.57 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 151.57 Td (866,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 151.57 Td (3,518,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 151.57 Td (97,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 151.57 Td (1,001,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 151.57 Td (5,483,477) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 125.73 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 112.57 Td (Residential loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 112.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 112.57 Td (1,115,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 112.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 112.57 Td (1,791,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 112.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 112.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 112.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 112.57 Td (1,021,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 112.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 112.57 Td (3,928,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 99.57 Td (Commercial loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 99.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 99.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 99.57 Td (402,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 99.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 99.57 Td (402,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 86.57 Td (Real estate securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 86.57 Td (197,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 86.57 Td (1,028,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 86.57 Td (8,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 86.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 86.57 Td (1,233,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 73.57 Td (Mortgage servicing rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 73.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 73.57 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 73.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 73.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 73.57 Td (191,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 60.57 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 60.57 Td (1,347,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 60.57 Td (3,140,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 60.57 Td (415,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 60.57 Td (1,316,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 60.57 Td (6,220,047) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 399 0 obj <> endobj 400 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 760.75 Td (REDWOOD ) Tj ET Q q 0 0 0 rg BT 256.51 760.75 Td (TRUST) Tj ET Q q 0 0 0 rg BT 289.11 760.75 Td (, INC. ) Tj ET Q q 0 0 0 rg BT 316.90 760.75 Td (AND SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 740.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 740.75 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 740.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 740.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 740.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 740.75 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 740.75 Td (TEMENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.75 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.75 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 42.60 Td (F- 88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 668.25 Td (Note 23. 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588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 588.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 588.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 558.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 558.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 558.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 558.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 558.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 528.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 528.75 76.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 498.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 468.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 468.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 468.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 468.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 468.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 438.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 438.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 438.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 438.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 438.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 409.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 409.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 409.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 409.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 409.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 379.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 379.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 379.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 379.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 379.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 349.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 349.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 349.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 349.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 349.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 319.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 319.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 319.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 319.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 319.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 319.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 289.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 289.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 289.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 289.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 289.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 289.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 259.75 223.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 259.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 259.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 259.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 259.75 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 631.75 m 335.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 631.75 m 339.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 631.75 m 415.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 631.75 m 419.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 631.75 m 495.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 631.75 m 499.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 631.75 m 575.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 631.75 m 335.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 617.75 m 335.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 617.75 m 415.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 617.75 m 495.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 617.75 m 575.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 558.75 m 335.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 558.75 m 415.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 558.75 m 495.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 558.75 m 575.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 364.75 m 335.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 364.75 m 415.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 364.75 m 495.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 364.75 m 575.5 364.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.50 636.43 Td (Three Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 622.43 Td (\(In Thousands, except Share Data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.90 622.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 622.43 Td (September 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.20 622.43 Td (June 30,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 622.43 Td (March 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 608.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 594.32 Td (Operating results:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 579.32 Td (Interest income ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 121.42 583.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 578.42 Td (56,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 578.42 Td (60,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 578.42 Td (66,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 578.42 Td (62,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 564.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 563.47 Td (\(20,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 563.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 563.47 Td (\(21,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 563.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 563.47 Td (\(22,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 563.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 563.42 Td (\(23,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 563.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 549.32 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 548.42 Td (35,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 548.42 Td (39,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 548.42 Td (44,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 548.42 Td (38,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 534.32 Td (Reversal of \(provision for\) loan losses ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 212.52 538.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 533.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 533.42 Td (859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 533.42 Td (6,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.30 533.42 Td (\(289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 533.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 519.32 Td (Non-interest income ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 141.42 523.85 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 518.42 Td (9,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 518.42 Td (33,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 518.42 Td (10,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 518.42 Td (4,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 504.32 Td (Operating expenses ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 138.08 508.85 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 503.47 Td (\(17,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 503.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 503.47 Td (\(20,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 503.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 503.47 Td (\(20,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 503.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 503.42 Td (\(30,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 503.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 489.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 488.42 Td (25,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 488.42 Td (52,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 488.42 Td (41,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 488.42 Td (12,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 474.32 Td (Per share data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 459.32 Td (Net income basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 458.42 Td (0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 458.42 Td (0.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 458.42 Td (0.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 458.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 444.32 Td (Net income diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 443.42 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 443.42 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 443.42 Td (0.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 443.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 429.32 Td (Regular dividends declared per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 428.42 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 428.42 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 428.42 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 428.42 Td (0.28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 414.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 400.32 Td (Operating results:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 385.32 Td (Interest income ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 121.42 389.85 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 384.42 Td (68,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 384.42 Td (63,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 384.42 Td (63,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 384.42 Td (63,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 370.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 369.47 Td (\(25,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 369.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 369.47 Td (\(23,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 369.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 369.47 Td (\(23,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 369.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 369.42 Td (\(23,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 369.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 355.32 Td (Net interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 354.42 Td (43,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 354.42 Td (39,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 354.42 Td (40,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 354.42 Td (39,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 340.32 Td (Non-interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 339.42 Td (19,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 339.47 Td (\(3,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 339.42 Td (14,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 339.42 Td (\(5,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 325.32 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 324.47 Td (\(22,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.80 324.47 Td (\(24,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 324.47 Td (\(25,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 324.42 Td (\(25,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 310.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 309.42 Td (41,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 309.42 Td (19,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 309.42 Td (27,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 309.42 Td (14,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 295.32 Td (Per share data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 280.32 Td (Net income basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 279.42 Td (0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 279.42 Td (0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 279.42 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 279.42 Td (0.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 265.32 Td (Net income diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 264.42 Td (0.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 264.42 Td (0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 264.42 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 264.42 Td (0.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 250.32 Td (Regular dividends declared per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 249.42 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 249.42 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 249.42 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 249.42 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 228.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 48.74 228.45 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 228.45 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.38 228.45 Td (income ) Tj ET Q q 0 0 0 rg BT 112.27 228.45 Td (for ) Tj ET Q q 0 0 0 rg BT 125.15 228.45 Td (the ) Tj ET Q q 0 0 0 rg BT 138.54 228.45 Td (three-month ) Tj ET Q q 0 0 0 rg BT 184.92 228.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 213.81 228.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 237.69 228.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 290.56 228.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 313.21 228.45 Td (September ) Tj ET Q q 0 0 0 rg BT 354.09 228.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 367.73 228.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 390.38 228.45 Td (and ) Tj ET Q q 0 0 0 rg BT 405.77 228.45 Td (June ) Tj ET Q q 0 0 0 rg BT 424.66 228.45 Td (30, ) Tj ET Q q 0 0 0 rg BT 438.30 228.45 Td (2016, ) Tj ET Q q 0 0 0 rg BT 460.94 228.45 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.33 228.45 Td ($1 ) Tj ET Q q 0 0 0 rg BT 505.72 228.45 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.73 228.45 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 536.37 228.45 Td ($1 ) Tj ET Q q 0 0 0 rg BT 547.76 228.45 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 573.77 228.45 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 217.65 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 69.24 217.65 Td ($5 ) Tj ET Q q 0 0 0 rg BT 80.49 217.65 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 106.50 217.65 Td (, ) Tj ET Q q 0 0 0 rg BT 111.00 217.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 153.89 217.65 Td (, ) Tj ET Q q 0 0 0 rg BT 158.39 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 168.14 217.65 Td (yield ) Tj ET Q q 0 0 0 rg BT 188.38 217.65 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 236.11 217.65 Td (fees ) Tj ET Q q 0 0 0 rg BT 252.85 217.65 Td (from ) Tj ET Q q 0 0 0 rg BT 272.59 217.65 Td (commercial ) Tj ET Q q 0 0 0 rg BT 317.32 217.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 338.57 217.65 Td (that ) Tj ET Q q 0 0 0 rg BT 354.31 217.65 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 383.55 217.65 Td (during ) Tj ET Q q 0 0 0 rg BT 409.30 217.65 Td (the ) Tj ET Q q 0 0 0 rg BT 422.54 217.65 Td (quarters.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 200.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 48.74 200.85 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 200.85 Td (During ) Tj ET Q q 0 0 0 rg BT 82.44 200.85 Td (the ) Tj ET Q q 0 0 0 rg BT 96.37 200.85 Td (second ) Tj ET Q q 0 0 0 rg BT 124.31 200.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 152.73 200.85 Td (of ) Tj ET Q q 0 0 0 rg BT 163.17 200.85 Td (2016, ) Tj ET Q q 0 0 0 rg BT 186.36 200.85 Td (we ) Tj ET Q q 0 0 0 rg BT 199.80 200.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 234.21 200.85 Td (a ) Tj ET Q q 0 0 0 rg BT 241.15 200.85 Td (reversal ) Tj ET Q q 0 0 0 rg BT 272.57 200.85 Td (of ) Tj ET Q q 0 0 0 rg BT 283.01 200.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 319.95 200.85 Td (for ) Tj ET Q q 0 0 0 rg BT 333.39 200.85 Td (loan ) Tj ET Q q 0 0 0 rg BT 351.82 200.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 376.27 200.85 Td (of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.70 200.85 Td ($7 ) Tj ET Q q 0 0 0 rg BT 398.64 200.85 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.65 200.85 Td ( ) Tj ET Q q 0 0 0 rg BT 427.59 200.85 Td (as ) Tj ET Q q 0 0 0 rg BT 438.03 200.85 Td (a ) Tj ET Q q 0 0 0 rg BT 444.96 200.85 Td (result ) Tj ET Q q 0 0 0 rg BT 467.90 200.85 Td (of ) Tj ET Q q 0 0 0 rg BT 478.34 200.85 Td (the ) Tj ET Q q 0 0 0 rg BT 492.27 200.85 Td (transfer ) Tj ET Q q 0 0 0 rg BT 522.70 200.85 Td (of ) Tj ET Q q 0 0 0 rg BT 533.13 200.85 Td (most ) Tj ET Q q 0 0 0 rg BT 553.58 200.85 Td (of ) Tj ET Q q 0 0 0 rg BT 564.02 200.85 Td (our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 190.05 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.73 190.05 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 139.45 190.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 160.70 190.05 Td (from ) Tj ET Q q 0 0 0 rg BT 180.44 190.05 Td (held-for) Tj ET Q q 0 0 0 rg BT 209.25 190.05 Td (-investment ) Tj ET Q q 0 0 0 rg BT 253.99 190.05 Td (to ) Tj ET Q q 0 0 0 rg BT 263.24 190.05 Td (held-for ) Tj ET Q q 0 0 0 rg BT 294.48 190.05 Td (sale.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 173.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 48.74 173.25 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 173.25 Td (Non-interest ) Tj ET Q q 0 0 0 rg BT 100.42 173.25 Td (income ) Tj ET Q q 0 0 0 rg BT 128.35 173.25 Td (for ) Tj ET Q q 0 0 0 rg BT 140.28 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.71 173.25 Td (three-month ) Tj ET Q q 0 0 0 rg BT 198.13 173.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 226.06 173.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.99 173.25 Td (December ) Tj ET Q q 0 0 0 rg BT 287.40 173.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 300.08 173.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 319.52 173.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.95 173.25 Td (September ) Tj ET Q q 0 0 0 rg BT 373.88 173.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 386.56 173.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 406.00 173.25 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.42 173.25 Td ($1 ) Tj ET Q q 0 0 0 rg BT 448.86 173.25 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.86 173.25 Td ( ) Tj ET Q q 0 0 0 rg BT 476.30 173.25 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.73 173.25 Td ($5 ) Tj ET Q q 0 0 0 rg BT 501.16 173.25 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.17 173.25 Td (, ) Tj ET Q q 0 0 0 rg BT 530.85 173.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 573.75 173.25 Td (, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 162.45 Td (of ) Tj ET Q q 0 0 0 rg BT 63.75 162.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 94.47 162.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 115.72 162.45 Td (from ) Tj ET Q q 0 0 0 rg BT 135.47 162.45 Td (the ) Tj ET Q q 0 0 0 rg BT 148.71 162.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 164.95 162.45 Td (of ) Tj ET Q q 0 0 0 rg BT 174.70 162.45 Td (the ) Tj ET Q q 0 0 0 rg BT 187.95 162.45 Td (majority ) Tj ET Q q 0 0 0 rg BT 220.69 162.45 Td (of ) Tj ET Q q 0 0 0 rg BT 230.44 162.45 Td (our ) Tj ET Q q 0 0 0 rg BT 244.68 162.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 289.41 162.45 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 330.13 162.45 Td (loan ) Tj ET Q q 0 0 0 rg BT 347.88 162.45 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 383.88 162.45 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 145.65 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 48.74 145.65 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 145.65 Td (During ) Tj ET Q q 0 0 0 rg BT 82.05 145.65 Td (the ) Tj ET Q q 0 0 0 rg BT 95.60 145.65 Td (first ) Tj ET Q q 0 0 0 rg BT 112.65 145.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 140.69 145.65 Td (of ) Tj ET Q q 0 0 0 rg BT 150.74 145.65 Td (2016, ) Tj ET Q q 0 0 0 rg BT 173.54 145.65 Td (we ) Tj ET Q q 0 0 0 rg BT 186.59 145.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 220.62 145.65 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 269.16 145.65 Td (char) Tj ET Q q 0 0 0 rg BT 284.48 145.65 Td (ges ) Tj ET Q q 0 0 0 rg BT 299.03 145.65 Td (totaling ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.08 145.65 Td ($10 ) Tj ET Q q 0 0 0 rg BT 345.13 145.65 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.14 145.65 Td ( ) Tj ET Q q 0 0 0 rg BT 373.69 145.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 413.23 145.65 Td (with ) Tj ET Q q 0 0 0 rg BT 431.78 145.65 Td (the ) Tj ET Q q 0 0 0 rg BT 445.33 145.65 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 493.87 145.65 Td (of ) Tj ET Q q 0 0 0 rg BT 503.92 145.65 Td (our ) Tj ET Q q 0 0 0 rg BT 518.47 145.65 Td (conforming ) Tj ET Q q 0 0 0 rg BT 563.01 145.65 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 134.85 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.73 134.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 134.96 134.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 166.21 134.85 Td (operations. ) Tj ET Q q 0 0 0 rg BT 208.20 134.85 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 118.05 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 48.74 118.05 Td ( ) Tj ET Q q 0 0 0 rg BT 54.00 118.05 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.68 118.05 Td (income ) Tj ET Q q 0 0 0 rg BT 112.87 118.05 Td (for ) Tj ET Q q 0 0 0 rg BT 126.06 118.05 Td (both ) Tj ET Q q 0 0 0 rg BT 144.75 118.05 Td (three-month ) Tj ET Q q 0 0 0 rg BT 191.43 118.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 220.62 118.05 Td (ended ) Tj ET Q q 0 0 0 rg BT 244.80 118.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 297.97 118.05 Td (2015 ) Tj ET Q q 0 0 0 rg BT 318.67 118.05 Td (and ) Tj ET Q q 0 0 0 rg BT 334.36 118.05 Td (June ) Tj ET Q q 0 0 0 rg BT 353.55 118.05 Td (30, ) Tj ET Q q 0 0 0 rg BT 367.50 118.05 Td (2015 ) Tj ET Q q 0 0 0 rg BT 388.19 118.05 Td (included ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.88 118.05 Td ($2 ) Tj ET Q q 0 0 0 rg BT 433.57 118.05 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.57 118.05 Td ( ) Tj ET Q q 0 0 0 rg BT 462.27 118.05 Td (of ) Tj ET Q q 0 0 0 rg BT 472.46 118.05 Td (yield ) Tj ET Q q 0 0 0 rg BT 493.15 118.05 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 541.32 118.05 Td (fees ) Tj ET Q q 0 0 0 rg BT 558.50 118.05 Td (from ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 107.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.73 107.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 119.98 107.25 Td (that ) Tj ET Q q 0 0 0 rg BT 135.72 107.25 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 164.96 107.25 Td (during ) Tj ET Q q 0 0 0 rg BT 190.71 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.95 107.25 Td (quarters.) Tj ET Q endstream endobj 401 0 obj <> endobj 402 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.85 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 549.46 742.25 Td ( 12 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.25 708.25 Td (ST) Tj ET Q q 0 0 0 rg BT 122.74 708.25 Td (A) Tj ET Q q 0 0 0 rg BT 129.22 708.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 172.38 708.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 188.39 708.25 Td ( COMPUT) Tj ET Q q 0 0 0 rg BT 234.59 708.25 Td (A) Tj ET Q q 0 0 0 rg BT 241.07 708.25 Td (TION OF) Tj ET Q q 0 0 0 rg BT 282.65 708.25 Td ( RA) Tj ET Q q 0 0 0 rg BT 298.85 708.25 Td (TIO OF) Tj ET Q q 0 0 0 rg BT 333.20 708.25 Td ( EARNINGS ) Tj ET Q q 0 0 0 rg BT 390.81 708.25 Td (T) Tj ET Q q 0 0 0 rg BT 397.30 708.25 Td (O FIXED CHARGES ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 493.14 712.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 674.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 86.01 674.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 106.79 674.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.58 674.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 153.91 674.25 Td (to ) Tj ET Q q 0 0 0 rg BT 164.14 674.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 187.15 674.25 Td (char) Tj ET Q q 0 0 0 rg BT 204.17 674.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 219.96 674.25 Td (for ) Tj ET Q q 0 0 0 rg BT 234.07 674.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.75 674.25 Td (each ) Tj ET Q q 0 0 0 rg BT 269.52 674.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.30 674.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.98 674.25 Td (years ) Tj ET Q q 0 0 0 rg BT 318.53 674.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.87 674.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 403.41 674.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.41 674.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.36 674.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.36 674.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.32 674.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.32 674.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.27 674.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.27 674.25 Td (, ) Tj ET Q q 0 0 0 rg BT 503.23 674.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.12 674.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.12 674.25 Td ( ) Tj ET Q q 0 0 0 rg BT 542.58 674.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.83 662.25 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 618.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 618.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 618.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 618.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 618.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 618.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 588.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 588.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 588.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 588.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 588.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 588.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 558.75 242.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 558.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 558.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 558.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 558.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 558.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 531.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 531.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 531.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 531.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 531.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 531.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 501.75 242.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 501.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 501.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 501.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 501.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 501.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 632.75 m 345.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 632.75 m 349.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 632.75 m 399.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 632.75 m 403.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 632.75 m 453.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 632.75 m 457.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 632.75 m 507.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 632.75 m 511.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 632.75 m 561.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 632.75 m 345.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 618.75 m 345.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 632.75 m 399.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 618.75 m 399.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 632.75 m 403.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 632.75 m 453.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 618.75 m 453.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 632.75 m 457.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 632.75 m 507.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 618.75 m 507.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 632.75 m 511.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 632.75 m 561.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 618.75 m 561.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 618.75 m 345.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 618.75 m 399.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 618.75 m 453.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 618.75 m 507.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 618.75 m 561.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 573.75 m 345.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 573.75 m 399.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 573.75 m 345.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 559.75 m 345.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 557.75 m 345.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 573.75 m 399.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 559.75 m 399.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 557.75 m 399.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 573.75 m 453.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 559.75 m 453.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 557.75 m 453.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 573.75 m 507.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 559.75 m 507.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 557.75 m 507.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 573.75 m 561.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 559.75 m 561.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 557.75 m 561.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 501.75 m 345.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 501.75 m 345.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 487.75 m 345.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 485.75 m 345.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 501.75 m 399.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 487.75 m 399.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 485.75 m 399.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 501.75 m 453.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 487.75 m 453.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 485.75 m 453.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 501.75 m 507.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 487.75 m 507.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 485.75 m 507.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 501.75 m 561.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 487.75 m 561.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 485.75 m 561.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 472.75 m 345.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 470.75 m 345.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 472.75 m 399.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 470.75 m 399.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 472.75 m 453.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 470.75 m 453.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 472.75 m 507.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 470.75 m 507.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 472.75 m 561.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 470.75 m 561.5 470.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.60 637.43 Td (Years Ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 623.20 Td (\(In Thousands, Except Ratios\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 623.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 623.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.00 623.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 623.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.00 623.43 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 608.42 Td (Net income before provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.10 608.42 Td (134,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 608.42 Td (91,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.10 608.42 Td (101,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 608.42 Td (184,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 608.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 608.42 Td (133,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 593.42 Td (Interest expense on asset-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 593.42 Td (14,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 593.42 Td (21,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 593.42 Td (31,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 593.42 Td (39,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 593.42 Td (101,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 578.42 Td (Interest expense on long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 578.42 Td (51,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 578.42 Td (43,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 578.42 Td (30,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 578.42 Td (23,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 578.42 Td (9,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 563.42 Td (Earnings available to cover fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.10 563.42 Td (201,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.10 563.42 Td (157,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.10 563.42 Td (162,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 563.42 Td (247,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 563.42 Td (244,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 536.42 Td (Fixed charges:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 521.42 Td (Interest expense on asset-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 521.42 Td (14,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 521.42 Td (21,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 521.42 Td (31,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 521.42 Td (39,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 521.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 521.42 Td (101,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 506.42 Td (Interest expense on long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 506.42 Td (51,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 506.42 Td (43,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 506.42 Td (30,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 506.42 Td (23,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 506.42 Td (9,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 491.42 Td (Total fixed charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.15 491.42 Td (66,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 491.42 Td (65,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 491.42 Td (61,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 491.42 Td (63,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.10 491.42 Td (111,315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 476.43 Td (Ratio of Earnings to Fixed Charges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 476.42 Td (3.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 476.42 Td (2.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 476.42 Td (2.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 476.42 Td (3.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 476.42 Td (2.20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.74 439.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 439.25 Td (The ) Tj ET Q q 0 0 0 rg BT 86.87 439.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 108.52 439.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.18 439.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 157.38 439.25 Td (to ) Tj ET Q q 0 0 0 rg BT 168.48 439.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 192.36 439.25 Td (char) Tj ET Q q 0 0 0 rg BT 209.38 439.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 226.04 439.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 269.90 439.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.44 439.25 Td (number ) Tj ET Q q 0 0 0 rg BT 319.31 439.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.97 439.25 Td (times ) Tj ET Q q 0 0 0 rg BT 355.96 439.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 384.27 439.25 Td (char) Tj ET Q q 0 0 0 rg BT 401.30 439.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 422.39 439.25 Td (are ) Tj ET Q q 0 0 0 rg BT 437.92 439.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 472.89 439.25 Td (by ) Tj ET Q q 0 0 0 rg BT 486.22 439.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 534.80 439.25 Td (Fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 427.25 Td (char) Tj ET Q q 0 0 0 rg BT 85.03 427.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 104.30 427.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 133.58 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.42 427.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.35 427.25 Td (on ) Tj ET Q q 0 0 0 rg BT 185.86 427.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 234.03 427.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 274.96 427.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 293.68 427.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.63 427.25 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 362.21 427.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 401.48 427.25 Td (issued, ) Tj ET Q q 0 0 0 rg BT 430.49 427.25 Td (as ) Tj ET Q q 0 0 0 rg BT 440.32 427.25 Td (well ) Tj ET Q q 0 0 0 rg BT 459.04 427.25 Td (as ) Tj ET Q q 0 0 0 rg BT 468.87 427.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 511.47 427.25 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 415.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.06 415.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 99.00 415.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 135.61 415.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.78 415.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 188.81 415.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 225.41 415.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 250.44 415.25 Td (The ) Tj ET Q q 0 0 0 rg BT 268.71 415.25 Td (proportion ) Tj ET Q q 0 0 0 rg BT 313.66 415.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 347.48 415.25 Td (representative ) Tj ET Q q 0 0 0 rg BT 406.28 415.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.34 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.28 415.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 464.44 415.25 Td (factor ) Tj ET Q q 0 0 0 rg BT 490.48 415.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.54 415.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 542.03 415.25 Td (lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 403.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 102.71 403.25 Td (has ) Tj ET Q q 0 0 0 rg BT 118.55 403.25 Td (not ) Tj ET Q q 0 0 0 rg BT 133.84 403.25 Td (been ) Tj ET Q q 0 0 0 rg BT 155.22 403.25 Td (deducted ) Tj ET Q q 0 0 0 rg BT 193.82 403.25 Td (as ) Tj ET Q q 0 0 0 rg BT 204.66 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.38 403.25 Td (total ) Tj ET Q q 0 0 0 rg BT 239.67 403.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 279.94 403.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 302.43 403.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 337.14 403.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.43 403.25 Td (itself ) Tj ET Q q 0 0 0 rg BT 369.93 403.25 Td (was ) Tj ET Q q 0 0 0 rg BT 387.99 403.25 Td (de ) Tj ET Q q 0 0 0 rg BT 399.94 403.25 Td (minimis ) Tj ET Q q 0 0 0 rg BT 435.23 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 452.17 403.25 Td (did ) Tj ET Q q 0 0 0 rg BT 467.46 403.25 Td (not ) Tj ET Q q 0 0 0 rg BT 482.74 403.25 Td (af) Tj ET Q q 0 0 0 rg BT 490.33 403.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 507.82 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.55 403.25 Td (ratios ) Tj ET Q q 0 0 0 rg BT 547.27 403.25 Td (in ) Tj ET Q q 0 0 0 rg BT 557.56 403.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 391.25 Td (material ) Tj ET Q q 0 0 0 rg BT 103.26 391.25 Td (way) Tj ET Q q 0 0 0 rg BT 119.27 391.25 Td (. ) Tj ET Q q 0 0 0 rg BT 124.27 391.25 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 171.19 391.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 201.47 391.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.30 391.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 265.34 391.25 Td (income ) Tj ET Q q 0 0 0 rg BT 297.28 391.25 Td (before ) Tj ET Q q 0 0 0 rg BT 325.31 391.25 Td (income ) Tj ET Q q 0 0 0 rg BT 357.25 391.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 380.29 391.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.23 391.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 420.28 391.25 Td (char) Tj ET Q q 0 0 0 rg BT 437.31 391.25 Td (ges. ) Tj ET Q endstream endobj 403 0 obj <> endobj 404 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.85 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 549.46 742.25 Td ( 21 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.10 718.25 Td (LIST) Tj ET Q q 0 0 0 rg BT 272.71 718.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 288.73 718.25 Td ( SUBSIDIARIES ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 706.25 Td (OF) Tj ET Q q 0 0 0 rg BT 254.17 706.25 Td ( REDWOOD ) Tj ET Q q 0 0 0 rg BT 312.88 706.25 Td (TRUST) Tj ET Q q 0 0 0 rg BT 345.48 706.25 Td (, INC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 633.75 m 443.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 633.75 m 561.5 633.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 638.43 Td (Subsidiaries*) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 637.80 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 659.48 Td (Jurisdictionof) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.10 648.73 Td (Incorporationor) Tj ET Q q 0 0 0 rg BT 544.86 648.73 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 637.98 Td (Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 611.42 Td (Redwood Asset Management, Inc.**) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 610.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 611.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 584.42 Td (Redwood Capital Trust I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 583.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 584.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 557.42 Td (Redwood Commercial Mortgage Corporation***) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 556.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 557.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 530.42 Td (Redwood Residential Acquisition Corporation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 529.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 530.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 503.42 Td (Redwood Subsidiary Holdings, LLC) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 502.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 503.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 476.42 Td (RWT Holdings, Inc.****) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 476.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 449.42 Td (RWT Securities, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 449.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 422.42 Td (Sequoia Mortgage Funding Corporation*****) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 421.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 422.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 395.42 Td (Sequoia Residential Funding, Inc.******) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 394.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 395.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 368.42 Td (RWT Financial, LLC) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.00 367.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 368.42 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET BT /F1 19.00 Tf ET q 0 0 0 rg BT 50.00 323.45 Td () Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 54.75 323.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 303.52 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 302.62 Td (In ) Tj ET Q q 0 0 0 rg BT 104.83 302.62 Td (accordance ) Tj ET Q q 0 0 0 rg BT 152.29 302.62 Td (with ) Tj ET Q q 0 0 0 rg BT 172.57 302.62 Td (Item601\(b\)\(21\)\(ii\) ) Tj ET Q q 0 0 0 rg BT 251.43 302.62 Td (of ) Tj ET Q q 0 0 0 rg BT 262.26 302.62 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 308.64 302.62 Td (S-K ) Tj ET Q q 0 0 0 rg BT 327.26 302.62 Td (the ) Tj ET Q q 0 0 0 rg BT 341.97 302.62 Td (names ) Tj ET Q q 0 0 0 rg BT 370.02 302.62 Td (of ) Tj ET Q q 0 0 0 rg BT 380.85 302.62 Td (certain ) Tj ET Q q 0 0 0 rg BT 410.55 302.62 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 460.27 302.62 Td (have ) Tj ET Q q 0 0 0 rg BT 481.65 302.62 Td (been ) Tj ET Q q 0 0 0 rg BT 503.02 302.62 Td (omitted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.52 Td (**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 288.52 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 135.15 288.52 Td (Asset ) Tj ET Q q 0 0 0 rg BT 160.36 288.52 Td (Management, ) Tj ET Q q 0 0 0 rg BT 218.32 288.52 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 236.85 288.52 Td (is ) Tj ET Q q 0 0 0 rg BT 246.78 288.52 Td (the ) Tj ET Q q 0 0 0 rg BT 262.26 288.52 Td (collateral ) Tj ET Q q 0 0 0 rg BT 302.72 288.52 Td (manager ) Tj ET Q q 0 0 0 rg BT 340.40 288.52 Td (of ) Tj ET Q q 0 0 0 rg BT 352.00 288.52 Td (the ) Tj ET Q q 0 0 0 rg BT 367.47 288.52 Td (following ) Tj ET Q q 0 0 0 rg BT 409.18 288.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 439.92 288.52 Td (securitization ) Tj ET Q q 0 0 0 rg BT 497.05 288.52 Td (entities: ) Tj ET Q q 0 0 0 rg BT 531.53 288.52 Td (Acacia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 278.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 117.54 278.52 Td (5, ) Tj ET Q q 0 0 0 rg BT 127.46 278.52 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 148.51 278.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 178.41 278.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 201.94 278.52 Td (7, ) Tj ET Q q 0 0 0 rg BT 211.86 278.52 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 232.91 278.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 262.81 278.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 286.35 278.52 Td (8, ) Tj ET Q q 0 0 0 rg BT 296.27 278.52 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 317.32 278.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 347.22 278.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 370.76 278.52 Td (CRE ) Tj ET Q q 0 0 0 rg BT 392.63 278.52 Td (1, ) Tj ET Q q 0 0 0 rg BT 402.55 278.52 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 423.60 278.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 453.50 278.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 477.03 278.52 Td (9, ) Tj ET Q q 0 0 0 rg BT 486.95 278.52 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 508.00 278.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 537.90 278.52 Td (CDO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 268.52 Td (10, ) Tj ET Q q 0 0 0 rg BT 109.12 268.52 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 130.33 268.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 160.43 268.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 184.17 268.52 Td (1) Tj ET Q q 0 0 0 rg BT 188.98 268.52 Td (1, ) Tj ET Q q 0 0 0 rg BT 198.92 268.52 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 220.43 268.52 Td (and ) Tj ET Q q 0 0 0 rg BT 237.19 268.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 267.29 268.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 291.03 268.52 Td (12, ) Tj ET Q q 0 0 0 rg BT 306.15 268.52 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 325.06 268.52 Td (These ) Tj ET Q q 0 0 0 rg BT 351.17 268.52 Td (Acacia ) Tj ET Q q 0 0 0 rg BT 381.27 268.52 Td (CDO ) Tj ET Q q 0 0 0 rg BT 405.01 268.52 Td (entities ) Tj ET Q q 0 0 0 rg BT 436.51 268.52 Td (were ) Tj ET Q q 0 0 0 rg BT 458.57 268.52 Td (or) Tj ET Q q 0 0 0 rg BT 466.81 268.52 Td (ganized ) Tj ET Q q 0 0 0 rg BT 500.43 268.52 Td (in ) Tj ET Q q 0 0 0 rg BT 510.83 268.52 Td (the ) Tj ET Q q 0 0 0 rg BT 525.67 268.52 Td (Cayman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 258.52 Td (Islands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.52 Td (***) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 244.62 Td (Certain ) Tj ET Q q 0 0 0 rg BT 126.85 244.62 Td (commercial ) Tj ET Q q 0 0 0 rg BT 177.47 244.62 Td (real ) Tj ET Q q 0 0 0 rg BT 195.87 244.62 Td (estate ) Tj ET Q q 0 0 0 rg BT 222.06 244.62 Td (related ) Tj ET Q q 0 0 0 rg BT 252.68 244.62 Td (investments ) Tj ET Q q 0 0 0 rg BT 303.87 244.62 Td (are ) Tj ET Q q 0 0 0 rg BT 319.50 244.62 Td (financed ) Tj ET Q q 0 0 0 rg BT 357.34 244.62 Td (by ) Tj ET Q q 0 0 0 rg BT 370.76 244.62 Td (transferring ) Tj ET Q q 0 0 0 rg BT 420.83 244.62 Td (\(by ) Tj ET Q q 0 0 0 rg BT 437.58 244.62 Td (sale\) ) Tj ET Q q 0 0 0 rg BT 459.87 244.62 Td (those ) Tj ET Q q 0 0 0 rg BT 484.40 244.62 Td (investments ) Tj ET Q q 0 0 0 rg BT 535.59 244.62 Td (to ) Tj ET Q q 0 0 0 rg BT 546.79 244.62 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 234.62 Td (following ) Tj ET Q q 0 0 0 rg BT 135.29 234.62 Td (special ) Tj ET Q q 0 0 0 rg BT 165.45 234.62 Td (purpose ) Tj ET Q q 0 0 0 rg BT 199.51 234.62 Td (entity) Tj ET Q q 0 0 0 rg BT 221.63 234.62 Td (, ) Tj ET Q q 0 0 0 rg BT 226.53 234.62 Td (which ) Tj ET Q q 0 0 0 rg BT 253.37 234.62 Td (was ) Tj ET Q q 0 0 0 rg BT 271.32 234.62 Td (or) Tj ET Q q 0 0 0 rg BT 279.47 234.62 Td (ganized ) Tj ET Q q 0 0 0 rg BT 312.97 234.62 Td (in ) Tj ET Q q 0 0 0 rg BT 323.15 234.62 Td (Delaware: ) Tj ET Q q 0 0 0 rg BT 366.63 234.62 Td (RCMC ) Tj ET Q q 0 0 0 rg BT 397.93 234.62 Td (2012-CREL1, ) Tj ET Q q 0 0 0 rg BT 456.72 234.62 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 480.33 234.62 Td (The ) Tj ET Q q 0 0 0 rg BT 498.28 234.62 Td (equity ) Tj ET Q q 0 0 0 rg BT 525.67 234.62 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 224.62 Td (in ) Tj ET Q q 0 0 0 rg BT 104.28 224.62 Td (RCMC ) Tj ET Q q 0 0 0 rg BT 135.68 224.62 Td (2012-CREL1, ) Tj ET Q q 0 0 0 rg BT 194.57 224.62 Td (LLC ) Tj ET Q q 0 0 0 rg BT 215.95 224.62 Td (are ) Tj ET Q q 0 0 0 rg BT 230.66 224.62 Td (held ) Tj ET Q q 0 0 0 rg BT 250.38 224.62 Td (by ) Tj ET Q q 0 0 0 rg BT 262.88 224.62 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 303.53 224.62 Td (T) Tj ET Q q 0 0 0 rg BT 309.28 224.62 Td (rust, ) Tj ET Q q 0 0 0 rg BT 329.28 224.62 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.52 Td (****) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 210.52 Td (The ) Tj ET Q q 0 0 0 rg BT 112.45 210.52 Td (following ) Tj ET Q q 0 0 0 rg BT 154.24 210.52 Td (special ) Tj ET Q q 0 0 0 rg BT 184.91 210.52 Td (purpose ) Tj ET Q q 0 0 0 rg BT 219.47 210.52 Td (entities, ) Tj ET Q q 0 0 0 rg BT 253.76 210.52 Td (each ) Tj ET Q q 0 0 0 rg BT 274.98 210.52 Td (of ) Tj ET Q q 0 0 0 rg BT 286.21 210.52 Td (which ) Tj ET Q q 0 0 0 rg BT 313.56 210.52 Td (is ) Tj ET Q q 0 0 0 rg BT 323.13 210.52 Td (or) Tj ET Q q 0 0 0 rg BT 331.28 210.52 Td (ganized ) Tj ET Q q 0 0 0 rg BT 365.28 210.52 Td (in ) Tj ET Q q 0 0 0 rg BT 375.96 210.52 Td (Delaware, ) Tj ET Q q 0 0 0 rg BT 419.67 210.52 Td (are ) Tj ET Q q 0 0 0 rg BT 434.78 210.52 Td (associated ) Tj ET Q q 0 0 0 rg BT 478.78 210.52 Td (with ) Tj ET Q q 0 0 0 rg BT 499.46 210.52 Td (residential ) Tj ET Q q 0 0 0 rg BT 544.02 210.52 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 200.52 Td (sharing ) Tj ET Q q 0 0 0 rg BT 126.00 200.52 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 182.43 200.52 Td (with ) Tj ET Q q 0 0 0 rg BT 202.78 200.52 Td (Fannie ) Tj ET Q q 0 0 0 rg BT 232.56 200.52 Td (Mae ) Tj ET Q q 0 0 0 rg BT 252.89 200.52 Td (and ) Tj ET Q q 0 0 0 rg BT 269.90 200.52 Td (Freddie ) Tj ET Q q 0 0 0 rg BT 303.01 200.52 Td (Mac: ) Tj ET Q q 0 0 0 rg BT 326.12 200.52 Td (RRAC ) Tj ET Q q 0 0 0 rg BT 355.92 200.52 Td (SPV) Tj ET Q q 0 0 0 rg BT 373.35 200.52 Td (-FN ) Tj ET Q q 0 0 0 rg BT 391.84 200.52 Td (T) Tj ET Q q 0 0 0 rg BT 397.60 200.52 Td (rust; ) Tj ET Q q 0 0 0 rg BT 417.94 200.52 Td (RRAC ) Tj ET Q q 0 0 0 rg BT 447.74 200.52 Td (SPV) Tj ET Q q 0 0 0 rg BT 465.17 200.52 Td (-FN2 ) Tj ET Q q 0 0 0 rg BT 488.66 200.52 Td (T) Tj ET Q q 0 0 0 rg BT 494.42 200.52 Td (rust; ) Tj ET Q q 0 0 0 rg BT 514.76 200.52 Td (and ) Tj ET Q q 0 0 0 rg BT 531.77 200.52 Td (RRAC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 190.52 Td (SPV) Tj ET Q q 0 0 0 rg BT 111.43 190.52 Td (-FRE ) Tj ET Q q 0 0 0 rg BT 135.42 190.52 Td (T) Tj ET Q q 0 0 0 rg BT 141.17 190.52 Td (rust. ) Tj ET Q q 0 0 0 rg BT 160.99 190.52 Td (The ) Tj ET Q q 0 0 0 rg BT 179.04 190.52 Td (equity ) Tj ET Q q 0 0 0 rg BT 206.53 190.52 Td (interests ) Tj ET Q q 0 0 0 rg BT 242.36 190.52 Td (in ) Tj ET Q q 0 0 0 rg BT 252.64 190.52 Td (each ) Tj ET Q q 0 0 0 rg BT 273.45 190.52 Td (such ) Tj ET Q q 0 0 0 rg BT 294.28 190.52 Td (entity ) Tj ET Q q 0 0 0 rg BT 319.56 190.52 Td (are ) Tj ET Q q 0 0 0 rg BT 334.26 190.52 Td (held ) Tj ET Q q 0 0 0 rg BT 353.98 190.52 Td (by ) Tj ET Q q 0 0 0 rg BT 366.48 190.52 Td (R) Tj ET Q q 0 0 0 rg BT 372.60 190.52 Td (WT) Tj ET Q q 0 0 0 rg BT 387.96 190.52 Td ( ) Tj ET Q q 0 0 0 rg BT 390.46 190.52 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 432.13 190.52 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 175.52 Td (*****) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 174.62 Td (Sequoia Mortgage Funding Corporation is the depositor with respect to four Sequoia securitization trusts that are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 164.62 Td (not listed in this exhibit, but we are required to consolidate the assets and liabilities of two of these trusts under) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 154.62 Td (GAAP for financial reporting purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.52 Td (******) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 137.62 Td (Sequoia Residential Funding, Inc. is the depositor with respect to more than 30 Sequoia securitization trusts that are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 127.62 Td (not listed in this exhibit, but we are required to consolidate the assets and liabilities of certain of these trusts under) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.00 117.62 Td (GAAP for financial reporting purposes.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 99.05 Td () Tj ET Q endstream endobj 405 0 obj <> endobj 406 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.85 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 549.46 742.25 Td ( 23 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.85 722.75 Td (CONSENT) Tj ET Q q 0 0 0 rg BT 180.01 722.75 Td ( OF) Tj ET Q q 0 0 0 rg BT 196.03 722.75 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 271.14 722.75 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 381.44 722.75 Td (ACCOUNTING FIRM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 683.75 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 683.75 Td (e ) Tj ET Q q 0 0 0 rg BT 83.05 683.75 Td (have ) Tj ET Q q 0 0 0 rg BT 103.90 683.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 130.88 683.75 Td (our ) Tj ET Q q 0 0 0 rg BT 146.18 683.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 175.93 683.75 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.56 683.75 Td (February24, ) Tj ET Q q 0 0 0 rg BT 252.63 683.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.63 683.75 Td (, ) Tj ET Q q 0 0 0 rg BT 277.11 683.75 Td (with ) Tj ET Q q 0 0 0 rg BT 296.86 683.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 327.15 683.75 Td (to ) Tj ET Q q 0 0 0 rg BT 336.90 683.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.10 683.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 403.61 683.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.57 683.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 484.76 683.75 Td (and ) Tj ET Q q 0 0 0 rg BT 501.17 683.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.69 683.75 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.75 Td (over ) Tj ET Q q 0 0 0 rg BT 70.47 671.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 108.15 671.75 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 150.01 671.75 Td (included ) Tj ET Q q 0 0 0 rg BT 187.15 671.75 Td (in ) Tj ET Q q 0 0 0 rg BT 197.63 671.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.95 671.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 244.09 671.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 274.01 671.75 Td (of ) Tj ET Q q 0 0 0 rg BT 285.05 671.75 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 325.88 671.75 Td (T) Tj ET Q q 0 0 0 rg BT 331.64 671.75 Td (rust, ) Tj ET Q q 0 0 0 rg BT 351.84 671.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 369.81 671.75 Td (on ) Tj ET Q q 0 0 0 rg BT 382.52 671.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.89 671.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 430.14 671.75 Td (for ) Tj ET Q q 0 0 0 rg BT 444.51 671.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.43 671.75 Td (year ) Tj ET Q q 0 0 0 rg BT 479.33 671.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.91 671.75 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 659.75 Td (. ) Tj ET Q q 0 0 0 rg BT 74.86 659.75 Td (W) Tj ET Q q 0 0 0 rg BT 83.50 659.75 Td (e ) Tj ET Q q 0 0 0 rg BT 90.49 659.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 120.24 659.75 Td (consent ) Tj ET Q q 0 0 0 rg BT 153.34 659.75 Td (to ) Tj ET Q q 0 0 0 rg BT 163.66 659.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 659.75 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 234.85 659.75 Td (by ) Tj ET Q q 0 0 0 rg BT 247.40 659.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 287.13 659.75 Td (to ) Tj ET Q q 0 0 0 rg BT 297.45 659.75 Td (said ) Tj ET Q q 0 0 0 rg BT 316.11 659.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 346.42 659.75 Td (in ) Tj ET Q q 0 0 0 rg BT 356.75 659.75 Td (the ) Tj ET Q q 0 0 0 rg BT 371.52 659.75 Td (Registration ) Tj ET Q q 0 0 0 rg BT 422.95 659.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 469.38 659.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.25 659.75 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 520.95 659.75 Td (T) Tj ET Q q 0 0 0 rg BT 526.70 659.75 Td (rust, ) Tj ET Q q 0 0 0 rg BT 546.75 659.75 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.75 Td (on ) Tj ET Q q 0 0 0 rg BT 62.96 647.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 87.59 647.75 Td (S-3 ) Tj ET Q q 0 0 0 rg BT 104.44 647.75 Td (\(File ) Tj ET Q q 0 0 0 rg BT 126.28 647.75 Td (No.333-21) Tj ET Q q 0 0 0 rg BT 171.46 647.75 Td (1267, ) Tj ET Q q 0 0 0 rg BT 196.92 647.75 Td (ef) Tj ET Q q 0 0 0 rg BT 204.51 647.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 234.67 647.75 Td (May10, ) Tj ET Q q 0 0 0 rg BT 270.96 647.75 Td (2016\) ) Tj ET Q q 0 0 0 rg BT 297.25 647.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.65 647.75 Td (on ) Tj ET Q q 0 0 0 rg BT 327.61 647.75 Td (Forms ) Tj ET Q q 0 0 0 rg BT 356.13 647.75 Td (S-8 ) Tj ET Q q 0 0 0 rg BT 372.98 647.75 Td (\(File ) Tj ET Q q 0 0 0 rg BT 394.82 647.75 Td (Nos. ) Tj ET Q q 0 0 0 rg BT 416.40 647.75 Td (333-89302, ) Tj ET Q q 0 0 0 rg BT 465.19 647.75 Td (ef) Tj ET Q q 0 0 0 rg BT 472.77 647.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 502.93 647.75 Td (May29, ) Tj ET Q q 0 0 0 rg BT 539.22 647.75 Td (2002; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.75 Td (333-89300, ) Tj ET Q q 0 0 0 rg BT 99.69 635.75 Td (ef) Tj ET Q q 0 0 0 rg BT 107.28 635.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 138.35 635.75 Td (May29, ) Tj ET Q q 0 0 0 rg BT 175.54 635.75 Td (2002; ) Tj ET Q q 0 0 0 rg BT 202.18 635.75 Td (333-90592, ) Tj ET Q q 0 0 0 rg BT 251.87 635.75 Td (ef) Tj ET Q q 0 0 0 rg BT 259.46 635.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 290.53 635.75 Td (June17, ) Tj ET Q q 0 0 0 rg BT 327.72 635.75 Td (2002; ) Tj ET Q q 0 0 0 rg BT 354.36 635.75 Td (333-1) Tj ET Q q 0 0 0 rg BT 377.32 635.75 Td (16395, ) Tj ET Q q 0 0 0 rg BT 408.68 635.75 Td (ef) Tj ET Q q 0 0 0 rg BT 416.27 635.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 447.33 635.75 Td (June10, ) Tj ET Q q 0 0 0 rg BT 484.53 635.75 Td (2004; ) Tj ET Q q 0 0 0 rg BT 511.17 635.75 Td (333-136497, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 623.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.57 623.75 Td (August10, ) Tj ET Q q 0 0 0 rg BT 135.04 623.75 Td (2006; ) Tj ET Q q 0 0 0 rg BT 161.39 623.75 Td (333-155154, ) Tj ET Q q 0 0 0 rg BT 215.79 623.75 Td (ef) Tj ET Q q 0 0 0 rg BT 223.38 623.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 254.15 623.75 Td (November6, ) Tj ET Q q 0 0 0 rg BT 309.93 623.75 Td (2008; ) Tj ET Q q 0 0 0 rg BT 336.28 623.75 Td (333-162893, ) Tj ET Q q 0 0 0 rg BT 390.68 623.75 Td (ef) Tj ET Q q 0 0 0 rg BT 398.27 623.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 429.04 623.75 Td (November5, ) Tj ET Q q 0 0 0 rg BT 484.82 623.75 Td (2009; ) Tj ET Q q 0 0 0 rg BT 511.17 623.75 Td (333-176102, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 611.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.30 611.75 Td (August5, ) Tj ET Q q 0 0 0 rg BT 129.40 611.75 Td (201) Tj ET Q q 0 0 0 rg BT 144.03 611.75 Td (1; ) Tj ET Q q 0 0 0 rg BT 155.03 611.75 Td (333-1831) Tj ET Q q 0 0 0 rg BT 192.98 611.75 Td (14, ) Tj ET Q q 0 0 0 rg BT 208.70 611.75 Td (ef) Tj ET Q q 0 0 0 rg BT 216.29 611.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 246.00 611.75 Td (August7, ) Tj ET Q q 0 0 0 rg BT 288.10 611.75 Td (2012; 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Hughes, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 664.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 664.25 Td (I ) Tj ET Q q 0 0 0 rg BT 109.83 664.25 Td (have ) Tj ET Q q 0 0 0 rg BT 131.21 664.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 170.35 664.25 Td (this ) Tj ET Q q 0 0 0 rg BT 186.75 664.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 218.69 664.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 248.40 664.25 Td (on ) Tj ET Q q 0 0 0 rg BT 260.90 664.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 285.07 664.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 308.13 664.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.96 664.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 359.61 664.25 Td (T) Tj ET Q q 0 0 0 rg BT 365.36 664.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 385.36 664.25 Td (Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 646.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 646.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 130.19 646.25 Td (on ) Tj ET Q q 0 0 0 rg BT 141.94 646.25 Td (my ) Tj ET Q q 0 0 0 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ET Q q 0 0 0 rg BT 499.43 592.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 540.02 592.25 Td (as ) Tj ET Q q 0 0 0 rg BT 551.18 592.25 Td (of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.94 580.25 Td (for) Tj ET Q q 0 0 0 rg BT 132.20 580.25 Td (, ) Tj ET Q q 0 0 0 rg BT 137.20 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.92 580.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 183.85 580.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 224.67 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.95 580.25 Td (this ) Tj ET Q q 0 0 0 rg BT 251.90 580.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 562.25 Td (4. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 122.56 562.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 163.10 562.25 Td (s ) Tj ET Q q 0 0 0 rg BT 170.01 562.25 Td (other ) Tj ET Q q 0 0 0 rg BT 193.57 562.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 235.46 562.25 Td (of) Tj ET Q q 0 0 0 rg BT 243.61 562.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 264.94 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.39 562.25 Td (I ) Tj ET Q q 0 0 0 rg BT 288.74 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 303.96 562.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 352.52 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.20 562.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 417.99 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.44 562.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 486.22 562.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 529.79 562.25 Td (controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.93 550.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 167.29 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 181.44 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 213.91 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 224.18 550.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 265.54 550.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 282.47 550.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 307.74 550.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 349.10 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.03 550.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 411.28 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.21 550.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 461.24 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 492.05 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 512.31 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.02 550.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 538.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 143.16 538.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 157.32 538.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 189.80 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.08 538.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 241.45 538.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 258.39 538.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 283.67 538.25 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 323.93 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.87 538.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 385.02 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 399.18 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.89 538.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 454.16 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.09 538.25 Td (we ) Tj ET Q q 0 0 0 rg BT 485.25 538.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 520.25 Td (a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 520.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 198.22 520.25 Td (such ) Tj ET Q q 0 0 0 rg BT 219.00 520.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 262.00 520.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 296.66 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.55 520.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 362.37 520.25 Td (or ) Tj ET Q q 0 0 0 rg BT 373.15 520.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 402.81 520.25 Td (such ) Tj ET Q q 0 0 0 rg BT 423.59 520.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 466.58 520.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 501.25 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.14 520.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.13 508.25 Td (be ) Tj ET Q q 0 0 0 rg BT 181.92 508.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 220.81 508.25 Td (under ) Tj ET Q q 0 0 0 rg BT 246.93 508.25 Td (our ) Tj ET Q q 0 0 0 rg BT 263.61 508.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 315.57 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 326.70 508.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 356.14 508.25 Td (that ) Tj ET Q q 0 0 0 rg BT 374.49 508.25 Td (material ) Tj ET Q q 0 0 0 rg BT 410.60 508.25 Td (information ) Tj ET Q q 0 0 0 rg BT 461.16 508.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 495.05 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 506.18 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.75 508.25 Td (registrant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 496.25 Td (including ) Tj ET Q q 0 0 0 rg BT 197.61 496.25 Td (its ) Tj ET Q q 0 0 0 rg BT 208.90 496.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 261.28 496.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 312.83 496.25 Td (is ) Tj ET Q q 0 0 0 rg BT 321.34 496.25 Td (made ) Tj ET Q q 0 0 0 rg BT 344.84 496.25 Td (known ) Tj ET Q q 0 0 0 rg BT 373.90 496.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.51 496.25 Td (us ) Tj ET Q q 0 0 0 rg BT 394.24 496.25 Td (by ) Tj ET Q q 0 0 0 rg BT 406.08 496.25 Td (others ) Tj ET Q q 0 0 0 rg BT 432.36 496.25 Td (within ) Tj ET Q q 0 0 0 rg BT 459.75 496.25 Td (those ) Tj ET Q q 0 0 0 rg BT 482.70 496.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 515.92 496.25 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 484.25 Td (during ) Tj ET Q q 0 0 0 rg BT 186.61 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.33 484.25 Td (period ) Tj ET Q q 0 0 0 rg BT 229.37 484.25 Td (in ) Tj ET Q q 0 0 0 rg BT 239.65 484.25 Td (which ) Tj ET Q q 0 0 0 rg BT 266.59 484.25 Td (this ) Tj ET Q q 0 0 0 rg BT 283.54 484.25 Td (report ) Tj ET Q q 0 0 0 rg BT 309.91 484.25 Td (is ) Tj ET Q q 0 0 0 rg BT 319.08 484.25 Td (being ) Tj ET Q q 0 0 0 rg BT 343.80 484.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 466.25 Td (b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 466.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 198.20 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 218.97 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 251.94 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 282.70 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 302.90 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 340.32 466.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 381.91 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 392.67 466.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 422.31 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 443.08 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.05 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.81 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 466.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 454.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 196.23 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 205.59 454.25 Td (be ) Tj ET Q q 0 0 0 rg BT 216.61 454.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 253.73 454.25 Td (under ) Tj ET Q q 0 0 0 rg BT 278.08 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.99 454.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 343.18 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.53 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 384.66 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 428.99 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 469.44 454.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 509.33 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.13 454.25 Td (reliability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.96 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.57 442.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 245.85 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.92 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.77 442.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 325.93 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.89 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 374.50 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 419.34 442.25 Td (for ) Tj ET Q q 0 0 0 rg BT 433.63 442.25 Td (external ) Tj ET Q q 0 0 0 rg BT 468.46 442.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 506.64 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.05 442.25 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 178.28 430.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 217.98 430.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 255.45 430.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 301.82 430.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 412.25 Td (c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 412.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 200.19 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.62 412.25 Td (ef) Tj ET Q q 0 0 0 rg BT 222.21 412.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 268.85 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 279.39 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.82 412.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 334.36 412.25 Td (s ) Tj ET Q q 0 0 0 rg BT 340.47 412.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 383.23 412.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.66 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.31 412.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 480.39 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.04 412.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 537.57 412.25 Td (in ) Tj ET Q q 0 0 0 rg BT 547.56 412.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 400.25 Td (report ) Tj ET Q q 0 0 0 rg BT 184.26 400.25 Td (our ) Tj ET Q q 0 0 0 rg BT 199.97 400.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 249.56 400.25 Td (about ) Tj ET Q q 0 0 0 rg BT 274.16 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.76 400.25 Td (ef) Tj ET Q q 0 0 0 rg BT 296.35 400.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 343.15 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.86 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.46 400.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 411.39 400.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 445.98 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.80 400.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 511.55 400.25 Td (as ) Tj ET Q q 0 0 0 rg BT 522.26 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 532.97 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 547.57 400.25 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.83 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.55 388.25 Td (period ) Tj ET Q q 0 0 0 rg BT 211.59 388.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 245.74 388.25 Td (by ) Tj ET Q q 0 0 0 rg BT 258.24 388.25 Td (this ) Tj ET Q q 0 0 0 rg BT 275.19 388.25 Td (report ) Tj ET Q q 0 0 0 rg BT 301.56 388.25 Td (based ) Tj ET Q q 0 0 0 rg BT 326.83 388.25 Td (on ) Tj ET Q q 0 0 0 rg BT 339.33 388.25 Td (such ) Tj ET Q q 0 0 0 rg BT 360.16 388.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 407.09 388.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 370.25 Td (d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 370.25 Td (Disclosed ) Tj ET Q q 0 0 0 rg BT 200.87 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.08 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 229.95 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 257.26 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 275.13 370.25 Td (change ) Tj ET Q q 0 0 0 rg BT 306.87 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 318.08 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.72 370.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 374.27 370.25 Td (s ) Tj ET Q q 0 0 0 rg BT 381.59 370.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 415.56 370.25 Td (control ) Tj ET Q q 0 0 0 rg BT 447.31 370.25 Td (over ) Tj ET Q q 0 0 0 rg BT 468.51 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 506.92 370.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 547.00 370.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 358.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 195.69 358.25 Td (during ) Tj ET Q q 0 0 0 rg BT 224.52 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.45 358.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 279.99 358.25 Td (s ) Tj ET Q q 0 0 0 rg BT 286.60 358.25 Td (most ) Tj ET Q q 0 0 0 rg BT 308.77 358.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 335.91 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 360.28 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 391.32 358.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 409.58 358.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 450.12 358.25 Td (s ) Tj ET Q q 0 0 0 rg BT 456.73 358.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 483.89 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 508.26 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 539.29 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 358.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 346.25 Td (case ) Tj ET Q q 0 0 0 rg BT 178.03 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.17 346.25 Td (an ) Tj ET Q q 0 0 0 rg BT 201.43 346.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 230.91 346.25 Td (report\) ) Tj ET Q q 0 0 0 rg BT 260.93 346.25 Td (that ) Tj ET Q q 0 0 0 rg BT 278.75 346.25 Td (has ) Tj ET Q q 0 0 0 rg BT 294.90 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 338.25 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 345.84 346.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 375.58 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 386.73 346.25 Td (is ) Tj ET Q q 0 0 0 rg BT 396.22 346.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 442.35 346.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 467.95 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.54 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 521.90 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 529.49 346.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 549.79 346.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 334.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 198.54 334.25 Td (s ) Tj ET Q q 0 0 0 rg BT 204.93 334.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 237.98 334.25 Td (control ) Tj ET Q q 0 0 0 rg BT 268.80 334.25 Td (over ) Tj ET Q q 0 0 0 rg BT 289.07 334.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.55 334.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 368.48 334.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 316.25 Td (5. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 316.25 Td () Tj ET Q q 0 0 0 rg BT 106.32 316.25 Td (The ) Tj ET Q q 0 0 0 rg BT 123.90 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 164.45 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 170.38 316.25 Td (other ) Tj ET Q q 0 0 0 rg BT 192.96 316.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 233.87 316.25 Td (of) Tj ET Q q 0 0 0 rg BT 242.02 316.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 262.37 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.85 316.25 Td (I ) Tj ET Q q 0 0 0 rg BT 284.22 316.25 Td (have ) Tj ET Q q 0 0 0 rg BT 305.13 316.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 346.88 316.25 Td (based ) Tj ET Q q 0 0 0 rg BT 371.69 316.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.73 316.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.10 316.25 Td (most ) Tj ET Q q 0 0 0 rg BT 420.58 316.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 447.04 316.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 490.73 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.10 316.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.68 316.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 304.25 Td (over ) Tj ET Q q 0 0 0 rg BT 124.00 304.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.21 304.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 202.59 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.59 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.04 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 267.58 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 273.70 304.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 308.15 304.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.81 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.26 304.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 361.48 304.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 405.92 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.47 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.92 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 471.46 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 477.58 304.25 Td (board ) Tj ET Q q 0 0 0 rg BT 502.58 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 513.13 304.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 550.35 304.25 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 292.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 137.05 292.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 184.54 292.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.25 292.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 243.40 292.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 274.25 Td (a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 274.25 Td (All ) Tj ET Q q 0 0 0 rg BT 172.94 274.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 217.31 274.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 267.22 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.82 274.25 Td (material ) Tj ET Q q 0 0 0 rg BT 318.74 274.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 367.55 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.49 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.87 274.25 Td (design ) Tj ET Q q 0 0 0 rg BT 420.14 274.25 Td (or ) Tj ET Q q 0 0 0 rg BT 430.63 274.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 470.55 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.04 274.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.74 274.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.23 274.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 262.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.28 262.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 236.24 262.25 Td (which ) Tj ET Q q 0 0 0 rg BT 263.98 262.25 Td (are ) Tj ET Q q 0 0 0 rg BT 279.49 262.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 326.11 262.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 352.19 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.27 262.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 404.89 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 412.48 262.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 430.77 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.29 262.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 486.83 262.25 Td (s ) Tj ET Q q 0 0 0 rg BT 494.02 262.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 522.88 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.96 262.25 Td (record, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 250.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 192.99 250.25 Td (summarize ) Tj ET Q q 0 0 0 rg BT 239.36 250.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.30 250.25 Td (report ) Tj ET Q q 0 0 0 rg BT 282.68 250.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.16 250.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 372.65 250.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 232.25 Td (b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 232.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 176.57 232.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 201.52 232.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 235.08 232.25 Td (or ) Tj ET Q q 0 0 0 rg BT 244.76 232.25 Td (not ) Tj ET Q q 0 0 0 rg BT 258.89 232.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 295.50 232.25 Td (that ) Tj ET Q q 0 0 0 rg BT 311.84 232.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 347.08 232.25 Td (management ) Tj ET Q q 0 0 0 rg BT 399.52 232.25 Td (or ) Tj ET Q q 0 0 0 rg BT 409.20 232.25 Td (other ) Tj ET Q q 0 0 0 rg BT 431.09 232.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 475.21 232.25 Td (who ) Tj ET Q q 0 0 0 rg BT 493.78 232.25 Td (have ) Tj ET Q q 0 0 0 rg BT 514.01 232.25 Td (a ) Tj ET Q q 0 0 0 rg BT 519.79 232.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 220.25 Td (role ) Tj ET Q q 0 0 0 rg BT 176.05 220.25 Td (in ) Tj ET Q q 0 0 0 rg BT 186.33 220.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.04 220.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 241.58 220.25 Td (s ) Tj ET Q q 0 0 0 rg BT 247.98 220.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 281.02 220.25 Td (control ) Tj ET Q q 0 0 0 rg BT 311.84 220.25 Td (over ) Tj ET Q q 0 0 0 rg BT 332.11 220.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.59 220.25 Td (reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 183.75 m 561.5 183.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 188.32 Td (Date: February 24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 188.32 Td (/s/ MARTIN S. HUGHES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 174.32 Td (Martin S. Hughes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 160.32 Td (Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 409 0 obj <> endobj 410 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 742.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 541.96 742.25 Td ( 31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.55 718.25 Td (CHIEF) Tj ET Q q 0 0 0 rg BT 149.85 718.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 208.47 718.25 Td ( OFFICER CER) Tj ET Q q 0 0 0 rg BT 279.23 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 313.49 718.25 Td (TION PURSUANT) Tj ET Q q 0 0 0 rg BT 395.82 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.14 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 404.63 718.25 Td (O SECTION 302 OF) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.55 706.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 333.04 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.99 706.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 355.92 706.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 371.93 706.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (I, Christopher J. ) Tj ET Q q 0 0 0 rg BT 116.39 682.25 Td (Abate, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 664.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 664.25 Td (I ) Tj ET Q q 0 0 0 rg BT 109.83 664.25 Td (have ) Tj ET Q q 0 0 0 rg BT 131.21 664.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 170.35 664.25 Td (this ) Tj ET Q q 0 0 0 rg BT 186.75 664.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 218.69 664.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 248.40 664.25 Td (on ) Tj ET Q q 0 0 0 rg BT 260.90 664.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 285.07 664.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 308.13 664.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.96 664.25 Td (Redwood ) Tj ET Q q 0 0 0 rg BT 359.61 664.25 Td (T) Tj ET Q q 0 0 0 rg BT 365.36 664.25 Td (rust, ) Tj ET Q q 0 0 0 rg BT 385.36 664.25 Td (Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 646.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 646.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 130.19 646.25 Td (on ) Tj ET Q q 0 0 0 rg BT 141.94 646.25 Td (my ) Tj ET Q q 0 0 0 rg BT 156.47 646.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 204.60 646.25 Td (this ) Tj ET Q q 0 0 0 rg BT 220.79 646.25 Td (report ) Tj ET Q q 0 0 0 rg BT 246.42 646.25 Td (does ) Tj ET Q q 0 0 0 rg BT 266.50 646.25 Td (not ) Tj ET Q q 0 0 0 rg BT 281.03 646.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 312.22 646.25 Td (any ) Tj ET Q q 0 0 0 rg BT 328.40 646.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 355.70 646.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 395.77 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.85 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 412.04 646.25 Td (material ) Tj ET Q q 0 0 0 rg BT 446.55 646.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 463.29 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 473.37 646.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 493.45 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.98 646.25 Td (state ) Tj ET Q q 0 0 0 rg BT 523.06 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.25 646.25 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 634.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 121.43 634.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 162.74 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.96 634.25 Td (make ) Tj ET Q q 0 0 0 rg BT 197.05 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.71 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 256.36 634.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 282.96 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 293.18 634.25 Td (light ) Tj ET Q q 0 0 0 rg BT 313.96 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.73 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.39 634.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 398.47 634.25 Td (under ) Tj ET Q q 0 0 0 rg BT 423.68 634.25 Td (which ) Tj ET Q q 0 0 0 rg BT 450.56 634.25 Td (such ) Tj ET Q q 0 0 0 rg BT 471.33 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 515.98 634.25 Td (were ) Tj ET Q q 0 0 0 rg BT 537.85 634.25 Td (made, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 622.25 Td (not ) Tj ET Q q 0 0 0 rg BT 119.28 622.25 Td (misleading ) Tj ET Q q 0 0 0 rg BT 165.66 622.25 Td (with ) Tj ET Q q 0 0 0 rg BT 185.94 622.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 216.75 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.03 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.75 622.25 Td (period ) Tj ET Q q 0 0 0 rg BT 269.80 622.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 303.94 622.25 Td (by ) Tj ET Q q 0 0 0 rg BT 316.44 622.25 Td (this ) Tj ET Q q 0 0 0 rg BT 333.39 622.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 604.25 Td (3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 604.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 131.81 604.25 Td (on ) Tj ET Q q 0 0 0 rg BT 145.19 604.25 Td (my ) Tj ET Q q 0 0 0 rg BT 161.34 604.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 211.10 604.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.69 604.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.04 604.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 313.13 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.95 604.25 Td (other ) Tj ET Q q 0 0 0 rg BT 354.87 604.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.22 604.25 Td (information ) Tj ET Q q 0 0 0 rg BT 443.81 604.25 Td (included ) Tj ET Q q 0 0 0 rg BT 481.62 604.25 Td (in ) Tj ET Q q 0 0 0 rg BT 492.77 604.25 Td (this ) Tj ET Q q 0 0 0 rg BT 510.60 604.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 540.35 604.25 Td (fairly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 592.25 Td (present ) Tj ET Q q 0 0 0 rg BT 135.71 592.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.31 592.25 Td (all ) Tj ET Q q 0 0 0 rg BT 159.14 592.25 Td (material ) Tj ET Q q 0 0 0 rg BT 194.73 592.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 229.76 592.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.81 592.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 282.62 592.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 325.72 592.25 Td (results ) Tj ET Q q 0 0 0 rg BT 354.66 592.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.82 592.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 410.31 592.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.57 592.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 448.17 592.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 473.22 592.25 Td (of ) Tj ET Q q 0 0 0 rg BT 484.38 592.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.43 592.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 540.02 592.25 Td (as ) Tj ET Q q 0 0 0 rg BT 551.18 592.25 Td (of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.94 580.25 Td (for) Tj ET Q q 0 0 0 rg BT 132.20 580.25 Td (, ) Tj ET Q q 0 0 0 rg BT 137.20 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.92 580.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 183.85 580.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 224.67 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.95 580.25 Td (this ) Tj ET Q q 0 0 0 rg BT 251.90 580.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 562.25 Td (4. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 122.56 562.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 163.10 562.25 Td (s ) Tj ET Q q 0 0 0 rg BT 170.01 562.25 Td (other ) Tj ET Q q 0 0 0 rg BT 193.57 562.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 235.46 562.25 Td (of) Tj ET Q q 0 0 0 rg BT 243.61 562.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 264.94 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.39 562.25 Td (I ) Tj ET Q q 0 0 0 rg BT 288.74 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 303.96 562.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 352.52 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.20 562.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 417.99 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.44 562.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 486.22 562.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 529.79 562.25 Td (controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.93 550.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 167.29 550.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 181.44 550.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 213.91 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 224.18 550.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 265.54 550.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 282.47 550.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 307.74 550.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 349.10 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.03 550.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 411.28 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.21 550.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 461.24 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 492.05 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 512.31 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.02 550.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 538.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 143.16 538.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 157.32 538.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 189.80 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 200.08 538.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 241.45 538.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 258.39 538.25 Td (Rules ) Tj ET Q q 0 0 0 rg BT 283.67 538.25 Td (13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 323.93 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.87 538.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 385.02 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 399.18 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.89 538.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 454.16 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.09 538.25 Td (we ) Tj ET Q q 0 0 0 rg BT 485.25 538.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 520.25 Td (a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 520.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 198.22 520.25 Td (such ) Tj ET Q q 0 0 0 rg BT 219.00 520.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 262.00 520.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 296.66 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.55 520.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 362.37 520.25 Td (or ) Tj ET Q q 0 0 0 rg BT 373.15 520.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 402.81 520.25 Td (such ) Tj ET Q q 0 0 0 rg BT 423.59 520.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 466.58 520.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 501.25 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.14 520.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.13 508.25 Td (be ) Tj ET Q q 0 0 0 rg BT 181.92 508.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 220.81 508.25 Td (under ) Tj ET Q q 0 0 0 rg BT 246.93 508.25 Td (our ) Tj ET Q q 0 0 0 rg BT 263.61 508.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 315.57 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 326.70 508.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 356.14 508.25 Td (that ) Tj ET Q q 0 0 0 rg BT 374.49 508.25 Td (material ) Tj ET Q q 0 0 0 rg BT 410.60 508.25 Td (information ) Tj ET Q q 0 0 0 rg BT 461.16 508.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 495.05 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 506.18 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.75 508.25 Td (registrant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 496.25 Td (including ) Tj ET Q q 0 0 0 rg BT 197.61 496.25 Td (its ) Tj ET Q q 0 0 0 rg BT 208.90 496.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 261.28 496.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 312.83 496.25 Td (is ) Tj ET Q q 0 0 0 rg BT 321.34 496.25 Td (made ) Tj ET Q q 0 0 0 rg BT 344.84 496.25 Td (known ) Tj ET Q q 0 0 0 rg BT 373.90 496.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.51 496.25 Td (us ) Tj ET Q q 0 0 0 rg BT 394.24 496.25 Td (by ) Tj ET Q q 0 0 0 rg BT 406.08 496.25 Td (others ) Tj ET Q q 0 0 0 rg BT 432.36 496.25 Td (within ) Tj ET Q q 0 0 0 rg BT 459.75 496.25 Td (those ) Tj ET Q q 0 0 0 rg BT 482.70 496.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 515.92 496.25 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 484.25 Td (during ) Tj ET Q q 0 0 0 rg BT 186.61 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.33 484.25 Td (period ) Tj ET Q q 0 0 0 rg BT 229.37 484.25 Td (in ) Tj ET Q q 0 0 0 rg BT 239.65 484.25 Td (which ) Tj ET Q q 0 0 0 rg BT 266.59 484.25 Td (this ) Tj ET Q q 0 0 0 rg BT 283.54 484.25 Td (report ) Tj ET Q q 0 0 0 rg BT 309.91 484.25 Td (is ) Tj ET Q q 0 0 0 rg BT 319.08 484.25 Td (being ) Tj ET Q q 0 0 0 rg BT 343.80 484.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 466.25 Td (b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 466.25 Td (Designed ) Tj ET Q q 0 0 0 rg BT 198.20 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 218.97 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 251.94 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 282.70 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 302.90 466.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 340.32 466.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 381.91 466.25 Td (or ) Tj ET Q q 0 0 0 rg BT 392.67 466.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 422.31 466.25 Td (such ) Tj ET Q q 0 0 0 rg BT 443.08 466.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.05 466.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.81 466.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 466.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 454.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 196.23 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 205.59 454.25 Td (be ) Tj ET Q q 0 0 0 rg BT 216.61 454.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 253.73 454.25 Td (under ) Tj ET Q q 0 0 0 rg BT 278.08 454.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.99 454.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 343.18 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.53 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 384.66 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 428.99 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 469.44 454.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 509.33 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.13 454.25 Td (reliability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.96 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.57 442.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 245.85 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 262.92 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.77 442.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 325.93 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.89 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 374.50 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 419.34 442.25 Td (for ) Tj ET Q q 0 0 0 rg BT 433.63 442.25 Td (external ) Tj ET Q q 0 0 0 rg BT 468.46 442.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 506.64 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.05 442.25 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 178.28 430.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 217.98 430.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 255.45 430.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 301.82 430.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 412.25 Td (c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 412.25 Td (Evaluated ) Tj ET Q q 0 0 0 rg BT 200.19 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.62 412.25 Td (ef) Tj ET Q q 0 0 0 rg BT 222.21 412.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 268.85 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 279.39 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.82 412.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 334.36 412.25 Td (s ) Tj ET Q q 0 0 0 rg BT 340.47 412.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 383.23 412.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.66 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.31 412.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 480.39 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.04 412.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 537.57 412.25 Td (in ) Tj ET Q q 0 0 0 rg BT 547.56 412.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 400.25 Td (report ) Tj ET Q q 0 0 0 rg BT 184.26 400.25 Td (our ) Tj ET Q q 0 0 0 rg BT 199.97 400.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 249.56 400.25 Td (about ) Tj ET Q q 0 0 0 rg BT 274.16 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.76 400.25 Td (ef) Tj ET Q q 0 0 0 rg BT 296.35 400.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 343.15 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.86 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.46 400.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 411.39 400.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 445.98 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.80 400.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 511.55 400.25 Td (as ) Tj ET Q q 0 0 0 rg BT 522.26 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 532.97 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 547.57 400.25 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.83 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.55 388.25 Td (period ) Tj ET Q q 0 0 0 rg BT 211.59 388.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 245.74 388.25 Td (by ) Tj ET Q q 0 0 0 rg BT 258.24 388.25 Td (this ) Tj ET Q q 0 0 0 rg BT 275.19 388.25 Td (report ) Tj ET Q q 0 0 0 rg BT 301.56 388.25 Td (based ) Tj ET Q q 0 0 0 rg BT 326.83 388.25 Td (on ) Tj ET Q q 0 0 0 rg BT 339.33 388.25 Td (such ) Tj ET Q q 0 0 0 rg BT 360.16 388.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 407.09 388.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 370.25 Td (d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 370.25 Td (Disclosed ) Tj ET Q q 0 0 0 rg BT 200.87 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.08 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 229.95 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 257.26 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 275.13 370.25 Td (change ) Tj ET Q q 0 0 0 rg BT 306.87 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 318.08 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 333.72 370.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 374.27 370.25 Td (s ) Tj ET Q q 0 0 0 rg BT 381.59 370.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 415.56 370.25 Td (control ) Tj ET Q q 0 0 0 rg BT 447.31 370.25 Td (over ) Tj ET Q q 0 0 0 rg BT 468.51 370.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 506.92 370.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 547.00 370.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 358.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 195.69 358.25 Td (during ) Tj ET Q q 0 0 0 rg BT 224.52 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.45 358.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 279.99 358.25 Td (s ) Tj ET Q q 0 0 0 rg BT 286.60 358.25 Td (most ) Tj ET Q q 0 0 0 rg BT 308.77 358.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 335.91 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 360.28 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 391.32 358.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 409.58 358.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 450.12 358.25 Td (s ) Tj ET Q q 0 0 0 rg BT 456.73 358.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 483.89 358.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 508.26 358.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 539.29 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 358.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 346.25 Td (case ) Tj ET Q q 0 0 0 rg BT 178.03 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.17 346.25 Td (an ) Tj ET Q q 0 0 0 rg BT 201.43 346.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 230.91 346.25 Td (report\) ) Tj ET Q q 0 0 0 rg BT 260.93 346.25 Td (that ) Tj ET Q q 0 0 0 rg BT 278.75 346.25 Td (has ) Tj ET Q q 0 0 0 rg BT 294.90 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 338.25 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 345.84 346.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 375.58 346.25 Td (or ) Tj ET Q q 0 0 0 rg BT 386.73 346.25 Td (is ) Tj ET Q q 0 0 0 rg BT 396.22 346.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 442.35 346.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 467.95 346.25 Td (to ) Tj ET Q q 0 0 0 rg BT 478.54 346.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 521.90 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 529.49 346.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 549.79 346.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 334.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 198.54 334.25 Td (s ) Tj ET Q q 0 0 0 rg BT 204.93 334.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 237.98 334.25 Td (control ) Tj ET Q q 0 0 0 rg BT 268.80 334.25 Td (over ) Tj ET Q q 0 0 0 rg BT 289.07 334.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.55 334.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 368.48 334.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 316.25 Td (5. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 316.25 Td () Tj ET Q q 0 0 0 rg BT 106.32 316.25 Td (The ) Tj ET Q q 0 0 0 rg BT 123.90 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 164.45 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 170.38 316.25 Td (other ) Tj ET Q q 0 0 0 rg BT 192.96 316.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 233.87 316.25 Td (of) Tj ET Q q 0 0 0 rg BT 242.02 316.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 262.37 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.85 316.25 Td (I ) Tj ET Q q 0 0 0 rg BT 284.22 316.25 Td (have ) Tj ET Q q 0 0 0 rg BT 305.13 316.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 346.88 316.25 Td (based ) Tj ET Q q 0 0 0 rg BT 371.69 316.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.73 316.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.10 316.25 Td (most ) Tj ET Q q 0 0 0 rg BT 420.58 316.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 447.04 316.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 490.73 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.10 316.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.68 316.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 304.25 Td (over ) Tj ET Q q 0 0 0 rg BT 124.00 304.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.21 304.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 202.59 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.59 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.04 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 267.58 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 273.70 304.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 308.15 304.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.81 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.26 304.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 361.48 304.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 405.92 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.47 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.92 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 471.46 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 477.58 304.25 Td (board ) Tj ET Q q 0 0 0 rg BT 502.58 304.25 Td (of ) Tj ET Q q 0 0 0 rg BT 513.13 304.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 550.35 304.25 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 292.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 137.05 292.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 184.54 292.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.25 292.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 243.40 292.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 274.25 Td (a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 274.25 Td (All ) Tj ET Q q 0 0 0 rg BT 172.94 274.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 217.31 274.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 267.22 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.82 274.25 Td (material ) Tj ET Q q 0 0 0 rg BT 318.74 274.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 367.55 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.49 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.87 274.25 Td (design ) Tj ET Q q 0 0 0 rg BT 420.14 274.25 Td (or ) Tj ET Q q 0 0 0 rg BT 430.63 274.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 470.55 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.04 274.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.74 274.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.23 274.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 262.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.28 262.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 236.24 262.25 Td (which ) Tj ET Q q 0 0 0 rg BT 263.98 262.25 Td (are ) Tj ET Q q 0 0 0 rg BT 279.49 262.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 326.11 262.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 352.19 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.27 262.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 404.89 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 412.48 262.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 430.77 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.29 262.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 486.83 262.25 Td (s ) Tj ET Q q 0 0 0 rg BT 494.02 262.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 522.88 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.96 262.25 Td (record, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 250.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 192.99 250.25 Td (summarize ) Tj ET Q q 0 0 0 rg BT 239.36 250.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.30 250.25 Td (report ) Tj ET Q q 0 0 0 rg BT 282.68 250.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.16 250.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 372.65 250.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.00 232.25 Td (b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 232.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 176.57 232.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 201.52 232.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 235.08 232.25 Td (or ) Tj ET Q q 0 0 0 rg BT 244.76 232.25 Td (not ) Tj ET Q q 0 0 0 rg BT 258.89 232.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 295.50 232.25 Td (that ) Tj ET Q q 0 0 0 rg BT 311.84 232.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 347.08 232.25 Td (management ) Tj ET Q q 0 0 0 rg BT 399.52 232.25 Td (or ) Tj ET Q q 0 0 0 rg BT 409.20 232.25 Td (other ) Tj ET Q q 0 0 0 rg BT 431.09 232.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 475.21 232.25 Td (who ) Tj ET Q q 0 0 0 rg BT 493.78 232.25 Td (have ) Tj ET Q q 0 0 0 rg BT 514.01 232.25 Td (a ) Tj ET Q q 0 0 0 rg BT 519.79 232.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 220.25 Td (role ) Tj ET Q q 0 0 0 rg BT 176.05 220.25 Td (in ) Tj ET Q q 0 0 0 rg BT 186.33 220.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.04 220.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 241.58 220.25 Td (s ) Tj ET Q q 0 0 0 rg BT 247.98 220.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 281.02 220.25 Td (control ) Tj ET Q q 0 0 0 rg BT 311.84 220.25 Td (over ) Tj ET Q q 0 0 0 rg BT 332.11 220.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.59 220.25 Td (reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 183.75 m 561.5 183.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 188.32 Td (Date: February 24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 188.32 Td (/s/ CHRISTOPHER J. ABATE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 174.32 Td (Christopher J. 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