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      "text": "Corporate leverage, net of non-earning assets\nGross return on equity\nRealized & unrealized gains, net\nLoan loss provision\nPPP revenue, net of direct expenses\nNon-recurring gains, losses and expenses\nOperating expenses\nInvestment advisory fees\nProvision for income taxes\nDividends on preferred stock\nReturn on equity",
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      "text": "1. Levered yield includes interest income, accretion of discount, MSR creation, income from unconsolidated joint ventures, realized gains (losses) on loans held for sale, unrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis.",
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      "text": "2. GAAP ROE is based on GAAP Net Income, while Distributable ROE is based on Distributable Earnings, which adjusts GAAP Net Income for certain items detailed on the \"Distributable Earnings Reconciliation\" slide.\n3. ROE based on net income before tax of the Residential Mortgage Banking business line divided by the business line's average monthly equity.",
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      "text": "GAAP ROE (2) Q4'21 Q3'21 FY 2021 18.0% 17.8% 19.5% Corporate leverage, net of non-earning assets 5.9 5.1 4.3 Gross return on equity 23.9% 22.9% 23.8% Realized & unrealized gains, net 4.0 6.6 4.0 Loan loss provision (0.3) (0.6) (0.8) PPP revenue, net of direct expenses 7.5 6.5 5.4 Non-recurring gains, losses and expenses (0.9) (1.0) (1.3) Operating expenses (11.2) (13.0) (11.4) Investment advisory fees (1.8) (2.0) (1.6) Provision for income taxes (2.4) (2.4) (2.8) Dividends on preferred stock (0.7) (0.7) (0.7) Return on equity 18.1% 16.3% 14.6%",
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      "text": "Distributable ROE (2) Q4'21 Q3'21 FY 2021 16.7% 17.8% 18.4% 5.1 5.1 3.8 21.8% 22.9% 22.2% 4.0 6.6 4.0 - (1.1) (0.4) 7.5 6.5 5.4 - - - (10.8) (12.1) (10.9) (1.8) (2.0) (1.6) (2.2) (2.8) (2.6) (0.7) (0.7) (0.7) 17.8% 17.3% 15.4%",
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      "text": "Segment Levered Yield (1) Distributable Levered Yield (1) Equity Allocation SBC Lending and Acquisitions 12.6% 12.6% 89.0% Small Business Lending 49.7% 49.7% 6.8% Residential Mortgage Banking (3) 81.8% 49.5% 4.2%",
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