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      "text": "SBC LENDING AND ACQUISITIONS Products: Investor SBC lending across 9 products (ground-up to stabilized properties, including middle-market construction lending and tax-exempt affordable housing) & portfolio acquisitions Strategy: NIM from retained SBC portfolio supplemented by gain on sale income from Agency production and originations to borrowers Target Return: 4-10% History: Distressed acquisitions (2008), direct lending launch (2013), 1 of 12 Freddie Mac SBL license holders (2014), acquired bank bridge lending team (2015), affordable housing (2021), construction lending (2022) SMALL BUSINESS LENDING Products: Owner occupied SBC lending through SBA 7(a), USDA & unsecured small business. 1 of 14 non-Bank 7(a) SBA lenders Strategy: Revenue from gain on secondary market sale, net interest income and servicing fees on retained interest Target Return: Prime +200-275bps History: Acquired in 2014 from CIT with originations beginning in 2015 RESIDENTIAL MORTGAGE BANKING Products: Residential mortgage loan originations and servicing focused on agency market Strategy: Revenue from gain on sale of production and servicing fees from retained MSR Target Return: 100-175bps History: Acquired in 2016 as part of the Company's acquisition of ZAIS Financial Corp",
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