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      "text": "Realized & unrealized gains, net",
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      "text": "line divided by the business line's average monthly equity.\n4. Includes Employee Retention Credit processing fee income.\n5. Non-recurring gains, losses and expenses before applicable tax expenses.\n6. Realized & unrealized gains, net, decreased due to unrealized losses on MSRs in the\ncurrent period.",
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      "text": "1. Levered yield includes interest income, accretion of discount, MSR creation, income\nfrom unconsolidated joint ventures, realized gains (losses) on loans held for sale,\nunrealized gains (losses) on loans held for sale and servicing income net of interest\nexpense and amortization of deferred financing costs on an annualized basis.\n2. GAAP ROE is based on GAAP Net Income, while Distributable ROE is based on\nDistributable Earnings, which adjusts GAAP Net Income for certain items detailed on\nthe \"Distributable Earnings Reconciliation\" slide.\n3. ROE based on net income before tax of the Residential Mortgage Banking business",
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      "text": "GAAP ROE (2) Distributable ROE (2) Q1'23 Q4'22 Q1'23 Q4'22 12.1% 12.3% 13.0 % 12.7% 2.7 2.9 3.3 3.3 Gross return on equity 14.8% 15.2% 16.3% 16.0% Realized & unrealized gains, net (0.3) (6) 2.8 (0.3) 2.8 Loan loss provision 1.6 (7.8) (0.1) (0.7) PPP revenue, net of direct expenses (4) 2.4 1.2 2.4 1.2 Non-recurring gains, losses and expenses (5) (0.4) (1.2) - - Operating expenses (7.7) (6.0) (7.3) (5.7) Investment advisory fees (1.6) (1.7) (1.6) (1.7) Provision for income taxes (0.1) 0.7 (0.4) - Dividends on preferred stock (0.5) (0.5) (0.5) (0.5) Return on equity 8.2% 2.7% 8.5% 11.4%",
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      "text": "Segment Levered Yield (1) Distributable Levered Yield (1) Equity Allocation SBC Lending and Acquisitions 11.4% 11.5% 89.4% Small Business Lending 40.3% 40.3% 5.2% Residential Mortgage Banking (3) (5.6) % 11.2% 5.4%",
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