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      "text": "1. Adjusted for non-cash CLO amortization acceleration to effectively amortize issuance costs of our CLOs over the expected lifetime of the CLOs. We assume our CLOs will be outstanding for four years and amortized the financing costs over four years in our distributable earnings as compared to effective yield methodology in our GAAP earnings.\n2. Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate investments, measured at fair value, (iii) derivatives, and (iv) ARMs.\n3. Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payments of the subordinated performance fee made during the period.\n4. Represents loan workout charges the Company incurred, which the Company deemed likely to be recovered. Reversal of loan workout charges represent recoveries received. During the second quarter of 2023, the Company recovered $5.1 million of loan workout charges, in aggregate, related to the loan workout charges incurred in the first, second, and third quarters of 2022 amounting to $1.9 million, $3.0 million, and $0.2 million, respectively.\n5. Equal to Distributable Earnings excluding the realized trading and derivatives gain/loss on ARMs and realized cash gain/loss adjustment on REO.\n6. Represents the actual realized cash loss on a specific REO investment.\n7. Distributable Earnings to common is net of preferred equity E class dividend payment and non-controlling interests in joint ventures.\n8. Represents the average of all equity except the preferred equity E class.\n9. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards.\n10. Calculated as GAAP net income less preferred dividend on preferred equity E class and non-controlling interests in joint ventures or Distributable Earnings to Common divided by fully converted weighted average shares outstanding.",
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      "text": "Note: All numbers in millions except share and per share data.",
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      "text": "GAAP Net Income (Loss) 43.8 39.6 31.0 30.0 Adjustments: CLO Amortization Acceleration (1) (1.5) (1.2) (1.3) (1.6) Unrealized (Gain) / Loss (2) 0.6 2.7 4.3 (0.0) Subordinated Performance Fee (3) (0.6) 2.6 1.6 2.6 Non-Cash Compensation Expense 1.0 1.2 1.3 1.3 Depreciation & Amortization 1.8 2.2 1.5 1.6 (Reversal of) / Provision for Credit Loss 4.4 21.6 2.4 5.4 Loan Workout Charges / (Loan Workout Recoveries) (4) - (5.1) - - Realized (Gain) / Loss on Debt Extinguishment / CLO Call (4.8) (0.3) 2.8 - Realized Trading and Derivatives (Gain) / Loss on ARMs (2.2) (0.2) 3.1 - Run-Rate Distributable Earnings (5) 42.5 63.3 46.7 39.3 Realized Cash Gain/(Loss) Adjustment on REO (6) - - (1.6) - Realized Trading and Derivatives Gain / (Loss) on ARMs 2.2 0.2 (3.1) - Distributable Earnings 44.8 63.5 42.0 39.3 Preferred Equity E Class Dividend (4.8) (4.8) (4.8) (4.8) Depreciation and Amortization Attributed to Noncontrolling Interests of Joint Ventures (0.4) (0.4) 0.8 (0.0) Noncontrolling Interests in Joint Ventures Net (Income) / Loss (0.0) (0.0) (0.3) (0.3) Distributable Earnings to Common (7) 39.6 58.2 37.6 34.1 Average Common Stock & Common Stock Equivalents (8) 1,422.6 1,413.5 1,402.4 1,394.9 GAAP Net Income (Loss) ROE 11.0% 9.8% 7.7% 7.2% Run-Rate Distributable Earnings ROE 10.5% 16.4% 12.1% 9.8% Distributable Earnings ROE 11.1% 16.5% 10.7% 9.8% GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.44 $0.39 $0.30 $0.28 Fully Converted Weighted Average Shares Outstanding (9) 88,916,252 88,421,116 88,390,522 88,182,810 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (10) $0.44 $0.39 $0.30 $0.29 Run-Rate Distributable Earnings Per Share, Fully Converted (10) $0.42 $0.66 $0.48 $0.39 Distributable Earnings Per Share, Fully Converted (10) $0.44 $0.66 $0.43 $0.39",
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      "kind": "title",
      "text": "Appendix: GAAP Net Income to Distributable Earnings Reconciliation",
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