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      "kind": "list",
      "text": "The disposition of the Company's residential mortgage banking segment expected to be completed by June 30, 2024",
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      "text": "Return on Equity from continuing operations³ of 3.7%\nDistributable Return on Equity⁴ of 7.5%\nDividend Yield⁵ of 11.7%",
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      "text": "Net book value per share of $14.10 per common share\nTotal leverage of 3.3x and recourse leverage ratio⁶ of 0.8x",
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      "text": "Net income from continuing operations¹ of $24.6 million, or $0.12 per common share\nDistributable earnings² of $48.5 million, or $0.26 per common share\nDeclared dividend of $0.30 per common share",
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      "kind": "paragraph",
      "text": "Multi-strategy real estate finance company that originates, acquires and services lower-to-middle-market (“LMM”) investor and owner occupied commercial real estate loans",
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      "text": "1. Before dividends on preferred securities and inclusive of non-controlling interest\n2. Before dividends on preferred securities and inclusive of non-controlling interest. Refer to the \"Distributable Earnings Reconciliation by Quarter\" slide for a reconciliation of GAAP Net Income to Distributable Earnings\n3. Return on equity from continuing operations is an annualized percentage equal to quarterly net income from continuing operations over the average monthly total stockholders' equity allocated to continuing operations for the period\n4. Distributable return on equity is an annualized percentage equal to distributable earnings over the average monthly total stockholders' equity for the period. Refer to the \"Distributable Earnings Reconciliation by Quarter\" slide for a reconciliation of GAAP Net Income to Distributable Earnings\n5. Q4 dividend yield for the period is based on the 12/29/2023 closing share price of $10.25\n6. Recourse leverage ratio excludes $1.1 billion of secured borrowings that are non-recourse to the Company",
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      "text": "Fourth Quarter 2023 Results",
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