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      "kind": "source-note",
      "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. 3. Includes PPP revenue, net of direct expenses. 4. Non-recurring gains, losses and expenses before applicable tax expenses.",
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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": "Segment Levered Yield (1) Distributable Levered Yield (1) Equity Allocation LMM Commercial Real Estate 8.7% 9.8% 92.1% Small Business Lending 44.1% 44.1% 4.8%",
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      "text": "GAAP ROE (2) Q4'23 Q3'23 FY 2023 Distributable ROE (2) Q4'23 Q3'23 FY 2023 10.5% 12.3% 12.2% 11.5% 12.3% 12.5% Corporate leverage, net of non-earning assets 0.1 0.6 1.8 0.4 0.6 1.9 Gross return on equity 10.6% 12.9% 14.0% 11.9% 12.9% 14.4% Realized & unrealized gains, net 1.3 2.1 1.4 1.6 2.1 1.5 Loan loss recovery (provision) (1.1) 2.0 (0.4) (0.6) - (0.2) Employee retention credit consulting income (3) 2.0 1.6 2.2 2.0 1.6 2.2 Non-recurring gains, losses and expenses (4) (1.5) (2.9) 9.4 - - - Operating expenses (5.9) (6.7) (7.3) (5.6) (6.4) (7.0) Investment advisory fees (1.2) (1.2) (1.3) (1.2) (1.2) (1.3) Provision for income taxes (0.2) (0.5) (0.4) (0.3) (0.6) (0.5) Dividends on preferred stock (0.3) (0.3) (0.4) (0.3) (0.3) (0.4) Return on equity (continuing ops) 3.7% 7.0% 17.2% 7.5% 8.1% 8.7% Discontinued operations, net of taxes (2.3) 0.2 (1.2) - (0.1) (0.1) Return on equity 1.4% 7.2% 16.0% 7.5% 8.0% 8.6%",
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      "text": "Return on Equity",
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